Document:

EXHIBIT 4.1

                                                                  EXECUTION COPY

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             WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC.
                                    Depositor

                                       and

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                 Master Servicer

                                       and

                               LNR PARTNERS, INC.
                                Special Servicer

                                       and

                             WELLS FARGO BANK, N.A.
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2006

                                   ----------

                                 $3,079,909,568

             Commercial Mortgage Pass-Through Certificates

                                 Series 2006-C27

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I
                                   DEFINITIONS

Section 1.01  Defined Terms.....................................................

                                   ARTICLE II
                  CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS
                AND WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01  Conveyance of Mortgage Loans......................................
Section 2.02  Acceptance of the Trust Fund by Trustee...........................
Section 2.03  Mortgage Loan Seller's Repurchase or Substitution
               of Mortgage Loans for Document Defects and
               Breaches of Representations and Warranties.......................
Section 2.04  Representations and Warranties of Depositor.......................
Section 2.05  Conveyance of Mortgage Loans; Acceptance of REMIC I
               and Additional Interest Grantor Trust by Trustee.................
Section 2.06  Issuance of the REMIC I Regular Interests;
               Execution, Authentication and Delivery of Class
               R-I Certificates.................................................
Section 2.07  Conveyance of REMIC I Regular Interests; Acceptance
               of REMIC II by Trustee...........................................
Section 2.08  Execution, Authentication and Delivery of REMIC II
               Certificates.....................................................
Section 2.09  Execution, Authentication and Delivery of Class Z
               Certificates.....................................................

                                   ARTICLE III
                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

Section 3.01  Administration of the Mortgage Loans..............................
Section 3.02  Collection of Mortgage Loan Payments..............................
Section 3.03  Collection of Taxes, Assessments and Similar Items;
               Servicing Accounts; Reserve Accounts.............................
Section 3.04  Certificate Account, Interest Reserve Account,
               Gain-on-Sale Reserve Account, Additional Interest
               Account, Distribution Account and Companion
               Distribution Account.............................................
Section 3.05  Permitted Withdrawals from the Certificate Account,
               Distribution Account, Interest Reserve Account,
               Additional Interest Account, Gain-on-Sale Reserve
               Account and Companion Distribution Account.......................
Section 3.06  Investment of Funds in the Servicing Accounts,
               Reserve Accounts, Certificate Account, Interest
               Reserve Account, Distribution Account, Companion
               Distribution Account, Additional Interest Account,
               Gain-on-Sale Reserve Account and REO Account.....................
Section 3.07  Maintenance of Insurance Policies; Errors and
               Omissions and Fidelity Coverage..................................
Section 3.08  Enforcement of Alienation Clauses.................................
Section 3.09  Realization Upon Defaulted Mortgage Loans; Required
               Appraisals.......................................................
Section 3.10  Trustee and Custodian to Cooperate; Release of
               Mortgage Files...................................................
Section 3.11  Servicing Compensation............................................
Section 3.12  Property Inspections; Collection of Financial
               Statements; Delivery of Certain Reports..........................
Section 3.13  Annual Reports on Assessment of Compliance with
               Servicing Criteria and Annual Statement as to
               Compliance.......................................................
Section 3.14  Attestation by Independent Public Accountants.....................
Section 3.15  Access to Certain Information.....................................
Section 3.16  Title to REO Property; REO Account................................
Section 3.17  Management of REO Property........................................
Section 3.18  Resolution of Defaulted Mortgage Loans and REO
               Properties.......................................................
Section 3.19  Additional Obligations of Master Servicer and
               Special Servicer.................................................
Section 3.20  Modifications, Waivers, Amendments and Consents...................
Section 3.21  Transfer of Servicing Between Master Servicer and
               Special Servicer; Record Keeping.................................
Section 3.22  Sub-Servicing Agreements..........................................
Section 3.23  Representations and Warranties of Master Servicer
               and Special Servicer.............................................
Section 3.24  Sub-Servicing Agreement Representation and Warranty...............
Section 3.25  Designation of Controlling Class Representative...................
Section 3.26  Companion Paying Agent............................................
Section 3.27  Companion Register................................................
Section 3.28  Future Debt Secured by Interests in Related
               Borrowers........................................................
Section 3.29  Certain Matters Relating to the Future
               Securitization of the Pari Passu Companion Loans.................
Section 3.30  Litigation Control................................................

                                   ARTICLE IV
                       DISTRIBUTIONS TO CERTIFICATEHOLDERS

Section 4.01  Distributions.....................................................
Section 4.02  Statements to Certificateholders; CMSA Loan
               Periodic Update File.............................................
Section 4.03  P&I Advances......................................................
Section 4.04  Allocation of Realized Losses and Additional Trust
               Fund Expenses; Allocation of Certificate Deferred
               Interest; Allocation of Appraisal Reduction Amounts..............
Section 4.05  Calculations......................................................
Section 4.06  Use of Agents.....................................................

                                    ARTICLE V
                                THE CERTIFICATES

Section 5.01  The Certificates..................................................
Section 5.02  Registration, Transfer and Exchange of Certificates...............
Section 5.03  Book-Entry Certificates...........................................
Section 5.04  Mutilated, Destroyed, Lost or Stolen Certificates.................
Section 5.05  Persons Deemed Owners.............................................

                                   ARTICLE VI

                 THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL
                SERVICER AND THE CONTROLLING CLASS REPRESENTATIVE

Section 6.01  Liability of Depositor, Master Servicer and Special
               Servicer.........................................................
Section 6.02  Merger, Consolidation or Conversion of Depositor or
               Master Servicer or Special Servicer..............................
Section 6.03  Limitation on Liability of Depositor, Master
               Servicer and Special Servicer....................................
Section 6.04  Resignation of Master Servicer and the Special Servicer...........
Section 6.05  Rights of Depositor and Trustee in Respect of
               Master Servicer and the Special Servicer.........................
Section 6.06  Depositor, Master Servicer and Special Servicer to
               Cooperate with Trustee...........................................
Section 6.07  Depositor, Special Servicer and Trustee to
               Cooperate with Master Servicer...................................
Section 6.08  Depositor, Master Servicer and Trustee to Cooperate
               with Special Servicer............................................
Section 6.09  Designation of Special Servicer by the Controlling
               Class and Controlling Holders....................................
Section 6.10  Master Servicer or Special Servicer as Owner of a
               Certificate......................................................
Section 6.11  The Controlling Class Representative..............................

                                   ARTICLE VII
                                     DEFAULT

Section 7.01  Events of Default.................................................
Section 7.02  Trustee to Act; Appointment of Successor..........................
Section 7.03  Notification to Certificateholders and Companion Holders..........
Section 7.04  Waiver of Events of Default.......................................
Section 7.05  Additional Remedies of Trustee Upon Event of Default..............

                                  ARTICLE VIII
                             CONCERNING THE TRUSTEE

Section 8.01  Duties of Trustee.................................................
Section 8.02  Certain Matters Affecting Trustee.................................
Section 8.03  Trustee Not Liable for Validity or Sufficiency of
               Certificates or Mortgage Loans...................................
Section 8.04  Trustee May Own Certificates......................................
Section 8.05  Fees and Expenses of Trustee; Indemnification of Trustee..........
Section 8.06  Eligibility Requirements for Trustee..............................
Section 8.07  Resignation and Removal of Trustee................................
Section 8.08  Successor Trustee.................................................
Section 8.09  Merger or Consolidation of Trustee................................
Section 8.10  Appointment of Co-Trustee or Separate Trustee.....................
Section 8.11  Appointment of Custodians.........................................
Section 8.12  Appointment of Authenticating Agents..............................
Section 8.13  Access to Certain Information.....................................
Section 8.14  Appointment of REMIC Administrators...............................
Section 8.15  Representations and Warranties of Trustee.........................
Section 8.16  Appointment of the Paying Agent...................................
Section 8.17  Reports to the Securities and Exchange Commission;
               Available Information............................................
Section 8.18  Maintenance of Mortgage File......................................

                                   ARTICLE IX
                                   TERMINATION

Section 9.01  Termination Upon Repurchase or Liquidation of All
               Mortgage Loans...................................................
Section 9.02  Additional Termination Requirements...............................

                                    ARTICLE X
                            ADDITIONAL TAX PROVISIONS

Section 10.01 REMIC Administration..............................................
Section 10.02 Administration of the Additional Interest Grantor Trust...........

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

Section 11.01 Amendment.........................................................
Section 11.02 Recordation of Agreement; Counterparts............................
Section 11.03 Limitation on Rights of Certificateholders........................
Section 11.04 Governing Law.....................................................
Section 11.05 Notices...........................................................
Section 11.06 Severability of Provisions........................................
Section 11.07 Grant of a Security Interest......................................
Section 11.08 Streit Act........................................................
Section 11.09 Successors and Assigns; Beneficiaries.............................
Section 11.10 Article and Section Headings......................................
Section 11.11 Notices to Rating Agencies........................................
Section 11.12 Complete Agreement................................................

<PAGE>

                                    EXHIBITS

Exhibit Description               Exhibit No.  Section Reference
------------------------------    -----------  ---------------------------------
Form of Class A-1 Certificate          A-1     Section 1.01 Definition of
                                               "Class A-1 Certificate"

Form of Class A-2 Certificate          A-2     Section 1.01 Definition of
                                               "Class A-2 Certificate"

Form of Class A-PB Certificate         A-3     Section 1.01 Definition of
                                               "Class A-PB Certificate"

Form of Class A-3 Certificate          A-4     Section 1.01 Definition of
                                               "Class A-3 Certificate"

Form of Class A-1A Certificate         A-5     Section 1.01 Definition of
                                               "Class A-1A Certificate"

Form of Class X-P Certificate          A-6     Section 1.01 Definition of
                                               "Class X-P Certificate"

Form of Class A-M Certificate          A-7     Section 1.01 Definition of
                                               "Class A-M Certificate"

Form of Class A-J Certificate          A-8     Section 1.01 Definition of
                                               "Class A-J Certificate"

Form of Class B Certificate            A-9     Section 1.01 Definition of
                                               "Class B Certificate"

Form of Class C Certificate           A-10     Section 1.01 Definition of
                                               "Class C Certificate"

Form of Class D Certificate           A-11     Section 1.01 Definition of
                                               "Class D Certificate"

Form of Class E Certificate           A-12     Section 1.01 Definition of
                                               "Class E Certificate"

Form of Class F Certificate           A-13     Section 1.01 Definition of
                                               "Class F Certificate"

Form of Class G Certificate           A-14     Section 1.01 Definition of
                                               "Class G Certificate"

Form of Class H Certificate           A-15     Section 1.01 Definition of
                                               "Class H Certificate"

Form of Class J Certificate           A-16     Section 1.01 Definition of
                                               "Class J Certificate"

Form of Class K Certificate           A-17     Section 1.01 Definition of
                                               "Class K Certificate"

Form of Class L Certificate           A-18     Section 1.01 Definition of
                                               "Class L Certificate"

Form of Class M Certificate           A-19     Section 1.01 Definition of
                                               "Class M Certificate"

Form of Class N Certificate           A-20     Section 1.01 Definition of
                                               "Class N Certificate"

Form of Class O Certificate           A-21     Section 1.01 Definition of
                                               "Class O Certificate"

Form of Class P Certificate           A-22     Section 1.01 Definition of
                                               "Class P Certificate"

Form of Class Q Certificate           A-23     Section 1.01 Definition of
                                               "Class Q Certificate"

Form of Class X-C Certificate         A-24     Section 1.01 Definition of
                                               "Class X-C Certificate"

Form of Class R-I Certificate         A-25     Section 1.01 Definition of
                                               "Class R-I Certificate"

Form of Class R-II Certificate        A-26     Section 1.01 Definition of
                                               "Class R-II Certificate"

Form of Class Z Certificate           A-27     Section 1.01 Definition of
                                               "Class Z Certificate"

Mortgage Loan Schedule                  B      Section 1.01 Definition of
                                               "Mortgage Loan Schedule"

Schedule of Exceptions to              C-1     Section 2.02(a)
  Mortgage File Delivery

Form of Custodial                      C-2     Section 2.02(b)
  Certification

Form of Master Servicer                D-1     Section 1.01 Definition of
  Request for Release                          "Request for Release";
                                               Section 2.03(b);
                                               Section 3.10(a); and
                                               Section 3.10(b)

Form of Special Servicer               D-2     Section 1.01 Definition of
  Request for Release                          "Request for Release";
                                               Section 3.10(b)

Calculation of NOI/Debt                 E      Section 1.01 Definition of "Net
  Service Coverage Ratios                      Operating Income"

Form of Transferor Certificate         F-1     Section 5.02(b)

Form of Transferee                     F-2     Section 5.02(b)
  Certificate for QIBs

Form of Transferee                     F-3     Section 5.02(b)
  Certificate for Non-QIBs

Form of Transferee                     F-4     Section 5.02(b)
  Certificate for Transfers
  Pursuant to Regulation S

Form of Transferee                     F-5     Section 5.02(b)
  Certificate for Exchange or
  Transfer From Domestic
  Global Certificate to
  Regulation S Global
  Certificate During the
  Restricted Period

Form of Transferee                     F-6     Section 5.02(b)
  Certificate for Exchange or
  Transfer From Domestic
  Global Certificate to
  Regulation S Global
  Certificate After the
  Restricted Period

Form of Transferee Certificate          G      Section 5.02(c)

Form of Transfer Affidavit             H-1     Section 5.02(d)(i)(B)
  and Agreement Pursuant to
  Section 5.02(d)(i)(B)

Form of Transferor                     H-2     Section 5.02(d)(i)(D)
  Certificate Pursuant to
  Section 5.02(d)(i)(D)

Form of Notice and                     I-1     Section 6.09
  Acknowledgment

Form of Acknowledgment of              I-2     Section 6.09
  Proposed Special Servicer

List of Earnout and Holdback            J      Section 3.20(j)
  Mortgage Loans

Form of Certificateholder              K-1     Section 1.01 Definition of
  Confirmation Certificate                     "Privileged Person";
  Request by Beneficial Holder                 Section 3.15(a)

Form of Prospective Purchaser          K-2     Section 1.01 Definition of
  Certificate                                  "Privileged Person";
                                               Section 3.15(a)
Initial Companion Holders               L      Section 3.27

Form of Purchase Option Notice          M      Section 3.18(e)

Form of Defeasance Certificate          N      Section 3.20(h)

Form of Depositor                       O      Section 8.17(k)(v); Section
  Certification                                8.17(n)

Form of Trustee Certification           P      Section 8.17(n)

Form of Master Servicer                Q-1     Section 8.17(n)
  Certification

Form of Special Servicer               Q-2     Section 8.17(n)
  Certification

Class A-PB Planned Principal            R      Section 1.01 Definition of
  Balance Schedule                             "Class A-PB Planned Principal
                                               Amount"

Relevant Servicing Criteria             S      Section 1.01 Definition of
                                               "Relevant Servicing Criteria"

Class X-P Reference Rate                T      Section 1.01 Definition of
  Schedule                                     "Class X-P Reference Rate
                                               Schedule"

Additional Form 10-D                    U      Section 8.17(i)
  Disclosure

Additional Disclosure                   V      Section 1.01 Definition of
  Notification                                 "Additional Disclosure
                                               Notification"; Section 8.17(i)

Additional Form 10-K                    W      Section 8.17(k)
  Disclosure

Form 8-K Disclosure                     X      Section 8.17(j)
  Information

Sub-Servicer List                       Y      Section 3.13(b); Section 3.14;
                                               Section 7.01(a)(xi)

Tenants-in-Common Transfer              Z      Section 3.08(a)(ii)
  Compliance

Officer's Certificate of               AA      Section 3.08(a)(ii)
  Master Servicer re:
  Tenants-in-Common Approvals

<PAGE>

                         POOLING AND SERVICING AGREEMENT

          This Pooling and Servicing Agreement (this "Agreement") is dated and
effective as of August 1, 2006, among WACHOVIA COMMERCIAL MORTGAGE SECURITIES,
INC., as Depositor, WACHOVIA BANK, NATIONAL ASSOCIATION, as Master Servicer, LNR
PARTNERS, INC., as Special Servicer and WELLS FARGO BANK, N.A., as Trustee.

                             PRELIMINARY STATEMENT:

          The Depositor intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes
(each, a "Class"), which in the aggregate will evidence the entire beneficial
ownership interest in a trust fund (the "Trust Fund") to be created hereunder,
the primary assets of which will be the Mortgage Loans.

                                     REMIC I

          As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the Mortgage Loans (exclusive of that
portion of the interest payments thereon that constitutes Additional Interest)
and certain other related assets subject to this Agreement as a REMIC for
federal income tax purposes, and such segregated pool of assets will be
designated as REMIC I. The Class R-I Certificates will represent the sole class
of "residual interests" in REMIC I for purposes of the REMIC Provisions under
federal income tax law.

                                    REMIC II

          As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the REMIC I Regular Interests as a REMIC for
federal income tax purposes, and such segregated pool of assets will be
designated as REMIC II. The Class R-II Certificates will evidence the sole class
of "residual interests" in REMIC II for purposes of the REMIC Provisions under
federal income tax law. For federal income tax purposes, each Class of Regular
Certificates will be designated as a separate "regular interest" in REMIC II for
purposes of the REMIC Provisions under federal income tax law.

          The following table sets forth the Class or Component designation, the
original REMIC I Principal Balance for each corresponding REMIC I Regular
Interest (a "Corresponding REMIC I Regular Interest"), the Corresponding
Components of the Class X Certificates (the "Corresponding Components") and the
Original Class Principal Balance for each Class of Sequential Pay Certificates
(the "Corresponding Certificates").

<PAGE>

<TABLE>
<CAPTION>
                                                                                            Corresponding
                                      Corresponding                          REMIC I        Components of
Corresponding     Original Class     REMIC I Regular   Original REMIC I    Pass-Through        Class X
Certificates    Principal Balance     Interests (1)    Principal Balance       Rate        Certificates (1)
-------------   ------------------   ---------------   -----------------   ------------    ----------------
<S>             <C>                  <C>               <C>                 <C>             <C>
  Class A-1     $       47,618,000       LA-1-1        $       2,262,000             (2)       X-A-1-1
                                         LA-1-2        $       2,996,000                       X-A-1-2
                                         LA-1-3        $      42,360,000                       X-A-1-3
  Class A-2     $      265,958,000       LA-2-1        $         679,000             (2)       X-A-2-1
                                         LA-2-2        $      50,261,000                       X-A-2-2
                                         LA-2-3        $      49,399,000                       X-A-2-3
                                         LA-2-4        $      48,376,000                       X-A-2-4
                                         LA-2-5        $      54,313,000                       X-A-2-5
                                         LA-2-6        $      46,761,000                       X-A-2-6
                                         LA-2-7        $      16,169,000                       X-A-2-7
 Class A-PB     $      111,316,000       LA-PB-1       $      31,366,000             (2)       X-A-PB-1
                                         LA-PB-2       $      79,950,000                       X-A-PB-2
  Class A-3     $    1,087,613,000       LA-3-1        $     161,091,000             (2)       X-A-3-1
                                         LA-3-2        $      55,525,000                       X-A-3-2
                                         LA-3-3        $      47,481,000                       X-A-3-3
                                         LA-3-4        $      37,823,000                       X-A-3-4
                                         LA-3-5        $      36,945,000                       X-A-3-5
                                         LA-3-6        $     748,748,000                       X-A-3-6
 Class A-1A     $      643,432,000       LA-1A-1       $         220,000             (2)       X-A-1A-1
                                         LA-1A-2       $         294,000                       X-A-1A-2
                                         LA-1A-3       $      10,903,000                       X-A-1A-3
                                         LA-1A-4       $      12,684,000                       X-A-1A-4
                                         LA-1A-5       $      12,284,000                       X-A-1A-5
                                         LA-1A-6       $     116,401,000                       X-A-1A-6
                                         LA-1A-7       $      50,418,000                       X-A-1A-7
                                         LA-1A-8       $      11,079,000                       X-A-1A-8
                                         LA-1A-9       $       8,523,000                       X-A-1A-9
                                        LA-1A-10       $      20,658,000                      X-A-1A-10
                                        LA-1A-11       $       7,738,000                      X-A-1A-11
                                        LA-1A-12       $       7,524,000                      X-A-1A-12
                                        LA-1A-13       $       7,593,000                      X-A-1A-13
                                        LA-1A-14       $       7,445,000                      X-A-1A-14
                                        LA-1A-15       $     369,668,000                      X-A-1A-15
  Class A-M     $      307,991,000        LA-M         $     307,991,000             (2)        X-A-M
  Class A-J     $      223,293,000        LA-J         $     223,293,000             (2)        X-A-J
   Class B      $       69,298,000         LB          $      69,298,000             (2)         X-B
   Class C      $       30,799,000        LC-1         $      17,469,000             (2)        X-C-1
                                          LC-2         $      13,330,000                        X-C-2
   Class D      $        7,700,000        LD-1         $       5,863,000             (2)        X-D-1
                                          LD-2         $       1,837,000                        X-D-2
   Class E      $       38,499,000        LE-1         $       3,296,000             (2)        X-E-1
                                          LE-2         $      20,940,000                        X-E-2
                                          LE-3         $      14,263,000                        X-E-3
   Class F      $       26,949,000        LF-1         $       8,266,000             (2)        X-F-1
                                          LF-2         $      18,683,000                        X-F-2
   Class G      $       38,499,000        LG-1         $      22,054,000             (2)        X-G-1
                                          LG-2         $      16,445,000                        X-G-2
   Class H      $       34,649,000        LH-1         $       3,060,000             (2)        X-H-1
                                          LH-2         $      27,960,000                        X-H-2
                                          LH-3         $       3,629,000                        X-H-3
   Class J      $       34,649,000        LJ-1         $       8,683,000             (2)        X-J-1
                                          LJ-2         $      25,966,000                        X-J-2
   Class K      $       19,249,000         LK          $      19,249,000             (2)         X-K
   Class L      $        7,700,000         LL          $       7,700,000             (2)         X-L
   Class M      $       15,400,000         LM          $      15,400,000             (2)         X-M
   Class N      $        3,850,000         LN          $       3,850,000             (2)         X-N
   Class O      $       11,550,000         LO          $      11,550,000             (2)         X-O
   Class P      $        7,700,000         LP          $       7,700,000             (2)         X-P
   Class Q      $       46,197,568         LQ          $      46,197,568             (2)         X-Q
  </TABLE>

----------

(1)  The REMIC I Regular Interests and the Components of the Class X
     Certificates that correspond to any particular Class of Sequential Pay
     Certificates also correspond to each other and, accordingly, constitute the
     Corresponding REMIC I Regular Interests and the Corresponding Components
     (if any), respectively, with respect to each other.

(2)  The Weighted Average Net Mortgage Rate.

          The portion of the Trust Fund consisting of the Additional Interest
and amounts held from time to time in the Additional Interest Account that
represent Additional Interest shall be treated as a grantor trust (the
"Additional Interest Grantor Trust") for federal income tax purposes. The Class
Z Certificates represent undivided beneficial interests in such Additional
Interest Grantor Trust. As provided herein, the Trustee shall take all actions
necessary to ensure that the portions of the Trust Fund consisting of the
Additional Interest Grantor Trust maintain their status as a "grantor trust"
under federal income tax law and not be treated as part of either REMIC I or
REMIC II.

          Each of the seventeen (17) mortgage loans referred to in this
Agreement as the One Financial Place Subordinate Companion Loan, the Prime
Outlets Pool II Pari Passu Companion Loan, the Prime Outlets Pool II Subordinate
Companion Loan, the BlueLinx Holdings Pool Pari Passu Companion Loan, the RLJ
Hotel Pool Pari Passu Companion Loans, the 500-512 Seventh Avenue Pari Passu
Companion Loan, the 500-512 Seventh Avenue Subordinate Companion Loan, the AIM
Investments Corporate Campus Subordinate Companion Loans, the Acacia Park
Apartments Subordinate Companion Loan and the Lakeridge Apartments Subordinate
Companion Loan (each, a "Companion Loan" and, collectively, the "Companion
Loans") are not part of the Trust Fund but are secured by corresponding
Mortgages that secure certain related Mortgage Loans that are identified on the
Mortgage Loan Schedule as the One Financial Place Loan (loan number 1), Prime
Outlets Pool II Loan (loan number 2) (with respect to each of the Prime Outlets
Pool II Pari Passu Companion Loan and the Prime Outlets Pool II Subordinate
Companion Loan), the BlueLinx Holdings Pool Loan (loan number 4), the RLJ Hotel
Pool Loan (loan number 5), the 500-512 Seventh Avenue Loan (loan number 6) (with
respect to each of the 500-512 Seventh Avenue Pari Passu Companion Loan and the
500-512 Seventh Avenue Subordinate Companion Loan), the AIM Investments
Corporate Campus Loan (loan number 16), the Acacia Park Apartments Loan (loan
number 20) and the Lakeridge Apartments Loan (loan number 69) (each, a
"Co-Lender Loan" and collectively, the "Co-Lender Loans") that are part of the
Trust Fund.

          As and to the extent provided herein, each of the Companion Loans
(other than the Prime Outlets Pool II Pari Passu Companion Loan and the Prime
Outlets Pool II Subordinate Companion Loan) will be serviced and administered in
accordance with this Agreement. The Prime Outlets Pool II Loan, the Prime
Outlets Pool II Pari Passu Companion Loan and the Prime Outlets Pool II
Subordinate Companion Loan will be serviced and administered in accordance with
the Pooling and Servicing Agreement (the "2006-C26 Pooling and Servicing
Agreement"), dated as of June 1, 2006, by and among Wachovia Commercial Mortgage
Securities, Inc., as depositor (the "2006-C26 Depositor"), Wachovia Bank,
National Association, as master servicer (the "2006-C26 Master Servicer"), LNR
Partners, Inc., as special servicer (the "2006-C26 Special Servicer") and Wells
Fargo Bank, N.A., as trustee (the "2006-C26 Trustee"), pursuant to which the
Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2006-C26 were issued and the trust fund (the "2006-C26
Trust Fund") was created. Amounts attributable to the Companion Loans will not
be assets of the Trust Fund and will be owned by the Companion Holders.

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

                                   ARTICLE I
                                   DEFINITIONS

          Section 1.01 Defined Terms.

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

          "2006-C26 Controlling Class Representative": The "Controlling Class
Representative" as defined in the 2006-C26 Pooling and Servicing Agreement.

          "2006-C26 Depositor": As defined in the Preliminary Statement.

          "2006-C26 Majority Subordinate Certificateholder": The "Majority
Subordinate Certificateholder" as defined in the 2006-C26 Pooling and Servicing
Agreement.

          "2006-C26 Master Servicer": As defined in the Preliminary Statement.

          "2006-C26 Mortgage Loan Purchase Agreement": The "Mortgage Loan
Purchase Agreement" as defined in the 2006-C26 Pooling and Servicing Agreement.

          "2006-C26 Pooling and Servicing Agreement": As defined in the
Preliminary Statement.

          "2006-C26 Serviced Mortgage Loan": The Prime Outlets Pool II Loan.

          "2006-C26 Special Servicer": As defined in the Preliminary Statement.

          "2006-C26 Trust Fund": As defined in the Preliminary Statement.

          "2006-C26 Trustee": As defined in the Preliminary Statement.

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

          "500-512 Seventh Avenue Intercreditor Agreement": The Intercreditor
and Servicing Agreement, dated as of July 7, 2006, by and among Wachovia Bank,
National Association, as Lead Lender, Wachovia Bank, National Association, as
A-2 Lender and MW1-2002, LLC, as Co-Lender relating to the 500-512 Seventh
Avenue Whole Loan.

          "500-512 Seventh Avenue Loan": That certain Mortgage Loan which is
included in the Trust Fund (identified as loan number 6 on the Mortgage Loan
Schedule).

          "500-512 Seventh Avenue Pari Passu Companion Loan": That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the 500-512 Seventh Avenue Loan and
pari passu in right of entitlement with the 500-512 Seventh Avenue Loan.

          "500-512 Seventh Avenue Subordinate Companion Loan": That certain
mortgage loan evidenced by a not, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the 500-512 Seventh Avenue Loan and
subordinate in right of entitlement with the 500-512 Seventh Avenue Loan and the
500-512 Seventh Avenue Pari Passu Companion Loan.

          "500-512 Seventh Avenue Whole Loan": The 500-512 Seventh Avenue Loan,
collectively with the 500-512 Seventh Avenue Pari Passu Companion Loan and the
500-512 Seventh Avenue Subordinate Companion Loan.

          "Acacia Park Apartments Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of August 23, 2006, by and between
Wachovia Bank, National Association, as A Note Holder, and Wachovia Bank,
National Association, as B Note Holder, relating to the Acacia Park Apartments
Whole Loan.

          "Acacia Park Apartments Loan": That certain Mortgage Loan which is
included in the Trust Fund (identified as loan number 20 on the Mortgage Loan
Schedule).

          "Acacia Park Apartments Subordinate Companion Loan":That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the Acacia Park Apartments Loan and
subordinate in right of entitlement with the Acacia Park Apartments Loan.

          "Acacia Park Apartments Whole Loan": The Acacia Park Apartments Loan,
together with the Acacia Park Apartments Subordinate Companion Loan.

          "Accrued Certificate Interest": With respect to any Class of Regular
Certificates (other than the Class X Certificates) for any Distribution Date,
one month's interest at the Pass-Through Rate applicable to such Class of
Certificates for such Distribution Date, accrued for the related Interest
Accrual Period on the related Class Principal Balance outstanding immediately
prior to such Distribution Date; and, with respect to the Class X-C and
Class X-P Certificates for any Distribution Date, the sum of the Accrued
Component Interest for the related Interest Accrual Period for all of their
respective Components for such Distribution Date. Accrued Certificate Interest
shall be calculated on a 30/360 Basis and, with respect to any Class of Regular
Certificates for any Distribution Date, shall be deemed to accrue during the
calendar month preceding the month in which such Distribution Date occurs.

          "Accrued Component Interest": With respect to each Component of the
Class X-C and Class X-P Certificates for any Distribution Date, one month's
interest at the Class X-C Strip Rate or Class X-P Strip Rate, as the case may
be, applicable to such Component for such Distribution Date, accrued on the
Component Notional Amount of such Component outstanding immediately prior to
such Distribution Date. Accrued Component Interest shall be calculated on a
30/360 Basis and, with respect to any Component and any Distribution Date, shall
be deemed to accrue during the calendar month preceding the month in which such
Distribution Date occurs.

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

          "Actual/360 Basis": The accrual of interest calculated on the basis of
the actual number of days elapsed during any calendar month in a year assumed to
consist of 360-days.

          "Actual/360 Mortgage Loan": Each Mortgage Loan that accrues interest
on an Actual/360 Basis and that is identified as an Actual/360 Mortgage Loan on
the Mortgage Loan Schedule.

          "Additional Disclosure Notification": The form of notification, which
is attached hereto as Exhibit V, to be included with any Additional Form 10-D
Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information.

          "Additional Form 10-D Disclosure": As defined in Section 8.17(i).

          "Additional Form 10-K Disclosure": As defined in Section 8.17(k).

          "Additional Interest": With respect to any ARD Loan after its
Anticipated Repayment Date, all interest accrued on the principal balance of
such ARD Loan at the Additional Interest Rate (the payment of which interest
shall, under the terms of such Mortgage Loan, be deferred until the entire
outstanding principal balance of such ARD Loan has been paid), together with all
interest, if any, accrued at the related Mortgage Rate on such deferred
interest. For purposes of this Agreement, Additional Interest on an ARD Loan or
any successor REO Loan shall be deemed not to constitute principal or any
portion thereof and shall not be added to the unpaid principal balance or Stated
Principal Balance of such ARD Loan or successor REO Loan, notwithstanding that
the terms of the related Mortgage Loan documents so permit. To the extent that
any Additional Interest is not paid on a current basis, it shall be deemed to be
deferred interest.

          "Additional Interest Account": The segregated account, accounts or
subaccounts created and maintained by the Trustee pursuant to
Section 3.04(d) which shall be entitled "Wells Fargo Bank, N.A., as Trustee, in
trust for the registered holders of Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-C27, Additional
Interest Account." The Additional Interest Account shall not be an asset of
REMIC I or REMIC II.

          "Additional Interest Grantor Trust": That certain "grantor trust"
(within the meaning of the Grantor Trust Provisions), the assets of which are
the Additional Interest Grantor Trust Assets.

          "Additional Interest Grantor Trust Assets": The segregated pool of
assets consisting of (i) any Additional Interest with respect to the ARD Loans
after their respective Anticipated Repayment Dates and (ii) amounts held from
time to time in the Additional Interest Account.

          "Additional Interest Rate": With respect to any ARD Loan after its
Anticipated Repayment Date, the incremental increase in the per annum rate at
which such Mortgage Loan accrues interest after the Anticipated Repayment Date
(in the absence of defaults) as calculated and as set forth in the related
Mortgage Loan documents.

          "Additional Servicer": Each Affiliate of the Master Servicer that
services any of the Mortgage Loans and each Person who is not an Affiliate of
the Master Servicer, other than the Special Servicer or the Trustee, who
services 10% or more of the Mortgage Loans.

          "Additional Trust Fund Expense": Any Special Servicing Fees, Workout
Fees, Liquidation Fees and, in accordance with Sections 3.03(d) and 4.03(d),
interest payable to the Master Servicer and/or the Trustee on Advances (to the
extent not offset by Penalty Interest and late payment charges), the cost of
contracting with a Determination Party as set forth in Section 2.03 and amounts
payable to the Special Servicer in connection with inspections of Mortgaged
Properties required pursuant to the first sentence of Section 3.12(a) (and not
otherwise paid from Penalty Interest and late payment charges), as well as
(without duplication) any of the expenses of the Trust Fund that may be
withdrawn (x) pursuant to any of clauses (ix), (x), (xiii), (xiv), (xv) and
(xxi) of Section 3.05(a) out of general collections on the Mortgage Loans and
any REO Properties on deposit in the Certificate Account or (y) pursuant to
clause (ii) or any of clauses (iv) through (vi) of Section 3.05(b) out of
general collections on the Mortgage Loans and any REO Properties on deposit in
the Distribution Account; provided that for purposes of the allocations
contemplated by Section 4.04, no such expense shall be deemed to have been
incurred by the Trust Fund until such time as the payment thereof is actually
made from the Certificate Account or the Distribution Account, as the case may
be.

          "Additional Yield Amount": (a) With respect to any Distribution Date
and any Class of Regular Certificates (other than the Class X Certificates and
any Excluded Class) entitled to distributions of principal with respect to Loan
Group 1 pursuant to Section 4.01(a) on such Distribution Date; provided that a
Yield Maintenance Charge and/or Prepayment Premium was actually collected on a
Mortgage Loan or an REO Loan in such Loan Group during the related Collection
Period, the product of (a) such Yield Maintenance Charge and/or Prepayment
Premium multiplied by (b) a fraction, which in no event will be greater than
one, the numerator of which is equal to the positive excess, if any, of (i) the
Pass-Through Rate for such Class of Regular Certificates then receiving
principal over (ii) the related Discount Rate, and the denominator of which is
equal to the positive excess, if any, of (i) the Mortgage Rate for such Mortgage
Loan or REO Loan, as the case may be, over (ii) the related Discount Rate,
multiplied by (c) a fraction, the numerator of which is equal to the amount of
principal distributable on such Class of Regular Certificates on such
Distribution Date pursuant to Section 4.01(a) with respect to Loan Group 1, and
the denominator of which is equal to the Loan Group 1 Principal Distribution
Amount for such Distribution Date.

          (b) With respect to any Distribution Date and any Class of Regular
     Certificates (other than the Class X Certificates and any Excluded Class)
     entitled to distributions of principal with respect to Loan Group 2
     pursuant to Section 4.01(a) on such Distribution Date; provided that a
     Yield Maintenance Charge and/or Prepayment Premium was actually collected
     on a Mortgage Loan or an REO Loan in such Loan Group during the related
     Collection Period, the product of (a) such Yield Maintenance Charge and/or
     Prepayment Premium multiplied by (b) a fraction, which in no event will be
     greater than one, the numerator of which is equal to the positive excess,
     if any, of (i) the Pass-Through Rate for such Class of Regular Certificates
     then receiving principal over (ii) the related Discount Rate, and the
     denominator of which is equal to the positive excess, if any, of (i) the
     Mortgage Rate for such Mortgage Loan or REO Loan, as the case may be, over
     (ii) the related Discount Rate, multiplied by (c) a fraction, the numerator
     of which is equal to the amount of principal distributable on such Class of
     Regular Certificates on such Distribution Date pursuant to Section 4.01(a)
     with respect to Loan Group 2, and the denominator of which is equal to the
     Loan Group 2 Principal Distribution Amount for such Distribution Date.

          (c) For purposes of the foregoing, to the extent that payments of
     principal on any Class of Regular Certificates (other than the Class X
     Certificates and any Excluded Class) could be made from principal amounts
     allocable to Loan Group 1 or principal amounts allocable to Loan Group 2,
     the Trustee shall assume that those payments of principal on that Class of
     Regular Certificates are made from amounts allocable to each Loan Group, on
     a pro rata basis in accordance with the respective amounts allocable to
     each Loan Group that were available for payment on that Class of
     Certificates.

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

          "Adverse Grantor Trust Event": As defined in Section 10.02(g).

          "Adverse REMIC Event": As defined in Section 10.01(h).

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

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

          "AIM Investments Corporate Campus Intercreditor Agreement": The
Intercreditor Agreement Among Note Holders, dated as of June 29, 2006, by and
among Wachovia Bank, National Association, as Senior Note A Holder, Caplease
Debt Funding, LP, as Junior Note A Holder and Caplease Debt Funding, LP, as Note
B Holder, relating to the AIM Investments Corporate Campus Whole Loan.

            "AIM Investments Corporate Campus Loan": That certain Mortgage Loan
which is included in the Trust Fund (identified as loan number 16 on the
Mortgage Loan Schedule).

          "AIM Investments Corporate Campus Subordinate Companion Loans": Those
certain mortgage loans evidenced by notes, which are not assets of the Trust
Fund, secured by the Mortgaged Property securing the AIM Investments Corporate
Campus Loan and subordinate in right of entitlement with respect to the AIM
Investments Corporate Campus Loan.

          "AIM Investments Corporate Campus Whole Loan": The AIM Investments
Corporate Campus Loan, collectively with the AIM Investments Corporate Campus
Subordinate Companion Loans.

          "Anticipated Repayment Date": For each ARD Loan, the date specified in
the related Mortgage Note after which the Mortgage Rate for such ARD Loan will
increase as specified in the related Mortgage Note (other than as a result of a
default thereunder).

          "Appraisal": With respect to any Mortgage Loan, an appraisal of the
related Mortgaged Property from an Independent Appraiser selected by the Special
Servicer or the Master Servicer prepared in accordance with 12 CFR ss.225.62 and
conducted in accordance with the standards of the American Appraisal Institute
by an Independent Appraiser which Independent Appraiser shall be advised to take
into account the factors specified in Section 3.09(a), any available
environmental, engineering or other third party reports, and other factors that
a prudent real estate appraiser would consider.

          "Appraisal Reduction Amount": The excess, if any, of (a) the sum of
(without duplication), as calculated by the Special Servicer as of the first
Determination Date immediately succeeding the Special Servicer obtaining
knowledge of the occurrence of the Required Appraisal Date if no new Required
Appraisal is required or the date on which a Required Appraisal (or letter
update or internal valuation, if applicable) is obtained and each Determination
Date thereafter so long as the related Mortgage Loan remains a Required
Appraisal Mortgage Loan (i) the Stated Principal Balance of the subject Required
Appraisal Mortgage Loan and any related Companion Loans related thereto, (ii) to
the extent not previously advanced by or on behalf of the Master Servicer or the
Trustee (or, with respect to the 2006-C26 Serviced Mortgage Loan, by the
2006-C26 Master Servicer), all unpaid interest on the Required Appraisal
Mortgage Loan (including, for such purposes, any related Pari Passu Companion
Loan or any related Subordinate Companion Loan serviced hereunder) to the extent
the Special Servicer had actual knowledge of such advance, through the most
recent Due Date prior to such Determination Date at a per annum rate equal to
the related Net Mortgage Rate and the related fixed annualized rate of interest
scheduled to accrue for the related Companion Loans (exclusive of any portion
thereof that constitutes Additional Interest), (iii) all accrued but unpaid
Servicing Fees and all accrued but unpaid Additional Trust Fund Expenses in
respect of such Required Appraisal Mortgage Loan and any related Companion
Loans, plus, with respect to any Pari Passu Companion Loan (other than the Prime
Outlets Pool II Pari Passu Companion Loan), any similar fees and expenses (to
the extent the Special Servicer has actual knowledge of such fees and expenses),
(iv) all related unreimbursed Advances and any Advances related to such Required
Appraisal Mortgage Loan (including, for such purposes, any related Pari Passu
Companion Loan or any related Subordinate Companion Loan serviced hereunder)
that were reimbursed out of general collections from the pool of Mortgage Loans
(plus accrued interest thereon) made by or on behalf of the Master Servicer or
the Trustee with respect to such Required Appraisal Mortgage Loan and (v) all
currently due and unpaid real estate taxes and unfunded improvement reserves and
assessments, insurance premiums, and, if applicable, ground rents in respect of
the related Mortgaged Property over (b) an amount equal to the sum of (i) all
escrows, reserves and letters of credit held for the purposes of reserves
(provided such letters of credit may be drawn upon for reserve purposes under
the related Mortgage Loan documents) held with respect to such Required
Appraisal Mortgage Loan, plus (ii) the Required Appraisal Value. If the Special
Servicer fails to obtain a Required Appraisal (or letter update or internal
valuation, if applicable) within the time limit described in Section 3.09(a),
the Appraisal Reduction Amount for the related Required Appraisal Mortgage Loan
will equal 25% of the outstanding principal balance of such Required Appraisal
Mortgage Loan (including, for such purposes, any related Pari Passu Companion
Loan or any related Subordinate Companion Loan serviced hereunder) to be
adjusted upon receipt of a Required Appraisal or letter update or internal
valuation, if applicable. In the event a Mortgagor fails to make a Balloon
Payment on a scheduled maturity date and no Appraisal has been received within
120 days of such failure, the Appraisal Reduction Amount for the related
Mortgage Loan (including, for such purposes, any related Pari Passu Companion
Loan or any related Subordinate Companion Loan serviced hereunder) will equal
25% of the outstanding principal balance of such Mortgage Loan (including, for
such purposes, any related Pari Passu Companion or any related Subordinate
Companion Loan serviced hereunder), to be adjusted upon receipt of the new
Appraisal. Any Appraisal Reduction Amount for a Co-Lender Loan shall be
allocated as provided in Section 4.04(d).

          "Appraised Value": With respect to each Mortgaged Property, the
appraised value thereof based upon the most recent Appraisal (or letter update
or internal valuation, if applicable) that is contained in the related Servicing
File.

          "ARD Loan": Any Mortgage Loan that provides that if the unamortized
principal balance thereof is not repaid on its Anticipated Repayment Date, such
Mortgage Loan will accrue Additional Interest at the rate specified in the
related Mortgage Note and the Mortgagor is required to apply excess monthly cash
flow generated by the related Mortgaged Property to the repayment of the
outstanding principal balance on such Mortgage Loan.

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

          "Assignment of Leases": With respect to any Mortgaged Property, any
assignment of leases, rents and profits or similar document or instrument
executed by the Mortgagor in connection with the origination of the related
Mortgage Loan.

          "Assumed Scheduled Payment": With respect to any Balloon Mortgage Loan
for its Stated Maturity Date (provided that such Mortgage Loan has not been paid
in full and no other Liquidation Event has occurred in respect thereof on or
before such Stated Maturity Date) and for any Due Date thereafter as of which
such Mortgage Loan remains outstanding and part of the Trust Fund, the Periodic
Payment of principal and/or interest deemed to be due in respect thereof on such
Due Date that would have been due in respect of such Mortgage Loan on such Due
Date if the related Mortgagor had been required to continue to pay principal in
accordance with the amortization schedule, if any, and to accrue interest at the
Mortgage Rate, in effect on the Closing Date and without regard to the
occurrence of its Stated Maturity Date. With respect to any REO Loan, for any
Due Date therefor as of which the related REO Property remains part of the Trust
Fund, the Periodic Payment of principal and/or interest deemed to be due in
respect thereof on such Due Date that would have been due in respect of the
predecessor Mortgage Loan (or, if applicable, Companion Loans) on such Due Date
had it remained outstanding (or, if the predecessor Mortgage Loan was a Balloon
Mortgage Loan and such Due Date coincides with or follows what had been its
Stated Maturity Date, the Assumed Scheduled Payment that would have been deemed
due in respect of the predecessor Mortgage Loan on such Due Date had it remained
outstanding).

          "Authenticating Agent": Any authenticating agent appointed pursuant to
Section 8.12 (or, in the absence of any such appointment, the Trustee).

          "Available Distribution Amount": With respect to any Distribution
Date, an amount equal to, with respect to each Mortgage Loan, (a) the sum
(including, with respect to the 2006-C26 Serviced Mortgage Loan, any amounts
remitted by or advanced pursuant to the 2006-C26 Pooling and Servicing
Agreement) of, without duplication, (i) the aggregate of the amounts on deposit
in the Certificate Account and the Distribution Account as of the close of
business on the last day of the related Collection Period and the amounts
collected by or on behalf of the Master Servicer as of the close of business on
the last day of such Collection Period and required to be deposited in the
Certificate Account; (ii) the aggregate amount of any P&I Advances made by the
Master Servicer or the Trustee for distribution on the Certificates on such
Distribution Date pursuant to Section 4.03; (iii) the aggregate amount
transferred from the REO Account (if established) to the Certificate Account as
of the last day of the related Collection Period, on or prior to the P&I Advance
Date in such month, pursuant to Section 3.16(c); (iv) the aggregate amount
deposited by the Master Servicer in the Certificate Account for such
Distribution Date pursuant to Section 3.19 in connection with Prepayment
Interest Shortfalls; and (v) for each Distribution Date occurring in March, and
for the final Distribution Date if the final Distribution Date occurs in
February, the aggregate of the Interest Reserve Amounts in respect of each
Interest Reserve Loan deposited into the Distribution Account pursuant to
Section 3.05(d), net of (b) the portion of the amount described in subclauses
(a)(i) and (a)(iii) of this definition that represents one or more of the
following: (i) collected Periodic Payments that are due on a Due Date following
the end of the related Collection Period, (ii) any amounts payable or
reimbursable to any Person from the (A) Certificate Account pursuant to clauses
(ii) (xvi), (xx), (xxi) and (xxiii) of Section 3.05(a) or (B) the Distribution
Account pursuant to clauses (ii) (vii) of Section 3.05(b), (iii) Prepayment
Premiums and Yield Maintenance Charges, (iv) Additional Interest, (v) with
respect to the Distribution Date occurring in February of each year and in
January of each year that is not a leap year (unless, in either case, the
related Distribution Date is the final Distribution Date), the Interest Reserve
Amounts with respect to the Interest Reserve Loans to be withdrawn from the
Certificate Account and remitted to the Trustee for deposit in the Interest
Reserve Account in respect of such Distribution Date and held for future
distribution pursuant to Section 3.04(c), (vi) for the initial Distribution Date
only and each Mortgage Loan originated in July 2006 that has its first Due Date
in August 2006, any interest amounts relating to the period prior to the Cut-Off
Date of such Mortgage Loan payable to the related Mortgage Loan Seller; and
(vii) any amounts deposited in the Certificate Account or the Distribution
Account in error. The Available Distribution Amount will not include any amounts
required to be distributed pursuant to the terms of any Intercreditor Agreement
or this Agreement to a Companion Holder.

          "Balloon Mortgage Loan": Any Mortgage Loan that by its original terms
or by virtue of any modification entered into as of the Closing Date provides
for an amortization schedule extending beyond its Stated Maturity Date.

          "Balloon Payment": With respect to any Balloon Mortgage Loan as of any
date of determination, the Scheduled Payment payable on the Stated Maturity Date
of such Mortgage Loan.

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

          "Bid Allocation": With respect to the Master Servicer and each
Sub-Servicer and the proceeds of any bid pursuant to Section 7.01(c), the amount
of such proceeds (net of any expenses incurred in connection with such bid and
the transfer of servicing), multiplied by a fraction equal to (a) the Servicer
Fee Amount for the Master Servicer or such Sub-Servicer, as the case may be, as
of such date of determination, over (b) the aggregate of the Servicer Fee
Amounts for the Master Servicer and all of the Sub-Servicers as of such date of
determination.

          "BlueLinx Holdings Pool Intercreditor Agreement": The Intercreditor
and Servicing Agreement, dated as of August 23, 2006, by and between Wachovia
Bank, National Association, as Lead Lender, and German American Capital
Corporation, as Co-Lender, relating to the BlueLinx Holdings Pool Whole Loan.

          "BlueLinx Holdings Pool Loan": That certain Mortgage Loan which is
included in the Trust Fund (identified as loan number 4 on the Mortgage Loan
Schedule).

          "BlueLinx Holdings Pool Pari Passu Companion Loan": That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the BlueLinx Holdings Pool Loan and
pari passu in right of entitlement with the BlueLinx Holdings Pool Loan.

          "BlueLinx Holdings Pool Whole Loan": The BlueLinx Holdings Pool Loan,
together with the BlueLinx Holdings Pool Pari Passu Companion Loan.

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

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

          "Business Day": Any day other than a Saturday, a Sunday or a day on
which banking institutions in New York, New York, or the cities in which the
Corporate Trust Office of the Trustee (which as of the Closing Date is Columbia,
Maryland), the offices of the Master Servicer (which as of the Closing Date is
Charlotte, North Carolina) or the offices of the Special Servicer (which as of
the Closing Date is Miami Beach, Florida) are located, are authorized or
obligated by law or executive order to remain closed.

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

          "Certificate": Any one of the Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-C27, as executed by
the Certificate Registrar and authenticated and delivered hereunder by the
Authenticating Agent.

          "Certificate Account": The segregated account or accounts created and
maintained by the Master Servicer pursuant to Section 3.04(a) on behalf of the
Trustee in trust for Certificateholders, which shall be entitled "Wachovia Bank,
National Association, as Master Servicer for Wells Fargo Bank, N.A., as Trustee,
on behalf of and in trust for the registered holders of Wachovia Bank Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27."
Subject to the related Intercreditor Agreement and taking into account that
(i) each Subordinate Companion Loan is subordinate to its related Co-Lender Loan
to the extent set forth in the related Intercreditor Agreement, and (ii) the
Pari Passu Companion Loans are pari passu with the related Pari Passu Mortgage
Loan, each subaccount described in the next to last paragraph of
Section 3.04(a) that is part of the Certificate Account shall be for the benefit
of the related Companion Holder, to the extent funds on deposit in such
subaccount are attributed to the related Companion Loan.

          "Certificate Deferred Interest": The amount by which interest
distributable to any Class of Sequential Pay Certificates is reduced by the
amount of Mortgage Deferred Interest allocable to such Class of Certificates on
any Distribution Date.

          "Certificate Factor": With respect to any Class of Regular
Certificates as of any date of determination, a fraction, expressed as a decimal
carried to eight places, the numerator of which is the then current Class
Principal Balance, Class X-C Notional Amount or Class X-P Notional Amount, as
applicable, of such Class of Regular Certificates and the denominator of which
is the Original Class Principal Balance or Notional Amount of such Class of
Regular Certificates.

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

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

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

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

          "Certificateholder": The Person in whose name a Certificate is
registered in the Certificate Register, except that (i) only a Permitted
Transferee shall be the Holder of a Residual Certificate for any purpose hereof
and, (ii) solely for the purposes of giving any consent, approval or waiver
pursuant to this Agreement that relates to any of the Depositor, any Mortgage
Loan Seller, the Master Servicer, the Special Servicer or the Trustee in its
respective capacity as such (except with respect to amendments or waivers
referred to in Sections 7.04 and 11.01 hereof and any consent, approval or
waiver required or permitted to be made by the Majority Subordinate
Certificateholder or the Controlling Class Representative and any election,
removal or replacement of the Special Servicer or the Controlling Class
Representative pursuant to Section 6.09), any Certificate registered in the name
of the Depositor, any Mortgage Loan Seller, the Master Servicer, the Special
Servicer or the Trustee, as the case may be, or any Certificate registered in
the name of any of their respective Affiliates, shall be deemed not to be
outstanding, and the Voting Rights to which it is entitled shall not be taken
into account in determining whether the requisite percentage of Voting Rights
necessary to effect any such consent, approval or waiver that relates to it has
been obtained. The Certificate Registrar shall be entitled to request and rely
upon a certificate of the Depositor, the Master Servicer or the Special Servicer
in determining whether a Certificate is registered in the name of an Affiliate
of such Person. All references herein to "Holders" or "Certificateholders" shall
reflect the rights of Certificate Owners as they may indirectly exercise such
rights through the Depository and the Depository Participants, except as
otherwise specified herein; provided, however, the parties hereto shall be
required to recognize as a "Holder" or "Certificateholder" only the Person in
whose name a Certificate is registered in the Certificate Register.

          "Class": Collectively, all of the Certificates bearing the same
alphabetical and, if applicable, numerical class designation and each designated
REMIC I Regular Interest.

          "Class A Certificates": The Class A-1, Class A-2, Class A-PB, Class
A-3 and Class A-1A Certificates.

          "Class A-1 Certificate": Any one of the Certificates with a
"Class A-1" designation on the face thereof, substantially in the form of
Exhibit A-1 attached hereto, and evidencing a "regular interest" in REMIC II for
purposes of the REMIC Provisions.

          "Class A-1A Certificate": Any one of the Certificates with a
"Class A-1A" designation on the face thereof, substantially in the form of
Exhibit A-5 attached hereto, and evidencing a "regular interest" in REMIC II for
purposes of the REMIC Provisions.

          "Class A-2 Certificate": Any one of the Certificates with a
"Class A-2" designation on the face thereof, substantially in the form of
Exhibit A-2 attached hereto, and evidencing a "regular interest" in REMIC II for
purposes of the REMIC Provisions.

          "Class A-3 Certificate": Any one of the Certificates with a "Class
A-3" designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a regular interest in REMIC II for purposes of
the REMIC Provisions.

          "Class A-J Certificate": Any one of the Certificates with a
"Class A-J" designation on the face thereof, substantially in the form of
Exhibit A-8 attached hereto, and evidencing a "regular interest" in REMIC II for
purposes of the REMIC Provisions.

          "Class A-M Certificate": Any one of the Certificates with a "Class
A-M" designation on the face thereof, substantially in the form of Exhibit A-7
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class A-PB Certificate": Any one of the Certificates with a "Class
A-PB designation on the face thereof, substantially in the form of Exhibit A-3
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class A-PB Planned Principal Amount": The planned principal amount
set forth on Exhibit R hereto relating to principal payments for the Class A-PB
Certificates.

          "Class B Certificate": Any one of the Certificates with a "Class B"
designation on the face thereof, substantially in the form of Exhibit A-9
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class C Certificate": Any one of the Certificates with a "Class C"
designation on the face thereof, substantially in the form of Exhibit A-10
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class D Certificate": Any one of the Certificates with a "Class D"
designation on the face thereof, substantially in the form of Exhibit A-11
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class E Certificate": Any one of the Certificates with a "Class E"
designation on the face thereof, substantially in the form of Exhibit A-12
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class F Certificate": Any one of the Certificates with a "Class F"
designation on the face thereof, substantially in the form of Exhibit A-13
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class G Certificate": Any one of the Certificates with a "Class G"
designation on the face thereof, substantially in the form of Exhibit A-14
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class H Certificate": Any one of the Certificates with a "Class H"
designation on the face thereof, substantially in the form of Exhibit A-15
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class J Certificate": Any one of the Certificates with a "Class J"
designation on the face thereof, substantially in the form of Exhibit A-16
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class K Certificate": Any one of the Certificates with a "Class K"
designation on the face thereof, substantially in the form of Exhibit A-17
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class L Certificate": Any one of the Certificates with a "Class L"
designation on the face thereof, substantially in the form of Exhibit A-18
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class M Certificate": Any one of the Certificates with a "Class M"
designation on the face thereof, substantially in the form of Exhibit A-19
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class N Certificate": Any one of the Certificates with a "Class N"
designation on the face thereof, substantially in the form of Exhibit A-20
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class O Certificate": Any one of the Certificates with a "Class O"
designation on the face thereof, substantially in the form of Exhibit A-21
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class P Certificate": Any one of the Certificates with a "Class P"
designation on the face thereof, substantially in the form of Exhibit A-22
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class Principal Balance": The aggregate principal balance of any
Class of Sequential Pay Certificates outstanding from time to time. As of the
Closing Date, the Class Principal Balance of each Class of Sequential Pay
Certificates shall equal the Original Class Principal Balance thereof. On each
Distribution Date, the Class Principal Balance of each such Class of
Certificates shall be reduced by the amount of any distributions of principal
made thereon on such Distribution Date pursuant to Section 4.01 or 9.01, as
applicable, and shall be further reduced by the amount of any Realized Losses
and Additional Trust Fund Expenses allocated thereto on such Distribution Date
pursuant to Section 4.04(a). The Class Principal Balance of any Class of
Sequential Pay Certificates will be increased on any Distribution Date by the
amount of any Certificate Deferred Interest allocated to such Class on such
Distribution Date. Distributions in respect of a reimbursement of Realized
Losses and Additional Trust Fund Expenses previously allocated to a Class of
Sequential Pay Certificates shall not constitute distributions of principal and
shall not result in reduction of the related Class Principal Balance.

          "Class Q Certificate": Any one of the Certificates with a "Class Q"
designation on the face thereof, substantially in the form of Exhibit A-23
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class R-I Certificate": Any one of the Certificates with a
"Class R-I" designation on the face thereof, substantially in the form of
Exhibit A-25 attached hereto, and evidencing the sole class of residual
interests in REMIC I for purposes of the REMIC Provisions.

          "Class R-II Certificate": Any one of the Certificates with a
"Class R-II" designation on the face thereof, substantially in the form of
Exhibit A-26 attached hereto, and evidencing the sole class of "residual
interests" in REMIC II for purposes of the REMIC Provisions.

          "Class X Certificates": The Class X-C and Class X-P Certificates.

          "Class X-C Certificate": Any one of the Certificates with a "Class
X-C" designation on the face thereof, substantially in the form of Exhibit-A-24
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

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

          "Class X-C Strip Rate": With respect to any Class of Components (other
than Components that are also Class X-P Components) for any Distribution Date, a
rate per annum equal to (i) the Weighted Average Net Mortgage Rate for such
Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding
Certificates. In the case of any Class of Components that are also Class X-P
Components, (i) for any Distribution Date occurring on or before the related
Class X-P Component Crossover Date, (x) the Weighted Average Net Mortgage Rate
for such Distribution Date minus (y) the sum of the Pass-Through Rate for the
Corresponding Certificates for such Distribution Date and the Class X-P Strip
Rate for such Component for such Distribution Date, and (ii) for any
Distribution Date occurring after the related Class X-P Component Crossover
Date, a rate per annum equal to (x) the Weighted Average Net Mortgage Rate for
such Distribution Date, minus (y) the Pass-Through Rate for the Corresponding
Certificates (provided that in no event shall any Class X-C Strip Rate be less
than zero).

          "Class X-P Certificate": Any one of the Certificates with a "Class
X-P" designation on the face thereof, substantially in the form of Exhibit-A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

          "Class X-P Component Crossover Date": With respect to each Component
set forth in the table below, the Distribution Date occurring in the month and
year set forth in the table below:

               Component                             Cross-Over Date
----------------------------------------             ---------------
Component X-A-1-2 and Component X-A-1A-2              February 2007

Component X-A-1-3, Component X-A-1A-3
  and Component X-A-2-1                                August 2007

Component X-A-2-2 and Component X-A-1A-4              February 2008

Component  X-A-2-3 and Component
  X-A-1A-5                                             August 2008

Component X-A-2-4, Component X-A-1A-6
  and Component X-J-1                                 February 2009

Component X-A-2-5, Component X-A-1A-7,
  Component X-H-1 and Component X-J-2                  August 2009

Component X-A-2-6, Component X-A-1A-8
  and Component X-H-2                                 February 2010

Component X-A-2-7, Component X-A-PB-1,
  Component X-A-1A-9, Component X-G-1
  and Component X-H-3                                  August 2010

Component X-A-PB-2, Component X-A-3-1,
  Component X-A-1A-10, Component X-F-1
  and Component X-G-2                                 February 2011

Component X-A-3-2, Component X-A-1A-11,
  Component X-E-1 and Component X-F-2                  August 2011

Component X-A-3-3, Component X-A-1A-12
  and Component X-E-2                                 February 2012

Component X-A-3-4, Component X-A-1A-13,
  Component X-D-1 and Component X-E-3                  August 2012

Component X-A-3-5, Component X-A-1A-14,
  Component X-C-1 and Component X-D-2                 February 2013

Component X-A-3-6, Component X-A-1A-15,
  Component X-A-M, Component X-A-J,
  Component X-B and Component X-C-2                    August 2013

          "Class X-P Components": Each of Component X-A-1-2, Component X-A-1-3,
Component X-A-1A-2, Component X-A-1A-3, Component X-A-1A-4, Component X-A-1A-5,
Component X-A-1A-6, Component X-A-1A-7, Component X-A-1A-8, Component X-A-1A-9,
Component X-A-1A-10, Component X-A-1A-11, Component X-A-1A-12, Component
X-A-1A-13, Component X-A-1A-14, Component X-A-1A-15, Component X-A-2-1,
Component X-A-2-2, Component X-A-2-3, Component X-A-2-4, Component X-A-2-5,
Component X-A-2-6, Component X-A-2-7, Component X-A-PB-1, Component X-A-PB-2,
Component X-A-3-1, Component X-A-3-2, Component X-A-3-3, Component X-A-3-4,
Component X-A-3-5, Component X-A-3-6, Component X-A-M, Component X-A-J,
Component X-B, Component X-C-1, Component X-C-2, Component X-D-1, Component
X-D-2, Component X-E-1, Component X-E-2, Component X-E-3, Component X-F-1,
Component X-F-2, Component X-G-1, Component X-G-2, Component X-H-1, Component
X-H-2, Component X-H-3, Component X-J-1 and Component X-J-2.

          "Class X-P Notional Amount": As of any date of determination, the sum
of the then Component Notional Amounts of the Class X-P Components, excluding
those Class X-P Components for which the Class X-P Component Crossover Date has
previously passed.

          "Class X-P Reference Rate": For any Distribution Date, the rate per
annum corresponding to such Distribution Date on Exhibit-T.

          "Class X-P Strip Rate": With respect to each of the Class X-P
Components for any Distribution Date, a rate per annum equal to (i) for any
Distribution Date occurring on or before the related Class X-P Component
Crossover Date, (x) the lesser of (i) the Weighted Average Net Mortgage Rate for
such Distribution Date and (ii) the Class X-P Reference Rate for such
Distribution Date minus 0.03% per annum minus (y) the Pass-Through Rate for the
Corresponding Certificates (provided that in no event shall any Class X-P Strip
Rate be less than zero), and (ii) for any Distribution Date occurring after the
related Class X-P Component Crossover Date, 0% per annum.

          "Class Z Certificate": Any one of the Certificates with a "Class Z"
designation on the face thereof, substantially in the form of Exhibit A-27
attached hereto, and evidencing an undivided beneficial interest in the
Additional Interest Grantor Trust that is described in Section 4.01(b).

          "Closing Date": August 23, 2006.

          "CMSA": The Commercial Mortgage Securities Association (formerly the
Commercial Real Estate Secondary Market and Securitization Association) or any
successor organization.

          "CMSA Advance Recovery Report": The report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Advance Recovery Report" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions generally.

          "CMSA Bond File": The monthly report substantially in the form of, and
containing the information called for in, the downloadable form of the "CMSA
Bond Level File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions generally.

          "CMSA Collateral Summary File": The report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Collateral Summary File" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions generally.

          "CMSA Comparative Financial Status Report": The report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Comparative Financial Status Report" available as of the Closing
Date on the CMSA Website, or such other form for the presentation of such
information as may from time to time be approved by the CMSA for commercial
mortgage securities transactions generally. In connection with preparing the
CMSA Comparative Financial Status Report, the Master Servicer shall process
(a) interim financial statements beginning with interim financial statements for
the fiscal quarter ending September 30, 2006 and (b) annual financial statements
beginning with annual financial statements for the 2006 fiscal year.

          "CMSA Delinquent Loan Status Report": The report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Delinquent Loan Status Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be approved by
the CMSA for commercial mortgage securities transactions generally.

          "CMSA Financial File": The report substantially in the form of, and
containing the information called for in, the downloadable form of the
"Financial File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions generally.

          "CMSA Historical Loan Modification and Corrected Mortgage Loan
Report": A report substantially in the form of, and containing the information
called for in, the downloadable form of the "Historical Loan Modification and
Corrected Mortgage Loan Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be approved by
the CMSA for commercial mortgage securities transactions generally.

          "CMSA Loan Level Reserve/LOC Report": The report substantially in the
form of, and containing the information called for in, the downloadable form of
the "CMSA Loan Level Reserve/LOC Report" available as of the Closing Date on the
CMSA Website, or such other form for the presentation of such information as may
from time to time be approved by the CMSA for commercial mortgage securities
transactions generally.

          "CMSA Loan Periodic Update File": The monthly report substantially in
the form of, and containing the information called for in, the downloadable form
of the "Loan Periodic Update File" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be approved by
the CMSA for commercial mortgage securities transactions generally.

          "CMSA Loan Setup File": The report substantially in the form of, and
containing the information called for in, the downloadable form of the "Loan
Setup File" available as of the Closing Date on the CMSA Website, or such other
form for the presentation of such information and containing such additional
information as may from time to time be approved by the CMSA for commercial
mortgage securities transactions generally.

          "CMSA NOI Adjustment Worksheet": A report substantially in the form
of, and containing the information called for in, the downloadable form of the
"NOI Adjustment Worksheet" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions and in any event, shall present the
computations made in accordance with the methodology described in such form to
"normalize" the full year net operating income and debt service coverage numbers
used in the other reports required by this Agreement.

          "CMSA Operating Statement Analysis": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Operating Statement Analysis Report" available as of the Closing Date on
the CMSA Website or in such other form for the presentation of such information
and containing such additional information as may from time to time be approved
by the CMSA for commercial mortgage-backed securities transactions generally. In
connection with preparing the CMSA Operating Statement Analysis, the Master
Servicer shall process (a) interim financial statements beginning with interim
financial statements for the fiscal quarter ending September 30, 2006 and
(b) annual financial statements beginning with annual financial statements for
the 2006 fiscal year.

          "CMSA Property File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "Property
File" available as of the Closing Date on the CMSA Website, or such other form
for the presentation of such information and containing such additional
information as may from time to time be approved by the CMSA for commercial
mortgage securities transactions generally.

          "CMSA Reconciliation of Funds Report": The monthly report in the
"Reconciliation of Funds" format substantially in the form of and containing the
information called for therein for the Mortgage Loans, or such other form for
the presentation of such information as may be approved from time to time by the
CMSA for commercial mortgage securities transactions generally.

          "CMSA REO Status Report": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "REO
Status Report" available as of the Closing Date on the CMSA Website, or in such
other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions generally.

          "CMSA Servicer Watchlist": For any Determination Date, a report
substantially in the form of, and containing the information called for in, the
downloadable form of the "Servicer Watchlist/Portfolio Review Guidelines"
available as of the Closing Date on the CMSA Website, or in such other final
form for the presentation of such information and containing such additional
information as may from time to time be promulgated as approved by the CMSA for
commercial mortgage securities transactions generally.

          "CMSA Website": The website maintained by the CMSA with an address, as
of the Closing Date, of "www.cmbs.org".

          "Code": The Internal Revenue Code of 1986, as amended, and applicable
temporary or final regulations of the U.S. Department of the Treasury
promulgated thereunder.

          "Co-Lender Loans": As defined in the Preliminary Statement.

          "Collection Period": With respect to any Distribution Date, the period
that begins on the twelfth day in the month immediately preceding the month in
which such Distribution Date occurs (or, in the case of the initial Distribution
Date, commencing on the day after the related Cut-Off Date) and ending on and
including the eleventh day in the month in which such Distribution Date occurs.
Notwithstanding the foregoing, in the event that the last day of a Collection
Period is not a Business Day, any Periodic Payments or Principal Prepayments
with respect to the Mortgage Loans relating to a Due Date occurring in such
Collection Period (but for the application of the next Business Day convention)
received on the Business Day immediately following such day will be deemed to
have been received during such Collection Period and not during any other
Collection Period. In addition, notwithstanding the foregoing, with respect to
any Distribution Date, in the event that the Due Date, including any grace
period, with respect to any Mortgage Loan relating to such Distribution Date
occurs after the last day of the related Collection Period, any payments
received with respect to the related Mortgage Loan on or before such Due Date as
extended by any applicable grace period (including without limitation, any
prepayments) will be deemed to have been received during such Collection Period
and not during any other Collection Period.

          "Commission": The Securities and Exchange Commission or any successor
agency.

          "Companion Distribution Account": With respect to the Companion Loans,
other than the Prime Outlets Pool II Pari Passu Companion Loan and the Prime
Outlets Pool II Subordinate Companion Loan, the separate account(s) or
subaccount(s) created and maintained by the Companion Paying Agent pursuant to
Section 3.04(b) and held on behalf of the Companion Holders, which shall be
entitled "Wachovia Bank, National Association, as Companion Paying Agent for the
Companion Holders of the Companion Loans relating to the Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2006-C27." The Companion Distribution Accounts shall not be assets of the Trust
Fund, but instead each Companion Distribution Account shall be held by the
Companion Paying Agent on behalf of the applicable Companion Holder. Any such
account shall be an Eligible Account or a subaccount of an Eligible Account.
Notwithstanding the foregoing, if the Master Servicer and the Companion Paying
Agent are the same entity, the Companion Distribution Account may be the related
subaccount or subaccounts of the Certificate Account referenced in the second to
the last paragraph of Section 3.04(a).

          "Companion Holder": With respect to any Companion Loan, the owner of
the Mortgage Note representing such Companion Loan. As of the Closing Date, the
Companion Holders of the Companion Loans are (i) MW1-2002, LLC, with respect to
the One Financial Place Subordinate Companion Loan, (ii) the trust fund created
under the 2006-C26 Pooling and Servicing Agreement, with respect to the Prime
Outlets Pool II Pari Passu Companion Loan, (iii) Wachovia Bank, National
Association, with respect to the Prime Outlets Pool II Subordinate Companion
Loan, (iv) German American Capital Corporation, with respect to the BlueLinx
Holdings Pool Pari Passu Companion Loan, (v) Wachovia Bank, National
Association, with respect to the RLJ Hotel Pool Pari Passu A1B Companion Loan,
(vi) the trust fund created under the pooling and servicing agreement entered
into in connection with the issuance of the Merrill Lynch Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-C2, with respect to
the RLJ Hotel Pool Pari Passu A2A Companion Loan, (vii) Merrill Lynch Mortgage
Lending, with respect to the RLJ Hotel Pool Pari Passu A2B Companion Loan,
(viii) the trust fund created under the pooling and servicing agreement entered
into in connection with the issuance of the Morgan Stanley Capital I Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-HQ9, with respect to
the RLJ Hotel Pool Pari Passu A3A Companion Loan, (ix) Morgan Stanley Mortgage
Capital Inc., with respect to the RLJ Hotel Pool Pari Passu A3B Companion Loan,
(x) Wells Fargo Bank, National Association, with respect to the RLJ Hotel Pool
Pari Passu A4A Companion Loan, (xi) Wells Fargo Bank, National Association, with
respect to the RLJ Hotel Pool Pari Passu A4B Companion Loan, (xii) Wachovia
Bank, National Association, with respect to the 500-512 Seventh Avenue Pari
Passu Companion Loan, (xiii) MW1-2002, LLC, with respect to the 500-512 Seventh
Avenue Subordinate Companion Loan, (xiv) Caplease Debt Funding, LP, with respect
to each of the AIM Investments Corporate Campus Subordinate Companion Loans,
(xv) Wachovia Bank, National Association, with respect to the Acacia Park
Apartments Subordinate Companion Loan, and (xvi) CBA-Mezzanine Capital Finance,
LLC, with respect to the Lakeridge Apartments Subordinate Companion Loan.

          "Companion Loan": As defined in the Preliminary Statement.

          "Companion Paying Agent": The paying agent appointed pursuant to
Section 3.26.

          "Companion Register": The register maintained by the Companion Paying
Agent pursuant to Section 3.27.

          "Component": Each of Component X-A-1-1, Component X-A-1-2, Component
X-A-1-3, Component X-A-1A-1, Component X-A-1A-2, Component X-A-1A-3, Component
X-A-1A-4, Component X-A-1A-5, Component X-A-1A-6, Component X-A-1A-7, Component
X-A-1A-8, Component X-A-1A-9, Component X-A-1A-10, Component X-A-1A-11,
Component X-A-1A-12, Component X-A-1A-13, Component X-A-1A-14, Component
X-A-1A-15, Component X-A-2-1, Component X-A-2-2, Component X-A-2-3, Component
X-A-2-4, Component X-A-2-5, Component X-A-2-6, Component X-A-2-7, Component
X-A-PB-1, Component X-A-PB-2, Component X-A-3-1, Component X-A-3-2, Component
X-A-3-3, Component X-A-3-4, Component X-A-3-5, Component X-A-3-6, Component
X-A-M, Component X-A-J, Component X-B, Component X-C-1, Component X-C-2,
Component X-D-1, Component X-D-2, Component X-E-1, Component X-E-2, Component
X-E-3, Component X-F-1, Component X-F-2, Component X-G-1, Component X-G-2,
Component X-H-1, Component X-H-2, Component X-H-3, Component X-J-1, Component
X-J-2, Component X-K, Component X-L, Component X-M, Component X-N, Component
X-O, Component X-P and Component X-Q.

          "Component X-A-1-1": One of 59 components of the Class X-C
Certificates having a Component Notional Amount equal to the then current
REMIC I Principal Balance of REMIC I Regular Interest LA-1-1 as of any date of
determination.

          "Component X-A-1-2": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-2 as of any date of determination.

          "Component X-A-1-3": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-3 as of any date of determination.

          "Component X-A-1A-1": One of 59 components of the Class X-C
Certificates having a Component Notional Amount equal to the then current
REMIC I Principal Balance of REMIC I Regular Interest LA-1A-1 as of any date of
determination.

          "Component X-A-1A-2": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-2 as of any date of determination.

          "Component X-A-1A-3": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-3 as of any date of determination.

          "Component X-A-1A-4": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-4 as of any date of determination.

          "Component X-A-1A-5": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-5 as of any date of determination.

          "Component X-A-1A-6": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-6 as of any date of determination.

          "Component X-A-1A-7": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-7 as of any date of determination.

          "Component X-A-1A-8": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-8 as of any date of determination.

          "Component X-A-1A-9": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-9 as of any date of determination.

          "Component X-A-1A-10": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-10 as of any date of determination.

          "Component X-A-1A-11": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-11 as of any date of determination.

          "Component X-A-1A-12": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-12 as of any date of determination.

          "Component X-A-1A-13": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-13 as of any date of determination.

          "Component X-A-1A-14": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-14 as of any date of determination.

      "Component X-A-1A-15": One of 59 components of the
Class X-C Certificates and one of 50 components of the Class X-P
Certificates having a Component Notional Amount equal to the then
current REMIC I Principal Balance of REMIC I Regular Interest LA-1A-15
as of any date of determination.

          "Component X-A-2-1": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-1 as of any date of determination.

          "Component X-A-2-2": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-2 as of any date of determination.

          "Component X-A-2-3": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-3 as of any date of determination.

          "Component X-A-2-4": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-4 as of any date of determination.

          "Component X-A-2-5": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-5 as of any date of determination.

          "Component X-A-2-6": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-6 as of any date of determination.

          "Component X-A-2-7": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-7 as of any date of determination.

          "Component X-A-3-1": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-3-1 as of any date of determination.

          "Component X-A-3-2": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-3-2 as of any date of determination.

          "Component X-A-3-3": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-3-3 as of any date of determination.

          "Component X-A-3-4": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-3-4 as of any date of determination.

          "Component X-A-3-5": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-3-5 as of any date of determination.

          "Component X-A-3-6": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-3-6 as of any date of determination.

          "Component X-A-J": One of the 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-J as of any date of determination.

          "Component X-A-M": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LA-M as of any date of determination.

          "Component X-A-PB-1": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-PB-1 as of any date of determination.

          "Component X-A-PB-2": One of 59 components of the Class X-C
Certificates and one of 50 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-PB-2 as of any date of determination.

          "Component X-B": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LB as of any date of determination.

          "Component X-C-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LC-1 as of any date of determination.

          "Component X-C-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LC-2 as of any date of determination.

          "Component X-D-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LD-1 as of any date of determination.

          "Component X-D-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LD-2 as of any date of determination.

          "Component X-E-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LE-1 as of any date of determination.

          "Component X-E-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LE-2 as of any date of determination.

          "Component X-E-3": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LE-3 as of any date of determination.

          "Component X-F-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LF-1 as of any date of determination.

          "Component X-F-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LF-2 as of any date of determination.

          "Component X-G-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LG-1 as of any date of determination.

          "Component X-G-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LG-2 as of any date of determination.

          "Component X-H-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LH-1 as of any date of determination.

          "Component X-H-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LH-2 as of any date of determination.

          "Component X-H-3": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LH-3 as of any date of determination.

          "Component X-J-1": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LJ-1 as of any date of determination.

          "Component X-J-2": One of 59 components of the Class X-C Certificates
and one of 50 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LJ-2 as of any date of determination.

          "Component X-K": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LK as of any date of determination.

          "Component X-L": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LL as of any date of determination.

          "Component X-M": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LM as of any date of determination.

          "Component X-N": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LN as of any date of determination.

          "Component X-O": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LO as of any date of determination.

          "Component X-P": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LP as of any date of determination.

          "Component X-Q": One of 59 components of the Class X-C Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LQ as of any date of determination.

          "Controlling Class": With respect to each Mortgage Loan as of any date
of determination, the Class of Sequential Pay Certificates, (i) which bears the
latest payment priority and (ii) the Class Principal Balance of which is greater
than 25% of the Original Class Principal Balance thereof; provided, however, if
no Class of Sequential Pay Certificates satisfies clause (ii) above, the
Controlling Class shall be the outstanding Class of Sequential Pay Certificates
bearing the latest payment priority. With respect to determining the Controlling
Class, the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A
Certificates shall be deemed a single Class of Certificates.

          "Controlling Class Representative": As defined in Section 3.25(a).

          "Controlling Person": With respect to any Person, any other Person who
"controls" such Person within the meaning of the Securities Act.

          "Corporate Trust Office": The corporate trust office of the Trustee at
which at any particular time its corporate trust business with respect to this
Agreement shall be administered, which office at the date of the execution of
this Agreement is located at (i) with respect to maintenance of the Certificate
Registrar and the transfer and exchange of Certificates, the office of the
Trustee located at Wells Fargo Center, Sixth and Marquette, Minneapolis,
Minnesota 55479-0113, Attention: Corporate Trust Services (CMBS) Wachovia Bank
Commercial Mortgage Trust, Series 2006-C27 and (ii) for all other purposes, the
office of the Trustee located at 9062 Old Annapolis Road, Columbia, Maryland
21045-1951, Attention: Corporate Trust Services (CMBS) Wachovia Bank Commercial
Mortgage Trust, Series 2006-C27.

          "Corrected Mortgage Loan": Any Mortgage Loan and, if applicable, any
Companion Loan that had been a Specially Serviced Mortgage Loan but has ceased
to be a Specially Serviced Mortgage Loan in accordance with the definition of
"Specially Serviced Mortgage Loan."

          "Corresponding Certificate": As defined in the Preliminary Statement
with respect to any Corresponding Component or any Corresponding REMIC I Regular
Interest.

          "Corresponding Component": As defined in the Preliminary Statement
with respect to any Corresponding Certificate or any Corresponding REMIC I
Regular Interest.

          "Corresponding REMIC I Regular Interest": As defined in the
Preliminary Statement with respect to any Class of Corresponding Certificates or
any Corresponding Component of the Class X-C Certificates or Class X-P
Certificates.

          "Crossed Group": With respect to any Mortgage Loan, such Mortgage Loan
and all other Mortgage Loans that are cross-collateralized and cross-defaulted
with such Mortgage Loan.

          "Crossed Loan": A Mortgage Loan that is cross-collateralized and
cross-defaulted with one or more other Mortgage Loans.

          "Crossed Loan Repurchase Criteria": (i) The Debt Service Coverage
Ratio for all remaining related Crossed Loans for the four calendar quarters
immediately preceding the repurchase or substitution is not less than the Debt
Service Coverage Ratio for all such related Crossed Loans, including the
affected Crossed Loan, for the four calendar quarters immediately preceding the
repurchase or substitution, (ii) the Loan-to-Value Ratio for any remaining
related Crossed Loans determined at the time of repurchase or substitution based
upon an Appraisal obtained by the Special Servicer at the expense of the related
Mortgage Loan Seller is not greater than the Loan-to-Value Ratio for all such
related Crossed Loans, including the affected Crossed Loan, determined at the
time of repurchase or substitution based upon an Appraisal obtained by the
Special Servicer at the expense of the related Mortgage Loan Seller and
(iii) the Mortgage Loan Seller, at its expense, shall have furnished the Trustee
with an Opinion of Counsel that the repurchase of or substitution for a Crossed
Loan, including, without limitation, any modification relating to such
repurchase or substitution, shall not cause an Adverse REMIC Event.

          "Custodian": A Person who is at any time appointed by the Trustee
pursuant to Section 8.11 as a document custodian for the Mortgage Files, which
Person shall not be the Depositor, a Mortgage Loan Seller or an Affiliate of the
Depositor or a Mortgage Loan Seller. If no such custodian has been appointed or
if such custodian has been so appointed, but the Trustee shall have terminated
such appointment, then the Trustee shall be the Custodian.

          "Cut-Off Date": With respect to any Mortgage Loan or Companion Loan,
the Due Date for such Mortgage Loan or Companion Loan in August 2006.

          "Cut-Off Date Balance": With respect to any Mortgage Loan or Companion
Loan, the outstanding principal balance of such Mortgage Loan or Companion Loan
as of the Cut-Off Date, after application of all unscheduled payments of
principal received on or before such date and the principal component of all
Periodic Payments due on or before such date, whether or not received.

          "Debt Service Coverage Ratio": With respect to any Mortgage Loan, as
of any date of determination, the ratio of (x) the annualized Net Operating
Income (before payment of any debt service on such Mortgage Loan) generated by
the related Mortgaged Property during the most recently ended period of not less
than six months and not more than twelve months for which financial statements,
if available (whether or not audited) have been received by or on behalf of the
related Mortgage Loan Seller (prior to the Closing Date) or the Master Servicer
or the Special Servicer (following the Closing Date), to (y) twelve times the
amount of the Periodic Payment in effect for such Mortgage Loan as of such date
of determination.

          "Defaulted Mortgage Loan": A Mortgage Loan (i) that is delinquent
sixty days or more in respect to a Periodic Payment (not including the Balloon
Payment) or (ii) that is delinquent 10 Business Days in respect of its Balloon
Payment unless the Controlling Class Representative has given its consent (which
consent shall be deemed denied if not granted within 10 Business Days) and the
Special Servicer has, within 10 Business Days after the Due Date of such Balloon
Payment, received written evidence from an institutional lender of such lender's
binding commitment (acceptable to the Special Servicer) to refinance such
Mortgage Loan within 60 days after the date on which the Special Servicer
received such refinancing commitment so long as the Mortgagor continues to make
its Assumed Scheduled Payments (provided that, if such refinancing does not
occur during such time specified in the commitment, the related Mortgage Loan
will immediately become a Defaulted Mortgage Loan), in either case such
delinquency to be determined without giving effect to any grace period permitted
by the related Mortgage or Mortgage Note and without regard to any acceleration
of payments under the related Mortgage and Mortgage Note, or (iii) as to which
the Master Servicer or Special Servicer has, by written notice to the related
Mortgagor, accelerated the maturity of the indebtedness evidenced by the related
Mortgage Note.

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

          "Defeasance Collateral": With respect to any Defeasance Loan, the
United States government securities required or permitted to be pledged in lieu
of prepayment pursuant to the terms thereof.

          "Defeasance Loan": Any Mortgage Loan identified as a Defeasance Loan
on the Mortgage Loan Schedule which permits or requires the related Mortgagor
(or permits the holder of such Mortgage Loan to require the related Mortgagor)
to pledge Defeasance Collateral to such holder in lieu of prepayment.

          "Deficient Valuation": With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding principal balance of the Mortgage Loan, which
valuation results from a proceeding initiated under the Bankruptcy Code.

          "Definitive Certificate": As defined in Section 5.03(a).

          "Depositor": Wachovia Commercial Mortgage Securities, Inc., or its
successor in interest.

          "Depository": The Depository Trust Company, or any successor
Depository hereafter named as contemplated by Section 5.03(c). The nominee of
the initial Depository for purposes of registering those Certificates that are
to be Book-Entry Certificates is Cede & Co. The Depository shall at all times be
a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York and a "clearing agency" registered
pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, as amended.

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

          "Determination Date": The eleventh day of each month, or if such
eleventh day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006.

          "Determination Party": Midland Loan Services, Inc., or a second party
that would qualify as a successor Special Servicer mutually agreeable to the
Special Servicer, the Controlling Class Representative and the applicable
Mortgage Loan Seller, or any successor in interest thereto; provided that (a)
each such party is on the list of approved special servicers by Moody's and on
S&P's Select Servicer List as a U.S. Commercial Mortgage Special Servicer or
(b) each Rating Agency has confirmed in writing that contracting with such
Determination Party would not result in a downgrade, qualification or withdrawal
of the then current rating assigned to any of the Certificates that are then
currently rated by such Rating Agency.

          "Directly Operate": With respect to any REO Property, the furnishing
or rendering of services to the tenants thereof, the management of such REO
Property, the holding of such REO Property primarily for sale or lease or the
performance of any construction work thereon, in each case other than through an
Independent Contractor; provided, however, the Trustee (or the Special Servicer
or any Sub-Servicer on behalf of the Trustee) shall not be considered to
Directly Operate an REO Property solely because the Trustee (or the Special
Servicer or any Sub-Servicer on behalf of the Trustee) establishes rental terms,
chooses tenants, enters into or renews leases, deals with taxes and insurance,
or makes decisions as to repairs or capital expenditures with respect to such
REO Property.

          "Discount Rate": With respect to any prepaid Mortgage Loan or REO Loan
for purposes of allocating any Yield Maintenance Charge or Prepayment Premium
received thereon or with respect thereto among the respective Classes of the
Sequential Pay Certificates (other than any Excluded Class thereof), an amount,
calculated by the Master Servicer and reported to the Trustee pursuant to
Section 4.02(b), will be equal to the discount rate stated in the related
Mortgage Loan documents used in calculating the Yield Maintenance Charge or
Prepayment Premium with respect to such principal prepayment. To the extent that
a discount rate is not stated therein, the "Discount Rate" will be equal to the
yield (when compounded monthly) on the U.S. Treasury issue with a maturity date
closest to the maturity date for such prepaid Mortgage Loan or REO Loan. In the
event there are two or more such U.S. Treasury issues (a) with the same coupon,
the issue with the lowest yield shall apply, and (b) with maturity dates equally
close to the maturity date for the prepaid Mortgage Loan or REO Loan, the issue
with the earliest maturity date shall apply.

          "Disqualified Non-United States Person": With respect to a Class R-I
or Class R-II Certificate, any Non-United States Person or agent thereof other
than (i) a Non-United States Person that holds the Class R-I or Class R-II
Certificate in connection with the conduct of a trade or business within the
United States and has furnished the transferor and the Certificate Registrar
with an effective IRS Form W-8ECI (or successor form) or (ii) a Non-United
States Person that has delivered to both the transferor and the Certificate
Registrar an opinion of a nationally recognized tax counsel to the effect that
the transfer of the Class R-I or Class R-II Certificate to it is in accordance
with the requirements of the Code and the regulations promulgated thereunder and
that such transfer of the Class R-I or Class R-II Certificate will not be
disregarded for federal income tax purposes.

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

          "Distributable Certificate Interest": With respect to: (a) any Class
of Sequential Pay Certificates for any Distribution Date, the Accrued
Certificate Interest in respect of such Class of Certificates for such
Distribution Date, reduced (to not less than zero) by (i) the product of (A) any
Net Aggregate Prepayment Interest Shortfall for such Distribution Date and (B) a
fraction, expressed as a decimal, the numerator of which is the Accrued
Certificate Interest in respect of such Class of Certificates for such
Distribution Date, and the denominator of which is the aggregate Accrued
Certificate Interest in respect of all the Classes of Sequential Pay
Certificates for such Distribution Date, and (ii) with respect to each such
Class, such Class' share of any Certificate Deferred Interest allocated to such
Class of Certificates in accordance with Section 4.04(c); and (b) any Class of
Class X Certificates for any Distribution Date, the Accrued Certificate Interest
in respect of such Class of Certificates for such Distribution Date.

          "Distribution Account": The segregated account, accounts or
subaccounts created and maintained by the Paying Agent on behalf of the Trustee
pursuant to Section 3.04(b) which shall be entitled "Wells Fargo Bank, N.A., as
Trustee, in trust for the registered holders of Wachovia Bank Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series-2006-C27".

          "Distribution Date": With respect to any Determination Date, the
fourth Business Day following such Determination Date.

          "Distribution Date Statement": As defined in Section 4.02(a).

          "Do Not Hire List": The list, as may be updated at any time, provided
by the Depositor to the Master Servicer, the Special Servicer and the Trustee,
which lists certain parties identified by the Depositor as having failed to
comply with their respective obligations under Section 8.17 of this Agreement or
as having failed to comply with any similar Regulation AB reporting requirements
under any pooling and servicing agreement relating to any other series of
certificates offered by the Depositor.

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

          "Domestic Global Certificate": Any of the single, permanent global
certificates that represents the Certificates sold in reliance on Rule 144A
under the Act.

          "Due Date": With respect to (i) any Mortgage Loan on or prior to its
Stated Maturity Date or any Companion Loan on or prior to its maturity date, the
day of the month set forth in the related Mortgage Note on which each Periodic
Payment on such Mortgage Loan or Companion Loan is scheduled to be first due;
(ii) any Mortgage Loan after its Stated Maturity Date or any Companion Loan
after its maturity date, the day of the month set forth in the related Mortgage
Note on which each Periodic Payment on such Mortgage Loan or Companion Loan had
been scheduled to be first due and (iii) any REO Loan, the day of the month set
forth in the related Mortgage Note on which each Periodic Payment on the related
Mortgage Loan had been scheduled to be first due.

          "EDGAR": The Commission's Electronic Data Gathering, Analysis and
Retrieval system.

          "Eligible Account": Any of (i) an account maintained with a federal or
state chartered depository institution or trust company, and (a) with respect to
deposits held for 30 days or more in such account, the long-term deposit or
unsecured debt obligations of which are rated at least (A) "Aa3" by Moody's (if
then rated by Moody's), (B) "AA" by Fitch (or "A"; provided the short-term
unsecured debt obligations are rated at least "F1" by Fitch) and (C) "AA-" by
S&P (or "A-"; provided the short-term unsecured debt obligations are rated at
least "A-1" by S&P)) (or, with respect to any such Rating Agency, such lower
rating as will not result in qualification, downgrading or withdrawal of the
ratings then assigned to the Certificates, as evidenced in writing by the
applicable Rating Agency), at any time such funds are on deposit therein or (b)
with respect to deposits held for less than 30 days in such account, the
short-term deposits of which are rated at least "P-1" by Moody's (if then rated
by Moody's) and "A-1" by S&P and "F1" by Fitch (or, with respect to any such
Rating Agency, such lower rating as will not result in qualification,
downgrading or withdrawal of the ratings then assigned to the Certificates) as
evidenced in writing by the applicable Rating Agency at any time such funds are
on deposit therein; or (ii) a segregated trust account or accounts maintained
with a federal or state chartered depository institution or trust company acting
in its fiduciary capacity, which, in the case of a state chartered depository
institution or trust company, is subject to regulations regarding fiduciary
funds on deposit therein substantially similar to 12 CFR ss. 9.10(b), the
long-term deposits or unsecured debt of which, or if it is the wholly-owned
subsidiary of an entity the long-term deposits or unsecured obligations of
which, are rated at least "Baa3" by Moody's and which has a combined capital and
surplus of at least $50,000,000; or (iii) any other account, the use of which
would not, in and of itself, cause a qualification, downgrading or withdrawal of
the then-current rating assigned to any Class of Certificates, as confirmed in
writing by each Rating Agency.

          "Environmental Assessment": A "Phase I assessment" as described in,
and meeting the criteria of, (i) Chapter 5 of the FNMA Multifamily Guide or any
successor provisions covering the same subject matter in the case of a Specially
Serviced Mortgage Loan as to which the related Mortgaged Property is multifamily
property or (ii)  the American Society for Testing and Materials in the case of
Specially Serviced Mortgage Loan as to which the related Mortgaged Property is
not multifamily property.

          "ERISA": The Employee Retirement Income Security Act of 1974, as
amended, and any regulations and administrative pronouncements thereunder.

          "ERISA Restricted Certificate": Any Class K, Class L, Class M,
Class N, Class O, Class P or Class Q Certificate; provided that any such
Certificate (a) will cease to be considered an ERISA Restricted Certificate and
(b) will cease to be subject to the transfer restrictions related to ERISA
Restricted Certificates contained in Section 5.02(c) if, as of the date of a
proposed transfer of such Certificate, either (i) it is rated in one of the four
highest generic ratings categories by a Rating Agency or (ii) relevant
provisions of ERISA and the Code would permit transfer of such Certificate to a
Plan without resulting in a non-exempt prohibited transaction.

          "Escrow Payment": Any payment received by the Master Servicer or the
Special Servicer for the account of any Mortgagor for application toward the
payment of real estate taxes, assessments, insurance premiums, ground rents (if
applicable) and other similar items in respect of the related Mortgaged
Property.

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

          "Exchange Act": Securities Exchange Act of 1934, as amended.

          "Exchange Certificate": The certificate necessary to exchange an
interest in a Regulation S Global Certificate for an interest in a Domestic
Global Certificate, which is in the form of Exhibit F-4 attached hereto, or the
certificate necessary to exchange an interest in a Domestic Global Certificate
for an interest in a Regulation S Global Certificate, which is in the form of
Exhibit F-5 or Exhibit F-6, as applicable, hereto, in each case as described in
Section 5.02(e).

          "Excluded Class": Any Class of Sequential Pay Certificates other than
the Class A-1 Certificates, Class A-2 Certificates, Class A-PB Certificates,
Class A-3 Certificates, Class A-1A Certificates, Class A-M Certificates,
Class A-J Certificates, Class B Certificates, Class C Certificates, Class D
Certificates, Class E Certificates, Class F Certificates, Class G Certificates,
Class H Certificates and Class J Certificates.

          "Exemptions": Department of Labor Prohibited Transaction Exemption
("PTE") 96-22, PTE 93-32, PTE 89-89, PTE 89-90, PTE 89-88 and Final
Authorization Number 98-08E, each as amended from time to time, or any successor
thereto.

          "FDIC": Federal Deposit Insurance Corporation, or its successor in
interest.

          "FHLMC": Federal Home Loan Mortgage Corporation, or its successor in
interest.

          "Final Recovery Determination": A determination by the Special
Servicer with respect to any Defaulted Mortgage Loan (and, if applicable, any
defaulted Companion Loan) or REO Property (other than a Mortgage Loan or REO
Property, as the case may be, that was purchased by either Mortgage Loan Seller
pursuant to the applicable Mortgage Loan Purchase Agreement or by the applicable
Companion Holder pursuant to Section 3.18(d) or by the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder pursuant to
Section 9.01) that there has been a recovery of all Insurance Proceeds,
Liquidation Proceeds and other payments or recoveries that the Special Servicer
has determined, in accordance with the Servicing Standard, will be ultimately
recoverable (or, in the case of the 2006-C26 Serviced Mortgage Loan, a "Final
Recovery Determination" as defined in the 2006-C26 Pooling and Servicing
Agreement with respect to such Mortgage Loan).

          "Fitch": Fitch, Inc., or its successor in interest. If neither Fitch
nor any successor remains in existence, "Fitch" shall be deemed to refer to such
other nationally recognized statistical rating agency or any other comparable
Person designated by the Depositor, notice of which designation shall be given
to the Trustee, the Master Servicer and the Special Servicer, and specific
ratings of Fitch herein referenced shall be deemed to refer to the equivalent
ratings of the party so designated.

          "FNMA": Federal National Mortgage Association, or its successor in
interest.

          "Form 8-K Disclosure Information": As defined in Section 8.17(j).

          "Gain-on-Sale Proceeds": With respect to any Mortgage Loan, the excess
of (i) Liquidation Proceeds of the Mortgage Loan or related REO Property net of
any related Liquidation Expenses, over (ii) the Purchase Price for such Mortgage
Loan on the date on which such Liquidation Proceeds were received.

          "Gain-on-Sale Reserve Account": A segregated custodial account or
accounts or subaccount of the Distribution Account created and maintained by the
Paying Agent pursuant to Section 3.04(e) on behalf of the Trustee in trust for
the Certificateholders, which shall be entitled "Wells Fargo Bank, N.A., as
Trustee, in trust for the registered holders of Wachovia Bank Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27".
Any such account shall be an Eligible Account or a subaccount of an Eligible
Account.

          "Global Certificates": The Certificates represented by the Regulation
S Global Certificates and/or the Domestic Global Certificates.

          "Grantor Trust Provisions": Subpart E of Part I of subchapter J of the
Code and Treasury Regulations Section 301.7701-4(c).

          "Ground Lease": With respect to any Mortgage Loan for which the
Mortgagor has a leasehold interest in the related Mortgaged Property or space
lease within such Mortgaged Property, the lease agreement creating such
leasehold interest.

          "Group 1 Mortgage Loan": Any Mortgage Loan identified on the Mortgage
Loan Schedule as belonging to Loan Group 1.

          "Group 2 Mortgage Loan": Any Mortgage Loan identified on the Mortgage
Loan Schedule as belonging to Loan Group 2.

          "Hazardous Materials": Any dangerous, toxic or hazardous pollutants,
chemicals, wastes, or substances, including, without limitation, those so
identified pursuant to CERCLA or any other federal, state or local environmental
related laws and regulations now existing or hereafter enacted, and specifically
including, without limitation, asbestos and asbestos-containing materials,
polychlorinated biphenyls ("PCBs"), radon gas, petroleum and petroleum products
and urea formaldehyde.

          "Holder": A Certificateholder.

          "HUD-Approved Servicer": A servicer approved by the Secretary of
Housing and Urban Development pursuant to Section 207 of the National Housing
Act.

          "Impound Reserve": As defined in Section 3.16(c) hereof.

          "Independent": When used with respect to any specified Person, any
such Person who (i) is in fact independent of the Depositor, the Mortgage Loan
Sellers, the Master Servicer, the Special Servicer, the Controlling Class
Representative, the Trustee, any Companion Holder and any and all Affiliates
thereof, (ii) does not have any direct financial interest in or any material
indirect financial interest in any of the Depositor, the Mortgage Loan Sellers,
the Master Servicer, the Special Servicer, the Controlling Class Representative,
the Trustee, any Companion Holder or any Affiliate thereof, and (iii) is not
connected with the Depositor, the Mortgage Loan Sellers, the Master Servicer,
the Controlling Class Representative, the Special Servicer, the Trustee, any
Companion Holder or any Affiliate thereof as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar functions;
provided, however, a Person shall not fail to be Independent of the Depositor,
the Mortgage Loan Sellers, the Master Servicer, the Controlling Class
Representative, the Special Servicer, the Trustee or any Affiliate thereof
merely because such Person is the beneficial owner of 1% or less of any class of
securities issued by the Depositor, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, the Controlling Class Representative, the
Trustee or any Affiliate thereof, as the case may be.

          "Independent Appraiser": An Independent professional real estate
appraiser who is a member in good standing of the Appraisal Institute, and, if
the State in which the subject Mortgaged Property is located certifies or
licenses appraisers, certified or licensed in such State, and in each such case,
who has a minimum of five years experience in the subject property type and
market.

          "Independent Contractor": Any Person that would be an "independent
contractor" with respect to REMIC I within the meaning of Section 856(d)(3) of
the Code if REMIC I were a real estate investment trust (except that the
ownership test set forth in that section shall be considered to be met by any
Person that owns, directly or indirectly, 35 percent or more of any Class of
Certificates, or such other interest in any Class of Certificates as is set
forth in an Opinion of Counsel, which shall be delivered, at no expense to the
Master Servicer, the Special Servicer, the Trustee or the Trust Fund, to the
Trustee and the Master Servicer, so long as REMIC I does not receive or derive
any income from such Person; provided that the relationship between such Person
and REMIC I is at arm's length, all within the meaning of Treasury Regulations
Section 1.856-4(b)(5)), or any other Person upon receipt by the Trustee of an
Opinion of Counsel, which shall be at no expense to the Master Servicer, the
Special Servicer, the Trustee or the Trust Fund, to the effect that the taking
of any action in respect of any REO Property by such Person, subject to any
conditions therein specified, that is otherwise herein contemplated to be taken
by an Independent Contractor will not cause such REO Property to cease to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code, or cause any income realized in respect of such REO Property to fail
to qualify as Rents from Real Property as defined in Section 856(d) of the Code.

          "Initial Purchaser": Each of Wachovia Capital Markets, LLC and Nomura
Securities International, Inc., or their respective successors in interest,
individually or collectively as the context requires.

          "Institutional Accredited Investor": Institutional "accredited
investors" as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act or any entity in which all the equity holders fall within any
such subsections.

          "Insurance Policy": With respect to any Mortgage Loan, any hazard
insurance policy, flood insurance policy, title policy or other insurance policy
that is maintained from time to time in respect of such Mortgage Loan or the
related Mortgaged Property.

          "Insurance Proceeds": Proceeds paid under any Insurance Policy, to the
extent such proceeds are not applied to the restoration of the related Mortgaged
Property, released to the Mortgagor, or any tenants or ground lessors, as the
case may be, pursuant to the terms of the related Mortgage or lease, in
accordance with the Servicing Standard.

          "Insured Environmental Event": As defined in Section 3.08(c).

          "Intercreditor Agreement": Each of the One Financial Place
Intercreditor Agreement, the Prime Outlets Pool II Pari Passu Intercreditor
Agreement, the Prime Outlets Pool II Subordinate Intercreditor Agreement, the
BlueLinx Holdings Pool Intercreditor Agreement, the RLJ Hotel Pool Intercreditor
Agreement, the 500-512 Seventh Avenue Intercreditor Agreement, the AIM
Investments Corporate Campus Intercreditor Agreement, the Acacia Park Apartments
Intercreditor Agreement and the Lakeridge Apartments Intercreditor Agreement,
individually or collectively, as the context may require.

          "Interest Accrual Period": With respect to each Class of Regular
Certificates or the REMIC I Regular Interests and any Distribution Date, the
calendar month immediately preceding the calendar month in which such
Distribution Date occurs. Notwithstanding the foregoing, each Interest Accrual
Period is deemed to consist of 30 days for purposes of calculating interest on
the Regular Certificates or the REMIC I Regular Interests.

          "Interest Reserve Account": The segregated account created and
maintained by the Trustee pursuant to Section 3.04(c) in trust for
Certificateholders, which shall be entitled "Wells Fargo Bank, N.A., as Trustee,
on behalf of and in trust for the registered holders of Wachovia Bank Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series-2006-C27".

          "Interest Reserve Amount": With respect to each Interest Reserve Loan
and each Distribution Date that occurs in February of each year and in January
of each year that is not a leap year (unless, in either case, the related
Distribution Date is the final Distribution Date), an amount equal to one day's
interest at the related Mortgage Rate (without regard to the second proviso in
the definition thereof) on the related Stated Principal Balance as of the Due
Date in the month in which such Distribution Date occurs (but prior to the
application of any amounts owed on such Due Date), to the extent a Periodic
Payment or P&I Advance is made in respect thereof for such Due Date as of the
related P&I Advance Date.

          "Interest Reserve Loan": Each Mortgage Loan that is an Actual/360
Mortgage Loan.

          "Interested Person": The Depositor, any Mortgage Loan Seller, the
Master Servicer, the Special Servicer, any Independent Contractor hired by the
Special Servicer, any Holder of a Certificate, each Companion Holder (but only
with respect to the related Co-Lender Loan) or any Affiliate of any such Person.

          "Internet Website": The Internet Websites maintained by the Trustee
and, if applicable, the Master Servicer initially located at "www.ctslink.com"
and "www.wachovia.com", respectively, or such other address as provided to the
parties hereto from time to time.

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

          "Issue Price": With respect to each Class of Certificates, the "issue
price" as defined in the Code and Treasury regulations promulgated thereunder.

          "Lakeridge Apartments Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of June 30, 2006, by and between Nomura
Credit & Capital, Inc., as A Note Holder, and CBA-Mezzanine Capital Finance,
LLC, as B Note Holder, relating to the Lakeridge Apartments Whole Loan.

          "Lakeridge Apartments Loan": That certain Mortgage Loan which is
included in the Trust Fund (identified as loan number 69 on the Mortgage Loan
Schedule).

          "Lakeridge Apartments Subordinate Companion Loan": That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the Lakeridge Apartments Loan and
subordinate in right of entitlement with the Lakeridge Apartments Loan.

          "Lakeridge Apartments Whole Loan": The Lakeridge Apartments Loan,
together with the Lakeridge Apartments Subordinate Companion Loan.

          "Late Collections": With respect to any Mortgage Loan or Companion
Loan, all amounts received thereon during any Collection Period, other than
Penalty Interest, whether as payments, Insurance Proceeds, Liquidation Proceeds
or otherwise, which represent late collections of the principal and/or interest
portions of a Scheduled Payment (other than a Balloon Payment) or an Assumed
Scheduled Payment in respect of such Mortgage Loan or Companion Loan due or
deemed due on a Due Date in a previous Collection Period, and not previously
recovered. With respect to any REO Loan, all amounts received in connection with
the related REO Property during any Collection Period, whether as Insurance
Proceeds, Liquidation Proceeds, REO Revenues or otherwise, which represent late
collections of the principal and/or interest portions of a Scheduled Payment
(other than a Balloon Payment) or an Assumed Scheduled Payment in respect of the
predecessor Mortgage Loan or of an Assumed Scheduled Payment in respect of such
REO Loan due or deemed due on a Due Date in a previous Collection Period and not
previously recovered.

          "Liquidation Event": With respect to any Mortgage Loan, any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery
Determination is made with respect to such Mortgage Loan; (iii) such Mortgage
Loan is repurchased by a Mortgage Loan Seller pursuant to the applicable
Mortgage Loan Purchase Agreement; or (iv) such Mortgage Loan is purchased by the
Majority Subordinate Certificateholder, the Companion Holders, the mezzanine
lenders or the Special Servicer pursuant to Section 3.18(c), 3.18(d), 3.18(e) or
3.18(m), or by the Master Servicer, the Special Servicer or the Majority
Subordinate Certificateholder pursuant to Section 9.01. With respect to any REO
Property (and the related REO Loan), any of the following events: (i) a Final
Recovery Determination is made with respect to such REO Property; (ii) such REO
Property is purchased by the Master Servicer, the Special Servicer or the
Majority Subordinate Certificateholder pursuant to Section 9.01; or (iii) such
REO Property is purchased by the Companion Holder as described in Section
3.18(d).

          "Liquidation Fee": With respect to each Specially Serviced Mortgage
Loan and REO Loan, the fee payable to the Special Servicer out of certain
related recoveries pursuant to the third paragraph of Section 3.11(c).

          "Liquidation Fee Rate": With respect to all amounts set forth in the
third paragraph of Section 3.11(c), 1.00%.

          "Liquidation Proceeds": All cash amounts (other than Insurance
Proceeds and REO Revenues) received by the Master Servicer or the Special
Servicer in connection with: (i) the taking of all or a part of a Mortgaged
Property or REO Property by exercise of the power of eminent domain or
condemnation, subject, however, to the rights of any tenants and ground lessors,
as the case may be, and the rights of the Mortgagor under the terms of the
related Mortgage; (ii) the liquidation of a Mortgaged Property or other
collateral constituting security for a Defaulted Mortgage Loan, through
trustee's sale, foreclosure sale, REO Disposition or otherwise, exclusive of any
portion thereof required to be released to the related Mortgagor in accordance
with applicable law and the terms and conditions of the related Mortgage Note
and Mortgage; (iii) the realization upon any deficiency judgment obtained
against a Mortgagor; (iv) the purchase of a Defaulted Mortgage Loan by the
Majority Subordinate Certificateholder, the related Companion Holder, the
mezzanine lenders or the Special Servicer pursuant to Section 3.18(c), Section
3.18(d), Section 3.18(e) or Section 3.18(m); (v) the repurchase of a Mortgage
Loan by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase
Agreement; (vi) the purchase of a Mortgage Loan or REO Property by the Master
Servicer, the Special Servicer, or the Majority Subordinate Certificateholder
pursuant to Section 9.01; (vii) the purchase of an REO Property by the Companion
Holder pursuant to Section 3.18(d); or (viii) the remittance by the applicable
Mortgage Loan Seller of amounts specified in Section 2.03(g).

          "Loan Group": Either Loan Group 1 or Loan Group 2.

          "Loan Group 1": Collectively, all of the Mortgage Loans that are Group
1 Mortgage Loans and any successor REO Loans with respect thereto.

          "Loan Group 1 Available Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Available Distribution Amount
attributable to Loan Group 1.

          "Loan Group 1 Principal Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Principal Distribution Amount
attributable to Loan Group 1.

          "Loan Group 2": Collectively, all of the Mortgage Loans that are Group
2 Mortgage Loans and any successor REO Loans with respect thereto.

          "Loan Group 2 Available Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Available Distribution Amount
attributable to Loan Group 2.

          "Loan Group 2 Principal Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Principal Distribution Amount
attributable to Loan Group 2.

          "Loan Pair": Collectively, any Co-Lender Loan and its related
Companion Loan(s).

          "Loan-to-Value Ratio": With respect to any Mortgage Loan, as of any
date of determination, a fraction, expressed as a percentage, the numerator of
which is the then current principal amount of such Mortgage Loan, and the
denominator of which is the Appraised Value of the related Mortgaged Property.

          "Lockout Period": With respect to any Mortgage Note that prohibits the
Mortgagor from prepaying such Mortgage Loan until a date specified in such
Mortgage Note, the period from the Closing Date until such specified date.

          "Majority Subordinate Certificateholder": As of any date of
determination, any single Holder of Certificates (other than any Holder which is
an Affiliate of the Depositor or the Mortgage Loan Seller) entitled to greater
than 50% of the Voting Rights allocated to the Controlling Class; provided,
however, if there is no single Holder of Certificates entitled to greater than
50% of the Voting Rights allocated to such Class, then the Majority Subordinate
Certificateholder shall be the single Holder of Certificates with the largest
percentage of Voting Rights allocated to such Class. With respect to determining
the Majority Subordinate Certificateholder, the Class A-1 Certificates, the
Class A-2 Certificates, the Class A-PB Certificates, the Class A-3 Certificates
and the Class A-1A Certificates shall be deemed to be a single Class of
Certificates, with such Voting Rights allocated among the Holders of
Certificates of such Classes in proportion to the respective Certificate
Principal Balances of such Certificates as of such date of determination.

          "Master Servicer": Wachovia Bank, National Association, its successor
in interest (including the Trustee as successor pursuant to Section 7.02), or
any successor master servicer appointed as herein provided.

          "Master Servicing Fee": With respect to each Mortgage Loan and REO
Loan the fee payable to the Master Servicer pursuant to Section 3.11(a).

          "Master Servicing Fee Rate": With respect to each Mortgage Loan the
percentage set forth under the column "Master Servicing Fee Rate" on the
Mortgage Loan Schedule.

          "Material Core Documents": As defined in Section 2.03.

          "Memorandum": As defined in the Mortgage Loan Purchase Agreement.

          "Money Term": With respect to any Mortgage Loan, the maturity date,
Mortgage Rate, Stated Principal Balance, amortization term or payment frequency
thereof or any provision thereof requiring the payment of a Prepayment Premium
or Yield Maintenance Charge in connection with a Principal Prepayment (but not
any late fees or default interest provisions).

          "Moody's": Moody's Investors Service, Inc., or its successor in
interest. If Moody's nor any successor remains in existence, "Moody's" shall be
deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee, the Master Servicer and the Special Servicer, and
specific ratings of Moody's herein referenced shall be deemed to refer to the
equivalent ratings of the party so designated.

          "Mortgage": With respect to any Mortgage Loan, the mortgage, deed of
trust, deed to secure debt or similar instrument that secures the Mortgage Note
and creates a lien on the fee or leasehold interest in the related Mortgaged
Property.

          "Mortgage Deferred Interest": With respect to any Mortgage Loan as to
which the Mortgage Rate has been reduced through a modification and any
Distribution Date, the amount by which (a) interest accrued at such reduced rate
is less than (b) the amount of interest that would have accrued on such Mortgage
Loan at the Mortgage Rate before such reduction, to the extent such amount has
been added to the outstanding principal balance of such Mortgage Loan.

          "Mortgage File": With respect to any Mortgage Loan, collectively the
following documents:

               (i) the original executed Mortgage Note including any power of
          attorney related to the execution thereof, together with any and all
          intervening endorsements thereon, endorsed on its face or by allonge
          attached thereto (without recourse, representation or warranty,
          express or implied) to the order of "Wells Fargo Bank, N.A., as
          trustee for the registered holders of Wachovia Bank Commercial
          Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
          2006-C27", or in blank (or a lost note affidavit and indemnity with a
          copy of such Mortgage Note attached thereto);

               (ii) an original or copy of the Mortgage, together with any and
          all intervening assignments thereof, in each case (unless not yet
          returned by the applicable recording office) with evidence of
          recording indicated thereon or certified by the applicable recording
          office;

               (iii) an original or copy of any related Assignment of Leases (if
          such item is a document separate from the Mortgage), together with any
          and all intervening assignments thereof, in each case (unless not yet
          returned by the applicable recording office) with evidence of
          recording indicated thereon or certified by the applicable recording
          office;

               (iv) an original executed assignment, in recordable form (except
          for any missing recording information), of (a) the Mortgage, (b) any
          related Assignment of Leases (if such item is a document separate from
          the Mortgage and to the extent not already assigned pursuant to
          preceding clause (a)) and (c) any other recorded document relating to
          the Mortgage Loan otherwise included in the Mortgage File, in favor of
          "Wells Fargo Bank, N.A., as trustee for the registered holders of
          Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
          Pass-Through Certificates, Series 2006-C27", or in blank;

               (v) an original assignment of all unrecorded documents relating
          to the Mortgage Loan (to the extent not already assigned pursuant to
          clause (iv) above), in favor of "Wells Fargo Bank, N.A., as trustee
          for the registered holders of Wachovia Bank Commercial Mortgage Trust,
          Commercial Mortgage Pass-Through Certificates, Series 2006-C27", or in
          blank;

               (vi) originals or copies of any modification, consolidation,
          assumption and substitution agreements in those instances where the
          terms or provisions of the Mortgage or Mortgage Note have been
          consolidated or modified or the Mortgage Loan has been assumed or
          consolidated;

               (vii) the original or a copy of the policy or certificate of
          lender's title insurance or, if such policy has not been issued or
          located, an original or copy of an irrevocable, binding commitment
          (which may be a marked version of the policy that has been executed by
          an authorized representative of the title company, a "pro forma" title
          policy, or an agreement to provide the same pursuant to binding escrow
          instructions executed by an authorized representative of the title
          company) to issue such title insurance policy;

               (viii) any filed copies (bearing evidence of filing) or other
          evidence of filing satisfactory to the Trustee of any prior UCC
          Financing Statements in favor of the originator of such Mortgage Loan
          or in favor of any assignee prior to the Trustee (but only to the
          extent the Mortgage Loan Seller had possession of such UCC Financing
          Statements prior to the Closing Date) and, if there is an effective
          UCC Financing Statement and continuation statement in favor of the
          Mortgage Loan Seller on record with the applicable public office for
          UCC Financing Statements, an original UCC Amendment, in form suitable
          for filing in favor of "Wells Fargo Bank, N.A., as trustee for the
          registered holders of Wachovia Bank Commercial Mortgage Trust,
          Commercial Mortgage Pass-Through Certificates, Series 2006-C27, as
          assignee", or in blank;

               (ix) an original or copy of (A) any Ground Lease, memorandum of
          ground lease and ground lessor estoppel, and (B) any loan guaranty or
          indemnity and (C) any environmental insurance policy;

               (x) any intercreditor agreement relating to permitted debt
          (including, without limitation, mezzanine debt) of the Mortgagor;

               (xi) copies of any loan agreement, escrow agreement or security
          agreement relating to such Mortgage Loan;

               (xii) a copy of any letter of credit and related transfer
          documents relating to such Mortgage Loan;

               (xiii) copies of any management agreements and applicable
          transfer or assignment documents;

               (xiv) copies of any cash management agreements and applicable
          transfer or assignment documents;

               (xv) copies of franchise agreements and franchisor comfort
          letters, if any, for hospitality properties and applicable transfer or
          assignment documents; and

               (xvi) with respect to any Companion Loan, all of the above
          documents with respect to such Companion Loan and the related
          Intercreditor Agreement; provided that a copy of each Mortgage Note
          relating to such Companion Loan, rather than the original, shall be
          provided, and no assignments shall be provided;

          provided that, whenever the term "Mortgage File" is used to refer to
documents actually received by the Trustee or by a Custodian on its behalf, such
term shall not be deemed to include such documents required to be included
therein unless they are actually so received, and with respect to any receipt or
certification by the Trustee or the Custodian for documents described in clauses
(vi) and (ix) (solely with respect to any guaranty) of this definition, shall be
deemed to include only such documents to the extent the Trustee or Custodian has
actual knowledge of their existence.

          Notwithstanding the foregoing, with respect to the 2006-C26 Serviced
Mortgage Loan, the "Mortgage File" will consist of the original note (or lost
note affidavit, if applicable) specified in clause (i) above, and a photocopy of
each additional document in the Mortgage File held by the 2006-C26 Trustee.

          "Mortgage Loan": Each of the mortgage loans transferred and assigned
to the Trust Fund pursuant to Section 2.01 and listed on the Mortgage Loan
Schedule and from time to time held in the Trust Fund. As used herein, the term
"Mortgage Loan" includes the related Mortgage Note, Mortgage, and other security
documents contained in the related Mortgage File. Unless otherwise indicated, as
used in this Agreement, the term "Mortgage Loan" does not include any Companion
Loan.

          "Mortgage Loan Purchase Agreement": Each of the Wachovia Mortgage Loan
Purchase Agreement and the Nomura Mortgage Loan Purchase Agreement, individually
or collectively, as the context may require.

          "Mortgage Loan Schedule": The list of Mortgage Loans transferred on
the Closing Date to the Trustee as part of REMIC I, attached hereto as Exhibit B
and in a computer readable format. Such list shall set forth the following
information with respect to each Mortgage Loan:

               (i) the Mortgage Loan number;

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

               (iii) the Cut-Off Date Balance;

               (iv) the amount of the Periodic Payment due on the first Due Date
          following the Closing Date;

               (v) the original Mortgage Rate;

               (vi) the (A) original term to stated maturity, (B) remaining term
          to stated maturity and (C) the Stated Maturity Date and, in the case
          of an ARD Loan, the Anticipated Repayment Date;

               (vii) in the case of a Balloon Mortgage Loan, the remaining
          amortization term;

               (viii) the original and remaining amortization term;

               (ix) whether the Mortgage Loan is secured by a Ground Lease;

               (x) the Master Servicing Fee Rate;

               (xi) whether such Mortgage Loan is an ARD Loan and if so the
          Anticipated Repayment Date and Additional Interest Rate for such ARD
          Loan;

               (xii) the related Mortgage Loan Seller;

               (xiii) whether such Mortgage Loan is insured by an environmental
          policy;

               (xiv) whether such Mortgage Loan is cross-defaulted or
          cross-collateralized with any other Mortgage Loan;

               (xv) whether such Mortgage Loan is a Defeasance Loan;

               (xvi) whether the Mortgage Loan is secured by a letter of credit;

               (xvii) whether such Mortgage Loan is an Interest Reserve Loan;

               (xviii) whether payments on such Mortgage Loan are made to a
          lock-box;

               (xix) the amount of any Reserve Funds escrowed in respect of each
          Mortgage Loan;

               (xx) the number of units or square feet related to the Mortgaged
          Property;

               (xxi) the number of grace days after the Due Date until Periodic
          Payments incur late payment charges; and

               (xxii) the applicable Loan Group to which such Mortgage Loan
          belongs.

          "Mortgage Loan Seller": Each of Wachovia and Nomura, as the context
may require, or their respective successors in interest, individually or
collectively as the context may require.

          "Mortgage Note": The original executed note evidencing the
indebtedness of a Mortgagor under a Mortgage Loan or Companion Loan, together
with any rider, addendum or amendment thereto, or any renewal, substitution or
replacement of such note.

          "Mortgage Pool": Collectively, all of the Mortgage Loans and any
successor REO Loans.

          "Mortgage Rate": With respect to (i) any Mortgage Loan on or prior to
its Stated Maturity Date, the fixed annualized rate, not including any
Additional Interest Rate, at which interest is scheduled (in the absence of a
default) to accrue on such Mortgage Loan from time to time in accordance with
the related Mortgage Note and applicable law; (ii) any Mortgage Loan after its
Stated Maturity Date, the annualized rate described in clause (i) above
determined without regard to the passage of such Stated Maturity Date, but
giving effect to any modification thereof as contemplated by Section 3.20; and
(iii) any REO Loan, the annualized rate described in clause (i) or (ii), as
applicable, above determined as if the predecessor Mortgage Loan had remained
outstanding; provided, however, if any Mortgage Loan does not accrue interest on
the basis of a 360-day year consisting of twelve 30-day months, then, solely for
purposes of calculating the Pass-Through Rates, the Mortgage Rate of such
Mortgage Loan for any one-month period preceding a related Due Date will be the
annualized rate at which interest would have to accrue in respect of such
Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months
in order to produce the aggregate amount of interest actually accrued (exclusive
of Penalty Interest or Additional Interest) in respect of such Mortgage Loan
during such one-month period at the related Mortgage Rate; provided, however,
solely for the purposes of calculating the Pass-Through Rates, with respect to
each Interest Reserve Loan, the Mortgage Rate for the one-month period (A)
preceding the Due Dates that occur in January and February in any year which is
not a leap year or preceding the Due Date that occurs in February in any year
which is a leap year will be determined exclusive of the Interest Reserve
Amounts for such months (in either case unless such Due Date occurs in a January
or February in which the final Distribution Date occurs), and (B) preceding the
Due Date in March, and in the event the final Distribution Date occurs in
February, preceding the Due Date in such February, will be determined inclusive
of the Interest Reserve Amounts for the immediately preceding February and, if
applicable, January; provided, further, if the Mortgage Rate of the related
Mortgage Loan has been modified in connection with a bankruptcy or similar
proceeding involving the related Mortgagor or a modification, waiver or
amendment granted or agreed to by the Special Servicer pursuant to Section 3.20,
solely for purposes of calculating the Pass-Through Rate, the Mortgage Rate for
such Mortgage Loan shall be calculated without regard to such event.

          "Mortgaged Property": The property subject to the lien of a Mortgage.

          "Mortgagor": The obligor or obligors on a Mortgage Note, including
without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note
and/or, in the case of an indemnity deed of trust, the entity which granted the
lien on such Mortgaged Property.

          "Net Aggregate Prepayment Interest Shortfall": With respect to any
Distribution Date, the amount, if any, by which (a) the aggregate of all
Prepayment Interest Shortfalls incurred in connection with the receipt of
Principal Prepayments on the Mortgage Loans during the related Collection
Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the
Certificate Account for such Distribution Date pursuant to Section 3.19(a) in
connection with such Prepayment Interest Shortfalls on the Mortgage Loans. For
purposes of calculating the Prepayment Interest Shortfall with respect to the
2006-C26 Serviced Mortgage Loan, Prepayment Interest Shortfalls will be
allocated in accordance with the 2006-C26 Pooling and Servicing Agreement. The
portion of such shortfall allocated to the 2006-C26 Serviced Mortgage Loan, net
of amounts payable to the 2006-C26 Master Servicer, will be included in the Net
Aggregate Prepayment Interest Shortfall. For purposes of calculating the
Prepayment Interest Shortfall with respect to the BlueLinx Holdings Pool Loan,
Prepayment Interest Shortfalls will be allocated pro rata between the BlueLinx
Holdings Pool Loan and the BlueLinx Holdings Pool Pari Passu Companion Loan. The
portion of such shortfall allocated to the BlueLinx Holdings Pool Loan, net of
amounts payable to the Master Servicer, will be included in the Net Aggregate
Prepayment Interest Shortfall. For purposes of calculating the Prepayment
Interest Shortfall with respect to the RLJ Hotel Pool Loan, Prepayment Interest
Shortfalls will be allocated pro rata between the RLJ Hotel Pool Loan and the
RLJ Hotel Pool Pari Passu Companion Loans. The portion of such shortfall
allocated to the RLJ Hotel Pool Loan, net of amounts payable to the Master
Servicer, will be included in the Net Aggregate Prepayment Interest Shortfall.
For purposes of calculating the Prepayment Interest Shortfall with respect to
the 500-512 Seventh Avenue Loan, Prepayment Interest Shortfalls will be
allocated, first, to the 500-512 Seventh Avenue Subordinate Companion Loan and,
second, pro rata between the 500-512 Seventh Avenue Loan and the 500-512 Seventh
Avenue Pari Passu Companion Loan. The portion of such shortfall allocated to the
500-512 Seventh Avenue Loan, net of amounts payable to the Master Servicer, will
be included in the Net Aggregate Prepayment Interest Shortfall. For purposes of
calculating the Prepayment Interest Shortfall with respect to the Co-Lender
Loans (other than the Prime Outlets Pool II Loan, the BlueLinx Holdings Pool
Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan), Prepayment
Interest Shortfalls will be allocated, first, to the promissory note evidencing
the related Subordinate Companion Loan(s), if any, and second, to the promissory
note evidencing the related Co-Lender Loan. The portion of such shortfall
allocated to the Co-Lender Loans (other than the 2006-C26 Serviced Mortgage
Loan), net of amounts payable to the Master Servicer, will be included in the
Net Aggregate Prepayment Interest Shortfall.

          "Net Investment Earnings": With respect to (i) the Certificate
Account, any Servicing Account, any Special Reserve Account, any Reserve Account
or the REO Account (if any) for any Collection Period and (ii) the Distribution
Account, the Interest Reserve Account, the Additional Interest Account and the
Companion Distribution Account (if any) for the related Distribution Date, the
amount, if any, by which the aggregate of all interest and other income realized
during such Collection Period with respect to the accounts described in clause
(i) above and as of such related Distribution Date with respect to the accounts
described in clause (ii) above on funds held in such accounts, exceeds the
aggregate of all losses, if any, incurred during such Collection Period with
respect to the accounts described in clause (i) above and as of such related
Distribution Date with respect to the accounts described in clause (ii) above in
connection with the investment of such funds in accordance with Section 3.06.

          "Net Investment Loss": With respect to (i) the Certificate Account,
any Servicing Account, any Special Reserve Account, any Reserve Account or the
REO Account (if any) for any Collection Period and (ii) the Distribution
Account, the Interest Reserve Account, the Additional Interest Account and the
Companion Distribution Account (if any) for the related Distribution Date, the
amount by which the aggregate of all losses, if any, incurred during such
Collection Period with respect to the accounts described in clause (i) above and
as of such related Distribution Date with respect to the accounts described in
clause (ii) above in connection with the investment of funds held in such
accounts in accordance with Section 3.06, exceeds the aggregate of all interest
and other income realized during such Collection Period with respect to the
accounts described in clause (i) above and as of such related Distribution Date
with respect to the accounts described in clause (ii) above on such funds.

          "Net Mortgage Rate": With respect to any Mortgage Loan or any REO
Loan, as of any date of determination, a rate per annum equal to the related
Mortgage Rate minus the sum of the Trustee Fee Rate and the applicable Master
Servicing Fee Rate.

          "Net Operating Income" or "NOI": As defined in and determined in
accordance with the provisions of Exhibit E attached hereto.

          "New Lease": Any lease of REO Property (other than with respect to the
2006-C26 Serviced Mortgage Loan under the 2006-C26 Pooling and Servicing
Agreement) entered into at the direction of the Special Servicer on behalf of
REMIC I, including any lease renewed, modified or extended on behalf of such
REMIC if the Special Servicer has the right to renegotiate the terms of such
lease.

          "Nomura": Nomura Credit & Capital, Inc., or its successor in interest.

          "Nomura Mortgage Loan Purchase Agreement": That certain mortgage loan
purchase agreement, dated as of August 1, 2006, between the Depositor and
Nomura, and relating to the transfer of the Nomura Mortgage Loans to the
Depositor.

          "Nomura Mortgage Loans": Each of the Mortgage Loans transferred and
assigned to the Depositor pursuant to the Nomura Mortgage Loan Purchase
Agreement.

          "Nonrecoverable Advance": Any Nonrecoverable P&I Advance or
Nonrecoverable Servicing Advance; provided that Workout-Delayed Reimbursement
Amounts shall constitute a Nonrecoverable Advance only when the Person making
such determination in accordance with the procedures specified in the definition
of Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance, as
applicable, and taking into account factors such as all other outstanding
Advances, either (a) has determined in accordance with the Servicing Standard or
the standards applicable to the Trustee as set forth in the definitions of
"Nonrecoverable P&I Advance" and "Nonrecoverable Servicing Advance" that such
Workout-Delayed Reimbursement Amounts would not ultimately be recoverable from
Late Collections, Insurance Proceeds or Liquidation Proceeds, or any other
recovery on or in respect of the related Mortgage Loan or REO Loan or (b) has
determined in accordance with the Servicing Standard or such other applicable
standard that such Workout-Delayed Reimbursement Amounts, along with any other
Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, would not
ultimately be recoverable from the portion of Late Collections, Insurance
Proceeds or Liquidation Proceeds in respect of the pool of the Mortgage Loans or
REO Loans allocable to principal, or any other recovery on or in respect of the
pool of Mortgage Loans or REO Loans allocable to principal.

          "Nonrecoverable P&I Advance": Any P&I Advance previously made or
proposed to be made in respect of any Mortgage Loan, any Pari Passu Companion
Loan (other than the Prime Outlets Pool II Pari Passu Companion Loan) or any REO
Loan by the Master Servicer or the Trustee, as the case may be, or, in the case
of the 2006-C26 Serviced Mortgage Loan, previously made or proposed to be made
by the 2006-C26 Master Servicer, the Master Servicer or the Trustee, as
applicable, that, as determined by the Master Servicer, the Special Servicer,
the Trustee or the 2006-C26 Master Servicer, as applicable, in accordance with
the Servicing Standard (in the case of the Master Servicer or the Special
Servicer), the "Servicing Standard" as defined in the 2006-C26 Pooling and
Servicing Agreement (in the case of the 2006-C26 Master Servicer or the 2006-C26
Special Servicer) or the standard of care set forth in Section 8.01(a) (with
respect to the Trustee), as applicable, with respect to such P&I Advance will
not be ultimately recoverable from Late Collections, Insurance Proceeds or
Liquidation Proceeds, or any other recovery on or in respect of such Mortgage
Loan, Pari Passu Companion Loan, REO Loan or 2006-C26 Serviced Mortgage Loan;
provided that the Master Servicer will be permitted to conclusively rely upon
any such nonrecoverability determination made by the Special Servicer and, with
respect to the 2006-C26 Serviced Mortgage Loan only, the 2006-C26 Master
Servicer or the 2006-C26 Special Servicer.

          "Nonrecoverable Servicing Advance": Any Servicing Advance previously
made or proposed to be made in respect of a Mortgage Loan, REO Loan or Companion
Loan by the Master Servicer, the Special Servicer or the Trustee, as the case
may be, or, in the case of the 2006-C26 Serviced Mortgage Loan, made by the
2006-C26 Master Servicer, that, as determined by the Master Servicer, the
Special Servicer, the Trustee or the 2006-C26 Master Servicer, as applicable, in
accordance with the Servicing Standard (in the case of the Master Servicer or
the Special Servicer), the "Servicing Standard" as defined in the 2006-C26
Pooling and Servicing Agreement (in the case of the 2006-C26 Master Servicer) or
the standard of care set forth in Section 8.01(a) (with respect to the Trustee),
as applicable, will not be ultimately recoverable from Late Collections,
Insurance Proceeds, Liquidation Proceeds, or any other recovery on or in respect
of such Mortgage Loan, Companion Loan, REO Property or the 2006-C26 Serviced
Mortgage Loan, as applicable; provided that the Master Servicer will be
permitted to conclusively rely upon any such nonrecoverability determination
made by the Special Servicer.

          "Non-Registered Certificate": Unless and until registered under the
Securities Act, any Class X-C, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class O, Class P, Class Q, Class Z, Class R-I or
Class R-II Certificate.

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

          "Notional Amount": The Class X-C Notional Amount or Class X-P Notional
Amount, as applicable.

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

          "One Financial Place Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated as of July 28, 2006, by and between Wachovia Bank,
National Association, as Initial Lead Lender, and MW1-2002, LLC, as Initial
Co-Lender, relating to the One Financial Place Whole Loan.

          "One Financial Place Loan": That certain Mortgage Loan which is
included in the Trust Fund (identified as loan number 1 on the Mortgage Loan
Schedule).

          "One Financial Place Subordinate Companion Loan": That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the One Financial Place Loan and
subordinate in right of entitlement with the One Financial Place Loan.

          "One Financial Place Whole Loan": The One Financial Place Loan,
together with the One Financial Place Subordinate Companion Loan.

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

          "Option Price": As defined in Section 3.18(c).

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

          "Original Class X-C Notional Amount": $3,079,909,568.

          "Original Class X-P Notional Amount": $2,965,781,000.

          "Original Notional Amount": The Original Class X-C Notional Amount or
the Original Class X-P Notional Amount, as the context requires.

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

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

          "P&I Advance": As to any Mortgage Loan or REO Loan, any advance made
by the Master Servicer or the Trustee pursuant to Section 4.03(a) and (b), as
applicable.

          "P&I Advance Date": The Business Day immediately preceding each
Distribution Date.

          "Pari Passu Companion Loan": The Prime Outlets Pool II Pari Passu
Companion Loan, the BlueLinx Holdings Pool Pari Passu Companion Loan, the RLJ
Hotel Pool Pari Passu Companion Loans and the 500-512 Seventh Avenue Pari Passu
Companion Loan, individually or collectively, as the context may require.

          "Pari Passu Mortgage Loans": The Prime Outlets Pool II Loan, the
BlueLinx Holdings Pool Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh
Avenue Loan.

          "Pass-Through Rate": With respect to:

               (i) the Class A-1 Certificates for any Distribution Date, 5.405%
          per annum;

               (ii) the Class A-2 Certificates for any Distribution Date, 5.624%
          per annum;

               (iii) the Class A-PB Certificates for any Distribution Date,
          5.727% per annum;

               (iv) the Class A-3 Certificates for any Distribution Date, the
          lesser of (1) 5.765% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (v) the Class A-1A Certificates for any Distribution Date, the
          lesser of (1) 5.749% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (vi) the Class A-M Certificates for any Distribution Date, the
          lesser of (1) 5.795% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (vii) the Class A-J Certificates for any Distribution Date, the
          lesser of (1) 5.825% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (viii) the Class B Certificates for any Distribution Date, the
          lesser of (1) 5.865% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (ix) the Class C Certificates for any Distribution Date, the
          lesser of (1) 5.885% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (x) the Class D Certificates for any Distribution Date, the
          lesser of (1) 5.914% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xi) the Class E Certificates for any Distribution Date, the
          lesser of (1) 5.954% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xii) the Class F Certificates for any Distribution Date, the
          lesser of (1) 6.013% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xiii) the Class G Certificates for any Distribution Date, the
          Weighted Average Net Mortgage Rate for such date;

               (xiv) the Class H Certificates for any Distribution Date, the
          Weighted Average Net Mortgage Rate for such date;

               (xv) the Class J Certificates for any Distribution Date, the
          Weighted Average Net Mortgage Rate for such date;

               (xvi) the Class K Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xvii) the Class L Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xviii) the Class M Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xix) the Class N Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xx) the Class O Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xxi) the Class P Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xxii) the Class Q Certificates for any Distribution Date, the
          lesser of (1) 5.427% per annum and (2) the Weighted Average Net
          Mortgage Rate for such date;

               (xxiii) the Class X-C Certificates (1) for the initial
          Distribution Date, 0.061% per annum, and (2) for any subsequent
          Distribution Date, the weighted average of the Class X-C Strip Rates
          for the respective Class X-C Components for such Distribution Date;
          provided, however, the Pass-Through Rate applicable to the Class X-C
          Certificates, in no circumstance shall be less than zero; and

               (xxiv) the Class X-P Certificates for the initial Distribution
          Date, 0.502% per annum, and for any subsequent Distribution Date, the
          weighted average of the Class X-P Strip Rates for the respective Class
          X-P Components for such Distribution Date (weighted on the basis of
          the respective Component Notional Amounts of such Components
          outstanding immediately prior to such Distribution Date).

          "Paying Agent": The paying agent appointed pursuant to Section 8.16.
If no such paying agent has been appointed or if such paying agent has been so
appointed but the Trustee has terminated such appointment, then the Trustee
shall be the Paying Agent.

          "Penalty Interest": With respect to any Mortgage Loan or Companion
Loan (or successor REO Loan), any amounts collected thereon, other than late
payment charges, Additional Interest, Prepayment Premiums or Yield Maintenance
Charges, that represent penalty interest (arising out of a default) in excess of
interest on the Stated Principal Balance of such Mortgage Loan or Companion Loan
(or successor REO Loan) accrued at the related Mortgage Rate.

          "Percentage Interest": With respect to any Regular Certificate, the
portion of the relevant Class evidenced by such Certificate, expressed as a
percentage, the numerator of which is the Certificate Principal Balance or
Certificate Notional Amount, as the case may be, of such Certificate as of the
Closing Date, as specified on the face thereof, and the denominator of which is
the Original Class Principal Balance or Original Notional Amount, as the case
may be, of the relevant Class. With respect to a Residual Certificate or Class Z
Certificate, the percentage interest in distributions to be made with respect to
the relevant Class, as stated on the face of such Certificate.

          "Periodic Payment": With respect to any Mortgage Loan or Companion
Loan as of any Due Date, the scheduled payment of principal and/or interest on
such Mortgage Loan or Companion Loan (exclusive of Additional Interest),
including any Balloon Payment, that is actually payable by the related Mortgagor
from time to time under the terms of the related Mortgage Note (as such terms
may be changed or modified in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or by reason of a modification, waiver or
amendment granted or agreed to by the Special Servicer pursuant to
Section 3.20).

          "Permitted Investments": Any one or more of the following obligations
or securities (including obligations or securities of the Trustee if otherwise
qualifying hereunder):

               (i) direct obligations of, or obligations fully guaranteed as to
          timely payment of principal and interest by, the United States of
          America or any agency or instrumentality thereof (having original
          maturities of not more than 365 days); provided such obligations are
          backed by the full faith and credit of the United States of America.
          Such obligations must be limited to those instruments that have a
          predetermined fixed dollar amount of principal due at maturity that
          cannot vary or change or be liquidated prior to maturity. Interest may
          either be fixed or variable. If such interest is variable, interest
          must be tied to a single interest rate index plus a single fixed
          spread (if any), and move proportionately with that index;

               (ii) repurchase obligations with respect to any security
          described in clause (i) above (having original maturities of not more
          than 365 days); provided that the short-term deposit or debt
          obligations, of the party agreeing to repurchase such obligations are
          rated in the highest rating categories of each of S&P, Moody's and
          Fitch or such lower rating as will not result in qualification,
          downgrading or withdrawal of the ratings then assigned to the
          Certificates, as evidenced in writing by the Rating Agencies. In
          addition, its terms must have a predetermined fixed dollar amount of
          principal due at maturity that cannot vary or change. Interest may
          either be fixed or variable. If such interest is variable, interest
          must be tied to a single interest rate index plus a single fixed
          spread (if any), and move proportionately with that index;

               (iii) certificates of deposit, time deposits, demand deposits and
          bankers' acceptances of any bank or trust company organized under the
          laws of the United States of America or any state thereof (having
          original maturities of not more than 365 days), the short-term
          obligations of which are rated in the highest rating categories of
          each of S&P, Moody's and Fitch or such lower rating as will not result
          in qualification, downgrading or withdrawal of the ratings then
          assigned to the Certificates, as evidenced in writing by the Rating
          Agencies. In addition, its terms should have a predetermined fixed
          dollar amount of principal due at maturity that cannot vary or change.
          In addition, its terms must have a predetermined fixed dollar amount
          of principal due at maturity that cannot vary or change. Interest may
          either be fixed or variable. If such interest is variable, interest
          must be tied to a single interest rate index plus a single fixed
          spread (if any), and move proportionately with that index;

               (iv) commercial paper (having original maturities of not more
          than 365-days) of any corporation incorporated under the laws of the
          United States of America or any state thereof (or if not so
          incorporated, the commercial paper is United States Dollar denominated
          and amounts payable thereunder are not subject to any withholding
          imposed by any non-United States jurisdiction) which is rated in the
          highest rating category of each of S&P, Moody's and Fitch or such
          lower rating as will not result in qualification, downgrading or
          withdrawal of the ratings then assigned to the Certificates, as
          evidenced in writing by the Rating Agencies. The commercial paper by
          its terms must have a predetermined fixed dollar amount of principal
          due at maturity that cannot vary or change. Interest may either be
          fixed or variable. If such interest is variable, interest must be tied
          to a single interest rate index plus a single fixed spread (if any),
          and move proportionately with that index;

               (v) units of money market funds that maintain a constant asset
          value and which are rated in the highest applicable rating category by
          Moody's and Fitch and which are rated "AAAm" or "AAAm G" by S&P (or
          such lower rating as will not result in qualification, downgrading or
          withdrawal of the ratings then assigned to the Certificates, as
          evidenced in writing by the Rating Agencies) and which seeks to
          maintain a constant net asset value. In addition, its terms must have
          a predetermined fixed dollar amount of principal due at maturity that
          cannot vary or change; and

               (vi) any other obligation or security that constitutes a "cash
          flow investment" within the meaning of Section 860G(a)(6) of the Code
          and is acceptable to each Rating Agency, evidence of which
          acceptability shall be provided in writing by each Rating Agency to
          the Master Servicer, the Special Servicer and the Trustee; provided,
          however, in no event shall such other obligation or security be rated
          less than "AA+/F1", "AA/A-1" or "Aa3/P+" by Fitch, S&P or Moody's,
          respectively;

provided that (1) no investment described hereunder shall evidence either the
right to receive (x) only interest with respect to such investment or (y) a
yield to maturity greater than 120% of the yield to maturity at par of the
underlying obligations; and (2) no investment described hereunder may be
purchased at a price greater than par if such investment may be prepaid or
called at a price less than its purchase price prior to stated maturity.

          "Permitted Transferee": Any Transferee of a Residual Certificate other
than a (i) Disqualified Organization, (ii) a Plan, (iii) a Disqualified
Non-United States Person, (iv) a United States Person treated as a partnership
for federal income tax purposes, any partner of which, directly or indirectly
(except through a U.S. corporation), is (or is permitted under the related
partnership agreement to be) a Disqualified Non-United States Person, or (v) a
United States Person with respect to whom income on the Residual Certificate is
allocable to a foreign permanent establishment or fixed base, within the meaning
of an applicable income tax treaty, of such Person or any other United States
Person.

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

          "Plan": As defined in Section 5.02(c).

          "Plurality Residual Certificateholder": As to any taxable year of
(i) REMIC I or (ii) REMIC II, the Holder of Certificates holding the largest
Percentage Interest of the related Class of Residual Certificates.

          "Preliminary Memorandum": As defined in the Mortgage Loan Purchase
Agreement.

          "Preliminary Prospectus Supplement": As defined in the Mortgage Loan
Purchase Agreement.

          "Prepayment Assumption": For purposes of determining the accrual of
original issue discount, market discount and premium, if any, on the
Certificates for federal income tax purposes, 0% CPR (within the meaning of the
Prospectus), except that it is assumed that each ARD Loan is repaid on its
Anticipated Repayment Date.

          "Prepayment Interest Excess": With respect to any Mortgage Loan that
was subject to a Principal Prepayment in full or in part during any Collection
Period, which Principal Prepayment was applied to such Mortgage Loan following
such Mortgage Loan's Due Date in such Collection Period, the amount of interest
(net of the related Master Servicing Fee and, if applicable, the Additional
Interest) accrued on the amount of such Principal Prepayment during the period
from and after such Due Date and ending on the date such Principal Prepayment
was applied to such Mortgage Loan, to the extent collected (exclusive of any
related Prepayment Premium or Yield Maintenance Charge actually collected).

          "Prepayment Interest Shortfall": With respect to any Mortgage Loan
that was subject to a Principal Prepayment in full or in part during any
Collection Period, which Principal Prepayment was applied to such Mortgage Loan
prior to such Mortgage Loan's Due Date in such Collection Period, the amount of
interest, to the extent not collected from the related Mortgagor (without regard
to any Prepayment Premium or Yield Maintenance Charge actually collected), that
would have accrued at a rate per annum equal to the sum of (x) the related Net
Mortgage Rate for such Mortgage Loan and (y) the Trustee Fee Rate on the amount
of such Principal Prepayment during the period commencing on the date as of
which such Principal Prepayment was applied to such Mortgage Loan and ending on
the day immediately preceding such Due Date, inclusive.

          "Prepayment Premium": Any premium, penalty or fee (other than a Yield
Maintenance Charge) paid or payable, as the context requires, by a Mortgagor in
connection with a Principal Prepayment.

          "Primary Collateral": With respect to any Crossed Loan, that portion
of the Mortgaged Property designated as directly securing such Crossed Loan and
excluding any Mortgaged Property as to which the related lien may only be
foreclosed upon by exercise of the cross-collateralization provisions of such
Crossed Loan.

          "Prime Outlets Pool II Intercreditor Agreements": Together, the Prime
Outlets Pool II Pari Passu Intercreditor Agreement and the Prime Outlets Pool II
Subordinate Intercreditor Agreement.

          "Prime Outlets Pool II Pari Passu Intercreditor Agreement": The
Intercreditor and Servicing Agreement, dated as of March 31, 2006, by and
between Wachovia Bank, National Association, as Note A-1 Lender, and Wachovia
Bank, National Association, as Note-A-2 Lender, relating to the Prime Outlets
Pool II Whole Loan.

          "Prime Outlets Pool II Loan": That certain Mortgage Loan which is
included in the Trust Fund (identified as loan number 2 on the Mortgage Loan
Schedule).

          "Prime Outlets Pool II Pari Passu Companion Loan": That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the Prime Outlets Pool II Loan and
pari passu in right of entitlement with the Prime Outlets Pool II Loan.

          "Prime Outlets Pool II Subordinate Companion Loan": That certain
mortgage loan evidenced by a note, which is not an asset of the Trust Fund,
secured by the Mortgaged Property securing the Prime Outlets Pool II Loan and
subordinate in right of entitlement with the Prime Outlets Pool II Loan and the
Prime Outlets Pool II Pari Passu Companion Loan.

          "Prime Outlets Pool II Subordinate Intercreditor Agreement": The
Intercreditor and Servicing Agreement, dated as of May 30, 2006, by and between
Wachovia Bank, National Association, as Initial Lead Lender and Wachovia Bank,
National Association, as Initial Co-Lender, relating to the Prime Outlets Pool
II Whole Loan.

          "Prime Outlets Pool II Whole Loan": The Prime Outlets Pool II Loan,
collectively with the Prime Outlets Pool II Pari Passu Companion Loan and the
Prime Outlets Pool II Subordinate Companion Loan.

          "Prime Rate": The "prime rate" published in the "Money Rates" section
of The Wall Street Journal, as such "prime rate" may change from time to time.
If The Wall Street Journal ceases to publish the "prime rate," then the Master
Servicer shall select an equivalent publication that publishes such "prime
rate"; and if such "prime rate" is no longer generally published or is limited,
regulated or administered by a governmental or quasi-governmental body, then the
Master Servicer shall select a comparable interest rate index. In either case,
such selection shall be made by the Master Servicer in its reasonable discretion
and the Master Servicer shall notify the Trustee and the Special Servicer in
writing of its selection.

          "Principal Distribution Amount": With respect to any Distribution
Date, the aggregate of the following:

          (a) the aggregate of the principal portions of all Scheduled Payments
     (other than Balloon Payments) and any Assumed Scheduled Payments due or
     deemed due in respect of the Mortgage Loans for their respective Due Dates
     occurring during the related Collection Period, to the extent not
     previously received or advanced with respect to a Distribution Date prior
     to the related Collection Period;

          (b) the aggregate of all Principal Prepayments received on the
     Mortgage Loans during the related Collection Period;

          (c) with respect to any Mortgage Loan as to which the related Stated
     Maturity Date occurred during or prior to the related Collection Period,
     any payment of principal (other than a Principal Prepayment) made by or on
     behalf of the related Mortgagor during the related Collection Period
     (including any Balloon Payment), in each case net of any portion of such
     payment that represents a recovery of the principal portion of any
     Scheduled Payment (other than a Balloon Payment) due, or the principal
     portion of any Assumed Scheduled Payment deemed due, in respect of such
     Mortgage Loan on a Due Date during or prior to the related Collection
     Period and not previously recovered;

          (d) the aggregate of the principal portion of all Liquidation
     Proceeds, Insurance Proceeds and, to the extent not otherwise included in
     clause (a), (b) or (c) above, payments that were received on the related
     Mortgage Loans during the related Collection Period and that were
     identified and applied by the Master Servicer and/or Special Servicer as
     recoveries of principal of such Mortgage Loans, in each case net of any
     portion of such amounts that represents a recovery of the principal portion
     of any Scheduled Payment (other than a Balloon Payment) due, or of the
     principal portion of any Assumed Scheduled Payment deemed due, in respect
     of the related Mortgage Loan on a Due Date during or prior to the related
     Collection Period and not previously recovered;

          (e) with respect to any REO Properties, the aggregate of the principal
     portions of all Assumed Scheduled Payments deemed due in respect of the
     related REO Loans for their respective Due Dates occurring during the
     related Collection Period;

          (f) with respect to any REO Properties, the aggregate of all
     Liquidation Proceeds, Insurance Proceeds and REO Revenues that were
     received during the related Collection Period on such REO Properties and
     that were identified and applied by the Master Servicer and/or Special
     Servicer as recoveries of principal of the related REO Loans, in each case
     net of any portion of such amounts that represents a recovery of the
     principal portion of any Scheduled Payment (other than a Balloon Payment)
     due, or of the principal portion of any Assumed Scheduled Payment deemed
     due, in respect of the related REO Loan or the predecessor Mortgage Loan on
     a Due Date during or prior to the related Collection Period and not
     previously recovered;

          (g) if such Distribution Date is subsequent to the initial
     Distribution Date, the excess, if any, of the Principal Distribution Amount
     for the immediately preceding Distribution Date, over the aggregate
     distributions of principal made on the Sequential Pay Certificates on such
     immediately preceding Distribution Date pursuant to Section 4.01;

          (h) any amounts that were used to reimburse Nonrecoverable Advances
     (including interest on such Nonrecoverable Advances) from principal
     collections on the Mortgage Loans pursuant to Section 3.05(a) hereof which
     are subsequently recovered on the related Mortgage Loan with respect to the
     Distribution Date related to the period in which such recovery occurs;

          (i) any amounts that were used to reimburse Workout-Delayed
     Reimbursement Amounts (including interest on such Workout-Delayed
     Reimbursement Amounts) from principal collections on the Mortgage Loans
     pursuant to Section 3.05(a) hereof which are subsequently recovered on the
     related Mortgage Loan with respect to the Distribution Date related to the
     period in which such recovery occurs; less

          (j) the amount of any reimbursements of (i) Nonrecoverable Advances
     (including interest on such Nonrecoverable Advances) that are paid or
     reimbursed from principal collections on the Mortgage Loans pursuant to
     Section 3.05(a) hereof with respect to such Distribution Date and
     (ii) Workout-Delayed Reimbursement Amounts (including interest on such
     Workout-Delayed Reimbursement Amounts) that are paid or reimbursed from
     principal collections on the Mortgage Loans pursuant to
     Section 3.05(a) hereof with respect to such Distribution Date, in each case
     where such principal collections would have otherwise been included in the
     Principal Distribution Amount for such Distribution Date.

          "Principal Prepayment": Any payment of principal made by the Mortgagor
on a Mortgage Loan or Companion Loan that is received in advance of its
scheduled Due Date; provided that it shall not include a payment of principal
that is accompanied by an amount of interest representing scheduled interest due
on any date or dates in any month or months subsequent to the month of
prepayment.

          "Privileged Person": Any Certificateholder, Certificate Owner, any
Person identified to the Trustee or the Master Servicer, as applicable, as a
prospective transferee of a Certificate or interest therein, any Rating Agency,
any Mortgage Loan Seller, any Companion Holders, any party hereto, any
Underwriter or any designee of the Depositor; provided that no Certificate Owner
or prospective transferee of a Certificate or interest therein shall be
considered a "Privileged Person" or be entitled to a password or restricted
access as contemplated by Section 3.15 or Section 4.02 unless such Person has
delivered to the Trustee or the Master Servicer, as applicable, a certification
in the form of Exhibit K-1 or Exhibit K-2, as applicable which certification is
available on the Trustee's Internet Website.

          "Prohibited Party: Any party, in the case of the Master Servicer, the
Special Servicer or the Trustee, that is listed on the Depositor's Do Not Hire
List.

          "Proposed Plan": As defined in Section 3.17(a)(iii).

          "Prospectus": The prospectus, dated August 10, 2006, as supplemented
by the Prospectus Supplement, relating to the Registered Certificates.

          "Prospectus Supplement": The final prospectus supplement, dated August
10, 2006, of the Depositor relating to the registration of the Registered
Certificates under the Securities Act.

          "PTE 95-60": As defined in Section 5.02(c).

          "Purchase Option": As defined in Section 3.18(c).

          "Purchase Option Notice": As defined in Section 3.18(e).

          "Purchase Price": With respect to any Mortgage Loan or REO Loan to be
purchased by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan
Purchase Agreement, by the Majority Subordinate Certificateholder, the Companion
Holder or the Special Servicer as described in Section 3.18(c), 3.18(d) or
3.18(e), or by the Depositor, the Special Servicer, the Majority Subordinate
Certificateholder or the Master Servicer pursuant to Section 9.01, a cash price
equal to the outstanding principal balance of such Mortgage Loan or REO Loan, as
of the date of purchase, together with (a) all accrued and unpaid interest on
such Mortgage Loan or REO Loan at the related Mortgage Rate to but not including
the Due Date in the Collection Period of purchase plus any accrued interest on
P&I Advances made with respect to such Mortgage Loan, (b) all related and
unreimbursed Servicing Advances plus any accrued and unpaid interest thereon,
(c) any reasonable costs and expenses, including, but not limited to, the cost
of any enforcement action, incurred by the Master Servicer, the Special Servicer
or the Trust Fund in connection with any such purchase by a Mortgage Loan Seller
(to the extent not included in clause (b) above) and (d) any other Additional
Trust Fund Expenses in respect of such Mortgage Loan (including any Additional
Trust Fund Expenses previously reimbursed or paid by the Trust Fund but not so
reimbursed by the related Mortgagor or other party or from Insurance Proceeds or
condemnation proceeds or any other collections in respect of the Mortgage Loan
or the related Mortgaged Property from a source other than the Trust Fund), or
in the case of any Loan Pair, the purchase price specified in the related
Intercreditor Agreement; provided that the Purchase Price shall not be reduced
by any outstanding P&I Advance.

          "Qualified Bidder": As defined in Section 7.01(c).

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

          "Qualified Insurer": An insurance company or security or bonding
company qualified to write the related Insurance Policy in the relevant
jurisdiction (i) with a minimum insurance financial strength or claims paying
ability rating of at least "A" by S&P, "A" by Fitch and "A3" by Moody's (or the
obligations of which are guaranteed or backed by a company having such a claims
paying ability), and (ii) with respect to the fidelity bond and errors and
omissions Insurance Policy required to be maintained pursuant to
Section 3.07(c), an insurance company that has a claims paying ability rated no
lower than two rating categories (without regard to pluses or minuses or
numerical qualifications) below the rating assigned to the then highest rated
outstanding Certificate (or, for purposes of general liability insurance only at
least "A" by two nationally recognized statistical rating organizations (which
must include S&P)), but in no event lower than "A" by S&P, "A" by Fitch or "A3"
by Moody's (or, if not rated by Moody's, then at least "A" by two other
nationally recognized statistical rating organizations (which may include S&P or
Fitch)), or, in the case of clauses (i) and (ii), such other rating as each
Rating Agency shall have confirmed in writing will not cause such Rating Agency
to downgrade, qualify or withdraw the then-current rating assigned to any of the
Certificates that are then currently being rated by such Rating Agency.

          "Qualified Substitute Mortgage Loan": A mortgage loan which must, on
the date of substitution: (i) have an outstanding Stated Principal Balance,
after application of all scheduled payments of principal and interest due during
or prior to the month of substitution, not in excess of the Stated Principal
Balance of the deleted Mortgage Loan as of the Due Date in the calendar month
during which the substitution occurs; (ii) have a Mortgage Rate not less than
the Mortgage Rate of the deleted Mortgage Loan; (iii) have the same Due Date as
the deleted Mortgage Loan; (iv) accrue interest on the same basis as the deleted
Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve
30-day months); (v) have a remaining term to stated maturity not greater than,
and not more than two years less than, the remaining term to stated maturity of
the deleted Mortgage Loan; (vi) have an original Loan-to-Value Ratio not higher
than that of the deleted Mortgage Loan and a current Loan-to-Value Ratio not
higher than the then current Loan-to-Value Ratio of the deleted Mortgage Loan;
(vii) comply as of the date of substitution with all of the representations and
warranties set forth in the applicable Mortgage Loan Purchase Agreement;
(viii) have an Environmental Assessment that indicates no adverse environmental
conditions with respect to the related Mortgaged Property and which will be
delivered as a part of the related Servicing File; (ix) have an original Debt
Service Coverage Ratio (calculated to include the additional debt from any
encumbrance) of not less than the original Debt Service Coverage Ratio
(calculated to include the additional debt from any encumbrance) of the deleted
Mortgage Loan and a current Debt Service Coverage Ratio (calculated to include
the additional debt from any encumbrance) of not less than the current Debt
Service Coverage Ratio (calculated to include the additional debt from any
encumbrance) of the deleted Mortgage Loan; (x) be determined by an Opinion of
Counsel (at the applicable Mortgage Loan Seller's expense) to be a "qualified
replacement mortgage" within the meaning of Section 860G(a)(4) of the Code;
(xi) not have a maturity date after the date two years prior to the Rated Final
Distribution Date; (xii) not be substituted for a deleted Mortgage Loan unless
the Trustee has received prior confirmation in writing by each Rating Agency
that such substitution will not result in the withdrawal, downgrade, or
qualification of the rating assigned by the Rating Agency to any Class of
Certificates then rated by the Rating Agency (the cost, if any, of obtaining
such confirmation to be paid by the Mortgage Loan Seller); (xiii) have a date of
origination that is not more than 12 months prior to the date of substitution;
(xiv) have been approved by the Controlling Class Representative (or, if there
is no Controlling Class Representative then serving, by the Holders of
Certificates representing a majority of the Voting Rights allocated to the
Controlling Class); (xv) not be substituted for a deleted Mortgage Loan if it
would result in the termination of the REMIC status of REMIC I or REMIC II or
the imposition of tax on either of such REMICs other than a tax on income
expressly permitted or contemplated to be imposed by the terms of this
Agreement, as determined by an Opinion of Counsel (at the applicable Mortgage
Loan Seller's expense); and (xvi) become a part of the same Loan Group as the
deleted Mortgage Loan. In the event that one or more mortgage loans are
substituted for one or more deleted Mortgage Loans, then the amounts described
in clause (i) shall be determined on the basis of aggregate principal balances
and the rates described in clause (ii) above and the remaining term to stated
maturity referred to in clause (v) above shall be determined on a weighted
average basis; provided that no individual Mortgage Loan shall have a Net
Mortgage Rate that is less than the highest Pass-Through Rate of any Class of
Sequential Pay Certificates bearing a fixed rate. When a Qualified Substitute
Mortgage Loan is substituted for a deleted Mortgage Loan, the applicable
Mortgage Loan Seller shall certify that the Mortgage Loan meets all of the
requirements of the above definition and shall send such certification to the
Trustee. No substitutions will be permitted for the 2006-C26 Serviced Mortgage
Loan.

          "Rated Final Distribution Date": The Distribution Date in July 2045,
the first Distribution Date after the 24th month following the end of the
amortization term for the Mortgage Loan that, as of the Cut-Off Date, has the
longest remaining amortization term (without regard to the related Stated
Maturity Date).

          "Rating Agency": Each of Moody's and S&P.

          "Realized Loss": With respect to: (1) each Defaulted Mortgage Loan as
to which a Final Recovery Determination has been made, or with respect to any
successor REO Loan as to which a Final Recovery Determination has been made as
to the related REO Property, an amount (not less than zero) equal to (a) the
unpaid principal balance of such Mortgage Loan or REO Loan, as the case may be,
as of the commencement of the Collection Period in which the Final Recovery
Determination was made, plus (b) without taking into account the amount
described in subclause (1)(d) of this definition, all accrued but unpaid
interest on such Mortgage Loan or such REO Loan, as the case may be, at the
related Mortgage Rate to but not including the Due Date in the Collection Period
in which the Final Recovery Determination was made (exclusive of any portion
thereof that constitutes default interest in excess of the Mortgage Rate,
Additional Interest, Prepayment Premiums or Yield Maintenance Charges), plus
(c) any related unreimbursed Servicing Advances and any unreimbursed interest on
any Advances as of the commencement of the Collection Period in which the Final
Recovery Determination was made, together with any new related Servicing
Advances made during such Collection Period, minus (d) all payments and
proceeds, if any, received in respect of such Mortgage Loan or the REO Property
that relates to such REO Loan, as the case may be, during the Collection Period
in which such Final Recovery Determination was made; (2) each defaulted Mortgage
Loan as to which any portion of the principal or previously accrued interest
(other than Additional Interest and Penalty Interest) payable thereunder was
canceled in connection with a bankruptcy or similar proceeding involving the
related Mortgagor or a modification, waiver or amendment of such Mortgage Loan
granted or agreed to by the Special Servicer pursuant to Section 3.20, the
amount of such principal and/or interest so canceled; (3) each Mortgage Loan as
to which the Mortgage Rate thereon has been permanently reduced and not
recaptured for any period in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to
Section 3.20, the amount of the consequent reduction in the interest portion of
each successive Periodic Payment due thereon (each such Realized Loss shall be
deemed to have been incurred on the Due Date for each affected Periodic
Payment); and (4) each Mortgage Loan for which a Final Recovery Determination
has been made, to the extent not included in clause (1) above, Nonrecoverable
Advances (including interest on such Nonrecoverable Advance) to the extent
amounts have been paid from the Principal Distribution Amount pursuant to
Section 3.05(a) hereof.

          "Record Date": With respect to any Distribution Date, the last
Business Day of the month immediately preceding the month in which such
Distribution Date occurs.

          "Registered Certificate": Any Class A-1, Class A-2, Class A-PB, Class
A-3, Class A-1A, Class X-P, Class A-M, Class A-J, Class B, Class C, Class D or
Class E Certificate.

          "Regular Certificate": Any REMIC II Certificate other than a
Class R-II Certificate.

          "Regulation AB": Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from
time to time, and subject to such clarification and interpretation as have been
provided by the Commission in the adopting release (Asset-Backed Securities,
Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506-1,531 (Jan. 7, 2005)) or
by the staff of the Commission, or as may be provided by the Commission or its
staff from time to time.

          "Regulation AB Companion Loan Securitization": As defined in
Section 3.29(a).

          "Regulation S": Regulation S under the Act.

          "Regulation S Certificate": A certificate in the form of Exhibit-F
attached hereto.

          "Regulation S Global Certificate": A global certificate representing
interests in a Class of Certificates as provided in Section 5.02(e), initially
sold in offshore transactions in reliance on Regulation S in fully registered
form without interest coupons.

          "Reimbursement Rate": The rate per annum applicable to the accrual of
interest on Servicing Advances in accordance with Section 3.03(d) and on P&I
Advances in accordance with Section 4.03(d), which rate per annum is equal to
the Prime Rate.

          "Release Date": The 40th day after the later of (i) commencement of
the offering of the Certificates and (ii) the Closing Date.

          "Relevant Servicing Criteria": The Servicing Criteria applicable to
the various parties, as set forth on Exhibit S attached hereto. For
clarification purposes, multiple parties can have responsibility for the same
Relevant Servicing Criteria. With respect to a Servicing Participant engaged by
the Trustee, the Master Servicer or the Special Servicer, the term "Relevant
Servicing Criteria" may refer to a portion of the Relevant Servicing Criteria
for each of the Master Servicer, the Special Servicer or the Trustee, as
applicable.

          "REMIC": A "real estate mortgage investment conduit" as defined in
Section 860D of the Code.

          "REMIC Administrator": The Trustee or any REMIC administrator
appointed pursuant to Section 8.14.

          "REMIC I": The segregated pool of assets subject hereto, constituting
the primary trust created hereby and to be administered hereunder with respect
to which a separate REMIC election is to be made and, consisting of: (i) all of
the Mortgage Loans as from time to time are subject to this Agreement and all
payments under and proceeds of such Mortgage Loans received after the Closing
Date (excluding all Additional Interest on such Mortgage Loans), together with
all documents included in the related Mortgage Files and any related Escrow
Payments and Reserve Funds; (ii) all amounts held from time to time with respect
to a Mortgage Loan in the Interest Reserve Account, the Certificate Account, the
Distribution Account, the Gain-on-Sale Reserve Account and any REO Account;
(iii) any REO Property acquired in respect of a Mortgage Loan to the extent of
the Trust Fund's interest therein (or the Trust Fund's beneficial interest in
the Mortgaged Property securing the 2006-C26 Serviced Mortgage Loan acquired
under the 2006-C26 Pooling and Servicing Agreement); (iv) the rights of the
Depositor under Sections 2, 3, 9, 10, 11, 12, 13, 14, 16, 17, 18 and 19 of each
of the Mortgage Loan Purchase Agreements with respect to such Mortgage Loans;
and (v) the rights of the mortgagee under all Insurance Policies with respect to
such Mortgage Loans, in each of the foregoing clauses exclusive of the interest
of the holder of a Companion Loan therein.

          "REMIC I Pass-Through Rate": As set forth in the Preliminary
Statement.

          "REMIC I Principal Balance": The principal balance of any REMIC I
Regular Interest outstanding as of any date of determination. As of the Closing
Date, the REMIC I Principal Balance of each REMIC I Regular Interest shall equal
the original REMIC I Principal Balance corresponding to the Corresponding
Certificates as set forth in the Preliminary Statement hereto. On each
Distribution Date, the REMIC I Principal Balance of each REMIC I Regular
Interest shall be permanently reduced by all distributions of principal deemed
to have been made in respect of such REMIC I Regular Interest on such
Distribution Date pursuant to Section 4.01(h), and shall be further permanently
reduced on such Distribution Date by all Realized Losses and Additional Trust
Fund Expenses deemed to have been allocated thereto on such Distribution Date
pursuant to Section 4.04(b) and shall be increased on such Distribution Date by
Certificate Deferred Interest deemed to have been allocated thereto on such
Distribution Date pursuant to Section 4.04(c).

          "REMIC I Regular Interest": Any of the separate uncertificated
beneficial ownership interests in REMIC I issued hereunder, and designated as a
"regular interest" in REMIC I, held as an asset of REMIC II and having the
original REMIC I Principal Balance and REMIC I Pass-Through Rate as described in
the Preliminary Statement hereto.

          "REMIC II": The segregated pool of assets consisting of all of the
REMIC I Regular Interests and all amounts held from time to time, to the extent
related to REMIC II, in the Distribution Account, conveyed in trust to the
Trustee for the benefit of REMIC II, as holder of the REMIC I Regular Interests,
and the Holders of the Class R-II Certificates pursuant to Section 2.9, with
respect to which a separate REMIC election is to be made.

          "REMIC II Certificate": Any Class A-1, Class A-2, Class A-PB, Class
A-3, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O,
Class P, Class Q, Class X-C, Class X-P or Class R-II Certificate.

          "REMIC Provisions": Provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at Sections 860A
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions,
and proposed, temporary and final Treasury regulations and any published
rulings, notices and announcements promulgated thereunder, as the foregoing may
be in effect from time to time.

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

          "REO Account": A segregated account or accounts created and maintained
by the Special Servicer pursuant to Section 3.16 on behalf of the Trustee in
trust for the Certificateholders, which shall be entitled "LNR Partners, Inc.,
as Special Servicer, in trust for the registered holders of Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2006-C27."

          "REO Acquisition": The acquisition of any REO Property by the Trust
Fund pursuant to Section 3.09.

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

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

          "REO Loan": The Mortgage Loan deemed for purposes hereof to be
outstanding with respect to each REO Property to the extent of the Trust Fund's
interest therein. Each REO Loan shall be deemed to be outstanding for so long as
the related REO Property remains part of REMIC I and deemed to provide for
Periodic Payments of principal and/or interest equal to its Assumed Scheduled
Payment and otherwise to have the same terms and conditions as its predecessor
Mortgage Loan (such terms and conditions to be applied without regard to the
default on such predecessor Mortgage Loan and the acquisition of the related REO
Property as part of the Trust Fund). Each REO Loan shall be deemed to have an
initial unpaid principal balance and Stated Principal Balance equal to the
unpaid principal balance and Stated Principal Balance, respectively, of its
predecessor Mortgage Loan (or, if applicable, Companion Loan) as of the date of
the related REO Acquisition. All Scheduled Payments (other than a Balloon
Payment), Assumed Scheduled Payments (in the case of a Balloon Mortgage Loan
delinquent in respect of its Balloon Payment) and other amounts due and owing,
or deemed to be due and owing, in respect of the predecessor Mortgage Loan as of
the date of the related REO Acquisition, shall be deemed to continue to be due
and owing in respect of an REO Loan. In addition, Nonrecoverable Advances and
Unliquidated Advances (including interest on such Nonrecoverable Advances and
Unliquidated Advances) with respect to such REO Loan that were paid from
collections on the Mortgage Loans and resulted in principal distributed to the
Certificateholders being reduced pursuant to Section 3.05(a) hereof, shall be
deemed outstanding until recovered or until a Final Recovery Determination is
made. Collections in respect of each REO Loan (after provision for amounts to be
applied to the payment of, or to be reimbursed to the Master Servicer, the
Special Servicer or the Trustee for the payment of, the costs of operating,
managing, selling, leasing and maintaining the related REO Property or for the
reimbursement of the Master Servicer, the Special Servicer or the Trustee for
Advances as provided in this Agreement) shall be treated: first, as a recovery
of Nonrecoverable Advances and Unliquidated Advances (including interest on such
Nonrecoverable Advances or Unliquidated Advances) with respect to such REO Loan,
in each case that relate to Advances that were paid from collections on the
Mortgage Loans and resulted in principal distributed to the Certificateholders
being reduced pursuant to Section 3.05(a) hereof; second, as a recovery of
accrued and unpaid interest on such REO Loan at the related Mortgage Rate to but
not including the Due Date in the Collection Period of receipt (exclusive of any
portion thereof that constitutes Additional Interest); third, as a recovery of
principal of such REO Loan to the extent of its entire unpaid principal balance;
and fourth, in accordance with the normal servicing practices of the Master
Servicer, as a recovery of any other amounts due and owing in respect of such
REO Loan, including, without limitation, (i) Yield Maintenance Charges,
Prepayment Premiums and Penalty Interest and (ii) Additional Interest and other
amounts, in that order. Notwithstanding the foregoing, all amounts payable or
reimbursable to the Master Servicer, the Special Servicer or the Trustee in
respect of the predecessor Mortgage Loan as of the date of the related REO
Acquisition, including, without limitation, any unpaid Servicing Fees and any
unreimbursed Servicing Advances and P&I Advances, together with any interest
accrued and payable to the Master Servicer, the Special Servicer or the Trustee
in respect of such Servicing Advances and P&I Advances in accordance with
Sections 3.03(d) and 4.03(d), shall continue to be payable or reimbursable to
the Master Servicer, the Special Servicer or the Trustee, as the case may be, in
respect of an REO Loan pursuant to Section 3.05(a).

          "REO Property": A Mortgaged Property acquired on behalf and in the
name of the Trustee (or, in the case of the 2006-C26 Serviced Mortgage Loan, the
Trust Fund's proportionate beneficial interest in the Mortgaged Property
acquired by the 2006-C26 Trustee pursuant to the 2006-C26 Pooling and Servicing
Agreement) for the benefit of the Certificateholders (subject to the related
Intercreditor Agreement with respect to a Mortgaged Property securing a Loan
Pair) through foreclosure, acceptance of a deed-in-lieu of foreclosure or
otherwise in accordance with applicable law in connection with the default or
imminent default of a Mortgage Loan.

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

          "REO Tax": As defined in Section 3.17(a)(i).

          "Reportable Event": As defined in Section 8.17(j).

          "Reporting Party": The Master Servicer, the Special Servicer, the
Trustee, an Additional Servicer or a Servicing Participant.

          "Request for Release": A request signed by a Servicing Officer, as
applicable, of the Master Servicer in the form of Exhibit D-1 attached hereto or
of the Special Servicer in the form of Exhibit D-2 attached hereto.

          "Required Appraisal": With respect to each Required Appraisal Mortgage
Loan, an appraisal of the related Mortgaged Property from an Independent
Appraiser selected by the Special Servicer.

          "Required Appraisal Date": With respect to any Required Appraisal
Mortgage Loan, the earliest date on which any of the items specified in clauses
(i) through (vi) of the first paragraph of the definition of Required Appraisal
Mortgage Loan occurs.

          "Required Appraisal Mortgage Loan": Each Mortgage Loan (other than the
2006-C26 Serviced Mortgage Loan) (i) that is 60 days or more delinquent in
respect of any Periodic Payments, (ii) that becomes an REO Loan (other than the
2006-C26 Serviced Mortgage Loan), (iii) that has been modified by the Special
Servicer to reduce the amount of any Periodic Payment (other than a Balloon
Payment), (iv) with respect to which a receiver is appointed and continues in
such capacity in respect of the related Mortgaged Property, (v) with respect to
which a Mortgagor declares bankruptcy or with respect to which the related
Mortgagor is subject to a bankruptcy proceeding, (vi) with respect to which any
Balloon Payment on such Mortgage Loan (excluding the 2006-C26 Serviced Mortgage
Loan but including the BlueLinx Holdings Pool Pari Passu Companion Loan, the RLJ
Hotel Pool Pari Passu Companion Loans and the 500-512 Seventh Avenue Pari Passu
Companion Loan) has not been paid within 10 Business Days of its scheduled
maturity date, unless the Controlling Class Representative has given its consent
(which consent shall be deemed denied if not granted within 10 Business Days)
and the Special Servicer has, within 10 Business Days after the scheduled
maturity date of such Balloon Payment, received written evidence from an
institutional lender of such lender's binding commitment (acceptable to the
Special Servicer) to refinance such Mortgage Loan (excluding the 2006-C26
Serviced Mortgage Loan but including the BlueLinx Holdings Pool Pari Passu
Companion Loan, the RLJ Hotel Pool Pari Passu Companion Loans and the 500-512
Seventh Avenue Pari Passu Companion Loan) within 60 days after the date on which
the Special Servicer received such refinance commitment so long as the Mortgagor
continues to make its Assumed Scheduled Payments (provided that if such
refinancing does not occur during such time specified in the commitment, the
related Mortgage Loan (excluding the 2006-C26 Serviced Mortgage Loan but
including the BlueLinx Holdings Pool Pari Passu Companion Loan, the RLJ Hotel
Pool Pari Passu Companion Loans and the 500-512 Seventh Avenue Pari Passu
Companion Loan) will immediately become a Required Appraisal Mortgage Loan) or
(vii) that is outstanding 60 days after the third anniversary of an extension of
its Stated Maturity Date; provided, however, a Required Appraisal Mortgage Loan
will cease to be a Required Appraisal Mortgage Loan:

          (a) with respect to the circumstances described in clauses (i) and
     (iii) above, when the related Mortgagor has made three consecutive full and
     timely Periodic Payments under the terms of such Mortgage Loan (other than
     the 2006-C26 Serviced Mortgage Loan) (as such terms may be changed or
     modified in connection with a bankruptcy or similar proceeding involving
     the related Mortgagor or by reason of a modification, waiver or amendment
     granted or agreed to by the Special Servicer pursuant to Section 3.20); and

          (b) with respect to the circumstances described in clauses (iv),
     (v) and (vi) above, when such circumstances cease to exist in the good
     faith reasonable judgment of the Special Servicer and in accordance with
     the Servicing Standard, but, with respect to any bankruptcy or insolvency
     proceedings described in clauses (iv) and (v), no later than the entry of
     an order or decree dismissing such proceeding, and with respect to the
     circumstances described in clause (vi) above, no later than the date that
     the Special Servicer agrees to an extension pursuant to Section 3.20
     hereof;

so long as at that time no circumstance identified in clauses (i) through
(vi) above exists that would cause the Mortgage Loan (other than the 2006-C26
Serviced Mortgage Loan) to continue to be characterized as a Required Appraisal
Mortgage Loan.

          "Required Appraisal Value": An amount equal to 90% of the Appraised
Value (net of any prior liens and estimated liquidation expenses and any other
downward adjustments the Special Servicer may deem appropriate (without implying
any obligation to do so) based upon its review of the Appraisal and such other
information as the Special Servicer may deem appropriate) of the Mortgaged
Property related to the subject Required Appraisal Mortgage Loan as determined
by a Required Appraisal or letter update or internal valuation, if applicable;
provided that for purposes of determining any Appraisal Reduction Amount in
respect of such Required Appraisal Mortgage Loan, such Appraisal Reduction
Amount shall be amended annually to reflect the Required Appraisal Value
determined pursuant to any Required Appraisal or letter update or internal
valuation, if applicable, of a Required Appraisal conducted subsequent to the
original Required Appraisal performed pursuant to Section 3.09(a).

          "Reserve Account": The account or accounts created and maintained
pursuant to Section 3.03(f).

          "Reserve Funds": With respect to any Mortgage Loan (other than the
2006-C26 Serviced Mortgage Loan), any amounts delivered by the related Mortgagor
to be held in escrow by or on behalf of the mortgagee representing reserves for
environmental remediation, repairs, capital improvements, tenant improvements
and/or leasing commissions with respect to the related Mortgaged Property.

          "Residual Certificate": A Class R-I Certificate or Class R-II
Certificate.

          "Responsible Officer": When used with respect to (i) the initial
Trustee, any officer or assistant officer in the Corporate Trust Office of the
initial Trustee, and (ii) any successor trustee, any officer or assistant
officer in the corporate trust department of the successor trustee, or any other
officer or assistant officer of the successor trustee customarily performing
functions similar to those performed by any of the above designated officers to
whom a particular matter is referred by the successor trustee because of such
officer's knowledge of and familiarity with the particular subject.

          "Restricted Period": The 40-day period prescribed by Regulation S
commencing on the later of (a) the date upon which the Certificates are first
offered to persons other than the managers and any other distributor (as defined
in Regulation S) of the Certificates, and (b) the Closing Date.

          "Restricted Servicer Reports": Each of the CMSA Servicer Watchlist,
CMSA Operating Statement Analysis, CMSA NOI Adjustment Worksheet and CMSA
Comparative Financial Status Report. If a Restricted Servicer Report is filed
with the Commission, it shall thereafter be an Unrestricted Servicer Report.

          "RLJ Hotel Pool Intercreditor Agreement": The Intercreditor and
Servicing Agreement, dated as of June 14, 2006, by and among Wachovia Bank,
National Association, as Initial Lead Lender, Merrill Lynch Mortgage Lending,
Inc., as Initial A-2 Lender, Morgan Stanley Mortgage Capital Inc., as Initial
A-3 Lender, and Wells Fargo Bank, National Association, as Initial A-4 Lender,
relating to the RLJ Hotel Pool Whole Loan.

          "RLJ Hotel Pool Loan": That certain Mortgage Loan which is included in
the Trust Fund (identified as loan number 5 on the Mortgage Loan Schedule).

          "RLJ Hotel Pool Pari Passu A1B Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu A2A Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu A2B Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu A3A Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu A3B Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu A4A Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu A4B Companion Loan": That certain mortgage
loan evidenced by a note, which is not an asset of the Trust Fund, secured by
the Mortgaged Property securing the RLJ Hotel Pool Loan and pari passu in right
of entitlement with the RLJ Hotel Pool Loan.

          "RLJ Hotel Pool Pari Passu Companion Loans": Collectively, the RLJ
Hotel Pool Pari Passu A1B Companion Loan, the RLJ Hotel Pool Pari Passu A2A
Companion Loan, the RLJ Hotel Pool Pari Passu A2B Companion Loan, the RLJ Hotel
Pool Pari Passu A3A Companion Loan, the RLJ Hotel Pool Pari Passu A3B Companion
Loan, the RLJ Hotel Pool Pari Passu A4A Companion Loan and the RLJ Hotel Pool
Pari Passu A4B Companion Loan.

          "RLJ Hotel Pool Whole Loan": The RLJ Hotel Pool Loan, collectively
with the RLJ Hotel Pool Pari Passu Companion Loans.

          "S&P": Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., or its successor in interest. If neither such
Rating Agency nor any successor remains in existence, "S&P" shall be deemed to
refer to such other nationally recognized statistical rating agency or other
comparable Person designated by the Depositor, notice of which designation shall
be given to the Trustee, the Master Servicer and the Special Servicer, and
specific ratings of S&P herein referenced shall be deemed to refer to the
equivalent ratings of the party so designated.

          "Sarbanes-Oxley Act": The Sarbanes-Oxley Act of 2002 and the rules and
regulations of the Commission promulgated thereunder (including any
interpretations thereof by the Commission's staff).

          "Sarbanes-Oxley Certification": A written certification signed by an
officer of the Depositor that complies with (i) the Sarbanes-Oxley Act of 2002,
as amended from time to time, including all necessary Regulation AB
certification requirements, and (ii) Exchange Act Rules 13a-14(d) and 15d-14(d),
as in effect from time to time.

          "Scheduled Payment": With respect to any Mortgage Loan, for any Due
Date following the Cut-Off Date as of which it is outstanding, the scheduled
Periodic Payment of principal and interest (other than Additional Interest) on
such Mortgage Loan that is or would be, as the case may be, payable by the
related Mortgagor on such Due Date under the terms of the related Mortgage Note
as in effect on the Closing Date, without regard to any subsequent change in or
modification of such terms in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to
Section 3.20 or acceleration of principal by reason of default, and assuming
that each prior Scheduled Payment has been made in a timely manner.

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

          "Senior Certificate": Any Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A or Class X Certificate.

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

          "Servicer Fee Amount": With respect to each Sub-Servicer and any date
of determination, the aggregate of the products obtained by multiplying, for
each Mortgage Loan serviced by such Sub-Servicer, (a) the Stated Principal
Balance of such Mortgage Loan as of the end of the immediately preceding
Collection Period and (b) the servicing fee rate specified in the related
Sub-Servicing Agreement for such Mortgage Loan. With respect to the Master
Servicer and any date of determination, the aggregate of the products obtained
by multiplying, for each Mortgage Loan (a) the Stated Principal Balance of such
Mortgage Loan as of the end of the immediately preceding Collection Period and
(b) the difference between the Master Servicing Fee Rate for such Mortgage Loan
over the servicing fee rate (if any) applicable to such Mortgage Loan as
specified in any Sub-Servicing Agreement related to such Mortgage Loan.

          "Servicer Reports": Any of the Restricted Servicer Reports, the
Unrestricted Servicer Reports, the CMSA Loan Setup File, the CMSA Loan Periodic
Update File, the CMSA Financial File, CMSA Property File, the CMSA Advance
Recovery Report and a report reconciling Penalty Interest and late payment
charges collected with interest on Advances and Additional Trust Fund Expenses.

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

          "Servicing Advances": All customary, reasonable and necessary "out of
pocket" costs and expenses incurred by or on behalf of the Master Servicer, the
Special Servicer or the Trustee in connection with the servicing of a Mortgage
Loan or a Companion Loan (other than the 2006-C26 Serviced Mortgage Loan and its
related Companion Loan), or in connection with the administration of any related
REO Property, including, but not limited to, the cost of (a) compliance with the
obligations of the Master Servicer and the Special Servicer, if any, set forth
in Section 3.02 and Section 3.03(c), (b) the preservation, insurance,
restoration, protection and management of a Mortgaged Property, including the
cost of any "forced placed" insurance policy purchased by the Master Servicer to
the extent such cost is allocable to a particular Mortgaged Property that the
Master Servicer or the Special Servicer is required to cause to be insured
pursuant to Section 3.07(a), (c) obtaining any Insurance Proceeds or any
Liquidation Proceeds of the nature described in clauses (i) through (v) of the
definition of "Liquidation Proceeds," (d) any enforcement or judicial
proceedings with respect to a Mortgaged Property, including, without limitation,
foreclosures, (e) any Required Appraisal or other appraisal expressly required
or permitted to be obtained hereunder, (f) the operation, management,
maintenance and liquidation of any such REO Property, including, without
limitation, appraisals and compliance with Section 3.16(a) (to the extent not
covered by available funds in the REO Account) and Section 3.20(h) (to the
extent not paid by the related Mortgagor) and (g) compliance with the
obligations of the Master Servicer or the Trustee set forth in
Section 2.03(a) or (b). Notwithstanding anything to the contrary, "Servicing
Advances" shall not include allocable overhead of the Master Servicer or the
Special Servicer, such as costs for office space, office equipment, supplies and
related expenses, employee salaries and related expenses and similar internal
costs and expenses or costs and expenses incurred by any such party in
connection with its purchase of a Mortgage Loan or REO Property, or costs or
expenses expressly required to be borne by the Master Servicer or Special
Servicer without reimbursement pursuant to the terms of this Agreement.

          "Servicing Criteria": The "servicing criteria" set forth in Item
1122(d) of Regulation AB.

          "Servicing Fees": With respect to each Mortgage Loan, Companion Loan
and REO Loan, the Master Servicing Fee and the Special Servicing Fee.

          "Servicing File": Any documents, certificates, opinions and reports
(other than documents required to be part of the related Mortgage File)
delivered by the related Mortgagor in connection with, or relating to the
origination and servicing of any Mortgage Loan or Companion Loan which are
reasonably required for the ongoing administration of the Mortgage Loan and the
Companion Loan, including management agreements, cash management agreements,
lockbox agreements, franchise agreements, franchise comfort letters (and
evidence of required notification of transfer), appraisals, surveys, engineering
reports, environmental reports, operation and maintenance (O&M) plans, financial
statements, leases, rent rolls and tenant estoppels.

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

          "Servicing Participant": Any Additional Servicer, Sub-Servicer,
Subcontractor or any other Person, other than the Master Servicer, the Special
Servicer and the Trustee, that is performing activities addressed by the
Servicing Criteria, unless such Person's activities relate only to 5% or less of
the Mortgage Loans.

          "Servicing-Released Bid": As defined in Section 7.01(c).

          "Servicing-Retained Bid": As defined in Section 7.01(c).

          "Servicing Standard": With respect to the Master Servicer or the
Special Servicer, as applicable, the servicing and administration of the
Mortgage Loans and the Companion Loans (other than the Companion Loans related
to the 2006-C26 Serviced Mortgage Loan) for which it is responsible hereunder
(a) in the same manner in which, and with the same care, skill, prudence and
diligence with which the Master Servicer or the Special Servicer, as the case
may be, generally services and administers similar mortgage loans with similar
borrowers (i) for other third-parties, giving due consideration to customary and
usual standards of practice of prudent institutional commercial mortgage lenders
servicing their own loans or (ii) held in its own portfolio, whichever standard
is higher, (b) with a view to the maximization of the recovery on such Mortgage
Loan on a net present value basis and the best interests of the
Certificateholders and the Trust Fund or, if a Loan Pair (other than the
2006-C26 Serviced Mortgage Loan) is involved, with a view towards the
maximization of recovery on such Loan Pair to the Certificateholders, the
related Companion Holders and the Trust Fund (as a collective whole, taking into
account that the Subordinate Companion Loans are subordinate to the related
Co-Lender Loans and the Pari Passu Companion Loans are pari passu in right of
payment with the related Pari Passu Mortgage Loan, in each case to the extent
set forth in the related Intercreditor Agreement), and (c) without regard to
(i) any relationship that the Master Servicer or the Special Servicer, as the
case may be, or any Affiliate thereof may have with the related Mortgagor, the
Depositor, any Mortgage Loan Seller or any other party to the transaction or any
Affiliate thereof; (ii) the ownership of any Certificate or Companion Loan (or
other interest in any Mortgage Loan or Companion Loan) by the Master Servicer or
the Special Servicer, as the case may be, or by any Affiliate thereof; (iii) the
right of the Master Servicer or the Special Servicer, as the case may be, to
receive compensation or other fees for its services rendered pursuant to this
Agreement; (iv) the obligations of the Master Servicer to make Advances; (v) the
ownership, servicing or management by the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate thereof for others of any other
mortgage loans or mortgaged property; (vi) any obligation of the Master Servicer
or any Affiliate of the Master Servicer to repurchase or substitute a Mortgage
Loan as a Mortgage Loan Seller; (vii) any obligation of the Master Servicer or
any Affiliate of the Master Servicer to cure a breach of a representation and
warranty with respect to a Mortgage Loan; and (viii) any debt the Master
Servicer or Special Servicer or any Affiliate of either has extended to any
Mortgagor or any Affiliate of such Mortgagor.

          "Servicing Transfer Event": With respect to any Mortgage Loan (other
than the 2006-C26 Serviced Mortgage Loan), the occurrence of any of the events
described in clauses (a) through (h) of the definition of "Specially Serviced
Mortgage Loan".

          "Similar Law": As defined in Section 5.02(c).

          "Single Certificate": For purposes of Section 4.02, a hypothetical
Certificate of any Class of Regular Certificates evidencing a $1,000
denomination.

          "Special Reserve Account": As used herein, the Trustee may create a
segregated custodial account or accounts pursuant to Section 2.02(d) in trust
for the Certificateholders, which shall be entitled "Wells Fargo Bank, N.A., as
Trustee, in trust for the registered holders of Wachovia Bank Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27
and [name of party providing the funds]". Any such account will be an Eligible
Account.

          "Special Servicer": With respect to each Mortgage Loan (other than the
2006-C26 Serviced Mortgage Loan), LNR Partners, Inc., or, any successor special
servicer appointed as herein provided.

          "Special Servicing Fee": With respect to each Specially Serviced
Mortgage Loan and each REO Loan, the fee designated as such and payable to the
Special Servicer pursuant to the first paragraph of Section 3.11(c).

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

          "Specially Serviced Mortgage Loan": Any Mortgage Loan or Companion
Loan (other than the 2006-C26 Serviced Mortgage Loan) as to which any of the
following events have occurred:

          (a) the related Mortgagor shall have (i) failed to make within 10
Business Days of the date when due any Balloon Payment; provided, however, if
the Mortgagor has produced a written refinancing commitment that is reasonably
acceptable to the Special Servicer within 10 Business Days after the due date of
such Balloon Payment and the Controlling Class Representative has given its
consent (which consent shall be deemed denied if not granted within 10 Business
Days), a Servicing Transfer Event shall not occur until 60 days beyond the date
on which the Mortgagor delivered such refinancing commitment, so long as the
Mortgagor continues to make its Assumed Scheduled Payment; provided that if such
refinancing does not occur during the time period specified in such written
refinancing commitment, a Servicing Transfer Event will be deemed to occur; or
(ii) failed to make when due any Periodic Payment (other than a Balloon
Payment), and such failure has continued unremedied for 60 days; or

          (b) the Master Servicer or Special Servicer (in the case of the
Special Servicer, with the consent of the Controlling Class Representative)
shall have determined (with written notice of any such determination by the
Special Servicer to be promptly given by the Special Servicer to the Master
Servicer), in its good faith reasonable judgment, and in accordance with the
Servicing Standard, based on communications with the related Mortgagor, that a
default in making a Periodic Payment (including a Balloon Payment) or any other
default under the applicable Mortgage Loan documents that would (with respect to
such other default) materially impair the value of the Mortgaged Property as
security for the Mortgage Loan and, if applicable, Companion Loan or otherwise
would materially adversely affect the interests of Certificateholders and would
continue unremedied beyond the applicable grace period under the terms of the
Mortgage Loan (or, if no grace period is specified, for 60 days; provided that a
default that would give rise to an acceleration right without any grace period
shall be deemed to have a grace period equal to zero) is likely to occur and is
likely to remain unremedied for at least 60 days; or

          (c) there shall have occurred a default (other than as described in
clause (a) above) that the Master Servicer or the Special Servicer (in the case
of the Special Servicer, with the consent of the Controlling Class
Representative) shall have determined (with written notice of any such
determination by the Special Servicer to be promptly given by the Special
Servicer to the Master Servicer), in its good faith and reasonable judgment, and
in accordance with the Servicing Standard, materially impairs the value of the
Mortgaged Property as security for the Mortgage Loan and, if applicable,
Companion Loan, or otherwise materially adversely affects the interests of
Certificateholders and that continues unremedied beyond the applicable grace
period under the terms of the Mortgage Loan (or, if no grace period is
specified, for 60-days; provided that a default that gives rise to an
acceleration right without any grace period shall be deemed to have a grace
period equal to zero); provided, however, in the event the Special Servicer with
the consent of the Controlling Class Representative determines that the related
Mortgagor does not need to maintain terrorism insurance as provided in
Section 3.07(a), no default related to the failure to obtain such insurance
shall be deemed to be outstanding for purposes of this clause(c); or

          (d) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law or the appointment
of a conservator or receiver or liquidator in any insolvency, readjustment of
debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the
related Mortgagor; provided that, if such decree or order is discharged,
dismissed or stayed within 60 days it shall not be a Specially Serviced Mortgage
Loan (and no Special Servicing Fees shall be payable); or

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

          (f) the related Mortgagor shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of any
applicable insolvency, bankruptcy or reorganization statute, make an assignment
for the benefit of its creditors, or voluntarily suspend payment of its
obligations; or

          (g) the Master Servicer shall have force placed insurance against
damages or losses arising from acts of terrorism due to the failure of the
related borrower to maintain or cause such insurance to be maintained and (1)
subsequent to such force placement such borrower fails to maintain or cause to
be maintained insurance coverage against damages for losses arising from acts of
terrorism for a period of 60 days (or such shorter time period as the
Controlling Class Representative may consent to) or (2) the Master Servicer
fails to have been reimbursed from any Servicing Advances made in connection
with the force placement of such insurance coverage (unless the circumstances
giving rise to such forced placement of such insurance coverage have otherwise
been cured and the Master Servicer has been reimbursed for any Servicing
Advances made in connection with the forced placement of such insurance
coverage); or

          (h) the Master Servicer shall have received notice of the commencement
of foreclosure or similar proceedings with respect to the related Mortgaged
Property;

provided, however, a Companion Loan shall be deemed to be a Specially Serviced
Mortgage Loan if the related Co-Lender Loan becomes a Specially Serviced
Mortgage Loan and a Co-Lender Loan shall be deemed to be a Specially Serviced
Mortgage Loan if the related Companion Loan becomes a Specially Serviced
Mortgage Loan; provided, further, however, a Mortgage Loan or Companion Loan
will cease to be a Specially Serviced Mortgage Loan:

               (i) with respect to the circumstances described in clause
          (a) above, when the related Mortgagor has made three consecutive full
          and timely Periodic Payments under the terms of such Mortgage Loan or
          Companion Loan (as such terms may be changed or modified in connection
          with a bankruptcy or similar proceeding involving the related
          Mortgagor or by reason of a modification, waiver or amendment granted
          or agreed to by the Special Servicer pursuant to Section 3.20);

               (ii) with respect to the circumstances described in clauses (b),
          (d), (e) and (f) above, when such circumstances cease to exist in the
          good faith reasonable judgment of the Special Servicer and in
          accordance with the Servicing Standard, but, with respect to any
          bankruptcy or insolvency proceedings described in clauses (d), (e) and
          (f), no later than the entry of an order or decree dismissing such
          proceeding;

               (iii) with respect to the circumstances described in clause
          (c) and (g) above, when such default is cured; and

               (iv) with respect to the circumstances described in clause
          (h) above, when such proceedings are terminated;

so long as at that time no circumstance identified in clauses (a) through
(h) above exists that would cause the Mortgage Loan (or, with respect to a
Co-Lender Loan, the related Companion Loan, or, with respect to a Companion
Loan, the related Co-Lender Loan) to continue to be characterized as a Specially
Serviced Mortgage Loan; provided no additional default is foreseeable in the
reasonable good faith judgment of the Special Servicer.

          "Startup Day": With respect to each of REMIC I and REMIC II, the day
designated as such in Section 10.01(c).

          "State and Local Taxes": Taxes imposed by the States of New York,
Minnesota and North Carolina and by any other state or local taxing authorities;
provided that such states and such other state and local taxing authorities, by
notice to the Trustee, assert jurisdiction over the Trust Fund or any portion
thereof, or which, according to an Opinion of Counsel addressed to the Trustee,
have such jurisdiction.

          "Stated Maturity Date": With respect to any Mortgage Loan, the Due
Date specified in the Mortgage Note (as in effect on the Closing Date) on which
the last payment of principal is due and payable under the terms of the Mortgage
Note (as in effect on the Closing Date), without regard to any change in or
modification of such terms in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to
Section 3.20 and, in the case of an ARD Loan, without regard to its Anticipated
Repayment Date.

          "Stated Principal Balance": With respect to any Mortgage Loan, as of
any date of determination, an amount (which amount shall not be less than zero)
equal to (x) the Cut-Off Date Balance of such Mortgage Loan (or, in the case of
a Qualified Substitute Mortgage Loan, the unpaid principal balance after
application of all principal payments due on or before the related date of
substitution, whether or not received), plus (y) any Mortgage Deferred Interest
added to the principal balance of such Mortgage Loan on or before the end of the
immediately preceding Collection Period minus (z) the sum of:

               (i) the principal portion of each Periodic Payment due on such
          Mortgage Loan after the Cut-Off Date or the related date of
          substitution, as the case may be, to the extent received from the
          Mortgagor or advanced by the 2006-C26 Master Servicer, the Master
          Servicer or the Trustee and distributed to Certificateholders on or
          before such date of determination;

               (ii) all Principal Prepayments received with respect to such
          Mortgage Loan after the Cut-Off Date or the related date of
          substitution, as the case may be, to the extent distributed to
          Certificateholders on or before such date of determination;

               (iii) the principal portion of all Insurance Proceeds and
          Liquidation Proceeds received with respect to such Mortgage Loan after
          the Cut-Off Date or the related date of substitution, as the case may
          be, to the extent distributed to Certificateholders on or before such
          date of determination;

               (iv) the principal portion of any Realized Loss incurred in
          respect of such Mortgage Loan during the related Collection Period;
          and

               (v) any amount of reduction in the outstanding principal balance
          of such Mortgage Loan resulting from a Deficient Valuation that
          occurred prior to the end of the Collection Period for the most recent
          Distribution Date.

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

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

                    (B) the principal portion of all Insurance Proceeds,
               Liquidation Proceeds and REO Revenues received with respect to
               such REO Loan, to the extent distributed to Certificateholders on
               or before such date of determination.

          A Mortgage Loan or an REO Loan shall be deemed to be part of the Trust
Fund and to have an outstanding Stated Principal Balance until the Distribution
Date on which the payments or other proceeds, if any, received in connection
with a Liquidation Event in respect thereof are to be (or, if no such payments
or other proceeds are received in connection with such Liquidation Event, would
have been) distributed to Certificateholders. In addition, to the extent that
principal from general collections is used to reimburse Nonrecoverable Advances
pursuant to Sections 3.05(a)(vii) and (viii) or Workout Delayed Reimbursement
Amounts pursuant to Sections 3.05(a)(vii) and (viii) (which are only
reimbursable from principal collections on the Mortgage Pool as set forth in
this Agreement) and such amount has not been included as part of the Principal
Distribution Amount, such amount shall nevertheless be deemed to be part of the
Principal Distribution Amount for purposes of clauses (i), (ii) and (iii) above.
Notwithstanding the foregoing, if any Mortgage Loan is paid in full, liquidated
or otherwise removed from the Trust Fund, commencing as of the first
Distribution Date following the Collection Period during which such event
occurred, the Stated Principal Balance of such Mortgage Loan will be zero.

          With respect to any Companion Loan on any date of determination, the
Stated Principal Balance shall equal the unpaid principal balance of such
Companion Loan.

          "Subcontractor": Any third-party or affiliated vendor, subcontractor
or other Person utilized by a Servicer, a Sub-Servicer, the Trustee or the
Custodian, as applicable, that is not responsible for the overall servicing (as
"servicing" is commonly understood by participants in the commercial
mortgage-backed securities market) of Mortgage Loans but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to
Mortgage Loans.

          "Subordinate Companion Holder": The holders of any of the Subordinate
Companion Loans.

          "Subordinate Companion Loan": Each of the One Financial Place
Subordinate Companion Loan, the Prime Outlets Pool II Subordinate Companion
Loan, the 500-512 Seventh Avenue Subordinate Companion Loan, the AIM Investments
Corporate Campus Subordinate Companion Loans, the Acacia Park Apartments
Subordinate Companion Loan and the Lakeridge Apartments Subordinate Companion
Loan, individually or collectively, as the context may require.

          "Subordinated Certificate": Any Class A-M, Class A-J, Class B,
Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L,
Class M, Class N, Class O, Class P, Class Q, Class Z, Class R-I or Class R-II
Certificate.

          "Sub-Servicer": Any Person with which the Master Servicer, the Special
Servicer or an Additional Servicer has entered into a Sub-Servicing Agreement
for the performance (whether directly or through Sub-Servicers or
Subcontractors) of a substantial portion of the material servicing functions
required to be performed by the Master Servicer or the Special Servicer under
this Agreement or by an Additional Servicer under a servicing agreement, with
respect to some or all of the Mortgage Loans, that are identified in Item
1122(d) of Regulation AB.

          "Sub-Servicing Agreement": The written contract between the Master
Servicer or the Special Servicer, on the one hand, and any Sub-Servicer, on the
other hand, relating to servicing and administration of Mortgage Loans as
provided in Section 3.22.

          "Substitution Shortfall Amount": With respect to a substitution
pursuant to Section 2.03(a) hereof, an amount equal to the excess, if any, of
the Purchase Price of the Mortgage Loan being replaced calculated as of the date
of substitution over the Stated Principal Balance of the related Qualified
Substitute Mortgage Loan as of the date of substitution. In the event that one
or more Qualified Substitute Mortgage Loans are substituted (at the same time)
for one or more deleted Mortgage Loans, the Substitution Shortfall Amount shall
be determined as provided in the preceding sentence on the basis of the
aggregate Purchase Prices of the Mortgage Loan or Mortgage Loans being replaced
and the aggregate Stated Principal Balances of the related Qualified Substitute
Mortgage Loan or Mortgage Loans.

          "Successful Bidder": As defined in Section 7.01(c).

          "Tax Matters Person": With respect to each of REMIC I and REMIC II,
the Person designated as the "tax matters person" of such REMIC in the manner
provided under Treasury Regulations Section 1.860F-4(d) and Temporary Treasury
Regulations Section 301.6231(a)(7) 1T, which Person shall be the applicable
Plurality Residual Certificateholder.

          "Tax Returns": The federal income tax returns on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of REMIC I and REMIC II due to its classification as a
REMIC under the REMIC Provisions, and the federal income tax return to be filed
on behalf of the Additional Interest Grantor Trust due to its classification as
a grantor trust under the Grantor Trust Provisions, together with any and all
other information, reports or returns that may be required to be furnished to
the Certificateholders or filed with the Internal Revenue Service under any
applicable provisions of federal tax law or any other governmental taxing
authority under applicable State and Local Tax laws.

          "Tenants-in-Common Loan": Those certain Mortgage Loans which are
identified on Exhibit Z hereto for which the related Mortgagors own the related
Mortgaged Property as tenants-in-common and the related Mortgagor is subject to
further syndication.

          "Time of Sale": As defined in that certain Underwriting Agreement,
dated as of August 10, 2006, among Wachovia Commercial Mortgage Securities,
Inc., Wachovia Bank, National Association, Wachovia Capital Markets, LLC, Nomura
Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc.

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

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

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

          "Trust-Related Litigation": As defined in Section 3.30.

          "Trust Fund": Collectively, (i) all of the assets of each of REMIC I
and REMIC II and (ii) the Additional Interest Grantor Trust Assets.

          "Trustee": Wells Fargo Bank, N.A., its successor in interest, or any
successor trustee appointed as herein provided.

          "Trustee Fee": With respect to each Mortgage Loan and REO Loan for any
Distribution Date, an amount equal to one month's interest for the most recently
ended calendar month (calculated on a 30/360 Basis), accrued at the Trustee Fee
Rate on the Stated Principal Balance of such Mortgage Loan or REO Loan, as the
case may be, outstanding immediately following the prior Distribution Date (or,
in the case of the initial Distribution Date, as of the Closing Date).

          "Trustee Fee Rate": 0.0007% per annum.

          "UCC": The Uniform Commercial Code in effect in the applicable
jurisdiction.

          "UCC Financing Statement": A financing statement executed and filed
pursuant to the Uniform Commercial Code, as in effect in any relevant
jurisdiction.

          "Underwriter": Each of Wachovia Capital Markets, LLC, Nomura
Securities International, Inc., Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, Goldman, Sachs & Co. and LaSalle Financial Services, Inc.,
or, in each case, its successor in interest.

          "United States Person": A citizen or resident of the United States, a
corporation or partnership (including an entity treated as a corporation or
partnership for federal income tax purposes) created or organized in, or under
the laws of, the United States, any State thereof or the District of Columbia
unless in the case of a partnership, Treasury Regulations are adopted that
provide otherwise, an estate whose income is includable in gross income for
United States federal income tax purposes regardless of its source or a trust if
a court within the United States is able to exercise primary supervision over
the administration of the trust, and one or more United States Persons have the
authority to control all substantial decisions of the trust, all within the
meaning of Section 7701(a)(30) of the Code (or, to the extent provided in
applicable Treasury regulations, certain trusts in existence on August 20, 1996,
that are eligible to elect to be treated as United States Persons).

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

          "Unrestricted Servicer Reports": Each of the CMSA Delinquent Loan
Status Report, CMSA Historical Loan Modification and Corrected Mortgage Loan
Report, CMSA Loan Level Reserve/LOC Report, CMSA REO Status Report and the CMSA
Advance Recovery Report.

          "Voting Rights": The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. At all times during the term
of this Agreement, 100% of the Voting Rights shall be allocated among the
Holders of the Regular Certificates. Ninety-six percent (96%) of the Voting
Rights shall be allocated among the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P
and Class Q Certificates in proportion to the respective Class Principal
Balances of their Certificates (which proportion shall be calculated as equal to
the product of 96% and a fraction, the numerator of which is equal to the
aggregate Certificate Balance of the related Class of Certificates (adjusted as
provided in the immediately succeeding provisos) and the denominator of which is
equal to the aggregate Certificate Balances of all Classes of Certificates
referenced above, determined as of the Distribution Date immediately preceding
such time); provided that, solely for the purpose of determining the Voting
Rights of the Classes of Sequential Pay Certificates, the aggregate Appraisal
Reduction Amount (determined as set forth herein) shall be treated as Realized
Losses with respect to the calculation of the Certificate Principal Balances
thereof; provided, further, however, the aggregate Appraisal Reduction Amount
shall not reduce the Class Principal Balance of any Class for purposes of
determining the Controlling Class, the Controlling Class Representative or the
Majority Subordinate Certificateholder. Four percent (4%) in the aggregate of
the Voting Rights shall be allocated to the Class X Certificates (allocated, pro
rata, between the Class X-C and Class X-P Certificates based upon their Notional
Amounts). The Class Z Certificates and the Residual Certificates shall have no
voting rights. Voting Rights allocated to a Class of Certificateholders shall be
allocated among such Certificateholders in standard proportion to the Percentage
Interests evidenced by their respective Certificates. In addition, if either the
Master Servicer or the Special Servicer is the holder of any Certificate,
neither of the Master Servicer or Special Servicer, in its capacity as a
Certificateholder, shall have Voting Rights with respect to matters concerning
compensation affecting the Master Servicer or the Special Servicer.

          "Wachovia": Wachovia Bank, National Association, or its successor in
interest.

          "Wachovia Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of August 1, 2006 between the Depositor and
Wachovia and relating to the transfer of the Wachovia Mortgage Loans to the
Depositor.

          "Wachovia Mortgage Loans": Each of the Mortgage Loans transferred and
assigned to the Depositor pursuant to the Wachovia Mortgage Loan Purchase
Agreement.

          "Weighted Average Net Mortgage Rate": With respect to any Distribution
Date, the rate per annum equal to the weighted average, expressed as a
percentage and rounded to six decimal places, of the respective Net Mortgage
Rates applicable to the Mortgage Loans as of the first day of the related
Collection Period, weighted on the basis of their respective Stated Principal
Balances immediately following the preceding Distribution Date.

          "Whole Loan": Collectively, each Co-Lender Loan and its related
Companion Loans.

          "Workout-Delayed Reimbursement Amounts": With respect to any Mortgage
Loan, the amount of any Advance made with respect to such Mortgage Loan on or
before the date such Mortgage Loan becomes (or, but for the making of three
Monthly Payments under its modified terms, would then constitute) a Corrected
Mortgage Loan (or, with respect to the 2006-C26 Serviced Mortgage Loan, a
"corrected mortgage loan" under the 2006-C26 Pooling and Servicing Agreement),
together with (to the extent accrued and unpaid) interest on such Advances, to
the extent that (i) such Advance (and any interest thereon) is not reimbursed to
the Person who made such Advance on or before the date, if any, on which such
Mortgage Loan becomes a Corrected Mortgage Loan (or, with respect to the
2006-C26 Serviced Mortgage Loan, a "corrected mortgage loan" under the 2006-C26
Pooling and Servicing Agreement) and (ii) the amount of such Advance (and any
interest thereon) becomes an obligation of the Mortgagor to pay such amount over
a period of time rather than immediately or on the next Due Date under the terms
of the modified loan documents.

          "Workout Fee": With respect to each Corrected Mortgage Loan, the fee
designated as such and payable to the Special Servicer pursuant to the second
paragraph of Section 3.11(c).

          "Workout Fee Rate": With respect to each Corrected Mortgage Loan,
1.00%.

          "Yield Maintenance Charge": Payments paid or payable, as the context
requires, on a Mortgage Loan as the result of a Principal Prepayment thereon,
not otherwise due thereon in respect of principal or interest, which have been
calculated (based on Scheduled Payments on such Mortgage Loan) to compensate the
holder for reinvestment losses based on the value of an interest rate index at
or near the time of prepayment. Any other prepayment premiums, penalties and
fees not so calculated will not be considered "Yield Maintenance Charges." In
the event that a Yield Maintenance Charge shall become due for any particular
Mortgage Loan, the Master Servicer shall be required to follow the terms and
provisions contained in the applicable Mortgage Note; provided, however, in the
event the particular Mortgage Note shall not specify the U.S. Treasuries which
shall be used in determining the discount rate or the reinvestment yield to be
applied in such calculation, the Master Servicer shall be required to use those
U.S. Treasuries having maturity dates most closely approximating the maturity of
such Mortgage Loan. Accordingly if either no U.S. Treasury issue, or more than
one U.S. Treasury issue, shall coincide with the term over which the Yield
Maintenance Charge shall be calculated (which depending on the applicable
Mortgage Note is based on the remaining average life of the Mortgage Loan or the
actual term remaining through the Maturity Date), the Master Servicer shall use
the U.S. Treasury whose reinvestment yield is the lowest, with such yield being
based on the bid price for such issue as published in The Wall Street Journal on
the date that is fourteen (14) days prior to the date that the Yield Maintenance
Charge shall become due and payable (or, if such bid price is not published on
that date, the next preceding date on which such bid price is so published) and
converted to a monthly compounded nominal yield. The monthly compounded nominal
yield ("MEY") is derived from the reinvestment yield or discount rate and shall
be defined as MEY = (12X {(1+"BEY"/2)^1/6}-1) where BEY is defined as the U.S.
Treasury Reinvestment Yield which is in decimal form and not in percentage, and
1/6 is the exponential power to which a portion of the equation is raised. For
example, using a BEY of 5.50%, the MEY = (12 X {(1+ 0.055/2)^0.16667}-1) where
0.055 is the decimal version of the percentage 5.5% and 0.16667 is the decimal
version of the exponential power. The MEY in the above calculation is 5.44%.

                                   ARTICLE II

                  CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS
                AND WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01 Conveyance of Mortgage Loans.

          (a) The Depositor, concurrently with the execution and delivery
hereof, does hereby assign, sell, transfer, set over and otherwise convey to the
Trustee, in trust, without recourse, for the benefit of the Certificateholders
(and for the benefit of the other parties to this Agreement as their respective
interests may appear) all the right, title and interest of the Depositor, in, to
and under (i) the Mortgage Loans and all documents included in the related
Mortgage Files and Servicing Files, (ii) the rights of the Depositor under
Sections 2, 3, 9, 10, 11, 12, 13, 14, 16, 17, 18 and 19 of each of the Mortgage
Loan Purchase Agreements, and (iii) all other assets included or to be included
in the Trust Fund. Such assignment includes all interest and principal received
or receivable on or with respect to the Mortgage Loans and due after the Cut-Off
Date. The transfer of the Mortgage Loans and the related rights and property
accomplished hereby is absolute and, notwithstanding Section 11.07, is intended
by the parties to constitute a sale.

          (b) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above the Depositor shall direct, and hereby represents and
warrants that it has directed, each Mortgage Loan Seller pursuant to the
applicable Mortgage Loan Purchase Agreement, to deliver to and deposit with, or
cause to be delivered to and deposited with, the Trustee or a Custodian
appointed thereby (with a copy to the Master Servicer and Special Servicer), on
or before the Closing Date, the Mortgage File for each Mortgage Loan so assigned
and the Servicing File to the Master Servicer. The Special Servicer may request
the Master Servicer to deliver a copy of the Servicing File for any Mortgage
Loan (other than a Specially Serviced Mortgage Loan, which will not be at the
expense of the Special Servicer) at the expense of the Special Servicer. None of
the Trustee, any Custodian, the Master Servicer or the Special Servicer shall be
liable for any failure by any Mortgage Loan Seller or the Depositor to comply
with the document delivery requirements of the applicable Mortgage Loan Purchase
Agreement and this Section 2.01(b).

          (c) If any Mortgage Loan Seller cannot deliver, or cause to be
delivered, on the Closing Date, as to any Mortgage Loan, any of the documents
and/or instruments referred to in clauses (ii), (iii), (vi) (if recorded) and
(viii) of the definition of "Mortgage File" (or, with respect to the 2006-C26
Serviced Mortgage Loan, a photocopy thereof), with evidence of recording
thereon, solely because of a delay caused by the public recording office where
such document or instrument has been delivered for recordation, the delivery
requirements of the related Mortgage Loan Purchase Agreement and
Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered
document or instrument, and such non-delivered document or instrument shall be
deemed to have been included in the Mortgage File; provided that a photocopy of
such non-delivered document or instrument (certified by the applicable Mortgage
Loan Seller to be a true and complete copy of the original thereof submitted for
recording) is delivered to the Trustee or a Custodian appointed thereby on or
before the Closing Date, and either the original of such non-delivered document
or instrument, or a photocopy thereof, with evidence of recording thereon, is
delivered to the Trustee or such Custodian within 120 days of the Closing Date
(or within such longer period after the Closing Date as the Trustee may consent
to, which consent shall not be unreasonably withheld so long as the applicable
Mortgage Loan Seller is, in good faith, attempting to obtain from the
appropriate county recorder's office such original or photocopy). If the
applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to
any Mortgage Loan, any of the documents and/or instruments referred to in
clauses (ii), (iii), (vi) (if recorded) and (viii) of the definition of
"Mortgage File" (or, with respect to the 2006-C26 Serviced Mortgage Loan, a
photocopy thereof), with evidence of recording thereon, for any other reason,
including, without limitation, that such non-delivered document or instrument
has been lost, the delivery requirements of the applicable Mortgage Loan
Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as
to such non-delivered document or instrument and such non-delivered document or
instrument shall be deemed to have been included in the Mortgage File; provided
that a photocopy of such non-delivered document or instrument (with evidence of
recording thereon) is delivered to the Trustee or a Custodian appointed thereby
on or before the Closing Date.

          If, on the Closing Date as to any Mortgage Loan, the applicable
Mortgage Loan Seller does not deliver in complete and recordable form any one of
the assignments in favor of the Trustee referred to in clause (iv) or (v) of the
definition of "Mortgage File" (or, with respect to the 2006-C26 Serviced
Mortgage Loan, a photocopy thereof), the applicable Mortgage Loan Seller may
provisionally satisfy the delivery requirements of the related Mortgage Loan
Purchase Agreement and Section 2.01(b) by delivering with respect to such
Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan;
provided that all required original assignments with respect to such Mortgage
Loan in fully complete and recordable form shall be delivered to the Trustee or
its Custodian within 120 days of the Closing Date (or within such longer period
as the Trustee in its discretion may permit).

          (d) The Trustee shall, for a fee paid to the Trustee by the Depositor
on the Closing Date as to each Mortgage Loan (other than the 2006-C26 Serviced
Mortgage Loan), promptly (and in any event within 90 days following the latest
of (i) the Closing Date, (ii) the delivery of all assignments and UCC Financing
Statements to the Trustee and (iii) the date on which the Trustee receives, with
respect to the original recorded or filed documents relating to such assignments
and UCC Financing Statements, all necessary recording and filing information
required for the recording or filing of such assignments and UCC Financing
Statements) cause to be submitted for recording or filing, as the case may be,
in the appropriate public office for real property records or UCC Financing
Statements, as appropriate and to the extent timely delivered to the Trustee in
final, recordable form, each assignment of Mortgage, assignment of Assignment of
Leases and any other recordable documents (to the extent the Trustee has actual
knowledge that such documents are to be recorded) relating to each such Mortgage
Loan, in favor of the Trustee referred to in clause (iv)(a), (b) and (c),
respectively, of the definition of "Mortgage File" and each UCC-2 and UCC-3
assignment in favor of the Trustee and so delivered to the Trustee and referred
to in clause (viii) of the definition of "Mortgage File." The applicable
Mortgage Loan Seller shall reimburse the Trustee for all reasonable costs and
expenses incurred for recording any documents described in clause (iv)(c) of the
definition of "Mortgage File." Each such assignment, UCC-2 and UCC-3 shall
reflect that the recorded original should be returned by the public recording
office to the Trustee or its designee following recording, and each such UCC-2
and UCC-3 assignment shall reflect that the file copy thereof should be returned
to the Trustee or its designee following filing; provided that in those
instances where the public recording office retains the original assignment of
Mortgage or assignment of Assignment of Leases, the Trustee shall obtain
therefrom a certified copy of the recorded original, at the expense of the
Depositor. If any such document or instrument is lost or returned unrecorded or
unfiled, as the case may be, because of a defect therein, the Trustee shall
direct the related Mortgage Loan Seller pursuant to the applicable Mortgage Loan
Purchase Agreement to promptly prepare or cause to be prepared a substitute
therefor or cure such defect, as the case may be, and thereafter the Trustee
shall upon receipt thereof cause the same to be duly recorded or filed, as
appropriate. Upon request, the Trustee shall forward to the Master Servicer a
copy of each of the aforementioned recorded assignments following the Trustee's
receipt thereof, to the extent not previously provided.

          (e) All documents and records in the Servicing File in possession of
the Depositor or the Mortgage Loan Sellers (except attorney client privileged
communications, draft documents and any documents or materials prepared by the
Mortgage Loan Sellers or their Affiliates for internal uses, including, without
limitation, internal correspondence and credit analysis of the Mortgage Loan
Sellers) that relate to the Mortgage Loans (other than the 2006-C26 Serviced
Mortgage Loan) and that are not required to be a part of a Mortgage File in
accordance with the definition thereof (including any original letters of
credit), together with all Escrow Payments and Reserve Accounts in the
possession thereof, shall be delivered to the Master Servicer or such other
Person as may be directed by the Master Servicer (at the expense of the
applicable Mortgage Loan Seller) on or before the Closing Date and shall be held
by the Master Servicer on behalf of the Trustee in trust for the benefit of the
Certificateholders; provided, however, the Master Servicer shall have no
responsibility for holding documents created or maintained by the Special
Servicer hereunder and not delivered to the Master Servicer.

          (f) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above, the Depositor shall deliver to the Custodian and the
Master Servicer on or before the Closing Date and hereby represents and warrants
that it has delivered a copy of a fully executed counterpart of each Mortgage
Loan Purchase Agreement, as in full force and effect on the Closing Date.

          Section 2.02 Acceptance of the Trust Fund by Trustee.

          (a) The Trustee, by its execution and delivery of this Agreement,
acknowledges receipt of the Depositor's assignment to it of the Depositor's
right, title and interest in the assets that constitute the Trust Fund, and
further acknowledges receipt by it or a Custodian on its behalf, subject to the
provisos in the definition of "Mortgage File" and the provisions of Section 2.01
and subject to the further limitations on review provided for in
Section 2.02(b) and the exceptions noted on the schedule of exceptions of
(i) the Mortgage File delivered to it for each Mortgage Loan and (ii) a copy of
a fully executed counterpart of each Mortgage Loan Purchase Agreement, all in
good faith and without notice of any adverse claim, and declares that it or a
Custodian on its behalf holds and will hold such documents and the other
documents received by it that constitute portions of the Mortgage Files, and
that it holds and will hold the Mortgage Loans and other assets included in the
Trust Fund, in trust for the exclusive use and benefit of all present and future
Certificateholders and, with respect to any original document in the Mortgage
File for a Loan Pair, any present or future Companion Holders. The Trustee
hereby certifies to each of the Depositor, the Master Servicer, the Special
Servicer and each Mortgage Loan Seller that, except as identified in the
schedule of exceptions, which is attached hereto as Exhibit C-1 without regard
to the proviso in the definition of "Mortgage File," each of the original
executed Mortgage Notes (or lost note affidavit), the Mortgage (or an executed
copy thereof), the lender's title policy (original or copy or marked-up title
commitment marked as binding and countersigned by the title company or its
authorized agent or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company), a
copy of any related Ground Leases, the original (or copy if the original has
been delivered to the Master Servicer) of any related letters of credit (and the
related transfer or assignment documents, if applicable), as described in
clauses (i), (ii), (vii), (ix)(A) and (xii), respectively, of the definition of
Mortgage File are in its possession.

          With respect to the schedule of exceptions described in the preceding
paragraph, within 15 Business Days (or, in the Controlling Class
Representative's reasonable discretion, 30 Business Days) of the Closing Date,
with respect to the documents specified in clauses (i), (ii), (vii),
(ix) (solely with respect to Ground Leases) and (xii) of the definition of
Mortgage File, the related Mortgage Loan Seller shall cure any material
exception listed therein (for the avoidance of doubt, any deficiencies with
respect to the documents specified in clause (ii) resulting solely from a delay
in the return of the related documents from the applicable recording office,
shall be cured in the time and manner described in Section 2.01(c)). If such
exception is not so cured, the related Mortgage Loan Seller shall either (1)
repurchase the related Mortgage Loan, (2) with respect to exceptions relating to
clause (xii) of the definition of "Mortgage File", deposit with the Paying Agent
(who shall promptly notify the Master Servicer thereof) an amount, to be held in
a Special Reserve Account, equal to the amount of the undelivered letter of
credit (in the alternative, the related Mortgage Loan Seller may deliver to the
Paying Agent, with a certified copy to the Master Servicer and Trustee, a letter
of credit for the benefit of the Master Servicer on behalf of the Trustee and
upon the same terms and conditions as the undelivered letter of credit) which
the Master Servicer on behalf of the Trustee may use (or draw upon, as the case
may be) under the same circumstances and conditions as the Master Servicer would
have been entitled to draw on the undelivered letter of credit, or (3) with
respect to any exceptions relating to clauses (i), (ii) and (vii), deposit with
the Paying Agent on behalf of the Trustee an amount, to be held in trust in a
Special Reserve Account, equal to 25% of the Stated Principal Balance of the
related Mortgage Loan. Any letter of credit or funds deposited pursuant to
clauses (2) and (3) shall be held pursuant to the related Mortgage Loan Purchase
Agreement by the Paying Agent until the earlier of (x) the date on which the
Master Servicer certifies to the Trustee and the Controlling Class
Representative that such exception has been cured (or the Trustee certifies the
same to the Controlling Class Representative), at which time such funds or
letter of credit, as applicable, shall be returned to the related Mortgage Loan
Seller and (y) 30 Business Days or, if the Controlling Class Representative
extends the cure period, 45 Business Days after the Closing Date; provided,
however, if such exception is not cured within such 30 Business Days or 45
Business Days, as the case may be, (A) in the case of clause (2), the Paying
Agent shall retain such funds on deposit in the related Special Reserve Account,
or (B) in the case of clause (3), the related Mortgage Loan Seller shall
repurchase the related Mortgage Loan in accordance with the terms and conditions
of Section 2.03(b) or the related Mortgage Loan Purchase Agreement, at which
time such funds shall be applied to the Purchase Price of the related Mortgage
Loan.

          (b) In addition, within 90 days after the Closing Date (and if any
exceptions are noted, a schedule of exceptions again every 90 days thereafter
until the second anniversary of the Closing Date, and a schedule of exceptions
every 180 days thereafter until the fifth anniversary of the Closing Date, and
thereafter upon request by any party hereto, any Mortgage Loan Seller or the
Majority Subordinate Certificateholder), the Trustee or the Custodian on its
behalf will review the Mortgage Files and certify (in a certificate
substantially in the form of Exhibit C-2) to each of the Depositor, the Master
Servicer, the Special Servicer and each Mortgage Loan Seller (with copies to the
Majority Subordinate Certificateholder) that, with respect to each Mortgage Loan
(and with respect to the 2006-C26 Serviced Mortgage Loan and the related
Companion Loans, only those items required pursuant to the definition of
"Mortgage File") listed in the Mortgage Loan Schedule, except as specifically
identified in the schedule of exceptions annexed thereto, (i) without regard to
the proviso in the definition of "Mortgage File," all documents specified in
clauses (i), (ii), (iv)(a), (v) and (vii), and to the extent provided in the
related Mortgage File and actually known by a Responsible Officer of the Trustee
to be required, clauses (iii), (iv)(b), (iv)(c), (vi), (viii), (ix)(A) and
(xii) of the definition of "Mortgage File" are in its possession, (ii) all
documents delivered or caused to be delivered by the applicable Mortgage Loan
Seller constituting the related Mortgage File have been reviewed by it and
appear regular on their face and appear to relate to such Mortgage Loan,
(iii) based on such examination and only as to the foregoing documents, the
information set forth in the Mortgage Loan Schedule for such Mortgage Loan with
respect to the items specified in clauses (v) and (vi)(C) of the definition of
"Mortgage Loan Schedule" is correct and (iv) solely with respect to the
Companion Loans, all documents specified in clause (xvi) of the definition of
Mortgage File are in its possession. Further, with respect to the documents
described in clause (viii) of the definition of Mortgage File, the Trustee may
assume, for purposes of the certification delivered in this Section 2.02(b) and
for purposes of determining (subject to the proviso at the end of this sentence)
where to file UCC Financing Statements, that the related Mortgage File should
include one state level UCC Financing Statement filing in the state of
incorporation of the Mortgagor for each Mortgaged Property (or with respect to
any Mortgage Loan that has two or more Mortgagors, for each Mortgagor);
provided, however, to the extent the Trustee has actual knowledge or is notified
of any fixture or real property UCC Financing Statements filed in the county of
the state where the related Mortgaged Property is located, the Trustee shall
file an assignment to the Trust Fund with respect to such UCC Financing
Statements in the appropriate jurisdiction under the UCC at the expense of the
related Mortgage Loan Seller. The UCC Financing Statements to be assigned to the
Trust Fund pursuant to Section 2.01(d) will be delivered by the related Mortgage
Loan Seller to the Trustee on the new national forms, in recordable form and
completed pursuant to Revised Article IX of the UCC. The Trustee will submit
such UCC Financing Statements for filing in the state of incorporation of the
related Mortgagor as so indicated on the documents provided.

          (c) None of the Trustee, the Master Servicer, the Special Servicer or
any Custodian is under any duty or obligation to inspect, review or examine any
of the documents, instruments, certificates or other papers relating to the
Mortgage Loans delivered to it to determine that the same are valid, legal,
effective, genuine, enforceable, in recordable form, sufficient or appropriate
for the represented purpose or that they are other than what they purport to be
on their face.

          (d) The Trustee may establish a Special Reserve Account which shall be
an Eligible Account, and the Trustee or its designee shall deposit any amount
required to be deposited in a Special Reserve Account within 1 Business Day of
receipt. The related Mortgage Loan Seller may direct the Trustee to invest or
cause the investment of the funds deposited in the Special Reserve Account in
Permitted Investments that bear interest or are sold at a discount and that
mature, unless payable on demand, no later than the Business Day prior to the
next P&I Advance Date. The Trustee shall act upon the written instructions of
the related Mortgage Loan Seller with respect to the investment of the funds in
the Special Reserve Account in such Permitted Investments; provided that in the
absence of appropriate and timely written instructions from the related Mortgage
Loan Seller, the Trustee shall not have any obligation to invest or direct the
investment funds in such Special Reserve Account. All income and gain realized
from the investment of funds deposited in such Special Reserve Account shall be
for the benefit of the related Mortgage Loan Seller and shall be withdrawn by
the Trustee or its designees and remitted to the related Mortgage Loan Seller on
each P&I Advance Date (net of any losses incurred), and the related Mortgage
Loan Seller shall remit to the Trustee from the related Mortgage Loan Seller's
own funds for deposit into such Special Reserve Account the amount of any Net
Investment Loss (net of Net Investment Earnings) in respect of such Permitted
Investments immediately upon realization of such Net Investment Losses and
receipt of written notice thereof from the Trustee; provided that the related
Mortgage Loan Seller shall not be required to deposit any loss on an investment
of funds in the Special Reserve Account if such loss is incurred solely as a
result of the insolvency of the federal or state chartered depository
institution or trust company that holds such Special Reserve Account; provided
that such depository institution is not the same entity as such Mortgage Loan
Seller. The Special Reserve Account shall be considered an "outside reserve
fund" within the meaning of the REMIC Provisions, and such Special Reserve
Account (or any reimbursement from REMIC I or REMIC II with respect thereto)
will be beneficially owned by the related Mortgage Loan Seller, who shall be
taxable on all income, if any, with respect thereto.

          (e) With respect to exceptions related to clause (xii) of the
definition of "Mortgage File" and any cash or substitute letters of credit held
by the Trustee in the Special Reserve Account from time to time, if
circumstances arise in servicing the related Mortgage Loan such that the Master
Servicer or Special Servicer, as the case may be, is entitled to draw upon the
undelivered letter of credit, the Master Servicer or Special Servicer, as the
case may be, shall present an Officer's Certificate to the Trustee requesting
that the cash or substitute letter of credit held in the Special Reserve
Account, be remitted or released, as the case may be, and the Trustee shall
remit such cash or release such substitute letter of credit within 1 Business
Day of receipt of such Officer's Certificate. Upon release of any substitute
letter of credit to the Master Servicer or Special Servicer, the Trustee shall
no longer be responsible for such letter of credit.

          Section 2.03 Mortgage Loan Seller's Repurchase or Substitution of
Mortgage Loans for Document Defects and Breaches of Representations and
Warranties.

          (a) If any party hereto discovers or receives notice that any document
or documents constituting a part of a Mortgage File (including that part
relating to the 2006-C26 Serviced Mortgage Loan being held by the 2006-C26
Trustee) has not been properly executed, is missing (beyond the time period
required for its delivery hereunder), contains information that does not conform
in any material respect with the corresponding information set forth in the
Mortgage Loan Schedule, or does not appear to be regular on its face (each a
"Document Defect"), or discovers or receives notice of a breach of any
representation or warranty relating to any Mortgage Loan set forth in the
applicable Mortgage Loan Purchase Agreement (a "Breach"), the party discovering
such Document Defect or Breach shall give written notice (which notice, in
respect of any obligation of the Trustee to provide notice of a Document Defect,
shall be deemed given by the delivery of the certificate as required by
Section 2.02(a)) to the other parties hereto, to the Majority Subordinate
Certificateholder and to the Rating Agencies of such Document Defect or Breach.
Promptly upon becoming aware of any Document Defect or Breach (including through
such written notice provided by any party hereto or the Majority Subordinate
Certificateholder as provided above), if any party hereto determines that such
Document Defect or Breach materially and adversely affects the value of the
affected Mortgage Loan, the interest of the Trust Fund therein or the interests
of any Certificateholder, such party shall notify the Master Servicer of such
determination and promptly after receipt of such notice, the Master Servicer, or
with respect to a Specially Serviced Mortgage Loan, the Special Servicer, shall
request in writing (with a copy to the other parties hereto, the Majority
Subordinate Certificateholder, the Rating Agencies and the Controlling Class
Representative (if different from the Majority Subordinate Certificateholder))
that the applicable Mortgage Loan Seller, not later than 90 days from receipt of
such written request (or, in the case of a Document Defect or Breach relating to
a Mortgage Loan not being a "qualified mortgage" within the meaning of the REMIC
Provisions, not later than 90 days after any party to this Agreement discovers
such Document Defect or Breach) (i) cure such Document Defect or Breach, as the
case may be, in accordance with Section 3(c) of the applicable Mortgage Loan
Purchase Agreement, (ii) repurchase the affected Mortgage Loan (other than with
respect to the 2006-C26 Serviced Mortgage Loan, for which no substitution shall
be permitted) in accordance with Section 3(c) of the related Mortgage Loan
Purchase Agreement, or (iii) within two years of the Closing Date, substitute a
Qualified Substitute Mortgage Loan (other than with respect to the 2006-C26
Serviced Mortgage Loan, for which no substitution shall be permitted) for such
affected Mortgage Loan and pay the Master Servicer for deposit into the
Certificate Account any Substitution Shortfall Amount in connection therewith in
accordance with Sections 3(c) and 3(d) of the applicable Mortgage Loan Purchase
Agreement; provided, however, if such Document Defect or Breach is capable of
being cured, but not within such 90 day period, such Document Defect or Breach
does not relate to the Mortgage Loan not being treated as a "qualified mortgage"
within the meaning of the REMIC Provisions, and the applicable Mortgage Loan
Seller has commenced and is diligently proceeding with the cure of such Document
Defect or Breach within such 90 day period, the applicable Mortgage Loan Seller
shall have an additional 90 days to complete such cure (or, failing such cure,
to repurchase the related Mortgage Loan); provided, further, with respect to
such additional 90 day period the applicable Mortgage Loan Seller shall have
delivered an Officer's Certificate to the Trustee setting forth what actions the
applicable Mortgage Loan Seller is pursuing in connection with the cure thereof
and stating that the applicable Mortgage Loan Seller anticipates such Document
Defect or Breach will be cured within the additional 90 day period; provided,
further, no Document Defect (other than with respect to a Mortgage Note,
Mortgage, title insurance policy, Ground Lease, any letter of credit, franchise
agreement or any comfort letter and comfort letter transfer documents
(collectively, the "Material Core Documents")) shall be considered to materially
and adversely affect the interests of any Certificateholder, the interest of the
Trust Fund therein or the value of the related Mortgage Loan unless the document
with respect to which the Document 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 obligations; provided, further, with respect to Document Defects which
materially and adversely affect the interest of any Certificateholder, the
interests of the Trust therein or the value of the related Mortgage Loan, other
than with respect to Document Defects relating to the Material Core Documents,
any applicable cure period following the initial 90 day cure period may be
extended by the Master Servicer or the Special Servicer if the document involved
is not needed imminently. Such extension will end upon 30 days notice of such
need as reasonably determined by the Master Servicer or Special Servicer (with a
possible 30 day extension if the Master Servicer or Special Servicer agrees that
the applicable Mortgage Loan Seller is diligently pursuing a cure). Pursuant to
the related Mortgage Loan Purchase Agreement, the related Mortgage Loan Seller
shall cure all Document Defects which materially and adversely affect the
interests of any Certificateholder, the interests of the Trust Fund therein or
the value of the related Mortgage Loan, regardless of the document involved, no
later than two years following the Closing Date; provided, however, the initial
90 day cure period referenced above shall not be reduced. For a period of two
years from the Closing Date, so long as there remains any Mortgage File as to
which there is any uncured Document Defect and so long as the applicable
Mortgage Loan Seller shall provide the Officer's Certificate pursuant to
Section 3(c) of the applicable Mortgage Loan Purchase Agreement, the Trustee
shall on a quarterly basis prepare and deliver to the other parties a written
report as to the status of such uncured Document Defects as provided in this
Section 2.03. If the affected Mortgage Loan is to be repurchased or substituted,
the Master Servicer shall designate the Certificate Account as the account to
which funds in the amount of the Purchase Price or the Substitution Shortfall
Amount, as applicable, are to be wired. Any such repurchase or substitution of a
Mortgage Loan shall be on a whole loan, servicing released basis.

            If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described in the immediately preceding paragraph,
(ii) such Mortgage Loan is a Crossed Loan, and (iii) the applicable Document
Defect or Breach does not constitute a Document 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 Document Defect or Breach, as the case may
be, will be deemed to constitute a Document Defect or Breach, as the case may
be, as to any other Crossed Loan in the Crossed Group for purposes of this
paragraph, and the related Mortgage Loan Seller will be required to repurchase
or substitute for such other Crossed Loan(s) in the related Crossed Group as
provided in the immediately preceding paragraph unless such other Crossed Loans
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 in such Crossed Group satisfy the
aforementioned criteria, the Mortgage Loan Seller may elect either to repurchase
or substitute for only the affected Crossed Loan as to which the related Breach
or Document Defect exists or to repurchase or substitute for all of the Crossed
Loans in the related Crossed Group. Any reserve or other cash collateral or
letters of credit securing the Crossed Loans shall be allocated between such
Mortgage Loans in accordance with the Mortgage Loan documents. All other terms
of the Mortgage Loans shall remain in full force and effect without any
modification thereof.

          With respect to any Crossed Loan, to the extent that the applicable
Mortgage Loan Seller is required to repurchase or substitute for such Mortgage
Loan in the manner prescribed in this Section 2.03(a) while the Trustee
continues to hold any other Crossed Loans in the related Crossed Group, the
applicable Mortgage Loan Seller and the Depositor will, as set forth in the
related Mortgage Loan Purchase Agreement (any expenses incurred by the Trustee
or the Master Servicer in connection with any modification or accommodation
referred to in such Mortgage Loan Purchase Agreement (including but not limited
to reasonable attorney fees) shall be paid by the related Mortgage Loan Seller),
forbear from enforcing any remedies against the other's Primary Collateral but
each will be permitted to exercise remedies against the Primary Collateral
securing its respective Mortgage Loans, including with respect to the Trustee,
the Primary Collateral securing Mortgage Loans still held by the Trustee.

          (b) In connection with any repurchase or substitution of one or more
Mortgage Loans contemplated by this Section 2.03, upon receipt of a Request for
Release (in the form of Exhibit D-1 attached hereto) of a Servicing Officer of
the Master Servicer certifying as to the receipt of the applicable Purchase
Price(s) in the Certificate Account (in the case of any such repurchase) or the
receipt of the applicable Substitution Shortfall Amount(s) in the Certificate
Account and upon the delivery of the Mortgage File(s) and the Servicing File(s)
for the related Qualified Substitute Mortgage Loan(s) to the Custodian and the
Master Servicer, respectively (in the case of any such substitution), (i) the
Trustee shall execute and deliver such endorsements and assignments as are
provided to it, in each case without recourse, representation or warranty, as
shall be necessary to vest in the applicable Mortgage Loan Seller the legal and
beneficial ownership of each repurchased Mortgage Loan or substituted Mortgage
Loan, as applicable, being released pursuant to this Section 2.03, and (ii) the
Trustee, the Custodian, the Master Servicer, and the Special Servicer shall each
tender to the applicable Mortgage Loan Seller, upon delivery to each of them of
a receipt executed by the applicable Mortgage Loan Seller, all portions of the
Mortgage File and other documents pertaining to each such Mortgage Loan
possessed by it and the Master Servicer and the Special Servicer shall release
to the applicable Mortgage Loan Seller any Escrow Payments and Reserve Funds
held by it in respect of such repurchased or substituted Mortgage Loan; provided
that such tender by the Trustee or the Custodian shall be conditioned upon its
receipt from the Master Servicer or the Special Servicer of a Request for
Release. Thereafter, the Trustee, the Custodian, the Master Servicer and the
Special Servicer shall have no further responsibility with regard to the related
repurchased Mortgage Loan(s) or deleted Mortgage Loan(s), as applicable, and the
related Mortgage File(s) and Servicing File(s). The Master Servicer shall, and
is hereby authorized and empowered by the Trustee to, prepare, execute and
deliver in its own name, on behalf of the Certificateholders and the Trustee or
any of them, the endorsements and assignments contemplated by this Section 2.03,
and the Trustee shall execute any powers of attorney that are prepared and
delivered to the Trustee by the Master Servicer and are necessary to permit the
Master Servicer to do so. The Master Servicer shall indemnify the Trustee for
any reasonable costs, fees, liabilities and expenses incurred by the Trustee in
connection with the negligent or willful misuse by the Master Servicer of such
powers of attorney. At the time a substitution is made, the related Mortgage
Loan Purchase Agreement will provide that the Mortgage Loan Seller shall deliver
the related Mortgage File to the Trustee and certify that the substitute
Mortgage Loan is a Qualified Substitute Mortgage Loan.

          (c) No substitution of a Qualified Substitute Mortgage Loan or Loans
may be made in any calendar month after the Determination Date for such month.
Periodic Payments due with respect to any Qualified Substitute Mortgage Loan
after the related date of substitution shall be part of REMIC I. Periodic
Payments due with respect to any Qualified Substitute Mortgage Loan on or prior
to the related date of substitution shall not be part of the Trust Fund or
REMIC I and will (to the extent received by the Master Servicer) be remitted by
the Master Servicer to the applicable Mortgage Loan Seller promptly following
receipt.

          (d) Each Mortgage Loan Purchase Agreement provides the sole remedies
available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Document Defect or Breach with respect to the
Mortgage Loans purchased by the Depositor thereunder.

          (e) The Trustee with the cooperation of the Special Servicer (in the
case of Specially Serviced Mortgage Loans) shall, for the benefit of the
Certificateholders, enforce the obligations of the Mortgage Loan Sellers under
Section 3 of the applicable Mortgage Loan Purchase Agreement. The Trustee shall
include in the immediately succeeding Distribution Date Statement a notification
to the recipients of such Distribution Date Statement of any repurchase or
substitution of a Mortgage Loan required pursuant to the terms of the related
Mortgage Loan Purchase Agreement.

          (f) Notwithstanding the foregoing, if there exists a Breach relating
to whether or not the 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) with respect to matters described in Representations 23 and 43 of
the applicable Mortgage Loan Purchase Agreement, then the Master Servicer shall
(and the Special Servicer may) direct the related Mortgage Loan Seller in
writing to wire transfer to the Certificate Account, within 90 days of such
Mortgage Loan Seller's receipt of such direction, the amount of any such costs
and expenses borne by the Trust Fund that are the basis of such Breach. Upon its
making such deposit, the related Mortgage Loan Seller shall be deemed to have
cured such Breach in all respects. Provided such payment is made in full, this
paragraph describes the sole remedy available to the Certificateholders, the
Master Servicer, the Special Servicer, and the Trustee on their behalf regarding
any such Breach and the related Mortgage Loan Seller shall not be obligated to
repurchase the affected Mortgage Loan on account of such Breach or otherwise
cure such Breach. Amounts deposited in the Certificate Account pursuant to this
paragraph shall be used for the reimbursement or payment of costs related to
such Breach.

          (g) With respect to any Mortgage Loan which has become a Defaulted
Mortgage Loan under this Agreement or with respect to which the related
Mortgaged Property has been foreclosed and which is the subject of a repurchase
claim under the related Mortgage Loan Purchase Agreement, the Special Servicer,
with the consent of the Controlling Class Representative, shall notify the
related Mortgage Loan Seller in writing of its intention to sell such Defaulted
Mortgage Loan or REO Property at least 45 days prior to any such action. The
related Mortgage Loan Seller shall have 10 Business Days to determine whether or
not to consent to such sale. If the related Mortgage Loan Seller consents to
such sale or a court of competent jurisdiction determines that the related
Mortgage Loan Seller was liable under the related Mortgage Loan Purchase
Agreement to repurchase such Defaulted Mortgage Loan or REO Property then such
Mortgage Loan Seller shall be liable for the difference (if any) between the
price of the Mortgage Loan or REO Property as sold and the price which the
related Mortgage Loan Seller would have to pay if it repurchased such Defaulted
Mortgage Loan or REO Property. If the related Mortgage Loan Seller does not
consent to such sale, the Special Servicer shall contract with a Determination
Party as to the merits of such sale. If the related Determination Party
determines that such sale is in accordance with the Servicing Standard and the
provisions of this Agreement with respect to the sale of Defaulted Mortgage
Loans or REO Properties and subsequent to such a sale, a court of competent
jurisdiction determines that related Mortgage Loan Seller was liable under the
related Mortgage Loan Purchase Agreement and required to repurchase such
Defaulted Mortgage Loan or REO Property in accordance with the terms thereof,
then pursuant to the related Mortgage Loan Purchase Agreement, the related
Mortgage Loan Seller shall remit to the Special Servicer an amount equal to the
difference (if any) between the proceeds of the related action and the price at
which the related Mortgage Loan Seller would have been obligated to pay had the
related Mortgage Loan Seller repurchased such Defaulted Mortgage Loan or REO
Property in accordance with the terms of the related Mortgage Loan Purchase
Agreement, including the costs related to contracting with the related
Determination Party. If the related Determination Party determines that the sale
of the related Defaulted Mortgage Loan or REO Property is not in accordance with
the Servicing Standard and the provision of this Agreement with respect to the
sale of Defaulted Mortgage Loans or REO Properties and the Special Servicer
subsequently sells such Mortgage Loan or REO Property, then the related Mortgage
Loan Seller shall not be liable for any such difference (nor any cost of
contracting with the Determination Party). In the event that (a) the Special
Servicer ignores the determination of the Determination Party and sells the
related Defaulted Mortgage Loan or REO Property and/or (b) a court of competent
jurisdiction determines that the related Mortgage Loan Seller is not obligated
to repurchase the related Defaulted Mortgage or REO Property, the costs of
contracting with the Determination Party will constitute an Additional Trust
Fund Expense. If the related Mortgage Loan Seller is required pursuant to the
related Mortgage Loan Purchase Agreement to remit the amounts set forth in this
Section 2.03(g), the Special Servicer shall designate the Certificate Account as
the account to which such funds shall be wired.

          Section 2.04 Representations and Warranties of Depositor.

          (a) The Depositor hereby represents and warrants to the Trustee, for
its own benefit and the benefit of the Certificateholders, and to the Master
Servicer, the Paying Agent and the Special Servicer, as of the Closing Date,
that:

               (i) The Depositor is a corporation duly organized, validly
          existing and in good standing under the laws of the State of North
          Carolina;

               (ii) The execution and delivery of this Agreement by the
          Depositor, and the performance and compliance with the terms of this
          Agreement by the Depositor, will not violate the Depositor's
          certificate of incorporation or bylaws or constitute a default (or an
          event which, with notice or lapse of time, or both, would constitute a
          default) under, or result in the breach of, any material agreement or
          other instrument to which it is a party or which is applicable to it
          or any of its assets;

               (iii) The Depositor has the full power and authority to enter
          into and consummate all transactions contemplated by this Agreement,
          has duly authorized the execution, delivery and performance of this
          Agreement, and has duly executed and delivered this Agreement;

               (iv) This Agreement, assuming due authorization, execution and
          delivery by each of the other parties hereto, constitutes a valid,
          legal and binding obligation of the Depositor, enforceable against the
          Depositor in accordance with the terms hereof, subject to (A)
          applicable bankruptcy, insolvency, reorganization, moratorium and
          other laws affecting the enforcement of creditors' rights generally,
          and (B) general principles of equity, regardless of whether such
          enforcement is considered in a proceeding in equity or at law;

               (v) The Depositor is not in violation of, and its execution and
          delivery of this Agreement and its performance and compliance with the
          terms of this Agreement will not constitute a violation of, any law,
          any order or decree of any court or arbiter, or any order, regulation
          or demand of any federal, state or local governmental or regulatory
          authority, which violation, in the Depositor's good faith and
          reasonable judgment, is likely to affect materially and adversely
          either the ability of the Depositor to perform its obligations under
          this Agreement or the financial condition of the Depositor;

               (vi) The transfer of the Mortgage Loans to the Trustee as
          contemplated herein requires no regulatory approval, other than any
          such approvals as have been obtained, and is not subject to any bulk
          transfer or similar law in effect in any applicable jurisdiction;

               (vii) No litigation is pending or, to the best of the Depositor's
          knowledge, threatened against the Depositor that, if determined
          adversely to the Depositor, would prohibit the Depositor from entering
          into this Agreement or that, in the Depositor's good faith and
          reasonable judgment, is likely to materially and adversely affect
          either the ability of the Depositor to perform its obligations under
          this Agreement or the financial condition of the Depositor;

                (viii) Immediately prior to the transfer of the Mortgage Loans
        to the Trust Fund pursuant to this Agreement, (A) the Depositor had good
        and marketable title to, and was the sole owner and holder of, each
        Mortgage Loan; and (B) the Depositor has full right and authority to
        sell, assign and transfer the Mortgage Loans and all servicing rights
        pertaining thereto; and

                (ix) The Depositor is transferring the Mortgage Loans to the
        Trust Fund free and clear of any liens, pledges, charges and security
        interests.

          (b) The representations and warranties of the Depositor set forth in
Sections 2.04(a) and 8.17 shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
thereof to the other parties.

          Section 2.05 Conveyance of Mortgage Loans; Acceptance of REMIC I and
Additional Interest Grantor Trust by Trustee.

          The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse
all the right, title and interest of the Depositor in and to (a) the Mortgage
Loans (other than any Additional Interest related thereto) and the other
property comprising REMIC I to the Trustee for the benefit of the Holders of the
Class R-I Certificates (in respect of the residual interest in REMIC I) and
REMIC II as the holder of the REMIC I Regular Interests and (b) the Additional
Interest and the other property comprising the Additional Interest Grantor Trust
to the Trustee for the benefit of the Holders of the Class Z Certificates. The
Trustee acknowledges the assignment to it of the Mortgage Loans and the other
property comprising REMIC I and the Additional Interest Grantor Trust, and
declares that it holds and will hold the same in trust for the exclusive use and
benefit of REMIC II as the holder of the REMIC I Regular Interests and present
and future holders of the Certificates (other than the Class Z Certificates)
and, as to the Additional Interest Grantor Trust, for the benefit of the Holders
of the Class Z Certificates.

          Section 2.06 Issuance of the REMIC I Regular Interests; Execution,
Authentication and Delivery of Class R-I Certificates.

          Concurrently with the assignment to the Trustee of the Mortgage Loans
(other than any Additional Interest related thereto) and in exchange therefor,
the Trustee acknowledges the issuance of the REMIC I Regular Interests, to or
upon the order of the Depositor and, pursuant to the written request of the
Depositor executed by an officer of the Depositor, has executed, as the
Certificate Registrar and the Authenticating Agent has authenticated and
delivered to or upon the order of the Depositor, the Class R-I Certificates.

          Section 2.07 Conveyance of REMIC I Regular Interests; Acceptance of
REMIC II by Trustee.

          The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse
all the right, title and interest of the Depositor in and to the REMIC I Regular
Interests to the Trustee for the benefit of the respective Holders of the
REMIC II Certificates. The Trustee acknowledges the assignment to it of the
REMIC I Regular Interests and declares that it holds and will hold the same in
trust for the exclusive use and benefit of all present and future Holders of the
REMIC II Certificates.

          Section 2.08 Execution, Authentication and Delivery of REMIC II
Certificates.

          Concurrently with the assignment to the Trustee of the REMIC I Regular
Interests and in exchange therefor, and pursuant to the written request of the
Depositor, executed by an affiliate of the Depositor, the Trustee, as
Certificate Registrar, has executed, and the Trustee, as Authenticating Agent,
has authenticated and delivered to or upon the order of the Depositor, the
REMIC II Certificates in authorized denominations evidencing the entire
beneficial ownership of REMIC II. The rights of the holders of the respective
Classes of REMIC II Certificates to receive distributions from the proceeds of
REMIC II in respect of their REMIC II Certificates, and all ownership interests
evidenced or constituted by the respective Classes of REMIC II Certificates in
such distributions, shall be as set forth in this Agreement.

          Section 2.09 Execution, Authentication and Delivery of Class Z
Certificates.

          Concurrently with the assignment to the Trustee of the Additional
Interest, and in exchange therefor, the Trustee, pursuant to the written request
of the Depositor executed by an officer of the Depositor, has executed, as
Certificate Registrar, authenticated, as Authenticating Agent and delivered to
or upon the order of the Depositor, the Class Z Certificates.

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

          Section 3.01 Administration of the Mortgage Loans.

          (a) Each of the Master Servicer and the Special Servicer shall service
and administer the Mortgage Loans (other than the 2006-C26 Serviced Mortgage
Loan) and Companion Loans (other than the Prime Outlets Pool II Pari Passu
Companion Loan and the Prime Outlets Pool II Subordinate Companion Loan) that
each is obligated to service and administer pursuant to this Agreement on behalf
of the Trustee, for the benefit of the Certificateholders and in the case of the
Companion Loans, the related Companion Holder, in accordance with any and all
applicable laws, the terms of this Agreement (and, with respect to a Loan Pair,
the related Intercreditor Agreement), the terms of the respective Mortgage
Loans, and, if applicable, the Companion Loans and, to the extent consistent
with the foregoing, in accordance with the Servicing Standard. With respect to
any Loan Pair, in the event of a conflict between this Agreement and the related
Intercreditor Agreement, the Intercreditor Agreement will control (other than
with respect to a conflict regarding deliveries under the Exchange Act, the
Sarbanes-Oxley Act and/or the Securities Act with respect to each of the
BlueLinx Holdings Pool Whole Loan, the RLJ Hotel Pool Whole Loan and the 500-512
Seventh Avenue Whole Loan, in which event this Agreement will control); provided
that in no event shall the Master Servicer or Special Servicer take any action
or omit to take any action in accordance with the terms of any Intercreditor
Agreement that would cause such servicer to violate the Servicing Standard or
the REMIC Provisions. Without limiting the foregoing, and subject to
Section 3.21, (i) the Master Servicer shall service and administer all Mortgage
Loans and the Companion Loans (other than the 2006-C26 Serviced Mortgage Loan
and its related Companion Loans) that are not Specially Serviced Mortgage Loans,
and (ii) the Special Servicer shall service and administer each Specially
Serviced Mortgage Loan (other than the 2006-C26 Serviced Mortgage Loan and its
related Companion Loans) and REO Property and shall render such services with
respect to all Mortgage Loans, Companion Loans and REO Properties as are
specifically provided for herein; provided that the Master Servicer shall
continue to receive payments, make all calculations, and prepare, or cause to be
prepared, all reports required hereunder with respect to the Specially Serviced
Mortgage Loans, except for the reports specified herein as prepared by the
Special Servicer, as if no Servicing Transfer Event had occurred and with
respect to the REO Properties (and the related REO Loans) as if no REO
Acquisition had occurred, and to render such incidental services with respect to
such Specially Serviced Mortgage Loans and REO Properties as are specifically
provided for herein; provided, further, however, the Master Servicer shall not
be liable for its failure to comply with such duties insofar as such failure
results from a failure by the Special Servicer to provide sufficient information
to the Master Servicer to comply with such duties or failure by the Special
Servicer to otherwise comply with its obligations hereunder; provided, further,
the Special Servicer shall not be liable for its failure to comply with such
duties insofar as such failure results from a failure by the Master Servicer to
provide sufficient information to the extent required herein to the Special
Servicer to comply with such duties or failure by the Master Servicer to
otherwise comply with its obligations hereunder. All references herein to the
respective duties of the Master Servicer and the Special Servicer, and to the
areas in which they may exercise discretion, shall be subject to Section 3.21.

          The parties hereto acknowledge that each of the 2006-C26 Serviced
Mortgage Loan and its related Companion Loans are being serviced and
administered under the 2006-C26 Pooling and Servicing Agreement. The Master
Servicer, the Special Servicer, the Trustee and the Paying Agent shall have no
obligation or authority (i) to service and administer the 2006-C26 Serviced
Mortgage Loan or its related Companion Loans (except for the limited duties with
respect to the 2006-C26 Serviced Mortgage Loan expressly provided herein),
(ii) to supervise the 2006-C26 Master Servicer, the 2006-C26 Special Servicer or
the 2006-C26 Trustee or (iii) to make Servicing Advances or P&I Advances (except
to the limited extent described in Section 4.03 with respect to P&I Advances to
be made by the Master Servicer or the Trustee on the 2006-C26 Serviced Mortgage
Loan). In addition to any other obligations expressly set forth herein by
specific reference to the 2006-C26 Serviced Mortgage Loan, the Master Servicer,
the Special Servicer, the Trustee and the Paying Agent shall have the following
obligations with respect to the 2006-C26 Serviced Mortgage Loan, as the case may
be:

          (i) The Trustee and the Paying Agent shall have the obligations
described under Section 2.02 with respect to the Mortgage File for the 2006-C26
Serviced Mortgage Loan;

          (ii) Each of the Master Servicer, the Special Servicer and the Trustee
shall have the obligations applicable to such party under Section 2.03 with
respect to the 2006-C26 Serviced Mortgage Loan;

          (iii) The Master Servicer shall have the obligations described under
Sections 3.04 and 3.05 with respect to all amounts received from the 2006-C26
Master Servicer with respect to the 2006-C26 Serviced Mortgage Loan;

          (iv) The Trustee shall have the obligations described under Section
3.10 with respect to the Mortgage File for the 2006-C26 Serviced Mortgage Loan;

          (v) Upon receipt of information and reports on the 2006-C26 Serviced
Mortgage Loan from the 2006-C26 Master Servicer, the Master Servicer shall
include such information in the reports and notices required under Section 3.12;

          (vi) The Master Servicer and the Paying Agent shall each have the
obligations applicable to such party under Section 3.15 with respect to
information and reports it has received regarding the 2006-C26 Serviced Mortgage
Loan; and

          (viii) The Master Servicer shall have the obligations described under
Section 3.19(a) with respect to any Prepayment Interest Shortfall on the
2006-C26 Serviced Mortgage Loan.

          The obligation of the Master Servicer to provide information and
collections to the Paying Agent and the Certificateholders with respect to the
2006-C26 Serviced Mortgage Loan shall be dependent on its receipt of the
corresponding information and collections from the 2006-C26 Master Servicer or
the 2006-C26 Special Servicer.

          With respect to each of the BlueLinx Holdings Pool Loan, the RLJ Hotel
Pool Loan and the 500-512 Seventh Avenue Loan, in the event that it or any
successor REO Loan is no longer part of the Mortgage Pool, then (upon request)
the Master Servicer and the Special Servicer will continue to service and
administer the related Loan Pair or any related REO Property, as and to the
extent contemplated by the related Intercreditor Agreement, until a replacement
servicing agreement is in place.

          (b) Subject to Section 3.01(a) and Section 6.11, the Master Servicer
and the Special Servicer each shall have full power and authority, acting alone,
to do or cause to be done any and all things in connection with such servicing
and administration which it may deem necessary or desirable. Without limiting
the generality of the foregoing, each of the Master Servicer and the Special
Servicer, in its own name, with respect to each of the Mortgage Loans and
Companion Loans it is obligated to service hereunder, is hereby authorized and
empowered by the Trustee and, pursuant to each Intercreditor Agreement, the
Companion Holders to execute and deliver, on behalf of the Certificateholders,
the Companion Holders and the Trustee or any of them, (i) any and all financing
statements, continuation statements and other documents or instruments necessary
to maintain the lien created by any Mortgage or other security document in the
related Mortgage File on the related Mortgaged Property and related collateral;
(ii) in accordance with the Servicing Standard and subject to Section 3.20 and
Section 6.11, any and all modifications, waivers, amendments or consents to or
with respect to any documents contained in the related Mortgage File; (iii) any
and all instruments of satisfaction or cancellation, or of partial or full
release, discharge, or assignment, and all other comparable instruments; and
(iv) pledge agreements and other defeasance documents in connection with a
defeasance contemplated pursuant to Section 3.20(h). Subject to Section 3.10,
the Trustee shall, at the written request of the Master Servicer or the Special
Servicer, promptly execute any limited powers of attorney and other documents
furnished by the Master Servicer or the Special Servicer that are necessary or
appropriate to enable them to carry out their servicing and administrative
duties hereunder; provided, however, the Trustee shall not be held liable for
any misuse of any such power of attorney by the Master Servicer or the Special
Servicer; provided, further, the Master Servicer and the Special Servicer shall
not, without the Trustee's written consent, (A) initiate any action in the
Trustee's name without indicating the Master Servicer's or Special Servicer's
representative capacity or (B) cause the Trustee to be registered to do business
in any state.

          (c) The relationship of each of the Master Servicer and the Special
Servicer to the Trustee under this Agreement is intended by the parties to be
that of an independent contractor and not that of a joint venture, partner or
agent. Unless the same Person acts as both Master Servicer and Special Servicer,
the Master Servicer shall not be responsible for the actions of or failure to
act by the Special Servicer and the Special Servicer shall not be responsible
for the actions of or the failure to act by the Master Servicer.

          (d) Notwithstanding anything herein to the contrary, in no event shall
the Master Servicer make a Servicing Advance with respect to any Companion Loan
to the extent the related Co-Lender Loan has been paid in full or is no longer
included in the Trust Fund.

          (e) Servicing and administration of each Companion Loan (other than
the Prime Outlets Pool II Pari Passu Companion Loan and the Prime Outlet Pool II
Subordinate Companion Loan) shall continue hereunder for so long as the
corresponding Co-Lender Loan (other than the 2006-C26 Serviced Mortgage Loan) or
any related REO Property is part of the Trust Fund or for such longer period as
any amounts payable by the related Companion Holder to or for the benefit of the
Trust Fund or any party hereto in accordance with the related Intercreditor
Agreement remain due and owing; provided, however, if any Companion Loan (other
than the Prime Outlets Pool II Pari Passu Companion Loan and the Prime Outlets
Pool II Subordinate Companion Loan) is securitized, the Master Servicer's
servicing obligations and duties with respect to the related Companion Loan
shall be limited to those obligations and duties described in the related
Intercreditor Agreement and this Agreement.

          Section 3.02 Collection of Mortgage Loan Payments.

          (a) Each of the Master Servicer or the Special Servicer shall
undertake reasonable efforts consistent with the Servicing Standard to collect
all payments required under the terms and provisions of the Mortgage Loans and
Companion Loans it is obligated to service hereunder and shall, to the extent
such procedures shall be consistent with this Agreement, follow such collection
procedures in accordance with the Servicing Standard; provided, however, nothing
herein shall be construed as an express or implied guarantee by the Master
Servicer or the Special Servicer of collectibility; provided, further, with
respect to the Mortgage Loans that have Anticipated Repayment Dates, so long as
the related Mortgagor is in compliance with each provision of the related
Mortgage Loan documents, the Master Servicer and Special Servicer (including the
Special Servicer in its capacity as a Certificateholder), shall not take any
enforcement action with respect to the failure of the related Mortgagor to make
any payment of Additional Interest or principal in excess of the principal
component of the constant Periodic Payment, other than requests for collection,
until the maturity date of the related Mortgage Loan; provided that the Master
Servicer or Special Servicer, as the case may be, may take action to enforce the
Trust Fund's right to apply excess cash flow to principal in accordance with the
terms of the Mortgage Loan documents. Consistent with the foregoing and subject
to Section 3.20, the Special Servicer, with regard to a Specially Serviced
Mortgage Loan, or the Master Servicer, with regard to a Mortgage Loan or
Companion Loan (other than the 2006-C26 Serviced Mortgage Loan or its related
Companion Loans) that is not a Specially Serviced Mortgage Loan, may waive any
Penalty Interest or late payment charge in connection with any payment on a
Mortgage Loan or Companion Loan (other than the 2006-C26 Serviced Mortgage Loan
or its related Companion Loans).

          (b) All amounts collected in respect of any Mortgage Loan or Companion
Loan (other than the Prime Outlets Pool II Pari Passu Companion Loan and the
Prime Outlets Pool II Subordinate Companion Loan) in the form of payments from
Mortgagors, Liquidation Proceeds (insofar as such Liquidation Proceeds are of
the nature described in clauses (i) through (iii) of the definition thereof) or
Insurance Proceeds shall be applied to either amounts due and owing under the
related Mortgage Note and Mortgage (including, without limitation, for principal
and accrued and unpaid interest) in accordance with the express provisions of
the related Mortgage Note and Mortgage (and, with respect to a Loan Pair, the
related Intercreditor Agreement) or, if required pursuant to the express
provisions of the related Mortgage, or as determined by the Master Servicer or
Special Servicer in accordance with the Servicing Standard, to the repair or
restoration of the related Mortgaged Property, and, in the absence of such
express provisions, shall be applied for purposes of this Agreement: first, as a
recovery of any related and unreimbursed Advances plus unreimbursed interest
accrued thereon; second, as a recovery of Nonrecoverable Advances, Unliquidated
Advances and Workout Delayed Reimbursement Amounts (including interest on such
Nonrecoverable Advances), that were paid from collections on the Mortgage Loans
(allocable to principal) and resulted in principal from the Mortgage Pool
distributed to the Certificateholders being reduced pursuant to Section 3.05(a)
hereof; third, as a recovery of accrued and unpaid interest at the related
Mortgage Rate on such Mortgage Loan, to the extent such amounts have not been
previously advanced, and exclusive of any portion thereof that constitutes
Additional Interest; fourth, as a recovery of principal of such Mortgage Loan
then due and owing, to the extent such amounts have not been previously
advanced, including, without limitation, by reason of acceleration of the
Mortgage Loan following a default thereunder; fifth, in accordance with the
normal servicing practices of the Master Servicer or the Special Servicer, as a
recovery of any other amounts then due and owing under such Mortgage Loan (other
than Additional Interest), including, without limitation, Prepayment Premiums,
Yield Maintenance Charges and Penalty Interest; sixth, as a recovery of any
remaining principal of such Mortgage Loan to the extent of its entire remaining
unpaid principal balance; and seventh, with respect to any ARD Loan after its
Anticipated Repayment Date, as a recovery of any unpaid Additional Interest. All
amounts collected on any Mortgage Loan in the form of Liquidation Proceeds of
the nature described in clauses (iv) through (vi) of the definition thereof
shall be deemed to be applied: first, as a recovery of any related and
unreimbursed Advances plus interest accrued thereon; second, as a recovery of
accrued and unpaid interest at the related Mortgage Rate on such Mortgage Loan
to but not including the Due Date in the Collection Period of receipt, to the
extent such amounts have not been previously advanced, and exclusive of any
portion thereof that constitutes Additional Interest; third, as a recovery of
principal, to the extent such amounts have not been previously advanced, of such
Mortgage Loan to the extent of its entire unpaid principal balance; and fourth,
with respect to any ARD Loan after its Anticipated Repayment Date, as a recovery
of any unpaid Additional Interest. No such amounts shall be applied to the items
constituting additional servicing compensation as described in the first
sentence of either Section 3.11(b) or 3.11(d) unless and until all principal and
interest then due and payable on such Mortgage Loan has been collected. Amounts
collected on any REO Loan shall be deemed to be applied in accordance with the
definition thereof. The provisions of this paragraph with respect to the
application of amounts collected on any Mortgage Loan shall not alter in any way
the right of the Master Servicer, the Special Servicer or any other Person to
receive payments from the Certificate Account as set forth in clauses (ii)
through (xvi) of Section 3.05(a) from amounts so applied.

          (c) Within 60 days after the later of (i) the Closing Date and (ii)
the Master Servicer's receipt of the applicable letter of credit, the Master
Servicer shall notify each provider of a letter of credit for each Mortgage Loan
identified as having a letter of credit on the Mortgage Loan Schedule, that the
Master Servicer or the Special Servicer on behalf of the Trustee for the benefit
of the Certificateholders shall be the beneficiary under each such letter of
credit. If a draw upon a letter of credit is needed before its transfer to the
Trust Fund can be completed, the applicable Mortgage Loan Seller shall draw upon
such letter of credit for the benefit of the Trust pursuant to written
instructions from the Master Servicer.

          (d) In the event that the Master Servicer or Special Servicer receives
Additional Interest in any Collection Period, or receives notice from the
related Mortgagor that the Master Servicer or Special Servicer will be receiving
Additional Interest in any Collection Period, the Master Servicer or Special
Servicer, as applicable, will promptly notify the Trustee. Subject to the
provisions of Section 3.02(a) hereof, none of the Master Servicer, the Trustee
or the Special Servicer shall be responsible for any such Additional Interest
not collected after notice from the related Mortgagor.

          (e) With respect to any Mortgage Loan in connection with which the
Mortgagor was required to escrow funds or to post a letter of credit related to
obtaining certain performance objectives described in the applicable Mortgage
Loan documents, the Master Servicer shall, to the extent consistent with the
Servicing Standard, hold such escrows, letters of credit and proceeds thereof as
additional collateral and not apply such items to reduce the principal balance
of such Mortgage Loan unless otherwise required to do so pursuant to the
applicable Mortgage Loan documents.

          Section 3.03 Collection of Taxes, Assessments and Similar Items;
Servicing Accounts; Reserve Accounts.

          (a) The Master Servicer shall, as to all Mortgage Loans (other than
the 2006-C26 Serviced Mortgage Loan) and Companion Loans (other than the Prime
Outlets Pool II Pari Passu Companion Loan and the Prime Outlets Pool II
Subordinate Companion Loan), establish and maintain one or more accounts (the
"Servicing Accounts"), into which all Escrow Payments shall be deposited and
retained, and shall administer such accounts in accordance with the terms of the
Mortgage Loan documents. Each Servicing Account shall be an Eligible Account.
Withdrawals of amounts so collected from a Servicing Account may be made (to the
extent amounts have been escrowed for such purpose) only to: (i) effect payment
of items for which Escrow Payments were collected and comparable items; (ii)
reimburse the Master Servicer or the Trustee for any unreimbursed Servicing
Advances; (iii) refund to Mortgagors any sums as may be determined to be
overages; (iv) pay interest, if required and as described below, to Mortgagors
on balances in the Servicing Account; (v) pay itself interest and investment
income on balances in the Servicing Account as described in Section 3.06(b), if
and to the extent not required by law or the terms of the applicable Mortgage
Loan to be paid to the Mortgagor; (vi) withdraw amounts deposited in error or
(vii) clear and terminate the Servicing Account at the termination of this
Agreement in accordance with Section 9.01. To the extent permitted by law or the
applicable Mortgage Loan, funds in the Servicing Accounts may be invested only
in Permitted Investments in accordance with the provisions of Section 3.06 and
in accordance with the terms of the related Mortgage Loan documents. The Master
Servicer shall pay or cause to be paid to the Mortgagors interest, if any,
earned on the investment of funds in Servicing Accounts maintained thereby, if
required by law or the terms of the related Mortgage Loan. If the Master
Servicer shall deposit in a Servicing Account any amount not required to be
deposited therein, it may at any time withdraw such amount from such Servicing
Account, any provision herein to the contrary notwithstanding. The Servicing
Accounts shall not be considered part of the segregated pool of assets
constituting REMIC I, REMIC II or the Additional Interest Grantor Trust.

          (b) The Master Servicer (for the Mortgage Loans other than Specially
Serviced Mortgage Loans, the 2006-C26 Serviced Mortgage Loan and REO Loans) or
the Special Servicer (for Specially Serviced Mortgage Loans and REO Loans) shall
(i) maintain accurate records with respect to the related Mortgaged Property
reflecting the status of real estate taxes, assessments and other similar items
that are or may become a lien thereon and the status of insurance premiums and
any ground rents payable in respect thereof and (ii) use reasonable efforts to
obtain, from time to time, all bills for the payment of such items (including
renewal premiums) and shall effect payment thereof prior to the applicable
penalty or termination date and, in any event, prior to the institution of
foreclosure or similar proceedings with respect to the related Mortgaged
Property for nonpayment of such items. For purposes of effecting any such
payment for which it is responsible, the Master Servicer shall apply Escrow
Payments (at the direction of the Special Servicer for Specially Serviced
Mortgage Loans and REO Loans) as allowed under the terms of the related Mortgage
Loan or Companion Loan or, if such Mortgage Loan or Companion Loan does not
require the related Mortgagor to escrow for the payment of real estate taxes,
assessments, insurance premiums, ground rents (if applicable) and similar items,
the Master Servicer shall, as to all Mortgage Loans or Companion Loans, use
reasonable efforts consistent with the Servicing Standard to enforce the
requirement of the related Mortgage that the Mortgagor make payments in respect
of such items at the time they first become due, and, in any event, prior to the
institution of foreclosure or similar proceedings with respect to the related
Mortgaged Property for nonpayment of such items.

          (c) The Master Servicer shall, as to all Mortgage Loans and Companion
Loans (other than the 2006-C26 Serviced Mortgage Loan and its related Companion
Loans), subject to Section 3.01(d), make a Servicing Advance with respect to the
related Mortgaged Property in an amount equal to all such funds as are necessary
for the purpose of effecting the payment of (i) real estate taxes, assessments,
penalties and other similar items, (ii) ground rents (if applicable), and (iii)
premiums on Insurance Policies in each instance if and to the extent Escrow
Payments (if any) collected from the related Mortgagor are insufficient to pay
such item when due and the related Mortgagor has failed to pay such item on a
timely basis; provided that the Master Servicer shall not make any Servicing
Advance prior to the penalty date or cancellation date, as applicable, if the
Master Servicer reasonably anticipates in accordance with the Servicing Standard
that the Mortgagor will pay such amount on or before the penalty date or
cancellation date; provided, further, the Master Servicer shall not be obligated
to make any Servicing Advance that would, if made, constitute a Nonrecoverable
Servicing Advance but may, but is not required to, pay such amounts out of funds
in the Certificate Account if it determines that such payment would be in the
best interests of the Certificateholders and such payment may be withdrawn from
amounts in the Certificate Account; provided that the Master Servicer may
conclusively rely upon any such nonrecoverability determination by the Special
Servicer. All such Servicing Advances or amounts withdrawn from the Certificate
Account shall be reimbursable in the first instance from related collections
from the Mortgagors, and further as provided in Section 3.05(a). No costs
incurred by the Master Servicer or the Trustee in effecting the payment of real
estate taxes, assessments and, if applicable, ground rents on or in respect of
such Mortgaged Properties shall, for purposes of this Agreement, including,
without limitation, the Paying Agent's calculation of monthly distributions to
Certificateholders, be added to the unpaid Stated Principal Balances of the
related Mortgage Loans or Companion Loans, notwithstanding that the terms of
such Mortgage Loans or Companion Loans so permit. The foregoing shall in no way
limit the Master Servicer's ability to charge and collect from the Mortgagor
such costs together with interest thereon. In addition to any other rights to
recovery set forth herein with respect to any Servicing Advance made on the
Prime Outlets Pool II Whole Loan, the Master Servicer, the Special Servicer or
the Trustee, as applicable, shall be entitled to recovery of a portion of such
amounts without duplication from the holders of the Prime Outlets Pool II Pari
Passu Companion Loan and the Prime Outlets Pool II Subordinate Companion Loan
pursuant to the terms of the Prime Outlets Pool II Intercreditor Agreements.

          The Special Servicer shall give the Master Servicer and the Trustee
not less than 5 Business Days' notice with respect to Servicing Advances to be
made on any Specially Serviced Mortgage Loan or REO Property, before the date on
which the Master Servicer is required to make any Servicing Advance with respect
to a given Mortgage Loan, Companion Loan or REO Property; provided, however,
only two (2) Business Days' notice shall be required in respect of Servicing
Advances required to be made on an urgent or emergency basis (which may include,
without limitation, Servicing Advances required to make tax or insurance
payments). In addition, the Special Servicer shall provide the Master Servicer
and the Trustee with such information in its possession as the Master Servicer
or the Trustee, as applicable, may reasonably request to enable the Master
Servicer or the Trustee, as applicable, to determine whether a requested
Servicing Advance would constitute a Nonrecoverable Servicing Advance. Any
request by the Special Servicer that the Master Servicer make a Servicing
Advance shall be deemed to be a determination by the Special Servicer that such
requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the
Master Servicer shall be entitled to conclusively rely on such determination. On
the fourth Business Day before each Distribution Date, the Special Servicer
shall report to the Master Servicer the Special Servicer's determination as to
whether any Servicing Advance previously made with respect to a Specially
Serviced Mortgage Loan or REO Loan is a Nonrecoverable Servicing Advance. The
Master Servicer shall be entitled to conclusively rely on such a determination.

          If the Master Servicer is required under any provision of this
Agreement (including, but not limited to, this Section 3.03(c)) to make a
Servicing Advance, but does not do so within 15 days after such Advance is
required to be made (or such shorter period as may be required to avoid
foreclosure of liens for delinquent real estate taxes or a lapse in insurance
coverage), the Trustee shall, if a Responsible Officer of the Trustee has actual
knowledge of such failure on the part of the Master Servicer, give written
notice of such failure to the Master Servicer. If such Servicing Advance is not
made by the Master Servicer within 3 Business Days after such notice then
(subject to a determination that such Servicing Advance would not be a
Nonrecoverable Servicing Advance) the Trustee shall make such Servicing Advance.
Any failure by the Master Servicer to make a Servicing Advance hereunder shall
constitute an Event of Default by the Master Servicer subject to and as provided
in Section 7.01.

          (d) In connection with its recovery of any Servicing Advance from the
Certificate Account pursuant to Section 3.05(a), each of the Master Servicer and
the Trustee shall be entitled to receive, out of any amounts then on deposit in
the Certificate Account, any unpaid interest at the Reimbursement Rate in effect
from time to time, compounded annually, accrued on the amount of such Servicing
Advance (to the extent made with its own funds) from the date made to but not
including the date of reimbursement such interest to be payable, subject to the
terms of the related Intercreditor Agreement with respect to a Loan Pair, first
out of late payment charges and Penalty Interest received on the related
Mortgage Loan or REO Property during the Collection Period in which such
reimbursement is made, and to the extent that such late payment charges and
Penalty Interest are insufficient, but only after or at the same time the
related Advance has been or is reimbursed pursuant to this Agreement, then from
general collections on the Mortgage Loans then on deposit in the Certificate
Account. The Master Servicer shall reimburse itself or the Trustee, as
applicable, for any outstanding Servicing Advance made thereby as soon as
practicable after funds available for such purpose have been received by the
Master Servicer, and in no event shall interest accrue in accordance with this
Section 3.03(d) on any Servicing Advance as to which the corresponding Escrow
Payment or other similar payment by the Mortgagor was received by the Master
Servicer on or prior to the date the related Servicing Advance was made.
Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer or the Trustee make any Servicing Advances with respect to any
Companion Loan after the related Co-Lender Loan has been paid in full.

          (e) The determination by the Master Servicer or the Special Servicer
that the Master Servicer has made a Nonrecoverable Servicing Advance or that any
proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing
Advance, shall be made in accordance with the Servicing Standard and shall be
evidenced by an Officer's Certificate delivered promptly to the Trustee and the
Depositor, setting forth the basis for such determination, together with a copy
of any Appraisal (the cost of which may be paid out of the Certificate Account
pursuant to Section 3.05(a)) of the related Mortgaged Property or REO Property,
as the case may be; which Appraisal shall be conducted pursuant to Section
3.09(a) by the Master Servicer, or by or on behalf of the Special Servicer if
the Mortgage Loan is a Specially Serviced Mortgage Loan or, if no such Appraisal
has been performed, a copy of an Appraisal of the related Mortgaged Property or
REO Property, performed within the twelve months preceding such determination
and the party delivering such appraisal has no actual knowledge of a material
adverse change in the condition of the related Mortgaged Property that would
draw into question the applicability of such Appraisal, by an Independent
Appraiser or other expert in real estate matters, and further accompanied by
related Mortgagor operating statements and financial statements, budgets and
rent rolls of the related Mortgaged Property and any engineers' reports,
environmental surveys or similar reports that the Master Servicer or the Special
Servicer may have obtained and that support such determination. The Master
Servicer shall be entitled to rely, conclusively, on any determination by the
Special Servicer that a Servicing Advance, if made, would be a Nonrecoverable
Advance. The Trustee shall be entitled to rely, conclusively, on any
determination by the Master Servicer or the Special Servicer that a Servicing
Advance, if made, would be a Nonrecoverable Advance; provided, however, if the
Master Servicer has failed to make a Servicing Advance for reasons other than a
determination by the Master Servicer or the Special Servicer that such Servicing
Advance would be a Nonrecoverable Advance, the Trustee shall make such Servicing
Advance within the time periods required by Section 3.03(c) unless the Trustee
in good faith, makes a determination that such Servicing Advance would be a
Nonrecoverable Advance.

          (f) The Master Servicer shall, as to all Mortgage Loans (other than
the 2006-C26 Serviced Mortgage Loan) and Companion Loans (other than the Prime
Outlets Pool II Pari Passu Companion Loan and the Prime Outlets Pool II
Subordinate Companion Loan), establish and maintain, as applicable, one or more
accounts (the "Reserve Accounts"), into which all Reserve Funds, if any, shall
be deposited and retained. Withdrawals of amounts so deposited may be made (i)
to pay for, or to reimburse the related Mortgagor in connection with, the
related environmental remediation, repairs and/or capital improvements at the
related Mortgaged Property if the repairs and/or capital improvements have been
completed, and such withdrawals are made in accordance with the Servicing
Standard and the terms of the related Mortgage Note, Mortgage and any agreement
with the related Mortgagor governing such Reserve Funds and any other items for
which such Reserve Funds were intended pursuant to the related Mortgage Loan
documents and (ii) to pay the Master Servicer interest and investment income
earned on amounts in the Reserve Accounts as described below if permitted under
the related Mortgage Loan documents. To the extent permitted in the applicable
Mortgage, funds in the Reserve Accounts to the extent invested may be only
invested in Permitted Investments in accordance with the provisions of Section
3.06. All Reserve Accounts shall be Eligible Accounts. The Reserve Accounts
shall not be considered part of the segregated pool of assets comprising
REMIC I, REMIC II or the Additional Interest Grantor Trust. Consistent with the
Servicing Standard, the Master Servicer may waive or extend the date set forth
in any agreement governing such Reserve Funds by which the required repairs
and/or capital improvements at the related Mortgaged Property must be completed.

          Section 3.04 Certificate Account, Interest Reserve Account,
Gain-on-Sale Reserve Account, Additional Interest Account, Distribution Account
and Companion Distribution Account.

          (a) The Master Servicer shall establish and maintain one or more
accounts (collectively, the "Certificate Account"), held on behalf of the
Trustee in trust for the benefit of the Certificateholders and, to the extent
funds on deposit in the Certificate Account are allocable to the related
Companion Loans (other than the Prime Outlets Pool II Pari Passu Companion Loan
and the Prime Outlets Pool II Subordinate Companion Loan), the related Companion
Holders, but solely to the extent set forth in the related Intercreditor
Agreement and subject to any provisions relating to subordination of rights with
respect to the Co-Lender Loans. The Certificate Account shall be an Eligible
Account. The Master Servicer shall deposit or cause to be deposited in the
Certificate Account, within 1 Business Day of receipt of available funds (in the
case of payments by Mortgagors or other collections on the Mortgage Loans or the
Companion Loans) or as otherwise required hereunder, the following payments and
collections received or made by the Master Servicer or on its behalf subsequent
to the Cut-Off Date (other than in respect of principal and interest on the
Mortgage Loans or the Companion Loans (other than the Prime Outlets Pool II Pari
Passu Companion Loan and the Prime Outlets Pool II Subordinate Companion Loan)
due and payable on or before the Cut-Off Date, which payments shall be delivered
promptly to the applicable Mortgage Loan Seller or its designee, with negotiable
instruments endorsed as necessary and appropriate without recourse), other than
amounts received from Mortgagors which are to be used to purchase defeasance
collateral, or payments (other than Principal Prepayments) received by it on or
prior to the Cut-Off Date but allocable to a period subsequent thereto:

          (i) all payments on account of principal of the Mortgage Loans or
     Companion Loans (other than the Prime Outlets Pool II Pari Passu Companion
     Loan and the Prime Outlets Pool II Subordinate Companion Loan), including
     Principal Prepayments;

          (ii) all payments on account of interest on the Mortgage Loans or
     Companion Loans (other than the Prime Outlets Pool II Pari Passu Companion
     Loan and the Prime Outlets Pool II Subordinate Companion Loan), including
     Additional Interest;

          (iii) all Prepayment Premiums and Yield Maintenance Charges;

          (iv) all Insurance Proceeds and Liquidation Proceeds (other than
     Liquidation Proceeds described in clause (vi) of the definition thereof
     that are required to be deposited in the Distribution Account pursuant to
     Section 9.01) received in respect of any Mortgage Loan or Companion Loan
     (other than the Prime Outlets Pool II Pari Passu Companion Loan and the
     Prime Outlets Pool II Subordinate Companion Loan) (including, without
     limitation, any amounts representing recoveries of Nonrecoverable Advances
     or Unliquidated Advances, including interest on such Nonrecoverable
     Advances or Unliquidated Advances in respect of the related Mortgage
     Loans);

          (v) any amounts required to be deposited by the Master Servicer
     pursuant to Section 3.06(b) in connection with losses incurred with respect
     to Permitted Investments of funds held in the Certificate Account;

          (vi) any amounts required to be deposited by the Master Servicer or
     the Special Servicer pursuant to Section 3.07(b) in connection with losses
     resulting from a deductible clause in a blanket hazard policy;

          (vii) any amounts required to be transferred from an REO Account
     pursuant to Section 3.16(c) and any amounts received from a Mortgage Loan
     Seller with respect to a Special Reserve Account pursuant to Section
     2.02(d);

          (viii) any amount in respect of Purchase Prices and Substitution
     Shortfall Amounts pursuant to Section 2.03(b);

          (ix) any amount required to be deposited by the Master Servicer
     pursuant to Section 3.19(a) in connection with Prepayment Interest
     Shortfalls;

          (x) any amount required to be deposited by the Master Servicer
     pursuant to Section 3.03(d) and 4.03(d) in connection with reimbursing the
     Trust Fund for interest paid on a P&I Advance or Servicing Advance, as
     applicable;

          (xi) any amount paid by a Mortgagor to cover items for which a
     Servicing Advance has been previously made and for which the Master
     Servicer, the Special Servicer or the Trustee, as applicable, has been
     previously reimbursed out of the Certificate Account;

          (xii) any amount required to be deposited by the Master Servicer or
     the Special Servicer pursuant to Section 3.11(b) and 3.11(d), respectively,
     in connection with reimbursing the Trust Fund for Additional Trust Fund
     Expenses; and

          (xiii) all amounts remitted or advanced by the 2006-C26 Master
     Servicer in respect of the 2006-C26 Serviced Mortgage Loan, pursuant to the
     2006-C26 Pooling and Servicing Agreement and the Prime Outlets Pool II
     Intercreditor Agreements.

          The foregoing requirements for deposit in the Certificate Account
shall be exclusive. Notwithstanding the foregoing, actual payments from
Mortgagors in the nature of Escrow Payments, amounts to be deposited in Reserve
Accounts, and amounts that the Master Servicer and the Special Servicer are
entitled to retain as additional servicing compensation pursuant to Sections
3.11(b) and 3.11(d), need not be deposited by the Master Servicer in the
Certificate Account. If the Master Servicer shall deposit in the Certificate
Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Certificate Account, any provision herein to the
contrary notwithstanding. The Master Servicer shall promptly deliver to the
Special Servicer as additional servicing compensation in accordance with Section
3.11(d), assumption fees, late payment charges (to the extent not applied to pay
interest on Advances as provided in Sections 3.03(d) or 4.03(d) or Additional
Trust Fund Expenses as provided in Section 3.11(d)) and other transaction fees
or other expenses received by the Master Servicer to which the Special Servicer
is entitled pursuant to either of such Sections upon receipt of a certificate of
a Servicing Officer of the Special Servicer describing the item and amount. The
Certificate Account shall be maintained as a segregated account, separate and
apart from trust funds created for mortgage pass-through certificates of other
series and the other accounts of the Master Servicer.

          The Master Servicer may maintain, as part of the Certificate Account,
a subaccount for each Companion Loan (other than the Prime Outlets Pool II Pari
Passu Companion Loan and the Prime Outlets Pool II Subordinate Companion Loan)
on behalf of and in trust for the benefit of the related Companion Holder, into
which subaccount the Master Servicer shall deposit or cause to be deposited all
amounts described in the first paragraph of this Section 3.04(a) to the extent
allocable to the related Companion Loan in accordance with this Agreement and
the related Intercreditor Agreement, and out of which subaccount the Master
Servicer may make withdrawals to the extent withdrawals of such funds are
provided for in Section 3.05(a) of this Agreement or in the related
Intercreditor Agreement. Each such subaccount shall be an Eligible Account or a
subaccount of an Eligible Account and shall be entitled "Wachovia Bank, National
Association, as Master Servicer, on behalf of and in trust for the related
Companion Holder."

          Upon receipt of any of the amounts described in clauses (i) through
(iv), (xi), (xii) and (xiii) above with respect to any Mortgage Loan or
Companion Loan, the Special Servicer shall promptly, but in no event later than
one Business Day after receipt of available funds, remit such amounts (net of
any reimbursable expenses incurred by the Special Servicer) to or at the
direction of the Master Servicer for deposit into the Certificate Account in
accordance with the second preceding paragraph, unless the Special Servicer
determines, consistent with the Servicing Standard, that a particular item
should not be deposited because of a restrictive endorsement. Any such amounts
received by the Special Servicer with respect to an REO Property shall be
deposited by the Special Servicer into the REO Account and remitted to the
Master Servicer for deposit into the Certificate Account pursuant to Section
3.16(c). With respect to any such amounts paid by check to the order of the
Special Servicer, the Special Servicer shall endorse such check to the order of
the Master Servicer and shall deliver promptly, but in no event later than three
Business Days after receipt, any such check to the Master Servicer by overnight
courier, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item cannot be so endorsed and delivered because of
a restrictive endorsement or other appropriate reason.

          (b) The Trustee shall establish and maintain one or more trust
accounts (collectively, the "Distribution Account") at the office of the Trustee
to be held in trust for the benefit of the Certificateholders (other than the
Class Z Certificateholders). The Distribution Account shall be an Eligible
Account. The Trustee hereby authorizes the Paying Agent to make deposits in and
withdrawals from the Distribution Account in accordance with the terms of this
Agreement. The Master Servicer shall deliver to the Paying Agent each month on
or before 1:30 p.m. New York City time on the P&I Advance Date therein, for
deposit in the Distribution Account, an aggregate amount of immediately
available funds equal to that portion of the Available Distribution Amount
(calculated without regard to clauses (a)(ii), (a)(v) and (b)(ii)(B) of the
definition thereof) for the related Distribution Date then on deposit in the
Certificate Account, together with (i) any Prepayment Premiums and/or Yield
Maintenance Charges received on the Mortgage Loans during the related Collection
Period, and (ii) in the case of the final Distribution Date, any additional
amounts contemplated by the third paragraph of Section 9.01.

          The Companion Paying Agent shall establish and maintain one or more
trust accounts for distributions to the Companion Loans (other than the Prime
Outlets Pool II Pari Passu Companion Loan and the Prime Outlets Pool II
Subordinate Companion Loan) (collectively, the "Companion Distribution Account")
to be held on behalf of the related Companion Holder(s). The Companion
Distribution Account shall be an Eligible Account and may be a subaccount of the
Certificate Account. The Master Servicer hereby authorizes the Companion Paying
Agent to make deposits in and withdrawals from the Companion Distribution
Account in accordance with the terms of this Agreement. Unless the Companion
Distribution Account is the related subaccount or subaccounts of the Certificate
Account as allowed by the last sentence of the definition of Companion
Distribution Account, the Master Servicer shall deliver to the Companion Paying
Agent each month on or before 2:00 p.m. New York City time on the P&I Advance
Date therein for deposit in the Companion Distribution Account, an aggregate
amount of immediately available funds equal to the amount available to be
distributed to the related Companion Holder(s) pursuant to the related
Intercreditor Agreement.

          In addition, the Master Servicer shall, as and when required
hereunder, deliver to the Paying Agent for deposit in the Distribution Account:

          (i) any P&I Advances required to be made by the Master Servicer in
     accordance with Section 4.03(a); and

          (ii) the Purchase Price paid in connection with the purchase by the
     Master Servicer of all of the Mortgage Loans and any REO Properties,
     pursuant to Section 9.01, exclusive of the portion of such amounts required
     to be deposited in the Certificate Account pursuant to Section 9.01.

          The Paying Agent shall, upon receipt, deposit in the Distribution
Account any and all amounts received by the Paying Agent that are required by
the terms of this Agreement to be deposited therein.

          (c) The Trustee shall establish and maintain one or more accounts
(collectively, the "Interest Reserve Account"), held in trust for the benefit of
the Certificateholders. The Interest Reserve Account shall be an Eligible
Account. On or before each Distribution Date in February and, during each year
that is not a leap year, January (unless, in each case, the related Distribution
Date is the final Distribution Date), the Master Servicer shall withdraw from
the Certificate Account and remit to the Trustee for deposit in the Interest
Reserve Account, with respect to each Interest Reserve Loan, an amount equal to
the Interest Reserve Amount in respect of such Interest Reserve Loan, for such
Distribution Date (such withdrawal from the Certificate Account to be made out
of general collections on the Mortgage Pool where any related P&I Advance was
deposited in the Distribution Account).

          (d) Prior to any Collection Period during which Additional Interest is
received, and upon notification from the Master Servicer or Special Servicer
pursuant to Section 3.02(d), the Trustee (on behalf of the Certificateholders)
shall establish and maintain the Additional Interest Account in the name of the
Trustee in trust for the benefit of the Class Z Certificateholders. The
Additional Interest Account shall be established and maintained as an Eligible
Account. Prior to the applicable Distribution Date, the Master Servicer shall
remit to the Trustee for deposit in the Additional Interest Account an amount
equal to the Additional Interest received during the applicable Collection
Period.

          Following the distribution of Additional Interest to the Class Z
Certificateholders, on the first Distribution Date after which there are no
longer any Mortgage Loans outstanding which pursuant to their terms could pay
Additional Interest, the Trustee shall terminate the Additional Interest
Account.

          (e) The Paying Agent, on behalf of the Trustee for the benefit of the
Certificateholders, shall establish (upon notice from Special Servicer of an
event occurring that generates Gain-on-Sale Proceeds) and maintain the
Gain-on-Sale Reserve Account in the name of the Paying Agent on behalf of the
Trustee for the benefit of the Certificateholders. The Gain-on-Sale Reserve
Account shall be maintained as a segregated account, separate and apart from
trust funds for mortgage pass-through certificates of other series administered
by the Paying Agent and other accounts of the Paying Agent. Upon the disposition
of any REO Property in accordance with Section 3.09 or Section 3.18, the Special
Servicer will calculate the Gain-on-Sale Proceeds, if any, realized in
connection with such sale and remit such funds to the Paying Agent for deposit
into the Gain-on-Sale Reserve Account.

          (f) Funds in the Certificate Account, the Interest Reserve Account,
the Distribution Account, the Additional Interest Account and the Gain-on-Sale
Reserve Account may be invested only in Permitted Investments in accordance with
the provisions of Section 3.06. Funds on deposit in the Gain-on-Sale Reserve
Account shall be invested pursuant to Section 3.06. The Master Servicer shall
give written notice to the Trustee, the Special Servicer and the Rating Agencies
of the location of the Certificate Account as of the Closing Date and of the new
location of the Certificate Account prior to any change thereof. The Paying
Agent shall give written notice to the Trustee, the Master Servicer, the Special
Servicer and the Rating Agencies of any new location of the Distribution Account
prior to any change thereof.

          Section 3.05 Permitted Withdrawals from the Certificate Account,
Distribution Account, Interest Reserve Account, Additional Interest Account,
Gain-on-Sale Reserve Account and Companion Distribution Account.

          (a) The Master Servicer may, from time to time, make withdrawals from
the Certificate Account for any of the following purposes (the order set forth
below not constituting an order of priority for such withdrawals):

          (i) (A) to remit to the Paying Agent for deposit in the Distribution
     Account the amounts required to be so deposited pursuant to the first
     paragraph of Section 3.04(b) and any amount that may be applied to make P&I
     Advances pursuant to Section 4.03(a); and (B) to deposit in and remit to
     the Companion Paying Agent for deposit in each Companion Distribution
     Account the amounts required to be so deposited pursuant to the second
     paragraph of Section 3.04(b) and any amount relating to a Companion Loan
     (other than the Prime Outlets Pool II Pari Passu Companion Loan and the
     Prime Outlets Pool II Subordinate Companion Loan) that may be applied to
     make P&I Advances pursuant to Section 4.03(a);

          (ii) to reimburse the Trustee and itself, in that order, for
     unreimbursed P&I Advances (the Trustee's and Master Servicer's right to
     reimbursement pursuant to this clause (ii) with respect to any P&I Advance
     (other than Nonrecoverable Advances and Workout-Delayed Reimbursement
     Amounts that are reimbursed pursuant to clause (vii) below) being limited
     to amounts that represent Late Collections of interest (net of the related
     Servicing Fees) and principal (net of any related Workout Fee or
     Liquidation Fee) received in respect of the particular Mortgage Loan, REO
     Loan or Companion Loan as to which such P&I Advance was made);

          (iii) to pay to itself earned and unpaid Master Servicing Fees in
     respect of each Mortgage Loan and REO Loan, the Master Servicer's right to
     payment pursuant to this clause (iii) with respect to any Mortgage Loan or
     REO Loan being limited to amounts received on or in respect of such
     Mortgage Loan (whether in the form of payments, Liquidation Proceeds or
     Insurance Proceeds) or such REO Loan (whether in the form of REO Revenues,
     Liquidation Proceeds or Insurance Proceeds) that are allocable as a
     recovery of interest thereon;

          (iv) to pay to the Special Servicer earned and unpaid Special
     Servicing Fees in respect of each Specially Serviced Mortgage Loan and REO
     Loan;

          (v) to pay the Special Servicer (or, if applicable, a predecessor
     Special Servicer) earned and unpaid Workout Fees or Liquidation Fees in
     respect of each Specially Serviced Mortgage Loan, Corrected Mortgage Loan,
     and REO Loan, the Special Servicer's (or, if applicable, any predecessor
     Special Servicer's) right to payment pursuant to this clause (v) with
     respect to any such Mortgage Loan or REO Loan being limited to amounts
     received on or in respect of such Specially Serviced Mortgage Loan or
     Corrected Mortgage Loan (whether in the form of payments or Liquidation
     Proceeds) or such REO Loan (whether in the form of REO Revenues or
     Liquidation Proceeds) that are allocable as a recovery of principal or
     interest thereon (provided that no Liquidation Fee shall be payable out of
     (i) Insurance Proceeds and (ii) any Liquidation Proceeds received in
     connection with the purchase of any Mortgage Loan or REO Property by a
     Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase
     Agreement (if purchased within the required time period set forth in such
     Mortgage Loan Purchase Agreement), by the Special Servicer, the Companion
     Holder or the Majority Subordinate Certificateholder, as described in
     Section 3.18(c), Section 3.18(d), Section 3.18(e) or Section 3.18(h), or by
     any mezzanine lender pursuant to the terms of the related mezzanine
     intercreditor agreement, or by the Master Servicer, the Special Servicer or
     the Majority Subordinate Certificateholder or the purchasing
     Certificateholder pursuant to Section 9.01);

          (vi) to reimburse the Trustee, itself or the Special Servicer, in that
     order, for any unreimbursed Servicing Advances, the Trustee's, the Master
     Servicer's and the Special Servicer's respective rights to reimbursement
     pursuant to this clause (vi) with respect to any Servicing Advance (other
     than Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts that
     are reimbursed pursuant to clause (vii) below) being limited to payments
     made by the related Mortgagor that are allocable to such Servicing Advance,
     or to Liquidation Proceeds, Insurance Proceeds and, if applicable, REO
     Revenues received in respect of the particular Mortgage Loan, Companion
     Loan or REO Property as to which such Servicing Advance was made (provided
     that, in case of such reimbursement relating to any Co-Lender Loan, such
     reimbursements shall be made first, from amounts collected on the related
     Subordinate Companion Loan and then from the related Co-Lender Loan (and
     Pari Passu Companion Loans, if any) in accordance with the terms of the
     related Intercreditor Agreement);

          (vii) to reimburse the Trustee, itself or the Special Servicer, in
     that order, (A) for any unreimbursed Advances (including interest at the
     Reimbursement Rate) that have been or are determined to be Nonrecoverable
     Advances and for any Workout-Delayed Reimbursement Amounts, in that order,
     and (B) to pay itself, with respect to any Mortgage Loan (including, if
     applicable, the 2006-C26 Serviced Mortgage Loan), Companion Loan or any REO
     Property, any related earned Master Servicing Fee that remained unpaid in
     accordance with clause (iii) above, in the case of clause (B), following a
     Final Recovery Determination made with respect to such Mortgage Loan or REO
     Property and the deposit into the Certificate Account of all amounts
     received in connection therewith; provided, however, any reimbursement of
     Nonrecoverable Advances or Workout Delayed Reimbursement Amounts payable
     pursuant to this clause (vii), with respect to Nonrecoverable Advances
     shall be deemed to be recovered, first, from collections or receipts on the
     Mortgage Loans and REO Properties in respect of principal and then in
     respect of interest and other collections, and, with respect to Workout
     Delayed Reimbursement Amounts, only out of collections and receipts on the
     Mortgage Loans and REO Properties in respect of principal;

          (viii) to reimburse the 2006-C26 Master Servicer or the 2006-C26
     Special Servicer for unreimbursed advances (including interest on such
     advances) made by such party pursuant to the 2006-C26 Pooling and Servicing
     Agreement in respect of the 2006-C26 Serviced Mortgage Loan (other than
     principal and interest advances made on the Prime Outlets Pool II Pari
     Passu Companion Loan), that have been or are determined to be
     nonrecoverable advances and for any workout-delayed reimbursement amounts,
     in that order, pursuant to the terms of the 2006-C26 Pooling and Servicing
     Agreement (up to, with respect to a servicing advance, the 2006-C26
     Serviced Mortgage Loan's pro rata share of such advance, or if the amount
     of such pro rata share, together with amounts available from collections in
     the certificate account created under the 2006-C26 Pooling and Servicing
     Agreement is insufficient to reimburse the party that made such advance,
     then up to the full amount of such advance made on the 2006-C26 Serviced
     Mortgage Loan and interest thereon); provided, however, any reimbursement
     of Nonrecoverable Advances or Workout Delayed Reimbursement Amounts payable
     pursuant to this clause (viii), with respect to Nonrecoverable Advances,
     shall be deemed to be recovered, first, from collections or receipts on the
     Mortgage Loans and REO Properties in respect of principal and then in
     respect of interest and other collections, and, with respect to Workout
     Delayed Reimbursement Amounts, only out of collections and receipts on the
     Mortgage Loans and REO Properties in respect of principal;

          (ix) at such time as it reimburses the Trustee, itself, the Special
     Servicer, the 2006-C26 Master Servicer or the 2006-C26 Special Servicer, in
     that order, for any unreimbursed Advance (including any Advance that
     constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause
     (ii), (vi), (vii) or (viii) above, to pay the Trustee, itself, the Special
     Servicer, the 2006-C26 Master Servicer or the 2006-C26 Special Servicer, as
     the case may be, in that order, any interest accrued and payable thereon in
     accordance with Section 3.03(d) or 4.03(d) (or, with respect to the
     2006-C26 Serviced Mortgage Loan, pursuant to the 2006-C26 Pooling and
     Servicing Agreement), as applicable; provided that the Trustee's, the
     Master Servicer's, the Special Servicer's, the 2006-C26 Master Servicer's
     and the 2006-C26 Special Servicer's rights to payment pursuant to this
     clause (ix) with respect to interest on any Advance shall be satisfied (A)
     subject to and in accordance with the terms of the Intercreditor Agreement
     with respect to the related Loan Pair, first out of late payment charges
     and Penalty Interest collected on or in respect of the related Mortgage
     Loan (and if the Advance was made with respect to a Co-Lender Loan, out of
     such amounts collected on or in respect of the related Companion Loan(s))
     and REO Loan, during the Collection Period in which such Advance is
     reimbursed (the use of such late payment charges and Penalty Interest to be
     allocated between the Master Servicer and the Special Servicer on a pro
     rata basis based on the amount of late payment charges and Penalty Interest
     that the Master Servicer and the Special Servicer have received as
     additional servicing compensation during such period), and (B) to the
     extent that the late payment charges and Penalty Interest described in the
     immediately preceding clause (A) are insufficient, but only at the same
     time or after such Advance has been reimbursed, out of general collections
     on the Mortgage Loans, Companion Loans and any REO Properties on deposit in
     the Certificate Account;

          (x) to pay for costs and expenses incurred by the Trust Fund pursuant
     to the first sentence of Section 3.12(a) or, pursuant to Section 3.12, as
     to any Mortgage Loan that is a Specially Serviced Mortgage Loan;

          (xi) to pay itself, as additional servicing compensation in accordance
     with Section 3.11(b), (A) interest and investment income earned in respect
     of amounts held in the Certificate Account as provided in Section 3.06(b),
     but only to the extent of the Net Investment Earnings with respect to the
     Certificate Account for any Collection Period; (B) any Prepayment Interest
     Excesses, and (C) Penalty Interest and late payment charges on Mortgage
     Loans that are not Specially Serviced Mortgage Loans (to the extent such
     Penalty Interest and/or late payment charges were not applied to offset
     interest on Advances pursuant to Section 3.05(a)(ix)(A) or Additional Trust
     Fund Expenses pursuant to Section 3.11(b) or inspection expenses pursuant
     to Section 3.12(a));

          (xii) to pay to the Special Servicer, as additional servicing
     compensation in accordance with Section 3.11(d) (to the extent such Penalty
     Interest and/or late payment charges were not applied to offset interest on
     Advances pursuant to clause (ix)(A) of this Section or Additional Trust
     Fund Expenses pursuant to Section 3.11(d) or inspection expenses pursuant
     to Section 3.12(a));

          (xiii) to pay for the cost of an independent appraiser or other expert
     in real estate matters retained pursuant to Section 3.03(e), 3.09(a),
     3.18(b), 4.03(c) or 9.01;

          (xiv) to pay itself, the Special Servicer, the Depositor, or any of
     their respective directors, officers, members, managers, employees and
     agents, as the case may be, any amounts payable to any such Person pursuant
     to Section 6.03;

          (xv) to pay for (A) the advice of counsel and tax accountants
     contemplated by Section 3.17(a)(iii), (B) the cost of the Opinions of
     Counsel contemplated by Sections 3.09(b)(ii), 3.20(d) and 11.02(a), (C) the
     cost of an Opinion of Counsel contemplated by Section 11.01(a) or 11.01(c)
     in connection with any amendment to this Agreement requested by the Master
     Servicer or the Special Servicer that protects or is in furtherance of the
     rights and interests of Certificateholders, and (D) the cost of recording
     this Agreement in accordance with Section 11.02(a);

          (xvi) to pay itself, the Special Servicer, any of the Mortgage Loan
     Sellers, the Majority Subordinate Certificateholder, a Companion Holder, a
     mezzanine lender or any other Person, as the case may be, with respect to
     each Mortgage Loan, if any, previously purchased by such Person pursuant to
     this Agreement, all amounts received thereon subsequent to the date of
     purchase;

          (xvii) to withdraw any Interest Reserve Amount and remit such Interest
     Reserve Amount to the Trustee for deposit into the Interest Reserve Account
     pursuant to Section 3.04(c);

          (xviii) to remit to the Trustee for deposit into the Additional
     Interest Account the amounts required to be deposited pursuant to Section
     3.04(d);

          (xix) to remit to the Paying Agent for deposit into the Distribution
     Account the amounts required to be deposited pursuant to Section 3.04(b);

          (xx) to remit to the Companion Paying Agent for deposit into the
     Companion Distribution Account the amounts required to be deposited
     pursuant to Section 3.04(b);

          (xxi) to pay the cost of any Environmental Assessment or any remedial,
     corrective or other action pursuant to Section 3.09(c);

          (xxii) to withdraw any amounts deposited in error;

          (xxiii) to withdraw any other amounts that this Agreement expressly
     provides may be withdrawn from the Certificate Account; and

          (xxiv) to clear and terminate the Certificate Account at the
     termination of this Agreement pursuant to Section 9.01.

          The Master Servicer shall keep and maintain separate accounting
records, on a loan-by-loan basis when appropriate, in connection with any
withdrawal from the Certificate Account pursuant to clauses (ii) (xxiv) above.
Upon request, the Master Servicer shall provide to the Trustee such records and
any other information in the possession of the Master Servicer to enable the
Trustee to determine the amounts attributable to REMIC I (with respect to the
Mortgage Loans) and the Companion Loans. The Master Servicer shall, to the
extent permitted by the terms of the related Intercreditor Agreement, make
claims for reimbursement from the related Companion Holder in connection with
related Servicing Advances and interest thereon and other related expenses so as
to minimize the total amount of withdrawals on the Certificate Account for such
items. Nothing in the foregoing sentence shall limit the Master Servicer's
rights to be reimbursed for claims relating to the Companion Loans that are
reimbursable claims pursuant to the terms of this Agreement. Notwithstanding
anything in this Section 3.05(a) to the contrary, in no event shall the Master
Servicer withdraw from funds on deposit in the Certificate Account any amount to
be applied to, or to provide reimbursement for, any amounts referenced in this
Section 3.05(a) (other than amounts referenced in clause (xx)) which relate to
any Companion Loan to the extent the related Co-Lender Loan has been paid in
full in a prior Collection Period. For the avoidance of doubt, in no event shall
the Master Servicer withdraw from funds on deposit in the Certificate Account
any amounts allocable to the Prime Outlets Pool II Pari Passu Companion Loan or
the Prime Outlets Pool II Subordinate Companion Loan (other than Penalty
Interest and late payment charges) to be applied to, or to provide reimbursement
for, any costs, expenses, indemnities, losses or liabilities relating or
allocable to any Mortgage Loan or Companion Loan other than the Prime Outlets
Pool II Pari Passu Companion Loan or the Prime Outlets Pool II Subordinate
Companion Loan or the 2006-C26 Serviced Mortgage Loan.

          The Master Servicer shall pay to the Special Servicer (or to third
party contractors at the direction of the Special Servicer) or the Trustee from
the Certificate Account amounts permitted to be paid to the Special Servicer (or
to such third party contractors) or the Trustee therefrom promptly upon receipt
of a certificate of a Servicing Officer of the Special Servicer or of a
Responsible Officer of the Trustee, describing the item and amount to which the
Special Servicer (or such third party contractors) or the Trustee is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have
no duty to re-calculate the amounts stated therein. With respect to any
reimbursement to be made hereunder to the 2006-C26 Master Servicer or the
2006-C26 Special Servicer in respect of any Advance (as defined in the 2006-C26
Pooling and Servicing Agreement) made by such parties subsequently determined to
be a nonrecoverable advance pursuant to the terms of the 2006-C26 Pooling and
Servicing Agreement, the Master Servicer may conclusively rely on a written
statement from such party delivered to the Master Servicer that such Advance (as
defined in the 2006-C26 Pooling and Servicing Agreement) is a nonrecoverable
advance under the terms of the 2006-C26 Pooling and Servicing Agreement. The
Special Servicer shall keep and maintain separate accounting for each Specially
Serviced Mortgage Loan and REO Property, on a loan-by-loan and
property-by-property basis, for the purpose of justifying any request for
withdrawal from the Certificate Account. With respect to each Mortgage Loan or
Companion Loan for which it makes an Advance, the Trustee shall similarly keep
and maintain separate accounting for each Mortgage Loan or Companion Loan, on a
loan-by-loan and property-by-property basis, for the purpose of justifying any
request for withdrawal from the Certificate Account for reimbursements of
Advances or interest thereon.

          Upon the determination that a previously made Advance is a
Nonrecoverable Advance, instead of obtaining reimbursement out of general
collections immediately, the Master Servicer or the Trustee, as applicable, may,
in its sole discretion, elect to obtain reimbursement for such Nonrecoverable
Advance over time (not to exceed 12 months or such longer period of time as
agreed to by the Master Servicer or the Trustee, as applicable, and the
Controlling Class Representative, each in its sole discretion, and the
unreimbursed portion of such Advance will accrue interest at the Prime Rate. At
any time after such a determination to obtain reimbursement over time, the
Master Servicer, the Special Servicer or the Trustee, as applicable, may, in its
sole discretion and subject to the immediately following paragraph, decide to
obtain reimbursement immediately. The fact that a decision to recover such
Nonrecoverable Advances over time, or not to do so, benefits some Classes of
Certificateholders to the detriment of other Classes shall not, with respect to
the Master Servicer, constitute a violation of the Servicing Standard and/or
with respect to the Trustee, constitute a violation of any fiduciary duty to
Certificateholders or contractual duty hereunder.

          The Master Servicer or the Trustee, as applicable, shall give Moody's
and S&P at least 15 days notice prior to any reimbursement to it of
Nonrecoverable Advances from amounts in the Certificate Account allocable to
interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee, as
applicable, determines in its sole discretion that waiting 15 days after such a
notice could jeopardize the Master Servicer's or the Trustee's ability, as
applicable, to recover such Nonrecoverable Advances, (2) changed circumstances
or new or different information becomes known to the Master Servicer or the
Trustee, as applicable, that could affect or cause a determination of whether
any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a
Nonrecoverable Advance or the determination in clause (1) above, or (3) the
Master Servicer has not timely received from the Trustee information requested
by the Master Servicer to consider in determining whether to defer reimbursement
of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the
Master Servicer or the Trustee, as applicable, shall give Moody's and S&P notice
of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in
the Certificate Account or Distribution Account, as applicable, allocable to
interest on the Mortgage Loans as soon as reasonably practicable in such
circumstances. The Master Servicer and the Trustee, as applicable, shall have no
liability for any loss, liability or expense resulting from any notice provided
to Moody's and S&P contemplated by the immediately preceding sentence.

          If the Master Servicer or the Trustee, as applicable, is reimbursed
out of general collections for any unreimbursed Advances that are determined to
be Nonrecoverable Advances (together with any interest accrued and payable
thereon), then (for purposes of calculating distributions on the Certificates)
such reimbursement and payment of interest shall be deemed to have been made:
first, out of the Principal Distribution Amount, which, but for its application
to reimburse a Nonrecoverable Advance and/or to pay interest thereon, would be
included in the Available Distribution Amount, for any subsequent Distribution
Date, and second, out of other amounts which, but for their application to
reimburse a Nonrecoverable Advance and/or to pay interest thereon, would be
included in the Available Distribution Amount for any subsequent Distribution
Date. If and to the extent that any payment is deemed to be applied in
accordance with clause first above to reimburse a Nonrecoverable Advance or to
pay interest thereon, then the Principal Distribution Amount for such
Distribution Date shall be reduced, to not less than zero, by the amount of such
reimbursement. If and to the extent (i) any Advance is determined to be a
Nonrecoverable Advance, (ii) such Advance and/or interest thereon is reimbursed
out of the Principal Distribution Amount as contemplated by clause first of the
immediately preceding sentence and (iii) the particular item for which such
Advance was originally made is subsequently collected out of payments or other
collections in respect of the related Mortgage Loan, then the Principal
Distribution Amount for the Distribution Date that corresponds to the Collection
Period in which such item was recovered shall be increased by an amount equal to
the lesser of (A) the amount of such item and (B) any previous reduction in the
Principal Distribution Amount for a prior Distribution Date pursuant to clause
first above resulting from the reimbursement of the subject Advance and/or the
payment of interest thereon.

          (b) The Paying Agent may, from time to time, make withdrawals from the
Distribution Account for any of the following purposes (in no particular order
of priority):

          (i) to make deemed distributions to itself as holder of the REMIC I
     Regular Interests and to make distributions to Certificateholders on each
     Distribution Date, pursuant to Sections 4.01 and 9.01, as applicable;

          (ii) to pay the Trustee or any of its directors, officers, employees
     and agents, as the case may be, any amounts payable or reimbursable to any
     such Person pursuant to Section 8.05;

          (iii) to pay the Trustee the Trustee Fee as contemplated by Section
     8.05(a) hereof with respect to each Mortgage Loan and REO Loan and to pay
     the Trustee, as additional compensation, interest and investment income, if
     any, earned in respect of amounts held in the Distribution Account as
     provided in Section 3.06, but only to the extent of the Net Investment
     Earnings with respect to such account for the related Distribution Date;

          (iv) to pay for the cost of the Opinions of Counsel sought by the
     Trustee (A) as provided in clause (v) of the definition of "Disqualified
     Organization", (B) as contemplated by Section 3.20(d), 9.02(a) and
     10.01(h), or (C) as contemplated by Section 11.01(a) or 11.01(c) in
     connection with any amendment to this Agreement requested by the Trustee
     which amendment is in furtherance of the rights and interests of
     Certificateholders; provided that a portion of such costs shall be
     allocated pursuant to the 2006-C26 Pooling and Servicing Agreement and the
     Prime Outlets Pool II Intercreditor Agreements if such costs relate to the
     Prime Outlets Pool II Whole Loan;

          (v) to pay any and all federal, state and local taxes imposed on
     REMIC I or REMIC II or on the assets or transactions of either such REMIC,
     together with all incidental costs and expenses, to the extent none of the
     Trustee, the REMIC Administrator, the Master Servicer or the Special
     Servicer is liable therefor pursuant to Section 10.01(i); provided that a
     portion of such amounts shall be allocated pursuant to the 2006-C26 Pooling
     and Servicing Agreement and the Prime Outlets Pool II Intercreditor
     Agreements if such costs relate to the Prime Outlets Pool II Whole Loan;

          (vi) to pay the REMIC Administrator any amounts reimbursable to it
     pursuant to Section 10.01(e); provided that a portion of such amounts shall
     be allocated pursuant to the 2006-C26 Pooling and Servicing Agreement and
     the Prime Outlets Pool II Intercreditor Agreements if such costs relate to
     the Prime Outlets Pool Whole Loan;

          (vii) to pay to the Master Servicer any amounts deposited by the
     Master Servicer in the Distribution Account not required to be deposited
     therein; and

          (viii) to clear and terminate the Distribution Account at the
     termination of this Agreement pursuant to Section 9.01.

          Taxes imposed on REMIC I or REMIC II shall be allocated to the related
REMIC.

          (c) The Companion Paying Agent may, from time to time, make
withdrawals from the Companion Distribution Account as contemplated by Section
4.01(l).

          (d) The Trustee shall on each P&I Advance Date to occur in March of
each year, and in the event the final Distribution Date occurs in February on
the P&I Advance Date to occur in such February, withdraw from the Interest
Reserve Account and deposit into the Distribution Account in respect of each
Interest Reserve Loan, an amount equal to the aggregate of the Interest Reserve
Amounts deposited into the Interest Reserve Account pursuant to Section 3.04(c)
during the immediately preceding Collection Period and, if applicable, the
second preceding Collection Period.

          (e) The Paying Agent shall, on any Distribution Date, make withdrawals
from the Additional Interest Account to the extent required to make the
distributions of Additional Interest required by Section 4.01(b).

          (f) In the event that servicing advances have been made with respect
to the 2006-C26 Serviced Mortgage Loan under the 2006-C26 Pooling and Servicing
Agreement by the 2006-C26 Master Servicer, and in accordance with the 2006-C26
Pooling and Servicing Agreement, if a subsequent determination has been made
that such advance constitutes a nonrecoverable advance, the party that made such
advance shall be entitled to a reimbursement of such advance with interest
thereon as set forth in the 2006-C26 Pooling and Servicing Agreement, from
general collections on all Mortgage Loans in the Certificate Account (up to,
with respect to a servicing advance, the 2006-C26 Serviced Mortgage Loan's pro
rata share of such advance, or if the amount of such pro rata share, together
with amounts available from collections in the certificate account created under
the 2006-C26 Pooling and Servicing Agreement, is insufficient to reimburse the
party that made such advance, then up to the full amount of such advance made on
the 2006-C26 Serviced Mortgage Loan and interest thereon).

          (g) The Paying Agent shall, on any Distribution Date, make withdrawals
from the Gain-On-Sale Reserve Account as contemplated by Section 4.01(m).

          Section 3.06 Investment of Funds in the Servicing Accounts, Reserve
Accounts, Certificate Account, Interest Reserve Account, Distribution Account,
Companion Distribution Account, Additional Interest Account, Gain-on-Sale
Reserve Account and REO Account.

          (a) The Master Servicer may direct in writing any depository
institution maintaining a Servicing Account, a Reserve Account or the
Certificate Account (each, for purposes of this Section 3.06, an "Investment
Account"); the Companion Paying Agent may direct in writing any depository
institution maintaining the Companion Distribution Account (also, for purposes
of this Section 3.06, an "Investment Account"); the Special Servicer may direct
in writing any depository institution maintaining the REO Account (also, for
purposes of this Section 3.06, an "Investment Account"); and the Trustee may
direct in writing any depository institution maintaining the Distribution
Account, the Gain-on-Sale Reserve Account, the Interest Reserve Account or the
Additional Interest Account (also, for purposes of this Section 3.06, an
"Investment Account") to invest, or if it is such depository institution, may
itself invest, the funds held therein only in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand,
no later than the Business Day immediately preceding the next succeeding date on
which such funds are required to be withdrawn from such account pursuant to this
Agreement. Funds held in the Distribution Account, the Companion Distribution
Account, the Additional Interest Account, the Interest Reserve Account and the
Gain-on-Sale Reserve Account may remain uninvested. In the event that the Master
Servicer shall have failed to give investment directions for any Servicing
Account, any Reserve Account or the Certificate Account (exclusive of any
accounts as are held by the Master Servicer) or the Special Servicer shall have
failed to give investment directions for the REO Account by 11:00 a.m. New York
time on any Business Day on which there may be uninvested cash, such funds held
in the REO Account shall be invested in securities described in clause (i) of
the definition of the term "Permitted Investments"; and such funds held in such
other accounts shall be invested in securities described in clause (v) of such
definition. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be
made in the name of the Trustee (in its capacity as such). The Master Servicer
on behalf of the Trustee for the benefit of Certificateholders (with respect to
Permitted Investments of amounts in the Servicing Accounts, the Reserve Accounts
or the Certificate Account), the Special Servicer on behalf of the Trustee for
the benefit of Certificateholders (with respect to Permitted Investments of
amounts in the REO Account) and the Trustee (with respect to Permitted
Investments of amounts in the Distribution Account, the Gain-on-Sale Reserve
Account, the Interest Reserve Account or the Additional Interest Account) for
the benefit of the Certificateholders, and the Companion Paying Agent with
respect to the Companion Distribution Account, shall (and the Trustee hereby
designates the Master Servicer and the Special Servicer, with respect to any
Investment Account maintained by them, and itself, with respect to the
Distribution Account, the Additional Interest Account, the Interest Reserve
Account and the Gain-on-Sale Reserve Account, as applicable, as the Person that
shall) maintain continuous possession of any Permitted Investment that is either
(i) a "certificated security", as such term is defined in the UCC, or (ii) other
property in which a secured party may perfect its security interest by
possession under the UCC or any other applicable law. Possession of any such
Permitted Investment by the Master Servicer, the Special Servicer or the Trustee
shall constitute possession by the Trustee, as secured party, for purposes of
Section 9-313 of the UCC and any other applicable law. If amounts on deposit in
an Investment Account are at any time invested in a Permitted Investment payable
on demand, the Master Servicer (in the case of the Certificate Account,
Servicing Accounts and Reserve Accounts), the Special Servicer (in the case of
the REO Account), the Trustee (with respect to Permitted Investments of amounts
in the Distribution Account, the Gain-on-Sale Reserve Account, the Interest
Reserve Account and the Additional Interest Account) or the Companion Paying
Agent with respect to the Companion Distribution Account, shall:

          (x) consistent with any notice required to be given thereunder, demand
that payment thereon be made on the last day such Permitted Investment may
otherwise mature hereunder in an amount equal to the lesser of (1) all amounts
then payable thereunder and (2) the amount required to be withdrawn on such
date; and

          (y) demand payment of all amounts due thereunder promptly upon
determination by the Master Servicer, the Special Servicer or the Trustee, as
the case may be, that such Permitted Investment would not constitute a Permitted
Investment in respect of funds thereafter on deposit in the Investment Account.

          (b) Whether or not the Master Servicer directs the investment of funds
in any of the Servicing Accounts, the Reserve Accounts or the Certificate
Account, interest and investment income realized on funds deposited therein, to
the extent of the related Net Investment Earnings, if any, for each Collection
Period and, in the case of a Reserve Account or a Servicing Account, to the
extent not otherwise payable to the related Mortgagor in accordance with
applicable law or the related Mortgage Loan documents, shall be for the sole and
exclusive benefit of the Master Servicer and shall be subject to its withdrawal
in accordance with Section 3.03(a), 3.03(f) or 3.05(a), as applicable. Whether
or not the Special Servicer directs the investment of funds in the REO Account,
interest and investment income realized on funds deposited therein, to the
extent of the Net Investment Earnings, if any, for each Collection Period, shall
be for the sole and exclusive benefit of the Special Servicer and shall be
subject to its withdrawal in accordance with Section 3.16(b). Whether or not the
Trustee directs the investment of funds in the Distribution Account, the
Interest Reserve Account, the Additional Interest Account or the Gain-on-Sale
Reserve Account, interest and investment income realized on funds deposited
therein, to the extent of the Net Investment Earnings, if any, for each related
Distribution Date, shall be for the sole and exclusive benefit of the Trustee
and shall be subject to its (or the Paying Agent's on its behalf) withdrawal in
accordance with Section 3.05(b). If any loss shall be incurred in respect of any
Permitted Investment on deposit in any Investment Account, the Master Servicer
(in the case of the Servicing Accounts, the Reserve Accounts and the Certificate
Account, excluding any accounts containing amounts invested solely for the
benefit of, and at the direction of, the Mortgagor under the terms of the
Mortgage Loan or applicable law), the Companion Paying Agent (in the case of the
Companion Distribution Account), the Special Servicer (in the case of the REO
Account) and the Trustee (with respect to Permitted Investments of amounts in
the Distribution Account, the Additional Interest Account, the Interest Reserve
Account and the Gain-on-Sale Reserve Account) shall promptly deposit therein
from its own funds, without right of reimbursement, no later than, in the case
of the Master Servicer and Special Servicer, the end of the Collection Period
during which such loss was incurred and in the case of the Trustee, no later
than 12:00 noon, New York City time, on the Distribution Date, the amount of the
Net Investment Loss, if any, for such Collection Period or on such Distribution
Date; provided that none of the Master Servicer, the Special Servicer or the
Trustee shall be required to deposit any loss on an investment of funds in an
Investment Account if such loss is incurred solely as a result of the insolvency
of the federal or state chartered depository institution or trust company that
holds such Investment Account, so long as such depository institution or trust
company satisfied the qualifications set forth in the definition of Eligible
Account at the time such investment was made.

          (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment and the Trustee, the Special Servicer or the Master Servicer fails to
deposit any losses with respect to such Permitted Investment pursuant to Section
3.06(b), the Trustee may (or, in the event of a default by the Trustee, the
Master Servicer or Special Servicer shall) and, subject to Section 8.02, upon
the request of Holders of Certificates entitled to not less than 25% of the
Voting Rights allocated to any Class, shall take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate proceedings.

          (d) Notwithstanding the investment of funds held in any Investment
Account, for purposes of the calculations hereunder, including, without
limitation, the calculation of the Available Distribution Amount, the amounts so
invested shall be deemed to remain on deposit in such Investment Account.

          Section 3.07 Maintenance of Insurance Policies; Errors and Omissions
and Fidelity Coverage.

          (a) The Master Servicer (with respect to Mortgage Loans and Companion
Loans to the extent that the Trust Fund has an insurable interest, but other
than with respect to the 2006-C26 Serviced Mortgage Loan and its related
Companion Loans) and the Special Servicer (with respect to REO Properties to the
extent that the Trust Fund has an insurable interest) shall, consistent with the
Servicing Standard, cause to be maintained for each Mortgaged Property all
insurance coverage as is required under the related Mortgage; provided that, if
and to the extent that any such Mortgage permits the holder thereof any
discretion (by way of consent, approval or otherwise) as to the insurance
coverage that the related Mortgagor is required to maintain, the Master Servicer
shall exercise such discretion in a manner consistent with the Servicing
Standard; provided, further, if and to the extent that a Mortgage so permits,
the related Mortgagor shall be required to exercise its reasonable best efforts
to obtain the required insurance coverage from Qualified Insurers and required
insurance coverage obtained by the Master Servicer shall be from Qualified
Insurers. For the avoidance of doubt, REO Property with respect to the 2006-C26
Serviced Mortgage Loan is excluded for all purposes from this Section 3.07. The
cost of any such insurance coverage obtained by either the Master Servicer or
the Special Servicer shall be a Servicing Advance to be paid by the Master
Servicer pursuant to Section 3.03. Whether or not the applicable Mortgage Loan
documents require such insurance, the Majority Subordinate Certificateholder may
request that earthquake insurance be secured for one or more Mortgaged
Properties at the expense of the Majority Subordinate Certificateholder. Subject
to Section 3.17(a), the Special Servicer shall also cause to be maintained for
each REO Property no less insurance coverage than was previously required of the
Mortgagor under the related Mortgage; provided that all such insurance shall be
obtained from Qualified Insurers. All such insurance policies maintained by the
Master Servicer or the Special Servicer (i) shall contain (if they insure
against loss to property and do not relate to an REO Property) a "standard"
mortgagee clause, with loss payable to the Trustee or the Master Servicer on
behalf of the Trustee (in the case of insurance maintained in respect of
Mortgage Loans); (ii) shall be in the name of the Special Servicer (in the case
of insurance maintained in respect of REO Properties), on behalf of the Trustee;
(iii) shall be non-cancelable without 30 days' prior written notice to the
insured party; (iv) shall include coverage in an amount not less than the lesser
of (x) the full replacement cost of the improvements securing a Mortgaged
Property or REO Property, as applicable, or (y) the outstanding principal
balance owing on the related Mortgage Loan or REO Loan, as applicable, and in
any event, the amount necessary to avoid the operation of any co-insurance
provisions; (v) shall include a replacement cost endorsement providing no
deduction for depreciation (unless such endorsement is not permitted under the
related Mortgage Loan documents); (vi) shall include such other insurance,
including, to the extent available at commercially reasonable rates, earthquake
insurance, where applicable, as required under the applicable Mortgage or other
Mortgage Loan document; and (vii) in each case such insurance shall be issued by
an insurer authorized under applicable law to issue such insurance. Any amounts
collected by the Master Servicer or the Special Servicer under any such policies
(other than amounts to be applied to the restoration or repair of the related
Mortgaged Property or REO Property or amounts to be released to the related
Mortgagor, in each case subject to the rights of any tenants and ground lessors,
as the case may be, and in each case in accordance with the terms of the related
Mortgage and the Servicing Standard) shall be deposited in the Certificate
Account, subject to withdrawal pursuant to Section 3.05(a), in the case of
amounts received in respect of a Mortgage Loan or Companion Loan, or in the REO
Account, subject to withdrawal pursuant to Section 3.16(c), in the case of
amounts received in respect of an REO Property. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not,
for purposes hereof, including, without limitation, calculating monthly
distributions to Certificateholders, be added to unpaid principal balance of the
related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan or
Companion Loans so permit.

          Notwithstanding the foregoing, the Master Servicer or Special
Servicer, as applicable, will not be required to maintain (and in the case of
the Special Servicer, with respect to any Specially Serviced Mortgage Loan), and
shall not cause a Mortgagor to be in default with respect to the failure of the
related Mortgagor to obtain, all-risk casualty insurance which does not contain
any carve-out for terrorist or similar acts or windstorm coverage, if and only
if the Master Servicer with respect to non-Specially Serviced Mortgage Loans or
the Special Servicer with respect to Specially Serviced Mortgage Loans, in
consultation with the Controlling Class Representative, and, with respect to
each Co-Lender Loan (other than the 2006-C26 Serviced Mortgage Loan), in
consultation with the related Companion Holder if required under the applicable
Intercreditor Agreement, has determined in accordance with the Servicing
Standard that either (a) such insurance is not available at any rate or (b) such
insurance is not available at commercially reasonably rates (which determination
as to whether such insurance is available at commercially reasonable rates shall
be made by the Special Servicer in consultation with and subject to the approval
of the Controlling Class Representative with respect to all Mortgage Loans
(provided that the decision of the Controlling Class Representative regarding
the availability of insurance at commercially reasonable rates shall be
disregarded by the Special Servicer if such consent or lack of consent would
cause the Special Servicer to violate the Servicing Standard)) and that such
hazards are not at the time commonly insured against for properties similar to
the Mortgaged Property and located in or around the region in which such
Mortgaged Property is located and the Controlling Class Representative has
approved the decision not to require the borrower to maintain terrorism
insurance or windstorm coverage (provided that the decision of the Controlling
Class Representative to grant or withhold such consent shall be disregarded by
the Special Servicer if such consent or lack of consent would cause the Master
Servicer or the Special Servicer, as applicable, to violate the Servicing
Standard); provided, however, the Controlling Class Representative's approval
shall be deemed to have been given if it has not responded within 5 Business
Days of receipt of the Master Servicer's or the Special Servicer's written
recommendation and the information upon which such recommendation is based;
provided, further, upon the Master Servicer's or the Special Servicer's
determination, as applicable, consistent with the Servicing Standard, that
exigent circumstances do not allow the Master Servicer or the Special Servicer
to consult with the Controlling Class Representative or Companion Holder, if
applicable, the Master Servicer or the Special Servicer, as applicable, shall
not be required to do so; provided, further, during the period that the Special
Servicer or Controlling Class Representative is evaluating such insurance
hereunder, the Master Servicer shall not be liable for any loss related to its
failure to require the Mortgagor to maintain terrorism insurance or windstorm
coverage and shall not be in default of its obligations hereunder as a result of
such failure. The Special Servicer shall promptly notify the Master Servicer of
each determination under this paragraph.

          (b) If the Master Servicer or the Special Servicer shall obtain and
maintain, or cause to be obtained and maintained, a blanket policy insuring
against hazard losses on all of the Mortgage Loans, Companion Loans and/or REO
Properties that it is required to service and administer, then, to the extent
such policy (i) is obtained from a Qualified Insurer and (ii) provides
protection equivalent to the individual policies otherwise required, the Master
Servicer or the Special Servicer, as the case may be, shall conclusively be
deemed to have satisfied its obligation to cause hazard insurance to be
maintained on the related Mortgaged Properties and/or REO Properties. Such
blanket policy may contain a deductible clause (not in excess of a customary
amount), in which case the Master Servicer or the Special Servicer, as
appropriate, shall, if there shall not have been maintained on the related
Mortgaged Property or REO Property a hazard insurance policy complying with the
requirements of Section 3.07(a), and there shall have been one or more losses
that would have been covered by such policy, promptly deposit into the
Certificate Account from its own funds the amount not otherwise payable under
the blanket policy because of such deductible clause. The Master Servicer or the
Special Servicer, as appropriate, shall prepare and present, on behalf of
itself, the Trustee and Certificateholders, claims under any such blanket policy
in a timely fashion in accordance with the terms of such policy.

          (c) Each of the Master Servicer and the Special Servicer shall at all
times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans or REO Properties are part of the Trust Fund) keep in
force a fidelity bond with Qualified Insurers, such fidelity bond to be in such
form and amount as would permit it to be a qualified FNMA or FHLMC, whichever is
greater, seller-servicer of multifamily mortgage loans, or in such other form
and amount as would not cause the qualification, downgrading or withdrawal of
any rating assigned by any Rating Agency to the Certificates (as evidenced in
writing from each Rating Agency). Each of the Master Servicer and the Special
Servicer shall be deemed to have complied with the foregoing provision if an
Affiliate thereof has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Master Servicer
or the Special Servicer, as the case may be. Such fidelity bond shall provide
for ten days' written notice to the Trustee prior to any cancellation.

          Each of the Master Servicer and the Special Servicer shall at all
times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans and/or REO Properties exist as part of the Trust Fund)
also keep in force with Qualified Insurers, a policy or policies of insurance
covering loss occasioned by the errors and omissions of its officers, employees
and agents in connection with its servicing obligations hereunder, which policy
or policies shall be in such form and amount as would permit it to be a
qualified FNMA seller-servicer of multifamily mortgage loans, or in such other
form and amount as would not cause the qualification, downgrade or withdrawal of
any rating assigned by any Rating Agency to the Certificates (as evidenced in
writing from each Rating Agency). Each of the Master Servicer and the Special
Servicer shall be deemed to have complied with the foregoing provisions if an
Affiliate thereof has such insurance and, by the terms of such policy or
policies, the coverage afforded thereunder extends to the Master Servicer or the
Special Servicer, as the case may be. Any such errors and omissions policy shall
provide for ten days' written notice to the Trustee prior to cancellation. The
Master Servicer and the Special Servicer shall each cause the Trustee to be an
additional loss payee on any policy currently in place or procured pursuant to
the requirements of this Section 3.07(c).

          For so long as the long-term debt obligations of the Master Servicer
or Special Servicer, as the case may be (or in the case of the initial Master
Servicer and Special Servicer, their respective direct or indirect parent), are
rated at least "A" or the equivalent by all of the Rating Agencies (or such
lower rating as will not result in qualification, downgrading or withdrawal of
the ratings then assigned to the Certificates, as evidenced in writing by the
Rating Agencies), such Person may self-insure with respect to the risks
described in this subsection.

          Section 3.08 Enforcement of Alienation Clauses.

          (a) (i) Upon receipt of any request of a waiver in respect of a
due-on-sale or due-on-encumbrance provision, the Master Servicer, with respect
to Mortgage Loans (other than the 2006-C26 Serviced Mortgage Loan) that are not
Specially Serviced Mortgage Loans, and the Special Servicer, with respect to
Specially Serviced Mortgage Loans, shall promptly analyze such waiver, including
the preparation of written materials in connection with such analysis, and will
close the related transaction, subject to the consent rights (if any) of each
Companion Holder pursuant to the related Intercreditor Agreement as provided in
this Section 3.08. With respect to all Mortgage Loans other than Specially
Serviced Mortgage Loans and the 2006-C26 Serviced Mortgage Loan, the Master
Servicer or, in the case of Specially Serviced Mortgage Loans, the Special
Servicer, on behalf of the Trustee as the mortgagee of record, shall, to the
extent permitted by applicable law, enforce the restrictions contained in the
related Mortgage on transfers or further encumbrances of the related Mortgaged
Property and on transfers of interests in the related Mortgagor, unless
following its receipt of a request of a waiver in respect of a due on-sale or
due-on-encumbrance provision the Master Servicer (with the written consent of
the Special Servicer, which consent shall be deemed given if not denied within
the later of (a) 15 Business Days after the Special Servicer's receipt of the
written recommendation of the Master Servicer for such action and any additional
information the Special Servicer may reasonably request for the analysis of such
request (such recommendation and information may be delivered in an electronic
format reasonably acceptable to the Master Servicer and the Special Servicer)
and (b) 5 Business Days after the Controlling Class Representative's receipt of
the written recommendation of the Special Servicer for such action and any
additional information the Controlling Class Representative may reasonably
request for the analysis of such request, which notice shall be given by the
Special Servicer no later than 10 Business Days after the commencement of the 15
Business Day period described in the preceding clause (a)) or the Special
Servicer (with the written consent of the Controlling Class Representative,
which consent shall be deemed given if not denied within five Business Days
after the Controlling Class Representative's receipt of the written
recommendation of the Special Servicer for such action and any additional
information the Controlling Class Representative may reasonably request for the
analysis of such request), as applicable, has determined, consistent with the
Servicing Standard, that the waiver of such restrictions would be in accordance
with the Servicing Standard. Promptly after the Master Servicer (with the
written consent of the Special Servicer to the extent required in the preceding
sentence) or the Special Servicer (with the written consent of the Controlling
Class Representative to the extent required in the preceding sentence), as
applicable, has made any such determination, the Master Servicer or the Special
Servicer shall deliver to the Trustee, the Rating Agencies and each other party
hereto an Officer's Certificate setting forth the basis for such determination.
Neither the Master Servicer nor the Special Servicer shall exercise (and the
Special Servicer shall not consent to) any such waiver in respect of a
due-on-encumbrance provision of any Mortgage Loan (i) with respect to which the
aggregate of the Stated Principal Balance of such Mortgage Loan and the Stated
Principal Balance of all other Mortgage Loans that are cross-collateralized,
cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on
such Mortgage Loan, are one of the ten largest Mortgage Loans or concentrations
of Mortgage Loans, as of the date of such waiver request, without receiving
prior written confirmation from S&P and Moody's that such action would not
result in a downgrading, qualification or withdrawal of the ratings then
assigned to the Certificates or (ii) with respect to which (a) the aggregate of
the Stated Principal Balance of such Mortgage Loan and the Stated Principal
Balance of all other Mortgage Loans that are cross-collateralized,
cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on
such Mortgage Loan, is equal to or in excess of $20,000,000, (b) the aggregate
of the Stated Principal Balance of such Mortgage Loan and the Stated Principal
Balance of all other Mortgage Loans that are cross-collateralized,
cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on
such Mortgage Loan, are greater than 2% of the aggregate Stated Principal
Balance of all Mortgage Loans, (c) such Mortgage Loan is one of the ten largest
Mortgage Loans as of the date of the waiver (by Stated Principal Balance), or
(d) such Mortgage Loan has a Loan-to-Value Ratio (calculated to include the
additional indebtedness secured by any encumbrance) that is equal to or greater
than 85% and a Debt Service Coverage Ratio (calculated to include the additional
debt from any encumbrance) of 1.2x or less, without receiving a prior written
confirmation from S&P that such action would not result in a downgrading,
qualification or withdrawal of the ratings then assigned to the Certificates.
With respect to a waiver of a due-on-sale provision, neither the Master Servicer
nor the Special Servicer shall waive any such restriction without receiving
prior written confirmation from Moody's and S&P that such action would not
result in a downgrading, qualification or withdrawal of the ratings then
assigned to the Certificates; provided that, if the Mortgage Loan (a) does not
have an aggregate Stated Principal Balance (including the Stated Principal
Balance of all other Mortgage Loans that are cross-collateralized,
cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on
such Mortgage Loan) equal to or in excess of $35,000,000 (or $25,000,000 with
respect to Moody's), (b) does not have an aggregate Stated Principal Balance
(including the Stated Principal Balance of all other Mortgage Loans that are
cross-collateralized, cross-defaulted or have been made to Mortgagors affiliated
with the Mortgagor on such Mortgage Loan) greater than 5% of the aggregate
Stated Principal Balance of all Mortgage Loans or (c) is not one of the ten
largest Mortgage Loans as of the date of the waiver (by Stated Principal
Balance), the Master Servicer or the Special Servicer, as applicable, may waive
such requirement without confirmation by S&P in accordance with the Servicing
Standard; provided, further, if the Mortgage Loan does not meet the criteria set
forth in clause (ii) of the immediately preceding sentence, the Master Servicer
or Special Servicer, as applicable, may waive such requirement without approval
by S&P or Moody's in accordance with the Servicing Standard; provided, further,
if the Mortgage Loan is not one of the ten largest Mortgage Loans (by Stated
Principal Balance, including all other Mortgage Loans that are
cross-collateralized and cross-defaulted with such Mortgage Loan) as of the date
of the waiver, the Master Servicer or Special Servicer, as applicable, may waive
such requirement without approval by Fitch in accordance with the Servicing
Standard. With respect to each Co-Lender Loan, no waiver of a due-on-sale or
due-on-encumbrance provision will be effective unless the Master Servicer or
Special Servicer, as applicable, first consults with the related Subordinate
Companion Holder if required under the applicable Intercreditor Agreement.

          (ii) With respect to any Tenants-in-Common Loan, the Master Servicer,
     on behalf of the Trustee as the mortgagee of record, shall review (A) each
     request for a sale, transfer or syndication of any Mortgagor's equity
     interests in the related Mortgagor and shall promptly analyze such request,
     including, with regard to each proposed Mortgagor transferee, the financial
     statements, credit information, organizational documents and other written
     materials set forth on the applicable schedule on Exhibit Z hereto, to
     determine, in accordance with the Servicing Standard, whether the requested
     sale, transfer or syndication meets the applicable requirements and to
     obtain any consents required under any related Intercreditor Agreement, and
     (B) the corresponding waiver of any applicable due-on-sale or
     due-on-encumbrance provision and determine whether approval of such waiver
     is consistent with the Servicing Standard. Promptly after the Master
     Servicer has made any such affirmative determination that such sale,
     transfer or syndication meets the applicable requirements on Exhibit Z
     hereto, the Master Servicer shall deliver to the Special Servicer, the
     Controlling Class Representative, the Trustee, the Rating Agencies and each
     other party hereto, no later than 5 Business Days prior to such sale,
     transfer or syndication, an Officer's Certificate in the form of Exhibit AA
     hereto setting forth notice of the approval or disapproval and the basis
     for such determination, including evidence of compliance with each of the
     requirements for such Mortgage Loan described on Exhibit Z hereto;
     provided, further, it is understood and agreed that the Master Servicer
     shall make reasonable efforts to deliver a complete package 5 Business Days
     prior to such sale, transfer or syndication (provided, however, any
     documents not delivered with the Officer's Certificate will be delivered by
     the Master Servicer as soon as reasonably possible, and the Special
     Servicer shall rely on the initial documents sent in such package and the
     Officer's Certificate delivered by the Master Servicer for its review).

          (b) Notwithstanding any other provisions of this Section 3.08, the
Master Servicer (with respect to Mortgage Loans other than Specially Serviced
Mortgage Loans and the 2006-C26 Serviced Mortgage Loan) (without the Special
Servicer's consent) or the Special Servicer (with respect to Specially Serviced
Mortgage Loans) may grant, without any Rating Agency confirmation as provided in
paragraph (a) above, a Mortgagor's request for consent to subject the related
Mortgaged Property to an easement or right-of-way for utilities, access,
parking, public improvements or another purpose, and may consent to
subordination of the related Mortgage Loan to such easement or right-of-way
provided the Master Servicer or the Special Servicer, as applicable, shall have
determined in accordance with the Servicing Standard that such easement or
right-of-way shall not materially interfere with the then-current use of the
related Mortgaged Property, or the security intended to be provided by such
Mortgage, the related Mortgagor's ability to repay the Mortgage Loan, or
materially or adversely affect the value of such Mortgaged Property or cause the
Mortgage Loan to cease to be a "qualified mortgage" for REMIC purposes.

          (c) Within 90 days of the Closing Date, with respect to each of the
Mortgage Loans (other than the 2006-C26 Serviced Mortgage Loan) covered by an
environmental insurance policy, if any, the Master Servicer shall notify the
insurer under such environmental insurance policy and take all other action
necessary for the Trustee, on behalf of the Certificateholders, to be an insured
(and for the Master Servicer, on behalf of the Trust Fund, to make claims) under
such environmental insurance policy. In the event that the Master Servicer has
actual knowledge of any event (an "Insured Environmental Event") giving rise to
a claim under any environmental insurance policy in respect of any Mortgage Loan
covered thereby, the Master Servicer shall, in accordance with the terms of such
environmental insurance policy and the Servicing Standard, timely make a claim
thereunder with the appropriate insurer and shall take such other actions in
accordance with the Servicing Standard which are necessary under such
environmental insurance policy in order to realize the full value thereof for
the benefit of the Certificateholders. Any legal fees, premiums or other
out-of-pocket costs incurred in accordance with the Servicing Standard in
connection with any such claim under an environmental insurance policy shall be
paid by the Master Servicer and shall be reimbursable to it as a Servicing
Advance. With respect to each environmental insurance policy that relates to one
or more Mortgage Loans (other than the 2006-C26 Serviced Mortgage Loan), the
Master Servicer shall review and familiarize itself with the terms and
conditions relating to enforcement of claims and shall monitor the dates by
which any claim must be made or any action must be taken under such policy to
realize the full value thereof for the benefit of the Certificateholders in the
event the Master Servicer has actual knowledge of an Insured Environmental Event
giving rise to a claim under such policy.

          In the event that the Master Servicer receives notice of any
termination of any environmental insurance policy that relates to one or more
Mortgage Loans (other than the 2006-C26 Serviced Mortgage Loan), the Master
Servicer shall, within five Business Days after receipt of such notice, notify
the Special Servicer, the Controlling Class Representative, the related
Companion Holder (in the case of a Co-Lender Loan), the Rating Agencies and the
Trustee of such termination in writing. Upon receipt of such notice, the Master
Servicer with respect to non-Specially Serviced Mortgage Loans (other than the
2006-C26 Serviced Mortgage Loan), and the Special Servicer with respect to
Specially Serviced Mortgage Loans, shall address such termination in accordance
with Section 3.07(a) in the same manner as it would the termination of any other
Insurance Policy required under the related Mortgage Loan documents. Any legal
fees, premiums or other out-of-pocket costs incurred in accordance with the
Servicing Standard in connection with a resolution of such termination of an
environmental insurance policy shall be paid by the Master Servicer and shall be
reimbursable to it as a Servicing Advance.

          (d) For the avoidance of doubt, any servicing obligation set forth
under this Section 3.08 of the Master Servicer or Special Servicer, as
applicable, for any Co-Lender Loan shall also apply to the related Companion
Loan.

          Section 3.09 Realization Upon Defaulted Mortgage Loans; Required
Appraisals.

          (a) The Special Servicer shall, subject to Sections 3.09(b) through
3.09(d) and Section 6.11, exercise reasonable efforts, consistent with the
Servicing Standard, to foreclose upon or otherwise comparably convert the
ownership of properties securing such of the Mortgage Loans or Companion Loans
(other than the 2006-C26 Serviced Mortgage Loan and its related Companion Loans)
as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments, including,
without limitation, pursuant to Section 3.20. Subject to the second paragraph of
Section 3.03(c), the Master Servicer shall advance all costs and expenses (other
than costs or expenses that would, if incurred, constitute a Nonrecoverable
Servicing Advance) incurred by the Special Servicer in any such proceedings, and
shall be entitled to reimbursement therefor as provided in Section 3.05(a).
Nothing contained in this Section 3.09 shall be construed so as to require the
Special Servicer, on behalf of the Trust Fund, to make a bid on any Mortgaged
Property at a foreclosure sale or similar proceeding that is in excess of the
fair market value of such property, as determined by the Special Servicer in
accordance with the Servicing Standard and in its reasonable and good faith
judgment taking into account, as applicable, among other factors, the period and
amount of any delinquency on the affected Mortgage Loan or Companion Loan, the
occupancy level and physical condition of the Mortgaged Property or REO
Property, the state of the local economy, the obligation to dispose of any REO
Property within the time period specified in Section 3.16(a) and the results of
any appraisal obtained pursuant to the following sentence, all such bids to be
made in a manner consistent with the Servicing Standard. If and when the Master
Servicer or the Special Servicer deems it necessary and prudent for purposes of
establishing the fair market value of any Mortgaged Property securing a
Defaulted Mortgage Loan or defaulted Companion Loan, whether for purposes of
bidding at foreclosure or otherwise, it may, at the expense of the Trust Fund,
have an appraisal performed with respect to such property by an Independent
Appraiser or other expert in real estate matters; which appraisal shall take
into account, as applicable, among other factors, the period and amount of any
delinquency on the affected Mortgage Loan, the occupancy level and physical
condition of the Mortgaged Property or REO Property, the state of the local
economy and the obligation to dispose of any REO Property within the time period
specified in Section 3.16(a), including without limitation, any environmental,
engineering or other third party reports available, and other factors that a
prudent real estate appraiser would consider.

          With respect to each Required Appraisal Mortgage Loan (other than the
2006-C26 Serviced Mortgage Loan), the Special Servicer will be required to
obtain a Required Appraisal (or with respect to any Mortgage Loan with an
outstanding principal balance less than $2,000,000, an internal valuation
performed by the Special Servicer) within 60 days of a Mortgage Loan becoming a
Required Appraisal Mortgage Loan (unless an appraisal meeting the requirements
of a Required Appraisal was obtained for such Required Appraisal Mortgage Loan
within the prior 12 months and the Special Servicer has no actual knowledge of a
material adverse change in the condition of the related Mortgaged Property in
which case such appraisal may be a letter update of the Required Appraisal) and
thereafter shall obtain a Required Appraisal (or with respect to any Mortgage
Loan with an outstanding principal balance less than $2,000,000, and in lieu of
an Appraisal, an internal valuation performed by the Special Servicer) once
every 12 months (or sooner if the Special Servicer has actual knowledge of a
material adverse change in the condition of the related Mortgaged Property) if
such Mortgage Loan remains a Required Appraisal Mortgage Loan. The Special
Servicer will deliver a copy of each Required Appraisal (or letter update or
internal valuation) to the Master Servicer, the Controlling Class Representative
and the Trustee (and, if such Required Appraisal Mortgage Loan is a Co-Lender
Loan, to the related Companion Holder) within 10 Business Days of obtaining such
Required Appraisal (or letter update or internal valuation). Subject to the
second paragraph of Section 3.03(c), the Master Servicer shall advance the cost
of such Required Appraisal; provided, however, such expense will be subject to
reimbursement to the Master Servicer as a Servicing Advance out of the
Certificate Account pursuant to Section 3.05(a)(vi) and 3.05(a)(vii).

          Notwithstanding the foregoing, in no event shall the Master Servicer
or the Special Servicer obtain an appraisal of a Companion Loan pursuant to this
Section 3.09(a) to the extent the related Co-Lender Loan has been paid in full.

          (b) The Special Servicer shall not acquire any personal property
pursuant to this Section 3.09 unless either:

          (i) such personal property is incident to real property (within the
     meaning of Section 856(e)(1) of the Code) so acquired by the Special
     Servicer; or

          (ii) the Special Servicer shall have obtained an Opinion of Counsel
     (the cost of which may be withdrawn from the Certificate Account pursuant
     to Section 3.05(a)) to the effect that the holding of such personal
     property as part of the Trust Fund (to the extent not allocable to a
     Companion Loan) will not cause the imposition of a tax on either of REMIC I
     or REMIC II under the REMIC Provisions or cause either of REMIC I or
     REMIC II to fail to qualify as a REMIC at any time that any Certificate is
     outstanding.

          (c) Notwithstanding the foregoing provisions of this Section 3.09,
neither the Master Servicer nor the Special Servicer shall, on behalf of the
Trustee (which may include through a single member limited liability company
owned by the Trust), initiate foreclosure proceedings, obtain title to a
Mortgaged Property by deed in lieu of foreclosure or otherwise, or take any
other action with respect to any Mortgaged Property, if, as a result of any such
action, the Trustee, on behalf of the Certificateholders, could, in the
reasonable judgment of the Master Servicer or the Special Servicer, as the case
may be, made in accordance with the Servicing Standard, be considered to hold
title to, to be a "mortgagee-in-possession" of, or to be an "owner" or
"operator" of such Mortgaged Property within the meaning of CERCLA or any
comparable law (a "potentially responsible party"), unless (as evidenced by an
Officer's Certificate to such effect delivered to the Trustee that shall specify
all of the bases for such determination) the Special Servicer has previously
determined in accordance with the Servicing Standard, and based on an
Environmental Assessment of such Mortgaged Property performed by an Independent
Person who regularly conducts Environmental Assessments and performed within six
months prior to any such acquisition of title or other action (a copy of which
Environmental Assessment shall be delivered to the Trustee, the Controlling
Class Representative and the Master Servicer), that:

          (i) the Mortgaged Property is in compliance with applicable
     environmental laws and regulations or, if not, that it would maximize the
     recovery to the Certificateholders on a present value basis (the relevant
     discounting of anticipated collections that will be distributable to
     Certificateholders to be performed at the related Net Mortgage Rate) to
     acquire title to or possession of the Mortgaged Property and to take such
     actions as are necessary to bring the Mortgaged Property into compliance
     therewith in all material respects; and

          (ii) there are no circumstances or conditions present at the Mortgaged
     Property relating to the use, management or disposal of Hazardous Materials
     for which investigation, testing, monitoring, containment, clean-up or
     remediation could be required under any applicable environmental laws and
     regulations or, if such circumstances or conditions are present for which
     any such action could reasonably be expected to be required, that it would
     maximize the recovery to the Certificateholders on a present value basis
     (the relevant discounting of anticipated collections that will be
     distributable to Certificateholders to be performed at the related Net
     Mortgage Rate) to acquire title to or possession of the Mortgaged Property
     and to take such actions with respect to the affected Mortgaged Property.

          The Special Servicer shall undertake, in good faith, reasonable
efforts to make the determination referred to in the preceding paragraph and may
conclusively rely on the Environmental Assessment referred to above in making
such determination. The cost of any such Environmental Assessment, as well as
the cost of any remedial, corrective or other further action contemplated by
clause (i) and/or clause (ii) of the preceding paragraph shall be at the expense
of the Trust Fund (except to the extent that such Additional Trust Fund Expense
is payable out of the proceeds of any Companion Loan pursuant to the related
Intercreditor Agreement and this Agreement); and if any such Environmental
Assessment so warrants, the Special Servicer shall perform such additional
environmental testing as it deems necessary and prudent to determine whether the
conditions described in clauses (i) and (ii) of the preceding paragraph have
been satisfied, the cost of which shall be at the expense of the Trust Fund.

          (d) If the environmental testing contemplated by Section 3.09(c) above
establishes that any of the conditions set forth in clauses (i) and (ii) thereof
has not been satisfied with respect to any Mortgaged Property securing a
Defaulted Mortgage Loan (other than the 2006-C26 Serviced Mortgage Loan) and
there is no breach of a representation or warranty requiring repurchase under
the applicable Mortgage Loan Purchase Agreement, the Special Servicer shall take
such action as is in accordance with the Servicing Standard (other than
proceeding against the Mortgaged Property) and, at such time as it deems
appropriate, may, on behalf of the Trustee, release all or a portion of such
Mortgaged Property from the lien of the related Mortgage; provided that, if such
Mortgage Loan has a then outstanding principal balance of greater than
$1,000,000, then prior to the release of all or a portion of the related
Mortgaged Property from the lien of the related Mortgage, (i) the Special
Servicer shall have notified the Rating Agencies, the Trustee, the Controlling
Class Representative and the Master Servicer in writing of its intention to so
release all or a portion of such Mortgaged Property and the bases for such
intention, (ii) the Trustee shall have notified the Certificateholders in
writing of the Special Servicer's intention to so release all or a portion of
such Mortgaged Property and (iii) the Holders of Certificates entitled to a
majority of the Voting Rights shall have consented to such release within 30
days of the Trustee's distributing such notice (failure to respond by the end of
such 30-day period being deemed consent).

          (e) The Special Servicer shall report to the Master Servicer, the
Controlling Class Representative and the Trustee monthly in writing as to any
actions taken by the Special Servicer with respect to any Mortgaged Property
that represents security for a Defaulted Mortgage Loan as to which the
environmental testing contemplated in Section 3.09(c) above has revealed that
any of the conditions set forth in clauses (i) and (ii) thereof has not been
satisfied, in each case until the earlier to occur of satisfaction of all such
conditions and release of the lien of the related Mortgage on such Mortgaged
Property.

          (f) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, the advisability of seeking to obtain a
deficiency judgment if the state in which the Mortgaged Property is located and
the terms of the Mortgage Loan or Companion Loan permit such an action and
shall, in accordance with the Servicing Standard, seek such deficiency judgment
if it deems advisable.

          (g) The Master Servicer shall, with the reasonable cooperation of the
Special Servicer, prepare and file information returns with respect to reports
of foreclosures and abandonments of any Mortgaged Property and the information
returns relating to any Mortgaged Property securing a Mortgage Loan (other than
the 2006-C26 Serviced Mortgage Loan) and, if applicable, Companion Loan required
by Sections 6050J and 6050P of the Code and each year deliver to the Trustee an
Officer's Certificate stating that such reports have been filed. Such reports
shall be in form and substance sufficient to meet the reporting requirements
imposed by Sections 6050J and 6050P of the Code.

          (h) The Special Servicer shall maintain accurate records, prepared by
a Servicing Officer, of each Final Recovery Determination in respect of any
Mortgage Loan, Companion Loan or REO Property (other than with respect to the
2006-C26 Serviced Mortgage Loan) and the basis thereof. Each Final Recovery
Determination shall be evidenced by an Officer's Certificate (together with the
basis and back-up documentation for the determination) delivered to the Trustee,
the Controlling Class Representative and the Master Servicer no later than the
third Business Day following such Final Recovery Determination.

          (i) Upon reasonable request of the Master Servicer, the Special
Servicer shall deliver to it and the related Sub-Servicer any other information
and copies of any other documents in its possession with respect to a Specially
Serviced Mortgage Loan or the related Mortgaged Property.

          Section 3.10 Trustee and Custodian to Cooperate; Release of Mortgage
Files.

          (a) Upon the payment in full of any Mortgage Loan, or the receipt by
the Master Servicer of a notification that payment in full shall be escrowed in
a manner customary for such purposes, the Master Servicer shall promptly notify
the Trustee in writing, who shall release or cause the related Custodian to
release, by a certification (which certification shall be in the form of a
Request for Release in the form of Exhibit D-1 attached hereto and shall be
accompanied by the form of a release or discharge and shall include a statement
to the effect that all amounts received or to be received in connection with
such payment which are required to be deposited in the Certificate Account
pursuant to Section 3.04(a) have been or will be so deposited) of a Servicing
Officer (a copy of which certification shall be delivered to the Special
Servicer) and shall request delivery to it of the related Mortgage File. Upon
receipt of such certification and request, the Trustee shall release, or cause
any related Custodian to release, the related Mortgage File to the Master
Servicer and shall deliver to the Master Servicer such release or discharge,
duly executed. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Certificate
Account or the Distribution Account.

          (b) If from time to time, and as appropriate for servicing or
foreclosure of any Mortgage Loan (including any related Companion Loan), the
Master Servicer or the Special Servicer shall otherwise require any Mortgage
File (or any portion thereof), the Trustee, upon request of the Master Servicer
and receipt from the Master Servicer of a Request for Release in the form of
Exhibit D-1 attached hereto signed by a Servicing Officer thereof, or upon
request of the Special Servicer and receipt from the Special Servicer of a
Request for Release in the form of Exhibit D-2 attached hereto, shall release,
or cause any related Custodian to release, such Mortgage File (or portion
thereof) to the Master Servicer or the Special Servicer, as the case may be.
Upon return of such Mortgage File (or portion thereof) to the Trustee or related
Custodian, or the delivery to the Trustee of a certificate of a Servicing
Officer of the Special Servicer stating that such Mortgage Loan was liquidated
and that all amounts received or to be received in connection with such
liquidation that are required to be deposited into the Certificate Account
pursuant to Section 3.04(a) have been or will be so deposited, or that such
Mortgage Loan has become an REO Property, a copy of the Request for Release
shall be released by the Trustee or related Custodian to the Master Servicer or
the Special Servicer, as applicable.

          (c) Within seven Business Days (or within such shorter period (but no
less than 3 Business Days) as execution and delivery can reasonably be
accomplished if the Special Servicer notifies the Trustee of an exigency) of the
Special Servicer's request therefor, the Trustee shall execute and deliver to
the Special Servicer (or the Special Servicer may, subject to Section 3.01(b),
execute and deliver in the name of the Trustee based on a limited power of
attorney issued in favor of the Special Servicer pursuant to Section 3.01(b)),
in the form supplied to the Trustee, any court pleadings, requests for trustee's
sale or other documents stated by the Special Servicer to be reasonably
necessary to the foreclosure or trustee's sale in respect of a Mortgaged
Property or REO Property or to any legal action brought to obtain judgment
against any Mortgagor on the Mortgage Note (including any note evidencing a
related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to
enforce any other remedies or rights provided by the Mortgage Note or Mortgage
or otherwise available at law or in equity or to defend any legal action or
counterclaim filed against the Trust Fund, the Master Servicer or the Special
Servicer. Together with such documents or pleadings, the Special Servicer shall
deliver to the Trustee a certificate of a Servicing Officer requesting that such
pleadings or documents be executed by the Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee will not invalidate or otherwise affect the lien
of the Mortgage, except for the termination of such a lien upon completion of
the foreclosure or trustee's sale.

          Section 3.11 Servicing Compensation.

          (a) As compensation for its activities hereunder, the Master Servicer
shall be entitled to receive the Master Servicing Fee with respect to each
Mortgage Loan (including each Specially Serviced Mortgage Loan) and REO Loan. No
Master Servicing Fee shall be payable with respect to any Companion Loan unless
such fee is expressly set forth in the related Intercreditor Agreement. As to
each such Mortgage Loan and REO Loan, the Master Servicing Fee shall accrue at
the related Master Servicing Fee Rate and on the same principal amount
respecting which the related interest payment due on such Mortgage Loan or
deemed to be due on such REO Loan is computed and calculated on the basis of a
360-day year consisting of twelve 30-day months (or, in the event of a Principal
Prepayment in full or other Liquidation Event with respect to a Mortgage Loan or
REO Loan, on the basis of the actual number of days to elapse from and including
the related Due Date to but excluding the date of such Principal Prepayment or
Liquidation Event in a month consisting of 30 days). The Master Servicing Fee
with respect to the 2006-C26 Serviced Mortgage Loan will be set forth on the
Mortgage Loan Schedule. The Master Servicing Fee with respect to any Mortgage
Loan or REO Loan shall cease to accrue if a Liquidation Event occurs in respect
thereof. Earned but unpaid Master Servicing Fees shall be payable monthly, on a
loan-by-loan basis, from payments of interest on each Mortgage Loan and REO
Revenues allocable as interest on each REO Loan. The Master Servicer shall be
entitled to recover unpaid Master Servicing Fees in respect of any Mortgage Loan
or REO Loan out of that portion of related Insurance Proceeds or Liquidation
Proceeds allocable as recoveries of interest, to the extent permitted by Section
3.05(a)(iii) and otherwise as provided in Section 3.05(a)(vii). The right to
receive the Master Servicing Fee may not be transferred in whole or in part
except in connection with the transfer of all of the Master Servicer's
responsibilities and obligations under this Agreement.

          (b) Additional servicing compensation in the form of: (i) all late
payment charges, Penalty Interest, assumption application fees if the related
assumption is completed, Tenant-in-Common Loan transfer and assumption
application fees if the related transfer and assumption application is completed
and an assumption fee is collected on such Tenant-in-Common Loan, modification
fees for modifications to Mortgage Loans or Companion Loans that are not
Specially Serviced Mortgage Loans made by the Master Servicer pursuant to
Section 3.20(i), defeasance fees, charges for beneficiary statements or demands,
amounts collected for checks returned for insufficient funds and any similar
fees (excluding Prepayment Premiums or Yield Maintenance Charges), in each case
to the extent actually paid by a Mortgagor with respect to a Mortgage Loan or
Companion Loan and, with respect to late payment charges and penalty charges,
accrued during the time that such Mortgage Loan or Companion Loan was not a
Specially Serviced Mortgage Loan, and (ii) fifty percent (50%) of (A) any
assumption fees or Tenant-in-Common Loan assumption fees and (B) any assumption
application fees and Tenant-in-Common Loan transfer and assumption application
fees if the related assumption or Tenant-in-Common Loan transfer and assumption
fails to be completed or no assumption fee is collected with respect to a
Tenant-In-Common Loan, in each case to the extent actually paid by a Mortgagor
with respect to any Mortgage Loan or Companion Loan if such Mortgage Loan or
Companion Loan is not a Specially Serviced Mortgage Loan, may be retained by the
Master Servicer and are not required to be deposited in the Certificate Account;
provided that the Master Servicer's right to receive late payment charges and
Penalty Interest pursuant to clause (i) above shall be limited to the portion of
such items that have not been applied to pay interest on Advances as provided in
Sections 3.03(d) and 4.03(d) or Additional Trust Fund Expenses (other than
Special Servicing Fees, Workout Fees and/or Liquidation Fees) or interest on
Advances pursuant to this Section 3.11(b). To the extent the Master Servicer or
the Special Servicer receives late payment charges or Penalty Interest on a
Mortgage Loan for which interest on Advances or Additional Trust Fund Expenses
(other than Special Servicing Fees, Workout Fees and/or Liquidation Fees)
related to such Mortgage Loan and not previously reimbursed to the Trust Fund,
the Master Servicer shall deposit in the Certificate Account, on or prior to the
P&I Advance Date following the collection of such late payment charges or
Penalty Interest, an amount equal to the lesser of (i) the amount of late
payment charges or Penalty Interest received on such Mortgage Loan or (ii) the
sum of the amount of interest paid to the Master Servicer on Advances related to
such Mortgage Loan since the Closing Date for which the Trust Fund has not been
previously reimbursed and the amount of Additional Trust Fund Expenses (other
than Special Servicing Fees, Workout Fees and/or Liquidation Fees) related to
such Mortgage Loan incurred since the Closing Date and not previously reimbursed
to the Trust Fund. To the extent that the Master Servicer is not entitled to
late payment charges or Penalty Interest pursuant to the immediately preceding
sentence, the Master Servicer shall deposit such late payment charges and
Penalty Interest in the Certificate Account. Penalty Interest or late payment
charges in respect of any Mortgage Loan or Companion Loan which has accrued
during the period when the related Mortgage Loan or Companion Loan is not a
Specially Serviced Mortgage Loan shall be additional compensation to the Master
Servicer even if collected during the period when the related Mortgage Loan or
Companion Loan is a Specially Serviced Mortgage Loan. The Master Servicer shall
also be entitled to additional servicing compensation in the form of (i)
Prepayment Interest Excesses; (ii) interest or other income earned on deposits
in the Certificate Account and the Interest Reserve Account, in accordance with
Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any,
with respect to such account for each Collection Period), and (iii) to the
extent not required to be paid to any Mortgagor under applicable law or the
terms of the related Mortgage Loan or Companion Loan, any interest or other
income earned on deposits in the Reserve Accounts and Servicing Accounts
maintained thereby.

          The Master Servicer shall be required to pay out of its own funds all
expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, payment of any amounts due and owing to any of
its Sub-Servicers and the premiums for any blanket policy insuring against
hazard losses pursuant to Section 3.07(b)), if and to the extent such expenses
are not payable directly out of the Certificate Account, and the Master Servicer
shall not be entitled to reimbursement therefor except as expressly provided in
this Agreement. The Master Servicer shall not waive or agree to any discount of
any portion of assumption fees to which the Special Servicer is entitled.

          (c) As compensation for its activities hereunder, the Special Servicer
shall be entitled to receive the Special Servicing Fee with respect to each
Specially Serviced Mortgage Loan and each REO Loan (other than the 2006-C26
Serviced Mortgage Loan and related REO Loan, if any). As to each Specially
Serviced Mortgage Loan and REO Loan, the Special Servicing Fee shall accrue at
the Special Servicing Fee Rate and on the same principal amount respecting which
the related interest payment due on such Specially Serviced Mortgage Loan or
deemed to be due on such REO Loan is computed and calculated on the basis of a
360-day year consisting of twelve 30-day months (or, in the event of a Principal
Prepayment in full or other Liquidation Event with respect to a Mortgage Loan or
REO Loan, on the basis of the actual number of days to elapse from and including
the related Due Date to but excluding the date of such Principal Prepayment or
Liquidation Event in a month consisting of 30 days). The Special Servicing Fee
with respect to any Specially Serviced Mortgage Loan or REO Loan shall cease to
accrue as of the date a Liquidation Event occurs in respect thereof or it
becomes a Corrected Mortgage Loan. Earned but unpaid Special Servicing Fees
shall be payable monthly out of general collections on the Mortgage Loans,
Companion Loans and any REO Properties on deposit in the Certificate Account
pursuant to Section 3.05(a).

          As further compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Workout Fee with respect to each
Corrected Mortgage Loan, so long as such loan remains a Corrected Mortgage Loan.
As to each Corrected Mortgage Loan, the Workout Fee shall be payable out of, and
shall be calculated by application of the Workout Fee Rate to, each collection
of interest (other than Additional Interest and Penalty Interest) and principal
received on such Mortgage Loan or Companion Loan for so long as it remains a
Corrected Mortgage Loan (net of any portion of such collection payable or
reimbursable to the Master Servicer, the Special Servicer, or the Trustee for
any related unpaid or unreimbursed Master Servicing Fees and/or Advances)
received on such Mortgage Loan or Companion Loan for so long as it remains a
Corrected Mortgage Loan. The Workout Fee with respect to any Corrected Mortgage
Loan will cease to be payable if a Servicing Transfer Event occurs with respect
thereto or if the related Mortgaged Property becomes an REO Property; provided
that a new Workout Fee would become payable if and when such Mortgage Loan and,
if applicable, Companion Loan again became a Corrected Mortgage Loan. If the
Special Servicer is terminated or resigns, it will retain the right to receive
any and all Workout Fees payable with respect to any Specially Serviced Mortgage
Loan that became a Corrected Mortgage Loan during the period that it acted as
Special Servicer and remained a Corrected Mortgage Loan at the time of its
termination or resignation or if the Special Servicer resolved the circumstances
and/or conditions (including by way of a modification of the related Mortgage
Loan documents) causing the Mortgage Loan to be a Specially Serviced Mortgage
Loan, but the Mortgage Loan had not as of the time the Special Servicer is
terminated or resigns become a Corrected Mortgage Loan because the related
borrower had not made three consecutive monthly debt service payments (but made
the most recent monthly debt service payment prior to the termination of the
Special Servicer) and subsequently becomes a Corrected Mortgage Loan as a result
of making three such consecutive payments. The successor Special Servicer will
not be entitled to any portion of those Workout Fees.

          In addition, with respect to each Specially Serviced Mortgage Loan and
REO Loan (other than the 2006-C26 Serviced Mortgage Loan) or Mortgage Loan
subject to repurchase by the applicable Mortgage Loan Seller (to the extent such
Mortgage Loan was not repurchased within the cure period specified in the
related Mortgage Loan Purchase Agreement) (or Qualified Substitute Mortgage Loan
substituted in lieu thereof), the Special Servicer shall be entitled to the
Liquidation Fee payable out of, and calculated by application of the Liquidation
Fee Rate to, all amounts (whether in the form of payments of Liquidation
Proceeds or REO Revenues or a full or discounted payoff by the Mortgagor)
received in respect of such Mortgage Loan or Companion Loan (or, in the case of
an REO Loan (other than the 2006-C26 Serviced Mortgage Loan), in respect of the
related REO Property) and allocable as a full or partial recovery of principal,
interest and expenses in accordance with Section 3.02(b) or the definition of
"REO Loan," as applicable; provided that no Liquidation Fee shall be payable in
connection with, or out of (i) Insurance Proceeds and (ii) Liquidation Proceeds
resulting from the purchase of any Mortgage Loan or REO Property by a Mortgage
Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement if
purchased within the cure period set forth in Section 3(c) of such Mortgage Loan
Purchase Agreement, by the Majority Subordinate Certificateholder, the Companion
Holder, or the Special Servicer pursuant to Section 3.18(c), Section 3.18(d),
Section 3.18(e), Section 3.18(h) or by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder or the purchasing
Certificateholder pursuant to Section 9.01, or any mezzanine lender pursuant to
the related mezzanine intercreditor agreement if purchased by the mezzanine
lender within 90 days of the related Mortgage Loan becoming a Specially Serviced
Mortgage Loan; and (iii) Liquidation Proceeds resulting from the remittance by
the related Mortgage Loan Seller pursuant to Section 2.03 (if remitted within
the cure period set forth for repurchase in the related Mortgage Loan Purchase
Agreement); provided, further, no Liquidation Fee shall be payable (i) in
connection with a Periodic Payment received in connection with such Mortgage
Loan or (ii) to the extent a Workout Fee is payable concerning the Liquidation
Proceeds.

          The Special Servicer's right to receive the Special Servicing Fee, the
Workout Fee and the Liquidation Fee may not be transferred in whole or in part
except in connection with the transfer of all of the Special Servicer's
responsibilities and obligations under Sections 6.02, 6.04 and 6.09.

          (d) Additional servicing compensation in the form of: (i) all late
payment charges, Penalty Interest received on or with respect to Specially
Serviced Mortgage Loans actually collected that, with respect to late payment
charges and penalty charges, accrued during the time that the related Mortgage
Loan was a Specially Serviced Mortgage Loan, (ii) one hundred percent (100%) of
any assumption application fees and assumption fees with respect to any
Specially Serviced Mortgage Loan and fifty percent (50%) of (A) any assumption
fees or Tenant-in-Common Loan assumption fees and (B) any assumption application
fees and Tenant-in-Common Loan transfer and assumption application fees if the
related Tenant-in-Common Loan transfer and assumption fails to be completed or
no assumption fee is collected with respect to a Tenant-In-Common Loan with
respect to any Mortgage Loan or Companion Loan if such Mortgage Loan or
Companion Loan is not a Specially Serviced Mortgage Loan, in each case to the
extent actually paid by a Mortgagor, and (iii) modification fees collected on
all Mortgage Loans or Companion Loans (other than modifications made by the
Master Servicer pursuant to Section 3.20(i)), in each case to the extent
actually paid by the related Mortgagor, shall be retained by the Special
Servicer or promptly paid to the Special Servicer by the Master Servicer and
shall not be required to be deposited in the Certificate Account; provided that
the Special Servicer's right to receive late payment charges and Penalty
Interest pursuant to clause (i) above shall be limited to the portion of such
items that have not been applied to pay interest on Advances and property
inspection costs in respect of the related Mortgage Loan as provided in Sections
3.03(d), 3.12(a) and 4.03(d) or Additional Trust Fund Expenses (other than
Special Servicing Fees, Workout Fees and/or Liquidation Fees) pursuant to this
Section 3.11(d). To the extent the Master Servicer or the Special Servicer
receives late payment charges or Penalty Interest on a Mortgage Loan for which
interest on Advances or Additional Trust Fund Expenses (other than Special
Servicing Fees, Workout Fees and/or Liquidation Fees) related to such Mortgage
Loan and not previously reimbursed to the Trust Fund, the Special Servicer shall
transfer to the Master Servicer for deposit in the Certificate Account, on or
prior to the P&I Advance Date following the collection of such late payment
charges or Penalty Interest, an amount equal to the lesser of (i) the amount of
late payment charges or Penalty Interest received on such Mortgage Loan or (ii)
the sum of the amount of interest paid to the Master Servicer on Advances
related to such Mortgage Loan incurred since the Closing Date for which the
Trust Fund has not been previously reimbursed and the amount of Additional Trust
Fund Expenses (other than Special Servicing Fees, Workout Fees and/or
Liquidation Fees) related to such Mortgage Loan since the Closing Date and not
previously reimbursed to the Trust Fund. To the extent that the Special Servicer
is not entitled to late payment charges or Penalty Interest pursuant to the
immediately preceding sentence, the Special Servicer shall promptly transfer
such late payment charges and Penalty Interest to the Master Servicer who shall
deposit such late payment charges and Penalty Interest in the Certificate
Account. The Special Servicer shall also be entitled to additional servicing
compensation in the form of: (i) interest or other income earned on deposits in
the REO Account, if established, in accordance with Section 3.06(b) (but only to
the extent of the Net Investment Earnings, if any, with respect to the REO
Account for each Collection Period); and (ii) to the extent not required to be
paid to any Mortgagor under applicable law, any interest or other income earned
on deposits in the Servicing Accounts maintained by the Special Servicer. The
Special Servicer shall be required to pay out of its own funds all general and
administrative expenses incurred by it in connection with its servicing
activities hereunder, and the Special Servicer shall not be entitled to
reimbursement therefor except as expressly provided in Section 3.05(a) if and to
the extent such expenses are not payable directly out of the Certificate Account
or the REO Account.

          Section 3.12 Property Inspections; Collection of Financial Statements;
Delivery of Certain Reports.

          (a) (i) The Special Servicer shall perform or cause to be performed a
physical inspection of a Mortgaged Property as soon as practicable after a
related Mortgage Loan becomes a Specially Serviced Mortgage Loan and (ii) the
Master Servicer (in the case of non-Specially Serviced Mortgage Loans other than
the 2006-C26 Serviced Mortgage Loan) or the Special Servicer (in the case of
Specially Serviced Mortgage Loans) shall perform or cause to be performed a
physical inspection of a Mortgaged Property as soon as the related Debt Service
Coverage Ratio set forth in the CMSA Comparative Financial Status Report of a
Mortgage Loan is below 1.00x; provided that, with respect to inspections
prepared by the Special Servicer, such expense shall be reimbursable first out
of Penalty Interest and late payment charges otherwise payable to the Special
Servicer and received in the Collection Period during which such inspection
related expenses were incurred, then as an Additional Trust Fund Expense (except
to the extent that such Additional Trust Fund Expense is payable out of the
proceeds of any Companion Loan pursuant to the related Intercreditor Agreement
and this Agreement). Each of the Master Servicer for each Mortgage Loan (other
than a Specially Serviced Mortgage Loan or REO Loan) and the Special Servicer
for each Specially Serviced Mortgage Loan and REO Loan shall (and, in the case
of the Master Servicer, at its expense) perform or cause to be performed an
inspection of all the Mortgaged Properties at least once per calendar year (or,
in the case of each Mortgaged Property securing a Mortgage Loan (other than a
Specially Serviced Mortgage Loan) with a then current principal balance (or
allocated loan amount) of less than $2,000,000 at the time of such inspection,
every other calendar year) beginning in 2006; provided, however, the Master
Servicer shall not be required to inspect any Mortgaged Property that has been
inspected by the Special Servicer during the immediately preceding six months.
The Special Servicer and the Master Servicer shall each prepare (and, in the
case of the Special Servicer, shall deliver to the Master Servicer) a written
report of each such inspection performed by it that sets forth in detail the
condition of the Mortgaged Property and that specifies the existence of: (i) any
sale, transfer or abandonment of the Mortgaged Property of which it is aware,
(ii) any change in the condition or value of the Mortgaged Property that it, in
its reasonable judgment, considers material, or (iii) any visible waste
committed on the Mortgaged Property. The Master Servicer shall deliver such
reports to the Trustee within 45 days of the related inspection and the Trustee
shall, subject to Section 3.15, make copies of all such inspection reports
available for review by Certificateholders and Certificate Owners during normal
business hours at the offices of the Trustee at all times after the Trustee's
receipt thereof. Upon written request and at the expense of the requesting
party, the Trustee shall deliver copies of any such inspection reports to
Certificateholders and Certificate Owners. The Special Servicer shall have the
right to inspect or cause to be inspected (at its own expense) every calendar
year any Mortgaged Property related to a loan that is not a Specially Serviced
Mortgage Loan; provided that the Special Servicer obtains the approval of the
Master Servicer prior to such inspection, and provides a copy of such inspection
to the Master Servicer; provided, further, the Master Servicer and the Special
Servicer shall not both inspect a Mortgaged Property that is not securing a
Specially Serviced Mortgage Loan in the same calendar year. If the Special
Servicer performs such inspection, such inspection shall satisfy the Master
Servicer's inspection obligations pursuant to this paragraph-(a).

          With respect to site inspection information, the Master Servicer shall
make such inquiry of any Mortgagor under any related Mortgage Loan as the
Special Servicer may reasonably request.

          If the Special Servicer initiates a servicing transfer under clause
(b) or (c) of the definition of "Specially Serviced Mortgage Loan," the Special
Servicer shall give written notice thereof to the Master Servicer, the
Controlling Class Representative and the Trustee in order to effectuate such
transfer.

          (b) Not later than 2:00 p.m. (New York City time) on the second
Business Day prior to each Determination Date, the Special Servicer shall
deliver or cause to be delivered to the Master Servicer the following reports
with respect to the Specially Serviced Mortgage Loans and any REO Properties
providing the required information as of the end of the preceding calendar
month: (i) a CMSA Property File; (ii) a CMSA Comparative Financial Status Report
and (iii) CMSA Financial File. Not later than 5:00 p.m. (New York City time) on
the first Business Day following each Determination Date, the Special Servicer
shall deliver or cause to be delivered to the Master Servicer the following
reports with respect to the Mortgage Loans (and, if applicable, the related REO
Properties) (or, as to clause (v) below, only with respect to Specially Serviced
Mortgage Loans) providing the required information as of such Determination
Date: (i) a CMSA Historical Loan Modification and Corrected Mortgage Loan
Report; (ii) a CMSA REO Status Report, (iii) a CMSA Advance Recovery Report and
(iv) a CMSA Delinquent Loan Status Report.

          (c) Not later than 4:00 p.m. (New York City time) on the third
Business Day after each Determination Date, the Master Servicer shall deliver or
cause to be delivered to the Trustee (in electronic format acceptable to the
Master Servicer and the Trustee) (A) the most recent CMSA Historical Loan
Modification and Corrected Mortgage Loan Report and CMSA REO Status Report
received from the Special Servicer pursuant to Section 3.12(b); (B) a CMSA
Property File, a CMSA Comparative Financial Status Report and a CMSA Financial
File, each with the required information as of the end of the preceding calendar
month (in each case combining the reports prepared by the Special Servicer and
the Master Servicer); (C) a CMSA Loan Level Reserve/LOC Report and CMSA
Delinquent Loan Status Report, each with the required information as of such
Determination Date (in each case combining the reports prepared by the Special
Servicer and the Master Servicer); (D) a CMSA Servicer Watchlist Report with the
required information as of such Determination Date; and (E) a CMSA Advance
Recovery Report, with the required information as of such Determination Date.

          (d) The Special Servicer will deliver to the Master Servicer the
reports set forth in Section 3.12(b) and this Section 3.12(d) and the Master
Servicer shall deliver to the Trustee the reports set forth in this Section 3.12
in an electronic format reasonably acceptable to the Special Servicer and the
Master Servicer with respect to the reports set forth in Section 3.12(b) and
this Section 3.12(d) and the Master Servicer and the Trustee with respect to the
reports set forth in Section 3.12(c). The Master Servicer may, absent manifest
error, conclusively rely on the reports to be provided by the Special Servicer
pursuant to Section 3.12(b) and this Section 3.12(d) and the 2006-C26 Master
Servicer and the 2006-C26 Special Servicer to the extent required to be provided
pursuant to the 2006-C26 Pooling and Servicing Agreement. The Trustee may,
absent manifest error, conclusively rely on the CMSA Loan Periodic Update File
to be provided by the Master Servicer pursuant to Section 4.02(b). In the case
of information or reports to be furnished by the Master Servicer to the Trustee
pursuant to this Section 3.12, to the extent that such information is based on
reports to be provided by the Special Servicer pursuant to Section 3.12(b) and
this Section 3.12(d) and, to the extent that such reports are to be prepared and
delivered by the Special Servicer pursuant to Section 3.12(b) and this Section
3.12(d), the Master Servicer shall have no obligation to provide such
information or reports until it has received such information or reports from
the Special Servicer and the Master Servicer shall not be in default hereunder
due to a delay in providing the reports required by this Section 3.12 to the
extent caused by the Special Servicer's failure to timely provide any report
required under Section 3.12(b) and this Section 3.12(d) of this Agreement.

          The Special Servicer, in the case of any Specially Serviced Mortgage
Loan and REO Loan, and the Master Servicer, in the case of all other Mortgage
Loans (other than the 2006-C26 Serviced Mortgage Loan), shall endeavor,
consistent with the Servicing Standard, to obtain quarterly and annual operating
statements and rent rolls with respect to the related Mortgage Loans and REO
Properties, which efforts shall include (i) in the case of the Mortgage Loans
(other than the 2006-C26 Serviced Mortgage Loan), a letter sent to the related
Mortgagor each quarter (followed up with telephone calls) requesting such
quarterly and annual operating statements and rent rolls until they are received
to the extent such action is consistent with applicable law and the related
Mortgage Loan documents, and (ii) with respect to the 2006-C26 Serviced Mortgage
Loan, a letter sent to the 2006-C26 Master Servicer to provide such information
to the extent required to be delivered pursuant to the Prime Outlets Pool II
Intercreditor Agreements.

          The Special Servicer shall promptly, following receipt, deliver copies
of the operating statements and rent rolls received or obtained by it to the
Master Servicer, and the Master Servicer shall deliver copies of the operating
statements and rent rolls received or obtained by it to the Rating Agencies, the
Trustee, the Special Servicer or the Controlling Class Representative in each
case (other than the Rating Agencies and the Controlling Class Representative
which shall be sent copies within 30 days following the Master Servicer's
receipt) upon request.

          Within 30 days after receipt by the Master Servicer or the Special
Servicer of any annual operating statements with respect to any Mortgaged
Property or REO Property, as applicable (other than, in each case, the Mortgaged
Property or REO Property related to the 2006-C26 Serviced Mortgage Loan), each
of the Master Servicer and the Special Servicer shall prepare or update and,
with respect to any CMSA NOI Adjustment Worksheet prepared or updated by the
Special Servicer, forward to the Master Servicer, a CMSA NOI Adjustment
Worksheet for such Mortgaged Property or REO Property (with the annual operating
statements attached thereto as an exhibit).

          The Special Servicer with respect to each Specially Serviced Mortgage
Loan and REO Loan, and the Master Servicer with respect to each other Mortgage
Loan (other than the 2006-C26 Serviced Mortgage Loan), shall each prepare and
maintain and forward to each other one CMSA Operating Statement Analysis for
each Mortgaged Property and REO Property, as applicable; provided, however, with
respect to the 2006-C26 Serviced Mortgage Loan, the Master Servicer shall
forward to each recipient of a CMSA Operating Statement Analysis hereunder a
copy of the CMSA Operating Statement Analysis received from the 2006-C26 Master
Servicer related to the 2006-C26 Serviced Mortgage Loan. The CMSA Operating
Statement Analysis for each Mortgaged Property and REO Property is to be updated
by each of the Master Servicer and the Special Servicer, as applicable, within
thirty days after its respective receipt of updated operating statements for
such Mortgaged Property and REO Property, as the case may be, but in no event
less frequently than annually by June 30th of each year. The Master Servicer and
the Special Servicer shall each use the "Normalized" column from the CMSA NOI
Adjustment Worksheet for any Mortgaged Property or REO Property, as the case may
be, to update the corresponding CMSA Operating Statement Analysis and shall use
any operating statements received with respect to any Mortgaged Property or REO
Property, as the case may be, to prepare the CMSA NOI Adjustment Worksheet for
such property. Copies of CMSA Operating Statement Analyses and CMSA NOI
Adjustment Worksheets are to be made available by the Master Servicer to the
Trustee, the Special Servicer or the Controlling Class Representative in each
case upon request.

          (e) With respect to the BlueLinx Holdings Pool Loan, the RLJ Hotel
Pool Loan and the 500-512 Seventh Avenue Loan, the Master Servicer and the
Special Servicer, as applicable, will provide the related Companion Holders with
copies of any and all documents, certificates, instruments, notices, reports,
operating statements, rent rolls, correspondences and other information required
to be delivered pursuant to the terms of the BlueLinx Holdings Pool
Intercreditor Agreement, the RLJ Hotel Pool Intercreditor Agreement and the
500-512 Seventh Avenue Intercreditor Agreement.

          Section 3.13 Annual Reports on Assessment of Compliance with Servicing
Criteria and Annual Statement as to Compliance.

          (a) On or before noon (Eastern Time) on March 5 (with a 7 Business Day
notice and cure period as provided in Section 7.01(a)(iv) herein) of each year,
commencing in March 2007, the Master Servicer, the Special Servicer and the
Trustee, each at its own expense, shall furnish, and the Master Servicer and
Special Servicer shall cause each Servicing Participant with which it has
entered into a relationship with respect to the Mortgage Loans to furnish and
the Master Servicer shall cause each Additional Servicer to furnish to the
Trustee and the Depositor, with a copy to the Rating Agencies and the
Controlling Class Representative, a report on an assessment of compliance with
the Servicing Criteria that contains (i) a statement by such Reporting Party of
its responsibility for assessing compliance with the Servicing Criteria
applicable to it, (ii) a statement that such Reporting Party used the Servicing
Criteria to assess compliance with the Relevant Servicing Criteria, (iii) such
Reporting Party's assessment of compliance with the Relevant Servicing Criteria
as of and for the period ending the end of the fiscal year covered by the Form
10 K required to be filed pursuant to Section 8.17, including, if there has been
any material instance of noncompliance with the Relevant Servicing Criteria, a
discussion of each such failure and the nature and status thereof, and (iv) a
statement that a registered public accounting firm has issued an attestation
report on such Reporting Party's assessment of compliance with the Relevant
Servicing Criteria as of and for such period. Promptly after receipt of each
such report, the Depositor may review each such report and, if applicable,
consult with the Trustee, the Master Servicer and the Special Servicer as to the
nature of any material instance of noncompliance with the Relevant Servicing
Criteria by the Trustee, the Master Servicer, the Special Servicer or any
Servicing Participant with which it has entered into a servicing relationship
with respect to the Mortgage Loans. Neither the Master Servicer nor the Special
Servicer shall be required to cause the delivery of any such statements until
April 15 in any given year so long as it has received written confirmation from
the Depositor that a Report on Form 10 K is not required to be filed in respect
of the Trust Fund for the preceding calendar year.

          Each such report shall be addressed to the Depositor and signed by an
authorized officer of the applicable company, and shall address each of the
Relevant Servicing Criteria specified on a certification substantially in the
form of Exhibit S hereto delivered to the Depositor on the Closing Date.
Promptly after receipt of each such report, (i) the Depositor may review each
such report and, if applicable, consult with the Master Servicer, the Special
Servicer and/or the Trustee as to the nature of any material instance of
noncompliance with the Relevant Servicing Criteria (and each Sub-Servicer or
Servicing Participant engaged or utilized by the Master Servicer, the Special
Servicer or the Trustee, as applicable), and (ii) the Trustee shall confirm that
the assessments taken individually address the Relevant Servicing Criteria as
set forth on Exhibit S and notify the Depositor of any exceptions. None of the
Master Servicer, the Special Servicer, the Trustee or any Servicing Participant
shall be required to cause the delivery of any such assessments until March 10
in any given year so long as it has received written confirmation from the
Depositor that a Report on Form 10 K is not required to be filed in respect of
the Trust for the preceding calendar year. To the extent the Trustee has actual
knowledge of a deficiency in the reporting of the Relevant Servicing Criteria
(whether individually with respect to the Relevant Servicing Criteria, or in the
aggregate with respect to the Servicing Criteria taken as a whole), the Trustee
shall promptly notify in accordance with the last paragraph of Section 8.17(n)
the Depositor and whichever of the Master Servicer or the Special Servicer
failed to provide the Relevant Servicing Criteria.

          No later than the end of each fiscal year for the Trust Fund, the
Master Servicer and the Special Servicer shall notify the Trustee, the Master
Servicer or the Special Servicer, as applicable, and the Depositor as to the
name of each Sub-Servicer engaged by it and each Servicing Participant utilized
by it, and the Trustee shall notify the Depositor as to the name of each
Servicing Participant utilized by it, and each such notice will specify which
Relevant Servicing Criteria will be addressed in the report on assessment of
compliance prepared by such Servicing Participant and/or Sub-Servicer. When the
Master Servicer, the Special Servicer and the Trustee submit their assessments
pursuant to Section 3.13(a), the Master Servicer, the Special Servicer and the
Trustee, as applicable, will also at such time include the assessment (and
related attestation pursuant to Section 3.14) of each Servicing Participant
and/or Sub-Servicer engaged by it.

          In the event the Master Servicer, the Special Servicer or the Trustee
is terminated or resigns pursuant to the terms of this Agreement, such party
shall provide, and each such party shall cause any Servicing Participant engaged
by it or formerly engaged by it to provide, and the Master Servicer shall use
its reasonable efforts to cause any Additional Servicer that resigns or is
terminated under any applicable servicing agreement to provide, an annual
assessment of compliance pursuant to this Section 3.13, coupled with an
attestation as required in Section 8.17 with respect to the period of time that
the Master Servicer, the Special Servicer or the Trustee was subject to this
Agreement or the period of time that the Additional Servicer was subject to such
other servicing agreement.

          (b) The Trustee, the Master Servicer and the Special Servicer shall,
and the Master Servicer (or, in the case of the Master Servicer with respect to
the Sub-Servicers identified on Exhibit Y hereto, shall use reasonable efforts
to cause) and Special Servicer shall cause each Servicing Participant with which
it has entered into a relationship with respect to the Mortgage Loans, to
deliver to the Depositor and the Trustee on or before March 5 (with a 7 Business
Day notice and cure period as provided in Section 7.01(a)(iv) herein) of each
year, commencing in March 2007, an Officer's Certificate stating, as to the
Trustee, the Master Servicer, the Special Servicer or the Additional Servicer,
as applicable, that (i) a review of such entity's activities during the
preceding calendar year or portion thereof and of such entity's performance
under this Agreement, or the applicable servicing agreement in the case of any
Additional Servicer, has been made under such officer's supervision and (ii) to
the best of such officer's knowledge, based on such review, such entity has
fulfilled all its obligations under this Agreement, or the applicable
Sub-Servicing Agreement or primary servicing agreement in the case of any
Additional Servicer, in all material respects throughout such year or portion
thereof, or, if there has been a failure to fulfill any such obligation in any
material respect, specifying each such failure known to such officer and the
nature and status thereof. The Trustee, the Master Servicer and the Special
Servicer shall, and the Master Servicer (or, in the case of the Master Servicer
with respect to the Sub-Servicers identified on Exhibit Y hereto, shall use
reasonable efforts to cause) and the Special Servicer shall cause each
Additional Servicer with which it has entered into a servicing relationship with
respect to the Mortgage Loans to, forward, or make available a copy of each such
statement to the Rating Agencies and the Controlling Class Representative.
Promptly after receipt of each such Officer's Certificate, the Depositor may
review such Officer's Certificate and, if applicable, consult with the Trustee,
the Master Servicer or the Special Servicer, as applicable, as to the nature of
any failures by the Trustee, the Master Servicer or the Special Servicer,
respectively, or any related any Additional Servicer with which the Master
Servicer or the Special Servicer, as applicable, has entered into a servicing
relationship with respect to the Mortgage Loans in the fulfillment of any of the
Master Servicer's or Special Servicer's obligations hereunder or under the
applicable servicing agreement.

          The obligations of the Master Servicer, the Special Servicer, the
Trustee and each Additional Servicer under this Section apply to the Master
Servicer, the Special Servicer, the Trustee and each Additional Servicer that
serviced a Mortgage Loan during the applicable period, whether or not the Master
Servicer, the Special Servicer, the Trustee or Additional Servicer is acting as
the Master Servicer, the Special Servicer, the Trustee or Additional Servicer at
the time such Officer's Certificate is required to be delivered.

          In the event the Master Servicer, the Special Servicer or the Trustee
is terminated or resigns pursuant to the terms of this Agreement, such party
shall provide, and the Master Servicer shall use its reasonable efforts to cause
any Additional Servicer that resigns or is terminated under any applicable
servicing agreement to provide, an annual statement of compliance pursuant to
this Section 3.13 with respect to the period of time that the Master Servicer,
the Special Servicer or the Trustee was subject to this Agreement or the period
of time that the Additional Servicer was subject to such other servicing
agreement.

          Section 3.14 Attestation by Independent Public Accountants.

          On or before noon (Eastern Time) on March 5 (with a 7 Business Day
notice and cure period as provided in Section 7.01(a)(iv) herein) of each year,
commencing in March 2007, the Master Servicer, the Special Servicer and the
Trustee, each at its own expense, shall cause, and the Master Servicer (or, in
the case of the Master Servicer with respect to the Sub-Servicers identified on
Exhibit Y hereto, shall use reasonable efforts to cause), the Special Servicer
and the Trustee shall cause each Servicing Participant with which it has entered
into a relationship with respect to the Mortgage Loans to cause, and the Master
Servicer shall cause each Additional Servicer to cause, a registered public
accounting firm (which may also render other services to the Master Servicer,
the Special Servicer, the Trustee or the applicable Servicing Participant, as
the case may be) and that is a member of the American Institute of Certified
Public Accountants to furnish a report to the Trustee and the Depositor, with a
copy to the Rating Agencies and the Controlling Class Representative, to the
effect that (i) it has obtained a representation regarding certain matters from
the management of such Reporting Party, which includes an assertion that such
Reporting Party has complied with the Relevant Servicing Criteria and (ii) on
the basis of an examination conducted by such firm in accordance with standards
for attestation engagements issued or adopted by the Public Company Accounting
Oversight Board, attests to and reports on such Reporting Party's assessment of
compliance with the Relevant Servicing Criteria. In the event that an overall
opinion cannot be expressed, such registered public accounting firm shall state
in such report why it was unable to express such an opinion. Each such related
accountant's attestation report shall be made in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act. Such report must be available for general use and not contain
restricted use language. Promptly after receipt of such report from the Trustee,
the Master Servicer, the Special Servicer or any Servicing Participant, the
Depositor may review the report and, if applicable, consult with the Trustee,
the Master Servicer or the Special Servicer as to the nature of any defaults by
the Trustee, the Master Servicer, the Special Servicer or any Servicing
Participant with which it has entered into a servicing relationship with respect
to the Mortgage Loans, as the case may be, in the fulfillment of any of the
Trustee's, the Master Servicer's, the Special Servicer's or the applicable
Servicing Participant's obligations hereunder or under the applicable servicing
agreement. The Trustee, the Master Servicer and the Special Servicer shall not
be required to cause the delivery of such reports until April 15 in any given
year so long as it has received written confirmation from the Depositor that a
Report on Form 10-K is not required to be filed in respect of the Trust Fund for
the preceding calendar year. The Trustee shall confirm that each accountants'
attestation report submitted pursuant to this Section relates to an assessment
of compliance that on its face meets the requirements of Section 3.13(a) and
notify the Depositor of any exceptions.

          Section 3.15 Access to Certain Information.

          (a) Upon reasonable prior written notice, not required to be greater
than ten days, the Master Servicer (with respect to the items in clauses (a),
(b) (other than Distribution Date Statements), (c), (d), (e), (f), (h) and (i)
below, unless such item was not delivered to the Master Servicer), the Special
Servicer (with respect to the items in clauses (c), (d), (g), (h) and (i) below)
to the extent such items are in its possession and the Trustee (with respect to
the items in clauses (b) and (i) below and any other items, to the extent in its
possession) shall make available at their respective offices primarily
responsible for administration of the Mortgage Loans (or in the case of the
Trustee, at its Corporate Trust Office, except with respect to documents which
constitute part of the Mortgage Files, which will be maintained at its offices
in Minnesota), during normal business hours, or send to the requesting party,
such party having been certified to the Trustee, the Master Servicer or the
Special Servicer, as applicable, in accordance with (a) and (b) in the following
paragraph, as appropriate, at the expense of such requesting party (unless
otherwise provided in this Agreement), for review by any Certificate Owner or
Certificateholder or any Person identified by a Certificate Owner or
Certificateholder or its designated agent to the Trustee, the Master Servicer or
the Special Servicer, as the case may be, as a prospective transferee of any
Certificate or interest therein or a Companion Loan or any interest therein (to
the extent such information is related to such Companion Loan or the related
Mortgage Loan), the Trustee, the Rating Agencies, the Underwriters and any
applicable regulator or potential purchaser specified thereby and the Depositor,
originals or copies of the following items: (a) this Agreement and any
amendments thereto, (b) all Distribution Date Statements delivered to holders of
the relevant Class of Certificates since the Closing Date and all reports,
statements and analyses delivered by the Master Servicer since the Closing Date
pursuant to Section 3.12(c), (c) all Officer's Certificates delivered by the
Master Servicer or the Special Servicer since the Closing Date pursuant to
Section 3.13, (d) all accountants' reports delivered to the Master Servicer in
respect of itself or the Special Servicer since the Closing Date as described in
Section 3.14, (e) the most recent property inspection report prepared by or on
behalf of the Master Servicer in respect of each Mortgaged Property and any
Environmental Assessments prepared pursuant to Section 3.09, (f) the most recent
Mortgaged Property annual operating statements and rent roll, if any, collected
by or on behalf of the Master Servicer, (g) any and all modifications, waivers
and amendments of the terms of a Mortgage Loan entered into by the Special
Servicer and the Asset Status Report prepared pursuant to Section 3.21(d), (h)
the Servicing File relating to each Mortgage Loan and (i) any and all Officer's
Certificates and other evidence delivered by the Master Servicer or the Special
Servicer, as the case may be, to support its determination that any Advance was,
or if made, would be, a Nonrecoverable Advance pursuant to Sections 3.03(e) or
4.03(c), including appraisals affixed thereto and any Required Appraisal
prepared pursuant to Section 3.09(a). Copies of any and all of the foregoing
items will be available from the Master Servicer, the Special Servicer or the
Trustee, as the case may be, upon request and shall be provided to any of the
Rating Agencies at no cost pursuant to their reasonable requests.

          In connection with providing access to or copies of the items
described in the preceding paragraph pursuant to this Section 3.15, or with
respect to the Controlling Class Representative, in connection with providing
access to or copies of any items in accordance with this Agreement, the Trustee,
the Master Servicer or the Special Servicer, as applicable, shall require: (a)
in the case of Certificate Owners and the Controlling Class Representative, a
confirmation (which in the case of the Controlling Class Representative may be a
standing confirmation) executed by the requesting Person substantially in the
form of Exhibit K-1 hereto (or such other form as may be reasonably acceptable
to the Trustee, the Master Servicer or the Special Servicer, as applicable)
generally to the effect that such Person is a beneficial holder of Book-Entry
Certificates, or a representative of a beneficial holder of Book-Entry
Certificates, and, subject to the last sentence of this paragraph, will keep
such information confidential (except that such Certificate Owner and the
Controlling Class Representative may provide such information to any other
Person that holds or is contemplating the purchase of any Certificate or
interest therein; provided that such other Person confirms in writing such
ownership interest or prospective ownership interest and agrees to keep such
information confidential); and (b) in the case of a prospective purchaser of a
Certificate or an interest therein, confirmation executed by the requesting
Person substantially in the form of Exhibit K-2 hereto (or such other form as
may be reasonably acceptable to the Trustee, the Master Servicer or the Special
Servicer, as applicable) generally to the effect that such Person is a
prospective purchaser of a Certificate or an interest therein, is requesting the
information for use in evaluating a possible investment in Certificates and,
subject to the last sentence of this paragraph, will otherwise keep such
information confidential. The Holders of the Certificates, by their acceptance
thereof, and the Controlling Class Representative, by its acceptance of its
appointment, will be deemed to have agreed, subject to the last sentence of this
paragraph, to keep such information confidential (except that any Holder may
provide such information obtained by it to any other Person that holds or is
contemplating the purchase of any Certificate or interest therein; provided that
such other Person confirms in writing such ownership interest or prospective
ownership interest and agrees to keep such information confidential) and agrees
not to use such information in any manner that would violate federal, state or
local securities laws. Notwithstanding the foregoing, no Certificateholder,
Certificate Owner or prospective Certificateholder or Certificate Owner shall be
obligated to keep confidential any information received from the Trustee, the
Master Servicer or the Special Servicer, as applicable, pursuant to this Section
3.15 that has previously been made available via the Trustee's, the Master
Servicer's or Special Servicer's Internet Website without restriction as to
access as permitted pursuant to the terms of this Agreement, as applicable, or
has previously been filed with the Commission, and the Trustee, the Master
Servicer or the Special Servicer, as applicable, shall not require either of the
certifications contemplated by the second preceding sentence in connection with
providing any information pursuant to this Section 3.15 that has previously been
made available via the Trustee's, the Master Servicer's or Special Servicer's
Internet Website without restriction as to access in compliance with the terms
of this Agreement, as applicable, or has previously been filed with the
Commission.

          Each of the Master Servicer and the Special Servicer shall afford to
the Trustee, the Rating Agencies and the Depositor, and to the OTS, the FDIC,
the Federal Reserve Board and any other banking or insurance regulatory
authority that may exercise authority over any Certificateholder or a Companion
Loan or any interest therein (to the extent such information is related to such
Companion Loan or the related Mortgage Loan), access to any records regarding
the Mortgage Loans and the servicing thereof within its control, except to the
extent it is prohibited from doing so by applicable law or contract or to the
extent such information is subject to a privilege under applicable law to be
asserted on behalf of the Certificateholders or the Companion Holders. Such
access shall be afforded only upon reasonable prior written request and during
normal business hours at the offices of the Master Servicer or the Special
Servicer, as the case may be, designated by it.

          The Trustee, the Master Servicer, the Special Servicer and the
Underwriters may require payment from the Certificateholder or Certificate Owner
or holder of a Companion Loan, as applicable, of a sum sufficient to cover the
reasonable costs and expenses of providing any such information or access
pursuant to this Section 3.15 to, or at the request of, the Certificateholders
or Certificate Owners or prospective transferees or holder of a Companion Loan,
as applicable, including, without limitation, copy charges and, in the case of
Certificateholders or Certificate Owners or holder of a Companion Loan, if
applicable, requiring on site review in excess of 3 Business Days, reasonable
fees for employee time and for space.

          (b) The Trustee shall, and the Master Servicer may, but is not
required to, make available on or prior to the Distribution Date in each month
to the general public (i) the Distribution Date Statement via their respective
Internet Websites, (ii) as a convenience for the general public, the Prospectus
Supplement, the Prospectus and this Agreement on their respective Internet
Websites and (iii) any other items at the request of the Depositor via their
respective Internet Websites. In addition, the Trustee shall make available each
month, on each Distribution Date, the Unrestricted Servicer Reports, the CMSA
Loan Periodic Update File, the CMSA Loan Setup File, the CMSA Bond File and the
CMSA Collateral Summary File to the general public on its Internet Website (on a
password protected basis). The Trustee shall, upon written request, make
available each month, on each Distribution Date, (i) the Restricted Servicer
Reports, and (ii) the CMSA Property File and the CMSA Financial File to any
Privileged Person and to any other Person upon the direction of the Depositor.

          The Master Servicer may, but is not required to, make available each
month via its Internet Website (i) to any interested party, the Unrestricted
Servicer Reports, the CMSA Loan Setup File and the CMSA Loan Periodic Update
File, and (ii) to any Privileged Person, with the use of a password provided by
the Master Servicer, the Restricted Servicer Reports, the CMSA Financial File
and the CMSA Property File. Any Restricted Servicer Report or Unrestricted
Servicer Report that is not available on the Master Servicer's Internet Website
as described in the immediately preceding sentence by 5:00 p.m. (New York City
time) on the related Distribution Date shall be provided (in electronic format,
or if electronic mail is unavailable, by facsimile) by the Master Servicer, upon
request, to any Person otherwise entitled to access such report on the Master
Servicer's Internet Website.

          In connection with providing access to the Trustee's Internet Website
or the Master Servicer's Internet Website, the Trustee or the Master Servicer,
as applicable, may require registration and the acceptance of a disclaimer.

          If three or more Holders or the Controlling Class Representative
(hereinafter referred to as "Applicants" with a single Person which (together
with its Affiliates) is the Holder of more than one Class of Certificates being
viewed as a single Applicant for these purposes) apply in writing to Trustee,
and such application states that the Applicants' desire to communicate with
other Holders with respect to their rights under this Agreement or under the
Certificates and is accompanied by a copy of the communication which such
Applicants propose to transmit, then the Trustee shall, within 5 Business Days
after the receipt of such application, send, at the Applicants' expense, the
written communication proffered by the Applicants to all Certificateholders at
their addresses as they appear in the Certificate Register.

          (c) The Master Servicer and the Special Servicer shall not be required
to confirm, represent or warrant the accuracy or completeness of any other
Person's information or report included in any communication from the Master
Servicer or the Special Servicer under this Agreement. Neither the Master
Servicer nor the Trustee shall be liable for the dissemination of information in
accordance with this Section 3.15(c). The Trustee makes no representations or
warranties as to the accuracy or completeness of any report, document or other
information made available on the Trustee's Website and assumes no
responsibility therefor. In addition, the Trustee, the Master Servicer and the
Special Servicer may disclaim responsibility for any information distributed by
the Trustee, the Master Servicer or the Special Servicer, respectively, for
which it is not the original source.

          (d) Upon the request of the Controlling Class Representative made not
more frequently than once a month (which request may be a standing, continuing
request), or at such mutually acceptable time each month as the Controlling
Class Representative shall reasonably designate, each of the Master Servicer and
Special Servicer shall, without charge, make a knowledgeable Servicing Officer
available, at the option of the Controlling Class Representative either by
telephone or at the office of such Servicing Officer, to answer questions from
the Controlling Class Representative regarding the performance and servicing of
the Mortgage Loans and/or REO Properties for which such Master Servicer or
Special Servicer, as the case may be, is responsible. The Master Servicer and
the Special Servicer each shall condition such disclosure upon the Controlling
Class Representative entering into a reasonable and customary confidentiality
agreement reasonably acceptable to such servicer and the Controlling Class
Representative regarding such disclosure to it. Neither the Master Servicer nor
the Special Servicer shall be required to provide any information or disclosures
in violation of any applicable law, rule or regulation.

          (e) With respect to any Companion Loan, the Companion Holders shall
receive and have access to any information described in this Section 3.15 which
such Companion Holder is entitled to pursuant to the related Intercreditor
Agreement.

          Section 3.16 Title to REO Property; REO Account.

          (a) If title to any REO Property is acquired, the deed or certificate
of sale shall be issued to the Trustee or its nominee on behalf of the
Certificateholders and, if applicable, the Companion Holder, as their interests
shall appear. For the avoidance of doubt, REO Property with respect to the
2006-C26 Serviced Mortgage Loan is excluded for all purposes from this Section
3.16. The Special Servicer, on behalf of the Trust Fund, shall sell any such REO
Property as soon as practicable in accordance with the Servicing Standard, but
prior to the end of the third year following the calendar year in which REMIC I
acquires ownership of such REO Property (or applicable portion thereof) for
purposes of Section 860G(a)(8) of the Code, unless the Special Servicer either
(i) applies for, more than 60 days prior to the end of such third succeeding
year, and is granted an extension of time (an "REO Extension") by the Internal
Revenue Service to sell such REO Property or (ii) obtains for the Trustee an
Opinion of Counsel, addressed to the Trustee, the Special Servicer and the
Master Servicer, to the effect that the holding by REMIC I of such REO Property
subsequent to the end of such third succeeding year will not result in the
imposition of taxes on "prohibited transactions" (as defined in Section 860F of
the Code) of either of REMIC I or REMIC II or cause either of REMIC I or
REMIC II to fail to qualify as a REMIC at any time that any Certificates are
outstanding. If the Special Servicer is granted the REO Extension contemplated
by clause (i) of the immediately preceding sentence or obtains the Opinion of
Counsel contemplated by clause (ii) of the immediately preceding sentence, the
Special Servicer shall sell such REO Property within such extended period as is
permitted by such REO Extension or such Opinion of Counsel, as the case may be.
Any expense incurred by the Special Servicer in connection with its obtaining
the REO Extension contemplated by clause (i) of the second preceding sentence or
its obtaining the Opinion of Counsel contemplated by clause (ii) of the second
preceding sentence, shall first be payable from the related REO Account to the
extent of available funds and then be a Servicing Advance by the Master
Servicer. In the case of the Trust Fund's beneficial interest in the Mortgaged
Property acquired by the 2006-C26 Trustee pursuant to the 2006-C26 Pooling and
Servicing Agreement, the Special Servicer shall coordinate with the 2006-C26
Special Servicer with respect to any REO Extension on behalf of REMIC I. Except
for the preceding sentence, for purposes of this Section 3.16, "REO Property"
does not include the Trust Fund's beneficial interest in the Mortgaged Property
securing the 2006-C26 Serviced Mortgage Loan.

          (b) The Special Servicer shall segregate and hold all funds collected
and received in connection with any REO Property separate and apart from its own
funds and general assets. If an REO Acquisition shall occur, the Special
Servicer shall establish and maintain one or more accounts (collectively, the
"REO Account"), held on behalf of the Trustee in trust for the benefit of the
Certificateholders and, if applicable, the Companion Holder, as their interests
shall appear, for the retention of revenues and other proceeds derived from each
REO Property. The REO Account shall be an Eligible Account. The Special Servicer
shall deposit, or cause to be deposited, in the REO Account, upon receipt, all
REO Revenues, Insurance Proceeds and Liquidation Proceeds (net of Liquidation
Expenses) received in respect of an REO Property within 2 Business Days of
receipt. Funds in the REO Account may be invested in Permitted Investments in
accordance with Section 3.06. The Special Servicer shall be entitled to make
withdrawals from the REO Account to pay itself, as additional servicing
compensation in accordance with Section 3.11(d), interest and investment income
earned in respect of amounts held in the REO Account as provided in Section
3.06(b) (but only to the extent of the Net Investment Earnings with respect to
the REO Account for any Collection Period). The Special Servicer shall give
written notice to the Trustee, and the Master Servicer of the location of the
REO Account when first established and of the new location of the REO Account
prior to any change thereof.

          (c) The Special Servicer shall withdraw from the REO Account funds
necessary for the proper operation, management, maintenance and disposition of
any REO Property, but only to the extent of amounts on deposit in the REO
Account relating to such REO Property (including any monthly reserve or escrow
amounts necessary to accumulate sufficient funds for taxes, insurance and
anticipated capital expenditures (the "Impound Reserve")). On the last day of
the related Collection Period, the Special Servicer shall withdraw from the REO
Account and deposit into the Certificate Account or deliver to the Master
Servicer or such other Person as may be directed by the Master Servicer (which
shall deposit such amounts into the Certificate Account) the aggregate of all
amounts received in respect of each REO Property during the most recently ended
Collection Period, net of any withdrawals made out of such amounts pursuant to
the preceding sentence; provided that, in addition to the Impound Reserve, the
Special Servicer may retain in the REO Account such portion of proceeds and
collections as may be necessary to maintain a reserve of sufficient funds for
the proper operation, management and maintenance of the related REO Property
(including, without limitation, the creation of a reasonable reserve for
repairs, replacements and other related expenses).

          (d) The Special Servicer shall keep and maintain separate records, on
a property-by-property basis, for the purpose of accounting for all deposits to,
and withdrawals from, the REO Account pursuant to Section 3.16(b) or (c). The
Special Servicer shall provide the Master Servicer any information with respect
to the REO Account as is reasonably requested by the Master Servicer.

          Section 3.17 Management of REO Property.

          (a) Prior to the acquisition of title to a Mortgaged Property (other
than the Mortgaged Property relating to the 2006-C26 Serviced Mortgage Loan),
the Special Servicer shall review the operation of such Mortgaged Property and
determine the nature of the income that would be derived from such property if
it were acquired by the Trust Fund. If the Special Servicer determines from such
review in compliance with the Servicing Standard that in its good faith and
reasonable judgment:

          (i) None of the income from Directly Operating such REO Property would
     be subject to tax as "net income from foreclosure property" within the
     meaning of the REMIC Provisions (such tax referred to herein as an "REO
     Tax"), and the Special Servicer does not engage in any of the activities
     described in the definition of "Directly Operate" that would cause the REO
     Property to cease to qualify as "foreclosure property" within the meaning
     of Section 860G(a)(8) of the Code, then such Mortgaged Property may be
     Directly Operated by the Special Servicer as REO Property;

          (ii) Directly Operating such Mortgaged Property as an REO Property
     could result in income from such property that would be subject to an REO
     Tax, but that a lease of such property to another party to operate such
     property, or the performance of some services by an Independent Contractor
     with respect to such property, or another method of operating such property
     would not result in income subject to an REO Tax, then the Special Servicer
     may (provided that in the good faith and reasonable judgment of the Special
     Servicer, such alternative is commercially feasible and would result in a
     greater net recovery on a present value basis than earning income subject
     to an REO Tax) acquire such Mortgaged Property as REO Property and so lease
     or manage such REO Property; or

          (iii) It is reasonable to believe that Directly Operating such
     property as REO Property could result in income subject to an REO Tax and
     that such method of operation is commercially feasible and would result in
     a greater net recovery on a present value basis than leasing or other
     method of operating the REO Property that would not incur an REO Tax, the
     Special Servicer shall deliver to the REMIC Administrator, in writing, a
     proposed plan (the "Proposed Plan") to manage such property as REO
     Property. Such plan shall include potential sources of income, and to the
     extent commercially feasible, estimates of the amount of income from each
     such source. Within a reasonable period of time after receipt of such plan,
     the REMIC Administrator shall consult with the Special Servicer and shall
     advise the Special Servicer of the REMIC Administrator's federal income tax
     reporting position with respect to the various sources of income that the
     Trust Fund would derive under the Proposed Plan. In addition, the
     REMIC Administrator shall (to the extent reasonably possible) advise the
     Special Servicer of the estimated amount of taxes that the Trust Fund would
     be required to pay with respect to each such source of income. After
     receiving the information described in the two preceding sentences from the
     REMIC Administrator, the Special Servicer shall either (A) implement the
     Proposed Plan (after acquiring the respective Mortgaged Property as REO
     Property) or (B) manage such property in a manner that would not result in
     the imposition of an REO Tax on the income derived from such property. All
     of the REMIC Administrator's expenses (including any fees and expenses of
     counsel or other experts reasonably retained by it) incurred pursuant to
     this Section shall be reimbursed to it from the Trust Fund in accordance
     with Section 10.01(e).

          The Special Servicer's decision as to how each REO Property shall be
managed shall be based on the Servicing Standard and in any case on the good
faith and reasonable judgment of the Special Servicer as to which means would be
in the best interest of the Certificateholders (or, if the REO Property was
formerly a Mortgaged Property securing a Co-Lender Loan, the Certificateholders
and the related Companion Holder (as a collective whole in accordance with the
Servicing Standard, taking into account the subordinate nature of the Companion
Loan, if applicable)) by maximizing (to the extent commercially feasible and
consistent with Section 3.17(b)) the net after-tax REO Revenues received by the
Trust Fund with respect to such property and, to the extent consistent with the
foregoing, in the same manner as would prudent mortgage loan servicers operating
acquired mortgaged property comparable to the respective Mortgaged Property.
Both the Special Servicer and the REMIC Administrator may, at the expense of the
Trust Fund payable pursuant to Section 3.05(a)(xv), consult with counsel.

          (b) If title to any REO Property (other than the REO Property relating
to the 2006-C26 Serviced Mortgage Loan) is acquired, the Special Servicer shall
manage, conserve and protect such REO Property for the benefit of the
Certificateholders (or, if the REO Property was formerly a Mortgaged Property
securing a Co-Lender Loan, the Certificateholders and the related Companion
Holder (as a collective whole in accordance with the Servicing Standard, taking
into account the subordinate nature of the Companion Loan, if applicable))
solely for the purpose of its prompt disposition and sale in a manner that does
not and will not cause such REO Property to fail to qualify as "foreclosure
property" within the meaning of Section 860G(a)(8) of the Code or either result
in the receipt by REMIC I of any "income from non-permitted assets" within the
meaning of Section 860F(a)(2)(B) of the Code or result in an Adverse
REMIC Event. Subject to the foregoing, however, the Special Servicer shall have
full power and authority to do any and all things in connection therewith as are
consistent with the Servicing Standard and, consistent therewith, shall withdraw
from the REO Account, to the extent of amounts on deposit therein with respect
to any such REO Property, funds necessary for the proper management, maintenance
and disposition of such REO Property, including without limitation:

          (i) all insurance premiums due and payable in respect of such REO
     Property;

          (ii) all real estate taxes and assessments in respect of such REO
     Property that may result in the imposition of a lien thereon;

          (iii) any ground rents in respect of such REO Property; and

          (iv) all costs and expenses necessary to maintain, lease, sell,
     protect, manage and restore such REO Property.

          To the extent that amounts on deposit in the REO Account in respect of
any REO Property are insufficient for the purposes set forth in the preceding
sentence with respect to such REO Property, the Master Servicer, subject to the
second paragraph of Section 3.03(c), shall make Servicing Advances in such
amounts as are necessary for such purposes unless (as evidenced by an Officer's
Certificate delivered to the Trustee) the Master Servicer would not make such
advances if the Master Servicer owned such REO Property or the Master Servicer
determines, in accordance with the Servicing Standard, that such payment would
be a Nonrecoverable Advance; provided, however, the Master Servicer may make any
such Servicing Advance without regard to recoverability if it is a necessary fee
or expense incurred in connection with the defense or prosecution of legal
proceedings.

          (c) Unless Section 3.17(a)(i) applies, the Special Servicer shall
contract with any Independent Contractor (if required by the REMIC Provisions
for the REO Property to remain classified as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code) for the operation and management of
any REO Property; provided that:

          (i) the terms and conditions of any such contract may not be
     inconsistent herewith and shall reflect an agreement reached at arm's
     length;

          (ii) the fees of such Independent Contractor (which shall be expenses
     of the Trust Fund) shall be reasonable and customary in consideration of
     the nature and locality of the REO Property;

          (iii) except as permitted under Section 3.17(a), any such contract
     shall require, or shall be administered to require, that the Independent
     Contractor, in a timely manner, pay all costs and expenses incurred in
     connection with the operation and management of such REO Property,
     including, without limitation, those listed in Section 3.17(b) above, and
     remit all related revenues collected (net of its fees and such costs and
     expenses) to the Special Servicer upon receipt;

          (iv) none of the provisions of this Section 3.17(c) relating to any
     such contract or to actions taken through any such Independent Contractor
     shall be deemed to relieve the Special Servicer of any of its duties and
     obligations hereunder with respect to the operation and management of any
     such REO Property; and

          (v) the Special Servicer shall be obligated with respect thereto to
     the same extent as if it alone were performing all duties and obligations
     in connection with the operation and management of such REO Property.

          The Special Servicer shall be entitled to enter into any agreement
with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such
Independent Contractor, and nothing in this Agreement shall be deemed to limit
or modify such indemnification. No agreement entered into pursuant to this
Section 3.17(c) shall be deemed a Sub-Servicing Agreement for purposes of
Section 3.22.

          (d) Without limiting the generality of the foregoing, the Special
Servicer shall not:

          (i) permit the Trust Fund to enter into, renew or extend any New Lease
     with respect to any REO Property (other than the REO Property relating to
     the 2006-C26 Serviced Mortgage Loan), if the New Lease by its terms will
     give rise to any income that does not constitute Rents from Real Property;

          (ii) permit any amount to be received or accrued under any New Lease
     other than amounts that will constitute Rents from Real Property;

          (iii) authorize or permit any construction on any REO Property (other
     than the REO Property relating to the 2006-C26 Serviced Mortgage Loan),
     other than the repair or maintenance thereof or the completion of a
     building or other improvement thereon, but only to the extent provided in
     Section 856(e)(4)(B) of the Code; or

          (iv) except as otherwise provided for in Section 3.17(a)(i) and
     (a)(ii) above, Directly Operate, or allow any other Person, other than an
     Independent Contractor, to Directly Operate, any REO Property (other than
     the REO Property relating to the 2006-C26 Serviced Mortgage Loan) on any
     date more than 90 days after its Acquisition Date;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the Master Servicer as a Servicing
Advance unless nonrecoverable, in which case it shall be paid by the Master
Servicer as an Additional Trust Fund Expense from amounts on deposit in the
Certificate Account) to the effect that such action will not cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code at any time that it is held by the Trust Fund, in
which case the Special Servicer may take such actions as are specified in such
Opinion of Counsel. Except as limited above in this Section 3.17 and by this
Section 3.17(d), the Special Servicer shall be permitted to cause the Trust Fund
to earn "net income from foreclosure property", subject to the Servicing
Standard.

          Section 3.18 Resolution of Defaulted Mortgage Loans and REO
Properties.

          (a) The Master Servicer, the Special Servicer or the Trustee may sell
or purchase, or permit the sale or purchase of, a Mortgage Loan (other than the
2006-C26 Serviced Mortgage Loan) or an REO Property (other than the REO Property
relating to the 2006-C26 Serviced Mortgage Loan) only on the terms and subject
to the conditions set forth in this Section 3.18 or as otherwise expressly
provided in or contemplated by Sections 2.03 and 9.01.

          (b) Within 60 days after a Mortgage Loan (other than the 2006-C26
Serviced Mortgage Loan) becomes a Defaulted Mortgage Loan, the Special Servicer
shall determine the fair value of such Mortgage Loan in accordance with the
Servicing Standard; provided, however, such determination shall be made without
taking into account any effect the restrictions on the sale of such Mortgage
Loan contained herein may have on the value of such Defaulted Mortgage Loan;
provided, further, the Special Servicer shall use reasonable efforts promptly to
obtain an Appraisal with respect to the related Mortgaged Property, unless it
has an Appraisal that is less than 12 months old and has no actual knowledge of,
or notice of, any event which in the Special Servicer's judgment would
materially affect the validity of such Appraisal. The Special Servicer shall
make its fair value determination as soon as reasonably practicable (but in any
event within 30 days) after its receipt of such new Appraisal, if applicable.
The Special Servicer is permitted to change, from time to time, its
determination of the fair value of a Defaulted Mortgage Loan based upon changed
circumstances, new information or otherwise, in accordance with the Servicing
Standard; provided, however, the Special Servicer shall update its determination
of the fair value at least once every 90 days. The Special Servicer shall notify
the Trustee, the Master Servicer, each Rating Agency and the Majority
Subordinate Certificateholder promptly upon its fair value determination and any
adjustment thereto. In determining the fair value of any Defaulted Mortgage
Loan, the Special Servicer shall take into account, among other factors, the
period and amount of the delinquency on such Mortgage Loan, the occupancy level
and physical condition of the related Mortgaged Property, the state of the local
economy in the area where the Mortgaged Property is located, and the time and
expense associated with a purchaser's foreclosing on the related Mortgaged
Property. In addition, the Special Servicer shall refer to all other relevant
information obtained by it or otherwise contained in the Mortgage Loan File;
provided that the Special Servicer shall take account of any change in
circumstances regarding the related Mortgaged Property known to the Special
Servicer that has occurred subsequent to, and that would, in the Special
Servicer's reasonable judgment, materially affect the value of the related
Mortgaged Property reflected in the most recent related Appraisal. Furthermore,
the Special Servicer shall consider all available objective third-party
information obtained from generally available sources, as well as information
obtained from vendors providing real estate services to the Special Servicer,
concerning the market for distressed real estate loans and the real estate
market for the subject property type in the area where the related Mortgaged
Property is located. The Special Servicer may conclusively rely on the opinion
and reports of Independent third parties in making such determination.

          (c) Subject to the terms set forth in Section 2.03, in the event a
Mortgage Loan (other than the 2006-C26 Serviced Mortgage Loan) becomes a
Defaulted Mortgage Loan, each of the Majority Subordinate Certificateholder and
the Special Servicer shall have an assignable option (a "Purchase Option") to
purchase such Defaulted Mortgage Loan from the Trust Fund at a price (the
"Option Price") equal to (i) the Purchase Price, if the Special Servicer has not
yet determined the fair value of the Defaulted Mortgage Loan, or (ii) the fair
value of the Defaulted Mortgage Loan as determined by the Special Servicer in
the manner described in Section 3.18(b) and in accordance with the Servicing
Standard, if the Special Servicer has made such fair value determination. Any
holder of a Purchase Option may sell, transfer, assign or otherwise convey its
Purchase Option with respect to any Defaulted Mortgage Loan to any party other
than the related Mortgagor or an Affiliate of the related Mortgagor under the
related Mortgage Loan at any time after the related Mortgage Loan becomes a
Defaulted Mortgage Loan. The transferor of any Purchase Option shall notify the
Trustee and the Master Servicer of such transfer and such notice shall include
the transferee's name, address, telephone number, facsimile number and
appropriate contact person(s) and shall be acknowledged in writing by the
transferee at least 5 Business Days in advance of such intended transfer.
Notwithstanding the foregoing, and subject to Section 3.18(d) of this Agreement,
the Majority Subordinate Certificateholder shall have the right to exercise its
Purchase Option prior to any exercise of the Purchase Option by any other holder
of a Purchase Option; provided, however, if the Purchase Option is not exercised
by the Majority Subordinate Certificateholder or any assignee thereof within 60
days of the determination of the fair value of the Defaulted Mortgage Loan
(other than the 2006-C26 Serviced Mortgage Loan), then the Special Servicer
shall have the right to exercise its Purchase Option prior to any exercise by
the Majority Subordinate Certificateholder and the Special Servicer or its
assignee may exercise such Purchase Option at any time during the fifteen day
period immediately following the expiration of such 60-day period. Following the
expiration of such fifteen day period, the Majority Subordinate
Certificateholder shall again have the right to exercise its Purchase Option
prior to any exercise of the Purchase Option by the Special Servicer. If not
exercised earlier, the Purchase Option with respect to any Defaulted Mortgage
Loan will automatically terminate (i) once the related Defaulted Mortgage Loan
is no longer a Defaulted Mortgage Loan; provided, however, if such Mortgage Loan
subsequently becomes a Defaulted Mortgage Loan, the related Purchase Option
shall again be exercisable, (ii) upon the acquisition, by or on behalf of the
Trust Fund, of title to the related Mortgaged Property through foreclosure or
deed in lieu of foreclosure or (iii) the modification or pay-off, in full or at
a discount, of such Defaulted Mortgage Loan in connection with a workout.

          (d) Notwithstanding the provisions of Section 3.18(c), Section 3.18(g)
or Section 3.18(h), pursuant to the terms of the Intercreditor Agreements, a
Companion Holder will have the right to purchase the related Co-Lender Loan or
related REO Property (other than the REO Property relating to the 2006-C26
Serviced Mortgage Loan) in certain circumstances. Such right of the related
Companion Holder shall have priority over any provision described in Section
3.18(c), Section 3.18(g) or Section 3.18(h). If the Co-Lender Loan or REO
Property (other than the REO Property relating to the 2006-C26 Serviced Mortgage
Loan) is purchased by the related Companion Holder, repurchased by the
applicable Mortgage Loan Seller or otherwise ceases to be subject to this
Agreement, the related Companion Loan will no longer be subject to this
Agreement. Neither the Trustee nor the Trust Fund shall acquire a Companion
Loan; provided, however, the Master Servicer or an affiliate may own or acquire
the Companion Loans. With respect to each Loan Pair, the related Companion
Holder shall be entitled to exercise any cure rights given to it under the
related Intercreditor Agreement, in each case subject to any conditions or
restrictions described in or incorporated by reference into such sections.

          (e) Upon receipt of notice from the Special Servicer indicating that a
Mortgage Loan (other than the 2006-C26 Serviced Mortgage Loan) has become a
Defaulted Mortgage Loan, the holder (whether the original grantee of such option
or any subsequent transferee) of the Purchase Option may exercise the Purchase
Option by providing the Master Servicer and the Trustee written notice thereof
(the "Purchase Option Notice"), in the form of Exhibit M, which notice shall
identify the Person that, on its own or through an Affiliate, will acquire the
related Mortgage Loan upon closing and shall specify a cash exercise price at
least equal to the Option Price. The Purchase Option Notice shall be delivered
in the manner specified in Section 11.05. The exercise of any Purchase Option
pursuant to this Section 3.18(e) shall be irrevocable.

          (f) If the Special Servicer or the Majority Subordinate
Certificateholder, or any of their respective Affiliates, is identified in the
Purchase Option Notice as the Person expected to acquire the related Mortgage
Loan, the Trustee shall determine as soon as reasonably practicable (and, in any
event, within 30 days) after the Trustee has received the written notice,
whether the Option Price represents fair value for the Defaulted Mortgage Loan;
provided that, if the Special Servicer is then in the process of obtaining a new
Appraisal with respect to the related Mortgaged Property, then the Trustee
shall, in accordance with its good faith and reasonable judgment, make its fair
value determination with respect to such Mortgage Loan as soon as reasonably
practicable (but in any event within 30 days) after the Trustee's receipt of
such new Appraisal. The Trustee may rely on the opinion and reports of
Independent third parties in making such determination; provided that the
Trustee may rely on the most current Appraisal obtained for the related
Mortgaged Property pursuant to this Agreement. In determining the fair value of
any Defaulted Mortgage Loan, the Trustee shall take into account, and any
Independent third party shall be instructed to take into account, among other
factors, the period and amount of the delinquency on such Mortgage Loan, the
occupancy level and physical condition of the related Mortgaged Property, the
state of the local economy in the area where the Mortgaged Property is located,
and the time and expense associated with a purchaser's foreclosing on the
related Mortgaged Property. In addition, the Trustee shall refer, and any
Independent third party shall be instructed to refer, to all relevant
information delivered to it by the Special Servicer or otherwise contained in
the Mortgage Loan File. Furthermore, the Trustee shall consider, and any
Independent third party shall be instructed to consider, all available objective
third-party information obtained from generally available sources, concerning
the market for distressed real estate loans and the real estate market for the
subject property type in the area where the related Mortgaged Property is
located. The reasonable costs of all appraisals, inspection reports and broker
opinions of value, reasonably incurred by the Trustee or any such third party
pursuant to this subsection shall be advanced by the Master Servicer and shall
constitute, and be reimbursable as, Servicing Advances (or if such Advance is
deemed to be a Nonrecoverable Advance such costs shall be reimbursable as
Additional Trust Fund Expenses from the Certificate Account pursuant to Section
3.05(a)). The other parties to this Agreement shall cooperate with all
reasonable requests for information.

          (g) Unless and until the Purchase Option with respect to a Defaulted
Mortgage Loan is exercised, the Special Servicer shall pursue such other
resolution strategies available hereunder with respect to such Defaulted
Mortgage Loan, including, without limitation, workout and foreclosure, as the
Special Servicer may deem appropriate consistent with the Servicing Standard;
provided, however, the Special Servicer will not be permitted to sell the
Defaulted Mortgage Loan other than in connection with the exercise of the
related Purchase Option.

          (h) In the event that title to any REO Property (other than the REO
Property relating to the 2006-C26 Serviced Mortgage Loan) is acquired by the
Trust Fund in respect of any Defaulted Mortgage Loan, the deed or certificate of
sale shall be issued to the Trust Fund, the Trustee or to its nominees. The
Special Servicer, after notice to the Controlling Class Representative, shall
use its reasonable best efforts to sell any such REO Property as soon as
practicable in accordance with Section 3.16(a). If the Special Servicer on
behalf of the Trustee has not received an REO Extension or an Opinion of Counsel
described in Section 3.16(a) and the Special Servicer is not able to sell such
REO Property within the period specified above, or if an REO Extension has been
granted and the Special Servicer is unable to sell such REO Property within the
extended time period, the Special Servicer shall, after consultation with the
Controlling Class Representative, before the end of such period or extended
period, as the case may be, auction the REO Property to the highest bidder
(which may be the Special Servicer) in accordance with the Servicing Standard.
The Special Servicer shall give the Controlling Class Representative, the Master
Servicer and the Trustee not less than 5 days' prior written notice of its
intention to sell any REO Property, and in respect of such sale, the Special
Servicer shall offer such REO Property in a commercially reasonable manner.
Where any Interested Person is among those bidding with respect to an REO
Property, the Special Servicer shall require that all bids be submitted in
writing and be accompanied by a refundable deposit of cash in an amount equal to
5% of the bid amount. No Interested Person shall be permitted to purchase the
REO Property at a price less than the Purchase Price; provided, further, if the
Special Servicer intends to bid on any REO Property, (i) the Special Servicer
shall notify the Trustee of such intent, (ii) the Trustee shall promptly obtain,
at the expense of the Trust Fund, an Appraisal of such REO Property and (iii)
the Special Servicer shall not bid less than the greater of (a) the fair market
value set forth in such Appraisal or (b) the Purchase Price.

          (i) Subject to the REMIC Provisions, the Special Servicer shall act on
behalf of the Trust Fund in negotiating and taking any other action necessary or
appropriate in connection with the sale of any REO Property (other than the REO
Property relating to the 2006-C26 Serviced Mortgage Loan) or the exercise of a
Purchase Option, including the collection of all amounts payable in connection
therewith. Notwithstanding anything to the contrary herein, neither the Trustee,
in its individual capacity, nor any of its Affiliates may bid for or purchase
any REO Property (other than the REO Property relating to the 2006-C26 Serviced
Mortgage Loan) or purchase any Defaulted Mortgage Loan. Any sale of a Defaulted
Mortgage Loan (pursuant to a Purchase Option) or an REO Property shall be
without recourse to, or representation or warranty by, the Trustee, the
Depositor, the Special Servicer, the Master Servicer, any Mortgage Loan Seller
or the Trust Fund. Notwithstanding the foregoing, nothing herein shall limit the
liability of the Master Servicer, the Special Servicer or the Trustee to the
Trust Fund and the Certificateholders for failure to perform its duties in
accordance herewith. None of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to the Trust Fund or any
Certificateholder with respect to the price at which a Defaulted Mortgage Loan
is sold if the sale is consummated in accordance with the terms of this
Agreement.

          (j) Upon exercise of a Purchase Option, the holder of such Purchase
Option shall be required to pay the purchase price specified in its Purchase
Option Notice to the Special Servicer within 10 Business Days of exercising its
Purchase Option. The proceeds of any sale of a Defaulted Mortgage Loan, after
deduction of the expenses of such sale incurred in connection therewith, shall
be remitted by the Special Servicer to the Master Servicer within 1 Business Day
of receipt for deposit into the Certificate Account. The Special Servicer shall
immediately notify the Trustee upon the holder of the effective Purchase
Option's failure to remit the purchase price specified in its Purchase Option
Notice pursuant to this Section 3.18(j). Thereafter, the Special Servicer shall
notify each holder of a Purchase Option of such failure and such holder of a
Purchase Option may then exercise its Purchase Option in accordance with this
Section 3.18.

          (k) Notwithstanding anything herein to the contrary, the Special
Servicer shall not take or refrain from taking any action pursuant to
instructions from the Controlling Class Representative that would cause it to
violate applicable law or any term or provision of this Agreement, including the
REMIC Provisions and the Servicing Standard.

          (l) The amount paid for a Defaulted Mortgage Loan (other than the
2006-C26 Serviced Mortgage Loan) or related REO Property (other than the REO
Property relating to the 2006-C26 Serviced Mortgage Loan) purchased under this
Agreement shall be deposited into the Certificate Account, or if applicable,
applied in accordance with the related Intercreditor Agreement (except that
portion of any purchase price constituting Gain-on-Sale Proceeds which shall be
deposited in the Gain-on-Sale Reserve Account). Upon receipt of an Officer's
Certificate from the Master Servicer to the effect that such deposit has been
made, the Trustee shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as shall be provided to it and are
reasonably necessary to vest in the purchaser of such Defaulted Mortgage Loan or
related REO Property ownership of the Defaulted Mortgage Loan or related REO
Property. The Custodian, upon receipt of a Request for Release, shall release or
cause to be released to the Master Servicer or Special Servicer the related
Mortgage File. In connection with any such purchase, the Special Servicer shall
deliver the related Servicing File to the purchaser of a Defaulted Mortgage Loan
or related REO Property.

          (m) Notwithstanding the foregoing, each mezzanine lender will have the
right to purchase the related Mortgage Loan and cure defaults relating thereto
as set forth in the related mezzanine intercreditor agreement.

          Section 3.19 Additional Obligations of Master Servicer and Special
Servicer.

          (a) The Master Servicer shall deposit in the Certificate Account on
each P&I Advance Date, without any right of reimbursement therefor with respect
to each Mortgage Loan (other than a Specially Serviced Mortgage Loan and other
than any Mortgage Loan for which the Special Servicer has waived a prepayment
restriction) that was subject to a voluntary Principal Prepayment during the
most recently ended Collection Period creating a Prepayment Interest Shortfall,
an amount equal to the lesser of (i) the amount of the related Prepayment
Interest Shortfall and (ii) the sum of (A) the Master Servicing Fee (calculated
for this purpose only at a rate of 0.0100% per annum) received by the Master
Servicer during such Collection Period on such Mortgage Loan and (B) investment
income earned by the Master Servicer on the related Principal Prepayment during
the most recently ended Collection Period; provided, however, to the extent any
such Prepayment Interest Shortfall is the result of the Master Servicer's
failure to enforce the applicable Mortgage Loan documents the amount in clause
(A) shall include the entire Master Servicing Fee on the applicable Mortgage
Loan for such Collection Period.

          (b) The Master Servicer shall, as to each Mortgage Loan which is
secured by the interest of the related Mortgagor under a Ground Lease, promptly
(and in any event within 60-days of the Closing Date) notify the related ground
lessor in writing of the transfer of such Mortgage Loan to the Trust Fund
pursuant to this Agreement and inform such ground lessor that any notices of
default under the related Ground Lease should thereafter be forwarded to the
Master Servicer.

          (c) The Master Servicer shall provide to each Companion Holder any
reports or notices required to be delivered to such Companion Holder pursuant to
the related Intercreditor Agreement.

          Section 3.20 Modifications, Waivers, Amendments and Consents.

          (a) Subject to Sections 3.20(b) through 3.20(n) below and further
subject to Sections 3.08(b) and 6.11 and further subject to any applicable
intercreditor agreement or similar agreement, the Master Servicer (to the extent
provided in Section 3.02(a) and Section 3.20(i) below) and the Special Servicer
may, on behalf of the Trustee, agree to any modification, waiver or amendment of
any term of any Mortgage Loan (including, subject to Section 3.20(i), the lease
reviews and lease consents related thereto) without the consent of the Trustee
or any Certificateholder.

          (b) All modifications, waivers or amendments of any Mortgage Loan
(including, subject to Section 3.20(i), the lease reviews and lease consents
related thereto) shall be in writing and shall be considered and effected in
accordance with the Servicing Standard; provided, however, neither the Master
Servicer nor the Special Servicer, as applicable, shall make or permit or
consent to, as applicable, any modification, waiver or amendment of any term of
any Mortgage Loan not otherwise permitted by this Section 3.20 that would
constitute a "significant modification" of such Mortgage Loan within the meaning
of Treasury Regulations Section 1.860G-2(b).

          (c) Except as provided in 3.20(d) and the last sentence of Section
3.02(a), the Special Servicer, on behalf of the Trustee, shall not agree or
consent to any modification, waiver or amendment of any term of any Mortgage
Loan that would:

          (i) affect the amount or timing of any related payment of principal,
     interest or other amount (including Prepayment Premiums or Yield
     Maintenance Charges, but excluding Penalty Interest and amounts payable as
     additional servicing compensation) payable thereunder;

          (ii) affect the obligation of the related Mortgagor to pay a
     Prepayment Premium or Yield Maintenance Charge or permit a Principal
     Prepayment during any period in which the related Mortgage Note prohibits
     Principal Prepayments;

          (iii) except as expressly contemplated by the related Mortgage or
     pursuant to Section 3.09(d), result in a release of the lien of the
     Mortgage on any material portion of the related Mortgaged Property without
     a corresponding Principal Prepayment in an amount not less than the fair
     market value (as determined by an appraisal by an Independent Appraiser
     delivered to the Special Servicer at the expense of the related Mortgagor
     and upon which the Special Servicer may conclusively rely) of the property
     to be released other than in connection with a taking of all or part of the
     related Mortgaged Property or REO Property for not less than fair market
     value by exercise of the power of eminent domain or condemnation or
     casualty or hazard losses with respect to such Mortgaged Property or REO
     Property;

          (iv) if such Mortgage Loan is equal to or in excess of 5% of the then
     aggregate current principal balances of all Mortgage Loans or $35,000,000
     (or, with respect to Moody's, $25,000,000), or is one of the ten largest
     Mortgage Loans by Stated Principal Balance as of such date, permit the
     transfer or transfers of (A) the related Mortgaged Property or any interest
     therein or (B) equity interests in the borrower or any equity owner of the
     borrower that would result, in the aggregate during the term of the related
     Mortgage Loan, in a transfer greater than 49% of the total interest in the
     borrower and/or any equity owner of the borrower or a transfer of voting
     control in the borrower or an equity owner of the borrower without the
     prior written confirmation from each Rating Agency that such changes will
     not result in the qualification, downgrade or withdrawal to the ratings
     then assigned to the Certificates;

          (v) allow any additional lien on the related Mortgaged Property if
     such Mortgage Loan is equal to or in excess of 2% of the then aggregate
     current principal balances of the Mortgage Loans or $20,000,000, is one of
     the ten largest Mortgage Loans by Stated Principal Balance as of such date,
     or with respect to S&P only, has an aggregate Loan-to-Value Ratio that is
     equal to or greater than 85% or has an aggregate Debt Service Coverage
     Ratio that is less than 1.20x, without the prior written confirmation from
     each Rating Agency (as applicable) that such change will not result in the
     qualification, downgrade or withdrawal or the ratings then assigned to the
     Certificates; or

          (vi) in the reasonable, good faith judgment of the Special Servicer,
     otherwise materially impair the security for such Mortgage Loan or reduce
     the likelihood of timely payment of amounts due thereon.

          (d) Notwithstanding Section 3.20(c), but subject to the third
paragraph of this Section 3.20(d), and the rights of the Controlling Class
Representative and the rights (if any) of a Companion Holder (other than the
holders of the Prime Outlets Pool II Pari Passu Companion Loan and the Prime
Outlets Pool II Subordinate Companion Loan) pursuant to the related
Intercreditor Agreement, the Special Servicer may (i) reduce the amounts owing
under any Specially Serviced Mortgage Loan by forgiving principal, accrued
interest or any Prepayment Premium or Yield Maintenance Charge, (ii) reduce the
amount of the Periodic Payment on any Specially Serviced Mortgage Loan,
including by way of a reduction in the related Mortgage Rate, (iii) forbear in
the enforcement of any right granted under any Mortgage Note or Mortgage
relating to a Specially Serviced Mortgage Loan, (iv) extend the maturity date of
any Specially Serviced Mortgage Loan (and the Master Servicer may extend the
maturity date of Mortgage Loans with an original maturity of five years or less
with the approval of the Controlling Class for up to two (2) six-month
extensions), or (v) accept a Principal Prepayment on any Specially Serviced
Mortgage Loan during any Lockout Period; provided that (A) the related Mortgagor
is in default with respect to the Specially Serviced Mortgage Loan or, in the
reasonable, good faith judgment of the Special Servicer, such default is
reasonably foreseeable, and (B) in the reasonable, good faith judgment of the
Special Servicer, such modification would increase the recovery on the Mortgage
Loan to Certificateholders on a net present value basis (the relevant
discounting of amounts that will be distributable to Certificateholders to be
performed at the related Net Mortgage Rate). In the case of every other
modification, waiver or consent, the Special Servicer shall determine and may
rely on an Opinion of Counsel (which Opinion of Counsel shall be an expense of
the Trust Fund to the extent not paid by the related Mortgagor) to the effect
that such modification, waiver or amendment would not both (1) effect an
exchange or reissuance of the Mortgage Loan under Treasury Regulations Section
1.860G-2(b) of the Code and (2) cause either of REMIC I or REMIC II to fail to
qualify as a REMIC under the Code or result in the imposition of any tax on
"prohibited transactions" or "contributions" after the Startup Day under the
REMIC Provisions.

          In addition, notwithstanding Section 3.20(c), but subject to the third
paragraph of this Section 3.20(d), the Special Servicer may extend the date on
which any Balloon Payment is scheduled to be due in respect of a Specially
Serviced Mortgage Loan if the conditions set forth in the proviso to the prior
paragraph are satisfied and the Special Servicer has obtained an Appraisal of
the related Mortgaged Property, in connection with such extension, which
Appraisal supports the determination of the Special Servicer contemplated by
clause-(B) of the proviso to the immediately preceding paragraph.

          In no event will the Special Servicer (i) extend the maturity date of
a Mortgage Loan beyond a date that is two years prior to the Rated Final
Distribution Date, (ii) reduce the Mortgage Rate of a Mortgage Loan to less than
the lesser of (A) the original Mortgage Rate of such Mortgage Loan, (B) the
highest Pass-Through Rate of any Class of Certificates (other than the Class X
Certificates) then outstanding and (C) a rate below the then prevailing interest
rate for comparable loans, as determined by the Special Servicer, (iii) if the
Mortgage Loan is secured by a Ground Lease (and not by the corresponding fee
simple interest), extend the maturity date of such Mortgage Loan beyond a date
which is less than 20 years prior to the expiration of the term of such Ground
Lease; (iv) defer interest due on any Mortgage Loan in excess of 10% of the
Stated Principal Balance of such Mortgage Loan or defer the collection of
interest on any Mortgage Loan without accruing interest on such deferred
interest at a rate at least equal to the Mortgage Rate of such Mortgage Loan.

          The determination of the Special Servicer contemplated by clause-(B)
of the proviso to the first paragraph of this Section 3.20(d) shall be evidenced
by an Officer's Certificate to such effect delivered to the Trustee and the
Master Servicer and describing in reasonable detail the basis for the Special
Servicer's determination. The Special Servicer shall append to such Officer's
Certificate any information including but not limited to income and expense
statements, rent rolls, property inspection reports and appraisals that support
such determination.

          (e) Any payment of interest that is deferred pursuant to any
modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Mortgage Loan, notwithstanding that the terms of such
modification, waiver or amendment so permit. The foregoing shall in no way limit
the Special Servicer's ability to charge and collect from the Mortgagor costs
otherwise collectible under the terms of the related Mortgage Note and this
Agreement together with interest thereon.

          (f) The Special Servicer or, with respect to clause-(i) below, the
Master Servicer may, as a condition to granting any request by a Mortgagor for
consent, modification, waiver or indulgence or any other matter or thing, the
granting of which is within its discretion pursuant to the terms of the
instruments evidencing or securing the related Mortgage Loan and is permitted by
the terms of this Agreement, require that such Mortgagor pay to it (i) as
additional servicing compensation, a reasonable or customary fee for the
additional services performed in connection with such request; provided such fee
would not itself be a "significant modification" pursuant to Treasury
Regulations Section 1.1001-3(e)(2) and (ii) any related costs and expenses
incurred by it. In no event shall the Master Servicer or the Special Servicer be
entitled to payment for such fees or expenses unless such payment is collected
from the related Mortgagor.

          (g) The Special Servicer shall notify the Master Servicer, any related
Sub-Servicers, the Trustee, the Controlling Class Representative, the Rating
Agencies and with respect to any Co-Lender Loan, the related Companion Holder,
in writing, of any material modification, waiver or amendment of any term of any
Mortgage Loan (including fees charged the Mortgagor) and the date thereof, and
shall deliver to the Custodian for deposit in the related Mortgage File, an
original counterpart of the agreement relating to such modification, waiver or
amendment, promptly (and in any event within ten Business Days) following the
execution thereof. Copies of each agreement whereby any such modification,
waiver or amendment of any term of any Mortgage Loan is effected shall be made
available for review upon prior request during normal business hours at the
offices of the Special Servicer pursuant to Section 3.15 hereof.

          (h) The Master Servicer shall not permit defeasance of any Mortgage
Loan to the extent inconsistent with the terms of such Mortgage Loan. Unless and
to the extent the Master Servicer is precluded from preventing such defeasance
by the related Mortgage Loan documents or otherwise (provided that the Master
Servicer shall not allow such defeasance to cause either of REMIC I or REMIC II
created hereunder to fail to qualify as a REMIC; provided, further, the Master
Servicer may rely on an Opinion of Counsel as provided for in (ii) below), the
Master Servicer will not permit defeasance of any Mortgage Loan, unless: (i) the
defeasance collateral consists of non-callable "government securities" within
the meaning of the Investment Company Act of 1940, (ii) the Master Servicer has
determined that the defeasance will not result in an Adverse REMIC Event
(provided that the Master Servicer shall be entitled to rely conclusively on an
Opinion of Counsel to that effect), (iii) the Master Servicer has notified the
Rating Agencies, (iv) to the extent the defeasance of the Mortgage Loan is
required by the then current applicable Rating Agency criteria to be reviewed by
a Rating Agency, such Rating Agency has confirmed that such defeasance will not
result in the qualification, downgrade or withdrawal of the rating then assigned
to any Class of Certificates to which a rating has been assigned by such Rating
Agency, (provided that no confirmation from S&P shall be required if the
Mortgage Loan being defeased, together with all Mortgage Loans
cross-collateralized with such Mortgage Loan, (i) is not one of the ten (10)
largest Mortgage Loans (or cross-collateralized groups of Mortgage Loans) by
Stated Principal Balance in the Trust Fund, and (ii) has a Stated Principal
Balance at the time of the defeasance that is less than $20,000,000 and less
than 5% of the aggregate Stated Principal Balance at the time of the defeasance
of the Mortgage Loans and the Master Servicer shall have delivered a Defeasance
Certificate substantially in the form of Exhibit N hereto), (v) the Master
Servicer has requested and received from the related Mortgagor (A) an Opinion of
Counsel generally to the effect that the Trustee will have a perfected, first
priority security interest in such defeasance collateral and (B) written
confirmation from a firm of Independent accountants stating that payments made
on such defeasance collateral in accordance with the terms thereof will be
sufficient to pay the subject Mortgage Loan in full on or before its Stated
Maturity Date and in accordance with the Periodic Payment (or, in the case of an
ARD Loan, on or before its Anticipated Repayment Date) and to timely pay each
Periodic Payment scheduled to be due on or prior thereto but after the
defeasance and (vi) a single purpose entity (as defined below) is designated to
assume the Mortgage Loan and own the defeasance collateral; provided that, if
under the terms of the related Mortgage Loan documents, the related Mortgagor
delivers cash to purchase the defeasance collateral rather than the defeasance
collateral itself, the Master Servicer shall purchase the U.S. government
obligations contemplated by the related Mortgage Loan documents on behalf of the
related Mortgagor. Any customary and reasonable out-of-pocket expense incurred
by the Master Servicer pursuant to this Section 3.20(h) shall be paid by the
Mortgagor of the defeased Mortgage Loan pursuant to the related Mortgage,
Mortgage Note or other pertinent document. Notwithstanding the foregoing, if at
any time, a court with jurisdiction in the matter shall hold that the related
Mortgagor may obtain a release of the subject Mortgaged Property but is not
obligated to deliver the full amount of the defeasance collateral contemplated
by the related Mortgage Loan documents (or cash sufficient to purchase such
defeasance collateral), then the Master Servicer shall (i) if consistent with
the related Mortgage Loan documents, refuse to allow the defeasance of the
Mortgage Loan or (ii) if the Master Servicer cannot so refuse and if the related
Mortgagor has delivered cash to purchase the defeasance collateral, the Master
Servicer shall either (A) buy such defeasance collateral or (B) prepay the
Mortgage Loan, in either case, in accordance with the Servicing Standard. For
purposes of this paragraph, a "single purpose entity" shall mean a Person, other
than an individual, whose organizational documents provide as follows: it is
formed solely for the purpose of owning and pledging Defeasance Collateral
related to one or more of the Mortgage Loans; it may not engage in any business
unrelated to such Defeasance Collateral and the financing thereof; it does not
have and may not own any assets other than those related to its interest in the
Defeasance Collateral or the financing thereof and may not incur any
indebtedness other than as permitted by the related Mortgage or Mortgages; it
shall maintain its own books, records and accounts, in each case which are
separate and apart from the books, records and accounts of any other person; it
shall hold regular meetings, as appropriate, to conduct its business, and shall
observe all entity-level formalities and record keeping; it shall conduct
business in its own name and use separate stationery, invoices and checks; it
may not guarantee or assume the debts or obligations of any other person other
than in connection with the defeasance of a Mortgage Loan; it shall not
commingle its assets or funds with those of any other person; it shall pay its
obligations and expenses from its own funds and allocate and charge reasonably
and fairly any common employees or overhead shared with affiliates; it shall
prepare separate tax returns and financial statements or, if part of a
consolidated group, shall be shown as a separate member of such group; it shall
transact business with affiliates on an arm's length basis pursuant to written
agreements; and it shall hold itself out as being a legal entity, separate and
apart from any other person. The single purpose entity organizational documents
shall provide that any dissolution and winding up or insolvency filing for such
entity requires the unanimous consent of all partners or members, as applicable,
and that such documents may not be amended with respect to the single purpose
entity requirements during the term of the Mortgage Loan.

          (i) For any Mortgage Loan (other than a Specially Serviced Mortgage
Loan or the 2006-C26 Serviced Mortgage Loan) and subject to the rights of the
Special Servicer set forth in this Section 3.20, the Master Servicer, without
the consent of the Special Servicer or the Controlling Class Representative, as
applicable, shall be responsible for any request by a Mortgagor for the consent
of the mortgagee for a modification, waiver or amendment of any term with
respect to:

          (i) approving routine leasing activity (including any subordination,
     standstill and attornment agreements) with respect to any lease for less
     than the lesser of (a) 20,000 square feet and (b) 20% of the related
     Mortgaged Property;

          (ii) approving a change of the property manager at the request of the
     related Mortgagor; provided that (A) the successor property manager is not
     affiliated with the Mortgagor and is a nationally or regionally recognized
     manager of similar properties, (B) the related Mortgage Loan does not have
     an outstanding principal balance in excess of $5,000,000 and (C) the
     subject Mortgaged Property does not secure a Companion Loan;

          (iii) approving any waiver affecting the timing of receipt of
     financial statements from any Mortgagor; provided that such financial
     statements are delivered no less than quarterly and within 60 days of the
     end of the calendar quarter;

          (iv) approving annual budgets for the related Mortgaged Property;
     provided that no such budget (1) provides for the payment of operating
     expenses in an amount equal to more than 110% of the amounts budgeted
     therefor for the prior year or (2) provides for the payment of any material
     expenses to any affiliate of the Mortgagor (other than the payment of a
     management fee to any property manager if such management fee is no more
     than the management fee in effect on the Cut-Off Date);

          (v) subject to other restrictions herein regarding Principal
     Prepayments, waiving any provision of a Mortgage Loan requiring a specified
     number of days notice prior to a Principal Prepayment;

          (vi) approving modifications, consents or waivers (other than those
     set forth in Section 3.20(c)) in connection with a defeasance permitted by
     the terms of the related Mortgage Loan if the Master Servicer receives an
     Opinion of Counsel (which Opinion of Counsel shall be an expense of the
     Mortgagor) to the effect that such modification, waiver or consent would
     not cause either REMIC to fail to qualify as a REMIC under the Code or
     result in a "prohibited transaction" under the REMIC Provisions; and

          (vii) consent to subject the related Mortgaged Property to an easement
     or right-of-way for utilities, access, parking, public improvements or
     another purpose, and may consent to subordination of the related Mortgage
     Loan to such easement or right-of-way; provided that the Master Servicer
     shall have determined in accordance with the Servicing Standard that such
     easement or right-of-way shall not materially interfere with the then
     current use of the related Mortgaged Property, or the security intended to
     be provided by such Mortgage, the related Mortgagor's ability to repay the
     Mortgage Loan, or materially or adversely affect the value of such
     Mortgaged Property or cause the Mortgage Loan to cease to be a "qualified
     mortgage" for REMIC purposes;

provided, however, if the Mortgage Loan is a Co-Lender Loan, the Master Servicer
shall provide written notice of such modification, waiver and amendment to the
related Companion Holder to the extent required under the related Intercreditor
Agreement; provided, further, the Master Servicer shall promptly notify the
Special Servicer of any requests not subject to this Section 3.20(i) for which
the Special Servicer is responsible pursuant to this Section 3.20 and shall
deliver to the Special Servicer (which delivery may be by electronic
transmission in a format acceptable to the Master Servicer and Special Servicer)
a copy of the request, and all information in the possession of the Master
Servicer that the Special Servicer may reasonably request related thereto.

          (j) For the avoidance of doubt, and without limiting the generality of
the foregoing, any request for the disbursement of earnouts or holdback amounts
with respect to any Mortgage Loan set forth on attached Exhibit J hereto
received by the Master Servicer shall be submitted to the Special Servicer for
approval (which approval shall be deemed given if the request is not denied by
the Special Servicer in writing to the Master Servicer within 10 Business Days
of the Special Servicer's receipt of such request). For purposes of this
Agreement, "disbursement of earnouts or holdback amounts" shall mean the
disbursement or funding to a Mortgagor of previously unfunded, escrowed or
otherwise reserved portions of the loan proceeds of the applicable Mortgage Loan
until certain conditions precedent thereto relating to the satisfaction of
performance related criteria (i.e., project reserve thresholds, lease-up
requirements, sales requirements, etc.) as set forth in the applicable Mortgage
Loan documents, have been satisfied.

          (k) To the extent that either the Master Servicer or Special Servicer
waives any Penalty Interest or late charge in respect of any Mortgage Loan,
whether pursuant to Section 3.02(a) or this Section 3.20, the respective amounts
of additional servicing compensation payable to the Master Servicer and the
Special Servicer under Section 3.11 out of such Penalty Interest or late payment
charges shall be reduced proportionately, based upon the respective amounts that
had been payable thereto out of such Penalty Interest or late payment charges
immediately prior to such waiver.

          (l) Notwithstanding anything to the contrary in this Agreement,
neither the Master Servicer nor the Special Servicer, as applicable, shall take
the following action unless it has received prior written confirmation (the cost
of which shall be paid by the related Mortgagor, if so allowed by the terms of
the related Mortgage Loan documents) from the Rating Agencies that such action
will not result in a qualification, downgrade or withdrawal of any of the
ratings assigned by such Rating Agency to the Certificates:

          (i) With respect to any Mortgaged Property that secures a Mortgage
     Loan with an unpaid principal balance that is at least equal to five
     percent (5%) of the then aggregate principal balance of all Mortgage Loans
     or $20,000,000, the giving of any consent, approval or direction regarding
     the termination of the related property manager or the designation of any
     replacement property manager; and

          (ii) With respect to each Mortgage Loan with an unpaid principal
     balance that is equal to or greater than (A) two percent (2%) of the then
     aggregate principal balance of all the Mortgage Loans or (B) $10,000,000
     and which is secured by a Mortgaged Property which is a hospitality
     property, the giving of any consent to any change in the franchise
     affiliation of such Mortgaged Property.

          (m) In the event the Special Servicer, in connection with a
modification, waiver or amendment in respect of any Co-Lender Loan (other than
the 2006-C26 Serviced Mortgage Loan), modifies, waives or amends the terms
thereof such that (i) the Stated Principal Balance is decreased, (ii) the
Mortgage Rate is reduced, (iii) payments of interest or principal are waived,
reduced or deferred or (iv) any other adjustment is made to any of the terms of
such Co-Lender Loan, all payments made in respect of the related Mortgage Loan
shall be made as though such modification, waiver or amendment did not occur,
with the payment terms of such Co-Lender Loan remaining the same as they are on
the related Cut Off Date, and the related Subordinate Companion Loan(s) shall
bear the full economic effect of all waivers, reductions or deferrals of amounts
due on such Co-Lender Loan attributable to such modification, waiver or
amendment.

          (n) Subject to the terms of the related Intercreditor Agreement, the
Master Servicer may extend the maturity date of Mortgage Loans with an original
maturity of five years or less with the approval of the Controlling Class
Representative for up to two six-month extensions.

          Section 3.21 Transfer of Servicing Between Master Servicer and Special
Servicer; Record Keeping.

          (a) Upon determining that a Servicing Transfer Event has occurred with
respect to any Mortgage Loan (other than the 2006-C26 Serviced Mortgage Loan),
the Master Servicer or Special Servicer, as applicable, shall promptly notify
the Trustee and Master Servicer or Special Servicer, as applicable, and, if the
Master Servicer is not also the Special Servicer, the Master Servicer shall
immediately deliver or cause to be delivered a copy of the related Mortgage File
and Servicing File, to the Special Servicer and shall use reasonable efforts to
provide the Special Servicer with all information, documents (or copies thereof)
and records (including records stored electronically on computer tapes, magnetic
discs and the like) relating to the Mortgage Loan and, if applicable the related
Companion Loan, either in the Master Servicer's or any of its directors',
officers', employees', affiliates' or agents' possession or control or otherwise
available to the Master Servicer without undue burden or expense, and reasonably
requested by the Special Servicer to enable it to assume its functions hereunder
with respect thereto without acting through a Sub-Servicer. The Master Servicer
shall use reasonable efforts to comply with the preceding sentence within 5
Business Days of the occurrence of each related Servicing Transfer Event;
provided, however, if the information, documents and records requested by the
Special Servicer are not contained in the Servicing File, the Master Servicer
shall have such period of time as reasonably necessary to make such delivery.
Notwithstanding the occurrence of a Servicing Transfer Event, the Master
Servicer shall continue to receive payments on such Mortgage Loan (including
amounts collected by the Special Servicer).

          Upon determining that a Specially Serviced Mortgage Loan has become a
Corrected Mortgage Loan and if the Master Servicer is not also the Special
Servicer, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and shall return the related Mortgage File and Servicing File
and all other information, documents and records that were not part of the
Servicing File when it was delivered to the Special Servicer within 5 Business
Days of the occurrence, to the Master Servicer (or such other Person as may be
directed by the Master Servicer) and upon giving such notice, and returning such
Servicing File, to the Master Servicer (or such other Person as may be directed
by the Master Servicer), the Special Servicer's obligation to service such
Mortgage Loan, and, if applicable, the Companion Loan, and the Special
Servicer's right to receive the Special Servicing Fee with respect to such
Mortgage Loan shall terminate, and the obligations of the Master Servicer to
service and administer such Mortgage Loan and, if applicable, the related
Companion Loan shall resume.

          (b) In servicing any Specially Serviced Mortgage Loans, the Special
Servicer shall provide to the Custodian originals of documents included within
the definition of "Mortgage File" for inclusion in the related Mortgage File
(with a copy of each such original to the Master Servicer), and copies of any
additional related Mortgage Loan information, including correspondence with the
related Mortgagor.

          (c) On or before each Determination Date, the Special Servicer shall
deliver to the Master Servicer and each Rating Agency (or such other Person as
may be directed by the Master Servicer) a statement in writing and in computer
readable format (the form of such statement to be agreed upon by the Master
Servicer) describing, on a loan-by-loan and property-by-property basis, (1)
insofar as it relates to Specially Serviced Mortgage Loans and REO Properties,
the information described in clauses (x) through (xiii) of Section 4.02(a) and,
insofar as it relates to the Special Servicer, the information described in
clauses (xxiv), (xxv) and (xxvi) of Section 4.02(a), (2) the amount of all
payments, Insurance Proceeds and Liquidation Proceeds received, and the amount
of any Realized Loss incurred, with respect to each Specially Serviced Mortgage
Loan during the related Collection Period, and the amount of all REO Revenues,
Insurance Proceeds and Liquidation Proceeds received, and the amount of any
Realized Loss incurred, with respect to each REO Property during the related
Collection Period, (3) the amount, purpose and date of all Servicing Advances
requested by the Special Servicer with respect to each Specially Serviced
Mortgage Loan and REO Property during the related Collection Period and (4) such
additional information relating to the Specially Serviced Mortgage Loans and REO
Properties as the Master Servicer reasonably requests to enable it to perform
its responsibilities under this Agreement. Notwithstanding the foregoing
provisions of this subSection (c), the Master Servicer shall maintain ongoing
payment records with respect to each of the Specially Serviced Mortgage Loans
and REO Properties and shall provide the Special Servicer with any information
reasonably available to the Master Servicer required by the Special Servicer to
perform its duties under this Agreement.

          (d) No later than 60 days after a Mortgage Loan and, if applicable,
Companion Loan becomes a Specially Serviced Mortgage Loan, the Special Servicer
shall deliver to each Rating Agency, the Trustee, the Master Servicer and the
Controlling Class Representative (and, in the case of a Co-Lender Loan, the
related Companion Holder), a report (the "Asset Status Report") with respect to
such Mortgage Loan and the related Mortgaged Property. Such Asset Status Report
shall set forth the following information to the extent reasonably determinable:

          (i) summary of the status of such Specially Serviced Mortgage Loan and
     negotiations with the related Mortgagor;

          (ii) a discussion of the legal and environmental considerations
     reasonably known to the Special Servicer, consistent with the Servicing
     Standard, that are applicable to the exercise of remedies as aforesaid and
     to the enforcement of any related guaranties or other collateral for the
     related Specially Serviced Mortgage Loan and whether outside legal counsel
     has been retained;

          (iii) the most current rent roll and income or operating statement
     available for the related Mortgaged Property;

          (iv) the Appraised Value of the Mortgaged Property together with the
     assumptions used in the calculation thereof;

          (v) summary of the Special Servicer's recommended action with respect
     to such Specially Serviced Mortgage Loan; and

          (vi) such other information as the Special Servicer deems relevant in
     light of the Servicing Standard.

          Any Asset Status Report with respect to a Co-Lender Loan shall also
include any additional information required by the related Intercreditor
Agreement. In addition, with respect to a Co-Lender Loan, the Controlling Class
Representative's approval or disapproval of any actions recommended by such
Asset Status Report relating to such Co-Lender Loan will be subject to the
rights of the related Companion Holder pursuant to the terms of the related
Intercreditor Agreement.

          If within 10 Business Days of receiving an Asset Status Report which
relates to a recommended action for which the Controlling Class Representative
is entitled to object under Section 6.11, the Controlling Class Representative
does not disapprove such Asset Status Report in writing, the Special Servicer
shall implement the recommended action as outlined in such Asset Status Report;
provided, however, the Special Servicer may not take any action that is contrary
to applicable law, the Servicing Standard, or the terms of the applicable
Mortgage Loan documents. If the Controlling Class Representative disapproves
such Asset Status Report, the Special Servicer will revise such Asset Status
Report and deliver to the Controlling Class Representative, the Rating Agencies
and the Master Servicer a new Asset Status Report as soon as practicable, but in
no event later than 30-days after such disapproval.

          The Special Servicer shall revise such Asset Status Report as
described above in this Section 3.21(d) until the Controlling Class
Representative shall fail to disapprove such revised Asset Status Report in
writing within 10 Business Days of receiving such revised Asset Status Report or
until the Special Servicer makes one of the determinations described below. The
Special Servicer may, from time to time, modify any Asset Status Report it has
previously delivered and implement such report; provided such report shall have
been prepared, reviewed and not rejected pursuant to the terms of this Section.
Notwithstanding the foregoing, the Special Servicer (i) may, following the
occurrence of an extraordinary event with respect to the related Mortgaged
Property, take any action set forth in such Asset Status Report (and consistent
with the terms hereof) before the expiration of a 10 Business Day period if the
Special Servicer has reasonably determined that failure to take such action
would materially and adversely affect the interests of the Certificateholders
or, if a Loan Pair is involved, the Certificateholders and the related Companion
Holders, (as a collective whole) and it has made a reasonable effort to contact
the Controlling Class Representative and (ii) in any case, shall determine
whether such affirmative disapproval is not in the best interest of all the
Certificateholders pursuant to the Servicing Standard.

          Upon making such determination in clause (ii) of the immediately
preceding paragraph, the Special Servicer shall notify the Trustee of such
rejection and deliver to the Trustee a proposed notice to Certificateholders
which shall include a copy of the Asset Status Report, and the Trustee shall
send such notice to all Certificateholders. If the majority of such
Certificateholders, as determined by Voting Rights, fail, within 5 days of the
Trustee's sending such notice, to reject such Asset Status Report, the Special
Servicer shall implement the same. If the Asset Status Report is rejected by a
majority of the Certificateholders, (other than for a reason which violates the
Servicing Standard, which shall control), the Special Servicer shall revise such
Asset Status Report as described above in this Section 3.21(d) and provide a
copy of such revised report to the Master Servicer. The Trustee shall be
entitled to reimbursement from the Trust Fund for the reasonable expenses of
providing such notices. Notwithstanding the foregoing, the Controlling Class
Representative's approval of or failure to respond to an Asset Status Report
shall not be deemed to be a substitute for any specific consent required
pursuant to Section 6.11(a).

            The Special Servicer shall have the authority to meet with the
Mortgagor for any Specially Serviced Mortgage Loan and take such actions
consistent with the Servicing Standard, the terms hereof and the related Asset
Status Report. The Special Servicer shall not take any action inconsistent with
the related Asset Status Report, unless such action would be required in order
to act in accordance with the Servicing Standard.

          No direction of the Controlling Class Representative or the majority
of the Certificateholders shall (a) require or cause the Special Servicer to
violate the terms of a Specially Serviced Mortgage Loan, applicable law or any
provision of this Agreement, including the Special Servicer's obligation to act
in accordance with the Servicing Standard and to maintain the REMIC status of
REMIC I and REMIC II, (b) result in the imposition of a "prohibited transaction"
or "prohibited contribution" tax under the REMIC Provisions or (c) expose the
Master Servicer, the Special Servicer, the Depositor, any of the Mortgage Loan
Sellers, the Trust Fund or the Trustee or the officers and the directors of each
party to claim, suit or liability or (d) expand the scope of the Master
Servicer's, Trustee's or Special Servicer's responsibilities under this
Agreement. Notwithstanding the foregoing, it is agreed and acknowledged that,
with respect to the Co-Lender Loans, the holders of the Companion Loans have
certain consent and direction rights in the related Intercreditor Agreements,
but nothing herein shall be construed to prevent the Controlling Class
Representative from consulting on a non-binding basis with the Special Servicer
about any applicable Mortgage Loan.

          Section 3.22 Sub-Servicing Agreements.

          (a) The Master Servicer and the Special Servicer (and, with respect to
the Special Servicer, only with the consent of the Controlling Class
Representative) may enter into Sub-Servicing Agreements to provide for the
performance by third parties of any or all of their respective obligations
hereunder; provided that, in each case, the Sub-Servicing Agreement: (i) is
consistent with this Agreement in all material respects, requires the
Sub-Servicer to comply with all of the applicable conditions of this Agreement
and includes events of default with respect to the Sub-Servicer substantially
similar to the Events of Default set forth in Section 7.01(a) hereof (other than
Section 7.01(a)(ix) and (x) to the extent applicable (modified to apply to the
Sub-Servicer instead of the Master Servicer); (ii) provides that if the Master
Servicer or the Special Servicer, as the case may be, shall for any reason no
longer act in such capacity hereunder (including, without limitation, by reason
of an Event of Default), the Trustee or its designee may thereupon assume all of
the rights and, except to the extent such obligations arose prior to the date of
assumption, obligations of the Master Servicer or the Special Servicer, as the
case may be, under such agreement or (except with respect only to the
Sub-Servicing Agreements in effect as of the date of this Agreement) may
terminate such Sub-Servicing Agreement without cause and without payment of any
penalty or termination fee (other than the right of reimbursement and
indemnification); (iii) provides that the Trustee, for the benefit of the
Certificateholders, shall be a third party beneficiary under such agreement, but
that (except to the extent the Trustee or its designee assumes the obligations
of the Master Servicer or the Special Servicer, as the case may be, thereunder
as contemplated by the immediately preceding clause (ii) none of the Trustee,
the Trust Fund, any successor Master Servicer or Special Servicer, as the case
may be, or any Certificateholder shall have any duties under such agreement or
any liabilities arising therefrom; (iv) permits any purchaser of a Mortgage Loan
pursuant to this Agreement to terminate such agreement with respect to such
purchased Mortgage Loan at its option and without penalty; (v) with respect to
any Sub-Servicing Agreement entered into by the Special Servicer, does not
permit the Sub-Servicer to enter into or consent to any modification, waiver or
amendment or otherwise take any action on behalf of the Special Servicer
contemplated by Section 3.20 hereof without the consent of such Special Servicer
or conduct any foreclosure action contemplated by Section 3.09 hereof or sale of
a Mortgage Loan or REO Property contemplated by Section 3.18 hereof; (vi) does
not permit the Sub-Servicer any direct rights of indemnification that may be
satisfied out of assets of the Trust Fund; and (vii) with respect to any
Sub-Servicing Agreement entered into after the Closing Date and prior to the
date upon which the Trust Fund's Exchange Act reporting obligations are
terminated by the filing of a Form 15 Suspension Notice as contemplated by
Section 8.17(m), any Sub-Servicer (which is a Reporting Party) is not a
Prohibited Party. In addition, each Sub-Servicing Agreement entered into by the
Master Servicer shall provide that such agreement shall be subject to Section
3.21 hereof with respect to any Mortgage Loan that becomes a Specially Serviced
Mortgage Loan. The Master Servicer and the Special Servicer shall each deliver
to the Trustee and to each other copies of all Sub-Servicing Agreements, and any
amendments thereto and modifications thereof, entered into by it promptly upon
its execution and delivery of such documents. References in this Agreement to
actions taken or to be taken by the Master Servicer or the Special Servicer
include actions taken or to be taken by a Sub-Servicer on behalf of the Master
Servicer or the Special Servicer, as the case may be; and, in connection
therewith, all amounts advanced by any Sub-Servicer to satisfy the obligations
of the Master Servicer or the Special Servicer hereunder to make P&I Advances or
Servicing Advances shall be deemed to have been advanced by the Master Servicer
or the Special Servicer, as the case may be, out of its own funds and,
accordingly, such P&I Advances or Servicing Advances shall be recoverable by
such Sub-Servicer in the same manner and out of the same funds as if such
Sub-Servicer were the Master Servicer or the Special Servicer, as the case may
be. For so long as they are outstanding, Advances shall accrue interest in
accordance with Sections 3.03(d) and 4.03(d), such interest to be allocable
between the Master Servicer or the Special Servicer, as the case may be, and
such Sub-Servicer as they may agree. For purposes of this Agreement, the Master
Servicer and the Special Servicer each shall be deemed to have received any
payment when a Sub-Servicer retained by it receives such payment. The Master
Servicer and the Special Servicer each shall notify the other, the Trustee and
the Depositor in writing promptly of the appointment by it of any Sub-Servicer.

          (b) Each Sub-Servicer shall be authorized to transact business in the
state or states in which the related Mortgaged Properties it is to service are
situated, if and to the extent required by applicable law.

          (c) The Master Servicer and the Special Servicer, for the benefit of
the Trustee and the Certificateholders, shall (at no expense to the Trustee, the
Certificateholders or the Trust Fund) monitor the performance and enforce the
obligations of their respective Sub-Servicers under the related Sub-Servicing
Agreements. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements in accordance
with their respective terms and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer or the Special Servicer, as applicable, in its good faith business
judgment, would require were it the owner of the Mortgage Loans. Subject to the
terms of the related Sub-Servicing Agreement, the Master Servicer and the
Special Servicer may each have the right to remove a Sub-Servicer at any time it
considers such removal to be in the best interests of Certificateholders.

          (d) In the event of the resignation, removal or other termination of
Wachovia Bank, National Association, or any successor Master Servicer hereunder
for any reason, the Trustee or other Person succeeding such resigning, removed
or terminated party as Master Servicer, shall elect, with respect to any
Sub-Servicing Agreement in effect as of the date of this Agreement: (i) to
assume the rights and obligations of the Master Servicer under such
Sub-Servicing Agreement and continue the sub-servicing arrangements thereunder
on the same terms (including without limitation the obligation to pay the same
sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with such
Sub-Servicer on such terms as the Trustee or other successor Master Servicer and
such Sub-Servicer shall mutually agree (it being understood that such
Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer in which case the existing Sub-Servicing Agreement
shall remain in effect); or (iii) to terminate the Sub-Servicing Agreement if an
Event of Default (as defined in such Sub-Servicing Agreement) has occurred and
is continuing or otherwise in accordance with the Sub-Servicing Agreement, in
each case without paying any Sub-Servicer termination fee.

          Each Sub-Servicing Agreement will provide, among other things, that
the Master Servicer and its successors may at its sole option, terminate any
rights the Sub-Servicer may have thereunder with respect to any or all Mortgage
Loans if S&P or Moody's (i) reduces the rating assigned to one or more Classes
of the respective Certificates as a result of the sub-servicing of the Mortgage
Loans by the Sub-Servicer, or (ii) advises the Master Servicer or the Trustee in
writing that it will cause a qualification, downgrade or withdrawal of such
rating due to the continued servicing by the Sub-Servicer.

          (e) Notwithstanding any Sub-Servicing Agreement, the Master Servicer
and the Special Servicer shall remain obligated and liable to the Trustee and
the Certificateholders for the performance of their respective obligations and
duties under this Agreement in accordance with the provisions hereof to the same
extent and under the same terms and conditions as if each alone were servicing
and administering the Mortgage Loans or REO Properties for which it is
responsible.

          (f) The Special Servicer shall not enter into a Sub-Servicing
Agreement unless it receives the consent of the Controlling Class Representative
and each Rating Agency has confirmed in writing that the execution of such
agreement will not result in a qualification, downgrade, or withdrawal of the
then-current ratings on the outstanding Certificates or such Sub-Servicing
Agreement relates to a Mortgage Loan or Mortgage Loans (along with any Mortgage
Loans previously sub-serviced pursuant to this section) that represent less than
25% of the outstanding principal balance of all Specially Serviced Mortgage
Loans. The Special Servicer shall comply with the terms of each such
Sub-Servicing Agreement to the extent the terms thereof are not inconsistent
with the terms of this Agreement and the Special Servicer's obligations
hereunder.

          (g) The Master Servicer shall cause any Sub-Servicer engaged by the
Master Servicer (or by any Sub-Servicer) for the benefit of the Depositor and
the Trustee to comply with the provisions of this Section 3.22 and with Section
8.17 of this Agreement to the same extent as if such Sub-Servicer were the
Master Servicer, and to provide the information required with respect to such
Sub-Servicer under this Section 3.22. The Master Servicer shall be responsible
for obtaining from each such Sub-Servicer and delivering to the Trustee and any
applicable Persons any servicer compliance statement required to be delivered by
such Sub-Servicer under Section 3.13 and any assessment of compliance report and
related accountant's attestation required to be delivered by such Sub-Servicer
under Section 3.14, in each case, as and when required to be delivered.

          (h) Each of the Master Servicer, the Special Servicer, the
Sub-Servicer and the Trustee (each of the Master Servicer, the Special Servicer
and the Trustee and each Sub-Servicer, for purposes of this paragraph and the
succeeding paragraph, a "Servicer") is permitted to utilize one or more
Subcontractors to perform certain of its obligations hereunder. Such Servicer
shall promptly upon request provide to the Depositor and the Trustee a written
description (in form and substance satisfactory to the Depositor) of the role
and function of each Subcontractor utilized by such Servicer, specifying (i) the
identity of each Subcontractor, (ii) which (if any) of such Subcontractors are
Servicing Participants, and (iii) which elements of the Servicing Criteria will
be addressed in assessments of compliance provided by each Subcontractor
identified pursuant to clause (ii) of this paragraph. As a condition to the
utilization by such Servicer of any Subcontractor determined to be a Servicing
Participant, such Servicer shall cause any such Subcontractor used by such
Servicer for the benefit of the Depositor and the Trustee to comply with the
provisions of Sections 3.13, 3.14 and 8.17 of this Agreement to the same extent
as if such Subcontractor were such Servicer. Such Servicer shall be responsible
for obtaining from each such Subcontractor and delivering to the applicable
Persons any assessment of compliance report and related accountant's attestation
required to be delivered by such Subcontractor under Section 3.13, Section 3.14
and Section 3.17, in each case, as and when required to be delivered.

          (i) Notwithstanding the foregoing, if a Servicer engages a
Subcontractor in connection with the performance of any of its duties under this
Agreement, such Servicer shall be responsible for determining whether such
Subcontractor is a "servicer" within the meaning of Item 1101 of Regulation AB
and whether any such affiliate or third-party vendor meets the criteria in Item
1108(a)(2)(i) or (ii) or (iii) of Regulation AB. If a Servicer determines,
pursuant to the preceding sentence, that such Subcontractor is a "servicer"
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item
1108(a)(2)(i) or (ii) or (iii) of Regulation AB, then such Subcontractor shall
be deemed to be a Sub-Servicer for purposes of this Agreement, the engagement of
such Sub-Servicer shall not be effective unless and until notice is given to the
Depositor and the Trustee of any such Sub-Servicer and Sub-Servicing Agreement.
No Sub-Servicing Agreement shall be effective until 30 days after such written
notice is received by the Depositor and the Trustee. Such notice shall contain
all information reasonably necessary to enable the Trustee to accurately and
timely report the event pursuant to Section 8.17.

          Section 3.23 Representations and Warranties of Master Servicer and
Special Servicer.

          (a) Wachovia Bank, National Association, in its capacity as Master
Servicer, hereby represents and warrants to the Trustee, for its own benefit and
the benefit of the Certificateholders and the Companion Holders, and to the
Depositor and the Special Servicer, as of the Closing Date, that:

          (i) The Master Servicer is a national banking association, duly
     organized under the laws of the United States of America, and the Master
     Servicer is in compliance with the laws of each State in which any
     Mortgaged Property is located to the extent necessary to perform its
     obligations under this Agreement.

          (ii) The execution and delivery of this Agreement by the Master
     Servicer, and the performance and compliance with the terms of this
     Agreement by the Master Servicer, will not violate the Master Servicer's
     articles of association or by-laws or constitute a default (or an event
     which, with notice or lapse of time, or both, would constitute a default)
     under, or result in the breach of, any material agreement or other material
     instrument to which it is a party or by which it is bound.

          (iii) The Master Servicer has the full power and authority to enter
     into and consummate all transactions contemplated by this Agreement, has
     duly authorized the execution, delivery and performance of this Agreement,
     and has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Master Servicer, enforceable against the
     Master Servicer in accordance with the terms hereof, subject to (A)
     applicable receivership, insolvency, reorganization, moratorium and other
     laws affecting the enforcement of creditors' rights generally and the
     rights of creditors of banks, and (B) general principles of equity,
     regardless of whether such enforcement is considered in a proceeding in
     equity or at law.

          (v) The Master Servicer is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Master Servicer's good faith and reasonable judgment, is
     likely to affect materially and adversely either the ability of the Master
     Servicer to perform its obligations under this Agreement or the financial
     condition of the Master Servicer.

          (vi) No litigation is pending or, to the best of the Master Servicer's
     knowledge, threatened, against the Master Servicer that would prohibit the
     Master Servicer from entering into this Agreement or, in the Master
     Servicer's good faith and reasonable judgment, is likely to materially and
     adversely affect either the ability of the Master Servicer to perform its
     obligations under this Agreement or the financial condition of the Master
     Servicer, calculated on a consolidated basis.

          (vii) Each officer, director, employee, consultant or advisor of the
     Master Servicer with responsibilities concerning the servicing and
     administration of Mortgage Loans is covered by errors and omissions
     insurance in the amounts and with the coverage as, and to the extent,
     required by Section 3.07(c).

          (viii) The net worth of the Master Servicer (or, in the case of the
     initial Master Servicer, the consolidated net worth thereof and of its
     direct or indirect parent), determined in accordance with generally
     accepted accounting principles, is not less than $15,000,000.

          (ix) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Master Servicer of or compliance by the Master Servicer
     with this Agreement or the consummation of the transactions contemplated by
     this Agreement has been obtained and is effective.

          (x) The Master Servicer possesses the fidelity bond required pursuant
     to Section 3.07(c) of this Agreement.

          (b) LNR Partners, Inc., in its capacity as the Special Servicer,
hereby represents and warrants to the Trustee, for its own benefit and the
benefit of the Certificateholders and the Companion Holders, and to the
Depositor and the Master Servicer, as of the Closing Date, that:

          (i) The Special Servicer is a corporation duly organized under the
     laws of the State of Florida, validly existing and the Special Servicer is
     in compliance with the laws of each State in which any Mortgaged Property
     is located to the extent necessary to perform its obligations under this
     Agreement.

          (ii) The execution and delivery of this Agreement by the Special
     Servicer, and the performance and compliance with the terms of this
     Agreement by the Special Servicer, will not violate the Special Servicer's
     organizational documents or constitute a default (or an event which, with
     notice or lapse of time, or both, would constitute a default) under, or
     result in the breach of, any material agreement or other material
     instrument by which it is bound.

          (iii) The Special Servicer has the full power and authority to enter
     into and consummate all transactions contemplated by this Agreement, has
     duly authorized the execution, delivery and performance of this Agreement,
     and has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of the Special Servicer, enforceable against the
     Special Servicer in accordance with the terms hereof, subject to (A)
     applicable bankruptcy, insolvency, reorganization, moratorium and other
     laws affecting the enforcement of creditors' rights generally, and (B)
     general principles of equity, regardless of whether such enforcement is
     considered in a proceeding in equity or at law.

          (v) The Special Servicer is not in violation of, and its execution and
     delivery of this Agreement and its performance and compliance with the
     terms of this Agreement will not constitute a violation of, any law, any
     order or decree of any court or arbiter, or any order, regulation or demand
     of any federal, state or local governmental or regulatory authority, which
     violation, in the Special Servicer's good faith and reasonable judgment, is
     likely to affect materially and adversely either the ability of the Special
     Servicer to perform its obligations under this Agreement or the financial
     condition of the Special Servicer.

          (vi) No litigation is pending or, to the best of the Special
     Servicer's knowledge, threatened, against the Special Servicer the outcome
     of which in the Special Servicer's good faith and reasonable judgment could
     reasonably be expected to prohibit the Special Servicer from entering into
     this Agreement or, in the Special Servicer's good faith and reasonable
     judgment, is likely to materially and adversely affect either the ability
     of the Special Servicer to perform its obligations under this Agreement or
     the financial condition of the Special Servicer.

          (vii) Each officer, director and employee of the Special Servicer and
     each consultant or advisor of the Special Servicer with responsibilities
     concerning the servicing and administration of Mortgage Loans is covered by
     errors and omissions insurance in the amounts and with the coverage
     required by Section 3.07(c).

          (viii) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Special Servicer of or compliance by the Special
     Servicer with this Agreement or the consummation of the transactions
     contemplated by this Agreement has been obtained and is effective.

          (ix) The Special Servicer possesses all insurance required pursuant to
     Section 3.07(c) of this Agreement.

          (c) The representations and warranties of the Master Servicer and the
Special Servicer, set forth in Section 3.23(a), (with respect to the Master
Servicer) and Section 3.23(b) (with respect to the Special Servicer)
respectively, shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice to the other
parties hereto.

          Section 3.24 Sub-Servicing Agreement Representation and Warranty.

          The Master Servicer, in such capacity, hereby represents and warrants
to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor and the Special Servicer, as of the Closing Date, that each
Sub-Servicing Agreement satisfies the requirements for such Sub-Servicing
Agreements set forth in Sections 3.22(a) and the second paragraph of 3.22(d) in
all material respects.

          Section 3.25 Designation of Controlling Class Representative.

          (a) The Holders (or, in the case of Book-Entry Certificates, the
Certificate Owners) of Certificates representing more than 50% of the Class
Principal Balance of the Controlling Class shall be entitled in accordance with
this Section 3.25 to select a representative having the rights and powers
specified in this Agreement (including those specified in Section 6.11) or to
replace an existing Controlling Class Representative. The advisor referred to
above is referred to herein as the "Controlling Class Representative". Upon (i)
the receipt by the Trustee of written requests for the selection of a
Controlling Class Representative from the Holders (or, in the case of Book-Entry
Certificates, the Certificate Owners) of Certificates representing more than 50%
of the Class Principal Balance of the Controlling Class, (ii) the resignation or
removal of the Person acting as Controlling Class Representative or (iii) a
determination by the Trustee that the Controlling Class has changed, the Trustee
shall promptly notify the Depositor and the Holders (and, in the case of
Book-Entry Certificates, to the extent actually known to a Responsible Officer
of the Trustee or identified thereto by the Depository or the Depository
Participants, the Certificate Owners) of the Controlling Class that they may
select a Controlling Class Representative. Such notice shall set forth the
process for selecting a Controlling Class Representative, which shall be the
designation of the Controlling Class Representative by the Holders (or
Certificate Owners) of Certificates representing more than 50% of the Class
Principal Balance of the Controlling Class by a writing delivered to the
Trustee. No appointment of any Person as a Controlling Class Representative
shall be effective until such Person provides the Trustee and the Master
Servicer with written confirmation of its acceptance of such appointment, an
address and telecopy number for the delivery of notices and other correspondence
and a list of officers or employees of such Person with whom the parties to this
Agreement may deal (including their names, titles, work addresses and telecopy
numbers). Redwood Trust, Inc., or an affiliate, shall be the initial Controlling
Class Representative with respect to the Mortgage Loans without need for further
designation or notice.

          Notwithstanding anything in this Section 3.25(a), the holders of the
Companion Loans have certain consent and direction rights pursuant to the terms
of the related Intercreditor Agreements as incorporated in this Agreement, and
this Section shall not supersede any such rights, but nothing herein shall be
construed to limit the right of the Controlling Class Representative to consult
on a non-binding basis with the Special Servicer about any applicable Mortgage
Loan.

          (b) Within 10 Business Days (or as soon thereafter as practicable if
the Controlling Class consists of Book-Entry Certificates) of receiving a
request therefor from the Master Servicer or Special Servicer, the Trustee
shall, to the extent in its possession, deliver to the requesting party the
identity of the Controlling Class Representative and a list of each Holder (or,
in the case of Book-Entry Certificates, to the extent actually known to a
Responsible Officer of the Trustee or identified thereto by the Depository or
the Depository Participants, each Certificate Owner) of the Controlling Class,
including, in each case, names and addresses. With respect to such information,
the Trustee shall be entitled to conclusively rely on information provided to it
by the Depository, and the Master Servicer and the Special Servicer shall be
entitled to rely on such information provided by the Trustee with respect to any
obligation or right hereunder that the Master Servicer and the Special Servicer
may have to deliver information or otherwise communicate with the Controlling
Class Representative or any of the Holders (or, if applicable, Certificate
Owners) of the Controlling Class. In addition to the foregoing, within two (2)
Business Days of the selection, resignation or removal of a Controlling Class
Representative, the Trustee shall notify the other parties to this Agreement of
such event. The expenses incurred by the Trustee in connection with obtaining
information from the Depository or Depository Participants with respect to any
Book-Entry Certificate shall be expenses of the Trust Fund payable out of the
Certificate Account pursuant to Section 3.05(a).

          (c) A Controlling Class Representative may at any time resign as such
by giving written notice to the Trustee and to each Holder (or, in the case of
Book-Entry Certificates, Certificate Owner) of the Controlling Class. The
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class shall be entitled to remove any existing Controlling Class
Representative by giving written notice to the Trustee and to such existing
Controlling Class Representative.

          (d) Once a Controlling Class Representative has been selected pursuant
to this Section 3.25, each of the parties to this Agreement and each
Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless a majority of the Holders (or, in the case of
Book-Entry Certificates, the Certificate Owners) of the Controlling Class, by
aggregate Certificate Principal Balance, or such Controlling Class
Representative, as applicable, shall have notified the Trustee and each other
Holder (or, in the case of Book-Entry Certificates, Certificate Owner) of the
Controlling Class, in writing, of the resignation or removal of such Controlling
Class Representative.

          (e) Any and all expenses of the Controlling Class Representative shall
be borne by the Holders (or, if applicable, the Certificate Owners) of
Certificates of the Controlling Class, pro rata according to their respective
Percentage Interests in such Class, and not by the Trust Fund. Notwithstanding
the foregoing, if a claim is made against the Controlling Class Representative
by a Mortgagor with respect to this Agreement or any particular Mortgage Loan,
the Controlling Class Representative shall immediately notify the Trustee, the
Master Servicer and the Special Servicer, whereupon (if the Special Servicer or
the Trust Fund are also named parties to the same action and, in the reasonable
judgment of the Special Servicer, (i) the Controlling Class Representative had
acted in good faith, without negligence or willful misfeasance with regard to
the particular matter, and (ii) there is no potential for the Special Servicer
or the Trust Fund to be an adverse party in such action as regards the
Controlling Class Representative) the Special Servicer on behalf of the Trust
Fund shall, subject to Section 6.03, assume the defense of any such claim
against the Controlling Class Representative. This provision shall survive the
termination of this Agreement and the termination or resignation of the
Controlling Class Representative.

          (f) All rights to, and requirements for, information or notice
(including, but not limited to the delivery of information, notice or access to
information) provided to the Controlling Class Representative or
Certificateholders, in general contained in this Agreement shall also apply to
each Companion Holder (provided such Companion Holder is not a Mortgagor or an
affiliate of a Mortgagor) with respect to information relating to the related
Co-Lender Loan (but, in the case of information relating to a Co-Lender Loan,
excluding the fair value determination thereof).

          Section 3.26 Companion Paying Agent.

          (a) The Master Servicer shall be the initial Companion Paying Agent
hereunder. The Companion Paying Agent undertakes to perform such duties and only
such duties as are specifically set forth herein. The Companion Paying Agent
shall promptly make available to the Companion Holders (other than the holders
of the Companion Loans relating to the 2006-C26 Serviced Mortgage Loan) all
reports available to the Companion Paying Agent that the Trustee has made
available to Certificateholders under this Agreement.

          (b) No provision of this Agreement shall be construed to relieve the
Companion Paying Agent from liability for its own negligent failure to act, bad
faith or its own willful misfeasance; provided, however, the duties and
obligations of the Companion Paying Agent shall be determined solely by the
express provisions of this Agreement, the Companion Paying Agent shall not be
liable except for the performance of such duties and obligations, no implied
covenants or obligations shall be read into this Agreement against the Companion
Paying Agent and, in the absence of bad faith on the part of the Companion
Paying Agent, the Companion Paying Agent may conclusively rely, as to the truth
and correctness of the statements or conclusions expressed therein, upon any
resolutions, certificates, statements, opinions, reports, documents, orders or
other instrument furnished to the Companion Paying Agent by any Person and which
on their face do not contradict the requirements of this Agreement.

          (c) If the Companion Paying Agent is also the Master Servicer, upon
the resignation or removal of the Master Servicer pursuant to this Agreement,
the Companion Paying Agent shall be deemed simultaneously to resign or be
removed.

          (d) This Section shall survive the termination of this Agreement or
the resignation or removal of the Companion Paying Agent, as regards rights
accrued prior to such resignation or removal.

          Section 3.27 Companion Register.

          The Companion Paying Agent shall maintain a register (the "Companion
Register") on which it will record the names and addresses of, and wire transfer
instructions for, the Companion Holders (other than the holders of the Companion
Loans relating to the 2006-C26 Serviced Mortgage Loan) from time to time, to the
extent such information is provided in writing to it by the Companion Holder.
Each initial Companion Holder, along with its name, address, wiring instructions
and tax identification number, is listed on Exhibit L hereto. The Companion
Holders shall inform the Companion Paying Agent and the Master Servicer of the
name, address, wiring instructions and taxpayer identification number of any
subsequent Companion Holders upon any transfer of a Companion Loan. Upon the
sale of a Companion Loan or portion thereof, the transferring Companion Holder
shall inform the Companion Paying Agent and the Master Servicer in writing that
such transfer has taken place and provide the Companion Paying Agent and the
Master Servicer with the name, address, wiring instructions and tax
identification number of the transferee. In the event the Companion Holder
transfers a Companion Loan without notice to the Companion Paying Agent, the
Companion Paying Agent shall have no liability for any misdirected payment in
the related Companion Loan and shall have no obligation to recover and redirect
such payment.

            The Companion Paying Agent shall promptly provide the name and
address of the Companion Holders to any party hereto or any successor Companion
Holders upon written request and any such Person may, without further
investigation, conclusively rely upon such information. The Companion Paying
Agent shall have no liability to any Person for the provision of any such names
and addresses.

          Section 3.28 Future Debt Secured by Interests in Related Borrowers

          In the event the Mortgage Loan documents permit ownership interests in
the related borrower to be pledged as security for mezzanine debt in the future,
in addition to any consents required hereunder, the Master Servicer shall
require, to the extent not inconsistent with the Mortgage Loan documents, the
execution in favor of the Trust Fund of a subordination and standstill agreement
or an intercreditor agreement, as applicable, in form and substance that would
be satisfactory to a commercially reasonable and prudent mortgage lender.

          Section 3.29 Certain Matters Relating to the Future Securitization of
the Pari Passu Companion Loans.

          (a) Each of the Trustee, the Master Servicer and the Special Servicer
shall, and the Master Servicer and the Special Servicer shall use reasonable
efforts to cause any Sub-Servicer appointed by such party with respect to each
Pari Passu Mortgage Loan (other than the Prime Outlets Pool II Loan) to, upon
request or notice from such Mortgage Loan Seller, cooperate with any Mortgage
Loan Seller that is selling the related Pari Passu Companion Loan into a
securitization that is required to comply with Regulation AB (a "Regulation AB
Companion Loan Securitization") and, to the extent necessary in order to comply
with Regulation AB, provide to the Mortgage Loan Seller information about itself
that such Mortgage Loan Seller reasonably requires to meet the requirements of
Items 1117 and 1119 and paragraphs (b), (c)(3), (c)(4) and (c)(5) of Item 1108
of Regulation AB and shall cooperate with such Mortgage Loan Seller to provide
such other information as may be necessary to comply with the requirements of
Regulation AB. Each of the Trustee, the Master Servicer and the Special Servicer
understands that such information provided by the Trustee (where such
information pertains to Wells Fargo Bank, N.A. individually and not to any
specific aspect of the Trustee's duties or obligations under this Agreement),
the Master Servicer (where such information pertains to Wachovia Bank, National
Association individually and not to any specific aspect of the Master Servicer's
duties or obligations under this Agreement) and the Special Servicer (where such
information pertains to LNR Partners, Inc. individually and not to any specific
aspect of the Special Servicer's duties or obligations under this Agreement), as
applicable, to such Mortgage Loan Seller as required by this clause (a) may be
included in the offering material related to a Regulation AB Companion Loan
Securitization and agrees to indemnify and hold the related depositor and
underwriter(s) of the Regulation AB Loan Securitization harmless for any costs,
liabilities, fees and expenses incurred by the Mortgage Loan Seller as a result
of any material misstatements or omissions or any alleged material misstatements
or alleged omissions in any such offering material to the extent that such
material misstatement or omission was made in reliance upon any such information
provided by such person. Any such indemnification shall be in substantially the
same form as provided by such party in this transaction. Notwithstanding the
foregoing, to the extent that the information provided by the Trustee, the
Master Servicer or the Special Servicer, as applicable, for inclusion in the
offering materials related to such Regulation AB Companion Loan Securitization
is substantially and materially similar to the information provided by such
party with respect to the offering materials related to this transaction,
subject to any required changes due to any amendments to Regulation AB or any
changes in the interpretation of Regulation AB, such party shall be deemed to be
in compliance with this Section 3.29(a). Each of the Trustee, the Master
Servicer and the Special Servicer shall provide an opinion of counsel (which
opinion of counsel shall be an expense of the trust fund created in connection
with the Regulation AB Companion Loan Securitization) in substantially the same
form as provided in this transaction which provides that any information
provided by such party pursuant to this Section 3.29(a) with respect to such
Regulation AB Companion Loan Securitization complies with Items 1117 and 1119
(with respect to Item 1119, only as it relates to any Sub-Servicer,
subcontractor or agent retained by it) and paragraphs (b), (c)(3), (c)(4) (but
only with regard to second sentence thereof) and (c)(5) of Item 1108 of
Regulation AB and that the offering material related to such Regulation AB
Companion Loan Securitization contains all information required of such party to
meet the requirements of Items 1117 and 1119 (with respect to Item 1119, only as
it relates to any Sub-Servicer, subcontractor or agent retained by it) and
paragraphs (b), (c)(3), (c)(4) (but only with regard to second sentence thereof)
and (c)(5) of Item 1108 of Regulation AB to the extent that any such party would
be required pursuant to Regulation AB to provide such information.

          (b) Each of the Trustee, the Master Servicer and the Special Servicer
shall, and the Master Servicer and the Special Servicer shall use reasonable
efforts to cause any Sub-Servicer, if any, appointed with respect to each Pari
Passu Mortgage Loan (other than the Prime Outlets Pool II Loan) to, upon request
or notice from such parties (which request or notice shall be given each time a
filing is required), cooperate with the trustee, master servicer or special
servicer for any Regulation AB Companion Loan Securitization in preparing each
Form 10-D required to be filed by such Regulation AB Companion Loan
Securitization (until January 30 of the first year in which the trustee for such
Regulation AB Companion Loan Securitization files a Form 15 Suspension Notice
with respect to the related trust fund) and shall provide to such trustee or
master servicer within the time period set forth in the pooling and servicing
agreement for such Regulation AB Companion Loan Securitization such information
relating to the related Pari Passu Companion Loan (other than the Prime Outlets
Pool II Pari Passu Companion Loan) as may be necessary for the servicer and
trustee of the Regulation AB Companion Loan Securitization to comply with the
reporting requirements of Regulation AB (provided such time period is not
earlier than the time period set forth in this Agreement); provided, however,
any parties to any Regulation AB Companion Loan Securitization shall consult
with the Trustee, the Master Servicer and the Special Servicer (and the Master
Servicer shall consult with any Sub-Servicer appointed with respect to the Pari
Passu Companion Loan), and the Trustee, the Master Servicer and the Special
Servicer shall cooperate with such parties in respect of establishing the time
periods for preparation of the Form 10-D reports in the documentation for such
Regulation AB Companion Loan Securitization. Notwithstanding the foregoing, to
the extent the Trustee, the Master Servicer or the Special Servicer complies in
all material respects with the timing, reporting and attestation requirements in
Section 8.17 of this Agreement with respect to the comparable timing, reporting
and attestation requirements contemplated in this Section 3.29(b) with respect
to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 3.29(b).

          (c) Each of the Trustee, the Master Servicer and the Special Servicer
shall, and the Master Servicer and the Special Servicer shall use reasonable
efforts to cause any Sub-Servicer, if any, appointed with respect to each Pari
Passu Mortgage Loan (other than the Prime Outlets Pool II Loan) to, upon request
from the trustee under the Regulation AB Companion Loan Securitization (which
request or notice shall be given each time a filing is required), provide the
trustee under a Regulation AB Companion Loan Securitization (until January 30 of
the first year in which the trustee for such Regulation AB Companion Loan
Securitization files a Form 15 Suspension Notice with respect to the related
trust fund) information with respect to any event that is required to be
disclosed under Form 8-K with respect to the Pari Passu Companion Loan (other
than the Prime Outlets Pool II Pari Passu Companion Loan) within two Business
Days after the occurrence of such event of which it has knowledge.
Notwithstanding the foregoing, to the extent the Trustee, the Master Servicer or
the Special Servicer complies in all material respects with the timing,
reporting and attestation requirements in Section 8.17 of this Agreement with
respect to the comparable timing, reporting and attestation requirements
contemplated in this Section 3.29(c) with respect to such Regulation AB
Companion Loan Securitization, such party shall be deemed to be in compliance
with the provisions of this Section 3.29(c).

          (d) On or before March 5 (with a 7 Business Day notice and cure period
as provided in Section 7.01(a)(iv) herein) of each year during which a
Regulation AB Companion Loan Securitization is required to file an annual report
on Form 10-K (and not in respect of any year in which such Regulation AB
Companion Loan Securitization is not required to file an annual report on Form
10-K because a Form 15 Suspension Notice with respect to the related trust fund
was filed), each of the Trustee, the Master Servicer and the Special Servicer
shall, and the Master Servicer and the Special Servicer shall use reasonable
efforts to cause any Sub-Servicer appointed with respect to each Pari Passu
Mortgage Loan (other than the Prime Outlets Pool II Loan) to, upon request from
the trustee under the Regulation AB Companion Loan Securitization (which request
or notice shall be given each time a filing is required), provide, with respect
to itself, to the trustee under such Regulation AB Companion Loan
Securitization, to the extent required pursuant to Item 1122 of Regulation AB,
(i) a report on an assessment of compliance with the servicing criteria to the
extent required pursuant to Item 1122(a) of Regulation AB, (ii) a registered
accounting firm's attestation report on such Person's assessment of compliance
with the applicable servicing criteria to the extent required pursuant to Item
1122(b) of Regulation AB and (iii) such other information as may be required
pursuant to Item 1122(c) of Regulation AB. Notwithstanding the foregoing, to the
extent the Trustee, the Master Servicer or the Special Servicer complies in all
material respects with the timing, reporting and attestation requirements in
Section 8.17 of this Agreement with respect to the comparable timing, reporting
and attestation requirements contemplated in this Section 3.29(d) with respect
to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 3.29(d).

          (e) On or before March 5 (with a 7 Business Day notice and cure period
as provided in Section 7.01(a)(iv) herein) of each year during which a
Regulation AB Companion Loan Securitization is required to file an annual report
on Form 10-K (and not in respect of any year in which such Regulation AB
Companion Loan Securitization is not required to file an annual report on Form
10-K because a Form 15 Suspension Notice with respect to the related trust fund
was filed), each of the Trustee, the Master Servicer and the Special Servicer
shall, and the Master Servicer shall use reasonable efforts to cause the Primary
Servicer, if applicable, and any Sub-Servicer appointed with respect to each
Pari Passu Mortgage Loan (other than the Prime Outlets Pool II Loan) to, to the
extent required pursuant to Item 1123 of Regulation AB, deliver, with respect to
itself, to the trustee, upon request from such trustee (which request or notice
shall be given each time a filing is required), under such Regulation AB
Companion Loan Securitization a servicer compliance statement signed by an
authorized officer of such Person that satisfies the requirements of Item 1123
of Regulation AB. Notwithstanding the foregoing, to the extent the Trustee, the
Master Servicer or the Special Servicer complies in all material respects with
the timing, reporting and attestation requirements in Section 8.17 of this
Agreement with respect to the comparable timing, reporting and attestation
requirements contemplated in this Section 3.29(e) with respect to such
Regulation AB Companion Loan Securitization, such party shall be deemed to be in
compliance with the provisions of this Section 3.29(e).

          (f) Each of the Trustee, the Master Servicer and the Special Servicer
shall use reasonable efforts to cause a Sub-Servicer to agree, (severally but
not jointly) to indemnify (such indemnity limited to each such parties
respective failure described below) and hold the related depositor or
underwriter(s) under a Regulation AB Companion Loan Securitization harmless for
any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller,
depositor, trustee or master servicer as a result of any failure by the Trustee,
the Master Servicer and the Special Servicer, as applicable, to comply with the
reporting requirements to the extent applicable set forth under Sections
3.29(b), (c), (d) and (e) above. Any such indemnification by a Sub-Servicer
shall be in substantially the same form as provided by the Trustee, the Master
Servicer or the Special Servicer, as applicable, in this transaction.

          Each Sub-Servicing Agreement related to each Pari Passu Mortgage Loan
(other than the Prime Outlets Pool II Loan) shall use commercially reasonable
efforts to contain a provision requiring the related Sub-Servicer to provide to
the Master Servicer or Special Servicer, as applicable, information, reports and
certificates with respect to itself comparable to any information, reports or
certificates required to be provided by the Master Servicer or Special Servicer
pursuant to this Section 3.29, even if such Sub-Servicer is not otherwise
required to provide such information, reports or certificates to any Person in
order to comply with Regulation AB. Such information, reports or certificates
shall be provided to the Master Servicer or Special Servicer, as applicable, no
later than two Business Days prior to the date on which the Master Servicer or
Special Servicer, as applicable, is required to deliver its comparable
information, reports or certificates pursuant to this Section 3.29.

          Section 3.30 Litigation Control

          The Special Servicer shall with respect to Specially Serviced Mortgage
Loans and, at the direction of the Controlling Class Representative, any other
Mortgage Loan, (1) direct, manage, prosecute and/or defend any action brought by
a Mortgagor against the Trust Fund and/or the Special Servicer and (2) represent
the interests of the Trust Fund in any litigation relating to the rights and
obligations of the Mortgagor or the Trust Fund, or the enforcement of the
obligations of a Mortgagor, under the related Mortgage Loan documents
("Trust-Related Litigation").

          To the extent the Master Servicer is named in Trust-Related
Litigation, and the Trust Fund or Special Servicer is not named, in order to
effectuate the role of the Special Servicer as contemplated by the immediately
preceding paragraph, the Master Servicer shall (1) notify the Special Servicer
of such Trust-Related Litigation within ten (10) days of the Master Servicer
receiving service of such Trust-Related Litigation; (2) provide monthly status
reports to the Special Servicer, regarding such Trust-Related Litigation; (3)
seek to have the Trust Fund replace the Master Servicer as the appropriate party
to the lawsuit; and (4) so long as the Master Servicer remains a party to the
lawsuit, consult with and act at the direction of the Special Servicer with
respect to decisions and resolutions related to the interests of the Trust Fund
in such Trust-Related Litigation, including but not limited to the selection of
counsel; provided, however, if there are claims against the Master Servicer and
the Master Servicer has not determined that separate counsel is required for
such claims, such counsel shall be reasonably acceptable to the Master Servicer.

          Notwithstanding the right of the Special Servicer to represent the
interests of the Trust Fund in Trust-Related Litigation, and subject to the
rights of the Special Servicer to direct the Master Servicer's actions in this
Section 3.30 below, the Master Servicer shall retain the right to make
determinations relating to claims against the Master Servicer, including but not
limited to the right to engage separate counsel in the Master Servicer's
reasonable discretion, the cost of which shall be subject to indemnification
pursuant to this Section 3.30.

          Further, nothing in this section shall require the Master Servicer to
take or fail to take any action which, in the Master Servicer's good faith and
reasonable judgment, may (1) result in an Adverse REMIC Event or Adverse Grantor
Trust Event or (2) subject the Master Servicer to liability or materially expand
the scope of the Master Servicer's obligations under this Agreement.

          Notwithstanding the Master Servicer's right to make determinations
relating to claims against the Master Servicer, the Special Servicer shall have
the right at any time to (1) direct the Master Servicer to settle any claims
brought against the Trust Fund, including claims asserted against the Master
Servicer (whether or not the Trust Fund or the Special Servicer is named in any
such claims or Trust-Related Litigation) and (2) otherwise reasonably direct the
actions of the Master Servicer relating to claims against the Master Servicer
(whether or not the Trust Fund or the Special Servicer is named in any such
claims or Trust-Related Litigation); provided in either case that (A) such
settlement or other direction does not require any admission, or is not likely
to result in a finding of liability or wrongdoing on the part of the Master
Servicer, (B) the cost of such settlement or any resulting judgment is and shall
be paid by the Trust Fund, (C) the Master Servicer is and shall be indemnified
pursuant to Section 6.03 hereof for all costs and expenses of the Master
Servicer incurred in defending and settling the Trust-Related Litigation and for
any judgment, (D) any such action taken by the Master Servicer at the direction
of the Special Servicer be deemed (as to the Master Servicer) to be in
compliance with the Servicing Standard and (E) the Special Servicer provides the
Master Servicer with assurance reasonably satisfactory to the Master Servicer as
to the items in clauses (A), (B) and (C).

          In the event both the Master Servicer and the Special Servicer or
Trust Fund are named in litigation, the Master Servicer and the Special Servicer
shall cooperate with each other to afford the Master Servicer and the Special
Servicer the rights afforded to such party in this Section 3.30.

          Notwithstanding anything to the contrary herein, if the Master
Servicer controls certain Trust-Related Litigation on behalf of the Trust Fund
with respect to Performing Serviced Mortgage Loans in accordance with this
Section 3.30, the Special Servicer shall retain the right to make determinations
relating to claims against the Special Servicer, including but not limited to
the right to engage separate counsel in the Special Servicer's reasonable
discretion, the cost of which shall be subject to indemnification pursuant to
Section 6.03. Nothing in this Section 3.30 shall be intended to limit the rights
of the Controlling Class Representative under any other section of this
Agreement.

          The Special Servicer or the Master Servicer, as applicable, will have
the right to direct, manage, prosecute and/or defend any and all litigation
and/or claims relating to (a) the enforcement of the obligations of a Mortgagor
under the related Mortgage Loan documents and (b) any claim or action brought by
a Mortgagor against the Trust Fund; provided that (i) in the event that any
action, suit, litigation or proceeding names the Trustee in its individual
capacity, or in the event that any judgment is rendered against the Trustee in
its individual capacity, the Trustee, upon prior written notice to the Special
Servicer or the Master Servicer, as applicable, may retain counsel and appear in
any such proceeding on its own behalf in order to protect and represent its
interests (but not to otherwise direct, manage or prosecute such litigation or
claim), (ii) in the event of any action, suit, litigation or proceeding, other
than an action, suit, litigation or proceeding relating to the enforcement of
the obligations of a Mortgagor under the related Mortgage Loan documents or
otherwise relating to a Mortgage Loan or Mortgaged Property, neither the Master
Servicer nor the Special Servicer shall, without the prior written consent of
the Trustee, (A) initiate any action, suit, litigation or proceeding in the name
of the Trustee, whether in such capacity or individually, (B) engage counsel to
represent the Trustee, or (C) prepare, execute or deliver any government
filings, forms, permits, registrations or other documents or take any other
similar action with the intent to cause, and that actually causes, the Trustee
to be registered to do business in any state (provided that none of the Master
Servicer, the Special Servicer or the Trustee shall be responsible for any delay
due to the unwillingness of the Trustee to grant such consent), and (iii) in the
event that any court finds that the Trustee is a necessary party in respect of
any action, suit, litigation or proceeding relating to or arising from this
Agreement or any Mortgage Loan, the Trustee shall have the right to retain
counsel and appear in any such proceeding on its own behalf in order to protect
and represent its interest (but not to otherwise direct, manage or prosecute
such litigation or claim).

                                   ARTICLE IV

                       DISTRIBUTIONS TO CERTIFICATEHOLDERS

          Section 4.01 Distributions.

          (a) On each Distribution Date the Paying Agent shall (except as
otherwise provided in Section 9.01), based on information provided by the Master
Servicer and the Special Servicer, apply amounts on deposit in the Distribution
Account, after payment of amounts payable from the Distribution Account in
accordance with Section 3.05(b)(ii) through (vii), deemed distributions from
REMIC I to REMIC II pursuant to Section 4.01(h), for the following purposes and
in the following order of priority, in each case to the extent of the remaining
portion of the Available Distribution Amount:

          (i) concurrently, (i) from the Loan Group 1 Available Distribution
     Amount, to distributions of interest to the Holders of the Class A-1, Class
     A-2, Class A-PB and Class A-3 Certificates, up to an amount equal to, and
     pro rata as among such Classes in accordance with, all Distributable
     Certificate Interest in respect of such Class of Certificates for such
     Distribution Date and, to the extent not previously paid, for all prior
     Distribution Dates, if any, (ii) from the Loan Group 2 Available
     Distribution Amount, to distributions of interest to the Holders of the
     Class A-1A Certificates, up to an amount equal to all Distributable
     Certificate Interest in respect of such Class of Certificates for such
     Distribution Date and, to the extent not previously paid, for all prior
     Distribution Dates, if any, and (iii) from the Loan Group 1 Available
     Distribution Amount and/or the Loan Group 2 Available Distribution Amount,
     to distributions of interest to the Holders of the Class X-C and Class X-P
     Certificates, up to an amount equal to, and pro rata as between such
     Classes of Certificates, all Distributable Certificate Interest in respect
     of such Class of Certificates for such Distribution Date and, to the extent
     not previously paid, for all prior Distribution Dates, if any; provided,
     however, if the Loan Group 1 Available Distribution Amount and/or the Loan
     Group 2 Available Distribution Amount is insufficient to pay in full the
     total amount of Distributable Certificate Interest, as provided above,
     payable in respect of any Class of Senior Certificates on such Distribution
     Date, then the entire Available Distribution Amount shall be applied to
     make distributions of interest to the Holders of the respective Classes of
     the Senior Certificates, up to an amount equal to, and pro rata as among
     such Classes in accordance with, all Distributable Certificate Interest in
     respect of each such Class of Certificates for such Distribution Date and,
     to the extent not previously paid, for all prior Distribution Dates, if
     any;

          (ii) to distributions of principal to the Holders of the Class A-PB
     Certificates, in an amount equal to the Loan Group 1 Principal Distribution
     Amount for such Distribution Date and, after the Class A-1A Certificates
     have been retired, the Loan Group 2 Principal Distribution Amount remaining
     after payments to the Class A-1A Certificates have been made on such
     Distribution Date, until the Certificate Balance of the Class A-PB
     Certificates is reduced to the Class A-PB Planned Principal Balance;

          (iii) after the Class Principal Balance of the Class A-PB Certificates
     has been reduced to the Class A-PB Planned Principal Balance, to
     distributions of principal to the Holders of the Class A-1 Certificates, in
     an amount (not to exceed the Class Principal Balance of the Class A-1
     Certificates outstanding immediately prior to such Distribution Date) equal
     to the entire Loan Group 1 Principal Distribution Amount and, after the
     Class Principal Balance of the Class A-1A Certificates has been reduced to
     zero, the entire Loan Group 2 Principal Distribution Amount for such
     Distribution Date remaining after making any distributions required
     pursuant to clause (vii) below on such Distribution Date, less any portion
     thereof distributed in respect of the Class A-PB Certificates on such
     Distribution Date;

          (iv) after the Class Principal Balance of the Class A-PB Certificates
     has been reduced to the Class A-PB Planned Principal Balance and after the
     Class Principal Balance of the Class A-1 Certificates has been reduced to
     zero, to distributions of principal to the Holders of the Class A-2
     Certificates, in an amount (not to exceed the Class Principal Balance of
     the Class A-2 Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Loan Group 1 Principal Distribution
     Amount and, after the Class Principal Balance of the Class A-1A
     Certificates has been reduced to zero, the entire Loan Group 2 Principal
     Distribution Amount for such Distribution Date remaining after making any
     distributions required pursuant to clause (vii) below on such Distribution
     Date (in each case, net of any portion thereof distributed on such
     Distribution Date to the Holders of the Class A-PB Certificates and Class
     A-1 Certificates pursuant to clauses (ii) and (iii) above);

          (v) after the Class Principal Balance of the Class A-PB Certificates
     has been reduced to the Class A-PB Planned Principal Balance and after the
     Class Principal Balances of the Class A-1 and Class A-2 Certificates have
     been reduced to zero, to distributions of principal to the Holders of the
     Class A-PB Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class A-PB Certificates outstanding immediately prior to
     such Distribution Date) equal to the entire Loan Group 1 Principal
     Distribution Amount and, after the Class Principal Balance of the Class
     A-1A Certificates has been reduced to zero, the entire Loan Group 2
     Principal Distribution Amount for such Distribution Date remaining after
     making any distributions required pursuant to clause (vii) below on such
     Distribution Date (in each case, net of any portion thereof distributed on
     such Distribution Date to the Holders of the Class A-PB, Class A-1 and
     Class A-2 Certificates pursuant to clauses (ii), (iii) and (iv) above);

          (vi) after the Class Principal Balances of the Class A-1, Class A-2
     and Class A-PB Certificates have been reduced to zero, to distributions of
     principal to the Holders of the Class A-3 Certificates, in an amount (not
     to exceed the Class Principal Balance of the Class A-3 Certificates
     outstanding immediately prior to such Distribution Date) equal to the
     entire Loan Group 1 Principal Distribution Amount and, after the Class
     Principal Balance of the Class A-1A Certificates has been reduced to zero,
     the entire Loan Group 2 Principal Distribution Amount for such Distribution
     Date remaining after making any distributions required pursuant to
     clause-(vii) below on such Distribution Date (in each case, net of any
     portion thereof distributed on such Distribution Date to the Holders of the
     Class A-PB, Class A-1 and Class A-2 Certificates pursuant to clauses (ii),
     (iii), (iv) and (v) above);

          (vii) to distributions of principal to the Holders of the Class A-1A
     Certificates, in an amount (not to exceed the Class Principal Balance of
     the Class A-1A Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Loan Group-2 Principal Distribution
     Amount and, after the Class Principal Balances of the Class A-PB, Class
     A-1, Class A-2 and Class A-3 Certificates have been reduced to zero, the
     entire Loan Group 1 Principal Distribution Amount for such Distribution
     Date remaining after making any distributions required pursuant to clauses
     (ii), (iii), (iv), (v) and (vi) above;

          (viii) to distributions to the Holders of the Class A-PB Certificates,
     the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3
     Certificates and the Class A-1A Certificates, pro rata as among such
     Classes of Certificates, in accordance with, in an amount equal to, and in
     reimbursement of, all Realized Losses and Additional Trust Fund Expenses,
     if any, previously allocated to each such Class of Certificates and not
     previously reimbursed;

          (ix) to distributions of interest to the Holders of the Class A-M
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of such Class of Certificates for such Distribution Date (net of
     any portion thereof distributed on such Distribution Date to the Holders of
     any other Class of Certificates pursuant to any prior clause of this
     Section 4.01(a));

          (x) after the Class Principal Balances of the Class A Certificates
     have been reduced to zero, to distributions of principal to the Holders of
     the Class A-M Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class A-M Certificates outstanding immediately prior to such
     Distribution Date) equal to the Principal Distribution Amount for such
     Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xi) to distributions to the Holders of the Class A-M Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Expenses, if any, previously allocated to the Class A-M
     Certificates and not previously reimbursed;

          (xii) to distributions of interest to the Holders of the Class A-J
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of such Class of Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xiii) after the Class Principal Balances of the Class A Certificates
     and the Class A-M Certificates have been reduced to zero, to distributions
     of principal to the Holders of the Class A-J Certificates, in an amount
     (not to exceed the Class Principal Balance of the Class A-J Certificates
     outstanding immediately prior to such Distribution Date) equal to the
     entire Principal Distribution Amount for such Distribution Date (net of any
     portion thereof distributed on such Distribution Date to the Holders of any
     other Class of Certificates pursuant to any prior clause of this Section
     4.01(a));

          (xiv) to distributions to the Holders of the Class A-J Certificates,
     in an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class
     A-J Certificates and not previously reimbursed;

          (xv) to distributions of interest to the Holders of the Class B
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of such Class of Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xvi) after the Class Principal Balance of the Class A-J Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class B Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class B Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xvii) to distributions to the Holders of the Class B Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class B
     Certificates and not previously reimbursed;

          (xviii) to distributions of interest to the Holders of the Class C
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of such Class of Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xix) after the Class Principal Balance of the Class B Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class C Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class C Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xx) to distributions to the Holders of the Class C Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class C
     Certificates and not previously reimbursed;

          (xxi) to distributions of interest to the Holders of the Class D
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class D Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xxii) after the Class Principal Balance of the Class C Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class D Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class D Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xxiii) to distributions to the Holders of the Class D Certificates,
     in an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class D
     Certificates and not previously reimbursed;

          (xxiv) to distributions of interest to the Holders of the Class E
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class E Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xxv) after the Class Principal Balance of the Class D Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class E Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class E Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xxvi) to distributions to the Holders of the Class E Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class E
     Certificates and not previously reimbursed;

          (xxvii) to distributions of interest to the Holders of the Class F
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class F Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xxviii) after the Class Principal Balance of the Class E Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class F Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class F Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xxix) to distributions to the Holders of the Class F Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class F
     Certificates and not previously reimbursed;

          (xxx) to distributions of interest to the Holders of the Class G
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class G Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xxxi) after the Class Principal Balance of the Class F Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class G Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class G Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xxxii) to distributions to the Holders of the Class G Certificates,
     in an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class G
     Certificates and not previously reimbursed;

          (xxxiii) to distributions of interest to the Holders of Class H
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class H Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xxxiv) after the Class Principal Balance of the Class G Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class H Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class H Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xxxv) to distributions to the Holders of the Class H Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class H
     Certificates and not previously reimbursed;

          (xxxvi) to distributions of interest to the Holders of the Class J
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class J Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xxxvii) after the Class Principal Balance of the Class H Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class J Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class J Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xxxviii) to distributions to the Holders of the Class J Certificates,
     in an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class J
     Certificates and not previously reimbursed;

          (xxxix) to distributions of interest to the Holders of the Class K
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class K Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xl) after the Class Principal Balance of the Class J Certificates has
     been reduced to zero, to distributions of principal to the Holders of the
     Class K Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class K Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xli) to distributions to the Holders of the Class K Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class K
     Certificates and not previously reimbursed;

          (xlii) to distributions of interest to the Holders of the Class L
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class L Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xliii) after the Class Principal Balance of the Class K Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class L Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class L Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xliv) to distributions to the Holders of the Class L Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class L
     Certificates and not previously reimbursed;

          (xlv) to distributions of interest to the Holders of the Class M
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class M Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xlvi) after the Class Principal Balance of the Class L Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class M Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class M Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (xlvii) to distributions to the Holders of the Class M Certificates,
     in an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class M
     Certificates and not previously reimbursed;

          (xlviii) to distributions of interest to the Holders of the Class N
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class N Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (xlix) after the Class Principal Balance of the Class M Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class N Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class N Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (l) to distributions to the Holders of the Class N Certificates, in an
     amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class N
     Certificates and not previously reimbursed;

          (li) to distributions of interest to the Holders of the Class O
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class O Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (lii) after the Class Principal Balance of the Class N Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class O Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class O Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (liii) to distributions to the Holders of the Class O Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class O
     Certificates and not previously reimbursed;

          (liv) to distributions of interest to the Holders of the Class P
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class P Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (lv) after the Class Principal Balance of the Class O Certificates has
     been reduced to zero, to distributions of principal to the Holders of the
     Class P Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class P Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (lvi) to distributions to the Holders of the Class P Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class P
     Certificates and not previously reimbursed;

          (lvii) to distributions of interest to the Holders of the Class Q
     Certificates, in an amount equal to all Distributable Certificate Interest
     in respect of the Class Q Certificates for such Distribution Date and, to
     the extent not previously paid, for all prior Distribution Dates;

          (lviii) after the Class Principal Balance of the Class P Certificates
     has been reduced to zero, to distributions of principal to the Holders of
     the Class Q Certificates, in an amount (not to exceed the Class Principal
     Balance of the Class Q Certificates outstanding immediately prior to such
     Distribution Date) equal to the entire Principal Distribution Amount for
     such Distribution Date (net of any portion thereof distributed on such
     Distribution Date to the Holders of any other Class of Certificates
     pursuant to any prior clause of this Section 4.01(a));

          (lix) to distributions to the Holders of the Class Q Certificates, in
     an amount equal to, and in reimbursement of, all Realized Losses and
     Additional Trust Fund Expenses, if any, previously allocated to the Class Q
     Certificates and not previously reimbursed; and

          (lx) to make distributions to the Holders of the Class R-II
     Certificates, in an amount equal to the excess, if any, of (A) the
     aggregate distributions deemed made in respect of the REMIC I Regular
     Interests on such Distribution Date pursuant to Section 4.01(h), over (B)
     the aggregate distributions made in respect of the Regular Certificates on
     such Distribution Date pursuant to clauses (i) through (lix) above;

provided that on each Distribution Date after the aggregate of Class Principal
Balances of each Class of Subordinated Certificates have been reduced to zero,
but any two or more of the Class A-1 Certificates, the Class A-2 Certificates,
the Class A-PB Certificates, the Class A-3 Certificates and the Class A-1A
Certificates remain outstanding, the payments of principal to be made as
contemplated by clauses (iii) through (viii) above with respect to the Class A
Certificates will be made to the Holders of the respective Classes of such Class
A Certificates up to an amount equal to, and pro rata as among such Classes in
accordance with, the respective then outstanding Class Principal Balances of
such Classes of Certificates and without regard to the Principal Distribution
Amount for such Distribution Date and without regard to Loan Group.
Distributions in reimbursement of Realized Losses and Additional Trust Fund
Expenses previously allocated to a Class of Certificates shall not constitute
distributions of principal and shall not result in reduction of the related
Class Principal Balance.

          All distributions of interest made in respect of the Class X-C and X-P
Certificates on any Distribution Date pursuant to clause (i) above, shall be
deemed to have been made in respect of all the Components of such Class, pro
rata in accordance with the respective amounts of interest that would be payable
on such Components on such Distribution Date based on the Class X-C Strip Rate
and Class X-P Strip Rate, as applicable, of such Component multiplied by its
Component Notional Amount, together with any amounts thereof remaining unpaid
from previous Distribution Dates.

          (b) On each Distribution Date, the Paying Agent shall withdraw from
the Distribution Account any amounts that represent Prepayment Premiums and/or
Yield Maintenance Charges actually collected on the Mortgage Loans and any REO
Loans during the related Collection Period and shall be deemed to distribute
such Prepayment Premiums and/or Yield Maintenance Charges from REMIC I to
REMIC II in respect of REMIC I Regular Interest LA-1 (whether or not such
Class has received all distributions of interest and principal to which it is
entitled), and then shall distribute each such Prepayment Premium and/or Yield
Maintenance Charge, as additional yield, as follows:

          (i) First, to the Holders of the respective Classes of Regular
     Certificates (other than any Excluded Class thereof) entitled to
     distributions of principal pursuant to Section 4.01(a) on such Distribution
     Date, up to an amount equal to, and pro rata based on, the Additional Yield
     Amounts for each such Class of Certificates for such Distribution Date; and

          (ii) Second, (A) on or before the Distribution Date in August 2013,
     32% of such Yield Maintenance Charges and/or Prepayment Premiums to the
     Holders of the Class X-P Certificates and 68% of such Yield Maintenance
     Charges and/or Prepayment Premiums to the Holders of the Class X-C
     Certificates and (B) after the Distribution Date in August 2013, 100% to
     the Holders of the Class X-C Certificates, in each case, to the extent of
     any remaining portion of such Yield Maintenance Charges and/or Prepayment
     Premiums.

          On each Distribution Date, the Paying Agent shall withdraw from the
Additional Interest Account any amounts that represent (A) Additional Interest
actually collected during the related Collection Period on the ARD Loans and any
related REO Loans and shall distribute such amounts among the Holders of the
Class Z Certificates pro rata in accordance with the respective Percentage
Interests of such Class, and (B) interest and investment income, if any, earned
in respect of amounts held in the Additional Interest Account as provided in
Section 3.06, but only to the extent of the Net Investment Earnings with respect
to such account for the related Distribution Date, and shall distribute such
amount to the Trustee as additional compensation.

          (c) All distributions made with respect to each Class on each
Distribution Date shall be allocated pro rata among the outstanding Certificates
in such Class based on their respective Percentage Interests. Except as
otherwise provided below, all such distributions with respect to each Class on
each Distribution Date shall be made to the Certificateholders of the respective
Class of record at the close of business on the related Record Date and shall be
made by wire transfer of immediately available funds to the account of any such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Paying Agent with
wiring instructions no less than 5 Business Days prior to the related Record
Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent Distribution Dates), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. The final distribution on each Certificate (determined, in the case of
a Sequential Pay Certificate, without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to such Certificate, but taking into account possible future
distributions of Additional Interest) will be made in a like manner, but only
upon presentation and surrender of such Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to
Certificateholders of such final distribution. Prior to any termination of the
Trust Fund pursuant to Section 9.01, any distribution that is to be made with
respect to a Certificate in reimbursement of a Realized Loss or Additional Trust
Fund Expense previously allocated thereto, which reimbursement is to occur after
the date on which such Certificate is surrendered as contemplated by the
preceding sentence, will be made by check mailed to the address of the
Certificateholder that surrendered such Certificate as such address last
appeared in the Certificate Register or to any other address of which the Paying
Agent was subsequently notified in writing. If such check is returned to the
Paying Agent, the Paying Agent, directly or through an agent, shall take such
reasonable steps to contact the related Holder and deliver such check as it
shall deem appropriate. Any funds in respect of a check returned to the Paying
Agent shall be set aside by the Paying Agent and held uninvested in trust and
credited to the account of the appropriate Holder. The costs and expenses of
locating the appropriate Holder and holding such funds shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder. If the Paying Agent has not, after having taken such
reasonable steps, located the related Holder by the second anniversary of the
initial sending of a check, the Paying Agent shall, subject to applicable law,
distribute the unclaimed funds to the Holders of the Class R-II Certificates.

          (d) Each distribution with respect to a Book-Entry Certificate shall
be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the related Certificate Owners that it represents. None of
the Trustee, the Paying Agent, the Certificate Registrar, the Depositor or the
Master Servicer shall have any responsibility therefor except as otherwise
provided by this Agreement or applicable law. The Trustee and the Depositor
shall perform their respective obligations under a Letter of Representations
among the Depositor, the Trustee and the Initial Depository dated as of the
Closing Date.

          (e) The rights of the Certificateholders to receive distributions from
the proceeds of the Trust Fund in respect of the Certificates, and all rights
and interests of the Certificateholders in and to such distributions, shall be
as set forth in this Agreement. Neither the Holders of any Class of Certificates
nor any party hereto shall in any way be responsible or liable to the Holders of
any other Class of Certificates in respect of amounts properly previously
distributed on the Certificates.

          (f) Except as otherwise provided in Section 9.01, whenever the Paying
Agent receives written notification of or expects that the final distribution
with respect to any Class of Certificates (determined without regard to any
possible future reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to such Class of Certificates) will be made on the
next Distribution Date, the Paying Agent shall, no later than 5 days after the
related Determination Date, mail to each Holder of record on such date of such
Class of Certificates a notice to the effect that:

          (i) the Paying Agent expects that the final distribution with respect
     to such Class of Certificates will be made on such Distribution Date but
     only upon presentation and surrender of such Certificates at the office of
     the Certificate Registrar or at such other location therein specified, and

          (ii) no interest shall accrue on such Certificates from and after such
     Distribution Date.

          Any funds not distributed to any Holder or Holders of Certificates of
such Class on such Distribution Date because of the failure of such Holder or
Holders to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(f) shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Paying Agent shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Paying Agent, directly or through an agent, shall take such
steps to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and
expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust pursuant to this paragraph. If all of the Certificates shall not
have been surrendered for cancellation by the second anniversary of the delivery
of the second notice, the Paying Agent shall, subject to applicable law,
distribute to the Holders of the Class R-II Certificates all unclaimed funds and
other assets which remain subject thereto.

          (g) Notwithstanding any other provision of this Agreement, the Paying
Agent shall comply with all federal withholding requirements respecting payments
to Certificateholders of interest or original issue discount that the Paying
Agent reasonably believes are applicable under the Code. The Certificate
Registrar shall promptly provide the Paying Agent with any IRS Forms W-9,
W-8BEN, W-8IMY (and all appropriate attachments) or W-8ECI upon its receipt
thereof. The consent of Certificateholders shall not be required for such
withholding. If the Paying Agent does withhold any amount from interest or
original issue discount payments or advances thereof to any Certificateholder
pursuant to federal withholding requirements, the Paying Agent shall indicate
the amount withheld to such Certificateholders. Such amounts shall be deemed to
have been distributed to such Certificateholders for all purposes of this
Agreement.

          (h) All distributions made in respect of any Class of Sequential Pay
Certificates on each Distribution Date pursuant to Section 4.01(a) or Section
9.01 shall be deemed to have first been distributed, with respect to the
Sequential Pay Certificates from REMIC I to REMIC II in respect of its
Corresponding REMIC I Regular Interest or Interests set forth in the Preliminary
Statement hereto; provided that interest shall be deemed to have been
distributed pro rata among two or more Corresponding REMIC I Regular Interests
that correspond to a Class of Sequential Pay Certificates and all distributions
made in respect of the Class X-C and Class X-P Certificates on each Distribution
Date pursuant to Section 4.01(a) or Section 9.01, and allocable to any
particular Component of such Class of Certificates in accordance with the last
paragraph of Section 4.01(a), shall be deemed to have been first distributed
from REMIC I to REMIC II in respect of such Component's Corresponding REMIC I
Regular Interest; provided, further, distributions of principal:

               (1) with respect to the Class A-1 Certificates, shall be deemed
          to have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LA-1-1; second, to REMIC I Regular Interest
          LA-1-2; and third, to REMIC I Regular Interest LA-1-3; in each case
          until their respective REMIC I Principal Balances are reduced to zero;

               (2) with respect to the Class A-2 Certificates, shall be deemed
          to have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LA-2-1; second, to REMIC I Regular Interest
          LA-2-2; third, to REMIC I Regular Interest LA-2-3; fourth, to REMIC I
          Regular Interest LA-2-4; fifth, to REMIC I Regular Interest LA-2-5;
          sixth, to REMIC I Regular Interest LA-2-6; and seventh, to REMIC I
          Regular Interest LA-2-7; in each case, until their respective REMIC I
          Principal Balances are reduced to zero;

               (3) with respect to the Class A-PB Certificates, shall be deemed
          to have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LA-PB-1; and second, to REMIC I Regular
          Interest LA-PB-2; in each case, until their respective REMIC I
          Principal Balances are reduced to zero;

               (4) with respect to the Class A-3 Certificates, shall be deemed
          to have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LA-3-1; second, to REMIC I Regular Interest
          LA-3-2; third, to REMIC I Regular Interest LA-3-3; fourth, to REMIC I
          Regular Interest LA-3-4; fifth, to REMIC I Regular Interest LA-3-5;
          and sixth, to REMIC I Regular Interest LA-3-6; in each case, until
          their respective REMIC I Principal Balances are reduced to zero;

               (5) with respect to the Class A-1A Certificates, shall be deemed
          to have first been distributed from REMIC I to REMIC II in respect of
          the REMIC I Regular Interest LA-1A-1; second, to REMIC I Regular
          Interest LA-1A-2; third, to REMIC I Regular Interest LA-1A-3; fourth,
          to REMIC I Regular Interest LA-1A-4; fifth, to REMIC I Regular
          Interest LA-1A-5; sixth, to REMIC I Regular Interest LA-1A-6; seventh,
          to REMIC I Regular Interest LA-1A-7; eighth, to REMIC I Regular
          Interest LA-1A-8; ninth, to REMIC I Regular Interest LA-1A-9; tenth,
          to REMIC I Regular Interest LA-1A-10; eleventh, to REMIC I Regular
          Interest LA-1A-11; twelfth, to REMIC I Regular Interest LA-1A-12;
          thirteenth, to REMIC I Regular Interest LA-1A-13; fourteenth, to REMIC
          I Regular Interest LA-1A-14; and fifteenth, to REMIC I Regular
          Interest LA-1A-15; in each case, until their respective REMIC I
          Principal Balances are reduced to zero;

               (6) with respect to the Class C Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LC-1; and second, to REMIC I Regular Interest
          LC-2; in each case, until their respective REMIC I Principal Balances
          are reduced to zero;

               (7) with respect to the Class D Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LD-1; and second, to REMIC I Regular Interest
          LD-2; in each case, until their respective REMIC I Principal Balances
          are reduced to zero;

               (8) with respect to the Class E Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LE-1; second, to REMIC I Regular Interest
          LE-2; and third, to REMIC I Regular Interest LE-3; in each case, until
          their respective REMIC I Principal Balances are reduced to zero;

               (9) with respect to the Class F Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LF-1; and second, to REMIC I Regular Interest
          LF-2; in each case, until their respective REMIC I Principal Balances
          are reduced to zero;

               (10) with respect to the Class G Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LG-1; and second, to REMIC I Regular Interest
          LG-2; each case, until their respective REMIC I Principal Balances are
          reduced to zero;

               (11) with respect to the Class H Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LH-1; second, to REMIC I Regular Interest
          LH-2; and third, to REMIC I Regular Interest LH-3; in each case, until
          their respective REMIC I Principal Balances are reduced to zero; and

               (12) with respect to the Class J Certificates, shall be deemed to
          have first been distributed from REMIC I to REMIC II in respect of
          REMIC I Regular Interest LJ-1; and second, to REMIC I Regular Interest
          LJ-2; in each case, until their respective REMIC I Principal Balances
          are reduced to zero.

          (i) All distributions of principal and reimbursements of Realized
Losses and Additional Trust Fund Expenses made in respect of any Class of
Sequential Pay Certificates on each Distribution Date pursuant to Section
4.01(a) shall be deemed to have first been distributed from REMIC I to REMIC II
in respect of its Corresponding REMIC I Regular Interest set forth in the
Preliminary Statement hereto; provided, however, distributions of reimbursements
of Realized Losses and Additional Trust Fund Expenses shall be made in
sequential order of the priority set forth in Section 4.01(h) for principal
distributions, up to the amount of Realized Losses and Additional Trust Fund
Expenses previously allocated to a particular Component of such Class of
Certificates or REMIC I Regular Interest. Any amounts remaining in REMIC I on
any Distribution Date after the foregoing distributions shall be distributed to
the Holders of the Class R-I Certificates.

          (j) [Reserved].

          (k) [Reserved].

          (l) On each Distribution Date, or with respect to a Companion Loan
(other than the Prime Outlets Pool II Pari Passu Companion Loan and the Prime
Outlets Pool II Subordinate Companion Loan) then included in a securitization,
on each P&I Advance Date, the Companion Paying Agent (based upon a statement of
the Master Servicer to be delivered to the Companion Paying Agent that specifies
the amount required to be deposited in the Companion Distribution Account and
any amounts payable to the Master Servicer from the Companion Distribution
Account pursuant to this Section 4.01(l)) shall make withdrawals and payments
from the Companion Distribution Account for the related Companion Loans in the
following order of priority:

          (i) to pay the Trustee or any of its directors, officers, employees or
     agents, as the case may be, any amounts payable or reimbursable to any such
     Person pursuant to Section 8.05, to the extent any such amounts relate
     solely to a Loan Pair;

          (ii) to pay for the cost of the Opinions of Counsel sought by the
     Trustee as contemplated by Sections 9.02(a) and 10.01(h), to the extent any
     such costs relate to a Loan Pair;

          (iii) to pay to the Master Servicer any amounts deposited by the
     Master Servicer in the Companion Distribution Account not required to be
     deposited therein;

          (iv) on each Distribution Date, to pay all amounts remaining in the
     Companion Distribution Account to the Companion Holder; and

          (v) to clear and terminate the Companion Distribution Account at the
     termination of this Agreement pursuant to Section 9.01.

          All distributions from a Companion Distribution Account required
hereunder shall be made by the Companion Paying Agent to the Companion Holder by
wire transfer in immediately available funds to the account of such Companion
Holder or an agent therefor appearing on the Companion Register on the related
Record Date (or, if no such account so appears or information relating thereto
is not provided at least 5 Business Days prior to the related Record Date, by
check sent by first-class mail to the address of such Companion Holder or its
agent appearing on the Companion Register). Any such account shall be located at
a commercial bank in the United States of America. For the avoidance of doubt,
in no event shall the Companion Paying Agent withdraw from funds on deposit in
the Companion Distribution Account any amounts allocable to any of the Pari
Passu Companion Loans (other than Penalty Interest and late payment charges) to
be applied to, or to provide for reimbursement for, any costs, expenses,
indemnities, losses or liabilities relating or allocable to any Mortgage Loan or
Companion Loan other than the related Pari Passu Mortgage Loan or its related
Pari Passu Companion Loans.

          To the extent amounts are payable to or in respect of the Trust Fund
pursuant to this Section 4.01(l)(i) or (ii), the Companion Distribution Account
shall be considered an "outside reserve fund" within the meaning of the REMIC
Provisions, beneficially owned by the Companion Holder for federal income tax
purposes, who shall be taxable on all reinvestment income thereon, and who shall
be deemed to have received any amounts reimbursed from the Trust Fund to the
Companion Distribution Account.

          (m) On each Distribution Date, the Paying Agent shall withdraw amounts
from the Gain-on-Sale Reserve Account and shall distribute such amounts to
reimburse the Holders of each Class of Sequential Pay Certificates (in order of
priority) up to an amount equal to all Realized Losses and Additional Trust Fund
Expenses, if any, previously deemed allocated to such Classes and unreimbursed
after application of the Available Distribution Amount for such Distribution
Date. Amounts paid from the Gain-on-Sale Reserve Account pursuant to the
preceding sentence shall first be deemed to have been distributed to the
Corresponding REMIC I Regular Interest in reimbursement of Realized Losses and
Additional Trust Fund Expenses previously allocated thereto as provided in
Section 4.01(i). Amounts paid from the Gain-on-Sale Reserve Account will not
reduce the Certificate Principal Balances of the Classes of Sequential Pay
Certificates receiving such distributions. Any amounts remaining in the
Gain-on-Sale Reserve Account after such distributions shall be applied to offset
future Realized Losses and Additional Trust Fund Expenses and upon termination
of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account
shall be distributed to the Class R-I Certificateholders.

          (n) Notwithstanding any other provision of this Agreement, the Paying
Agent shall comply with all federal withholding requirements respecting payments
to Certificateholders of interest or original issue discount that the Paying
Agent reasonably believes are applicable under the Code taking into account any
applicable exemptions from, or reductions in, withholding upon receipt of
appropriate Internal Revenue Service forms and documentation. The consent of
Certificateholders shall not be required for such withholding. In the event the
Paying Agent does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Paying Agent shall indicate the amount withheld to
such Certificateholders. Such amounts shall be deemed to have been distributed
to such Certificateholders for all purposes of this Agreement.

          Section 4.02 Statements to Certificateholders; CMSA Loan Periodic
Update File.

          (a) On each Distribution Date, the Trustee shall make available on the
Trustee's Internet Website or, upon written request, forward by mail (or by
electronic transmission acceptable to the recipient) to each Certificateholder,
each initial Certificate Owner and (upon written request made to the Trustee)
each subsequent Certificate Owner (as identified to the reasonable satisfaction
of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the
Companion Holders, the Underwriters and each Rating Agency, a statement (a
"Distribution Date Statement"), as to the distributions made on such
Distribution Date, based on information provided to it by the Master Servicer
and the Special Servicer, setting forth:

          (i) the Record Date, the Determination Date, the Distribution Date and
     dates of the Interest Accrual Period for each Class of Certificates;

          (ii) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Regular Certificates in reduction of the Class
     Principal Balance thereof;

          (iii) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Regular Certificates allocable to Distributable
     Certificate Interest and the applicable Interest Distribution Amount;

          (iv) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Regular Certificates allocable to Prepayment
     Premiums and/or Yield Maintenance Charges;

          (v) the amount of the distribution on such Distribution Date to the
     Holders of each Class of Regular Certificates in reimbursement of
     previously allocated Realized Losses and Additional Trust Fund Expenses;

          (vi) the Available Distribution Amount for such Distribution Date and
     the sources of such amount;

          (vii) (a) the aggregate amount of P&I Advances made in respect of such
     Distribution Date on a loan by loan basis with respect to the Mortgage Pool
     and each Loan Group pursuant to Section 4.03(a), including, without
     limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the
     aggregate amount of unreimbursed P&I Advances with respect to the Mortgage
     Pool and each Loan Group that had been outstanding at the close of business
     on the related Determination Date payable to the Master Servicer or the
     Trustee in respect of such unreimbursed P&I Advances in accordance with
     Section 4.03(d) as of the close of business on the related Determination
     Date, (b) the aggregate amount of Servicing Advances on a loan by loan
     basis with respect to the Mortgage Pool and each Loan Group as of the close
     of business on the related Determination Date and (c) to the extent
     available, the foregoing information listed in this clause (vi) with
     respect to P&I Advances by the 2006-C26 Master Servicer on the 2006-C26
     Serviced Mortgage Loan;

          (viii) the aggregate unpaid principal balance of the Mortgage Pool and
     each Loan Group outstanding as of the close of business on the related
     Determination Date;

          (ix) the aggregate Stated Principal Balance of the Mortgage Pool and
     each Loan Group outstanding immediately before and immediately after such
     Distribution Date;

          (x) the number, aggregate unpaid principal balance, weighted average
     remaining term to maturity or Anticipated Repayment Date, each Mortgage
     Rate and weighted average Mortgage Rate of the Mortgage Loans in the
     Mortgage Pool and each Loan Group as of the close of business on the
     related Determination Date presented in distributional groups and/or
     incremental ranges acceptable to the Depositor in its reasonable
     discretion;

          (xi) the number of Mortgage Loans and the aggregated Stated Principal
     Balance (immediately after such Distribution Date) (and with respect to
     each delinquent Mortgage Loan, a brief description of the reason for
     delinquency, if known by the Master Servicer or Special Servicer, as
     applicable, and provided to the Trustee) of Mortgage Loans (A) delinquent
     30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days,
     (D) as to which foreclosure proceedings have been commenced, (E) with
     respect to each Specially Serviced Mortgage Loan, the Mortgaged Property
     type and a brief description of the reason for delinquency and the Mortgage
     Loan's status, if known by the Special Servicer, and provided to the
     Trustee, (F) to the actual knowledge of the Master Servicer or Special
     Servicer in bankruptcy proceedings and (G) any material changes to the
     information specified in Item 1100(b)(5) of Regulation AB, as amended;

          (xii) as to each Mortgage Loan referred to in the preceding clause (x)
     above, (A) the loan number thereof, (B) the Stated Principal Balance
     thereof immediately following such Distribution Date, and (C) a brief
     description of any loan modification, extension or waiver (identifying the
     relevant loan number);

          (xiii) with respect to any Mortgage Loan as to which a Liquidation
     Event occurred during the related Collection Period (other than a payment
     in full), (A) the loan number thereof, (B) the aggregate of all Liquidation
     Proceeds and other amounts received in connection with such Liquidation
     Event (separately identifying the portion thereof allocable to
     distributions on the Certificates), and (C) the amount of any Realized Loss
     in connection with such Liquidation Event;

          (xiv) with respect to any REO Property included in the Trust Fund as
     to which a Final Recovery Determination was made during the related
     Collection Period, (A) the loan number of the related Mortgage Loan, (B)
     the aggregate of all Liquidation Proceeds and other amounts received in
     connection with such Final Recovery Determination (separately identifying
     the portion thereof allocable to distributions on the Certificates), and
     (C) the amount of any Realized Loss in respect of the related REO Property,
     in connection with such Final Recovery Determination;

          (xv) the Accrued Certificate Interest and Distributable Certificate
     Interest in respect of each Class of Regular Certificates for such
     Distribution Date;

          (xvi) any unpaid Distributable Certificate Interest in respect of each
     Class of Regular Certificates after giving effect to the distributions made
     on such Distribution Date;

          (xvii) the Pass-Through Rate for each Class of Regular Certificates
     for such Distribution Date;

          (xviii) the Principal Distribution Amount;

          (xix) the Principal Distribution Amount, the Loan Group 1 Principal
     Distribution Amount and the Loan Group 2 Principal Distribution Amount for
     such Distribution Date, separately identifying the respective components
     thereof (and, in the case of any Principal Prepayment or other unscheduled
     collection of principal received during the related Collection Period, the
     loan number for the related Mortgage Loan and the amount of such prepayment
     or other collection of principal);

          (xx) the aggregate of all Realized Losses incurred during the related
     Collection Period and all Additional Trust Fund Expenses incurred during
     the related Collection Period;

          (xxi) the aggregate of all Realized Losses and Additional Trust Fund
     Expenses that were allocated to each Class of Certificates on such
     Distribution Date;

          (xxii) the Class Principal Balance of each Class of Regular
     Certificates (other than the Class X Certificates) and the Notional Amounts
     of the Class X Certificates immediately before and immediately after such
     Distribution Date, separately identifying any reduction therein due to the
     allocation of Realized Losses and Additional Trust Fund Expenses on such
     Distribution Date;

          (xxiii) the Certificate Factor for each Class of Regular Certificates
     immediately following such Distribution Date;

          (xxiv) the aggregate amount of interest on P&I Advances paid to the
     Master Servicer and the Trustee (and, if applicable, the 2006-C26 Master
     Servicer), with respect to the Mortgage Pool and each Loan Group during the
     related Collection Period in accordance with Section 4.03(d);

          (xxv) the aggregate amount of interest on Servicing Advances paid to
     the Master Servicer, the Trustee and the Special Servicer (and, if
     applicable, the 2006-C26 Master Servicer and the 2006-C26 Special
     Servicer), during the related Collection Period in accordance with Section
     3.03(d) with respect to the Mortgage Pool and each Loan Group;

          (xxvi) the aggregate amount of (i) Servicing Fees paid to the Master
     Servicer, (ii) the Servicing Fees paid to the Special Servicer, and (iii)
     Trustee Fees paid to the Trustee during the related Collection Period;

          (xxvii) the loan number for each Required Appraisal Mortgage Loan and
     any related Appraisal Reduction Amount as of the related Determination
     Date;

          (xxviii) the loan number for each Mortgage Loan which has experienced
     a breach of the representations and warranties, including identification of
     the applicable representation and warranty, given with respect to a
     Mortgage Loan by the applicable Mortgage Loan Seller, as provided by the
     Master Servicer or the Depositor;

          (xxix) the original and thereafter, the current credit support levels
     for each Class of Regular Certificates;

          (xxx) the original and thereafter, the current ratings for each Class
     of Regular Certificates;

          (xxxi) the aggregate amount of Prepayment Premiums and Yield
     Maintenance Charges with respect to the Mortgage Pool and each Loan Group
     collected during the related Collection Period;

          (xxxii) the amounts, if any, actually distributed with respect to the
     Class Z Certificates, Class R-I Certificates or Class R-II Certificates on
     such Distribution Date;

          (xxxiii) the value of any REO Property included in the Trust Fund as
     of the end of the related Collection Period, based on the most recent
     Appraisal or valuation; and

          (xxxiv) identification of any Mortgage Loan which has been substituted
     as a result of a breach of a representation and warranty.

          In the case of information to be furnished pursuant to clauses (i)
through (iv) above, the amounts shall be expressed as a dollar amount in the
aggregate for all Certificates of each applicable Class and per Single
Certificate. In the case of information provided to the Trustee as a basis for
information to be furnished pursuant to clauses (x) through (xiii), and (xxv)
and (xxxiii) above, insofar as the underlying information is solely within the
control of the Special Servicer, the Trustee and the Master Servicer may, absent
manifest error, conclusively rely on the reports to be provided by the Special
Servicer.

          The Trustee may rely on and shall not be responsible absent manifest
error for the content or accuracy of any information provided by third parties
for purposes of preparing the Distribution Date Statement and may affix thereto
any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto).

          The Trustee shall, and the Master Servicer may, but is not required
to, make available on or prior to the Distribution Date in each month to the
general public (i) the Distribution Date Statement via their respective Internet
Websites, (ii) as a convenience for interested parties, the Prospectus
Supplement, the Prospectus and this Agreement on the Trustee's and/or the Master
Servicer's respective Internet Websites and (iii) any other items at the request
of the Depositor via the Trustee's and/or the Master Servicer's respective
Internet Websites. In addition, the Trustee shall make available each month, on
each Distribution Date, the Unrestricted Servicer Reports, the CMSA Loan
Periodic Update File, the CMSA Loan Setup File, the CMSA Bond File, and the CMSA
Collateral Summary File to the general public on its Internet Website. The
Trustee shall make available each month, on each Distribution Date, (i) the
Restricted Servicer Reports, (ii) the CMSA Property File and the CMSA Financial
File and (iii) the CMSA Reconciliation of Funds Report to any Privileged Person
and to any other Person upon the direction of the Depositor.

          Absent manifest error, none of the Master Servicer or the Special
Servicer shall be responsible for the accuracy or completeness of any
information supplied to it by a borrower or third party (including, without
limitation, the 2006-C26 Master Servicer, the 2006-C26 Special Servicer and the
2006-C26 Trustee) that is included in any reports, statements, materials or
information prepared or provided by the Master Servicer or the Special Servicer,
as applicable. The Trustee shall not be responsible absent manifest error for
the accuracy or completeness of any information supplied to it for delivery
pursuant to this Section 4.02(a). Neither the Trustee, the Master Servicer nor
the Special Servicer shall have any obligation to verify the accuracy or
completeness of any information provided by a Mortgagor or third party
(including, without limitation, the 2006-C26 Master Servicer, the 2006-C26
Special Servicer and the 2006-C26 Trustee).

            Within a reasonable period of time after the end of each calendar
year, the Trustee shall, upon request, send to each Person who at any time
during the calendar year was a Certificateholder of record, a report summarizing
on an annual basis (if appropriate) the items provided to Certificateholders
pursuant to clauses (i), (ii), (iii) and (iv) of the description of
"Distribution Date Statement" above and such other information as may be
required to enable such Certificateholders to prepare their federal income tax
returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates and information regarding the expenses of
the Trust Fund. Such requirement shall be deemed to be satisfied to the extent
such information is provided pursuant to applicable requirements of the Code
from time to time in force.

          If any Certificate Owner does not receive through the Depository or
any of its Depository Participants any of the statements, reports and/or other
written information described above in this Section 4.02(a) that it would
otherwise be entitled to receive if it were the Holder of a Definitive
Certificate evidencing its ownership interest in the related Class of Book Entry
Certificates, then the Trustee shall mail or cause the mailing of or, provide
electronically or cause the provision electronically of, such statements,
reports and/or other written information to such Certificate Owner upon the
request of such Certificate Owner made in writing to the Corporate Trust Office
(accompanied by current verification of such Certificate Owner's ownership
interest). Such portion of such information as may be agreed upon by the
Depositor and the Trustee shall be furnished to any such Person via overnight
courier delivery or telecopy from the Trustee; provided that the cost of such
overnight courier delivery or telecopy shall be an expense of the party
requesting such information.

          The Trustee shall only be obligated to deliver the statements, reports
and information contemplated by this Section 4.02(a) to the extent it receives
the necessary underlying information from the Special Servicer or Master
Servicer, as applicable, and shall not be liable for any failure to deliver any
thereof on the prescribed due dates, to the extent caused by failure to receive
timely such underlying information. Nothing herein shall obligate the Trustee or
the Master Servicer to violate any applicable law prohibiting disclosure of
information with respect to any Mortgagor and the failure of the Trustee, Master
Servicer or the Special Servicer to disseminate information for such reason
shall not be a breach hereof.

          (b) Not later than 2:00 p.m. New York City time on the second Business
Day preceding each Distribution Date the Master Servicer shall furnish to the
Trustee, the Depositor, the Special Servicer and the Underwriters, by electronic
transmission (or in such other form to which the Trustee or the Depositor, as
the case may be, and the Master Servicer may agree), with a hard copy (other
than in the case of the Trustee) of such transmitted information to follow
promptly, an accurate and complete CMSA Loan Periodic Update File providing the
required information for the Mortgage Loans as of such Determination Date. The
Depositor shall provide the information necessary for the CMSA Loan Setup File
on the Closing Date. Not later than 2:00 p.m. New York City time on the second
Business Day preceding each Distribution Date, the Master Servicer shall deliver
to the Trustee notice of the Discount Rate applicable to each Principal
Prepayment received in the related Collection Period.

          In the performance of its obligations set forth in Section 4.05, and
its other duties hereunder, the Trustee (including in its capacity as Paying
Agent) may conclusively rely on reports provided to it by the Master Servicer,
and the Trustee shall not be responsible to recompute, recalculate or verify the
information provided to it by the Master Servicer. In the case of information to
be furnished by the Master Servicer to the Trustee pursuant to this Section
4.02(b), insofar as such information is solely within the control of the Special
Servicer, the 2006-C26 Master Servicer, the 2006-C26 Trustee or the 2006-C26
Special Servicer, the Master Servicer shall have no obligation to provide such
information until it has received such information from such party, shall not be
in default hereunder due to a delay in providing the CMSA Loan Periodic Update
File caused by the such party's failure to timely provide any report required
under this Agreement and may, absent manifest error, conclusively rely on the
reports to be provided by the such party.

          Section 4.03 P&I Advances.

          (a) On or before 1:30 p.m., New York City time, on each P&I Advance
Date, the Master Servicer shall (i) apply amounts in the Certificate Account
received after the end of the related Collection Period or otherwise held for
future distribution to Certificateholders in subsequent months in discharge of
its obligation to make P&I Advances or (ii) subject to Section 4.03(c) below,
remit from its own funds to the Paying Agent for deposit into the Distribution
Account, an amount equal to the aggregate amount of P&I Advances, if any, to be
made in respect of the related Distribution Date. The Master Servicer may also
make P&I Advances in the form of any combination of clauses (i) and (ii) above
aggregating the total amount of P&I Advances to be made. Any amounts held in the
Certificate Account for future distribution and so used to make P&I Advances
shall be appropriately reflected in the Master Servicer's records and replaced
by the Master Servicer by deposit in the Certificate Account on or before the
next succeeding Determination Date (to the extent not previously replaced
through the deposit of Late Collections of the delinquent principal and interest
in respect of which such P&I Advances were made). If, as of 3:00 p.m., New York
City time, on any P&I Advance Date, the Master Servicer shall not have made any
P&I Advance required to be made on such date pursuant to this Section 4.03(a)
(and shall not have delivered to the Trustee the requisite Officer's Certificate
and documentation related to a determination of nonrecoverability of a P&I
Advance), then the Trustee shall provide notice of such failure to a Servicing
Officer of the Master Servicer by facsimile transmission sent to telecopy (704)
715-0036 (or such alternative number provided by the Master Servicer to the
Trustee in writing) and by telephone at (704) 593-7836 or (704) 593-7867 (or
such alternative number provided by the Master Servicer to the Trustee in
writing) as soon as possible, but in any event before 4:00-p.m., New York City
time, on such P&I Advance Date. If the Trustee does not receive the full amount
of such P&I Advances by 10:00 a.m., New York City time, on the related
Distribution Date, then, subject to Section 4.03(c), (i) the Trustee shall, no
later than 11:00 a.m., New York City time, on such related Distribution Date
make the portion of such P&I Advances that was required to be, but was not, made
by the Master Servicer on such P&I Advance Date, and (ii) the provisions of
Sections 7.01 and 7.02 shall apply.

          (b) The aggregate amount of P&I Advances to be made by the Master
Servicer or the Trustee in respect of any Distribution Date shall, subject to
Section 4.03(c) and Section 4.03(e) below, equal the aggregate of all Periodic
Payments (other than Balloon Payments) and any Assumed Scheduled Payments, net
of related Servicing Fees (and, in the case of the 2006-C26 Serviced Mortgage
Loan, servicing fees due to the 2006-C26 Master Servicer to the extent not so
otherwise paid pursuant to the Prime Outlets Pool II Intercreditor Agreements)
due or deemed due, as the case may be, in respect of the Mortgage Loans
(including, without limitation, Balloon Mortgage Loans delinquent as to their
respective Balloon Payments) and any REO Loans on their respective Due Dates
during (or deemed to be during) the related Collection Period (i) in each case
(other than with respect to the 2006-C26 Serviced Mortgage Loan), to the extent
such amount was not paid by or on behalf of the related Mortgagor or otherwise
collected (including as net income from REO Properties) as of the close of
business on the last day of related Collection Period or (ii) in the case of the
2006-C26 Serviced Mortgage Loan, to the extent such amount was required to be
advanced by the 2006-C26 Master Servicer pursuant to the 2006-C26 Pooling and
Servicing Agreement and the 2006-C26 Master Servicer failed to make such
advance, the Master Servicer shall be required to make such P&I Advance only to
the extent that the Master Servicer has received all information necessary to
determine whether such P&I Advance is a Nonrecoverable Advance; provided that,
(x) if the Periodic Payment on any Mortgage Loan has been reduced in connection
with a bankruptcy or similar proceeding involving the related Mortgagor or a
modification, waiver or amendment granted or agreed to by the Special Servicer
pursuant to Section 3.20, or if the final maturity on any Mortgage Loan shall be
extended in connection with a bankruptcy or similar proceeding involving the
related Mortgagor or a modification, waiver or amendment granted or agreed to by
the Special Servicer pursuant to Section 3.20, and the Periodic Payment due and
owing during the extension period is less than the related Assumed Scheduled
Payment, then the Master Servicer or the Trustee shall, as to such Mortgage Loan
only, advance only the amount of the Periodic Payment due and owing after taking
into account such reduction (net of related Servicing Fees) in the event of
subsequent delinquencies thereon; and (y) if it is determined that an Appraisal
Reduction Amount exists with respect to any Required Appraisal Mortgage Loan,
then, with respect to the Distribution Date immediately following the date of
such determination and with respect to each subsequent Distribution Date for so
long as such Appraisal Reduction Amount exists with respect to such Required
Appraisal Mortgage Loan, the Master Servicer or the Trustee will be required in
the event of subsequent delinquencies to advance in respect of such Mortgage
Loan only an amount equal to the sum of (A) the amount of the interest portion
of the P&I Advance that would otherwise be required without regard to this
clause (y), minus the product of (1) such Appraisal Reduction Amount and (2) the
per annum Pass-Through Rate (i.e., for any month, one-twelfth of the
Pass-Through Rate) applicable to the Class of Certificates to which such
Appraisal Reduction Amount is allocated pursuant to Section 4.04(d) and (B) the
amount of the principal portion of the P&I Advance that would otherwise be
required without regard to this clause (y).

          (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. The determination by the Master
Servicer or the Special Servicer that the Master Servicer has made a
Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would
constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer's
Certificate delivered to the Trustee and the Depositor on or before the related
P&I Advance Date, setting forth the basis for such determination, together with
any other information, including Appraisals (the cost of which may be paid out
of the Certificate Account pursuant to Section 3.05(a)) (or, if no such
Appraisal has been performed pursuant to this Section 4.03(c), a copy of an
Appraisal of the related Mortgaged Property performed within the twelve months
preceding such determination), related Mortgagor operating statements and
financial statements, budgets and rent rolls of the related Mortgaged
Properties, engineers' reports, environmental surveys and any similar reports
that the Master Servicer may have obtained consistent with the Servicing
Standard and at the expense of the Trust Fund, that support such determination
by the Master Servicer or the Special Servicer. As soon as reasonably practical
after making such determination, the Special Servicer shall report to the Master
Servicer the Special Servicer's determination as to whether each P&I Advance
made with respect to any previous Distribution Date or required to be made with
respect to such Distribution Date with respect to any Specially Serviced
Mortgage Loan or REO Loan is a Nonrecoverable P&I Advance. The Master Servicer
shall be entitled to conclusively rely on such determination by the Special
Servicer. The Trustee shall be entitled to rely, conclusively, on any
determination by the Master Servicer or the Special Servicer that a P&I Advance,
if made, would be a Nonrecoverable Advance (and with respect to a P&I Advance,
the Trustee shall rely on the Master Servicer's determination that the P&I
Advance would be a Nonrecoverable Advance if the Trustee determines that it does
not have sufficient time to make such determination); provided, however, if the
Master Servicer has failed to make a P&I Advance for reasons other than a
determination by the Master Servicer or the Special Servicer that such P&I
Advance would be Nonrecoverable Advance, the Trustee shall make such Advance
within the time periods required by Section 4.03(a) unless the Trustee, in
accordance with the standard of care set forth in Section 8.01(a), makes a
determination prior to the times specified in Section 4.03(a) that such P&I
Advance would be a Nonrecoverable Advance. The Trustee, in determining whether
or not a P&I Advance previously made is, or a proposed P&I Advance, if made,
would be, a Nonrecoverable Advance shall be subject to the standards set forth
in Section 8.01(a) hereunder, including utilizing its good faith business
judgment to make such determination.

          (d) In connection with the recovery by the Master Servicer or the
Trustee of any P&I Advance out of the Certificate Account pursuant to Section
3.05(a), subject to the next sentence, the Master Servicer shall be entitled to
pay itself or the Trustee, as the case may be, out of any amounts then on
deposit in the Certificate Account, interest at the Reimbursement Rate in effect
from time to time, compounded annually, accrued on the amount of such P&I
Advance (to the extent made with its own funds) from the date made (provided,
however, no such interest shall accrue during any grace period under a Mortgage
Loan) to but not including the date of reimbursement, such interest to be
payable, subject to the terms of the related Intercreditor Agreement with
respect to the related Loan Pair, first out of late payment charges and Penalty
Interest received on the related Mortgage Loan or REO Property during the
Collection Period in which such reimbursement is made and then from general
collections on the Mortgage Loans then on deposit in the Certificate Account.
The Master Servicer shall reimburse itself or the Trustee, as applicable, for
any outstanding P&I Advance made thereby as soon as practicable after funds
available for such purpose have been received by the Master Servicer, and in no
event shall interest accrue in accordance with this Section 4.03(d) on any P&I
Advance as to which the corresponding payment of principal and interest or Late
Collection was received by the Master Servicer on or prior to the related P&I
Advance Date.

          (e) In no event shall the Trustee make a P&I Advance with respect to
any Companion Loan.

          (f) Notwithstanding the foregoing, subject to Section 4.03(b) and
Section 4.03(c), the Master Servicer shall make P&I Advances in respect of each
of RLJ Hotel Pool Pari Passu Companion Loans and the 500-512 Seventh Avenue Pari
Passu Companion Loan only during such time as the related Companion Loan is
included in a securitization or a collateralized debt obligation in which
interests therein are issued or created pursuant to the terms of the related
Intercreditor Agreement. With respect to any P&I Advance made on each of the RLJ
Hotel Pool Pari Passu Companion Loans and the 500-512 Seventh Avenue Pari Passu
Companion Loan, the Master Servicer shall be entitled to recovery of such
amounts from the holder thereof. For the avoidance of doubt, the Trust Fund
shall not be liable for any recoveries of P&I Advances made by the Master
Servicer on any of the RLJ Hotel Pool Pari Passu Companion Loans and the 500-512
Seventh Avenue Pari Passu Companion Loan. Notwithstanding anything to the
contrary contained herein, the Trustee shall have no obligation hereunder to,
and shall not make P&I Advances in respect of, any of the RLJ Hotel Pool Pari
Passu Companion Loans and the 500-512 Seventh Avenue Pari Passu Companion Loan.

          Section 4.04 Allocation of Realized Losses and Additional Trust Fund
Expenses; Allocation of Certificate Deferred Interest; Allocation of Appraisal
Reduction Amounts.

          (a) On each Distribution Date, following all distributions to be made
on such date pursuant to Section 4.01, the Paying Agent shall allocate to the
respective Classes of Sequential Pay Certificates the aggregate of all Realized
Losses and Additional Trust Fund Expenses that were incurred at any time
following the Cut-Off Date through the end of the related Collection Period and
in any event that were not previously allocated pursuant to this Section 4.04(a)
on any prior Distribution Date, but only to the extent that (i) the aggregate
Certificate Principal Balance of the Sequential Pay Certificates as of such
Distribution Date (after taking into account all of the distributions made on
such Distribution Date pursuant to Section 4.01), exceeds (ii) the aggregate
Stated Principal Balance of the Mortgage Pool that will be outstanding
immediately following such Distribution Date (for purposes of this calculation
only, not giving effect to any reductions of the Stated Principal Balance for
payments of principal collected on the Mortgage Loans that were used to
reimburse any Nonrecoverable Advances, to the extent a Final Recovery
Determination has not been made with respect thereto, and Workout-Delayed
Reimbursement Amounts pursuant to Sections 3.05(a)(vii) and (viii) hereof):
first, to the Class Q Certificates, until the remaining Class Principal Balance
thereof has been reduced to zero; second, to the Class P Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; third, to
the Class O Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; fourth, to the Class N Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; fifth, to
the Class M Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; sixth, to the Class L Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; seventh, to
the Class K Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; eighth, to the Class J Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; ninth, to
the Class H Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; tenth, to the Class G Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; eleventh, to
the Class F Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; twelfth, to the Class E Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; thirteenth,
to the Class D Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; fourteenth, to the Class C Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; fifteenth,
to the Class B Certificates, until the remaining Class Principal Balance thereof
has been reduced to zero; sixteenth, to the Class A-J Certificates, until the
remaining Class Principal Balance thereof has been reduced to zero; seventeenth,
to the Class A-M Certificates, until the remaining Class Principal Balance
thereof has been reduced to zero; and eighteenth, pro rata (based on remaining
Class Principal Balances) to the Class A-1 Certificates, the Class A-2
Certificates, the Class A-PB Certificates, the Class A-3 Certificates and the
Class A-1A Certificates, until the Class Principal Balances thereof are reduced
to zero. Any allocation of Realized Losses and Additional Trust Fund Expenses to
a Class of Regular Certificates shall be made by reducing the Class Principal
Balances thereof by the amount so allocated. All Realized Losses and Additional
Trust Fund Expenses, if any, allocated to a Class of Regular Certificates shall
be allocated among the respective Certificates of such Class in proportion to
the Percentage Interests evidenced thereby. All Realized Losses and Additional
Trust Fund Expenses, if any, that have not been allocated to the Regular
Certificates as of the Distribution Date on which the aggregate Certificate
Principal Balance of such Regular Certificates has been reduced to zero, shall
be deemed allocated to the Residual Certificates.

          (b) On each Distribution Date, following the deemed distributions of
principal or reimbursement of previously allocated Realized Losses and
Additional Trust Fund Expenses made in respect of the REMIC I Regular Interests
pursuant to Section 4.01(h), the REMIC I Principal Balance (or aggregate REMIC I
Principal Balance with respect to the REMIC I Regular Interests corresponding to
each of the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-1A, Class E,
Class F, Class G and Class H Certificates) of the Corresponding REMIC I Regular
Interests (after taking account of such deemed distributions) shall be reduced
as a result of Realized Losses and Additional Trust Fund Expenses to equal the
Class Principal Balance of the Corresponding Certificates that will be
outstanding immediately following such Distribution Date; provided that Realized
Losses and Additional Trust Fund Expenses shall be allocated:

          (i) with respect to the Class A-1 Certificates, first, to REMIC I
     Regular Interest LA-1-1; second, to REMIC I Regular Interest LA-1-2; and
     third, to REMIC I Regular Interest LA-1-3; in each case until their
     respective REMIC I Principal Balances are reduced to zero;

          (ii) with respect to the Class A-2 Certificates, first, to REMIC I
     Regular Interest LA-2-1; second, to REMIC I Regular Interest LA-2-2; third,
     to REMIC I Regular Interest LA-2-3; fourth, to REMIC I Regular Interest
     LA-2-4; fifth, to REMIC I Regular Interest LA-2-5; sixth, to REMIC I
     Regular Interest LA-2-6; and seventh, to REMIC I Regular Interest LA-2-7;
     in each case, until their respective REMIC I Principal Balances are reduced
     to zero;

          (iii) with respect to the Class A-PB Certificates, first, to REMIC I
     Regular Interest LA-PB-1; and second, to REMIC I Regular Interest LA-PB-2;
     in each case, until their respective REMIC I Principal Balances are reduced
     to zero;

          (iv) with respect to the Class A-3 Certificates, first, to REMIC I
     Regular Interest LA-3-1; second, to REMIC I Regular Interest LA-3-2; third,
     to REMIC I Regular Interest LA-3-3; fourth, to REMIC I Regular Interest
     LA-3-4; fifth, to REMIC I Regular Interest LA-3-5; and sixth, to REMIC I
     Regular Interest LA-3-6; in each case, until their respective REMIC I
     Principal Balances are reduced to zero;

          (v) with respect to the Class A-1A Certificates, first, to REMIC I
     Regular Interest LA-1A-1; second, to REMIC I Regular Interest LA-1A-2;
     third, to REMIC I Regular Interest LA-1A-3; fourth, to REMIC I Regular
     Interest LA-1A-4; fifth, to REMIC I Regular Interest LA-1A-5; sixth, to
     REMIC I Regular Interest LA-1A-6; seventh, to REMIC I Regular Interest
     LA-1A-7; eighth, to REMIC I Regular Interest LA-1A-8; ninth, to REMIC I
     Regular Interest LA-1A-9; tenth, to REMIC I Regular Interest LA-1A-10;
     eleventh, to REMIC I Regular Interest LA-1A-11; twelfth, to REMIC I Regular
     Interest LA-1A-12; thirteenth, to REMIC I Regular Interest LA-1A-13;
     fourteenth, to REMIC I Regular Interest LA-1A-14; and fifteenth, to REMIC I
     Regular Interest LA-1A-15; in each case, until their respective REMIC I
     Principal Balances are reduced to zero;

          (vi) with respect to the Class C Certificates, first, to REMIC I
     Regular Interest LC-1; and second, to REMIC I Regular Interest LC-2; in
     each case, until their respective REMIC I Principal Balances are reduced to
     zero;

          (vii) with respect to the Class D Certificates, first, to REMIC I
     Regular Interest LD-1; and second, to REMIC I Regular Interest LD-2; in
     each case, until their respective REMIC I Principal Balances are reduced to
     zero;

          (viii) with respect to the Class E Certificates, first, to REMIC I
     Regular Interest LE-1; second, to REMIC I Regular Interest LE-2; and third,
     to REMIC I Regular Interest LE-3; in each case, until their respective
     REMIC I Principal Balances are reduced to zero;

          (ix) with respect to the Class F Certificates, first, to REMIC I
     Regular Interest LF-1; and second, to REMIC I Regular Interest LF-2; in
     each case, until their respective REMIC I Principal Balances are reduced to
     zero;

          (x) with respect to the Class G Certificates, first, to REMIC I
     Regular Interest LG-1; and second, to REMIC I Regular Interest LG-2; each
     case, until their respective REMIC I Principal Balances are reduced to
     zero;

          (xi) with respect to the Class H Certificates, first, to REMIC I
     Regular Interest LH-1; second, to REMIC I Regular Interest LH-2; and third,
     to REMIC I Regular Interest LH-3; in each case, until their respective
     REMIC I Principal Balances are reduced to zero; and

          (xii) with respect to the Class J Certificates, first, to REMIC I
     Regular Interest LJ-1; and second, to REMIC I Regular Interest LJ-2; in
     each case, until their respective REMIC I Principal Balances are reduced to
     zero.

          (c) On any Distribution Date, the amount of any Mortgage Deferred
Interest will be allocated as Certificate Deferred Interest to each outstanding
Class of Sequential Pay Certificates in reverse order of priorities (except with
respect to the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-1A
Certificates, which amounts shall be applied pro rata (based on remaining Class
Principal Balances) to such Certificates), in each case up to the respective
Accrued Certificate Interest for each such Class of Certificates for such
Distribution Date. On each such Distribution Date, the Certificate Principal
Balance of each Class of Certificates to which Certificate Deferred Interest has
been allocated shall be increased by the amount of Certificate Deferred Interest
allocated to such Class of Certificates. The amount of Certificate Deferred
Interest allocated to any Class of Sequential Pay Certificates shall be
allocated to, and will increase the REMIC I Principal Balance of the
Corresponding REMIC I Regular Interest or Interests in reverse alphanumeric
order; provided, however, with respect to the Class A-1, Class A-2, Class A-PB,
Class A-3 and Class A-1A Certificates, allocations to the Corresponding REMIC I
Regular Interests shall be made on a pro rata basis.

          (d) Any Appraisal Reduction Amounts shall be allocated only for
purposes of determining the amount of P&I Advances with respect to the related
Mortgage Loan, as follows: to the Class Principal Balance of the Class Q,
Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G,
Class F, Class E, Class D, Class C, Class B, Class A-J and Class A-M
Certificates, in that order, up to the amount of their respective Class
Principal Balances, and then to the Class A Certificates on a pro rata basis;
provided, however, with respect to any Appraisal Reduction Amount relating to a
Co-Lender Loan (other than the Prime Outlets Pool II Loan, the BlueLinx Holdings
Pool Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan), such
Appraisal Reduction Amount will be applied, first to the Subordinate Companion
Loans from the most junior to the most senior and then, to the related Co-Lender
Loan. With respect to any Appraisal Reduction Amount relating to the BlueLinx
Holdings Pool Loan and the RLJ Hotel Pool Loan, such Appraisal Reduction Amount
shall be applied pro rata between the related Pari Passu Mortgage Loan and the
related Pari Passu Companion Loan(s). With respect to any Appraisal Reduction
Amount relating to the 500-512 Seventh Avenue Loan, such Appraisal Reduction
Amount shall be applied, first to the related Subordinate Companion Loan and,
next pro rata between the 500-512 Seventh Avenue Loan and the related Pari Passu
Companion Loan. On any Distribution Date, an Appraisal Reduction Amount that
otherwise would be allocated to a Class of Certificates shall be allocated to
the next most subordinate Class to the extent that the Class Principal Balance
on such Distribution Date for such Class of Certificates (prior to taking the
Appraisal Reduction Amount into account) is less than the Appraisal Reduction
Amount for the Distribution Date. The Master Servicer shall report to the
Trustee on or before each Determination Date all Appraisal Reduction Amounts and
the Trustee shall report to the Master Servicer no later than 10:00 a.m. on the
related P&I Advance Date the Pass-Through Rates necessary to calculate the
allocation required by this Section 4.04(d).

          Section 4.05 Calculations.

            The Paying Agent shall, provided it receives the necessary
information from the Master Servicer and the Special Servicer, be responsible
for performing all calculations necessary in connection with the actual and
deemed distributions and allocations to be made pursuant to Section 4.01,
Section 5.02(d) and Article IX and the actual and deemed allocations of Realized
Losses and Additional Trust Fund Expenses to be made pursuant to Section 4.04.
The Paying Agent shall calculate the Available Distribution Amount for each
Distribution Date and shall allocate such amount among Certificateholders in
accordance with this Agreement, and the Paying Agent shall have no obligation to
recompute, recalculate or verify any information provided to it by the Special
Servicer or Master Servicer. The calculations by the Paying Agent of such
amounts shall, in the absence of manifest error, be presumptively deemed to be
correct for all purposes hereunder.

          Section 4.06 Use of Agents.

          The Master Servicer or the Trustee may at its own expense utilize
agents or attorneys-in-fact in performing any of its obligations under this
Article IV (except the obligation to make P&I Advances), but no such utilization
shall relieve the Master Servicer or the Trustee from any of such obligations or
liabilities, and the Master Servicer or the Trustee, as applicable, shall remain
responsible for all acts and omissions of any such agent or attorney-in-fact
(other than with respect to limited powers-of-attorney delivered by the Trustee
to the Master Servicer or Special Servicer pursuant to Section 2.03(b) and
3.01(b), as applicable, in which case the Trustee shall have no such
responsibility).

                                   ARTICLE V

                                THE CERTIFICATES

          Section 5.01 The Certificates.

          (a) The Certificates will be substantially in the respective forms
attached hereto as Exhibit A; provided that any of the Certificates may be
issued with appropriate insertions, omissions, substitutions and variations, and
may have imprinted or otherwise reproduced thereon such legend or legends, not
inconsistent with the provisions of this Agreement, as may be required to comply
with any law or with rules or regulations pursuant thereto, or with the rules of
any securities market in which the Certificates are admitted to trading, or to
conform to general usage. The Certificates will be issuable in registered form
only; provided, however, in accordance with Section 5.03 beneficial ownership
interests in the Regular Certificates shall initially be held and transferred
through the book-entry facilities of the Depository. The Regular Certificates
will be issuable only in denominations corresponding to initial Certificate
Principal Balances or initial Certificate Notional Amounts, as the case may be,
as of the Closing Date of not less than $10,000 in the case of the Registered
Certificates, $1,000,000 in the case of the Class X Certificates, and $250,000
in the case of Non-Registered Certificates (other than the Residual Certificates
and the Class X Certificates), and in each such case in integral multiples of $1
in excess thereof. The Class Z Certificates, Class R-I Certificates and the
Class R-II Certificates shall have no minimum denomination and shall each be
represented by a single definitive certificate.

          (b) The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by the Certificate Registrar hereunder by an
authorized signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized signatories of the Certificate
Registrar shall be entitled to all benefits under this Agreement, subject to the
following sentence, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such Certificates. No
Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, however, unless there appears on such Certificate a certificate
of authentication substantially in the form provided for herein executed by the
Authenticating Agent by manual signature, and such certificate of authentication
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

          Section 5.02 Registration, Transfer and Exchange of Certificates.

          (a) At all times during the term of this Agreement, there shall be
maintained at the office of the Certificate Registrar a Certificate Register in
which, subject to such reasonable regulations as the Certificate Registrar may
prescribe, the Certificate Registrar (located as of the Closing Date at the
Corporate Trust Office), shall provide for the registration of Certificates and
of transfers and exchanges of Certificates as herein provided. The Certificate
Register shall contain the aggregate holdings of Certificates represented by
each Regulation S Global Certificate and each Domestic Global Certificate. The
Trustee is hereby initially appointed (and hereby agrees to act in accordance
with the terms hereof) as Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar may appoint, by a written instrument delivered to the
Depositor, the Trustee, the Special Servicer and the Master Servicer, any other
bank or trust company to act as Certificate Registrar under such conditions as
the predecessor Certificate Registrar may prescribe; provided that the
predecessor Certificate Registrar shall not be relieved of any of its duties or
responsibilities hereunder by reason of such appointment. If the Trustee resigns
or is removed in accordance with the terms hereof, the successor trustee shall
immediately succeed to its duties as Certificate Registrar. The Depositor, the
Trustee (if it is no longer the Certificate Registrar), the Master Servicer and
the Special Servicer shall have the right to inspect the Certificate Register or
to obtain a copy thereof at all reasonable times, and to rely conclusively upon
a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register. Upon written request of any Certificateholder made for
purposes of communicating with other Certificateholders with respect to their
rights under this Agreement, the Certificate Registrar shall promptly furnish
such Certificateholder with a list of the other Certificateholders of record
identified in the Certificate Register at the time of the request.

          (b) No transfer of any Non-Registered Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction that does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchasers or their respective Affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives (and upon receipt, may
conclusively rely upon) either: (i) a certificate from the Certificateholder
desiring to effect such transfer substantially in the form attached as
Exhibit-F-1 hereto, and a certificate from such Certificateholder's prospective
transferee substantially in the form attached as either Exhibit-F-2 hereto,
Exhibit-F-3 hereto, Exhibit-F-4 hereto, Exhibit F-5 hereto or Exhibit F-6
hereto; or (ii) an Opinion of Counsel reasonably satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer,
the Trustee or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such transfer from the Certificateholder desiring to effect such transfer and/or
such Certificateholder's prospective transferee on which such Opinion of Counsel
is based. None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify any Class of Non-Registered Certificates under
the Securities Act or any other securities law or to take any action not
otherwise required under this Agreement to permit the transfer of any
Non-Registered Certificate without registration or qualification. Any Holder of
a Non-Registered Certificate desiring to effect such a transfer shall, and upon
acquisition of such a Certificate shall be deemed to have agreed to, indemnify
the Trustee, the Certificate Registrar and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

          In connection with transfer of the Non-Registered Certificates, the
Depositor shall furnish upon request of a Certificateholder or Certificate Owner
to such Holder or Certificate Owner and any prospective purchaser designated by
such Certificateholder or Certificate Owner the information required to be
delivered under paragraph (d)(4) of Rule 144A of the Securities Act.

          Notwithstanding the foregoing, for so long as any Non-Registered
Certificate is a Book-Entry Certificate, (a) each prospective transferor of such
Certificate shall be deemed to have represented to the Trustee, the Depositor
and the transferee of such Certificate the information set forth on Exhibit-F-1
upon or prior to such transfer and (b) each prospective transferee of such
Certificate shall be deemed to have represented to the Trustee, the Depositor
and the transferor of such Certificate the information set forth on Exhibit-F-2,
Exhibit-F-3, Exhibit-F-4, Exhibit F-5 or Exhibit F-6, as applicable, upon or
prior to such transfer. In addition, if such prospective transferee is an
Institutional Accredited Investor (but not also a Qualified Institutional
Buyer), such prospective transferee shall be deemed to have acknowledged that
any beneficial interest in a Book-Entry Certificate that is transferred to it is
required to be delivered in the form of a Definitive Certificate and shall cease
to be an interest in such Book-Entry Certificate and, thereafter, shall be
subject to all transfer restrictions and other procedures applicable to
Certificates in definitive form.

          (c) No transfer of a Certificate or any interest therein shall be made
to any "employee benefit plan" subject to Title I of ERISA, any "plan" subject
to Section 4975 of the Code or any other retirement plan or other employee
benefit plan or arrangement subject to applicable federal, state or local law
("Similar Law") materially similar to the foregoing provisions of ERISA or the
Code, or any entity deemed to hold plan assets of the foregoing by reason of
such a plan's investment in such entity (each, a "Plan") unless (A) in the case
of a Certificate other than a Residual Certificate or a Class Z Certificate, the
transferee is an insurance company general account which is eligible for, and
satisfies all the requirements of, exemptive relief under Sections I and III of
Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTE 95-60")
or (B) in the case of a Certificate other than an ERISA Restricted Certificate,
a Residual Certificate or a Class Z Certificate, the transferee (1) qualifies as
an accredited investor as defined in Rule 501(a)(1) of Regulation D under the
Securities Act and (2) satisfies all the requirements of the Exemptions as in
effect at the time of such transfer. Each Person who acquires a Certificate in
Definitive Certificate form shall be required to certify in writing in the form
attached as Exhibit G hereto that it meets the foregoing conditions and that it
will not transfer such Certificate in violation of the foregoing, and each
Person who acquires a Certificate in Book-Entry Certificate form shall be deemed
to have represented that the foregoing conditions are satisfied and that it will
not transfer such Certificate in violation of the foregoing.

          (d) (i) Each Person who has or who acquires any Ownership Interest in
a Residual Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions and to
have irrevocably authorized the Paying Agent under clause (ii)(A) below to
deliver payments to a Person other than such Person and to have irrevocably
authorized the Certificate Registrar under clause (ii)(B) below to negotiate the
terms of any mandatory disposition and to execute all instruments of Transfer
and to do all other things necessary in connection with any such sale. The
rights of each Person acquiring any Ownership Interest in a Residual Certificate
are expressly subject to the following provisions:

               (A) Each Person holding or acquiring any Ownership Interest in a
          Residual Certificate shall be a Permitted Transferee and shall
          promptly notify the Master Servicer, the Paying Agent and the
          Certificate Registrar of any change or impending change in its status
          as a Permitted Transferee.

               (B) In connection with any proposed Transfer of any Ownership
          Interest in a Residual Certificate, the Certificate Registrar shall
          require delivery to it, and shall not register the Transfer of any
          Residual Certificate until its receipt of an affidavit and agreement
          substantially in the form attached hereto as Exhibit H-1 (a "Transfer
          Affidavit and Agreement"), from the proposed Transferee, in form and
          substance satisfactory to the Certificate Registrar, and upon which
          the Certificate Registrar may, in the absence of actual knowledge by a
          Responsible Officer of either the Trustee or the Certificate Registrar
          to the contrary, conclusively rely, representing and warranting, among
          other things, that such Transferee is a Permitted Transferee; that it
          is not acquiring its Ownership Interest in the Residual Certificate
          that is the subject of the proposed Transfer as a nominee, trustee or
          agent for any Person that is not a Permitted Transferee; that for so
          long as it retains its Ownership Interest in a Residual Certificate,
          it will endeavor to remain a Permitted Transferee; that it has
          historically paid its debts as they have come due, intends to pay its
          debts as they come due in the future and intends to pay all taxes
          associated with the Residual Certificate as they come due; and that it
          has reviewed the provisions of this Section 5.02(d) and agrees to be
          bound by them.

               (C) Notwithstanding the delivery of a Transfer Affidavit and
          Agreement by a proposed Transferee under clause (B) above, if a
          Responsible Officer of the Certificate Registrar has actual knowledge
          that the proposed Transferee is not a Permitted Transferee, no
          Transfer of an Ownership Interest in a Residual Certificate to such
          proposed Transferee shall be effected.

               (D) Each Person holding or acquiring any Ownership Interest in a
          Residual Certificate shall agree (a) to require a Transfer Affidavit
          and Agreement from any prospective Transferee to whom such Person
          attempts to transfer its Ownership Interest in such Residual
          Certificate and (b) not to transfer its Ownership Interest in such
          Residual Certificate unless it provides to the Certificate Registrar a
          certificate substantially in the form attached hereto as Exhibit H-2
          stating that, among other things, it has no actual knowledge that such
          prospective Transferee is not a Permitted Transferee.

               (E) Each Person holding or acquiring an Ownership Interest in a
          Residual Certificate, by purchasing an Ownership Interest in such
          Certificate, agrees to give the Master Servicer and the Trustee
          written notice that it is a "pass-through interest holder" within the
          meaning of temporary Treasury regulation Section 1.67-3T(a)(2)(i)(A)
          immediately upon acquiring an Ownership Interest in a Residual
          Certificate, if it is, or is holding an Ownership Interest in a
          Residual Certificate on behalf of, a "pass-through interest holder."

          (ii) (A) If any purported Transferee shall become a Holder of a
     Residual Certificate in violation of the provisions of this Section
     5.02(d), then the last preceding Holder of such Residual Certificate that
     was in compliance with the provisions of this Section 5.02(d) shall be
     restored, to the extent permitted by law, to all rights as Holder thereof
     retroactive to the date of registration of such Transfer of such Residual
     Certificate. None of the Trustee, the Master Servicer or the Certificate
     Registrar shall be under any liability to any Person for any registration
     of Transfer of a Residual Certificate that is in fact not permitted by this
     Section 5.02(d) or for making any payments due on such Certificate to the
     Holder thereof or for taking any other action with respect to such Holder
     under the provisions of this Agreement.

               (B) If any purported Transferee shall become a Holder of a
          Residual Certificate in violation of the restrictions in this Section
          5.02(d), then, to the extent that the retroactive restoration of the
          rights of the preceding Holder of such Residual Certificate as
          described in clause (ii)(A) above shall be invalid, illegal or
          unenforceable, the Certificate Registrar shall have the right, without
          notice to the Holder or any prior Holder of such Residual Certificate,
          to cause the transfer of such Residual Certificate to a Permitted
          Transferee on such terms as the Certificate Registrar may choose. Such
          purported Transferee shall promptly endorse and deliver such Residual
          Certificate in accordance with the instructions of the Certificate
          Registrar. Such Permitted Transferee may be the Certificate Registrar
          itself or any Affiliate of the Certificate Registrar. Any proceeds of
          such sale, net of the commissions (which may include commissions
          payable to the Certificate Registrar or its Affiliates), expenses and
          taxes due, if any, will be remitted by the Paying Agent to such
          purported Transferee. The terms and conditions of any sale under this
          clause (ii)(B) shall be determined in the sole discretion of the
          Certificate Registrar, and the Certificate Registrar shall not be
          liable to any Person having an Ownership Interest in a Residual
          Certificate as a result of its exercise of such discretion.

          (iii) The Certificate Registrar shall make available to the Internal
     Revenue Service and to those Persons specified by the REMIC Provisions any
     information available to it which is necessary to compute any tax imposed
     as a result of the Transfer of an Ownership Interest in a Residual
     Certificate to any Person who is a Disqualified Organization or agent
     thereof, including the information described in Treasury Regulations
     Sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the "excess
     inclusions" of such Residual Certificate, and the Master Servicer and the
     Special Servicer shall furnish to the Certificate Registrar all information
     in its possession necessary for the Certificate Registrar to discharge such
     obligation. The transferor of such Ownership Interest shall be responsible
     for the reasonable compensation of the Certificate Registrar, the Master
     Servicer and the Special Servicer for providing such information.

          (iv) The provisions of this Section 5.02(d) set forth prior to this
     clause (iv) may be modified, added to or eliminated; provided that there
     shall have been delivered to the Certificate Registrar and the Master
     Servicer the following:

               (A) written confirmation from each Rating Agency to the effect
          that the modification of, addition to or elimination of such
          provisions will not cause such Rating Agency to qualify, downgrade or
          withdraw its then-current rating of any Class of Certificates; and

               (B) an Opinion of Counsel, in form and substance satisfactory to
          the Certificate Registrar and the Master Servicer, obtained at the
          expense of the party seeking such modification of, addition to or
          elimination of such provisions (but in no event at the expense of the
          Trust Fund), to the effect that doing so will not cause either of
          REMIC I or REMIC II to (x) cease to qualify as a REMIC or (y) be
          subject to an entity-level tax caused by the Transfer of any Residual
          Certificate to a Person which is not a Permitted Transferee, or cause
          a Person other than the prospective Transferee to be subject to a
          REMIC related tax caused by the Transfer of a Residual Certificate to
          a Person that is not a Permitted Transferee.

          (e) (i) No interest in the Regulation S Global Certificates may be
held by or transferred to a U.S. Person (as defined in Regulation S) except for
exchanges for a beneficial interest in a Domestic Global Certificate or a
Definitive Certificate as described below. Any beneficial interest in a
Regulation S Global Certificate that is transferred to a U.S. Person that is an
institutional "accredited investor" (which is not a QIB) is required to be
delivered in the form of a definitive certificate and will cease to be an
interest in such Regulation S Global Certificate and, thereafter, will be
subject to all transfer restrictions and other procedures applicable to
Certificates in definitive form described below. Notwithstanding the foregoing,
no transfer of a beneficial interest in a Regulation S Global Certificate to a
Definitive Certificate as described below will be made prior to the Release
Date.

          (ii) Any holder of an interest in a Regulation S Global Certificate in
     respect of the Certificates will have the right, upon prior written notice
     to the Depositor, the Trustee, Euroclear or Clearstream, as applicable, and
     DTC, in the form of the Exchange Certificate, to exchange all or a portion
     of such interest for an equivalent interest in a Domestic Global
     Certificate in connection with a transfer of its interest therein to a
     transferee that is eligible to hold an interest in a Domestic Global
     Certificate as described herein. Any holder of an interest in a Domestic
     Global Certificate shall have the right, upon prior written notice to the
     Depositor, the Trustee, DTC and Euroclear or Clearstream, as applicable, in
     the form of the Exchange Certificate to exchange all or a portion of such
     interest for an equivalent interest in a Regulation S Global Certificate in
     connection with a transfer of its interest therein to a transferee that is
     eligible to hold an interest in a Regulation S Global Certificate as set
     forth herein. The Exchange Certificate will specify the denomination of the
     Certificates to be exchanged. The Exchange Certificate will also contain a
     representation that the transfer is being made in a transaction meeting the
     requirements of this Agreement and Rule 144A or Regulation S, as the case
     may be. Following receipt of any Exchange Certificate by the Trustee, (i)
     the Trustee will endorse the schedule to any Global Certificate
     representing the Certificate or Certificates being exchanged to reduce the
     stated principal amount of such Global Certificate by the denominations of
     the Certificate or Certificates for which such exchange is to be made and
     (ii) the Trustee will endorse the schedule to any Global Certificate
     representing the Certificate or Certificates for which such exchange is to
     be made to increase the stated principal amount of such Global Certificate
     by the denominations of the Certificate or Certificates being exchanged
     therefor.

          (iii) Investors may hold their interests in a Regulation S Global
     Certificate through Euroclear or Clearstream, if they are participants in
     such systems, or indirectly through organizations that are participants in
     such systems. After the end of the Restricted Period, investors may also
     hold such interests through organizations that have accounts with DTC other
     than Euroclear and Clearstream (the "DTC Participants"). Euroclear and
     Clearstream will hold interests in a Regulation S Global Certificate on
     behalf of their participants through customers' securities accounts in
     their respective names on the books of their respective depositaries, which
     in turn will hold such interests in a Regulation S Global Certificate in
     customers' securities accounts in the depositaries' names on the books of
     DTC. Clearstream and Euroclear will from time to time appoint financial
     institutions to act as depositary for such entities. Investors may hold
     their interests in a Domestic Global Certificate directly through DTC, if
     they are DTC Participants, or indirectly through organizations which are
     DTC Participants.

          (f) Subject to the preceding provisions of this Section 5.02, upon
surrender for registration of transfer of any Certificate at the offices of the
Certificate Registrar maintained for such purpose, the Certificate Registrar
shall execute and the Authenticating Agent shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class of a like aggregate Percentage Interest.

          (g) At the option of any Holder, its Certificates may be exchanged for
other Certificates of authorized denominations of the same Class of a like
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at the offices of the Certificate Registrar maintained for such
purpose. Whenever any Certificates are so surrendered for exchange, the
Certificate Registrar shall execute and the Authenticating Agent shall
authenticate and deliver the Certificates which the Certificateholder making the
exchange is entitled to receive.

          (h) Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar) be duly endorsed
by, or be accompanied by a written instrument of transfer in the form
satisfactory to the Certificate Registrar duly executed by, the Holder thereof
or his attorney duly authorized in writing.

          (i) No service charge shall be imposed for any transfer or exchange of
Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.

          (j) All Certificates surrendered for transfer and exchange shall be
physically canceled by the Certificate Registrar, and the Certificate Registrar
shall dispose of such canceled Certificates in accordance with its standard
procedures.

          (k) Upon request, the Certificate Registrar shall provide to the
Master Servicer, the Special Servicer and the Depositor notice of each transfer
of a Certificate and shall provide to each such Person with an updated copy of
the Certificate Register.

          (l) Each Person who has or who acquires any Ownership Interest in a
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of any Intercreditor
Agreement affecting such Certificate.

          Section 5.03 Book-Entry Certificates.

          (a) Each Class of Regular Certificates shall initially be issued as
one or more Certificates registered in the name of the Depository or its nominee
and, except as provided in Section 5.03(c) below, transfer of such Certificates
may not be registered by the Certificate Registrar unless such transfer is to a
successor Depository that agrees to hold such Certificates for the respective
Certificate Owners with Ownership Interests therein. Such Certificate Owners
shall hold and transfer their respective Ownership Interests in and to such
Certificates through the book-entry facilities of the Depository and, except as
provided in Section 5.03(c) below, shall not be entitled to definitive, fully
registered Certificates ("Definitive Certificates") in respect of such Ownership
Interests. All transfers by Certificate Owners of their respective Ownership
Interests in the Book-Entry Certificates shall be made in accordance with the
procedures established by the Depository Participant or brokerage firm
representing each such Certificate Owner. Each Depository Participant shall only
transfer the Ownership Interests in the Book-Entry Certificates of Certificate
Owners it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures.

          (b) The Trustee, the Master Servicer, the Special Servicer, the
Depositor and the Certificate Registrar may for all purposes, including the
making of payments due on the Book-Entry Certificates, deal with the Depository
as the authorized representative of the Certificate Owners with respect to such
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between
such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect
to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

          (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
properly discharge its responsibilities with respect to a Class of the
Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor, or (ii) the Depositor at its option advises the Trustee and the
Certificate Registrar in writing that it elects to terminate the book-entry
system through the Depository with respect to a Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same. Upon surrender to the Certificate Registrar of the Book-Entry
Certificates of any Class thereof by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Certificate
Registrar shall execute, at the Depositor's expense, and the Authenticating
Agent shall authenticate and deliver, the Definitive Certificates in respect of
such Class to the Certificate Owners identified in such instructions. The
Depositor shall provide the Certificate Registrar with an adequate inventory of
Definitive Certificates. None of the Depositor, the Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar shall be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates for purposes of evidencing ownership of any Class of Registered
Certificates, the registered holders of such Definitive Certificates shall be
recognized as Certificateholders hereunder and, accordingly, shall be entitled
directly to receive payments on, to exercise Voting Rights with respect to, and
to transfer and exchange such Definitive Certificates.

          (d) Notwithstanding any other provisions contained herein, neither the
Trustee nor the Certificate Registrar shall have any responsibility whatsoever
to monitor or restrict the transfer of ownership interests in any Certificate
(including, but not limited to, any Non-Registered Certificate, any Subordinated
Certificate and any Class Z Certificate) which interests are transferable
through the book-entry facilities of the Depository.

          Section 5.04 Mutilated, Destroyed, Lost or Stolen Certificates.

          If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be required by them to save each of them harmless, then, in the absence of
actual notice to the Trustee and the Certificate Registrar that such Certificate
has been acquired by a bona fide purchaser, the Certificate Registrar shall
execute and the Authenticating Agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of the same Class and like Percentage Interest. Upon the
issuance of any new Certificate under this Section, the Trustee and the
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee and the
Certificate Registrar) connected therewith. Any replacement Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the applicable REMIC created hereunder, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

          Section 5.05 Persons Deemed Owners.

          Prior to due presentment for registration of transfer, the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate
Registrar and any agent of any of them may treat the Person in whose name any
Certificate is registered as of the related Record Date as the owner of such
Certificate for the purpose of receiving distributions pursuant to Section 4.01
and may treat the person whose name each Certificate is registered as of the
date of determination as the owner of such Certificate for all other purposes
whatsoever and none of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Registrar or any agent of any of them shall be
affected by notice to the contrary.

                                   ARTICLE VI

                 THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL
                SERVICER AND THE CONTROLLING CLASS REPRESENTATIVE

          Section 6.01 Liability of Depositor, Master Servicer and Special
Servicer.

          The Depositor, the Master Servicer and the Special Servicer shall be
liable in accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Depositor, the Master Servicer
and the Special Servicer herein.

          Section 6.02 Merger, Consolidation or Conversion of Depositor or
Master Servicer or Special Servicer.

          Subject to the following paragraph, the Depositor, the Master Servicer
and the Special Servicer shall each keep in full effect its existence, rights
and franchises as a corporation, or national banking association, as the case
may be, under the laws of the jurisdiction of its incorporation or organization,
and each will obtain and preserve its qualification to do business as a national
banking association or foreign corporation, as the case may be, in each
jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Agreement, the Certificates or any of the
Mortgage Loans and to perform its respective duties under this Agreement, and
the Master Servicer shall keep in full effect its existence and rights as a
national banking association under the laws of the United States of America.

          The Depositor, the Master Servicer or the Special Servicer may be
merged or consolidated with or into any Person (other than the Trustee), or
transfer all or substantially all of its assets (which may be limited to all or
substantially all of its assets related to commercial mortgage loan servicing)
to any Person, in which case any Person resulting from any merger or
consolidation to which the Depositor, the Master Servicer or the Special
Servicer shall be a party, or any Person succeeding to the business (which may
be limited to the commercial loan servicing business) of the Depositor, the
Master Servicer or the Special Servicer, shall be the successor of the
Depositor, the Master Servicer or the Special Servicer, as the case may be,
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, no successor or surviving Person shall
succeed to the rights of the Master Servicer or the Special Servicer unless (i)
as evidenced in writing by the Rating Agencies, such succession will not result
in qualification, downgrading or withdrawal of the ratings then assigned by the
Rating Agencies to any Class of Certificates and (ii) such successor or
surviving Person makes the applicable representations and warranties set forth
in Section 3.23.

          Section 6.03 Limitation on Liability of Depositor, Master Servicer and
Special Servicer.

          None of the Depositor, the Master Servicer or the Special Servicer, or
any director, officer, employee or agent of any of them, shall be under any
liability to the Trust Fund, the Trustee or the Certificateholders or the
Companion Holders for any action taken, or not taken, in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, this provision
shall not protect the Depositor, the Master Servicer or the Special Servicer
against any liability to the Trust Fund, the Trustee, the Certificateholders or
the Companion Holders for the breach of a representation, warranty or covenant
made herein by such party, or against any expense or liability specifically
required to be borne by such party without right of reimbursement pursuant to
the terms hereof, or against any liability which would otherwise be imposed by
reason of misfeasance, bad faith or negligence in the performance of obligations
or duties hereunder or negligent disregard of such obligations and duties. The
Depositor, the Master Servicer, the Special Servicer and any director, officer,
employee or agent of the Depositor, the Master Servicer or the Special Servicer
may rely in good faith on any document of any kind which, prima facie, is
properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Master Servicer, the Special Servicer and any
director, member, manager, officer, employee or agent of the Depositor, the
Master Servicer or the Special Servicer shall be indemnified and held harmless
by the Trust Fund against any loss, liability or reasonable expense incurred in
connection with this Agreement or the Certificates (including, without
limitation, the distribution or posting of reports or other information as
contemplated by this Agreement), other than any loss, liability or expense: (i)
specifically required to be borne by such party without right of reimbursement
pursuant to the terms hereof (including without limitation, those expenses set
forth in Section 3.11(b) or Section 3.11(d) and the last sentence of the
definition of Servicing Advances); (ii) incurred in connection with any breach
of a representation, warranty or covenant made herein; or (iii) incurred by
reason of willful misfeasance, bad faith or negligence in the performance of
obligations or duties hereunder. None of the Depositor, the Master Servicer or
the Special Servicer shall be under any obligation to appear in, prosecute or
defend any legal action unless such action is related to its respective duties
under this Agreement and unless it is specifically required hereunder to bear
the costs of such legal action, in its opinion does not involve it in any
ultimate expense or liability; provided, however, the Depositor, the Master
Servicer or the Special Servicer may in its discretion undertake any such action
which it may deem necessary or desirable with respect to the enforcement and/or
protection of the rights and duties of the parties hereto and the interests of
the Certificateholders hereunder. In such event, the legal expenses and costs of
such action, and any liability resulting therefrom, shall be expenses, costs and
liabilities of the Trust Fund, and the Depositor, the Master Servicer and the
Special Servicer shall be entitled to be reimbursed therefor from the
Certificate Account as provided in Section 3.05. In no event shall the Master
Servicer or the Special Servicer be liable or responsible for any action taken
or omitted to be taken by the other of them or by the Depositor, the Trustee, or
any Certificateholder, subject to the provisions of Section 8.05(b).

          Section 6.04 Resignation of Master Servicer and the Special Servicer.

          The Master Servicer and, subject to Section 6.09, the Special Servicer
may resign from the obligations and duties hereby imposed on it, upon a
determination that its duties hereunder are no longer permissible under
applicable law or are in material conflict by reason of applicable law with any
other activities carried on by it (the other activities of the Master Servicer
or the Special Servicer, as the case may be, so causing such a conflict being of
a type and nature carried on by the Master Servicer or the Special Servicer, as
the case may be, at the date of this Agreement). Any such determination
requiring the resignation of the Master Servicer or the Special Servicer, as
applicable, shall be evidenced by an Opinion of Counsel to such effect which
shall be delivered to the Trustee. Unless applicable law requires the Master
Servicer's or Special Servicer's resignation to be effective immediately, and
the Opinion of Counsel delivered pursuant to the prior sentence so states, no
such resignation shall become effective until the Trustee or other successor
shall have assumed the responsibilities and obligations of the resigning party
in accordance with Section 7.02 hereof. The Master Servicer and the Special
Servicer shall have the right to resign at any other time; provided that (i) a
willing successor thereto has been found by the Master Servicer or Special
Servicer, as applicable, (ii) each of the Rating Agencies confirms in writing
that the successor's appointment will not result in a withdrawal, qualification
or downgrade of any rating or ratings assigned to any Class of Certificates,
(iii) the resigning party pays all costs and expenses in connection with such
transfer, and (iv) the successor accepts appointment prior to the effectiveness
of such resignation. Neither the Master Servicer nor the Special Servicer shall
be permitted to resign except as contemplated above in this Section 6.04.

          Consistent with the foregoing, neither the Master Servicer nor the
Special Servicer shall, except as expressly provided herein, assign or transfer
any of its rights, benefits or privileges hereunder to any other Person, or,
except as provided in Sections 3.22 and 4.06, delegate to or subcontract with,
or authorize or appoint any other Person to perform any of the duties, covenants
or obligations to be performed by it hereunder. If, pursuant to any provision
hereof, the duties of the Master Servicer or the Special Servicer are
transferred to a successor thereto, the Master Servicing Fee or the Special
Servicing Fee, as the case may be, that accrues pursuant hereto from and after
the date of such transfer shall be payable to such successor.

          Section 6.05 Rights of Depositor and Trustee in Respect of Master
Servicer and the Special Servicer.

          The Master Servicer and the Special Servicer shall each afford the
Depositor, the Underwriters and the Trustee, upon reasonable notice, during
normal business hours access to all records maintained thereby in respect of its
rights and obligations hereunder and access to officers thereof responsible for
such obligations. Upon reasonable request, the Master Servicer and the Special
Servicer shall each furnish the Depositor, the Underwriters and the Trustee with
its most recent publicly available financial statements and such other
information as it possesses, and which it is not prohibited by applicable law or
contract from disclosing, regarding its business, affairs, property and
condition, financial or otherwise, except to the extent such information
constitutes proprietary information or is subject to a privilege under
applicable law. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicer and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer or Special Servicer hereunder or exercise the
rights of the Master Servicer and the Special Servicer hereunder; provided,
however, neither the Master Servicer nor the Special Servicer shall be relieved
of any of its obligations hereunder by virtue of such performance by the
Depositor or its designee; provided, further, the Depositor may not exercise any
right pursuant to Section 7.01 to terminate the Master Servicer or the Special
Servicer as a party to this Agreement. The Depositor shall not have any
responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and is not obligated to supervise the
performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise.

          Section 6.06 Depositor, Master Servicer and Special Servicer to
Cooperate with Trustee.

          The Depositor, the Master Servicer and the Special Servicer shall each
furnish such reports, certifications and information as are reasonably requested
by the Trustee in order to enable it to perform its duties hereunder.

          Section 6.07 Depositor, Special Servicer and Trustee to Cooperate with
Master Servicer.

          The Depositor, the Special Servicer and the Trustee shall each furnish
such reports, certifications and information as are reasonably requested by the
Master Servicer in order to enable it to perform its duties hereunder.

          Section 6.08 Depositor, Master Servicer and Trustee to Cooperate with
Special Servicer.

          The Depositor, the Master Servicer and the Trustee shall each furnish
such reports, certifications and information as are reasonably requested by the
Special Servicer in order to enable it to perform its duties hereunder.

          Section 6.09 Designation of Special Servicer by the Controlling
Class and Controlling Holders.

          The Holder or Holders of the Certificates evidencing a majority of the
Voting Rights allocated to the Controlling Class may at any time and from time
to time designate a Person meeting the requirements set forth in Section 6.04
(including, without limitation, Rating Agency confirmation) to serve as Special
Servicer hereunder and to replace any existing Special Servicer or any Special
Servicer that has resigned or otherwise ceased to serve as Special Servicer;
provided that such Holder or Holders shall pay all costs related to the transfer
of servicing if the Special Servicer is replaced other than due to an Event of
Default. Such Holder or Holders may also select a Controlling Class
Representative that may advise and direct the Special Servicer and whose
approval is required for certain actions, as described herein. Such Holder or
Holders shall so designate a Person to serve as replacement Special Servicer by
the delivery to the Trustee, the Master Servicer and the existing Special
Servicer of a written notice stating such designation. The Trustee shall,
promptly after receiving any such notice, deliver to the Rating Agencies an
executed Notice and Acknowledgment in the form attached hereto as Exhibit I-1.
If such Holders have not replaced the Special Servicer within 30 days of such
Special Servicer's resignation or the date such Special Servicer has ceased to
serve in such capacity, the Trustee shall designate a successor Special Servicer
meeting the requirements set forth in Section 6.04. Any designated Person shall
become the Special Servicer, subject to satisfaction of the other conditions set
forth below, on the date that the Trustee shall have received written
confirmation from all of the Rating Agencies that the appointment of such Person
will not result in the qualification, downgrading or withdrawal of the rating or
ratings assigned to one or more Classes of the Certificates. The appointment of
such designated Person as Special Servicer shall also be subject to receipt by
the Trustee of (1) an Acknowledgment of Proposed Special Servicer in the form
attached hereto as Exhibit I-2, executed by the designated Person, and (2) an
Opinion of Counsel (at the expense of the Person designated to become the
Special Servicer) to the effect that the designation of such Person to serve as
Special Servicer is in compliance with this Section 6.09 and all other
applicable provisions of this Agreement, that upon the execution and delivery of
the Acknowledgment of Proposed Special Servicer the designated Person shall be
bound by the terms of this Agreement and that this Agreement shall be
enforceable against the designated Person in accordance with its terms. Any
existing Special Servicer shall be deemed to have resigned simultaneously with
such designated Person's becoming the Special Servicer hereunder; provided,
however, the resigning Special Servicer shall continue to be entitled to receive
all amounts accrued or owing to it under this Agreement on or prior to the
effective date of such resignation (including Workout Fees as set forth in
Section 3.11(c) of this Agreement), and it shall continue to be entitled to the
benefits of Section 6.03 notwithstanding any such resignation. Such resigning
Special Servicer shall cooperate with the Trustee and the replacement Special
Servicer in effecting the termination of the resigning Special Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer within two (2) Business Days to the replacement Special Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to the Certificate Account or the REO
Account or delivered to the Master Servicer or that are thereafter received with
respect to Specially Serviced Mortgage Loans and REO Properties.

          Notwithstanding the foregoing, in accordance with the terms of the One
Financial Place Intercreditor Agreement, the Companion Holder related to the One
Financial Place Loan shall have the right to appoint, approve and/or remove the
Special Servicer with respect to the One Financial Place Loan and the
Controlling Class shall not have the right to replace the Special Servicer with
respect to the One Financial Place Loan as described above.

          Notwithstanding the foregoing, in accordance with the terms of the
Prime Outlets Pool II Pari Passu Intercreditor Agreement, the Special Servicer
may be removed at any time, with or without cause, but only with the consent of
both the Controlling Class Representative and the 2006-C26 Controlling Class
Representative with respect to the Prime Outlets Pool II Loan.

          Notwithstanding the foregoing, in accordance with the terms of the
BlueLinx Holdings Pool Intercreditor Agreement, the Special Servicer may be
removed at any time, with or without cause, but only with the consent of both
the Controlling Class Representative and the controlling class representative
with respect to the BlueLinx Holdings Pool Loan.

          Notwithstanding the foregoing, in accordance with the terms of the
500-512 Seventh Avenue Intercreditor Agreement, the controlling holder with
respect to the 500-512 Seventh Avenue Whole Loan has the right to appoint or
replace the Special Servicer with respect to the 500-512 Seventh Avenue Loan.

          Section 6.10 Master Servicer or Special Servicer as Owner of a
Certificate.

          The Master Servicer or an Affiliate of the Master Servicer or the
Special Servicer or an Affiliate of the Special Servicer may become the Holder
of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect
to) any Certificate with (except as set forth in the definition of
"Certificateholder") the same rights it would have if it were not the Master
Servicer or the Special Servicer or an Affiliate thereof. If, at any time during
which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder of (or, in the case of a
Book-Entry Certificate, Certificate Owner with respect to) any Certificate, the
Master Servicer or the Special Servicer proposes to take action (including for
this purpose, omitting to take action) that (i) is not expressly prohibited by
the terms hereof and would not, in the Master Servicer's or the Special
Servicer's good faith judgment, violate the Servicing Standard, and (ii) if
taken, might nonetheless, in the Master Servicer's or the Special Servicer's
reasonable, good faith judgment, be considered by other Persons to violate the
Servicing Standard, then the Master Servicer or the Special Servicer may (but
need not) seek the approval of the Certificateholders to such action by
delivering to the Trustee a written notice that (a) states that it is delivered
pursuant to this Section 6.10, (b) identifies the Percentage Interest in each
Class of Certificates beneficially owned by the Master Servicer or the Special
Servicer or an Affiliate of the Master Servicer or the Special Servicer, and (c)
describes in reasonable detail the action that the Master Servicer or the
Special Servicer proposes to take. The Trustee, upon receipt of such notice,
shall forward it to the Certificateholders (other than the Master Servicer and
its Affiliates or the Special Servicer and its Affiliates, as appropriate),
together with such instructions for response as the Trustee shall reasonably
determine. If at any time Certificateholders holding greater than 50% of the
Voting Rights of all Certificateholders (calculated without regard to the
Certificates beneficially owned by the Master Servicer or its Affiliates or the
Special Servicer or its Affiliates) shall have failed to object in writing to
the proposal described in the written notice, and if the Master Servicer or the
Special Servicer shall act as proposed in the written notice within 30 days,
such action shall be deemed to comply with, but not modify, the Servicing
Standard. The Trustee shall be entitled to reimbursement from the Master
Servicer or the Special Servicer, as applicable, for the reasonable expenses of
the Trustee incurred pursuant to this paragraph. It is not the intent of the
foregoing provision that the Master Servicer or the Special Servicer be
permitted to invoke the procedure set forth herein with respect to routine
servicing matters arising hereunder, but rather in the case of unusual
circumstances.

          Section 6.11 The Controlling Class Representative.

          (a) Subject to Sections 6.11(c) in the case of the 2006-C26 Serviced
Mortgage Loan and Section 6.11(d), the Controlling Class Representative will be
entitled to advise the Special Servicer with respect to the following actions of
the Special Servicer, and notwithstanding anything herein to the contrary except
as necessary or advisable to avoid an Adverse REMIC Event or the violation of
the Servicing Standard and except as set forth in, and in any event subject to,
the second paragraph of this Section 6.11(a), the Special Servicer will not be
permitted to take any of the following actions as to which the Controlling Class
Representative has objected in writing within ten Business Days of being
notified thereof, which notification with respect to the action described in
clause (vi) below shall be copied by the Special Servicer to the Master Servicer
(provided that, if such written objection has not been received by the Special
Servicer within such ten Business Day period, then the Controlling Class
Representative's approval will be deemed to have been given):

          (i) any actual or proposed foreclosure upon or comparable conversion
     (which may include acquisitions of an REO Property) of the ownership of
     properties securing such of the Specially Serviced Mortgage Loans as come
     into and continue in default;

          (ii) any modification of a Money Term of a Mortgage Loan (other than a
     modification consisting of the extension of the maturity date of a Mortgage
     Loan for one year or less) or a material non-monetary term;

          (iii) any actual or proposed sale of an REO Property (other than in
     connection with the termination of the Trust Fund or pursuant to Section
     3.18);

          (iv) any determination to bring an REO Property into compliance with
     applicable environmental laws or to otherwise address Hazardous Materials
     located at an REO Property;

          (v) any acceptance of substitute or additional collateral or release
     of material collateral for a Mortgage Loan unless required by the
     underlying loan documents;

          (vi) any waiver of a "due-on-sale" clause or "due-on-encumbrance"
     clause;

          (vii) any release of any performance or "earn-out" reserves, escrows
     or letters of credit, including those listed on Exhibit J;

          (viii) any acceptance of an assumption agreement releasing a borrower
     from liability under a Mortgage Loan (other than in connection with a
     defeasance permitted under the terms of the applicable Mortgage Loan
     documents);

          (ix) any termination of the related property manager for Mortgage
     Loans having an outstanding principal balance of greater than $5,000,000;

          (x) any termination of, or modification of, any applicable franchise
     agreement related to any Mortgage Loan secured by a hotel;

          (xi) any determination to allow a borrower not to maintain terrorism
     insurance; and

          (xii) any determination to decrease the time period referenced in
     clause (g) of the definition of Specially Serviced Mortgage Loan.

          In addition, the Controlling Class Representative may direct the
Special Servicer to take, or to refrain from taking, such other actions as the
Controlling Class Representative may deem advisable or as to which provision is
otherwise made in this Agreement; provided that, notwithstanding anything herein
to the contrary or anything in this Agreement which permits the Controlling
Class Representative or a Companion Holder the right to consent to or object to
actions taken by the Special Servicer, no such advice or direction, and no
objection contemplated by the preceding paragraph may require or cause the
Special Servicer to violate any applicable law, any provision of this Agreement
or the REMIC Provisions (and the Special Servicer shall disregard any such
direction or objection), including without limitation the Special Servicer's
obligation to act in accordance with the Servicing Standard, or expose the
Master Servicer, the Special Servicer, the Trust Fund or the Trustee or their
respective Affiliates, officers, directors, employees or agents to any claim,
suit or liability, or materially expand the scope of the Special Servicer or the
Special Servicer's responsibilities hereunder or cause the Special Servicer to
act, or fail to act, in a manner which in the reasonable judgment of the Special
Servicer is not in the best interests of the Certificateholders. For the
avoidance of doubt, the Master Servicer and/or the Special Servicer will
disregard any direction or objection of any party (including without limitation
of the Controlling Class Representative or a Companion Holder) if such direction
and or objection causes the Master Servicer or the Special Servicer to violate
the Servicing Standard, any applicable law, any provision of this Agreement or
the REMIC Provisions or expose the Master Servicer, the Special Servicer, the
Trust Fund, the Paying Agent or the Trustee or their respective Affiliates,
officers, directors employees or agents to any claim, suit or liability, or
materially expand the scope of the Master Servicer's or Special Servicer's
responsibility hereunder or cause the Master Servicer or the Special Servicer to
act, or fail to act, in a manner which in the reasonable judgment of the Master
Servicer or the Special Servicer is not in the best interest of the
Certificateholders, or the holders of the Companion Loan and consistent with the
Servicing Standard.

          (b) The Controlling Class Representative, the Controlling Class and
the Holder of any Companion Loan will have no liability to the
Certificateholders for any action taken, or for refraining from the taking of
any action, or for errors in judgment; provided, however, the Controlling Class
Representative, the Controlling Class and the Holder of any Companion Loan will
not be protected against any liability to a Controlling Class Certificateholder
which would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of reckless disregard of
obligations or duties. By its acceptance of a Certificate, each
Certificateholder confirms its understanding that the Controlling Class, the
Controlling Class Representatives or any Holder of a Companion Loan may take
actions that favor the interests of one or more Classes of the Certificates over
other Classes of the Certificates, and that the Controlling Class, the
Controlling Class Representative and the Holder of any Companion Loan may have
special relationships and interests that conflict with those of Holders of some
Classes of the Certificates, that the Controlling Class, the Controlling Class
Representatives or any Holder of a Companion Loan may act solely in the
interests of the Holders of the Controlling Class or any Companion Holder, as
the case may be, and that the Controlling Class Representatives do not have any
duties or liability to the Holders of any Class of Certificates other than the
Controlling Class or any Companion Holder and shall have no liability whatsoever
for having so acted, and no Certificateholder may take any action whatsoever
against the Controlling Class Representatives or any Holder of any Companion
Loan or any director, officer, employee, agent or principal thereof for having
so acted.

          (c) Notwithstanding anything to the contrary in this Section 6.11 or
anything contained in this Agreement, with respect to the 2006-C26 Serviced
Mortgage Loan, the Controlling Class Representative and the 2006-C26 Controlling
Class Representative shall be entitled to take all actions under this Agreement
with respect to the 2006-C26 Serviced Mortgage Loan that would otherwise be
exercisable by the Controlling Class, the Controlling Class Representative or
the Majority Subordinate Certificateholder, pursuant to the procedures set forth
in the Prime Outlets Pool II Intercreditor Agreements and the 2006-C26 Pooling
and Servicing Agreement.

          (d) Notwithstanding anything to the contrary in this Section 6.11 or
anything contained in this Agreement, (i) with respect to the BlueLinx Holdings
Pool Whole Loan, the related holders of the BlueLinx Holdings Pool Loan and the
BlueLinx Holdings Pool Pari Passu Companion Loan shall share in all of the
rights and responsibilities of the Controlling Class Representative as set forth
in Section 2(h) of the related Intercreditor Agreement, subject to any
conditions, restrictions or other provisions described in or incorporated by
reference into such sections and the Master Servicer or Special Servicer, as
applicable, will comply with the provisions therein contained in connection with
taking or refraining from taking the actions described therein, (ii) with
respect to the 500-512 Seventh Avenue Whole Loan, the related holders of the
500-512 Seventh Avenue Loan and the 500-512 Seventh Avenue Pari Passu Companion
Loan shall share in all of the rights and responsibilities of the Controlling
Class Representative as set forth in Section 3(p) of the related Intercreditor
Agreement and the Master Servicer and the Special Servicer shall comply with
Section 3(g) of the related Intercreditor Agreement, subject, in each case, to
any conditions, restriction or other provision described in or incorporated by
reference into such sections and the Master Servicer or Special Servicer, as
applicable, will comply with the provisions therein contained in connection with
taking or refraining from taking the actions described therein, and (iii) with
respect to the RLJ Hotel Pool Whole Loan, the related holders of the RLJ Hotel
Pool Loan and the RLJ Hotel Pool Pari Passu Companion Loan shall share in all of
the rights and responsibilities of the Controlling Class Representative as set
forth in Section 3(g) of the related Intercreditor Agreement, subject to any
conditions, restrictions or other provisions described in or incorporated by
reference into such sections and the Master Servicer or Special Servicer, as
applicable, will comply with the provisions therein contained in connection with
taking or refraining from taking the actions described therein.

          (e) Notwithstanding anything to the contrary in this Section 6.11, but
subject to each of the proviso in the first sentence and the second full
sentence each in the last paragraph of Section 6.11(a) herein, with respect to
the Acacia Park Apartments Whole Loan, where the holder of the related Companion
Loan is acting as the "B Note Holder", as defined under the Acacia Park
Apartments Intercreditor Agreement, the related B Note Holder shall be entitled
to exercise the rights set forth in the Acacia Park Apartments Intercreditor
Agreement, subject to any conditions, restrictions or other provisions described
in or incorporated by reference into such sections and the Master Servicer or
Special Servicer, as applicable, will comply with the provisions therein
contained in connection with taking or refraining from taking the actions
described therein.

          (f) Notwithstanding anything to the contrary in this Section 6.11 or
anything contained in this Agreement, with respect to the Lakeridge Apartments
Loan, the Master Servicer and the Special Servicer shall comply with Section 16
of the related Intercreditor Agreement.

          (g) Notwithstanding anything in this Section 6.11, nothing herein is
intended to limit the right of the Controlling Class Representative to consult
on a non-binding basis with the Special Servicer with respect to any Mortgage
Loan.

                                  ARTICLE VII

                                     DEFAULT

          Section 7.01 Events of Default.

          (a) "Event of Default," wherever used herein, means any one of the
following events:

          (i) any failure by the Master Servicer to deposit into the Certificate
     Account, which failure, in the case of deposits and remittance to the
     Certificate Account, continues unremedied 1 Business Day after the date
     upon which such deposit was required to have been made hereunder, or to
     deposit into, or remit to the Paying Agent for deposit into the
     Distribution Account, any amount (other than a P&I Advance) required to be
     so deposited or remitted by it under this Agreement, which failure, in the
     case of deposits and remittances to the Distribution Account, continues
     unremedied until 10:00 a.m., New York City time on the related Distribution
     Date; provided, however, to the extent the Master Servicer does not timely
     make such remittances, the Master Servicer shall pay the Trustee for the
     account of the Trustee interest on any amount not timely remitted at the
     Prime Rate from and including the applicable required remittance date to
     but not including the date such remittance is actually made; or

          (ii) any failure by the Special Servicer to timely deposit into the
     REO Account or to timely deposit into, or to timely remit to the Master
     Servicer for deposit into, the Certificate Account, any amount required to
     be so deposited or remitted under this Agreement; or

          (iii) any failure by the Master Servicer to timely make any Servicing
     Advance required to be made by it hereunder, which Servicing Advance
     remains unmade for a period of 5 Business Days following the date on which
     notice shall have been given to the Master Servicer, as the case may be, by
     the Trustee as provided in Section 3.03(c); or

          (iv) any failure on the part of the Master Servicer or the Special
     Servicer or any Servicing Participant duly to observe or perform in any
     material respect any other of the covenants or agreements on the part of
     the Master Servicer or the Special Servicer, as the case may be, contained
     in this Agreement which continues unremedied for a period of 30 days (7
     Business Days in the case of the Master Servicer's or Special Servicer's,
     as applicable, obligations contemplated by Sections 3.13, 3.14 and 8.17(n)
     hereof (with respect to any year that a report on Form 10-K is required to
     be filed)) after the date on which written notice of such failure,
     requiring the same to be remedied, shall have been given to the Master
     Servicer or the Special Servicer, as the case may be, by any other party
     hereto or the Master Servicer or the Special Servicer, as the case may be
     (with a copy to each other party hereto), or by the Holders of Certificates
     entitled to at least 25% of the Voting Rights; provided, however, with
     respect to any such failure which is not curable within such 30-day period,
     the Master Servicer or the Special Servicer, as the case may be, shall have
     an additional cure period of 30 days to effect such cure so long as the
     Master Servicer or the Special Servicer, as the case may be, has commenced
     to cure such failure within the initial 30-day period and has provided the
     Trustee with an Officer's Certificate certifying that it has diligently
     pursued, and is continuing to pursue, a full cure; or

          (v) any breach on the part of the Master Servicer or the Special
     Servicer of any representation or warranty contained in this Agreement that
     materially and adversely affects the interests of any Class of
     Certificateholders and which continues unremedied for a period of 30 days
     after the date on which notice of such breach, requiring the same to be
     remedied, shall have been given to the Master Servicer or the Special
     Servicer, as the case may be, by any other party hereto or the Master
     Servicer or the Special Servicer, as the case may be (with a copy to each
     other party hereto), or by the Holders of Certificates entitled to at least
     25% of the Voting Rights; provided, however, with respect to any failure
     which is not curable within such 30-day period, the Master Servicer or the
     Special Servicer, as the case may be, shall have an additional cure period
     of 30 days so long as the Master Servicer or the Special Servicer, as the
     case may be, has commenced to cure within the initial 30-day period and
     provided the Trustee with an Officer's Certificate certifying that it has
     diligently pursued, and is continuing to pursue, a full cure; or

          (vi) a decree or order of a court or agency or supervisory authority
     having jurisdiction in the premises in an involuntary case under any
     present or future federal or state bankruptcy, insolvency or similar law
     for the appointment of a conservator, receiver, liquidator, trustee or
     similar official in any bankruptcy, insolvency, readjustment of debt,
     marshaling of assets and liabilities or similar proceedings, or for the
     winding-up or liquidation of its affairs, shall have been entered against
     the Master Servicer or the Special Servicer and such decree or order shall
     have remained in force undischarged or unstayed for a period of 60 days; or

          (vii) the Master Servicer or the Special Servicer shall consent to the
     appointment of a conservator, receiver, liquidator, trustee or similar
     official in any bankruptcy, insolvency, readjustment of debt, marshaling of
     assets and liabilities or similar proceedings of or relating to it or of or
     relating to all or substantially all of its property; or

          (viii) the Master Servicer or the Special Servicer shall admit in
     writing its inability to pay its debts generally as they become due, file a
     petition to take advantage of any applicable bankruptcy, insolvency or
     reorganization statute, make an assignment for the benefit of its
     creditors, voluntarily suspend payment of its obligations, or take any
     corporate action in furtherance of the foregoing; or

          (ix) the consolidated net worth of the Master Servicer and of its
     direct or indirect parent, determined in accordance with generally accepted
     accounting principles, shall decline to less than $15,000,000; or

          (x) the Master Servicer or the Special Servicer receives actual
     knowledge that Moody's has (i) qualified, downgraded or withdrawn its
     rating or ratings of, one or more Classes of Certificates, or (ii) placed
     one or more Classes of Certificates on "watch status" in contemplation of
     rating downgrade or withdrawal (and such "watch status" placement shall not
     have been withdrawn by Moody's within 60 days of the date that the Master
     Servicer or the Special Servicer obtained such actual knowledge) and, in
     the case of either of clauses (i) or (ii), citing servicing concerns with
     the Master Servicer or the Special Servicer, as applicable, as the sole or
     material factor in such rating action; or

          (xi) any failure on the part of the Master Servicer or the Special
     Servicer or any Servicing Participant (other than, with respect to the
     Master Servicer, Sub-Servicers identified on Exhibit Y hereto) engaged by
     the Master Servicer or the Special Servicer, as applicable, to observe or
     perform, following the expiration of any applicable grace and cure periods,
     in any material respect any of its duties or obligations under Section 8.17
     within the timeframe specified; or

          (xii) the Master Servicer or the Special Servicer, as the case may be,
     is no longer listed on S&P's Select Servicer List as a U.S. Commercial
     Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as
     the case may be, and such removal continues for a period of 60 days; or

          (xiii) the Master Servicer shall fail to remit to the Paying Agent for
     deposit into the Distribution Account, on any P&I Advance Date, the full
     amount of P&I Advances required to be made on such date, which failure
     continues unremedied until 10:00 a.m. New York City time on the next
     Business Day succeeding such P&I Advance Date; provided, however, to the
     extent the Master Servicer does not timely make such remittances, the
     Master Servicer shall pay the Trustee for the account of the Trustee,
     interest on any amount not timely remitted at the Prime Rate from and
     including the applicable required remittance date to but not including the
     date such remittance is actually made.

          (b) If any Event of Default shall occur with respect to the Master
Servicer or the Special Servicer (in either case, for purposes of this Section
7.01(b), the "Defaulting Party") and shall be continuing, then, and in each and
every such case, so long as such Event of Default shall not have been remedied,
the Depositor and/or the Trustee may, and at the written direction of the
Holders of Certificates entitled to at least 25% of the Voting Rights, the
Trustee shall, by notice in writing to the Defaulting Party (with a copy of such
notice to each other party hereto and the Rating Agencies), terminate all of the
rights and obligations (but not the liabilities for actions and omissions
occurring prior thereto) of the Defaulting Party under this Agreement and in and
to the Trust Fund, other than its rights as a Certificateholder hereunder.
Notwithstanding the foregoing, it is acknowledged and agreed that the Depositor
shall have no obligation to exercise any of the preceding rights and/or powers.
From and after the receipt by the Defaulting Party of such written notice of
termination, all authority and power of the Defaulting Party under this
Agreement, whether with respect to the Certificates (other than as a holder of
any Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested
in the Trustee pursuant to and under this Section, and, without limitation, the
Trustee is hereby authorized and empowered to execute and deliver, on behalf of
and at the expense of the Defaulting Party, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer and
the Special Servicer each agree that, if it is terminated pursuant to this
Section 7.01(b), it shall promptly (and in any event no later than ten Business
Days subsequent to its receipt of the notice of termination) provide the Trustee
with all documents and records, including those in electronic form, requested
thereby to enable the Trustee or a successor Master Servicer or Special Servicer
to assume the Master Servicer's or Special Servicer's, as the case may be,
functions hereunder, and shall cooperate with the Trustee in effecting the
termination of the Master Servicer's or Special Servicer's, as the case may be,
responsibilities and rights hereunder, including, without limitation, (i) the
immediate transfer to the Trustee or a successor Master or Special Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Master Servicer to the Certificate Account, the
Distribution Account, a Servicing Account or a Reserve Account (if the Master
Servicer is the Defaulting Party) or that are thereafter received by or on
behalf of it with respect to any Mortgage Loan or (ii) the transfer within two
(2) Business Days to the Trustee or a successor Special Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to the REO Account, the Certificate
Account, a Servicing Account or a Reserve Account or delivered to the Master
Servicer (if the Special Servicer is the Defaulting Party) or that are
thereafter received by or on behalf of it with respect to any Mortgage Loan or
REO Property (provided, however, the Master Servicer and the Special Servicer
each shall, if terminated pursuant to this Section 7.01(b), continue to be
entitled to receive all amounts accrued or owing to it under this Agreement on
or prior to the date of such termination, whether in respect of Advances or
otherwise, and it shall continue to be entitled to the benefits of Section 6.03
notwithstanding any such termination). Any cost or expenses in connection with
any actions to be taken by the Master Servicer, the Special Servicer or the
Trustee pursuant to this paragraph shall be borne by the Defaulting Party and if
not paid by the Defaulting Party within 90 days after the presentation of
reasonable documentation of such costs and expenses, such expense shall be
reimbursed by the Trust Fund; provided, however, the Defaulting Party shall not
thereby be relieved of its liability for such expenses. If and to the extent
that the Defaulting Party has not reimbursed such costs and expenses, the
Trustee shall have an affirmative obligation to take all reasonable actions to
collect such expenses on behalf of and at the expense of the Trust Fund. For
purposes of this Section 7.01 and of Section 7.03(b), the Trustee shall not be
deemed to have knowledge of an event which constitutes, or which with the
passage of time or notice, or both, would constitute an Event of Default
described in clauses (i) (viii) of subsection (a) above unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless notice of any
event which is in fact such an Event of Default is received by the Trustee and
such notice references the Certificates, the Trust Fund or this Agreement.

          (c) If the Master Servicer receives a notice of termination under
Section 7.01(b) solely due to an Event of Default under Section 7.01(a)(x)
and/or (xii) and if the terminated Master Servicer provides the Trustee with the
appropriate "request for proposal" materials within the 5 Business Days after
receipt of such termination notice, the Master Servicer shall continue to serve
as Master Servicer hereunder until a successor Master Servicer is selected in
accordance with this Section 7.01(c); provided the Trustee has requested the
Master Servicer to continue to serve as the Master Servicer during such period.
Upon receipt of the "request for proposal" materials, the Trustee shall promptly
thereafter (using such "request for proposal" materials provided by the
terminated Master Servicer) solicit good faith bids for the rights to master
service the Mortgage Loans under this Agreement from at least 3 Persons
qualified to act as Master Servicer hereunder in accordance with Sections 6.02
and 7.02 (any such Person so qualified, a "Qualified Bidder") or, if 3 Qualified
Bidders cannot be located, then from as many Persons as the Trustee can
determine are Qualified Bidders; provided that, at the Trustee's request, the
Master Servicer to be terminated pursuant to Section 7.01(b) shall supply the
Trustee with the names of Persons from whom to solicit such bids; provided,
further, the Trustee shall not be responsible if less than 3 or no Qualified
Bidders submit bids for the right to master service the Mortgage Loans under
this Agreement. The bid proposal shall require any Successful Bidder (as defined
below), as a condition of such bid, to enter into this Agreement as successor
Master Servicer, and to agree to be bound by the terms hereof, within 45 days
after the notice of termination to the Master Servicer. The materials provided
to the Trustee shall provide for soliciting bids (i) on the basis of such
successor Master Servicer retaining all Sub-Servicers to continue the primary
servicing of the Mortgage Loans pursuant to the terms of the respective
Sub-Servicing Agreements and to enter into a Sub-Servicing Agreement with the
terminated Master Servicer to service each of the Mortgage Loans not subject to
a Sub-Servicing Agreement at a servicing fee rate per annum equal to the Master
Servicing Fee Rate minus 2.0 basis points per Mortgage Loan serviced (each, a
"Servicing-Retained Bid") and (ii) on the basis of terminating each
Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in
accordance with Section 3.22 (each, a "Servicing-Released Bid"). The Trustee
shall select the Qualified Bidder with the highest cash Servicing-Retained Bid
(or, if none, the highest cash Servicing Released Bid) (the "Successful Bidder")
to act as successor Master Servicer hereunder. The Trustee shall direct the
Successful Bidder to enter into this Agreement as successor Master Servicer
pursuant to the terms hereof (and, if the successful bid was a
Servicing-Retained Bid, to enter into a Sub-Servicing Agreement with the
terminated Master Servicer as contemplated above), no later than 45 days after
termination of the Master Servicer.

          Upon the assignment and acceptance of the master servicing rights
hereunder to and by the Successful Bidder, the Trustee shall remit or cause to
be remitted (i) if the successful bid was a Servicing-Retained Bid, to the
Master Servicer to be terminated pursuant to Section 7.01(b) the amount of such
cash bid received from the Successful Bidder (net of "out-of-pocket" expenses
incurred in connection with obtaining such bid and transferring servicing) and
(ii) if the successful bid was a Servicing-Released Bid, to the Master Servicer
and each terminated Sub-Servicer its respective Bid Allocation. In connection
with such remittance, the Trustee is entitled to be reimbursed by the Master
Servicer for the Trustee's "out-of-pocket" expenses incurred in connection with
obtaining such bid and transferring servicing as contemplated by clause (i) of
this paragraph and by the definition of "Bid Allocation".

          If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within such 45-day period or no Successful Bidder was
identified within such 45-day period, the Master Servicer to be terminated
pursuant to Section 7.01(b) shall reimburse the Trustee for all reasonable
"out-of-pocket" expenses incurred by the Trustee in connection with such bid
process and the Trustee shall have no further obligations under this Section
7.01(c). The Trustee thereafter may act or may select a successor to act as
Master Servicer hereunder in accordance with Section 7.02.

          (d) Notwithstanding the foregoing, if the Trustee or the Master
Servicer has received notice from S&P or Moody's that the Master Servicer is no
longer approved by Moody's or is no longer listed on S&P's Select Servicer List
as a U.S. Commercial Mortgage Master Servicer, then the Trustee or Master
Servicer shall promptly notify the other of the same.

          Section 7.02 Trustee to Act; Appointment of Successor.

          On and after the time the Master Servicer or the Special Servicer
resigns pursuant to Section 6.04 or receives a notice of termination pursuant to
Section 7.01, the Trustee shall, unless a successor is appointed pursuant to
Section 6.04, be the successor in all respects to the Master Servicer or the
Special Servicer, as the case may be, in its capacity as such under this
Agreement and the transactions set forth or provided for herein and shall have
all (and the former Master Servicer or the Special Servicer, as the case may be,
shall cease to have any) of the responsibilities, duties and liabilities (except
as provided in the next sentence) of the Master Servicer or the Special
Servicer, as the case may be, arising thereafter, including, without limitation,
if the Master Servicer is the resigning or terminated party, the Master
Servicer's obligation to make P&I Advances, the unmade P&I Advances that gave
rise to such Event of Default; provided that, if the Master Servicer is the
resigning or terminated party, and if after the Closing Date the Trustee is
prohibited by law or regulation from obligating itself to make P&I Advances (as
evidenced by an Opinion of Counsel delivered to the Depositor and the Rating
Agencies) the Trustee shall not be obligated to make such P&I Advances;
provided, further, any failure to perform such duties or responsibilities caused
by the Master Servicer's or the Special Servicer's, as the case may be, failure
to provide information or monies required by Section 7.01 shall not be
considered a default by the Trustee hereunder. Notwithstanding anything contrary
in this Agreement, the Trustee shall in no event be held responsible or liable
with respect to any of the acts, omissions, representations and warranties of
the resigning or terminated party (other than the Trustee) or for any losses
incurred by such resigning or terminated party pursuant to Section 3.06
hereunder nor shall the Trustee be required to purchase any Mortgage Loan
hereunder. As compensation therefor, the Trustee shall be entitled to all fees
and other compensation which the resigning or terminated party would have been
entitled to if the resigning or terminated party had continued to act hereunder
(other than fees already earned, including, without limitation, Workout Fees).
Notwithstanding the above and subject to its obligations under Section 3.22(d)
and 7.01(b), the Trustee may, if it shall be unwilling in its sole discretion to
so act as either Master Servicer or Special Servicer, as the case may be, or
shall, if it is unable to so act as either Master Servicer or Special Servicer,
as the case may be, or shall, if the Trustee is not approved as a master
servicer or a special servicer, as the case may be, by any of the Rating
Agencies or if the Holders of Certificates entitled to at least 51% of the
Voting Rights so request in writing to the Trustee, promptly appoint, subject to
the approval of each of the Rating Agencies (as evidenced by written
confirmation therefrom to the effect that the appointment of such institution
would not cause the qualification, downgrading or withdrawal of the then current
rating on any Class of Certificates) or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
that meets the requirements of Section 6.02 (including, without limitation,
Rating Agency confirmation); provided, however, in the case of a resigning or
terminated Special Servicer, such appointment shall be subject to the rights of
the Holders of Certificates evidencing a majority of the Voting Rights allocated
to the Controlling Class to designate a successor pursuant to Section 6.09.
Except with respect to an appointment provided below, no appointment of a
successor to the Master Servicer or the Special Servicer hereunder shall be
effective until the assumption of the successor to such party of all its
responsibilities, duties and liabilities under this Agreement. Pending
appointment of a successor to the Master Servicer or the Special Servicer
hereunder, the Trustee shall act in such capacity as hereinabove provided.
Notwithstanding the above, the Trustee shall, if the Master Servicer is the
resigning or terminated party and the Trustee is prohibited by law or regulation
from making P&I Advances, promptly appoint any established mortgage loan
servicing institution that has a net worth of not less than $15,000,000 and is
otherwise acceptable to each Rating Agency (as evidenced by written confirmation
therefrom to the effect that the appointment of such institution would not cause
the qualification, downgrading or withdrawal of the then current rating on any
Class of Certificates), as the successor to the Master Servicer hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of
the Master Servicer hereunder (including, without limitation, the obligation to
make P&I Advances), which appointment will become effective immediately. In
connection with any such appointment and assumption described herein, the
Trustee may make such arrangements for the compensation of such successor out of
payments on the Mortgage Loans as it and such successor shall agree; provided,
however, no such compensation shall be in excess of that permitted the resigning
or terminated party hereunder. Such successor and the other parties hereto shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession.

          Section 7.03 Notification to Certificateholders and Companion Holders.

          (a) Upon any resignation of the Master Servicer or the Special
Servicer pursuant to Section 6.04, any termination of the Master Servicer or the
Special Servicer pursuant to Section 7.01, any appointment of a successor to the
Master Servicer or the Special Servicer pursuant to Section 7.02 or the
effectiveness of any designation of a new Special Servicer pursuant to Section
6.09, the Trustee shall give prompt written notice thereof to Certificateholders
at their respective addresses appearing in the Certificate Register, and to the
Companion Holders.

          (b) Not later than the later of (i) 60 days after the occurrence of
any event which constitutes or, with notice or lapse of time or both, would
constitute an Event of Default and (ii) 5 days after a Responsible Officer of
the Trustee has notice of the occurrence of such an event, the Trustee shall
transmit by mail to the Depositor, all Certificateholders, the Rating Agencies
and the Companion Holders notice of such occurrence, unless such default shall
have been cured.

          Section 7.04 Waiver of Events of Default.

          The Holders representing at least 66-2/3% of the Voting Rights
allocated to the Classes of Certificates affected by any Event of Default
hereunder may waive such Event of Default; provided, however, an Event of
Default under clause (i), (ii), (x) or (xii) of Section 7.01(a) may be waived
only by all of the Certificateholders of the affected Classes. Upon any such
waiver of an Event of Default, such Event of Default shall cease to exist and
shall be deemed to have been remedied for every purpose hereunder. No such
waiver shall extend to any subsequent or other Event of Default or impair any
right consequent thereon except to the extent expressly so waived.
Notwithstanding any other provisions of this Agreement, for purposes of waiving
any Event of Default pursuant to this Section 7.04, Certificates registered in
the name of the Depositor or any Affiliate of the Depositor shall be entitled to
Voting Rights with respect to the matters described above.

          Section 7.05 Additional Remedies of Trustee Upon Event of Default.

          During the continuance of any Event of Default, so long as such Event
of Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 7.01, shall have the right, in its own name and as trustee
of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filings of proofs of claim and debt in connection
therewith). No remedy provided for by this Agreement shall be exclusive of any
other remedy, and each and every remedy shall be cumulative and in addition to
any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Event
of Default. Under no circumstances shall the rights provided to the Trustee
under this Section 7.05 be construed as a duty or obligation of the Trustee.

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

          Section 8.01 Duties of Trustee.

          (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If an Event of Default occurs and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs. Any permissive right of the Trustee contained in this Agreement
shall not be construed as a duty.

          (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that are specifically required to be furnished pursuant to any
provision of this Agreement (other than the Mortgage Files, the review of which
is specifically governed by the terms of Article II), shall examine them to
determine whether they conform to the requirements of this Agreement to the
extent specifically set forth herein. If any such instrument is found not to
conform to the requirements of this Agreement in a material manner, the Trustee
shall take such action as it deems appropriate to have the instrument corrected.
The Trustee shall not be responsible for the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Depositor or the Master Servicer or the Special
Servicer, and accepted by the Trustee in good faith, pursuant to this Agreement.

          (c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own misconduct; provided, however:

          (i) Prior to the occurrence of an Event of Default, and after the
     curing of all such Events of Default which may have occurred, the duties
     and obligations of the Trustee shall be determined solely by the express
     provisions of this Agreement, the Trustee shall not be liable except for
     the performance of such duties and obligations as are specifically set
     forth in this Agreement, no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the correctness of the opinions expressed therein,
     upon any certificates or opinions furnished to the Trustee and conforming
     to the requirements of this Agreement;

          (ii) The Trustee shall not be personally liable for an error of
     judgment made in good faith by a Responsible Officer or Responsible
     Officers of the Trustee unless it shall be proved that the Trustee was
     negligent in ascertaining the pertinent facts if it was required to do so;

          (iii) The Trustee shall not be personally liable with respect to any
     action taken, suffered or omitted to be taken by it in good faith in
     accordance with the direction of Holders of Certificates entitled to at
     least 25% of the Voting Rights relating to the time, method and place of
     conducting any proceeding for any remedy available to the Trustee or
     exercising any trust or power conferred upon the Trustee under this
     Agreement; and

          (iv) The protections, immunities and indemnities afforded to the
     Trustee hereunder shall also be available to the Paying Agent,
     Authenticating Agent, Certificate Registrar, REMIC Administrator and
     Custodian.

          For so long as reports are required to be filed with the Commission
under the Exchange Act with respect to the Trust Fund, the Trustee shall not
utilize any Subcontractor that is a Prohibited Party. The Trustee shall
indemnify the Depositor, the Sponsors and any director, officer, employee or
agent of the Depositor or the Sponsors and hold them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and any other costs, fees and
expenses that any of them may sustain in any way related to the breach by the
Trustee of its obligation set forth in the preceding sentence or the failure of
the Trustee to perform any of its obligations under Section 3.13. This indemnity
shall survive the termination of this Agreement or the earlier resignation or
removal of the Trustee.

          Section 8.02 Certain Matters Affecting Trustee.

          Except as otherwise provided in Section 8.01 and Article X:

          (a) the Trustee may rely upon and shall be protected in acting or
refraining from acting upon any resolution, Officer's Certificate, certificate
of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by
the proper party or parties;

          (b) the Trustee may consult with counsel and the written advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance therewith;

          (c) the Trustee shall be under no obligation to exercise any of the
trusts or powers vested in it by this Agreement or to make any investigation of
matters arising hereunder or, except as provided in Section 10.01 or 10.02, to
institute, conduct or defend any litigation hereunder or in relation hereto at
the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby; the Trustee
shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it; provided, however, nothing
contained herein shall, relieve the Trustee of the obligation, upon the
occurrence of an Event of Default which has not been cured, to exercise such of
the rights and powers vested in it by this Agreement, and to use the same degree
of care and skill in their exercise as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs;

          (d) the Trustee shall not be personally liable for any action
reasonably taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it by
this Agreement;

          (e) prior to the occurrence of an Event of Default hereunder and after
the curing of all Events of Default which may have occurred, the Trustee shall
not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by Holders of Certificates entitled to at least
25% of the Voting Rights; provided, however, if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of
this Agreement, the Trustee may require reasonable indemnity against such
expense or liability as a condition to taking any such action;

          (f) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys; provided, however, the Trustee shall remain responsible for all acts
and omissions of such agents or attorneys within the scope of their employment
to the same extent as it is responsible for its own actions and omissions
hereunder;

          (g) the Trustee shall not be responsible for any act or omission of
the Master Servicer or the Special Servicer (unless the Trustee is acting as
Master Servicer or the Special Servicer) or the Depositor; and

          (h) neither the Trustee nor the Certificate Registrar shall have any
obligation or duty to monitor, determine or inquire as to compliance with any
restriction on transfer imposed under Article V under this Agreement or under
applicable law with respect to any transfer of any Certificate or any interest
therein, other than to require delivery of the certification(s) and/or Opinions
of Counsel described in said Article applicable with respect to changes in
registration of record ownership of Certificates in the Certificate Register and
to examine the same to determine substantial compliance with the express
requirements of this Agreement. The Trustee and Certificate Registrar shall have
no liability for transfers, including transfers made through the book entry
facilities of the Depository or between or among Depository Participants or
beneficial owners of the Certificates, made in violation of applicable
restrictions except for its failure to perform its express duties in connection
with changes in registration of record ownership in the Certificate Register.

          Section 8.03 Trustee Not Liable for Validity or Sufficiency of
Certificates or Mortgage Loans.

          The recitals contained herein and in the Certificates, other than the
statements attributed to the Trustee in Article II, Section 8.15 and the
signature of the Certificate Registrar and the Authenticating Agent set forth on
each outstanding Certificate, shall be taken as the statements of the Depositor,
the Master Servicer or the Special Servicer, as the case may be, and the Trustee
does not assume any responsibility for their correctness. Except as set forth in
Section 8.15, the Trustee makes no representations as to the validity or
sufficiency of this Agreement or of any Certificate (other than as to the
signature of the Trustee set forth thereon) or of any Mortgage Loan or related
document. The Trustee shall not be accountable for the use or application by the
Depositor of any of the Certificates issued to it or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Depositor
in respect of the assignment of the Mortgage Loans to the Trust Fund, or any
funds deposited in or withdrawn from the Certificate Account or any other
account by or on behalf of the Depositor, the Master Servicer or the Special
Servicer unless the Trustee is acting as Paying Agent. The Trustee shall not be
responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Depositor, the Master Servicer or the Special Servicer, and accepted by the
Trustee in good faith, pursuant to this Agreement.

          Section 8.04 Trustee May Own Certificates.

          The Trustee or any agent of the Trustee in its individual or any other
capacity, may become the owner or pledgee of Certificates with the same rights
(except as otherwise provided in the definition of "Certificateholder") as it
would have if it were not the Trustee or such agent.

          Section 8.05 Fees and Expenses of Trustee; Indemnification of Trustee.

          (a) On each Distribution Date, the Trustee shall withdraw from the
general funds on deposit in the Distribution Account as provided in Section
3.05(b), prior to any distributions to be made therefrom on such date, and pay
to itself all earned but unpaid Trustee Fees, as compensation for all services
rendered by the Trustee, in the execution of the trusts hereby created and in
the exercise and performance of any of the powers and duties of the Trustee
hereunder at the Trustee Fee Rate. No Trustee Fee shall be payable with respect
to the Companion Loans. The Trustee Fee (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
shall constitute the Trustee's sole compensation for such services to be
rendered by it.

          (b) The Trustee (whether in its capacity as such or individually) and
any director, officer, employee, affiliate, agent or "control" person within the
meaning of the Securities Act of 1933 of the Trustee shall be entitled to be
indemnified for and held harmless by the Trust Fund against any loss, liability
or reasonable "out-of-pocket" expense (including, without limitation, costs and
expenses of litigation, and of investigation, counsel fees, damages, judgments
and amounts paid in settlement) arising out of, or incurred in connection with
this Agreement, the Mortgage Loans or the Certificates (including in respect of
the offering of such Certificates) or any act of the Master Servicer or the
Special Servicer taken on behalf of the Trustee as provided for herein; provided
that such expense is an "unanticipated expense incurred by the REMIC" within the
meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii); provided, further,
neither the Trustee, nor any of the other above specified Persons shall be
entitled to indemnification pursuant to this Section 8.05(b) for (1) any
liability specifically required to be borne thereby pursuant to the terms
hereof, or (2) any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of the Trustee's
obligations and duties hereunder, or by reason of its negligent disregard of
such obligations and duties, or as may arise from a breach of any
representation, warranty or covenant of the Trustee, as applicable, made herein.
The provisions of this Section 8.05(b) shall survive any resignation or removal
of the Trustee and appointment of a successor Trustee.

          Section 8.06 Eligibility Requirements for Trustee.

          The Trustee hereunder shall at all times be an association or a
corporation organized and doing business under the laws of the United States of
America or any State thereof or the District of Columbia, authorized under such
laws to exercise trust powers, having a combined capital and surplus of at least
$100,000,000 and subject to supervision or examination by a federal or state
banking authority. If such association or corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such association or corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Trustee shall also be an entity
with a long term unsecured debt rating of at least (a) "A+" by S&P, "Aa3" by
Moody's and "A+" by Fitch and a short-term unsecured debt rating of at least
"A-1" by S&P and "F1" by Fitch or (b) such other rating that shall not result in
the qualification, downgrading or withdrawal of the rating or ratings assigned
to one or more Classes of the Certificates by any Rating Agency as confirmed in
writing. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee, shall resign
immediately in the manner and with the effect specified in Section 8.07;
provided that if the Trustee shall cease to be so eligible because its combined
capital and surplus is no longer at least $100,000,000 or its long-term
unsecured debt rating no longer conforms to the requirements of the immediately
preceding sentence, and if the Trustee proposes to the other parties hereto to
enter into an agreement with (and reasonably acceptable to) each of them, and if
in light of such agreement the Trustee's continuing to act in such capacity
would not (as evidenced in writing by each Rating Agency) cause any Rating
Agency to qualify, downgrade or withdraw any rating assigned thereby to any
Class of Certificates, then upon the execution and delivery of such agreement
the Trustee shall not be required to resign, and may continue in such capacity,
for so long as none of the ratings assigned by the Rating Agencies to the
Certificates is qualified, downgraded or withdrawn thereby. The bank, trust
company, corporation or association serving as Trustee may have normal banking
and trust relationships with the Depositor, the Master Servicer, the Special
Servicer and their respective Affiliates but, except to the extent permitted or
required by Section 7.02, shall not be an "Affiliate" (as such term is defined
in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any
Sub-Servicer, the Underwriters, the Depositor, or any obligor with respect to
Mortgage Loans constituting more than 5.0% of the aggregate authorized principal
balance of the Mortgage Loans as of the date of the initial issuances of the
Certificates or any "Affiliate" (as such term is defined in Section III of PTE
2000-58) of any such Person.

          Section 8.07 Resignation and Removal of Trustee.

          (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicer, the Special Servicer and to all Certificateholders at their
respective addresses set forth in the Certificate Register. Upon receiving such
notice of resignation, the Master Servicer shall promptly appoint a successor
trustee meeting the requirements in Section 8.06 and acceptable to the Depositor
and the Rating Agencies by written instrument, in duplicate, which instrument
shall be delivered to the resigning Trustee and to the successor trustee. A copy
of such instrument shall be delivered to the Depositor, the Special Servicer and
the Certificateholders by the Master Servicer. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

          (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Depositor or the Master Servicer, or if at any
time the Trustee shall become incapable of acting, or shall be adjudged bankrupt
or insolvent, or a receiver of the Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, or if the Trustee or Paying Agent (if different from the Trustee)
shall fail (other than by reason of the failure of either the Master Servicer or
the Special Servicer to timely perform its obligations hereunder or as a result
of other circumstances beyond the Trustee's reasonable control), to timely
deliver any report to be delivered by the Trustee pursuant to Section 4.02 and
such failure shall continue unremedied for a period of 5 days, or if the Trustee
or Paying Agent (if different from the Trustee) fails to make distributions
required pursuant to Section 3.05(b), 4.01 or 9.01, then the Depositor may
remove the Trustee and appoint a successor trustee if necessary, acceptable to
the Master Servicer and the Rating Agencies (as evidenced by written
confirmation therefrom to the effect that the appointment of such institution
would not cause the qualification, downgrading or withdrawal of the then-current
rating on any Class of Certificates) by written instrument, in duplicate, which
instrument shall be delivered to the Trustee so removed and to the successor
trustee. A copy of such instrument shall be delivered to the Master Servicer,
the Special Servicer and the Certificateholders by the Depositor.

          (c) The Holders of Certificates entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee, if
necessary, by written instrument or instruments, in triplicate, signed by such
Holders or their attorneys-in-fact duly authorized, one complete set of which
instruments shall be delivered to the Master Servicer, one complete set to the
Trustee so removed and one complete set to the successor trustee so appointed. A
copy of such instrument shall be delivered to the Depositor, the Special
Servicer and the remaining Certificateholders by the successor so appointed. In
the event that the Trustee is terminated or removed pursuant to this Section
8.07, all of its rights and obligations under this Agreement and in and to the
Mortgage Loans shall be terminated, other than any rights or obligations that
accrued prior to the date of such termination or removal (including the right to
receive all fees, expenses and other amounts (including, without limitation, P&I
Advances and accrued interest thereon) accrued or owing to it under this
Agreement, with respect to periods prior to the date of such termination or
removal and no termination without cause shall be effective until the payment of
such amounts to the Trustee).

          (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
not become effective until acceptance of appointment by the successor trustee as
provided in Section 8.08.

          Section 8.08 Successor Trustee.

          (a) Any successor trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Depositor, the Master Servicer, the
Special Servicer and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The predecessor trustee
shall deliver to the successor trustee all Mortgage Files and related documents
and statements held by it hereunder (other than any Mortgage Files at the time
held on its behalf by a third-party Custodian, which Custodian shall become the
agent of the successor trustee), and the Depositor, the Master Servicer, the
Special Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required to more fully
and certainly vest and confirm in the successor trustee all such rights, powers,
duties and obligations, and to enable the successor trustee to perform its
obligations hereunder.

          (b) No successor trustee shall accept appointment as provided in this
Section 8.08, unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.06 and the Rating Agencies have
provided confirmation pursuant to such Section.

          (c) Upon acceptance of appointment by a successor trustee as provided
in this Section 8.08, such successor trustee shall mail notice of the succession
of such trustee hereunder to the Depositor and the Certificateholders.

          Section 8.09 Merger or Consolidation of Trustee.

          Any entity into which the Trustee may be merged or converted or with
which the Trustee may be consolidated or any entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any entity
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder; provided such entity shall be eligible under
the provisions of Section 8.06 and the Rating Agencies have provided
confirmation pursuant to such Section, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.

          Section 8.10 Appointment of Co-Trustee or Separate Trustee.

          (a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Master Servicer and the Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request to do so, or in case an Event of Default in respect of the Master
Servicer shall have occurred and be continuing, the Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under
Section 8.06 hereunder and no notice to Holders of Certificates of the
appointment of co-trustee(s) or separate trustee(s) shall be required under
Section 8.08 hereof.

          (b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10, all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer or the Special Servicer hereunder), the
Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding
of title to the Trust Fund or any portion thereof in any such jurisdiction)
shall be exercised and performed by such separate trustee or co-trustee at the
direction of the Trustee.

          (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.

          (d) Any separate trustee or co-trustee may, at any time, constitute
the Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall cease to exist, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest
in and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

          (e) The appointment of a co-trustee or separate trustee under this
Section 8.10 shall not relieve the Trustee of its duties and responsibilities
hereunder.

          Section 8.11 Appointment of Custodians.

          (a) The Trustee may appoint at the Trustee's expense one or more
Custodians to hold all or a portion of the Mortgage Files as agent for the
Trustee. Each Custodian shall be a depository institution supervised and
regulated by a federal or state banking authority, shall have combined capital
and surplus of at least $10,000,000, shall be qualified to do business in the
jurisdiction in which it holds any Mortgage File and shall not be the Depositor,
any Mortgage Loan Seller or any Affiliate of the Depositor or any Mortgage Loan
Seller. Neither the Master Servicer nor the Special Servicer shall have any duty
to verify that any such Custodian is qualified to act as such in accordance with
the preceding sentence. Any such appointment of a third party Custodian and the
acceptance thereof shall be pursuant to a written agreement, which written
agreement shall (i) be consistent with this Agreement in all material respects
and requires the Custodian to comply with this Agreement in all material
respects and requires the Custodian to comply with all of the applicable
conditions of this Agreement; (ii) provide that if the Trustee shall for any
reason no longer act in the capacity of Trustee hereunder (including, without
limitation, by reason of an Event of Default), the successor trustee or its
designee may thereupon assume all of the rights and, except to the extent such
obligations arose prior to the date of assumption, obligations of the Custodian
under such agreement or alternatively, may terminate such agreement without
cause and without payment of any penalty or termination fee; and (iii) not
permit the Custodian any rights of indemnification that may be satisfied out of
assets of the Trust Fund. The appointment of one or more Custodians shall not
relieve the Trustee from any of its obligations hereunder, and the Trustee shall
remain responsible and liable for all acts and omissions of any Custodian. The
initial Custodian shall be the Trustee. Notwithstanding anything herein to the
contrary, if the Trustee is no longer the Custodian, any provision or
requirement herein requiring notice or any information or documentation to be
provided to the Custodian shall be construed to require that such notice,
information or documents also be provided to the Trustee. Any Custodian
hereunder (other than the Trustee) shall at all times maintain a fidelity bond
and errors and omissions policy in amounts customary for custodians performing
duties similar to those set forth in this Agreement.

          (b) For so long as reports are required to be filed with the
Commission under the Exchange Act with respect to the Trust Fund, the Custodian
shall not utilize any Subcontractor for the performance of its duties hereunder
if such Subcontractor would be "participating in the servicing function" within
the meaning of Item 1122 of Regulation AB. The Custodian shall indemnify the
Depositor, the Sponsors and any director, officer, employee or agent of the
Depositor or the Sponsors and hold them harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments, and any other costs, fees and expenses that
any of them may sustain in any way related to the breach by the Custodian of its
obligation set forth in the preceding sentence or the failure of the Custodian
to perform any of its obligations under Section 3.13. This indemnity shall
survive the termination of this Agreement or the earlier resignation or removal
of the Custodian.

          Section 8.12 Appointment of Authenticating Agents.

          (a) The Trustee may at the Trustee's expense appoint one or more
Authenticating Agents, which shall be authorized to act on behalf of the Trustee
in authenticating Certificates. The Trustee shall cause any such Authenticating
Agent to execute and deliver to the Trustee an instrument in which such
Authenticating Agent shall agree to act in such capacity, in accordance with the
obligations and responsibilities herein. Each Authenticating Agent must be
organized and doing business under the laws of the United States of America or
of any State, authorized under such laws to do a trust business, have a combined
capital and surplus of at least $15,000,000, and be subject to supervision or
examination by federal or state authorities. Each Authenticating Agent shall be
subject to the same obligations, standard of care, protection and indemnities as
would be imposed on, or would protect, the Trustee hereunder. The appointment of
an Authenticating Agent shall not relieve the Trustee from any of its
obligations hereunder, and the Trustee shall remain responsible and liable for
all acts and omissions of the Authenticating Agent. Wells Fargo Bank, N.A. shall
be the initial Authenticating Agent. If Wells Fargo Bank, N.A. is removed as
Trustee, then Wells Fargo Bank, N.A. shall be terminated as Authenticating
Agent. If the Authenticating Agent (other than Wells Fargo Bank, N.A.) resigns
or is terminated, the Trustee shall appoint a successor Authenticating Agent
which may be the Trustee or an Affiliate thereof. In the absence of any other
Person appointed in accordance herewith acting as Authenticating Agent, the
Trustee hereby agrees to act in such capacity in accordance with the terms
hereof. Notwithstanding anything herein to the contrary, if the Trustee is no
longer the Authenticating Agent, any provision or requirement herein requiring
notice or any information or documentation to be provided to the Authenticating
Agent shall be construed to require that such notice, information or
documentation also be provided to the Trustee.

          (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any Authenticating Agent shall be
a party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

          (c) Any Authenticating Agent may at any time resign by giving at least
30-days' advance written notice of resignation to the Trustee, the Certificate
Registrar, the Master Servicer, the Special Servicer and the Depositor. The
Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent, the Master
Servicer, the Certificate Registrar and the Depositor. Upon receiving a notice
of resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 8.12, the Trustee may appoint a successor
Authenticating Agent, in which case the Trustee shall given written notice of
such appointment to the Master Servicer, the Certificate Registrar and the
Depositor and shall mail notice of such appointment to all Holders of
Certificates; provided, however, no successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section 8.12. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers, duties and responsibilities of
its predecessor hereunder, with like effect as if originally named as
Authenticating Agent. No Authenticating Agent shall have responsibility or
liability for any action taken by it as such at the direction of the Trustee.

          Section 8.13 Access to Certain Information.

          The Trustee shall afford to the Master Servicer, the Special Servicer,
each Rating Agency and the Depositor, any Certificateholder and to the OTS, the
FDIC and any other banking or insurance regulatory authority that may exercise
authority over any Certificateholder, access to any documentation regarding the
Mortgage Loans within its control that may be required to be provided by this
Agreement or by applicable law. Such access shall be afforded without charge but
only upon reasonable prior written request and during normal business hours at
the offices of the Trustee designated by it. Upon request and with the consent
of the Depositor and at the cost of the requesting Party, the Trustee shall
provide copies of such documentation to the Depositor, any Certificateholder and
to the OTS, the FDIC and any other bank or insurance regulatory authority that
may exercise authority over any Certificateholder.

          Section 8.14 Appointment of REMIC Administrators.

          (a) The Trustee may appoint at the Trustee's expense, one or more
REMIC Administrators, which shall be authorized to act on behalf of the Trustee
in performing the functions set forth in Sections 3.17, 10.01 and 10.02 herein.
The Trustee shall cause any such REMIC Administrator to execute and deliver to
the Trustee an instrument in which such REMIC Administrator shall agree to act
in such capacity, with the obligations and responsibilities herein. The
appointment of a REMIC Administrator shall not relieve the Trustee from any of
its obligations hereunder, and the Trustee shall remain responsible and liable
for all acts and omissions of the REMIC Administrator. Each REMIC Administrator
must be acceptable to the Trustee and must be organized and doing business under
the laws of the United States of America or of any State and be subject to
supervision or examination by federal or state authorities. In the absence of
any other Person appointed in accordance herewith acting as REMIC Administrator,
the Trustee hereby agrees to act in such capacity in accordance with the terms
hereof. If Wells Fargo Bank, N.A. is removed as Trustee, then Wells Fargo Bank,
N.A. shall be terminated as REMIC Administrator.

          (b) Any Person into which any REMIC Administrator may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any REMIC Administrator shall be a
party, or any Person succeeding to the corporate agency business of any
REMIC Administrator, shall continue to be the REMIC Administrator without the
execution or filing of any paper or any further act on the part of the Trustee
or the REMIC Administrator.

          (c) Any REMIC Administrator may at any time resign by giving at least
30-days' advance written notice of resignation to the Trustee the Certificate
Registrar, the Trustee, the Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any
REMIC Administrator by giving written notice of termination to such
REMIC Administrator, the Master Servicer, the Certificate Registrar and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any REMIC Administrator shall cease to be eligible in
accordance with the provisions of this Section 8.14, the Trustee may appoint a
successor REMIC Administrator, in which case the Trustee shall given written
notice of such appointment to the Master Servicer and the Depositor and shall
mail notice of such appointment to all Holders of Certificates; provided,
however, no successor REMIC Administrator shall be appointed unless eligible
under the provisions of this Section 8.14. Any successor REMIC Administrator
upon acceptance of its appointment hereunder shall become vested with all the
rights, powers, duties and responsibilities of its predecessor hereunder, with
like effect as if originally named as REMIC Administrator. No
REMIC Administrator shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee.

          Section 8.15 Representations and Warranties of Trustee.

          The Trustee hereby represents and warrants to the Master Servicer, the
Special Servicer and the Depositor and for the benefit of the
Certificateholders, as of the Closing Date, that:

          (i) The Trustee is a national banking association duly organized,
     validly existing and in good standing under the laws of the United States
     of America.

          (ii) The execution and delivery of this Agreement by the Trustee, and
     the performance and compliance with the terms of this Agreement by the
     Trustee, will not violate the Trustee's organizational documents or
     constitute a default (or an event which, with notice or lapse of time, or
     both, would constitute a default) under, or result in a material breach of,
     any material agreement or other material instrument to which it is a party
     or by which it is bound.

          (iii) Except to the extent that the laws of certain jurisdictions in
     which any part of the Trust Fund may be located require that a co-trustee
     or separate trustee be appointed to act with respect to such property as
     contemplated by Section 8.10, the Trustee has the full power and authority
     to carry on its business as now being conducted and to enter into and
     consummate all transactions contemplated by this Agreement, has duly
     authorized the execution, delivery and performance of this Agreement, and
     has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by the other parties hereto, constitutes a valid, legal and
     binding obligation of the Trustee, enforceable against the Trustee in
     accordance with the terms hereof (including with respect to any advancing
     obligations hereunder), subject to (A) applicable bankruptcy, insolvency,
     reorganization, moratorium and other laws affecting the enforcement of
     creditors' rights generally and the rights of creditors of banks, and (B)
     general principles of equity, regardless of whether such enforcement is
     considered in a proceeding in equity or at law.

          (v) The Trustee is not in violation of, and its execution and delivery
     of this Agreement and its performance and compliance with the terms of this
     Agreement will not constitute a violation of, any law, any order or decree
     of any court or arbiter, or any order, regulation or demand of any federal,
     state or local governmental or regulatory authority, which violation, in
     the Trustee's good faith and reasonable judgment, is likely to affect
     materially and adversely the ability of the Trustee to perform its
     obligations under this Agreement.

          (vi) No litigation is pending or, to the best of the Trustee's
     knowledge, threatened against the Trustee that, if determined adversely to
     the Trustee, would prohibit the Trustee from entering into this Agreement
     or, in the Trustee's good faith and reasonable judgment, is likely to
     materially and adversely affect the ability of the Trustee to perform its
     obligations under this Agreement.

          (vii) Any consent, approval, authorization or order of any court or
     governmental agency or body required for the execution, delivery and
     performance by the Trustee of or compliance by the Trustee with this
     Agreement or the consummation of the transactions contemplated by this
     Agreement has been obtained and is effective.

          Section 8.16 Appointment of the Paying Agent.

          The Trustee may appoint a Paying Agent for the purpose of making
distributions to Certificateholders hereunder. The Trustee shall cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee that such Paying Agent will hold all
sums held by it for the payment to Certificateholders in an Eligible Account in
trust for the benefit of the Certificateholders entitled thereto until such sums
shall be paid to the Certificateholders. All funds remitted by the Trustee or
the Master Servicer to any such Paying Agent for the purpose of making
distributions shall be paid to Certificateholders on each Distribution Date and
any amounts not so paid shall be returned on such Distribution Date to the
Trustee or the Master Servicer, as applicable. Any Paying Agent shall be either
a bank or a trust company or otherwise authorized under law to exercise
corporate trust powers and shall have a short-term debt rating of at least "A-1"
and a long-term debt rating of at least "A-" by S&P or a rating of at least "A"
by Fitch or a rating of at least "A2" (or its equivalent) by Moody's or such
lower rating as will not result in qualification, downgrading or withdrawal of
the ratings then assigned to the Certificates, as evidenced in writing by the
Rating Agencies. Any such appointment of a third party Paying Agent and the
acceptance thereof shall be pursuant to a written agreement, which written
agreement shall (i) be consistent with this Agreement in all material respects
and requires the Paying Agent to comply with this Agreement in all material
respects and requires the Paying Agent to comply with all of the applicable
conditions of this Agreement; (ii) provide that if the Trustee shall for any
reason no longer act in the capacity of Trustee hereunder (including, without
limitation, by reason of an Event of Default), the successor trustee or its
designee may (A) thereupon assume all of the rights and, except to the extent
they arose prior to the date of assumption, obligations of the Paying Agent
under such agreement or (B) terminate such agreement without cause and without
payment of any penalty or termination fee; and (iii) not permit the Paying Agent
any rights or indemnification that may be satisfied out of assets of the Trust
Fund. The appointment of any Paying Agent shall not relieve the Trustee from any
of its obligations hereunder, and the Trustee shall remain responsible and
liable for all acts and omissions of any Paying Agent to the extent such Paying
Agent would have been responsible pursuant to the terms hereof. The initial
Paying Agent shall be the Trustee. Notwithstanding anything herein to the
contrary, if the Trustee is no longer the Paying Agent, any provision or
requirement herein requiring notice or any information to be provided to the
Paying Agent shall be construed to require that such notice, information or
documentation also be provided to the Trustee. If the Trustee appoints a Paying
Agent other than the Trustee, the Trustee shall promptly notify the Master
Servicer of such appointment and give to the Master Servicer the Paying Agent's
wiring instructions and notice address.

          Section 8.17 Reports to the Securities and Exchange Commission;
Available Information.

          (a) Intent of Parties. The parties hereto acknowledge and agree that
the purpose of this Section 8.17 is to facilitate and allow compliance by the
Depositor with the provisions of Regulation AB and related rules and regulations
of the Commission. The Depositor, the Trustee or the Master Servicer shall not
exercise its rights to request delivery of information or other performance
under these provisions other than in reasonable good faith or for purposes other
than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act or the rules and regulations of the Commission thereunder; provided,
however, in all instances the reports and certificates contemplated by Sections
3.13 and 3.14 shall be provided to the Rating Agencies as required thereunder.
The parties hereto acknowledge that interpretations of the requirements of
Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, and agree to comply with requests made
by the Depositor, the Trustee or the Master Servicer in reasonable good faith
for delivery of information under these provisions on the basis of evolving
interpretations of Regulation AB. The Master Servicer, the Special Servicer, any
Sub-Servicer and the Trustee shall cooperate fully with the Depositor, the
Trustee or the Master Servicer, as applicable, to deliver to the Depositor, the
Trustee or the Master Servicer, as applicable (including any of their assignees
or designees), any and all statements, reports, certifications, records and any
other information necessary in the reasonable good faith determination of the
Depositor, the Trustee or the Master Servicer, as applicable, to permit the
Depositor to comply with the provisions of Regulation AB, together with such
disclosures relating to the Master Servicer, the Special Servicer, any
Additional Servicer, any Sub-Servicer, any Subcontractor and the Trustee, as
applicable, or the servicing of the Mortgage Loans, reasonably believed by the
Depositor or the Master Servicer, as applicable, to be necessary in order to
effect such compliance. The Master Servicer, the Special Servicer, the Trustee
and any Sub-Servicer shall have a reasonable period of time to comply with any
request made under this Section 8.17(a) but in any event, shall, upon reasonable
advance request, provide information in sufficient time to allow the Depositor
to satisfy any related filing requirements.

          (b) Filing Requirements. (i) The Master Servicer, the Special Servicer
and the Trustee shall reasonably cooperate with the Depositor in connection with
the satisfaction of the Trust Fund's reporting requirements under the Exchange
Act. Pursuant to Sections 8.17(i), 8.17(j) and 8.17(k) below, the Trustee shall
prepare for execution by the Depositor any Forms 8-K, 10-D and 10-K required by
the Exchange Act and the rules and regulations of the Commission thereunder, in
order to permit the timely filing thereof, and the Trustee shall file (via the
Commission's Electronic Data Gathering and Retrieval System) such Forms executed
by the Depositor.

          (ii) In the event that the Trustee is unable to timely file with the
     Commission all or any required portion of any Form 8-K, 10-D or 10-K
     required to be filed by this Agreement because required disclosure
     information was either not delivered to it or delivered to it after the
     delivery deadlines set forth in this Agreement, the Trustee will promptly
     on the day such filing would be required to be made (and in any event prior
     to 1:00 p.m. New York time on such day) notify the Depositor and, to the
     extent such party failed to provide any required disclosure information,
     the Master Servicer and/or the Special Servicer, of such inability to make
     a timely filing with the Commission. In the case of Form 10-D and 10-K, the
     Depositor, Master Servicer, Special Servicer and Trustee will cooperate to
     prepare and file a Form 12b-25 and a 10-D/A and 10-K/A, as applicable,
     pursuant to Rule 12b-25 of the Exchange Act within the time period required
     under such Rule. In the case of Form 8-K, the Trustee will, upon receipt of
     all required Form 8-K Disclosure Information and upon the approval and
     direction of the Depositor, include such disclosure information on the next
     succeeding Form 10-D to be filed for the Trust Fund. In the event that any
     previously filed Form 8-K, 10-D or 10-K needs to be amended, the Trustee
     will notify the Depositor and any other parties as needed and such parties
     agree to cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A;
     provided, however, the Trustee will not be required to notify the Depositor
     or any other party hereto in advance of amending Form 10-D where such
     amendment is solely for the purpose of re-stating the Distribution Date
     Statement. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or
     10-K shall be signed by the Depositor. The parties to this Agreement
     acknowledge that the timely preparation, arrangement for execution and
     filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
     is dependent on such parties performing their duties under this Section.
     The Trustee shall have no liability for any loss, expense, damage, claim
     arising out of or with respect to any failure to properly prepare, arrange
     for execution and/or timely file any such Form 12b-25, Form 15 or any
     amendments to Forms 8-K, 10-D or 10-K, where such failure results from the
     Trustee's inability or failure to receive, on a timely basis, any
     information from any other party hereto needed to prepare, arrange for
     execution or file such Form 12b-25, Form 15 or any amendments to Forms 8-K,
     10-D or 10-K, not resulting from its own negligence, bad faith or willful
     misconduct.

          (c) The Master Servicer, the Special Servicer, any Servicing
Participant and the Trustee, as applicable, shall (i) upon written request of
the Depositor, confirm in writing within 5 Business Days of receipt of such
request that the following is true and correct, or if it is not true and correct
to provide reasonable adequate disclosure of the pertinent facts, in writing, to
the Depositor of any of the following, and (ii) as promptly as practicable
following the Master Servicer, Special Servicer or Trustee (in each case on
behalf of itself and any of its Sub-Servicers or Servicing Participants)
obtaining actual knowledge shall use commercially reasonable efforts to notify
the Depositor that any of the following is not true and correct: (A) the Master
Servicer, the Special Servicer or the Trustee, as applicable, has not been
terminated as servicer or trustee in a commercial mortgage loan securitization,
either due to a servicing default or to application of a servicing performance
test or trigger, other than as disclosed in the Prospectus Supplement; (B) no
material noncompliance with the applicable Servicing Criteria with respect to
other securitizations of commercial mortgage loans involving the Master
Servicer, the Special Servicer or the Trustee, as applicable, as servicer or
trustee has been disclosed or reported by the Master Servicer, the Special
Servicer or the Trustee, as applicable, other than as disclosed in the
Prospectus Supplement; (C) no material changes to the Master Servicer's, the
Special Servicer's or the Trustee's, as applicable, policies or procedures with
respect to the servicing function or trustee function it will perform under this
Agreement for commercial mortgage loans of a type similar to the Mortgage Loans
have occurred during the three-year period immediately preceding the Closing
Date, other than as disclosed in the Prospectus Supplement; (D) there is no
material risk that any aspects of the Master Servicer's, the Special Servicer's
or the Trustee's, as applicable, financial condition could have a material
impact on the performance of the Mortgage Loans or the Certificates, other than
as disclosed in the Prospectus Supplement; (E) there are no legal or
governmental proceedings pending (or known to be contemplated) against the
Master Servicer, the Special Servicer, the Trustee, or any Sub-Servicer, as
applicable, that would be material to Certificateholders other than as disclosed
in the Prospectus Supplement; and (F) there are no affiliations, relationships
or transactions relating to the Master Servicer, the Special Servicer, the
Trustee or any Sub-Servicer, as applicable, with respect to the issuance of the
Certificates and any party thereto identified by the Depositor of a type
described in Item 1119 of Regulation AB other than as disclosed in the
Prospectus Supplement.

          (d) Pursuant to the 2006-C26 Pooling and Servicing Agreement, the
Trustee shall cooperate with the 2006-C26 Master Servicer and the 2006-C26
Special Servicer in establishing the time periods for preparation of the Form
10-D reports for the documentation of the requirements of Regulation AB with
respect to the Prime Outlets Pool II Loan (until January 30 of the first year in
which the Trustee files a Form 15 Suspension Notice with respect to the Trust
Fund). On or before the Closing Date, the Trustee shall contact the 2006-C26
Special Servicer to establish such time periods for preparation of the Form
10-D. The Depositor shall cooperate with the Trustee and take part in any
telephone conferences or other forms of reasonable communication with the
2006-C26 Master Servicer and the 2006-C26 Special Servicer, as applicable, to
establish such time periods for preparation of the Form 10-D.

          (e) [Reserved].

          (f) [Reserved].

          (g) Succession; Subcontractors. As a condition to the succession to
the Master Servicer, Special Servicer or any Servicing Participant as servicer
or Sub-Servicer under this Agreement or any Sub-Servicing Agreement by any
Person (i) into which the Master Servicer and Special Servicer or such Servicing
Participant may be merged or consolidated, or (ii) which may be appointed as a
successor to the Master Servicer, Special Servicer or any Servicing Participant,
the Master Servicer or Special Servicer, as applicable, shall provide to the
Depositor, at least 15 calendar days prior to the effective date of such
succession or appointment, (x) written notice to the Depositor of such
succession or appointment and (y) in writing and in form and substance
reasonably satisfactory to the Depositor, all information necessary to comply
with the reporting requirements of Section 8.17(j) hereof.

          (h) [Reserved].

          (i) The Form 10-D requires the registrant to indicate (by checking
"yes" or "no") that it "(1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days". The
Depositor shall notify the Trustee in writing, no later than the fifth calendar
day after the related Distribution Date, with respect to the filing of a report
on Form 10-D if the answer to the question should be "no". The Trustee shall be
entitled to rely on such representation in preparing, executing and/or filing
any such report. Within 15 days after each Distribution Date (subject to
permitted extensions under the Exchange Act), the Trustee shall prepare and file
on behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
and substance as required by the Exchange Act. The Trustee shall file each Form
10-D with a copy of the related Distribution Date Statement attached thereto.
Any necessary disclosure in addition to the Distribution Date Statement that is
required to be included on Form 10-D ("Additional Form 10-D Disclosure") shall,
pursuant to the paragraph immediately below, be reported by the parties set
forth on Exhibit U to the Depositor and the Trustee and approved by the
Depositor, and the Trustee will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-D Disclosure absent
such reporting, direction and approval or as set forth in the next paragraph.

          For so long as the Trust Fund is subject to the reporting requirements
of the Exchange Act, within 5 calendar days after the related Distribution Date,
(i) the parties listed on Exhibit U hereto shall be required to provide to the
Trustee and the Depositor, to the extent a responsible officer has actual
knowledge thereof, in EDGAR-compatible format, or in such other format as
otherwise agreed upon by the Trustee and the Depositor and such party, the form
and substance of the Additional Form 10-D Disclosure described on Exhibit U
applicable to such party, (ii) the parties listed on Exhibit U hereto shall
include with such Additional Form 10-D Disclosure, an Additional Disclosure
Notification in the form attached hereto as Exhibit V and (iii) the Depositor
shall approve, as to form and substance, or disapprove, as the case may be, the
inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Trustee has
no duty under this Agreement to monitor or enforce the performance by the
parties listed on Exhibit U of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-D Disclosure
information. The Depositor will be responsible for any reasonable fees assessed
and any expenses incurred by the Trustee in connection with including any
Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

          After preparing the Form 10-D, the Trustee shall forward
electronically a draft copy of the Form 10-D to the Depositor for review and
execution. Within two (2) Business Days after receipt of such copy, but no later
than the 12th calendar day after the Distribution Date, the Depositor shall
notify the Trustee in writing (which may be furnished electronically) of any
changes to or approval of such Form 10-D, and a duly authorized representative
of the Depositor shall sign the Form 10-D and return an electronic or fax copy
of such signed Form 10-D (with an original executed hard copy to follow by
overnight mail) to the Trustee. If a Form 10-D cannot be filed on time or if a
previously filed Form 10-D needs to be amended, the Trustee will follow the
procedures set forth in Section 8.17(b)(ii). Promptly (but no later than 1
Business Day) after filing with the Commission, the Trustee will make available
on its internet website a final executed copy of each Form 10-D prepared and
filed by the Trustee. The signing party at the Depositor can be contacted at
Wachovia Commercial Mortgage Securities, Inc., 301 South College Street,
Charlotte, North Carolina 28288, Attention: Charles Culbreth, Managing Director,
Elizabeth Stinson, Vice President, H. Royer Culp, Jr., Vice President, Lars
Carlsten, Esq., Senior Vice President and Assistant General Counsel. The parties
to this Agreement acknowledge that the timely preparation, arrangement for
execution and filing of Form 10-D is dependent on such parties strictly
observing all applicable deadlines in the performance of their duties under this
Section 8.17(i). The Trustee shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 10-D, where such failure
results from the Trustee's inability or failure to receive, on a timely basis,
any information from any other party hereto needed to prepare, arrange for
execution or file such Form 10-D, not resulting from its own negligence, bad
faith or willful misconduct.

          (j) Form 8-K Filings. Within four (4) Business Days after the
occurrence of an event requiring disclosure on Form 8-K (each such event, a
"Reportable Event"), and if requested by the Depositor, the Trustee shall
prepare and file on behalf of the Trust Fund any Form 8-K, as required by the
Exchange Act; provided that the Depositor shall file the initial Form 8-K in
connection with the issuance of the Certificates. Any disclosure or information
related to a Reportable Event or that is otherwise required to be included on
Form 8-K (other than the initial Form 8-K) ("Form 8-K Disclosure Information")
shall be determined and prepared by or at the direction of the Depositor
pursuant to the paragraph immediately below, be reported by the parties set
forth on Exhibit X to the Depositor and the Trustee and approved by the
Depositor, and the Trustee will have no duty or liability for any failure
hereunder to determine or prepare any Form 8-K Disclosure Information absent
such reporting, direction and approval or as set forth in the next paragraph.
The Trustee has no duty under this Agreement to enforce the performance by the
parties listed on Exhibit X of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information.

          For so long as the Trust Fund is subject to the reporting requirements
of the Exchange Act, no later than Noon (Eastern Time) on the second Business
Day after the occurrence of a Reportable Event (i) the parties listed on Exhibit
X hereto shall be required to provide to the Trustee and the Depositor, to the
extent a responsible officer has actual knowledge thereof, in EDGAR-compatible
format, or in such other format as otherwise agreed upon by the Trustee and the
Depositor and such party, the form and substance of the Form 8-K Disclosure
Information described on Exhibit X applicable to such party, (ii) the parties
listed on Exhibit X hereto shall include with such Additional Form 8-K
Disclosure, an Additional Disclosure Notification in the form attached hereto as
Exhibit V, and (iii) the Depositor will approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K; provided that to the extent possible, the Trustee shall
take commercially reasonable efforts to meet the filing requirements set forth
herein notwithstanding the failure of any other party to comply with its
delivery requirements in a timely fashion. The Depositor will be responsible for
any reasonable fees assessed and any expenses incurred by the Trustee in
connection with including any Form 8-K Disclosure Information on Form 8-K
pursuant to this paragraph.

          After preparing the Form 8-K, the Trustee shall forward, no later than
noon (Eastern Time) on the third Business Day after the Reportable Event (but in
no event earlier than 24 hours after having received the Form 8-K Disclosure
Information pursuant to the immediately preceding paragraph), electronically a
copy of the Form 8-K to the Depositor for review. Promptly, but no later than
the close of business on the third Business Day after the Reportable Event, the
Depositor shall notify the Trustee in writing (which may be furnished
electronically) of any changes to or approval of such Form 8-K. No later than
Noon (Eastern Time) on the 4th Business Day after the Reportable Event, a duly
authorized representative of the Depositor shall sign the Form 8-K and return an
electronic or fax copy of such signed Form 8-K (with an original executed hard
copy to follow by overnight mail) to the Trustee. The Trustee shall file the
Form 8-K no later than the close of business on the fourth Business Day;
otherwise if a Form 8-K cannot be filed on time or if a previously filed Form
8-K needs to be amended, the Trustee will follow the procedures set forth in
Section 8.17(b)(ii). Promptly (but no later than 1 Business Day) after filing
with the Commission, the Trustee will make available on its internet website a
final executed copy of each Form 8-K prepared and filed by the Trustee. The
signing party at the Depositor can be contacted at Wachovia Commercial Mortgage
Securities, Inc., 301 South College Street, Charlotte, North Carolina 28288,
Attention: Managing Director. The parties to this Agreement acknowledge that the
timely preparation, arrangement for execution and filing of Form 8-K is
dependent on such parties strictly observing all applicable deadlines in the
performance of their duties under this Section 8.17(j). The Trustee shall have
no liability for any loss, expense, damage, claim arising out of or with respect
to any failure to properly prepare, arrange for execution and/or timely file
such Form 8-K, where such failure results from the Trustee's inability or
failure to receive, on a timely basis, any information from any other party
hereto needed to prepare, arrange for execution or file such Form 8-K, not
resulting from its own negligence, bad faith or willful misconduct.

          Notwithstanding the timeframe set forth in the second previous
paragraph, the Master Servicer, the Special Servicer and the Trustee shall use
reasonable efforts to promptly notify (and the Master Servicer and the Special
Servicer shall use reasonable efforts to cause each Sub-Servicer and each
Servicing Participant with which, in each case, it has entered into a
relationship with respect to the Mortgage Loans (other than a party to this
Agreement) to promptly notify) the Depositor and the Trustee, on the first
Business Day after its occurrence, of any Reportable Event of which it has
actual knowledge.

          (k) Form 10-K Filings. (i) The Form 10-K requires the registrant to
indicate (by checking "yes" or "no") that it "(1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days". The Depositor shall notify the Trustee in writing, no later than March
15th of any year in which a Form 10-K will be filed in respect of the Trust Fund
if the answer to the question should be "no". The Trustee shall be entitled to
rely on such representation in preparing, executing and/or filing any such
report. Within 90 days after the end of each fiscal year of the Trust Fund or
such earlier date as may be required by the Exchange Act (the "10-K Filing
Deadline") (it being understood that the fiscal year for the Trust Fund ends on
December 31st of each year), commencing in March 2007, the Trustee shall prepare
and file on behalf of the Trust Fund a Form 10-K, in form and substance as
required by the Exchange Act. Each such Form 10-K shall include the following
items, in each case to the extent they have been delivered to the Trustee within
the applicable time frames set forth in this Agreement:

          (ii) an annual compliance statement for the Master Servicer, the
     Special Servicer and each Additional Servicer engaged by the Master
     Servicer, the Special Servicer or the Trustee, as applicable as described
     under Section 3.13(b);

          (iii) (A) the annual reports on assessment of compliance with Relevant
     Servicing Criteria for the Master Servicer, the Special Servicer, each
     Additional Servicer, each Sub-Servicer and the Trustee, and any Servicing
     Participant engaged by such parties, as described under Section 3.13(a),
     and (B) if any such report on assessment of compliance with Relevant
     Servicing Criteria described under Section 3.13(a) identifies any material
     instance of noncompliance, disclosure identifying such instance of
     noncompliance, or if such report on assessment of compliance with Relevant
     Servicing Criteria described under Section 3.13(a) is not included as an
     exhibit to such Form 10-K, disclosure that such report is not included and
     an explanation why such report is not included;

          (iv) (A) the registered public accounting firm attestation report for
     the Master Servicer, the Special Servicer, each Additional Servicer, the
     Trustee, each Sub-Servicer engaged by the Master Servicer or Special
     Servicer and any Servicing Participant engaged by such parties, as
     described under Section 3.14, and (B) if any registered public accounting
     firm attestation report described under Section 3.14 identifies any
     material instance of noncompliance, disclosure identifying such instance of
     noncompliance, or if any such registered public accounting firm attestation
     report is not included as an exhibit to such Form 10-K, disclosure that
     such report is not included and an explanation why such report is not
     included; and

          (v) a certification in the form attached hereto as Exhibit O, with
     such changes as may be necessary or appropriate as a result of changes
     promulgated by the Commission (the "Sarbanes-Oxley Certification"), which
     shall, except as described below, be signed by the senior officer of the
     Depositor in charge of securitization.

          Any disclosure or information in addition to (ii) through (v) above
that is required to be included on Form 10-K ("Additional Form 10-K Disclosure")
shall, pursuant to the paragraph immediately below, be reported by the parties
set forth on Exhibit W to the Depositor and the Trustee and approved by the
Depositor, and the Trustee will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-K Disclosure absent
such reporting, direction and approval or as set forth in the next paragraph.

          For so long as the Trust Fund is subject to the reporting requirements
of the Exchange Act, no later than March 15 (with no cure period), commencing in
March 2007, (i) the parties listed on Exhibit W hereto shall be required to
provide to the Trustee and the Depositor, to the extent a responsible officer
has actual knowledge thereof, in EDGAR-compatible format, or in such other
format as otherwise agreed upon by the Trustee and the Depositor and such party,
the form and substance of the Additional Form 10-K Disclosure described on
Exhibit W applicable to such party, (ii) the parties listed on Exhibit W hereto
shall include with such Additional Form 10-K Disclosure, an Additional
Disclosure Notification in the form attached hereto as Exhibit V, and (iii) the
Depositor will approve, as to form and substance, or disapprove, as the case may
be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
Trustee has no duty under this Agreement to enforce the performance by the
parties listed on Exhibit W of their duties under this paragraph or proactively
solicit or procure from such parties any Additional Form 10-K Disclosure
information. The Depositor will be responsible for any reasonable fees assessed
and any expenses incurred by the Trustee in connection with including any
Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

          After preparing the Form 10-K, the Trustee shall forward
electronically a copy of the Form 10-K to the Depositor for review no later than
March 23rd of each year in which the Trust Fund is required to file a Form 10-K.
Within 3 Business Days after receipt of such copy, but no later than March 25th,
the Depositor shall notify the Trustee in writing (which may be furnished
electronically) of any changes to or approval of such Form 10-K. No later than
end of business Eastern Time on the fourth Business Day prior to the 10-K Filing
Deadline, a senior officer of the Depositor in charge of securitization shall
sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K
(with an original executed hard copy to follow by overnight mail) to the
Trustee. If a Form 10-K cannot be filed on time or if a previously filed Form
10-K needs to be amended, the Trustee will follow the procedures set forth in
Section 8.17(b)(ii). Promptly (but no later than 1 Business Day) after filing
with the Commission, the Trustee will make available on its internet website a
final executed copy of each Form 10-K prepared and filed by the Trustee. The
signing party at the Depositor can be contacted at Wachovia Commercial Mortgage
Securities, Inc., 301 South College Street, Charlotte, North Carolina 28288,
Attention: Charles Culbreth, Managing Director, Elizabeth Stinson, Vice
President, H. Royer Culp, Jr., Vice President, Lars Carlsten, Esq., Senior Vice
President and Assistant General Counsel. The parties to this Agreement
acknowledge that the timely preparation, arrangement for execution and filing of
Form 10-K is dependent on such parties (and any Additional Servicer or Servicing
Participant) observing all applicable deadlines in the performance of their
duties under this Section 8.17(k), Section 3.13 and Section 3.14. The Trustee
shall have no liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 10-K, where such failure results from the Trustee's
inability or failure to receive, on a timely basis, any information from any
other party hereto needed to prepare, arrange for execution or file such Form
10-K, not resulting from its own negligence, bad faith or willful misconduct.

          In the event the Master Servicer, the Special Servicer or the Trustee
is terminated or resigns pursuant to the terms of this Agreement, such party
shall provide, and each such party shall cause any Servicing Participant engaged
by it to provide, and the Master Servicer shall use its reasonable efforts to
cause any Additional Servicer to provide, a Back-Up Certification to the
Certifying Person pursuant to this Section 8.17(k) with respect to the period of
time that the Master Servicer, the Special Servicer or the Trustee was subject
to this Agreement.

          Each of the parties acknowledges and agrees that one of the purposes
of this Agreement is to facilitate compliance by the Depositor with the
provisions of Regulation AB. Therefore, each of the parties agrees that (a) the
obligations of the parties hereunder shall be interpreted in such a manner as to
accomplish that purpose, (b) the parties' obligations hereunder will be
supplemented and modified as necessary to be consistent with any such
amendments, interpretive advice or guidance, convention or consensus among
active participants in the asset-backed securities markets, advice of counsel,
or otherwise in respect of the requirements of Regulation AB, (c) the parties
shall comply with requests made by the Depositor for delivery of additional or
different information as the Trustee or the Depositor may determine in good
faith is necessary to comply with the provisions of Regulation AB, and (d) no
amendment of this Agreement shall be required to effect any such changes in the
parties' obligations as are necessary to accommodate evolving interpretations of
the provisions of Regulation AB.

          (l) Indemnification. (i) The Trustee shall indemnify and hold harmless
the Depositor, the Master Servicer, the Special Servicer and any Servicing
Participant and each of their respective officers, directors and Affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
arising out of or based upon a breach of the Trustee's obligations under
Sections 3.13, 3.14 or 8.17, and (ii) the Master Servicer, Special Servicer and
any Servicing Participant shall each severally and not jointly indemnify and
hold harmless the Depositor, the Trustee and, in the case of each of the Master
Servicer, the Special Servicer and any Servicing Participant, each of the other
such parties, and all their respective officers, directors and Affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
arising out of or based upon a breach (following the expiration of any
applicable notice, grace and cure periods) of the Master Servicer's, Special
Servicer's or Servicing Participant's obligations, as the case may be, under
Sections 3.13, 3.14 or 8.17. If the indemnification provided for herein is
unavailable or insufficient to hold harmless any party receiving the benefit of
such indemnification (an "Indemnified Party"), then (i) the Trustee agrees that
it shall contribute to the amount paid or payable to the Indemnified Party as a
result of the losses, claims, damages or liabilities of such party in such
proportion as is appropriate to reflect the relative fault of the Indemnified
Party on the one hand and the Trustee on the other in connection with a breach
(following the expiration of any applicable grace periods) of the Trustee's
obligations under Sections 3.13, 3.14 or 8.17, (ii) the Master Servicer agrees
that it shall contribute to the amount paid or payable to the Indemnified Party
as a result of the losses, claims, damages or liabilities of the Indemnified
Party in such proportion as is appropriate to reflect the relative fault of the
Indemnified Party on the one hand and the Master Servicer on the other in
connection with a breach (following the expiration of any applicable grace
periods) of the Master Servicer's obligations under Sections 3.13, 3.14 or 8.17,
(iii) the Special Servicer agrees that it shall contribute to the amount paid or
payable by the Indemnified Party as a result of the losses, claims, damages or
liabilities of the Indemnified Party in such proportion as is appropriate to
reflect the relative fault of the Indemnified Party on the one hand and the
Special Servicer on the other in connection with a breach (following the
expiration of any applicable grace periods) of the Special Servicer's
obligations under Sections 3.13, 3.14 or 8.17, and (iv) the Master Servicer, the
Special Servicer or the Trustee, as applicable, shall use its best efforts to
cause any Servicing Participant engaged by it to contribute to the amount paid
or payable by the Indemnified Party as a result of the losses, claims, damages
or liabilities of the Indemnified Party in such proportion as is appropriate to
reflect the relative fault of the Indemnified Party on the one hand and such
Servicing Participant on the other in connection with a breach (following the
expiration of any applicable grace periods) of such Servicing Participant's
obligations under Sections 3.13, 3.14 or 8.17. Notwithstanding the foregoing,
none of the Trustee, the Master Servicer, the Special Servicer or any Servicing
Participant shall be deemed to not be in compliance under this Agreement for
purposes of this Section 8.17(l), for failing to deliver any item required under
Section 8.17 by the time required hereunder with respect to any reporting period
for which the Trust Fund is not required to file Exchange Act reports (which
reporting periods will include any occurring after the Trustee files the Form 15
Suspension Notification relating to the automatic suspension of reporting in
respect of the Trust Fund under the Exchange Act).

          (m) Form 15 Filing. On or prior to January 30 of the first year in
which the Trustee is able to do so under applicable law, the Trustee shall
prepare and file a Form 15 Suspension Notification relating to the automatic
suspension of reporting in respect of the Trust Fund under the Exchange Act. If
at the beginning of any fiscal year for the Trust Fund after the filing of a
Form 15 Suspension Notification, the number of holders of record of the
Certificates exceeds the number set forth in Section 15(d) of the Exchange Act
or the regulations promulgated pursuant thereto which would cause the Trust Fund
to again become subject to the reporting requirements of the Exchange Act, the
Trustee shall recommence preparing and filing reports on Forms 10-K, 10-D and
8-K as required pursuant to this Section 8.17 and each of the Master Servicer,
the Special Servicer and the Trustee and any other Person specified herein shall
again be subject to the delivery and notice requirements set forth herein
regarding the Depositor's compliance with Exchange Act reporting requirements;
provided that if the Trustee re-commences the preparing and filing of Exchange
Act reports, it may, as soon as permitted by the Exchange Act, file another Form
15 Suspension Notification.

          (n) Sarbanes-Oxley Certification. Each Form 10-K shall include a
Sarbanes-Oxley Certification in the form attached as Exhibit-O required to be
included therewith pursuant to the Sarbanes-Oxley Act. The Trustee shall provide
to the Person who signs the Sarbanes-Oxley Certification (the "Certifying
Person") a certification (in the form attached hereto as Exhibit P) for the
benefit of the Depositor and its officers, directors and Affiliates (provided,
however, the Trustee shall not undertake an analysis of the accountant's report
attached as an exhibit to the Form 10-K). The Master Servicer and the Special
Servicer shall, and the Master Servicer and the Special Servicer shall cause
each Servicing Participant with which it has entered into a servicing
relationship with respect to the Mortgage Loans to, provide to the Certifying
Person a certification in the form attached hereto as Exhibit-Q-1 and Exhibit
Q-2, as applicable, on which the Certifying Person, the entity for which the
Certifying Person acts as an officer (if the Certifying Person is an
individual), and such entity's officers, directors and Affiliates (collectively
with the Certifying Person, "Certification Parties") can reasonably rely. In
addition, in the event that any of the BlueLinx Holdings Pool Pari Passu
Companion Loan, any RLJ Hotel Pool Pari Passu Companion Loan or the 500-512
Seventh Avenue Pari Passu Companion Loan, is deposited into a commercial
mortgage securitization, each Reporting Party shall provide to the Person who
signs the Sarbanes-Oxley Certification with respect to the other related
securitization a Performance Certification (which shall address the matters
contained in the Performance Certification, but solely with respect to the
related Pari Passu Mortgage Loan) on which such Person, the entity for which the
Person acts as an officer (if the Person is an individual), and such entity's
officers, directors and Affiliates can reasonably rely. The senior officer in
charge of the Depositor shall serve as the Certifying Person on behalf of the
Trust Fund. In addition, each Reporting Party shall execute a reasonable
reliance certificate to enable the Certification Parties to rely upon each (i)
annual compliance statement provided pursuant to Section 3.13(a), (ii) annual
report on assessment of compliance with servicing criteria provided pursuant to
Section 3.13(b) and (iii) accountant's report provided pursuant to Section 3.14,
and shall include a certification that each such annual compliance statement or
report discloses any material instances of non-compliance described to the
registered public accountants of such Reporting Party to enable such accountants
to render the certificates provided for in Section 3.14. In the event any
Reporting Party is terminated or resigns pursuant to the terms of this
Agreement, or any applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be, such Reporting Party shall provide a
certification to the Certifying Person pursuant to this Section 8.17(n) with
respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement or primary servicing agreement, as the case may be.

          With respect to any notice required to be delivered by the Trustee to
the Depositor pursuant to this Section 8.17, the Trustee may deliver such
notice, notwithstanding any contrary provision in Section 11.05, via facsimile
to (704) 715-0066, via email to charles.culbreth@wachovia.com and
royer.culp@wachovia.com or via telephone by calling (704) 383-7721. With respect
to any notice required to be delivered by the Trustee to the Special Servicer
pursuant to this Section 8.17, the Trustee may deliver such notice,
notwithstanding any contrary provision in Section 11.05, via facsimile to Randy
Wolpert at (305) 695-5601, Thomas Nealon, Esq. at (305) 695-5601 and Javier
Benedit at (305) 695-5199, via email to rwolpert@lnrproperty.com,
tnealon@lnrproperty.com and jbenedit@lnrproperty.com or via telephone by calling
(305) 695-5600.

          (o) If the BlueLinx Holdings Pool Pari Passu Companion Loan, the RLJ
Hotel Pool Pari Passu Companion Loans, or the 500-512 Seventh Avenue Pari Passu
Companion Loan is then included in a securitization, the Master Servicer and the
Special Servicer shall reasonably cooperate with the related trustee, depositor,
master servicer and special servicer with respect to such securitization(s) in
connection with the reporting requirements under the Exchange Act and shall
provide such certifications (including without limitation back-up certificates
relating to the requirements of the Sarbanes-Oxley Act) as reasonably requested;
provided that no such cooperation shall materially increase the obligations of
the Master Servicer and/or the Special Servicer under this Agreement.

          (p) Amendments. Sections 3.13, 3.14 and 8.17 may be amended by the
written consent of the parties hereto pursuant to Section 11.01 for purposes of
complying with Regulation AB and/or to conform to standards developed within the
commercial mortgage-backed securities market and the Sarbanes-Oxley Act or for
purposes of designating the Certifying Person without any Opinions of Counsel,
Officer's Certificates, Rating Agency confirmations or the consent of any
Certificateholder, notwithstanding anything to the contrary contained in this
Agreement; provided that the reports and certificates required to be prepared
pursuant to Sections 3.13 and 3.14 shall not be eliminated.

          Section 8.18 Maintenance of Mortgage File.

          Except for the release of items in the Mortgage File contemplated by
this Agreement, including, without limitation, as necessary for the enforcement
of the holder's rights and remedies under the related Mortgage Loan, the Trustee
covenants and agrees that it shall maintain each Mortgage File in the State of
Minnesota, and that it shall not move any Mortgage File outside the State of
Minnesota, other than as specifically provided for in this Agreement, unless it
shall first obtain and provide, at the expense of the Trustee, an Opinion of
Counsel to the Depositor and the Rating Agencies to the effect that the
Trustee's first priority interest in the Mortgage Notes has been duly and fully
perfected under the applicable laws and regulations of such other jurisdiction.

                                   ARTICLE IX

                                   TERMINATION

          Section 9.01 Termination Upon Repurchase or Liquidation of All
Mortgage Loans.

          Subject to Section 9.02, the Trust Fund and the respective obligations
and responsibilities under this Agreement of the Depositor, the Master Servicer,
the Special Servicer and the Trustee (other than the obligations of the Trustee
on behalf of the Trust Fund to provide for and make payments to
Certificateholders as hereafter set forth) shall terminate upon payment (or
provision for payment) (i) to the Certificateholders of all amounts held by or
on behalf of the Trustee and required hereunder to be so paid on the
Distribution Date following the earlier to occur of (A) the purchase by the
Master Servicer, the Special Servicer or the Majority Subordinate
Certificateholder of all Mortgage Loans, the REO Loan related to the 2006-C26
Serviced Mortgage Loan, if any, and each REO Property remaining in REMIC I at a
price equal to (1) the aggregate Purchase Price of all the Mortgage Loans
included in REMIC I, plus (2) the appraised value of the Trust Fund's interest
in each REO Property (other than the Trust Fund's beneficial interest in any REO
Property related to the 2006-C26 Serviced Mortgage Loan), if any, included in
REMIC I, such appraisal to be conducted by an Independent Appraiser selected by
the Master Servicer and approved by the Trustee, plus (3) with respect to any
REO Property related to the 2006-C26 Serviced Mortgage Loan, the pro rata
portion of the appraised value of such REO Property (based on an appraisal
conducted in accordance with the 2006-C26 Pooling and Servicing Agreement of the
Mortgaged Property owned by the 2006-C26 Trustee on behalf of the owners
thereof), based on the outstanding principal balances of the notes constituting
the Prime Outlets Pool II Whole Loan, as the case may be, minus (4) if the
purchaser is the Master Servicer, the aggregate amount of unreimbursed Advances
made by the Master Servicer, together with any interest accrued and payable to
the Master Servicer in respect of unreimbursed Advances in accordance with
Sections 3.03(d) and 4.03(d) and any unpaid Master Servicing Fees remaining
outstanding (which items shall be deemed to have been paid or reimbursed to the
Master Servicer in connection with such purchase), and (B) the final payment or
other liquidation (or any advance with respect thereto) of the last Mortgage
Loan or REO Property remaining in REMIC I, and (ii) to the Trustee, the Master
Servicer, the Special Servicer and the officers, directors, employees and agents
of each of them of all amounts which may have become due and owing to any of
them hereunder; provided, however, in no event shall the Trust Fund created
hereby continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date hereof.

          Subject in each case to the terms of the related Intercreditor
Agreement, the obligations and responsibilities under this Agreement of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, and the
Companion Paying Agent shall terminate with respect to any Companion Loan to the
extent (i) its related Co-Lender Loan has been paid in full or is no longer part
of the Trust Fund and (ii) no amounts payable by the related Companion Holder to
or for the benefit of the Trust Fund or any party hereto in accordance with the
related Intercreditor Agreement remain due and owing.

          The Master Servicer, the Special Servicer or the Majority Subordinate
Certificateholder may at its option elect to purchase all of the Mortgage Loans
and the Trust Fund's interest in each REO Property remaining in REMIC I as
contemplated by clause (i) of the preceding paragraph by giving written notice
to the other parties hereto no later than 60 days prior to the anticipated date
of purchase; provided, however, (i) the aggregate Stated Principal Balance of
the Mortgage Pool at the time of such election is less than 1.0% of the
aggregate Cut-Off Date Balances of the Mortgage Loans, and (ii) the Master
Servicer shall not have the right to effect such a purchase if, within 30 days
following the Master Servicer's delivery of a notice of election pursuant to
this paragraph, the Special Servicer or the Majority Subordinate
Certificateholder shall give notice of its election to purchase all of the
Mortgage Loans and each REO Property remaining in REMIC I and shall thereafter
effect such purchase in accordance with the terms hereof. The Master Servicer or
the Special Servicer shall not have the right to effect such a purchase if,
within 30 days following the Master Servicer's or the Special Servicer's
delivery of a notice of election pursuant to this paragraph, the Majority
Subordinate Certificateholder shall give notice of its election to purchase all
of the Mortgage Loans and the Trust Fund's interest in each REO Property
remaining in REMIC I and shall thereafter effect such purchase in accordance
with the terms hereof. If the Trust Fund is to be terminated in connection with
the Master Servicer's, the Special Servicer's or the Majority Subordinate
Certificateholder's purchase of all of the Mortgage Loans and the Trust Fund's
interest in each REO Property remaining in REMIC I, the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder, as applicable,
shall deliver to the Paying Agent for deposit in the Distribution Account not
later than the P&I Advance Date relating to the Distribution Date on which the
final distribution on the Certificates is to occur an amount in immediately
available funds equal to the above-described purchase price. In addition, the
Master Servicer shall transfer to the Distribution Account all amounts required
to be transferred thereto on such P&I Advance Date from the Certificate Account
pursuant to the first paragraph of Section 3.04(b), together with any other
amounts on deposit in the Certificate Account that would otherwise be held for
future distribution. Upon confirmation that such final deposit has been made,
the Trustee shall release or cause to be released to the Master Servicer, the
Special Servicer, the Majority Subordinate Certificateholder, as applicable, the
Mortgage Files for the remaining Mortgage Loans and shall execute all
assignments, endorsements and other instruments furnished to it by the Master
Servicer, the Special Servicer or the Majority Subordinate Certificateholder, as
applicable, as shall be necessary to effectuate the transfer of the Mortgage
Loans and REO Properties to the Master Servicer, the Special Servicer or the
Majority Subordinate Certificateholder (or their respective designees), and, in
the case of a Loan Pair, to the related Companion Holder, as applicable. Any
transfer of Mortgage Loans to the Depositor pursuant to this paragraph shall be
on a servicing-released basis.

          Notice of any termination shall be given promptly by the Trustee by
letter to the Certificateholders mailed (a) if such notice is given in
connection with the Master Servicer's, the Special Servicer's or the Majority
Subordinate Certificateholder's purchase of the Mortgage Loans and the Trust
Fund's interest in each REO Property remaining in REMIC I, not earlier than the
15th day and not later than the 25th day of the month next preceding the month
of the final distribution on the Certificates or (b) otherwise during the month
of such final distribution on or before the Determination Date in such month, in
each case specifying (i) the Distribution Date upon which the Trust Fund will
terminate and final payment of the Certificates will be made, (ii) the amount of
any such final payment and (iii) that the Record Date otherwise applicable to
such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the offices of the Certificate
Registrar or such other location therein designated. The Trustee shall give such
notice to the Master Servicer, the Special Servicer and the Depositor at the
time such notice is given to Certificateholders.

          Upon presentation and surrender of the Certificates by the
Certificateholders on the final Distribution Date, the Paying Agent shall
distribute to each Certificateholder so presenting and surrendering its
Certificates such Certificateholder's Percentage Interest of that portion of the
amounts then on deposit in the Distribution Account that are allocable to
payments on the Class of Certificates so presented and surrendered. Amounts on
deposit in the Distribution Account as of the final Distribution Date, exclusive
of any portion thereof that would be payable to any Person in accordance with
clauses (ii) through (vii) of Section 3.05(b), including any portion thereof
that represents Prepayment Premiums and Yield Maintenance Charges, shall be (i)
deemed distributed in respect of the REMIC I Regular Interests and distributed
to the Class R-I Certificates in accordance with Section 4.01(b), Section
4.01(h), Section 4.01(i) and Section 4.01(l) and (ii) distributed to the
REMIC II Certificates in the order of priority set forth in Section 4.01(a),
Section 4.01(b), Section 4.01(c) and Section 4.01(d), in each case, to the
extent of remaining available funds.

          On or after the Final Distribution Date, upon presentation and
surrender of the Class Certificates, the Paying Agent shall distribute to the
Class Z Certificateholders any amount then on deposit in the Additional Interest
Account that was paid on a Mortgage Loan.

          Any funds not distributed to any Holder or Holders of Certificates of
such Class on such Distribution Date because of the failure of such Holder or
Holders to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 9.01 shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Paying Agent shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Paying Agent, directly or through an agent, shall take such
reasonable steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, and
shall deal with all such unclaimed amounts in accordance with applicable law.
The costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder.

          After the Registered Certificates and the Class A-1A Certificates have
been paid in full and the remaining outstanding Certificates (other than the
Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder, such Certificateholder shall have the right to exchange all
of the Certificates held thereby for all of the Mortgage Loans and the Trust
Fund's interest in each REO Property remaining in the Trust Fund by giving
written notice to all parties hereto no later than 30 days prior to the
anticipated date of exchange.

          In the event that such Certificateholder shall elect to exchange all
of the Certificates held thereby for all of the Mortgage Loans held by REMIC I
and the Trust Fund's interest in each REO Property remaining in REMIC I in
accordance with the preceding sentence, such Certificateholder, not later than
the date on which the final distribution on the Certificates is to occur, shall
deposit in the Certificate Account an amount in immediately available funds
equal to all amounts then due and owing to the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent, the Certificate Registrar and/or the
REMIC Administrator hereunder. Upon confirmation that such final deposits have
been made and following the surrender of all the Certificates held by such
Certificateholder on the final Distribution Date, the Custodian, on behalf of
the Trustee, shall release or cause to be released to such Certificateholder the
Mortgage Files for the remaining Mortgage Loans, and the Trustee shall execute
all assignments, endorsements and other instruments furnished to it by such
Certificateholder as shall be necessary to effectuate transfer of the Mortgage
Loans and REO Properties remaining in the Trust Fund. Thereafter, the Trust Fund
and the respective obligations and responsibilities under this Agreement of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the
REMIC Administrator (other than annual tax returns and maintenance of books and
records and the preparation and filing of final tax returns) and the Paying
Agent shall terminate. Such transfers shall be subject to any rights of any
Sub-Servicers to primary service (or to perform select servicing functions with
respect to) the Mortgage Loans. For federal income tax purposes, the
Certificateholder shall be deemed to have purchased the assets of REMIC I for an
amount equal to the unpaid principal balance, plus accrued unpaid interest, of
such Mortgage Loan(s) (other than the defaulted Mortgage Loan(s) or the Trust
Fund's interest in such REO Property) in REMIC I, and the fair market value of
any defaulted Mortgage Loans in REMIC I or the Trust Fund's interest in an REO
Property in REMIC I, without duplication of amounts deposited pursuant to the
fourth preceding sentence of this paragraph, and such amounts shall be deemed to
have been paid or distributed in accordance with Section 4.01(a), Section
4.01(b), Section 4.01(h) and Section 4.01(i).

          In the case of any Loan Pair, references in this Section 9.01 and
Section 9.02 to "REO Property" shall include only the Trust's proportionate
interest in such REO Property and not the interest of the Companion Holder(s)
therein.

          Section 9.02 Additional Termination Requirements.

          (a) If the Master Servicer, the Special Servicer or the Majority
Subordinate Certificateholders purchase all of the Mortgage Loans and the Trust
Fund's interest in each REO Property remaining in REMIC I as provided in Section
9.01, the Trust Fund (and, accordingly, either of REMIC I or REMIC II) shall be
terminated in accordance with the following additional requirements, unless the
Person effecting the purchase obtains at its own expense and delivers to the
Trustee and, in the case of the Depositor, to the Trustee and the Master
Servicer, an Opinion of Counsel, addressed to the Trustee and the Master
Servicer, to the effect that the failure of the Trust Fund to comply with the
requirements of this Section 9.02 will not result in the imposition of taxes on
"prohibited transactions" of either of REMIC I or REMIC II as defined in Section
860F of the Code or cause either of REMIC I or REMIC II to fail to qualify as a
REMIC at any time that any Certificates are outstanding:

          (i) the Trustee shall specify the first day in the 90-day liquidation
     period in a statement attached to the final Tax Return for REMIC I and
     REMIC II pursuant to Treasury Regulations Section 1.860F-1;

          (ii) during such 90-day liquidation period and at or prior to the time
     of making of the final payment on the Certificates, the Trustee shall sell
     all of the assets of REMIC I to the Master Servicer, the Special Servicer
     or the Majority Subordinate Certificateholders, as applicable, for cash;
     and

          (iii) at the time of the making of the final payment on the
     Certificates, the Trustee shall distribute or credit, or cause to be
     distributed or credited, to the Certificateholders in accordance with
     Section 9.01 all cash on hand (other than cash retained to meet claims),
     and REMIC I and REMIC II shall terminate at that time.

          (b) By their acceptance of Certificates, the Holders thereof hereby
authorize the Trustee to specify the 90-day liquidation period for REMIC I and
REMIC II, which authorization shall be binding upon all successor
Certificateholders.

                                   ARTICLE X

                            ADDITIONAL TAX PROVISIONS

          Section 10.01 REMIC Administration.

          (a) The REMIC Administrator shall elect to treat each of REMIC I and
REMIC II as a REMIC under the Code and, if necessary, under applicable state
law. Each such election will be made on Form 1066 or other appropriate federal
or state Tax Returns for the taxable year ending December 31, 2006, in the case
of each of REMIC I and REMIC II.

          (b) The REMIC I Regular Interests and the Regular Certificates are
hereby designated as "regular interests" (within the meaning of Section
860G(a)(1) of the Code) in REMIC I and REMIC II, respectively. The Class R-I
Certificates are hereby designated as the single class of "residual interests"
(within the meaning of Section 860G(a)(2) of the Code) in REMIC I, and the
Class R-II Certificates are hereby designated as the single class of "residual
interests" (within the meaning of Section 860G(a)(2) of the Code) in REMIC II.
None of the Master Servicer, the Special Servicer or the Trustee shall (to the
extent within its control) permit the creation of any other "interests" in
either of REMIC I or REMIC II (within the meaning of Treasury regulation Section
1.860D-1(b)(1)).

          (c) The Closing Date is hereby designated as the "startup day" of each
of REMIC I and REMIC II within the meaning of Section 860G(a)(9) of the Code.
The "latest possible maturity date" of the REMIC I Regular Interests and the
Regular Certificates for purposes of the REMIC Provisions shall be the Rated
Final Distribution Date.

          (d) The related Plurality Residual Certificateholder as to the
applicable taxable year is hereby designated as the Tax Matters Person of each
of REMIC I and REMIC II, and shall act on behalf of the related REMIC in
relation to any tax matter or controversy and shall represent the related
REMIC in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority; provided that the
REMIC Administrator is hereby irrevocably appointed to act and shall act as
agent and attorney-in-fact for the Tax Matters Person for REMIC I and REMIC II
in the performance of its duties as such.

          (e) Except as otherwise provided in Section 3.17(a) and subsections
(h) and (i) below, the REMIC Administrator shall pay out of its own funds any
and all routine tax administration expenses of the Trust Fund incurred with
respect to either of REMIC I and REMIC II (but not including any professional
fees or expenses related to audits or any administrative or judicial proceedings
with respect to the Trust Fund that involve the Internal Revenue Service or
state tax authorities, which extraordinary expenses shall be payable or
reimbursable to the Trustee from the Trust Fund unless otherwise provided in
Section 10.01(g) or 10.01(h)).

          (f) Within 30 days after the Closing Date, the REMIC Administrator
shall obtain taxpayer identification numbers for REMIC I and REMIC II by
preparing and filing Internal Revenue Service Forms SS-4 and shall prepare and
file (if not previously prepared and filed) with the Internal Revenue Service
Form 8811, "Information Return for Real Estate Mortgage Investment Conduits
(REMIC) and Issuers of Collateralized Debt Obligations" for the Trust Fund. In
addition, the REMIC Administrator shall prepare, cause the Trustee to sign and
file all of the other Tax Returns in respect of each of REMIC I and REMIC II.
The expenses of preparing and filing such returns shall be borne by the
REMIC Administrator without any right of reimbursement therefor. The other
parties hereto shall provide on a timely basis to the REMIC Administrator or its
designee such information with respect to REMIC I and REMIC II as is in its
possession and reasonably requested by the REMIC Administrator to enable it to
perform its obligations under this Article. Without limiting the generality of
the foregoing, the Depositor, within ten days following the
REMIC Administrator's request therefor, shall provide in writing to the
REMIC Administrator such information as is reasonably requested by the
REMIC Administrator for tax purposes, as to the valuations and issue prices of
the Certificates, and the REMIC Administrator's duty to perform its reporting
and other tax compliance obligations under this Article X shall be subject to
the condition that it receives from the Depositor such information possessed by
the Depositor that is necessary to permit the REMIC Administrator to perform
such obligations.

          (g) The REMIC Administrator shall perform on behalf of each of REMIC I
and REMIC II all reporting and other tax compliance duties that are the
responsibility of each such REMIC under the Code, the REMIC Provisions or other
compliance guidance issued by the Internal Revenue Service or, with respect to
State and Local Taxes, any state or local taxing authority. Included among such
duties, the REMIC Administrator shall provide to: (i) any Transferor of a
Residual Certificate or agent of a Non-Permitted Transferee, such information as
is necessary for the application of any tax relating to the transfer of a
Residual Certificate to any Person who is not a Permitted Transferee; (ii) the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions, including, without limitation, reports relating to
interest, original issue discount and market discount or premium (using the
Prepayment Assumption as required hereunder); and (iii) the Internal Revenue
Service, the name, title, address and telephone number of the Person who will
serve as the representative of each of REMIC I and REMIC II.

          (h) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of each of REMIC I and REMIC II as a REMIC under the
REMIC Provisions (and the Trustee, the Master Servicer and the Special Servicer
shall assist the REMIC Administrator to the extent reasonably requested by the
REMIC Administrator and to the extent of information within the Trustee's, the
Master Servicer's or the Special Servicer's possession or control). None of the
REMIC Administrator, Master Servicer, the Special Servicer, or the Trustee shall
knowingly take (or cause either of REMIC I or REMIC II to take) any action or
fail to take (or fail to cause to be taken) any action that, under the REMIC
Provisions, if taken or not taken, as the case may be, could (i) endanger the
status of either of REMIC I or REMIC II as a REMIC, or (ii) except as provided
in Section 3.17(a), result in the imposition of a tax upon either of REMIC I or
REMIC II (including, but not limited to, the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code or the tax on contributions to a
REMIC set forth in Section 860G(d) of the Code (any such endangerment or
imposition or, except as provided in Section 3.17(a), imposition of a tax, an
"Adverse REMIC Event")), unless the REMIC Administrator has obtained or received
an Opinion of Counsel (at the expense of the party requesting such action or at
the expense of the Trust Fund if the REMIC Administrator seeks to take such
action or to refrain from acting for the benefit of the Certificateholders) to
the effect that the contemplated action will not result in an Adverse
REMIC Event. The REMIC Administrator shall not take any action or fail to take
any action (whether or not authorized hereunder) as to which the Master Servicer
or the Special Servicer has advised it in writing that either the Master
Servicer or the Special Servicer has received or obtained an Opinion of Counsel
to the effect that an Adverse REMIC Event could occur with respect to such
action. In addition, prior to taking any action with respect to either of
REMIC I or REMIC II, or causing either of REMIC I or REMIC II to take any action
that is not expressly permitted under the terms of this Agreement, the Master
Servicer and the Special Servicer shall consult with the REMIC Administrator or
its designee, in writing, with respect to whether such action could cause an
Adverse REMIC Event to occur. Neither the Master Servicer nor the Special
Servicer shall take any such action or cause either of REMIC I or REMIC II to
take any such action as to which the REMIC Administrator has advised it in
writing that an Adverse REMIC Event could occur, and neither the Master Servicer
nor the Special Servicer shall have any liability hereunder for any action taken
by it in accordance with the written instructions of the REMIC Administrator.
The REMIC Administrator may consult with counsel to make such written advice,
and the cost of same shall be borne by the party seeking to take the action not
expressly permitted by this Agreement, but in no event at the cost or expense of
the Trust Fund, the Trustee or the REMIC Administrator. At all times as may be
required by the Code, the REMIC Administrator (to the extent it is within its
control) shall take all necessary actions within the scope of its
responsibilities as more specifically set forth in this Agreement such that it
does not cause substantially all of the assets of each of REMIC I and REMIC II
to fail to consist of "qualified mortgages" as defined in Section 860G(a)(3) of
the Code and "permitted investments" as defined in Section 860G(a)(5) of the
Code.

          (i) If any tax is imposed on either of REMIC I or REMIC II, including,
without limitation, "prohibited transactions" taxes as defined in Section
860F(a)(2) of the Code, any tax on "net income from foreclosure property" as
defined in Section 860G(c) of the Code, any taxes on contributions to either of
REMIC I or REMIC II after the Startup Day pursuant to Section 860G(d) of the
Code, and any other tax imposed by the Code or any applicable provisions of
State or Local Tax laws (other than any tax permitted to be incurred by the
Special Servicer pursuant to Section 3.17(a)), such tax, together with all
incidental costs and expenses (including, without limitation, penalties and
reasonable attorneys' fees), shall be charged to and paid by: (i) the
REMIC Administrator, if such tax arises out of or results from a breach by the
REMIC Administrator of any of its obligations under this Article X; provided
that no liability shall be imposed upon the REMIC Administrator under this
clause if another party has responsibility for payment of such tax under clauses
(iii) or (v) of this Section; (ii) the Special Servicer, if such tax arises out
of or results from a breach by the Special Servicer of any of its obligations
under Article III or this Article X; (iii) the Master Servicer, if such tax
arises out of or results from a breach by the Master Servicer of any of its
obligations under Article III or this Article X; (iv) the Trustee if such tax
arises out of or results from a breach by the Trustee of any of its respective
obligations under Article IV, Article VIII or this Article X; (v) the Mortgage
Loan Seller, if such tax was imposed due to the fact that any of the Mortgage
Loans did not, at the time of their transfer to REMIC I, as applicable,
constitute a "qualified mortgage" as defined in Section 860G(a)(3) of the Code;
or (vi) the Trust Fund, excluding the portion thereof constituting the
Additional Interest Grantor Trust, in all other instances. Any tax permitted to
be incurred by the Special Servicer pursuant to Section 3.17(a) shall be charged
to and paid by the Trust Fund. Any such amounts payable by the Trust Fund shall
be paid by the Paying Agent upon the written direction of the
REMIC Administrator out of amounts on deposit in the Distribution Account in
reduction of the Available Distribution Amount pursuant to Section 3.05(b).

          (j) The REMIC Administrator shall, for federal income tax purposes,
maintain books and records with respect to REMIC I and REMIC II on a calendar
year and on an accrual basis.

          (k) Following the Startup Day, none of the Trustee, the Master
Servicer or the Special Servicer shall accept any contributions of assets to
either of REMIC I or REMIC II unless it shall have received an Opinion of
Counsel (at the expense of the party seeking to cause such contribution and in
no event at the expense of the Trust Fund or the Trustee) to the effect that the
inclusion of such assets in such REMIC will not cause: (i) such REMIC to fail to
qualify as a REMIC at any time that any Certificates are outstanding; or (ii)
the imposition of any tax on such REMIC under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.

          (l) None of the Trustee, the Master Servicer or the Special Servicer
shall consent to or, to the extent it is within the control of such Person,
permit: (i) the sale or disposition of any of the Mortgage Loans (except in
connection with (A) the default or foreclosure of a Mortgage Loan, including,
but not limited to, the sale or other disposition of a Mortgaged Property
acquired by deed in lieu of foreclosure, (B) the bankruptcy of either of REMIC I
or REMIC II, (C) the termination of either of REMIC I and REMIC II pursuant to
Article IX of this Agreement, or (D) a purchase of Mortgage Loans pursuant to or
as contemplated by Article II or III of this Agreement); (ii) the sale or
disposition of any investments in the Servicing Accounts, the Interest Reserve
Accounts, the Certificate Account, the Distribution Account, the Companion
Distribution Account, the Gain-on-Sale Reserve Account or the REO Account for
gain; or (iii) the acquisition of any assets on behalf of either of REMIC I or
REMIC II (other than (1) a Mortgaged Property acquired through foreclosure, deed
in lieu of foreclosure or otherwise in respect of a Defaulted Mortgage Loan, (2)
a Qualified Substitute Mortgage Loan pursuant to Article II hereof and (3)
Permitted Investments acquired in connection with the investment of funds in the
Servicing Accounts, the Interest Reserve Accounts, the Certificate Account, the
Distribution Account, the Companion Distribution Account, the Gain-on-Sale
Reserve Account or the REO Account); in any event unless it has received an
Opinion of Counsel (at the expense of the party seeking to cause such sale,
disposition, or acquisition but in no event at the expense of the Trust Fund or
the Trustee) to the effect that such sale, disposition, or acquisition will not
cause: (x) either of REMIC I or REMIC II to fail to qualify as a REMIC at any
time that any Certificates are outstanding; or (y) the imposition of any tax on
either of REMIC I or REMIC II under the REMIC Provisions or other applicable
provisions of federal, state and local law or ordinances.

          (m) Except as permitted by Section 3.17(a), none of the Trustee, the
Master Servicer and the Special Servicer shall enter into any arrangement by
which either of REMIC I or REMIC II will receive a fee or other compensation for
services nor permit either of REMIC I or REMIC II to receive any income from
assets other than "qualified mortgages" as defined in Section 860G(a)(3) of the
Code or "permitted investments" as defined in Section 860G(a)(5) of the Code.

          Section 10.02 Administration of the Additional Interest Grantor Trust.

          (a) The REMIC Administrator shall treat the Additional Interest
Grantor Trust, for tax return preparation purposes, as a grantor trust under the
Code and shall treat the Additional Interest, the Additional Interest Account
and amounts held from time to time in the Additional Interest Account that
represent Additional Interest as separate assets of the Additional Interest
Grantor Trust, and not either of REMIC I or REMIC II permitted by Treasury
Regulations Section 1.860G-2(i)(1). The Class Z Certificates are hereby
designated as representing an undivided, beneficial interest in Additional
Interest payable on the Mortgage Loans and proceeds thereof in the Additional
Interest Account.

          (b) [Reserved].

          (c) [Reserved].

          (d) The REMIC Administrator shall pay out of its own funds any and all
routine tax administration expenses of the Trust Fund incurred with respect to
the Additional Interest Grantor Trust (but not including any professional fees
or expenses related to audits or any administrative or judicial proceedings with
respect to the Trust Fund that involve the Internal Revenue Service or state tax
authorities which extraordinary expenses shall be payable or reimbursable to the
REMIC Administrator from the Trust Fund unless otherwise provided in Section
10.02(f) or 10.02(g)).

          (e) The REMIC Administrator shall prepare, cause the Trustee to sign
and file when due all of the Tax Returns in respect of the Additional Interest
Grantor Trust. The expenses of preparing and filing such returns shall be borne
by the REMIC Administrator without any right of reimbursement therefor. The
other parties hereto shall provide on a timely basis to the REMIC Administrator
or its designee such information with respect to the Additional Interest Grantor
Trust as is in its possession and reasonably requested by the
REMIC Administrator to enable it to perform its obligations under this Section
10.02. Without limiting the generality of the foregoing, the Depositor, within
ten days following the REMIC Administrator's request therefor, shall provide in
writing to the REMIC Administrator such information as is reasonably requested
by the REMIC Administrator for tax purposes, and the REMIC Administrator's duty
to perform its reporting and other tax compliance obligations under this Section
10.02 shall be subject to the condition that it receives from the Depositor such
information possessed by the Depositor that is necessary to permit the
REMIC Administrator to perform such obligations.

          (f) The REMIC Administrator shall furnish or cause to be furnished to
the Class Z Certificateholders on the cash or accrual method of accounting, as
applicable, such information as to their respective portions of the income and
expenses of the Additional Interest Grantor Trust, at the time and in the manner
required under the Code, and shall perform on behalf of the Additional Interest
Grantor Trust all reporting and other tax compliance duties that are required in
respect thereof under the Code, the Grantor Trust Provisions or other compliance
guidance issued by the Internal Revenue Service or any state or local taxing
authority.

          (g) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of the Additional Interest Grantor Trust as grantor
trusts under the Grantor Trust Provisions (and the Trustee, the Master Servicer
and the Special Servicer shall assist the REMIC Administrator to the extent
reasonably requested by the REMIC Administrator and to the extent of information
within the Trustee's, the Master Servicer's or the Special Servicer's possession
or control). None of the REMIC Administrator, Master Servicer, the Special
Servicer or the Trustee shall knowingly take (or cause the Additional Interest
Grantor Trust to take) any action or fail to take (or fail to cause to be taken)
any action that, under the Grantor Trust Provisions, if taken or not taken, as
the case may be, could endanger the status of the Additional Interest Grantor
Trust as a grantor trust under the Grantor Trust Provisions (any such
endangerment of grantor trust status, an "Adverse Grantor Trust Event"), unless
the REMIC Administrator has obtained or received an Opinion of Counsel (at the
expense of the party requesting such action or at the expense of the Trust Fund
if the REMIC Administrator seeks to take such action or to refrain from taking
any action for the benefit of the Certificateholders) to the effect that the
contemplated action will not result in an Adverse Grantor Trust Event. None of
the other parties hereto shall take any action or fail to take any action
(whether or not authorized hereunder) as to which the REMIC Administrator has
advised it in writing that the REMIC Administrator has received or obtained an
Opinion of Counsel to the effect that an Adverse Grantor Trust Event could
result from such action or failure to act. In addition, prior to taking any
action with respect to the Additional Interest Grantor Trust, or causing the
Trust Fund to take any action, that is not expressly permitted under the terms
of this Agreement, the Master Servicer and the Special Servicer shall consult
with the REMIC Administrator or its designee, in writing, with respect to
whether such action could cause an Adverse Grantor Trust Event to occur. Neither
the Master Servicer nor the Special Servicer shall have any liability hereunder
for any action taken by it in accordance with the written instructions of the
REMIC Administrator. The REMIC Administrator may consult with counsel to make
such written advice, and the cost of same shall be borne by the party seeking to
take the action not expressly permitted by this Agreement, but in no event at
the cost or expense of the Trust Fund, the REMIC Administrator or the Trustee.
Under no circumstances may the REMIC Administrator vary the assets of the
Additional Interest Grantor Trust so as to take advantage of variations in the
market so as to improve the rate of return of Holders of the Class Z
Certificates.

          (h) If any tax is imposed on the Additional Interest Grantor Trust,
such tax, together with all incidental costs and expenses (including, without
limitation, penalties and reasonable attorneys' fees), shall be charged to and
paid by: (i) the REMIC Administrator, if such tax arises out of or results from
a breach by the REMIC Administrator of any of its obligations under this Section
10.02; (ii) the Special Servicer, if such tax arises out of or results from a
breach by the Special Servicer of any of its obligations under Article III or
this Section 10.02; (iii) the Master Servicer, if such tax arises out of or
results from a breach by the Master Servicer of any of its obligations under
Article III or this Section 10.02; (iv) the Trustee, if such tax arises out of
or results from a breach by the Trustee, of any of its obligations under Article
IV, Article VIII or this Section 10.02; or (v) the portion of the Trust Fund
constituting the Additional Interest Grantor Trust in all other instances.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

          Section 11.01 Amendment.

          (a) This Agreement may be amended from time to time by the mutual
agreement of the Depositor, the Master Servicer, the Special Servicer and the
Trustee, without the consent of any of the Certificateholders or Companion
Holders, (i) to cure any ambiguity, (ii) to correct, modify or supplement any
provision herein which may be inconsistent with any other provision herein,
(iii) to add any other provisions with respect to matters or questions arising
hereunder which shall not be inconsistent with the provisions hereof, (iv) to
relax or eliminate any requirement hereunder imposed by the REMIC Provisions if
the REMIC Provisions are amended or clarified such that any such requirement may
be relaxed or eliminated, or (v) if such amendment, as evidenced by an Opinion
of Counsel (at the expense of the Trust Fund, in the case of any amendment
requested by the Master Servicer or Special Servicer that protects or is in
furtherance of the interests of the Certificateholders, and otherwise at the
expense of the party seeking such amendment) delivered to the Master Servicer,
the Special Servicer and the Trustee, is advisable or reasonably necessary to
comply with any requirements imposed by the Code or any successor or amendatory
statute or any temporary or final regulation, revenue ruling, revenue procedure
or other written official announcement or interpretation relating to federal
income tax laws or any such proposed action which, if made effective, would
apply retroactively to REMIC I or REMIC II created hereunder at least from the
effective date of such amendment, or would be necessary to avoid the occurrence
of a prohibited transaction or to reduce the incidence of any tax that would
arise from any actions taken with respect to the operation of any such REMIC or
to comply with any requirements imposed by the Commission with respect to any
adopted temporary or final regulation or other written official announcement or
interpretation relating to the securities laws which, would apply retroactively
to the Depositor, any Underwriter or the Trust Fund; provided that no such
amendment may significantly change the activities of the Trust Fund in a manner
that would adversely affect the Trust Fund's status as a "qualifying special
purpose entity" for purposes of FAS 140; provided, further, such action (except
any amendment described in clause (v) above) shall not, as evidenced by an
Opinion of Counsel (at the expense of the Trust Fund, in the case of any
amendment requested by the Master Servicer or Special Servicer that protects or
is in furtherance of the interests of the Certificateholders, and otherwise at
the expense of the party seeking such amendment) obtained by or delivered to the
Master Servicer, the Special Servicer and the Trustee, adversely affect in any
material respect the interests of any Certificateholder or Companion Holder with
respect to the Pari Passu Mortgage Loans; provided, further, the Master
Servicer, the Special Servicer and the Trustee shall have first obtained from
each Rating Agency written confirmation that such amendment will not result in
the qualification, downgrade or withdrawal of the rating on any Class of
Certificates.

          (b) This Agreement may also be amended from time to time by the
agreement of the Depositor, the Master Servicer, the Special Servicer and the
Trustee with the consent of the Holders of Certificates entitled to at least 51%
of the Voting Rights allocated to the affected Classes for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Holders of
Certificates; provided, however, no such amendment shall (i) reduce in any
manner the amount of, or delay the timing of, payments received or advanced on
Mortgage Loans that are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, or which are required to be
distributed to a Companion Holder, without the consent of such Companion Holder,
(ii) as evidenced by an Opinion of Counsel obtained by or delivered to the
Master Servicer, the Special Servicer and the Trustee, adversely affect in any
material respect the interests of the Holders of any Class of Certificates or
the interests of a Companion Holder in a manner other than as described in (i)
without the consent of the Holders of all Certificates of such Class or the
consent of such Companion Holders, as the case may be, (iii) modify the
provisions of this Section 11.01 without the consent of the Holders of all
Certificates then outstanding and the consent of all Companion Holders, (iv)
modify the provisions of Section 3.20 or the definition of Servicing Standard
without the consent of the Holders of Certificates entitled to all of the Voting
Rights and the consent of all Companion Holders or (v) modify the specified
percentage of Voting Rights which are required to be held by Certificateholders
to consent or not to object to any particular action pursuant to any provision
of this Agreement without the consent of the Holders of all Certificates then
outstanding. Notwithstanding any other provision of this Agreement, for purposes
of the giving or withholding of consents pursuant to this Section 11.01,
Certificates registered in the name of the Depositor or any Affiliate of the
Depositor shall be entitled to the same Voting Rights with respect to matters
described above as they would if any other Person held such Certificates, so
long as neither the Depositor nor any of its Affiliates is performing servicing
duties with respect to any of the Mortgage Loans.

          (c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
first have obtained or been furnished with an Opinion of Counsel (at the expense
of the Trust Fund, in the case of any amendment requested by the Master Servicer
or Special Servicer that protects or is in furtherance of the interests of the
Certificateholders, and, otherwise, at the expense of the party seeking such
amendment) to the effect that (i) such amendment or the exercise of any power
granted to the Trustee, the Master Servicer or the Special Servicer in
accordance with such amendment will not result in the imposition of a tax on
either of REMIC I or REMIC II pursuant to the REMIC Provisions or on the
Additional Interest Grantor Trust or cause either of REMIC I or REMIC II to fail
to qualify as a REMIC or the Additional Interest Grantor Trust to fail to
qualify as a grantor trust at any time that any Certificates are outstanding and
(ii) such amendment complies with the provisions of this Section 11.01.

          (d) Promptly after the execution of any such amendment, the Trustee
shall send a copy thereof to each Certificateholder and Companion Holder.

          (e) It shall not be necessary for the consent of Certificateholders
under this Section 11.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

          (f) Each of the Master Servicer, the Special Servicer and the Trustee
may but shall not be obligated to enter into any amendment pursuant to this
Section that affects its rights, duties and immunities under this Agreement or
otherwise.

          (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a), (b) or (c) shall be borne by the Person seeking the related
amendment, except that if the Master Servicer, the Special Servicer or the
Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section
11.01(a), (b) or (c) shall be payable out of the Certificate Account or the
Distribution Account pursuant to Sections 3.05 and 4.01.

          Section 11.02 Recordation of Agreement; Counterparts.

          (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer at the expense of the Trust Fund, but only upon
direction accompanied by an Opinion of Counsel (the cost of which may be paid
out of the Certificate Account pursuant to Section 3.05(a)) to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders; provided, however, the Trustee shall have no obligation or
responsibility to determine whether any such recordation of this Agreement is
required.

          (b) For the purpose of facilitating the recordation of this Agreement
as herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

          Section 11.03 Limitation on Rights of Certificateholders.

          (a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

          (b) No Certificateholder shall have any right to vote (except as
expressly provided for herein) or in any manner otherwise control the operation
and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

          (c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement or any Mortgage
Loan, unless, with respect to any suit, action or proceeding upon or under or
with respect to this Agreement, such Holder previously shall have given to the
Trustee a written notice of default hereunder, and of the continuance thereof,
as hereinbefore provided, and unless also (except in the case of a default by
the Trustee) the Holders of Certificates entitled to at least 25% of the Voting
Rights shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding. It is understood and intended, and expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner
whatsoever by virtue of any provision of this Agreement to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement, except in the manner herein provided and for the
equal, ratable and common benefit of all Certificateholders. For the protection
and enforcement of the provisions of this Section, each and every
Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

          Section 11.04 Governing Law.

          This Agreement and the Certificates shall be construed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed in said State, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws.

          Section 11.05 Notices.

          Any communications provided for or permitted hereunder shall, unless
otherwise expressly provided herein, be in writing and shall be deemed to have
been duly given when delivered to: (i) in the case of the Depositor, Wachovia
Commercial Mortgage Securities, Inc., 301 South College Street, Charlotte, North
Carolina 28288, Attention: Charles L. Culbreth, H. Royer Culp, Jr., Elizabeth K.
Stinson and Lars A. Carlsten, facsimile number: (704) 383-7639; (ii) in the case
of the Master Servicer, Wachovia Bank, National Association, NC 1075, 8739
Research Drive URP4, Charlotte, North Carolina 28262-1075, Attention: Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2006-C27, facsimile number: (704) 715-0036; (iii) in the case of the
Special Servicer, LNR Partners, Inc., 1601 Washington Avenue, Suite 700, Miami
Beach, Florida 33139, Attention: Randy Wolpert, facsimile number: (305)
695-5601, Attention: Thomas Nealon, Esq. at facsimile number (305) 695-5601, and
Attention: Javier Benedit, at facsimile number (305) 695-5199 (with copies to
Bilzin Sumberg Baena Price & Axelrod LLP, 200 South Biscayne Boulevard, Suite
2500, Miami, Florida 33131, Attention: Alan J. Kazan, Esq., at facsimile number
(305) 351-2229); (iv) in the case of the Trustee, Wells Fargo Bank, N.A., 9062
Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust
Services (CMBS) Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2006-C27, facsimile number: (410) 715-2381;
(v) in the case of the Underwriters, to each of Wachovia Capital Markets, LLC,
301 South College Street, Charlotte, North Carolina 28288-1075, Attention:
Charles L. Culbreth, H. Royer Culp, Jr., Elizabeth K. Stinson and Lars A.
Carlsten, facsimile number: (704) 715-0066; Nomura Securities International,
Inc., 2 World Financial Center, New York, New York 10281, Attention: Dante
LaRocca, facsimile number: (646) 587-8986; Citigroup Global Markets Inc., 388
Greenwich Street, 11th Floor, New York, New York 10013, Attention: Angela Vleck,
facsimile number: (212) 816-8307; Credit Suisse Securities (USA) LLC, 11 Madison
Avenue, New York, New York 10010, Attention: Mr. Jeffery Altabef, facsimile
number: (212) 743-5227; Goldman, Sachs & Co., 85 Broad Street, New York, New
York 10004, Attention: Emily Brooks, facsimile number: (212) 902-1691; and
LaSalle Financial Services, Inc., 55 East 52nd Street, New York, New York 10055,
Attention: Kurt Kaline, facsimile number: (212) 406-5256; (vi) in the case of
the initial Controlling Class Representative, Redwood Trust, Inc., One Belvedere
Place, Mill Valley, California 94941, Attention: Clay Barnes, facsimile number:
(415) 634-2662, (vii) in the case of the Rating Agencies to each of Standard &
Poor's Ratings Services, 55 Water Street, New York, New York 10041-0003,
Attention: CMBS Surveillance Group, facsimile number: (212) 438-2662; and
Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007,
Attention: Commercial Mortgage Surveillance; (viii) in the case of any Companion
Holder, the address(es) for notice to such Companion Holder as set forth in the
related Intercreditor Agreement or as to each such Person such other address as
may hereafter be furnished by such Person to the parties hereto in writing. Any
communication required or permitted to be delivered to a Certificateholder shall
be deemed to have been duly given when mailed first class, postage prepaid, to
the address of such Holder as shown in the Certificate Register.

          Section 11.06 Severability of Provisions.

          If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

          Section 11.07 Grant of a Security Interest.

          The Depositor intends that the conveyance of the Depositor's right,
title and interest in and to the Mortgage Loans pursuant to this Agreement shall
constitute a sale and not a pledge of security for a loan. If such conveyance is
deemed to be a pledge of security for a loan, however, the Depositor intends
that the rights and obligations of the parties to such loan shall be established
pursuant to the terms of this Agreement. The Depositor also intends and agrees
that, in such event, the Depositor shall be deemed to have granted to the
Trustee (in such capacity) a first priority security interest in the Depositor's
entire right, title and interest in and to the assets constituting the Trust
Fund.

          Section 11.08 Streit Act.

          Any provisions required to be contained in this Agreement by Section
126 of Article 4-A of the New York Real Property Law are hereby incorporated
herein, and such provisions shall be in addition to those conferred or imposed
by this Agreement; provided, however, to the extent that such Section 126 shall
not have any effect, and if said Section 126 should at any time be repealed or
cease to apply to this Agreement or be construed by judicial decision to be
inapplicable, said Section 126 shall cease to have any further effect upon the
provisions of this Agreement. In case of a conflict between the provisions of
this Agreement and any mandatory provisions of Article 4-A of the New York Real
Property Law, such mandatory provisions of said Article 4-A shall prevail;
provided that if said Article 4-A shall not apply to this Agreement, should at
any time be repealed or cease to apply to this Agreement or be construed by
judicial decision to be inapplicable, such mandatory provisions of such Article
4-A shall cease to have any further effect upon the provisions of this
Agreement.

          Section 11.09 Successors and Assigns; Beneficiaries.

          The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders. This
Agreement may not be amended in any manner that would adversely affect the
rights of any third party beneficiary hereof without its consent. The 2006-C26
Master Servicer and the 2006-C26 Special Servicer shall be third party
beneficiaries to this Agreement solely with respect to the reimbursement of
nonrecoverable advances made by such party under the 2006-C26 Pooling and
Servicing Agreement as provided in Section 3.05. No other person, including,
without limitation, any Mortgagor, shall be entitled to any benefit or equitable
right, remedy or claim under this Agreement; provided that the Companion Holders
are intended third party beneficiaries hereunder.

          Section 11.10 Article and Section Headings.

          The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

          Section 11.11 Notices to Rating Agencies.

          (a) The Trustee shall promptly provide notice to each Rating Agency
and the Controlling Class Representative with respect to each of the following
of which it has actual knowledge:

          (i) any material change or amendment to this Agreement;

          (ii) the occurrence of any Event of Default that has not been cured;

          (iii) the merger, consolidation, resignation or termination of the
     Trustee, the Master Servicer or the Special Servicer;

          (iv) the repurchase of Mortgage Loans by any of the Mortgage Loan
     Sellers pursuant to the applicable Mortgage Loan Purchase Agreement;

          (v) any change in the location of the Servicing Accounts, the Interest
     Reserve Accounts, the Certificate Account, the Gain-on-Sale Reserve
     Account, the Companion Distribution Account or the Distribution Account;

          (vi) the final payment to any Class of Certificateholders; and

          (vii) any sale or disposition of any Mortgage Loan or REO Property.

          (b) The Master Servicer shall promptly provide notice to each Rating
Agency with respect to each of the following of which it has actual knowledge:

          (i) the resignation or removal of the Trustee; and

          (ii) any change in the location of the Certificate Account.

          (c) The Special Servicer shall furnish each Rating Agency and the
Controlling Class Representative with respect to a non-performing or Defaulted
Mortgage Loan such information as the Rating Agency or Controlling Class
Representative shall reasonably request and which the Special Servicer can
reasonably provide in accordance with applicable law.

          (d) To the extent applicable, each of the Master Servicer, the Special
Servicer and the Trustee shall promptly furnish, or cause to be furnished, to
each Rating Agency copies of the following items:

          (i) each of the annual statements as to compliance described in
     Section 3.13;

          (ii) each of the annual independent public accountants' servicing
     reports described in Section 3.14;

          (iii) any Officer's Certificate delivered to the Trustee pursuant to
     Section 4.03(c) or 3.08; and

          (iv) each of the reports described in Section 3.12(a) and the
     statements and reports described in Sections 3.12(b), 3.12(c) and 3.12(d).

          (e) The Trustee shall (i) make available to each Rating Agency and the
Controlling Class Representative, upon reasonable notice, the items described in
Section 3.15(a) and (ii) promptly deliver to each Rating Agency and the
Controlling Class Representative a copy of any notices given pursuant to Section
7.03(a) or Section 7.03(b).

          (f) Each of the Trustee, the Master Servicer and the Special Servicer
shall provide to each Rating Agency such other information with respect to the
Mortgage Loans and the Certificates, to the extent such party possesses such
information, as such Rating Agency shall reasonably request.

          (g) Notwithstanding any provision herein to the contrary each of the
Master Servicer, the Special Servicer or the Trustee shall deliver to any
Underwriter any report prepared by such party hereunder upon request.

          Section 11.12 Complete Agreement.

          This Agreement embodies the complete agreement among the parties and
may not be varied or terminated except by a written agreement conforming to the
provisions of Section 11.01. All prior negotiations or representations of the
parties are merged into this Agreement and shall have no force or effect unless
expressly stated herein.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

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

                                       WACHOVIA COMMERCIAL MORTGAGE
                                          SECURITIES, INC., Depositor

                                       By:  /s/  H. Royer Culp, Jr.
                                          --------------------------------------
                                          Name: H. Royer Culp, Jr.
                                          Title: Vice President

                                       WACHOVIA BANK, NATIONAL
                                          ASSOCIATION, Master Servicer

                                       By: /s/  Lisa K. Traylor
                                          --------------------------------------
                                          Name: Lisa K. Traylor
                                          Title: Director

                                       LNR PARTNERS, INC.,
                                          Special Servicer

                                       By:  /s/  Zena M. Dickstein
                                          --------------------------------------
                                          Name:  Zena M. Dickstein
                                          Title: Vice President

                                       WELLS FARGO BANK, N.A.,
                                          Trustee

                                       By:  /s/  Jack A. Aini
                                          --------------------------------------
                                          Name:   Jack A. Aini
                                          Title:  Vice President

<PAGE>

                                   EXHIBIT A-1

                          FORM OF CLASS A-1 CERTIFICATE

             CLASS A-1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: 5.405% per      Class Principal Balance of the Class A-1
annum                              Certificates as of the Closing Date:
                                   $47,618,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1,         Class A-1 Certificate as of the Closing Date:
2006                               $47,618,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-1-1              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-2 CERTIFICATES,
THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-1 Certificate (obtained by
dividing the principal amount of this Class A-1 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-1 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-1 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-1 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-1 Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-1 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-1 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-1 Certificates are exchangeable for new Class A-1 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-1 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-1 Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-1 Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-1
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-1 Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-2

                          FORM OF CLASS A-2 CERTIFICATE

             CLASS A-2 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: 5.624% per      Class Principal Balance of the Class A-2
annum                              Certificates as of the Closing Date:
                                   $265,958,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-2 Certificate as of the Closing Date:
                                   $265,958,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-2-1              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES,
THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-2 Certificate (obtained by
dividing the principal amount of this Class A-2 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-2 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-2 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-2 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-2 Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-2 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-2 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-2 Certificates are exchangeable for new Class A-2 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-2 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-2 Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-2 Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-2
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-2 Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-3

                         FORM OF CLASS A-PB CERTIFICATE

            CLASS A-PB COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: 5.727% per      Class Principal Balance of the Class A-PB
annum                              Certificates as of the Closing Date:
                                   $111,316,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-PB Certificate as of the Closing
                                   Date: $111,316,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-PB-1             CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-3 CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-PB Certificate (obtained by
dividing the principal amount of this Class A-PB Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-PB Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-PB Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-PB Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-PB Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-PB Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-PB Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-PB Certificates are exchangeable for new Class A-PB Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-PB Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-PB Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-PB Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-PB
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-1A,
Class A-M, Class A-J, Class B, Class C, Class D and Class E Certificates have
been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-PB Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-4-1

                          FORM OF CLASS A-3 CERTIFICATE

             CLASS A-3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class A-3
                                   Certificates as of the Closing Date:
                                   $1,087,613,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-3 Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-3-1              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-3 Certificate (obtained by
dividing the principal amount of this Class A-3 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-3 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-3 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-3 Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-3 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-3 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-3 Certificates are exchangeable for new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-3 Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-3 Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-3
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-3 Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-4-2

                          FORM OF CLASS A-3 CERTIFICATE

             CLASS A-3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class A-3
                                   Certificates as of the Closing Date:
                                   $1,087,613,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-3 Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-3-2              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-3 Certificate (obtained by
dividing the principal amount of this Class A-3 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-3 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-3 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-3 Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-3 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-3 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-3 Certificates are exchangeable for new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-3 Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-3 Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-3
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-3 Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-4-3

                          FORM OF CLASS A-3 CERTIFICATE

             CLASS A-3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class A-3
                                   Certificates as of the Closing Date:
                                   $1,087,613,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-3 Certificate as of the Closing Date:
                                   $87,613,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-3-3              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-3 Certificate (obtained by
dividing the principal amount of this Class A-3 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-3 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-3 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-3 Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-3 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-3 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-3 Certificates are exchangeable for new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-3 Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-3 Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-3
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-3 Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-5

                         FORM OF CLASS A-1A CERTIFICATE

            CLASS A-1A COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class A-1A
                                   Certificates as of the Closing Date:
                                   $643,432,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-1A Certificate as of the Closing
                                   Date: $643,432,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-1A-1             CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES AND THE CLASS A-3
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-1A Certificate (obtained by
dividing the principal amount of this Class A-1A Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-1A Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-1A Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee"), which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-1A Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-1A Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-1A Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-1A Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-1A Certificates are exchangeable for new Class A-1A Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-1A Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-1A Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-1A Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-1A
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-1A Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-6-1

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-P Certificates as of the Closing
                                   Date: $2,965,781,000

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-P
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-P-1              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate (obtained by
dividing the notional amount of this Class X-P Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-P Certificates (their "Aggregate Certificate__Notional Amount") as
of the Closing Date) in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the
"Paying Agent"), by wire transfer of immediately available funds to the account
of the Person entitled thereto at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Paying
Agent with wiring instructions no less than five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. Notwithstanding the foregoing, the final distribution on this
Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-P Certificates are exchangeable for new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-P Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-6-2

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-P Certificates as of the Closing
                                   Date: $2,965,781,000

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-P
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-P-2              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate (obtained by
dividing the notional amount of this Class X-P Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-P Certificates (their "Aggregate Certificate__Notional Amount") as
of the Closing Date) in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the
"Paying Agent"), by wire transfer of immediately available funds to the account
of the Person entitled thereto at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Paying
Agent with wiring instructions no less than five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. Notwithstanding the foregoing, the final distribution on this
Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-P Certificates are exchangeable for new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-P Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-6-3

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-P Certificates as of the Closing
                                   Date: $2,965,781,000

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-P
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-P-3              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate (obtained by
dividing the notional amount of this Class X-P Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-P Certificates (their "Aggregate Certificate__Notional Amount") as
of the Closing Date) in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the
"Paying Agent"), by wire transfer of immediately available funds to the account
of the Person entitled thereto at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Paying
Agent with wiring instructions no less than five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. Notwithstanding the foregoing, the final distribution on this
Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-P Certificates are exchangeable for new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-P Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-6-4

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-P Certificates as of the Closing
                                   Date: $2,965,781,000

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-P
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-P-4              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate (obtained by
dividing the notional amount of this Class X-P Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-P Certificates (their "Aggregate Certificate__Notional Amount") as
of the Closing Date) in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the
"Paying Agent"), by wire transfer of immediately available funds to the account
of the Person entitled thereto at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Paying
Agent with wiring instructions no less than five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. Notwithstanding the foregoing, the final distribution on this
Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-P Certificates are exchangeable for new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-P Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-6-5

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-P Certificates as of the Closing
                                   Date: $2,965,781,000

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-P
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-P-5              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate (obtained by
dividing the notional amount of this Class X-P Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-P Certificates (their "Aggregate Certificate__Notional Amount") as
of the Closing Date) in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the
"Paying Agent"), by wire transfer of immediately available funds to the account
of the Person entitled thereto at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Paying
Agent with wiring instructions no less than five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. Notwithstanding the foregoing, the final distribution on this
Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-P Certificates are exchangeable for new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-P Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-6-6

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-P Certificates as of the Closing
                                   Date: $2,965,781,000

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-P
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $465,781,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-P-6              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate (obtained by
dividing the notional amount of this Class X-P Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-P Certificates (their "Aggregate Certificate__Notional Amount") as
of the Closing Date) in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank, N.A., as paying agent (the
"Paying Agent"), by wire transfer of immediately available funds to the account
of the Person entitled thereto at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided the Paying
Agent with wiring instructions no less than five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. Notwithstanding the foregoing, the final distribution on this
Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-P Certificates are exchangeable for new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-P Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-7

                          FORM OF CLASS A-M CERTIFICATE

             CLASS A-M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class A-M
                                   Certificates as of the Closing Date:
                                   $307,991,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-M Certificate as of the Closing Date:
                                   $307,991,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-M-1              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB, THE CLASS A-3 CERTIFICATES, THE CLASS A-1A
CERTIFICATES, THE CLASS X-P CERTIFICATES AND THE CLASS X-C CERTIFICATES OF THE
SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES AND THE CLASS A-1A CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS A-J, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F,
CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P
AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-M Certificate (obtained by
dividing the principal amount of this Class A-M Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-M Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-M Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-M Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-M Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-M Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-M Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-M Certificates are exchangeable for new Class A-M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-M Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-M Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-M
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-M Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-8

                          FORM OF CLASS A-J CERTIFICATE

             CLASS A-J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class A-J
                                   Certificates as of the Closing Date:
                                   $223,293,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class A-J Certificate as of the Closing Date:
                                   $223,293,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. A-J-1              CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES AND
THE CLASS A-M CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES AND THE CLASS A-M CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS B, CLASS C, CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT
REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE
HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class A-J Certificate (obtained by
dividing the principal amount of this Class A-J Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-J Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-J Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which terms include any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-J Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-J Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-J Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class A-J Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class A-J Certificates are exchangeable for new Class A-J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class A-J Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-J Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-J
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class A-J Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-9

                           FORM OF CLASS B CERTIFICATE

              CLASS B COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class B
                                   Certificates as of the Closing Date:
                                   $69,298,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class B Certificate as of the Closing Date:
                                   $69,298,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. B-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES AND THE CLASS A-J CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES AND THE
CLASS A-J CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN
REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE
MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS C,
CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M,
CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED
TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class B Certificate (obtained by dividing
the principal amount of this Class B Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class B Certificates (their "Class Principal Balance") as of the Closing Date in
that certain beneficial ownership interest evidenced by all the Class B
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class B Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class B Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class B Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class B Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class B Certificates are exchangeable for new Class B Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class B Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class B Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
B Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class B
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class B Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-10

                           FORM OF CLASS C CERTIFICATE

              CLASS C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class C
                                   Certificates as of the Closing Date:
                                   $30,799,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class C Certificate as of the Closing Date:
                                   $30,799,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. C-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES AND THE CLASS B CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFCATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES AND THE CLASS B CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS D, CLASS E, CLASS F, CLASS G, CLASS H, CLASS J,
CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF
THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class C Certificate (obtained by dividing
the principal amount of this Class C Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class C Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class C
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class C Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class C Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class C Certificates are exchangeable for new Class C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class C Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-11

                           FORM OF CLASS D CERTIFICATE

              CLASS D COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class D
                                   Certificates as of the Closing Date:
                                   $7,700,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class D Certificate as of the Closing Date:
                                   $7,700,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. D-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES AND
THE CLASS C CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES AND THE CLASS C CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS E, CLASS F, CLASS G, CLASS
H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P AND CLASS Q
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES
EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class D Certificate (obtained by dividing
the principal amount of this Class D Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class D Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class D
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class D Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class D Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class D Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class D Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class D Certificates are exchangeable for new Class D Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class D Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class D Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
D Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, Special Servicer or
the Majority Subordinate Certificateholder at a price determined as provided in
the Agreement of all Mortgage Loans and each REO Property remaining in the Trust
Fund. The Agreement permits, but does not require, the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder to purchase from
the Trust Fund all Mortgage Loans and each REO Property remaining therein. The
exercise of such right will effect early retirement of the Class D Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date
specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class D Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-12

                           FORM OF CLASS E CERTIFICATE

              CLASS E COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class E
                                   Certificates as of the Closing Date:
                                   $38,499,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class E Certificate as of the Closing Date:
                                   $38,499,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. E-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES AND THE CLASS D CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES AND THE
CLASS D CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN
REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE
MONTHLY AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
IN ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS F,
CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P
AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class E Certificate (obtained by dividing
the principal amount of this Class E Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class E Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class E
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class E Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class E Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class E Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class E Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class E Certificates are exchangeable for new Class E Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class E Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No service charge will be imposed for any registration of
transfer or exchange of Class E Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
E Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, Special Servicer or
the Majority Subordinate Certificateholder at a price determined as provided in
the Agreement of all Mortgage Loans and each REO Property remaining in the Trust
Fund. The Agreement permits, but does not require, the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder to purchase from
the Trust Fund all Mortgage Loans and each REO Property remaining therein. The
exercise of such right will effect early retirement of the Class E Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date
specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class E Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-13-1

                           FORM OF CLASS F CERTIFICATE

              CLASS F COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class F
                                   Certificates as of the Closing Date:
                                   $26,949,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class F Certificate as of the Closing Date:
                                   $26,949,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. F-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES AND THE CLASS E CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES THE CLASS C CERTIFICATES, THE CLASS D
CERTIFICATES AND THE CLASS E CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M,
CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED
TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class F Certificate (obtained by dividing
the principal amount of this Class F Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class F Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class F
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class F Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class F Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class F Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class F Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class F Certificates are exchangeable for new Class F Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class F Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class F Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3 Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class F Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class F Certificate without registration or qualification. Any
Class F Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class F Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class F Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
F Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, Special Servicer or
the Majority Subordinate Certificateholder at a price determined as provided in
the Agreement of all Mortgage Loans and each REO Property remaining in the Trust
Fund. The Agreement permits, but does not require, the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder to purchase from
the Trust Fund all Mortgage Loans and each REO Property remaining therein. The
exercise of such right will effect early retirement of the Class F Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date
specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class F Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-13-2

                           FORM OF CLASS F CERTIFICATE

              CLASS F COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class F
                                   Certificates as of the Closing Date:
                                   $26,949,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class F Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. F-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES AND THE CLASS E CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES THE CLASS C CERTIFICATES, THE CLASS D
CERTIFICATES AND THE CLASS E CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M,
CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED
TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class F Certificate (obtained by dividing
the principal amount of this Class F Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class F Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class F
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class F Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class F Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class F Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class F Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class F Certificates are exchangeable for new Class F Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class F Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class F Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3 Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class F Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class F Certificate without registration or qualification. Any
Class F Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class F Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class F Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
F Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, Special Servicer or
the Majority Subordinate Certificateholder at a price determined as provided in
the Agreement of all Mortgage Loans and each REO Property remaining in the Trust
Fund. The Agreement permits, but does not require, the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder to purchase from
the Trust Fund all Mortgage Loans and each REO Property remaining therein. The
exercise of such right will effect early retirement of the Class F Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date
specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class F Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-14-1

                           FORM OF CLASS G CERTIFICATE

              CLASS G COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class G
                                   Certificates as of the Closing Date:
                                   $38,499,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class G Certificate as of the Closing Date:
                                   $38,499,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. G-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES AND
THE CLASS F CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES AND THE CLASS F CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS H, CLASS J, CLASS K, CLASS
L, CLASS M, CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE
MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS
SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class G Certificate (obtained by dividing
the principal amount of this Class G Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class G Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class G
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class G Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class G Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class G Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class G Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class G Certificates are exchangeable for new Class G Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class G Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class G Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class G Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class G Certificate without registration or qualification. Any
Class G Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class G Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class G Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
G Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class G
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class G Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-14-2

                           FORM OF CLASS G CERTIFICATE

              CLASS G COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class G
                                   Certificates as of the Closing Date:
                                   $38,499,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class G Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. G-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES AND
THE CLASS F CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES AND THE CLASS F CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS H, CLASS J, CLASS K, CLASS
L, CLASS M, CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE
MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS
SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class G Certificate (obtained by dividing
the principal amount of this Class G Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class G Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class G
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class G Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class G Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class G Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class G Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class G Certificates are exchangeable for new Class G Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class G Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class G Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class G Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class G Certificate without registration or qualification. Any
Class G Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class G Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class G Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
G Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class G
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class G Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-15-1

                           FORM OF CLASS H CERTIFICATE

              CLASS H COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class H
                                   Certificates as of the Closing Date:
                                   $34,649,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class H Certificate as of the Closing Date:
                                   $34,649,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. H-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES AND THE CLASS G CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES AND THE CLASS
G CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS J, CLASS
K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class H Certificate (obtained by dividing
the principal amount of this Class H Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class H Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class H
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class H Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class H Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class H Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class H Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class H Certificates are exchangeable for new Class H Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class H Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class H Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3 Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class H Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class H Certificate without registration or qualification. Any
Class H Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class H Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class H Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
H Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class H
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class H Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-15-2

                           FORM OF CLASS H CERTIFICATE

              CLASS H COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class H
                                   Certificates as of the Closing Date:
                                   $34,649,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class H Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. H-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES AND THE CLASS G CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES AND THE CLASS
G CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS J, CLASS
K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class H Certificate (obtained by dividing
the principal amount of this Class H Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class H Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class H
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class H Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class H Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class H Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class H Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class H Certificates are exchangeable for new Class H Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class H Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class H Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3 Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class H Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class H Certificate without registration or qualification. Any
Class H Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class H Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class H Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
H Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class H
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class H Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-16-1

                           FORM OF CLASS J CERTIFICATE

              CLASS J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class J
                                   Certificates as of the Closing Date:
                                   $34,649,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class J Certificate as of the Closing Date:
                                   $34,649,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. J-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES AND THE CLASS H CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES AND THE CLASS H CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P
AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class J Certificate (obtained by dividing
the principal amount of this Class J Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class J Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class J
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class J Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class J Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class J Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class J Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class J Certificates are exchangeable for new Class J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class J Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class J Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class J Certificate without registration or qualification. Any
Class J Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class J Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class J Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
J Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class J
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class J Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-16-2

                           FORM OF CLASS J CERTIFICATE

              CLASS J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class J
                                   Certificates as of the Closing Date:
                                   $34,649,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class J Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.
Certificate No. J-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES AND THE CLASS H CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES AND THE CLASS H CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS K, CLASS L, CLASS M, CLASS N, CLASS O, CLASS P
AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class J Certificate (obtained by dividing
the principal amount of this Class J Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class J Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class J
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class J Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class J Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class J Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class J Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class J Certificates are exchangeable for new Class J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class J Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class J Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class J Certificate without registration or qualification. Any
Class J Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class J Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class J Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
J Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class J
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class J Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-17-1

                           FORM OF CLASS K CERTIFICATE

              CLASS K COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class K
                                   Certificates as of the Closing Date:
                                   $19,249,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class K Certificate as of the Closing Date:
                                   $19,249,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. K-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES AND
THE CLASS J CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES AND THE CLASS J CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT
REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE
HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class K Certificate (obtained by dividing
the principal amount of this Class K Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class K Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class K
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class K Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class K Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class K Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class K Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class K Certificates are exchangeable for new Class K Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class K Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class K Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class K Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class K Certificate without registration or qualification. Any
Class K Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class K Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class K Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
K Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class K
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class K Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-17-2

                           FORM OF CLASS K CERTIFICATE

              CLASS K COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class K
                                   Certificates as of the Closing Date:
                                   $19,249,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class K Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. K-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES AND
THE CLASS J CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES AND THE CLASS J CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS L, CLASS M, CLASS N, CLASS
O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT
REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE
HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class K Certificate (obtained by dividing
the principal amount of this Class K Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class K Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class K
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class K Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class K Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class K Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class K Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class K Certificates are exchangeable for new Class K Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class K Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class K Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class K Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class K Certificate without registration or qualification. Any
Class K Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class K Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class K Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
K Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class K
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class K Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-18-1

                           FORM OF CLASS L CERTIFICATE

              CLASS L COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class L
                                   Certificates as of the Closing Date:
                                   $7,700,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class L Certificate as of the Closing Date:
                                   $7,700,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. L-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES AND THE CLASS K CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES AND THE CLASS K
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS M, CLASS
N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class L Certificate (obtained by dividing
the principal amount of this Class L Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class L Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class L
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class L Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class L Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class L Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class L Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class L Certificates are exchangeable for new Class L Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class L Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class L Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class L Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class L Certificate without registration or qualification. Any
Class L Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class L Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class L Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
L Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class L
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class L Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-18-2

                           FORM OF CLASS L CERTIFICATE

              CLASS L COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class L
                                   Certificates as of the Closing Date:
                                   $7,700,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class L Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. L-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES AND THE CLASS K CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES AND THE CLASS K
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS M, CLASS
N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class L Certificate (obtained by dividing
the principal amount of this Class L Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class L Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class L
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class L Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class L Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class L Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class L Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class L Certificates are exchangeable for new Class L Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class L Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class L Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class L Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class L Certificate without registration or qualification. Any
Class L Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class L Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class L Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
L Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class L
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class L Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-19-1

                           FORM OF CLASS M CERTIFICATE

              CLASS M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class M
                                   Certificates as of the Closing Date:
                                   $15,400,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class M Certificate as of the Closing Date:
                                   $15,400,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. M-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES AND THE CLASS L CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES AND THE CLASS L CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF
THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class M Certificate (obtained by dividing
the principal amount of this Class M Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class M Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class M
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class M Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class M Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class M Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class M Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class M Certificates are exchangeable for new Class M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class M Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class M Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class M Certificate without registration or qualification. Any
Class M Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class M Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class M Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
M Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class M
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class M Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-19-2

                           FORM OF CLASS M CERTIFICATE

              CLASS M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class M
                                   Certificates as of the Closing Date:
                                   $15,400,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class M Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. M-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES AND THE CLASS L CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES AND THE CLASS L CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS N, CLASS O, CLASS P AND CLASS Q CERTIFICATES OF
THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class M Certificate (obtained by dividing
the principal amount of this Class M Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class M Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class M
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class M Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class M Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class M Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class M Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class M Certificates are exchangeable for new Class M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class M Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class M Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class M Certificate without registration or qualification. Any
Class M Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class M Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class M Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
M Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class M
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class M Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-20-1

                           FORM OF CLASS N CERTIFICATE

              CLASS N COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class N
                                   Certificates as of the Closing Date:
                                   $3,850,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class N Certificate as of the Closing Date:
                                   $3,850,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. N-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES AND
THE CLASS M CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES AND THE CLASS M CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS O, CLASS P AND CLASS Q
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES
EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class N Certificate (obtained by dividing
the principal amount of this Class N Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class N Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class N
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class N Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class N Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class N Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class N Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class N Certificates are exchangeable for new Class N Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class N Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class N Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class N Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class N Certificate without registration or qualification. Any
Class N Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class N Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class N Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
N Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class N
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class N Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-20-2

                           FORM OF CLASS N CERTIFICATE

              CLASS N COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class N
                                   Certificates as of the Closing Date:
                                   $3,850,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class N Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. N-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES AND
THE CLASS M CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES AND THE CLASS M CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS O, CLASS P AND CLASS Q
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES
EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO HEREIN.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class N Certificate (obtained by dividing
the principal amount of this Class N Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class N Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class N
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class N Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class N Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class N Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class N Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class N Certificates are exchangeable for new Class N Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class N Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class N Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class N Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class N Certificate without registration or qualification. Any
Class N Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class N Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class N Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
N Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class N
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class N Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-21-1

                           FORM OF CLASS O CERTIFICATE

              CLASS O COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class O
                                   Certificates as of the Closing Date:
                                   $11,550,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class O Certificate as of the Closing Date:
                                   $11,550,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. O-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES,
THE CLASS M CERTIFICATES AND THE CLASS N CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS N
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS P AND
CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class O Certificate (obtained by dividing
the principal amount of this Class O Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class O Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class O
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class O Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class O Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class O Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class O Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class O Certificates are exchangeable for new Class O Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class O Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class O Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class O Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class O Certificate without registration or qualification. Any
Class O Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class O Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class O Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
O Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class O
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class O Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-21-2

                           FORM OF CLASS O CERTIFICATE

              CLASS O COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class O
                                   Certificates as of the Closing Date:
                                   $11,550,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class O Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. O-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES,
THE CLASS M CERTIFICATES AND THE CLASS N CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS N
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS P AND
CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class O Certificate (obtained by dividing
the principal amount of this Class O Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class O Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class O
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class O Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class O Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class O Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class O Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class O Certificates are exchangeable for new Class O Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class O Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class O Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class O Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class O Certificate without registration or qualification. Any
Class O Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class O Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class O Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
O Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class O
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class O Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-22-1

                           FORM OF CLASS P CERTIFICATE

              CLASS P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class P
                                   Certificates as of the Closing Date:
                                   $7,700,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class P Certificate as of the Closing Date:
                                   $7,700,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. P-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES,
THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES AND THE CLASS O CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N
CERTIFICATES AND THE CLASS O CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class P Certificate (obtained by dividing
the principal amount of this Class P Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class P Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class P
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class P Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class P Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class P Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class P Certificates are exchangeable for new Class P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class P Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class P Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class P Certificate without registration or qualification. Any
Class P Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class P Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class P Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-22-2

                           FORM OF CLASS P CERTIFICATE

              CLASS P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class P
                                   Certificates as of the Closing Date:
                                   $7,700,000

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class P Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. P-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES,
THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES AND THE CLASS O CERTIFICATES
OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N
CERTIFICATES AND THE CLASS O CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO,
DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS Q CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class P Certificate (obtained by dividing
the principal amount of this Class P Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class P Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class P
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class P Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class P Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class P Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class P Certificates are exchangeable for new Class P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class P Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class P Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class P Certificate without registration or qualification. Any
Class P Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class P Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class P Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
P Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class P Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-23-1

                           FORM OF CLASS Q CERTIFICATE

              CLASS Q COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class Q
                                   Certificates as of the Closing Date:
                                   $46,197,568

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class Q Certificate as of the Closing Date:
                                   $46,197,568

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. Q-1                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES,
THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES, THE CLASS O CERTIFICATES AND
THE CLASS P CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N
CERTIFICATES, THE CLASS O CERTIFICATES AND THE CLASS P CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class Q Certificate (obtained by dividing
the principal amount of this Class Q Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class Q Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class Q
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class Q Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class Q Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class Q Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class Q Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class Q Certificates are exchangeable for new Class Q Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class Q Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class Q Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class Q Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class Q Certificate without registration or qualification. Any
Class Q Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class Q Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class Q Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
Q Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class Q
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class Q Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-23-2

                           FORM OF CLASS Q CERTIFICATE

              CLASS Q COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Class Principal Balance of the Class Q
                                   Certificates as of the Closing Date:
                                   $46,197,568

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement: as of August 1, 2006    Class Q Certificate as of the Closing Date:
                                   $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. Q-2                CUSIP No. [_]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3 CERTIFICATES, THE CLASS
A-1A CERTIFICATES, THE CLASS X-P CERTIFICATES, THE CLASS X-C CERTIFICATES, THE
CLASS A-M CERTIFICATES, THE CLASS A-J CERTIFICATES, THE CLASS B CERTIFICATES,
THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E CERTIFICATES,
THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H CERTIFICATES,
THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L CERTIFICATES,
THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES, THE CLASS O CERTIFICATES AND
THE CLASS P CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-PB CERTIFICATES, THE CLASS A-3
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS A-M CERTIFICATES, THE CLASS
A-J CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N
CERTIFICATES, THE CLASS O CERTIFICATES AND THE CLASS P CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class Q Certificate (obtained by dividing
the principal amount of this Class Q Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class Q Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class Q
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class Q Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class Q Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class Q Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               Any distribution to the Holder of this Certificate in reduction
of the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

               The Class Q Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class Q Certificates are exchangeable for new Class Q Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class Q Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class Q Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class Q Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class Q Certificate without registration or qualification. Any
Class Q Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class Q Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class Q Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
Q Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class Q
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class Q Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-1

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate  Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-1              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-2

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate  Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-2              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-3

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-3              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-4

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-4              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-5

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-5              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-6

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $500,000,000

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-6              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-7

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date:
                                   $79,909,568

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-7              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                 EXHIBIT A-24-8

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable        Aggregate Certificate Notional Amount of the
                                   Class X-C Certificates as of the Closing
                                   Date: $3,079,909,568

Date of Pooling and Servicing      Certificate Notional Amount of this Class X-C
Agreement: as of August 1, 2006    Certificate as of the Closing Date: $0

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:
September 15, 2006

Master Servicer: Wachovia Bank,    Trustee: Wells Fargo Bank, N.A.
National Association

Special Servicer: LNR Partners,
Inc.

Certificate No. X-C-8              CUSIP No. [_]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

               This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate (obtained by
dividing the notional amount of this Class X-C Certificate (its "Certificate
Notional Amount") as of the Closing Date by the aggregate notional amount of all
the Class X-C Certificates (their "Aggregate Certificate Notional Amount") as of
the Closing Date) in that certain beneficial ownership interest evidenced by all
the Class X-C Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), LNR Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class X-C Certificates will be made by Wells Fargo Bank, N.A.,
as paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate (determined without regard to any possible
future reimbursement of any Realized Loss or Additional Trust Fund Expense
previously allocated to this Certificate) will be made in like manner, but only
upon presentation and surrender of this Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to the
Holder hereof of such final distribution. Also notwithstanding the foregoing,
any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

               The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
the Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class X-C Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the Initial
Purchaser or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee,
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class X-C Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
transfer of any Class X-C Certificate without registration or qualification. Any
Class X-C Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class X-C Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
X-C Certificates.

               Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-25

                          FORM OF CLASS R-I CERTIFICATE

             CLASS R-I COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Date of Pooling and Servicing      Percentage Interest evidenced by this
Agreement: August 1, 2006          Class R-I Certificate: 100%

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:           Trustee: Wells Fargo Bank, N.A.
September 15, 2006

Master Servicer: Wachovia Bank,    Special Servicer: LNR Partners, Inc.
National Association

Certificate No. R-I-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS A-PB, CLASS
A-3, CLASS A-1A, CLASS X-P, CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D,
CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N,
CLASS O, CLASS P, CLASS Q AND THE CLASS X-C CERTIFICATES OF THE SAME SERIES TO
THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS
CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE,
DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE AGREEMENT REFERRED TO HEREIN, INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

               This certifies that Wachovia Bank, National Association is the
registered owner of the Percentage Interest evidenced by this Class R-I
Certificate (as specified above) in that certain beneficial ownership interest
evidenced by all the Class R-I Certificates in the Trust Fund created pursuant
to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Wachovia Commercial Mortgage Securities, Inc. (herein called
the "Depositor", which term includes any successor entity under the Agreement),
Wachovia Bank, National Association (herein called the "Master Servicer", which
term includes any successor entity under the Agreement), LNR Partners, Inc.
(herein called the "Special Servicer", which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount, if any,
required to be distributed to the Holders of the Class R-I Certificates on the
applicable Distribution Date pursuant to the Agreement. All distributions made
under the Agreement on this Class R-I Certificate will be made by check mailed
to the address of the Person entitled thereto, as such name and address appear
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to Certificateholders
of such final distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               The Class R-I Certificates are issuable in fully registered form
only without coupons in minimum denominations representing Percentage Interests
specified in the Agreement. As provided in the Agreement and subject to certain
limitations therein set forth, Class R-I Certificates are exchangeable for new
Class R-I Certificates in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class R-I Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class R-I Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If a transfer of any R-I Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance thereof or the initial transfer thereof by the
Depositor or its affiliates), then the Certificate Registrar shall refuse to
register such transfer unless it receives either: (i) a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, the Paying
Agent or the Certificate Registrar is obligated to register or qualify the Class
R-I Certificates under the Securities Act or any other securities law or to take
any action not otherwise required under the Agreement to permit the transfer of
any Class R-I Certificate without registration or qualification. Any Class R-I
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class R-I Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No transfer of this Class R-I Certificate or any interest therein
shall be made to (A) a Plan or (B) any Person who is directly or indirectly
purchasing the Class R-I Certificate or interest therein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan (including, without
limitation, any insurance company using assets in its general or separate
account that may constitute assets of a Plan). As a condition to its
registration of transfer of this Class R-I Certificate, the Certificate
Registrar shall have the right to require the prospective transferee of such
Certificate, if it is not a Plan or Person described in clause (B) of the
preceding sentence, to execute a certification to that effect substantially in
the form of Exhibit H to the Agreement.

               This Certificate represents the "residual interest" in REMIC I as
defined in the Agreement. Each Person who has or who acquires any Ownership
Interest in this Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the provisions of Section
5.02(d) of the Agreement and, if any purported Transferee shall become a Holder
of this Certificate in violation of the provisions of such Section 5.02(d), to
have irrevocably authorized Wells Fargo Bank, N.A., as paying agent (the "Paying
Agent"), under clause (ii)(A) of such Section 5.02(d) to deliver payments to a
Person other than such Person and to have irrevocably authorized the Certificate
Registrar under clause (ii)(B) of such Section 5.02(d) to negotiate the terms of
any mandatory sale and to execute all instruments of Transfer and to do all
other things necessary in connection with any such sale. Each Person holding or
acquiring any Ownership Interest in this Certificate must be a Permitted
Transferee and shall promptly notify the Master Servicer, the Paying Agent and
the Certificate Registrar of any change or impending change in its status as a
Permitted Transferee. In connection with any proposed Transfer of any Ownership
Interest in this Certificate, the Certificate Registrar shall require delivery
to it, and shall not register the Transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit H-1
to the Agreement (a "Transfer Affidavit and Agreement") from the proposed
Transferee, in form and substance satisfactory to the Certificate Registrar,
representing and warranting, among other things, that such Transferee is a
Permitted Transferee, that it is not acquiring its Ownership Interest in this
Certificate as a nominee, trustee or agent for any Person that is not a
Permitted Transferee, that for so long as it retains its Ownership Interest in
this Certificate, it will endeavor to remain a Permitted Transferee, and that it
has reviewed the provisions of Section 5.02(d) of the Agreement and agrees to be
bound by them. Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in this Certificate to such
proposed Transferee shall be effected. The proposed Transferee must also state
in the Transfer Affidavit and Agreement that (A) it has historically paid its
debts as they have come due and intends to continue to pay its debts as they
come due in the future, (B) it understands that it may incur tax liabilities
with respect to this certificate in excess of cash flows generated thereby, (C)
it intends to pay any taxes associated with holding this certificate as they
become due, (D) it will not cause income from this certificate to be
attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of its own or of any other person
and (E) it will not transfer this certificate to any person or entity that does
not provide a similar affidavit. Any purported transfer to a disqualified
organization or other person that is not a permitted transferee or otherwise in
violation of these restrictions shall be absolutely null and void and shall vest
no rights in any purported transferee. If this certificate represents a
"non-economic residual interest", as defined in Treasury Regulations Section
1.860E-1(c), transfers of this certificate may be disregarded for federal income
tax purposes. In order to satisfy a regulatory safe harbor under which such
transfers will not be disregarded, the transferor may be required, among other
things, to satisfy itself as to the financial condition of the proposed
transferee and either to transfer at a minimum price or to an eligible
transferee as specified in regulations.

               Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to transfer its Ownership Interest
herein and (y) not to transfer its Ownership Interest unless it provides to the
Certificate Registrar a certificate substantially in the form attached as
Exhibit H-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Master Servicer and the
Paying Agent written notice that it is a "pass-through interest holder" within
the meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such
Ownership Interest on behalf of, a "pass-through interest holder".

               The provisions of Section 5.02(d) of the Agreement may be
modified, added to or eliminated, provided that there shall have been delivered
to the Certificate Registrar and the Master Servicer the following: (a) written
confirmation from each Rating Agency to the effect that the modification of,
addition to or elimination of such provisions will not cause such Rating Agency
to qualify, downgrade or withdraw its then-current ratings of any Class of
Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory
to the Certificate Registrar and the Master Servicer, obtained at the expense of
the party seeking such modification of, addition to or elimination of such
provisions (but in no event at the expense of the Trust Fund), to the effect
that such modification of, addition to or elimination of such provisions will
not cause the Trust Fund to (x) cease to qualify as two REMICs or (y) be subject
to an entity-level tax caused by the transfer of this Class R-I Certificate to a
Person which is not a Permitted Transferee, or cause a Person other than the
prospective Transferee to be subject to a REMIC-related tax caused by the
transfer of this Class R-I Certificate to a Person which is not a Permitted
Transferee.

               A "Permitted Transferee" is any Transferee of a Residual
Certificate other than a (i) Disqualified Organization, (ii) a Plan, (iii) a
Disqualified Non-United States Person, (iv) a United States Person treated as a
partnership for federal income tax purposes, any partner of which, directly or
indirectly (except through a U.S. corporation), is (or is permitted under the
related partnership agreement to be) a Disqualified Non-United States Person, or
(v) a United States Person with respect to whom income on the Residual
Certificate is allocable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of such Person or any
other United States Person. A "Disqualified Organization" is any of the
following: (i) the United States or a possession thereof, any State or any
political subdivision thereof, or any agency or instrumentality of any of the
foregoing (other than an instrumentality which is a corporation if all of its
activities are subject to tax and, except for FHLMC, a majority of its board of
directors is not selected by any such governmental unit), (ii) a foreign
government, international organization, or any agency or instrumentality of
either of the foregoing, (iii) any organization (except certain farmers'
cooperatives described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code (unless such organization is subject to the tax
imposed by Section 511 of the Code on unrelated business taxable income), (iv)
rural electric and telephone cooperatives described in Section 1381 of the Code
or (v) any other Person so designated by the Paying Agent or the Certificate
Registrar based upon an Opinion of Counsel (which shall not be an expense of the
Paying Agent) that the holding of an Ownership Interest in a Class R-I
Certificate by such Person may cause the Trust Fund or any Person having an
Ownership Interest in any Class of Certificates, other than such Person, to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of an Ownership Interest in a Class
R-I Certificate to such Person. The terms "United States", "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code or successor provisions.

               A "Disqualified Non-United States Person" is any Non-United
States Person or agent thereof other than (i) a Non-United States Person that
holds this Certificate in connection with the conduct of a trade or business
within the United States and has furnished the transferor and the Certificate
Registrar with an effective IRS Form W-8ECI (or successor form) or (ii) a
Non-United States Person that has delivered to both the transferor and the
Certificate Registrar an opinion of a nationally recognized tax counsel to the
effect that the transfer of this Certificate to it is in accordance with the
requirements of the Code and the regulations promulgated thereunder and that
such transfer of this Certificate will not be disregarded for federal income tax
purposes.

               A "Non-United States Person" is any Person other than a United
States Person. A "United States Person" is a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more United States
Persons have the authority to control all substantial decisions of the trust,
all within the meaning of Section 7701(a)(30) of the Code (or, to the extent
provided in applicable Treasury regulations, certain trusts in existence on
August 20, 1996, that are eligible to elect to be treated as United States
Persons).

               No service charge will be imposed for any registration of
transfer or exchange of Class R-I Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
R-I Certificates.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property therein. The
exercise of such right will effect early retirement of the Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date
specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class R-I Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-26

                         FORM OF CLASS R-II CERTIFICATE

            CLASS R-II COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Date of Pooling and Servicing      Percentage Interest evidenced by this
Agreement: August 1, 2006          Class R-II Certificate: 100%

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:           Trustee: Wells Fargo Bank, N.A.
September 15, 2006

Master Servicer: Wachovia Bank,    Special Servicer: LNR Partners, Inc.
National Association

Certificate No. R-II-1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS A-PB, CLASS
A-3, CLASS A-1A, CLASS X-P, CLASS A-M, CLASS A-J, CLASS B, CLASS C, CLASS D,
CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N,
CLASS O, CLASS P, CLASS Q AND CLASS X-C CERTIFICATES OF THE SAME SERIES TO THE
EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS
CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE,
DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE AGREEMENT REFERRED TO HEREIN, INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

               This certifies that Wachovia Bank, National Association is the
registered owner of the Percentage Interest evidenced by this Class R-II
Certificate (as specified above) in that certain beneficial ownership interest
evidenced by all the Class R-II Certificates in the Trust Fund created pursuant
to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Wachovia Commercial Mortgage Securities, Inc. (herein called
the "Depositor", which term includes any successor entity under the Agreement),
Wachovia Bank, National Association (herein called the "Master Servicer", which
term includes any successor entity under the Agreement), LNR Partners, Inc.
(herein called the "Special Servicer", which term includes any successor entity
under the Agreement) and Wells Fargo Bank, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount, if any,
required to be distributed to the Holders of the Class R-II Certificates on the
applicable Distribution Date pursuant to the Agreement. All distributions made
under the Agreement on this Class R-II Certificate will be made by check mailed
to the address of the Person entitled thereto, as such name and address appear
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to Certificateholders
of such final distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

               The Class R-II Certificates are issuable in fully registered form
only without coupons in minimum denominations representing Percentage Interests
specified in the Agreement. As provided in the Agreement and subject to certain
limitations therein set forth, Class R-II Certificates are exchangeable for new
Class R-II Certificates in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class R-II Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class R-II Certificate shall be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If a transfer of any R-II Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance thereof or the initial transfer thereof by the
Depositor or its affiliates), then the Certificate Registrar shall refuse to
register such transfer unless it receives either: (i) a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel satisfactory to the Certificate
Registrar to the effect that such transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, the Paying
Agent or the Certificate Registrar is obligated to register or qualify the Class
R-II Certificates under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
transfer of any Class R-II Certificate without registration or qualification.
Any Class R-II Certificateholder desiring to effect such a transfer shall, and
by the acceptance of its Class R-II Certificate agrees to, indemnify the
Trustee, the Certificate Registrar, the Paying Agent and the Depositor against
any liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.

               No transfer of this Class R-II Certificate or any interest
therein shall be made to (A) a Plan or (B) any Person who is directly or
indirectly purchasing the Class R-II Certificate or interest therein on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan (including,
without limitation, any insurance company using assets in its general or
separate account that may constitute assets of a Plan). As a condition to its
registration of transfer of this Class R-II Certificate, the Certificate
Registrar shall have the right to require the prospective transferee of such
Certificate, if it is not a Plan or Person described in clause (B) of the
preceding sentence, to execute a certification to that effect substantially in
the form of Exhibit H to the Agreement.

               This Certificate represents the "residual interest" in REMIC II,
as defined in the Agreement. Each Person who has or who acquires any Ownership
Interest in this Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the provisions of Section
5.02(d) of the Agreement and, if any purported Transferee shall become a Holder
of this Certificate in violation of the provisions of such Section 5.02(d), to
have irrevocably authorized Wells Fargo Bank, N.A., as paying agent (the "Paying
Agent"), under clause (ii)(A) of such Section 5.02(d) to deliver payments to a
Person other than such Person and to have irrevocably authorized the Certificate
Registrar under clause (ii)(B) of such Section 5.02(d) to negotiate the terms of
any mandatory sale and to execute all instruments of Transfer and to do all
other things necessary in connection with any such sale. Each Person holding or
acquiring any Ownership Interest in this Certificate must be a Permitted
Transferee and shall promptly notify the Master Servicer, the Paying Agent and
the Certificate Registrar of any change or impending change in its status as a
Permitted Transferee. In connection with any proposed Transfer of any Ownership
Interest in this Certificate, the Certificate Registrar shall require delivery
to it, and shall not register the Transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit H-1
to the Agreement (a "Transfer Affidavit and Agreement") from the proposed
Transferee, in form and substance satisfactory to the Certificate Registrar,
representing and warranting, among other things, that such Transferee is a
Permitted Transferee, that it is not acquiring its Ownership Interest in this
Certificate as a nominee, trustee or agent for any Person that is not a
Permitted Transferee, that for so long as it retains its Ownership Interest in
this Certificate, it will endeavor to remain a Permitted Transferee, and that it
has reviewed the provisions of Section 5.02(d) of the Agreement and agrees to be
bound by them. Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in this Certificate to such
proposed Transferee shall be effected. The proposed Transferee must also state
in the Transfer Affidavit and Agreement that (A) it has historically paid its
debts as they have come due and intends to continue to pay its debts as they
come due in the future, (B) it understands that it may incur tax liabilities
with respect to this certificate in excess of cash flows generated thereby, (C)
it intends to pay any taxes associated with holding this certificate as they
become due, (D) it will not cause income from this certificate to be
attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of its own or of any other person
and (E) it will not transfer this certificate to any person or entity that does
not provide a similar affidavit. Any purported transfer to a disqualified
organization or other person that is not a permitted transferee or otherwise in
violation of these restrictions shall be absolutely null and void and shall vest
no rights in any purported transferee. If this certificate represents a
"non-economic residual interest", as defined in Treasury Regulations Section
1.860E-1(c), transfers of this certificate may be disregarded for federal income
tax purposes. In order to satisfy a regulatory safe harbor under which such
transfers will not be disregarded, the transferor may be required, among other
things, to satisfy itself as to the financial condition of the proposed
transferee and either to transfer at a minimum price or to an eligible
transferee as specified in regulations.

               Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to transfer its Ownership Interest
herein and (y) not to transfer its Ownership Interest unless it provides to the
Certificate Registrar a certificate substantially in the form attached as
Exhibit H-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Master Servicer and the
Paying Agent written notice that it is a "pass-through interest holder" within
the meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such
Ownership Interest on behalf of, a "pass-through interest holder".

               The provisions of Section 5.02(d) of the Agreement may be
modified, added to or eliminated, provided that there shall have been delivered
to the Certificate Registrar and the Master Servicer the following: (a) written
confirmation from each Rating Agency to the effect that the modification of,
addition to or elimination of such provisions will not cause such Rating Agency
to qualify, downgrade or withdraw its then-current ratings of any Class of
Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory
to the Certificate Registrar and the Master Servicer, obtained at the expense of
the party seeking such modification of, addition to or elimination of such
provisions (but in no event at the expense of the Trust Fund), to the effect
that such modification of, addition to or elimination of such provisions will
not cause the Trust Fund to (x) cease to qualify as two REMICs or (y) be subject
to an entity-level tax caused by the Transfer of any Class R-II Certificate to a
Person which is not a Permitted Transferee, or cause a Person other than the
prospective Transferee to be subject to a REMIC-related tax caused by the
transfer of this Class R-II Certificate to a Person which is not a Permitted
Transferee.

               A "Permitted Transferee" is any Transferee of a Residual
Certificate other than a (i) Disqualified Organization, (ii) a Plan, (iii) a
Disqualified Non-United States Person, (iv) a United States Person treated as a
partnership for federal income tax purposes, any partner of which, directly or
indirectly (except through a U.S. corporation), is (or is permitted under the
related partnership agreement to be) a Disqualified Non-United States Person, or
(v) a United States Person with respect to whom income on the Residual
Certificate is allocable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of such Person or any
other United States Person. A "Disqualified Organization" is any of the
following: (i) the United States or a possession thereof, any State or any
political subdivision thereof, or any agency or instrumentality of any of the
foregoing (other than an instrumentality which is a corporation if all of its
activities are subject to tax and, except for FHLMC, a majority of its board of
directors is not selected by any such governmental unit), (ii) a foreign
government, international organization, or any agency or instrumentality of
either of the foregoing, (iii) any organization (except certain farmers'
cooperatives described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code (unless such organization is subject to the tax
imposed by Section 511 of the Code on unrelated business taxable income), (iv)
rural electric and telephone cooperatives described in Section 1381 of the Code
or (v) any other Person so designated by the Paying Agent or the Certificate
Registrar based upon an Opinion of Counsel (which shall not be an expense of the
Paying Agent) that the holding of an Ownership Interest in a Class R-II
Certificate by such Person may cause the Trust Fund or any Person having an
Ownership Interest in any Class of Certificates, other than such Person, to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of an Ownership Interest in a Class
R-II Certificate to such Person. The terms "United States", "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code or successor provisions.

               A "Disqualified Non-United States Person" is any Non-United
States Person or agent thereof other than (i) a Non-United States Person that
holds this Certificate in connection with the conduct of a trade or business
within the United States and has furnished the transferor and the Certificate
Registrar with an effective IRS Form W-8ECI (or successor form) or (ii) a
Non-United States Person that has delivered to both the transferor and the
Certificate Registrar an opinion of a nationally recognized tax counsel to the
effect that the transfer of this Certificate to it is in accordance with the
requirements of the Code and the regulations promulgated thereunder and that
such transfer of this Certificate will not be disregarded for federal income tax
purposes.

               A "Non-United States Person" is any Person other than a United
States Person. A "United States Person" is a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more United States
Persons have the authority to control all substantial decisions of the trust,
all within the meaning of Section 7701(a)(30) of the Code (or, to the extent
provided in applicable Treasury regulations, certain trusts in existence on
August 20, 1996, that are eligible to elect to be treated as United States
Persons).

               No service charge will be imposed for any registration of
transfer or exchange of Class R-II Certificates, but the Certificate Registrar
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
R-II Certificates.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-Off Date
specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class R-II Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-27

                           FORM OF CLASS Z CERTIFICATE

              CLASS Z COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C27

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Date of Pooling and Servicing      Percentage Interest evidenced by this Class Z
Agreement: August 1, 2006          Certificate: 100%

Closing Date: August 23, 2006      Aggregate Stated Principal Balance of the
                                   Mortgage Loans as of the Cut-Off Date:
                                   $3,079,909,568

First Distribution Date:           Trustee: Wells Fargo Bank, N.A.
September 15, 2006

Master Servicer: Wachovia Bank,    Special Servicer: LNR Partners, Inc.
National Association

Certificate No. Z-1

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF ADDITIONAL INTEREST AS SET FORTH IN THE AGREEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK, N.A., LNR PARTNERS,
INC., WACHOVIA BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY
AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS
CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE,
DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

               This certifies that Redwood Trust, Inc. is the registered owner
of the Percentage Interest evidenced by this Class Z Certificate (as specified
above) in that certain beneficial ownership interest evidenced by all the Class
Z Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), LNR Partners, Inc. (herein called the "Special Servicer",
which term includes any successor entity under the Agreement) and Wells Fargo
Bank, N.A. (herein called the "Trustee", which term includes any successor
entity under the Agreement), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement, distributions will be
made on the fourth Business Day following the related Determination Date (each,
a "Distribution Date"). The Determination Date is the 11th day of each month or,
if such 11th day is not a Business Day, the Business Day immediately succeeding,
commencing in September 2006 (each, a "Determination Date"). Distributions will
be made commencing on the first Distribution Date specified above, to the Person
in whose name this Certificate is registered at the close of business on the
last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class Z Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class Z Certificates will be made by Wells Fargo Bank, N.A., as
paying agent (the "Paying Agent"), by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Certificateholder shall have
provided the Paying Agent with wiring instructions no less than five Business
Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or
otherwise by check mailed to the address of such Certificateholder as it appears
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to the Holder hereof of
such final distribution.

               The Certificates are limited in right of distribution to certain
collections and recoveries of Additional Interest payable on the Mortgage Loans,
all as more specifically set forth herein and in the Agreement.

               The Class Z Certificates are issuable in fully registered form
only without coupons in minimum denominations representing Percentage Interests
specified in the Agreement. As provided in the Agreement and subject to certain
limitations therein set forth, Class Z Certificates are exchangeable for new
Class Z Certificates in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

               Any distribution to the Holder of this Certificate is binding on
such Holder and all future Holders of this Certificate and any Certificate
issued upon the transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such distribution is made upon this Certificate.

               As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class Z Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

               No transfer of any Class Z Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor or its
respective affiliates), then the Certificate Registrar shall refuse to register
such transfer unless it receives either: (i) a certificate from the
Certificateholder desiring to effect such transfer substantially in the form
attached as Exhibit F-1 to the Agreement, and a certificate from such
Certificateholder's prospective transferee substantially in the form attached as
either Exhibit F-2, Exhibit F-3, Exhibit F-4, Exhibit F-5 or Exhibit F-6 to the
Agreement; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such transfer from the Certificateholder desiring to
effect such transfer and/or such Certificateholder's prospective transferee on
which such Opinion of Counsel is based. None of the Depositor, the Trustee, the
Paying Agent or the Certificate Registrar is obligated to register or qualify
the Class Z Certificates under the Securities Act or any other securities law or
to take any action not otherwise required under the Agreement to permit the
transfer of any Class Z Certificate without registration or qualification. Any
Class Z Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class Z Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

               No service charge will be imposed for any registration of
transfer or exchange of Class Z Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
Z Certificates.

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

               The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class Z
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-Off Date specified on the face hereof.

               In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates (other than the Class Z, Class R-I and Class R-II
Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund may be made: (i) if the then outstanding Certificates (other than
the Class Z, Class R-I and Class R-II Certificates) are held by a single
Certificateholder and (ii) the Class A-1, Class A-2, Class A-PB, Class A-3,
Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D and Class E
Certificates have been paid in full.

               The Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and one grantor trust, without the consent of
the Holders of any of the Certificates.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

               The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust Fund (to the extent of its rights therein)
for distributions hereunder.

               This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, and the obligations, rights and remedies of the Holder
hereof shall be determined in accordance with such laws.

<PAGE>

               IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: August 23, 2006

                                   WELLS FARGO BANK, N.A., as Certificate
                                   Registrar

                                   By: _________________________________________
                                       Authorized Representative

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class Z Certificates referred to in the
within-mentioned Agreement.

                                   WELLS FARGO BANK, N.A., as Authenticating
                                   Agent

                                   By: _________________________________________
                                       Authorized Representative

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

               I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address: _____________________________
__________________________________________________.

Dated: _________________________

                                       _________________________________________
                                         Signature by or on behalf of Assignor

                                       _________________________________________
                                                 Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

               The Assignee should include the following for purposes of
distribution:

               Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

               Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

               This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.
<PAGE>

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
Mortgage Loan Number   Loan Group Number   Property Name
--------------------   -----------------   ---------------------------------------------------
<S>                    <C>                 <C>
                   1                   1   One Financial Place
                   2                   1   Prime Outlets Pool II(1)
                2.01                       Prime Outlets at Birch Run
                2.02                       Prime Outlets at Williamsburg
                2.03                       Prime Outlets at Hagerstown
                   3                   1   One Illinois Center
                   4                   1   BlueLinx Holdings Pool(1)
                4.01                       Blue Linx - Frederick, MD
                4.02                       Blue Linx - Bellingham, MA
                4.03                       Blue Linx - University Park, IL
                4.04                       Blue Linx - Lawrenceville, GA
                4.05                       Blue Linx - Yulee, FL
                4.06                       Blue Linx - Newark, CA
                4.07                       Blue Linx - Butner, NC
                4.08                       Blue Linx - Ft. Worth, TX
                4.09                       Blue Linx - City of Industry, CA
                4.10                       Blue Linx - Ypsilanti, MI
                4.11                       Blue Linx - National City, CA
                4.12                       Blue Linx - Englewood, CO
                4.13                       Blue Linx - Independence, KY
                4.14                       Blue Linx - Bridgeton, MO
                4.15                       Blue Linx - Beaverton, OR
                4.16                       Blue Linx - N. Kansas City, MO
                4.17                       Blue Linx - Tampa, FL
                4.18                       Blue Linx - Denville, NJ
                4.19                       Blue Linx - Woodinville, WA
                4.20                       Blue Linx - Denver, CO
                4.21                       Blue Linx - Miami, FL
                4.22                       Blue Linx - Riverside, CA
                4.23                       Blue Linx - Houston, TX
                4.24                       Blue Linx - Erwin, TN
                4.25                       Blue Linx - Maple Grove, MN
                4.26                       Blue Linx - Pensacola, FL
                4.27                       Blue Linx - Elkhart, IN
                4.28                       Blue Linx - Tulsa, OK
                4.29                       Blue Linx - Midfield, AL
                4.30                       Blue Linx - Newtown, CT
                4.31                       Blue Linx - Nashville, TN
                4.32                       Blue Linx - Charlotte, NC
                4.33                       Blue Linx - Allentown, PA
                4.34                       Blue Linx - San Antonio, TX
                4.35                       Blue Linx - Richmond, VA
                4.36                       Blue Linx - New Stanton Township, PA
                4.37                       Blue Linx - Albuquerque, NM
                4.38                       Blue Linx - Yaphank, NY
                4.39                       Blue Linx - Portland, ME
                4.40                       Blue Linx - Memphis, TN
                4.41                       Blue Linx - Shelburne, VT
                4.42                       Blue Linx - Fargo, ND
                4.43                       Blue Linx - Shreveport, LA
                4.44                       Blue Linx - Lake City, FL
                4.45                       Blue Linx - Little Rock, AR
                4.46                       Blue Linx - Virginia Beach, VA
                4.47                       Blue Linx - Tallmadge, OH
                4.48                       Blue Linx - Eagan, MN
                4.49                       Blue Linx - Springfield, MO
                4.50                       Blue Linx - Sioux Falls, SD
                4.51                       Blue Linx - El Paso, TX
                4.52                       Blue Linx - Des Moines, IA
                4.53                       Blue Linx - Harlingen, TX
                4.54                       Blue Linx - Grand Rapids, MI
                4.55                       Blue Linx - North Charleston, SC
                4.56                       Blue Linx - Wausau, WI
                4.57                       Blue Linx - Lubbock, TX
                4.58                       Blue Linx - Pearl, MS
                   5                   1   RLJ Hotel Pool(1)
                5.01                       Marriott - Denver, CO
                5.02                       Marriott - Bedford Park, IL
                5.03                       Renaissance - Plantantion, FL
                5.04                       Marriott - Austin, TX
                5.05                       Hilton Garden Inn - Bedford Park, IL
                5.06                       Residence Inn - Plantation, FL
                5.07                       Renaissance - Broomfield, CO
                5.08                       Courtyard - Salt Lake City, UT
                5.09                       Residence Inn Galleria - Houston, TX
                5.10                       Hampton Inn - Bedford Park, IL
                5.11                       Marriott - Pontiac, MI
                5.12                       Holiday Inn Express - Bedford Park, IL
                5.13                       Courtyard - Austin, TX
                5.14                       Springhill Suites - Austin, TX
                5.15                       Residence Inn - Round Rock, TX
                5.16                       Residence Inn - Austin, TX
                5.17                       Courtyard - Tampa, FL
                5.18                       Residence Inn - Pontiac, MI
                5.19                       Residence Inn - Schaumberg, IL
                5.20                       Sleep Inn - Bedford Park, IL
                5.21                       Springhill Suites - Schaumberg, IL
                5.22                       Fairfield Inn & Suites - Brandon, FL
                5.23                       Courtyard - Fort Wayne, IN
                5.24                       Courtyard - Louisville, KY
                5.25                       Courtyard - Merrillville, IN
                5.26                       Residence Inn - Louisville, CO
                5.27                       Residence Inn - Fishers, IN
                5.28                       Courtyard - Sugarland, TX
                5.29                       Residence Inn - Sugarland, TX
                5.30                       Fairfield Inn & Suites - Merrillville, IN
                5.31                       Courtyard - Mesquite, TX
                5.32                       Residence Inn - Merrillville, IN
                5.33                       Courtyard - Mishawaka, IN
                5.34                       Courtyard - Pontiac, MI
                5.35                       Residence Inn II - Austin, TX
                5.36                       Hampton Inn - Merrillville, IN
                5.37                       Holiday Inn Express - Merrillville, IN
                5.38                       Courtyard - Valparaiso, IN
                5.39                       Fairfield Inn & Suites - Austin, TX
                5.40                       Holiday Inn Select - Grand Rapids, MI
                5.41                       Residence Inn - South Bend, IN
                5.42                       Courtyard - Benton Harbor, MI
                5.43                       Fairfield Inn & Suites - Valparaiso, IN
                   6                   1   500-512 Seventh Avenue(1)
                   7                   1   Glendale Center
                   8                   1   Harden Ranch Plaza
                   9                   2   Bacara and Montelena at the Canyons
                  10                   1   Yuma Palms Regional Center
                  11                   1   Pan Am Building
                  12                   1   Embassy Suites - South Lake Tahoe, CA(3)
                  13                   1   Sierra Health Services
                  14                   1   Beverly Hills Office Pool
               14.01                       Wilshire Doheny Building
               14.02                       Wilshire La Peer Building
               14.03                       Wilshire Palm Building
                  15                   1   Montecito Plaza
                  16                   1   AIM Investments Corporate Campus
                  17                   2   Shorepark at Riverlake
                  18                   1   National Bank Plaza
                  19                   2   Vista Pointe Apartment Homes(4)
                  20                   2   Acacia Park Apartments
                  21                   1   Montrose Metro Centre I
                  22                   1   55 Francisco Street
                  23                   2   AMLI on Spring Mill(5)
                  24                   2   Woodcreek Apartments
                  25                   1   Regency Park Shopping Center
                  26                   2   Bay Village Apartments
                  27                   1   Encino Town Center
                  28                   2   Carmel Center(6)
                  29                   2   Hampton Bay Apartments
                  30                   1   Jay Street Technology Centre
                  31                   1   Philadelphia Design and Distribution Center
                  32                   2   Rancho Las Brisas Apartments(7)
                  33                   1   Cicero Market Place
                  34                   2   AMLI at Killian Creek
                  35                   1   Sheraton - Towson, MD
                  36                   1   Copperfield Village Shopping Center
                  37                   2   Bridford Lake
                  38                   1   Medici Apartment Homes
                  39                   1   315 South Beverly Drive
                  40                   1   Village Mall(8)
                  41                   1   DEA Building - Detroit(9)
                  42                   1   545 West 111th Street
                  43                   1   1200 South Avenue
                  44                   2   Sterling University Village
                  45                   1   Montrose Metro Centre II
                  46                   2   Conner Farms
                  47                   2   Park West End Apartments
                  48                   1   Midtown Plaza(10)
                  49                   2   Wilshire Place
                  50                   2   Oak Park Manor
                  51                   2   Springwells Park
                  52                   1   101 North Monroe Street
                  53                   1   Chino Towne Center
                  54                   2   AMLI at Eagle Creek
                  55                   1   Melville New York Pool
               55.01                       50 Republic Road
               55.02                       40 Marcus Drive
                  56                   2   Parkwood East Apartments
                  57                   1   Centennial Plaza
                  58                   1   Model T Plaza
                  59                   1   Hamilton Financial Center
                  60                   2   Villas by the Lake Apartments
                  61                   1   Hampton Inn - Charlotte, NC
                  62                   2   Champions Club Apartments
                  63                   2   Forest Hill MHP
                  64                   2   Lincoln Towers Apartments
                  65                   1   Carmel Village
                  66                   1   Point West Business Park
                  67                   1   North Oaks Village Pool
               67.01                       North Oaks Village Center Retail Center
               67.02                       Village Center Financial Building
               67.03                       Village Center Professional Building
                  68                   2   Adagio Apartments
                  69                   2   Lakeridge Apartments
                  70                   1   Cherry Creek Business Park
                  71                   1   Spring Hill Plaza
                  72                   1   Wrigley Marketplace
                  73                   1   Westbrooke Village Shopping Center North
                  74                   1   Shoppes at Brentwood Hills
                  75                   2   Deerwood Meadows
                  76                   1   10333 Harwin - Houston, TX
                  77                   2   The Cardinal
                  78                   1   Hampton Inn and Suites Tucson Mall - Tucson, AZ(11)
                  79                   1   Watauga Town Center
                  80                   1   Candler-McAfee
                  81                   1   Fountain Court
                  82                   1   Pinetree Plaza Shopping Center
                  83                   1   Concord Place
                  84                   1   Square Lake Park II
                  85                   1   Gaige House Inn - Glen Ellen, CA(12)
                  86                   2   Hill at Woodway Apartments
                  87                   1   Gander Mountain - Blaine, MN
                  88                   1   Westbrooke Village Shopping Center South
                  89                   1   Mack-Alter Square Shopping Center
                  90                   1   8070-8080 Melrose Avenue
                  91                   1   Courtyard by Marriott - Cromwell, CT
                  92                   2   Deerfield Woods
                  93                   2   Cedar Village MHP
                  94                   1   Walgreens-153 Kearny
                  95                   2   Arabian Gardens MHP
                  96                   1   TownePlace Suites - Tucson, AZ(13)
                  97                   1   Fairfield Inn - Hammond, IN
                  98                   1   8250-8256 Melrose Avenue
                  99                   1   Coolwood Plaza
                 100                   1   575 West Crossroads Parkway
                 101                   1   Sav-On - San Pedro, CA
                 102                   1   Wakefield Business Park
                 103                   1   Westwood MHC
                 104                   1   JC Penney - Independence, MO
                 105                   1   Lakeside @ Lyons
                 106                   1   Bernalillo Marketplace
                 107                   1   8007-8013 Melrose Avenue
                 108                   1   Pinebrook Commerce Center
                 109                   1   Sav-On - Duarte, CA
                 110                   1   17043 El Camino
                 111                   2   Stephenson House
                 112                   1   Comfort Inn - Mystic, CT
                 113                   1   Walgreens - Baltimore, MD
                 114                   1   1420 Chicago
                 115                   1   Holiday Inn Express - Southington, CT
                 116                   1   Fairfield Inn & Suites - Cherokee, NC
                 117                   2   Garden Valley MHC
                 118                   1   The Suffolk County Department of Health Building
                 119                   1   Days Inn - Asheville, NC(14)
                 120                   1   New Kent Crossing Shopping Center
                 121                   1   Comfort Suites - Pineville, NC
                 122                   1   Walgreens - Albany, OR
                 123                   1   Best Western - Ramsey, NJ(15)
                 124                   1   La Posada Lodge & Casitas - Tucson, AZ(16)
                 125                   1   Southern Shores
                 126                   1   Lakemont Ridge RV & MHC
                 127                   1   Walgreens - Christiansburg, VA
                 128                   1   Hawthorn Suites - Huntersville, NC
                 129                   1   The Latrobe Office Building
                 130                   1   Stonehue Retail Center
                 131                   1   San Antonio Retail Pool
              131.01                       South Flores Street
              131.02                       Churchill West Shopping Center
                 132                   1   Walgreens - Taylorville, IL
                 133                   1   Walgreens - New Kensington, PA
                 134                   1   Shell Creek Park
                 135                   1   Bangs MHP
                 136                   1   CVS - Orlando, FL
                 137                   1   Jacob Heights Phase III
                 138                   2   Lemans Apartments
                 139                   1   Sedalia Medical Office Building
                 140                   1   CVS - Robertsdale, AL
                 141                   1   CVS - Haines City, FL
                 142                   1   Walgreens - Glen Burnie, MD
                 143                   1   CVS - Gulfport, MS
                 144                   1   Big Lots Plaza
                 145                   1   Conn's - San Antonio, TX
                 146                   1   Irongate Village Shopping Center
                 147                   2   Pineview Apartments
                 148                   1   Kodiak Self Storage
                 149                   2   Sherwood & Bourne End Pool
              149.01                       Bourne End MHP
              149.02                       Sherwood Court MHP
                 150                   1   Office Depot - Warrensburg, MO
                 151                   1   CVS - Columbia, TN II
                 152                   1   CVS - Columbia, TN I
                 153                   1   Rocky Branch Shopping Center
                 154                   1   CVS - Portsmouth, OH
                 155                   1   Rite Aid - Cleveland, OH
                 156                   1   Rite Aid - Fremont, OH
                 157                   1   Family Dollar and Charter One Bank
                 158                   1   Quality Inn & Suites - Hickory, NC
                 159                   1   Advance Auto Parts - Holland Township, MI
                 160                   1   Crown Building
                 161                   1   Advance Auto Parts - Holland, MI
                 162                   1   Advance Auto Parts - Zeeland, MI

<CAPTION>
Mortgage Loan Number   Address                                                             City                   State     Zip Code
--------------------   -----------------------------------------------------------------   --------------------   -------   --------
<S>                    <C>                                                                 <C>                    <C>       <C>
                   1   440 South LaSalle Street                                            Chicago                IL           60605
                   2   Various                                                             Various                Various   Various
                2.01   12240 South Beyer Road                                              Birch Run              MI           48415
                2.02   5715-62A Richmond Road                                              Williamsburg           VA           23188
                2.03   495 Prime Outlets Boulevard                                         Hagerstown             MD           21740
                   3   111 East Wacker Drive                                               Chicago                IL           60611
                   4   Various                                                             Various                Various   Various
                4.01   4300 Georgia Pacific Boulevard                                      Frederick              MD           21704
                4.02   419 Maple Street                                                    Bellingham             MA           02019
                4.03   2101 Dralle Road                                                    University Park        IL           60466
                4.04   200 Hosea Road                                                      Lawrenceville          GA           30045
                4.05   86554 Gene Lasserre Boulevard                                       Yulee                  FL           32097
                4.06   38811 Cherry Street                                                 Newark                 CA           94560
                4.07   1712 D Street                                                       Butner                 NC           27509
                4.08   4747 Mark IV Parkway                                                Fort Worth             TX           76106
                4.09   14750 Nelson Avenue                                                 City of Industry       CA           91744
                4.10   6101 McKean Road                                                    Ypsilanti Township     MI           48197
                4.11   901 Bay Marina Drive                                                National City          CA           91950
                4.12   360 Inverness Drive South                                           Englewood              CO           80112
                4.13   10347 Toebben Drive                                                 Independence           KY           41051
                4.14   13860 Corporate Woods Trail                                         Bridgeton              MO           63044
                4.15   10515 SW Allen Street                                               Beaverton              OR           97005
                4.16   1727 Warren Street                                                  North Kansas City      MO           64116
                4.17   815 South 56th Street                                               Tampa                  FL           33619
                4.18   1 Luger Road                                                        Denville               NJ           07834
                4.19   12815 NE 178th Street                                               Woodinville            WA           98072
                4.20   3900 Uvalda Street                                                  Denver                 CO           80239
                4.21   3201 NW 110th Street                                                Miami                  FL           33167
                4.22   1450 Citrus Street                                                  Riverside              CA           92507
                4.23   650 Gellhorn Drive                                                  Houston                TX           77029
                4.24   1040 South Industrial Boulevard                                     Erwin                  TN           37650
                4.25   8175 Jefferson Highway                                              Maple Grove            MN           55369
                4.26   4601 McCoy Drive                                                    Pensacola              FL           32503
                4.27   225 Collins Road                                                    Elkhart                IN           46516
                4.28   5717 North Mingo                                                    Tulsa                  OK           74117
                4.29   1523 Industrial Boulevard                                           Midfield               AL           35228
                4.30   27 South Main Street                                                Newtown                CT           06470
                4.31   331 28Th Ave North                                                  Nashville              TN           37209
                4.32   3300 Parkside Drive                                                 Charlotte              NC           28208
                4.33   6980 Snowdrift Road                                                 Allentown              PA           18106
                4.34   535 N Ww White Road                                                 San Antonio            TX           78219
                4.35   4700 Bethlehem Road                                                 Richmond               VA           23230
                4.36   Old Route 119 & Hunker Road                                         New Stanton Township   PA           15672
                4.37   1820 Bellamah Avenue NW                                             Albuquerque            NM           87104
                4.38   319 Yaphank Avenue                                                  Yaphank                NY           11980
                4.39   508 Warren Avenue                                                   Portland               ME           04103
                4.40   4287 Pilot Drive                                                    Memphis                TN           38118
                4.41   142 Pine Haven Shore Road                                           Shelburne              VT           05482
                4.42   3941 15th Avenue North                                              Fargo                  ND           58102
                4.43   2801 Valley View Drive                                              Shreveport             LA           71108
                4.44   694 SE County Road 245                                              Lake City              FL           32025
                4.45   3101 Dugan Street                                                   Little Rock            AR           72206
                4.46   200 Price Street                                                    Virginia Beach         VA           23462
                4.47   550 Munroe Falls Road                                               Tallmadge              OH           44278
                4.48   2871 West Service Road                                              Eagan                  MN           55121
                4.49   3220 East Cherry Street                                             Springfield            MO           65802
                4.50   4501 North 4th Avenue                                               Sioux Falls            SD           57104
                4.51   6990 Market Street                                                  El Paso                TX           79915
                4.52   5631 NE 17th Street                                                 Des Moines             IA           50313
                4.53   3028 Wilson Road                                                    Harlingen              TX           78552
                4.54   825 Buchanan Avenue SW                                              Grand Rapids           MI           49507
                4.55   4290 Atlanta Street                                                 North Charleston       SC           29418
                4.56   809 South 62nd Avenue                                               Wausau                 WI           54401
                4.57   702 East 44th Street                                                Lubbock                TX           79404
                4.58   555 Gulf Line Road                                                  Pearl                  MS           39208
                   5   Various                                                             Various                Various   Various
                5.01   10345 Park Meadows Drive                                            Denver                 CO           80124
                5.02   6520 S Cicero Avenue                                                Bedford Park           IL           60638
                5.03   1230 Pine Island Road                                               Plantation             FL           33324
                5.04   4415 S IH 35                                                        Austin                 TX           78744
                5.05   6530 S Cicero Avenue                                                Bedford Park           IL           60638
                5.06   130 N University Drive                                              Plantation             FL           33324
                5.07   500 Flatiron Boulevard                                              Broomfield             CO           80021
                5.08   4843 W Douglas Corrigan                                             Salt Lake City         UT           84116
                5.09   2500 McCue Road                                                     Houston                TX           77056
                5.10   6540 S Cicero Avenue                                                Bedford Park           IL           60638
                5.11   3600 Centerpoint Parkway                                            Pontiac                MI           48341
                5.12   6500 S Cicero Avenue                                                Bedford Park           IL           60638
                5.13   9409 Stonelake Boulevard                                            Austin                 TX           78759
                5.14   4501 S IH 35                                                        Austin                 TX           78744
                5.15   2505 S IH 35                                                        Round Rock             TX           78664
                5.16   3713 Tudor Boulevard                                                Austin                 TX           78759
                5.17   10152 Palm River Road                                               Tampa                  FL           33619
                5.18   3333 Centerpoint Parkway                                            Pontiac                MI           48341
                5.19   1610 McConnor Parkway                                               Schaumburg             IL           60173
                5.20   6650 S Cicero Avenue                                                Bedford Park           IL           60638
                5.21   1550 McConnor Parkway                                               Schaumburg             IL           60173
                5.22   10150 Palm River Road                                               Brandon                FL           33619
                5.23   1619 W Washington Center Road                                       Fort Wayne             IN           46818
                5.24   10200 Champion Farms Drive                                          Louisville             KY           40241
                5.25   7850 Rhode Island Avenue                                            Merrillville           IN           46410
                5.26   845 Coal Creek Circle                                               Louisville             CO           80027
                5.27   9765 Crosspoint Boulevard                                           Fishers                IN           46256
                5.28   12655 Southwest Freeway                                             Sugarland              TX           77477
                5.29   12703 Southwest Freeway                                             Sugarland              TX           77477
                5.30   8275 Georgia Street                                                 Merrillville           IN           46410
                5.31   2300 Highway 67                                                     Mesquite               TX           75150
                5.32   8018 Delaware Place                                                 Merrillville           IN           46410
                5.33   4825 North Main Street                                              Mishawaka              IN           46545
                5.34   3555 Centerpoint Parkway                                            Pontiac                MI           48341
                5.35   4537 S IH-35                                                        Austin                 TX           78744
                5.36   8353 Georgia Street                                                 Merrillville           IN           46410
                5.37   8375 Georgia Street                                                 Merrillville           IN           46410
                5.38   2301 E Morthland Drive                                              Valparaiso             IN           46383
                5.39   4525 S IH 35                                                        Austin                 TX           78744
                5.40   3063 Lake Eastbrook Boulevard                                       Grand Rapids           MI           49512
                5.41   716 N Niles Avenue                                                  South Bend             IN           46617
                5.42   1592 Mall Drive                                                     Benton Harbor          MI           49022
                5.43   2101 E Morthland Drive                                              Valparaiso             IN           46383
                   6   500 & 512 Seventh Avenue, 228 West 38th Street                      New York               NY           10018
                   7   611 North Brand Boulevard                                           Glendale               CA           91203
                   8   1490 North Main Street                                              Salinas                CA           93906
                   9   19920 and 19940 North 23rd Avenue                                   Phoenix                AZ           85027
                  10   1305-1550 South Yuma Palms Parkway                                  Yuma                   AZ           85365
                  11   1600 Kapiolani Boulevard                                            Honolulu               HI           96813
                  12   4130 Lake Tahoe Boulevard                                           South Lake Tahoe       CA           96150
                  13   2716 North Tenaya Way                                               Las Vegas              NV           89128
                  14   Various                                                             Beverly Hills          CA           90211
               14.01   9090 Wilshire Boulevard                                             Beverly Hills          CA           90211
               14.02   8942 Wilshire Boulevard                                             Beverly Hills          CA           90211
               14.03   9150 Wilshire Boulevard                                             Beverly Hills          CA           90211
                  15   209-473 Third Street                                                San Rafael             CA           94901
                  16   4350, 4340, 4346 South Monaco Street                                Denver                 CO           80237
                  17   7952 Pocket Road                                                    Sacramento             CA           95831
                  18   3101 North Central Avenue                                           Phoenix                AZ           85012
                  19   175 South Rio Vista Street                                          Anaheim                CA           92806
                  20   5280 North Little Mountain Drive                                    San Bernardino         CA           92407
                  21   11921 Rockville Pike                                                Rockville              MD           20852
                  22   55 Francisco Street                                                 San Francisco          CA           94111
                  23   14637 Handel Drive                                                  Carmel                 IN           46032
                  24   3280 SW 170th Avenue                                                Beaverton              OR           97007
                  25   9148 Metcalf Avenue                                                 Overland Park          KS           66212
                  26   1107 Porter Street                                                  Vallejo                CA           94590
                  27   17130-17240 Ventura Boulevard                                       Encino                 CA           91316
                  28   675 Beacon Street                                                   Carmel                 IN           46032
                  29   6305 South 238th Place                                              Kent                   WA           98032
                  30   3101-3151 Jay Street                                                Santa Clara            CA           95054
                  31   4422-88 Wissahickon Avenue                                          Philadelphia           PA           19144
                  32   40125 Los Alamos Road                                               Murrieta               CA           92562
                  33   5701 East Circle Drive                                              Cicero                 NY           13039
                  34   2300 Country Walk                                                   Snellville             GA           30039
                  35   903 Dulaney Valley Road                                             Towson                 MD           21204
                  36   7081 State Highway 6 North                                          Houston                TX           77084
                  37   1150 Bridford Lake Circle                                           Greensboro             NC           27407
                  38   4450 El Centro Road                                                 Sacramento             CA           95834
                  39   315 South Beverly Drive                                             Beverly Hills          CA           90212
                  40   2917 North Vermilion Street                                         Danville               IL           61832
                  41   431 Howard Street                                                   Detroit                MI           48226
                  42   545 West 111th Street                                               New York               NY           10025
                  43   1200 South Avenue                                                   Staten Island          NY           10314
                  44   117 Holleman Drive West                                             College Station        TX           77840
                  45   11919 Rockville Pike                                                Rockville              MD           20852
                  46   11400 Gables Drive                                                  Fishers                IN           46038
                  47   5300 Glenside Drive                                                 Richmond               VA           23228
                  48   1800 Snow Road                                                      Cleveland              OH           44134
                  49   6000 Hollister Street                                               Houston                TX           77040
                  50   13600 Kenwood Street                                                Oak Park               MI           48237
                  51   15630 Middlebury Drive                                              Dearborn               MI           48120
                  52   101 North Monroe Street                                             Tallahassee            FL           32301
                  53   12101-12233 Central Avenue                                          Chino                  CA           91710
                  54   5525 Elkhorn Drive                                                  Indianapolis           IN           46254
                  55   Various                                                             Melville               NY           11747
               55.01   50 Republic Road                                                    Melville               NY           11747
               55.02   40 Marcus Drive                                                     Melville               NY           11747
                  56   1720 Kirkwood Drive                                                 Fort Collins           CO           80525
                  57   NWC West 5th Street and South A Street                              Oxnard                 CA           93030
                  58   14100-14140 Woodward Avenue                                         Highland Park          MI           48203
                  59   9201 Fourth Avenue                                                  Brooklyn               NY           11209
                  60   1 Lakeview Way                                                      Jonesboro              GA           30238
                  61   6700 Phillips Place Court                                           Charlotte              NC           28210
                  62   4200 Harwin Place                                                   Glen Allen             VA           23060
                  63   7700-7800 Forest Hill Drive                                         Fort Worth             TX           76140
                  64   15075 Lincoln Road                                                  Oak Park               MI           48237
                  65   7510 Pineville-Matthews Road                                        Charlotte              NC           28226
                  66   1800-1832 Tribute Road                                              Sacramento             CA           95815
                  67   Various                                                             North Oaks             MN           55127
               67.01   111-123 & 845-895 Village Center Drive                              North Oaks             MN           55127
               67.02   100 Village Center Drive                                            North Oaks             MN           55127
               67.03   700 Village Center Drive                                            North Oaks             MN           55127
                  68   15645 North 35th Avenue                                             Phoenix                AZ           85053
                  69   6155 Plumas Street                                                  Reno                   NV           89519
                  70   7808 Cherry Creek Drive South                                       Denver                 CO           80231
                  71   4935 Columbia Pike                                                  Spring Hill            TN           37174
                  72   141-281 East Willow Street                                          Long Beach             CA           90806
                  73   7311-7399 Quivira Road                                              Shawnee                KS           66216
                  74   782 Old Hickory Boulevard                                           Nashville              TN           37027
                  75   6400 Old Oak Ridge Road                                             Greensboro             NC           27410
                  76   10333 Harwin Drive                                                  Houston                TX           77036
                  77   6400 Oak Ridge Road                                                 Greensboro             NC           27410
                  78   5950 North Oracle Road                                              Tucson                 AZ           85704
                  79   8428 Denton Highway                                                 Watauga                TX           76148
                  80   2000 candler road                                                   Decatur                GA           30032
                  81   6255 Manatee Avenue West                                            Bradenton              FL           34209
                  82   US 50 at State Highway 291                                          Lees Summit            MO           64063
                  83   10638 Concord Road                                                  Brentwood              TN           37027
                  84   1750 South Telegraph                                                Bloomfield Township    MI           48302
                  85   13540 Arnold Drive                                                  Glen Ellen             CA           95442
                  86   10951 Laureate Drive                                                San Antonio            TX           78249
                  87   10650 Baltimore Street NE                                           Blaine                 MN           55449
                  88   7405-7471 Quivira Road                                              Shawnee                KS           66216
                  89   14630-14820 Mack Avenue                                             Detroit                MI           48215
                  90   8070-8080 Melrose Avenue and 662 North Crescent Heights Boulevard   Los Angeles            CA           90046
                  91   4 Sebethe Drive                                                     Cromwell               CT           06416
                  92   19559 Farmington Road                                               Livonia                MI           48152
                  93   10701 Cedar Avenue                                                  Bloomington            CA           92316
                  94   153 Kearny Street                                                   San Francisco          CA           94108
                  95   81600 Fred Waring Drive                                             Indio                  CA           92201
                  96   405 West Rudasill Road                                              Tucson                 AZ           85704
                  97   7720 Corinne Drive                                                  Hammond                IN           46323
                  98   8250-8256 Melrose Avenue and 661 North Harper Avenue                Los Angeles            CA           90046
                  99   2168-2274 U.S. Highway 30                                           Valparaiso             IN           46385
                 100   575 West Crossroads Parkway                                         Bolingbrook            IL           60440
                 101   700 South Gaffney Street                                            San Pedro              CA           90731
                 102   1512-1518 Jabez Run Road                                            Millersville           MD           21108
                 103   100 Westwood Circle                                                 Macon                  GA           31206
                 104   17610 East 39th Street                                              Independence           MO           64055
                 105   6810 & 6820 Lyons Technology Circle                                 Coconut Creek          FL           33073
                 106   120-180 East US HIghway 550                                         Bernalillo             NM           87004
                 107   8007-8013 Melrose Avenue                                            Los Angeles            CA           90046
                 108   2470 Satellite Boulevard                                            Duluth                 GA           30096
                 109   2315, 2325-2327 Huntington Drive                                    Duarte                 CA           91010
                 110   17043-17049 El Camino Real                                          Houston                TX           77058
                 111   27700 Stephenson Highway                                            Madison Heights        MI           48071
                 112   48 Whitehall Avenue                                                 Mystic                 CT           06355
                 113   6301 York Road                                                      Baltimore              MD           21212
                 114   1420 Chicago Avenue                                                 Evanston               IL           60201
                 115   120 Laning Street                                                   Southington            CT           06489
                 116   568 Painttown Road                                                  Cherokee               NC           28719
                 117   8622 South Zarzamora Street                                         San Antonio            TX           78224
                 118   225 Rabro Drive                                                     Hauppauge              NY           11788
                 119   201 Tunnel Road                                                     Asheville              NC           28805
                 120   2583 New Kent Highway                                               Quinton                VA           23141
                 121   10415 Centrum Parkway                                               Pineville              NC           28134
                 122   1700 Pacific Boulevard SE                                           Albany                 OR           97321
                 123   1315 Route 17 South                                                 Ramsey                 NJ           07446
                 124   5900 North Oracle Road                                              Tucson                 AZ           85704
                 125   1 Ocean Boulevard                                                   Southern Shores        NC           27949
                 126   2000 Maine Street                                                   Frostproof             FL           33843
                 127   2460 North Franklin Street                                          Christiansburg         VA           24073
                 128   16905 Caldwell Creek                                                Huntersville           NC           28078
                 129   901 North Charles Street                                            Baltimore              MD           21201
                 130   20323 Huebner Road                                                  San Antonio            TX           78258
                 131   Various                                                             San Antonio            TX        Various
              131.01   6723 South Flores Street                                            San Antonio            TX           78221
              131.02   1031 Patricia Drive                                                 San Antonio            TX           78213
                 132   315 North Webster Street                                            Taylorville            IL           62568
                 133   2455 Leechburg Road                                                 New Kensington         PA           15068
                 134   35711 Washington Loop Road                                          Punta Gorda            FL           33982
                 135   30 Kendall Pond Road                                                Derry                  NH           03038
                 136   13300 East Colonial Drive                                           Orlando                FL           32826
                 137   533 Joseph Path                                                     Mankato                MN           56001
                 138   945 East 4500 South                                                 Salt Lake City         UT           84117
                 139   1521 Hendron Road                                                   Groveport              OH           43125
                 140   21975 Highway 59                                                    Robertsdale            AL           36567
                 141   35799 US Highway 27                                                 Haines City            FL           33844
                 142   6700 Ritchie Highway                                                Glen Burnie            MD           21061
                 143   1422 East Pass Road                                                 Gulf Port              MS           39507
                 144   6569 Sawmill Road                                                   Dublin                 OH           43017
                 145   11751 West FM 1604                                                  San Antonio            TX           78250
                 146   2345 Memorial Drive (U.S. 231)                                      Murfreesboro           TN           37129
                 147   700 Pollard Street                                                  Jasper                 TX           75951
                 148   4971 Stough Road                                                    Concord                NC           28027
                 149   Various                                                             Peru                   IN           46970
              149.01   3 Wycombe Drive                                                     Peru                   IN           46970
              149.02   906 West Main Street                                                Peru                   IN           46970
                 150   133 East Parsons Avenue                                             Warrensburg            MO           64093
                 151   627 S. James Campbell Boulevard                                     Columbia               TN           38401
                 152   814 Nashville Highway                                               Columbia               TN           38401
                 153   3511 East Race Avenue Street                                        Searcy                 AR           72143
                 154   2812 Scioto Trail                                                   Portsmouth             OH           45662
                 155   3402 Clark Avenue                                                   Cleveland              OH           44109
                 156   2020 West State Street                                              Fremont                OH           43420
                 157   12212-12224 Madison Avenue                                          Lakewood               OH           10019
                 158   1725 13th Avenue Drive Northwest                                    Hickory                NC           28601
                 159   12424 Riley Street                                                  Holland                MI           49424
                 160   1451 Quail Street                                                   Newport Beach          CA           92660
                 161   927 South Washington                                                Holland                MI           49423
                 162   59 West Washington                                                  Zeeland                MI           49464

<CAPTION>
Mortgage Loan Number   County                Cut-Off Date Loan Balance ($)   Monthly P&I Payments ($)   Grace Days
--------------------   -------------------   -----------------------------   ------------------------   -----------------
<S>                    <C>                   <C>                             <C>                        <C>
                   1   Cook                                 163,600,000.00   IO
                   2   Various                              150,000,000.00                 879,680.66
                2.01   Saginaw
                2.02   James City
                2.03   Washington
                   3   Cook                                 148,500,000.00                 918,206.81
                   4   Various                              147,500,000.00                 917,797.67                   5
                4.01   Frederick
                4.02   Norfolk
                4.03   Will
                4.04   Gwinnett
                4.05   Nassau
                4.06   Alameda
                4.07   Granville
                4.08   Tarrant
                4.09   Los Angeles
                4.10   Washtenaw
                4.11   San Diego
                4.12   Douglas
                4.13   Boone
                4.14   Saint Louis
                4.15   Washington
                4.16   Clay
                4.17   Hillsborough
                4.18   Morris
                4.19   King
                4.20   Denver
                4.21   Miami-Dade
                4.22   Riverside
                4.23   Harris
                4.24   Unicoi
                4.25   Hennepin
                4.26   Escambia
                4.27   Elkhart
                4.28   Tulsa
                4.29   Jefferson
                4.30   Fairfield
                4.31   Davidson
                4.32   Mecklenburg
                4.33   Lehigh
                4.34   Bexar
                4.35   Henrico
                4.36   Westmoreland
                4.37   Bernalillo
                4.38   Suffolk
                4.39   Cumberland
                4.40   Shelby
                4.41   Chittenden
                4.42   Cass
                4.43   Caddo Parish
                4.44   Columbia
                4.45   Pulaski
                4.46   Virginia Beach City
                4.47   Summit
                4.48   Dakota
                4.49   Greene
                4.50   Minnehaha
                4.51   El Paso
                4.52   Polk
                4.53   Cameron
                4.54   Kent
                4.55   Charleston
                4.56   Marathon
                4.57   Lubbock
                4.58   Rankin
                   5   Various                              146,092,500.00                 903,701.52                   5
                5.01   Douglas
                5.02   Cook
                5.03   Broward
                5.04   Travis
                5.05   Cook
                5.06   Broward
                5.07   Boulder
                5.08   Salt Lake
                5.09   Harris
                5.10   Cook
                5.11   Oakland
                5.12   Cook
                5.13   Travis
                5.14   Travis
                5.15   Williamson
                5.16   Travis
                5.17   Hillsborough
                5.18   Oakland
                5.19   Cook
                5.20   Cook
                5.21   Cook
                5.22   Hillsborough
                5.23   Allen
                5.24   Jefferson
                5.25   Lake
                5.26   Boulder
                5.27   Hamilton
                5.28   Fort Bend
                5.29   Fort Bend
                5.30   Lake
                5.31   Dallas
                5.32   Lake
                5.33   St Joseph
                5.34   Oakland
                5.35   Travis
                5.36   Lake
                5.37   Lake
                5.38   Porter
                5.39   Travis
                5.40   Kent
                5.41   Saint Joseph
                5.42   Berrien
                5.43   Porter
                   6   New York                             137,314,250.10                 861,399.20
                   7   Los Angeles                          125,000,000.00   IO
                   8   Monterey                              75,700,000.00                 446,585.29
                   9   Maricopa                              63,000,000.00   IO
                  10   Yuma                                  62,530,000.00   IO
                  11   Honolulu                              60,000,000.00   IO
                  12   El Dorado                             59,358,226.66                 379,363.34
                  13   Clark                                 50,750,000.00   IO
                  14   Los Angeles                           47,000,000.00   IO
               14.01   Los Angeles
               14.02   Los Angeles
               14.03   Los Angeles
                  15   Marin                                 45,000,000.00   IO
                  16   Denver                                43,700,000.00   IO
                  17   Sacramento                            38,800,000.00   IO
                  18   Maricopa                              35,600,000.00   IO
                  19   Orange                                35,400,000.00   IO
                  20   San Bernardino                        29,500,000.00   IO
                  21   Montgomery                            29,000,000.00   IO
                  22   San Francisco                         27,750,000.00   IO
                  23   Hamilton                              27,000,000.00                 163,967.55
                  24   Washington                            25,900,000.00   IO
                  25   Johnson                               25,256,000.00                 157,977.77
                  26   Solano                                24,500,000.00   IO
                  27   Los Angeles                           24,500,000.00                 148,310.51
                  28   Hamilton                              24,250,000.00                 147,267.16
                  29   King                                  24,000,000.00   IO
                  30   Santa Clara                           23,500,000.00   IO
                  31   Philadelphia                          23,000,000.00                 142,963.98
                  32   Riverside                             22,675,000.00   IO
                  33   Onondaga                              21,800,000.00                 129,722.54
                  34   Gwinnet                               21,000,000.00                 126,040.66
                  35   Baltimore                             21,000,000.00                 141,138.10
                  36   Harris                                20,800,000.00   IO
                  37   Guilford                              20,500,000.00                 114,283.43
                  38   Sacramento                            20,300,000.00   IO
                  39   Los Angeles                           20,000,000.00   IO
                  40   Vermilion                             20,000,000.00                 122,493.80
                  41   Wayne                                 19,607,638.17                 123,621.96
                  42   New York                              19,500,000.00   IO
                  43   Richmond                              19,100,000.00                 116,362.58
                  44   Brazos                                19,093,750.00   IO
                  45   Montgomery                            18,500,000.00   IO
                  46   Hamilton                              18,460,000.00                 112,105.22
                  47   Henrico                               18,180,000.00                 101,349.89
                  48   Cuyahoga                              17,700,000.00                 106,918.33
                  49   Harris                                17,200,000.00                 104,898.63
                  50   Oakland                               17,000,000.00                 102,689.92
                  51   Wayne                                 16,750,000.00                 101,179.77
                  52   Leon                                  16,500,000.00                 103,208.48
                  53   San Bernardino                        16,500,000.00   IO
                  54   Marion                                16,050,000.00                  97,469.60
                  55   Suffolk                               15,987,630.05                  98,618.84
               55.01   Suffolk
               55.02   Suffolk
                  56   Larimer                               15,700,000.00   IO
                  57   Ventura                               15,583,810.58                 110,357.09
                  58   Wayne                                 15,200,000.00                  94,182.97
                  59   Kings                                 14,988,085.31                  91,481.36
                  60   Clayton                               14,925,000.00                  88,239.32
                  61   Mecklenburg                           14,500,000.00                  90,034.80   5 (once per year)
                  62   Henrico                               13,750,000.00                  76,653.52
                  63   Tarrant                               13,590,813.93                  88,118.96
                  64   Oakland                               13,200,000.00                  80,674.67
                  65   Mecklenburg                           12,750,000.00                  78,421.04
                  66   Sacramento                            12,500,000.00                  76,072.61
                  67   Ramsey                                12,300,000.00                  75,733.22
               67.01   Ramsey
               67.02   Ramsey
               67.03   Ramsey
                  68   Maricopa                              12,200,000.00   IO
                  69   Washoe                                11,940,786.32                  73,733.72
                  70   Denver                                11,500,000.00                  70,807.48
                  71   Williamson                            11,500,000.00   IO
                  72   Los Angeles                           11,050,000.00   IO
                  73   Johnson                               10,957,100.00                  68,537.31
                  74   Davidson                              10,760,000.00                  65,831.86
                  75   Guilford                              10,750,000.00                  59,929.11
                  76   Harris                                10,574,580.22                  62,295.08
                  77   Guilford                              10,350,000.00                  57,699.19
                  78   Pima                                  10,020,000.00                  63,201.48
                  79   Tarrant                                9,958,000.00   IO
                  80   DeKalb                                 9,950,000.00                  59,080.77
                  81   Manatee                                9,750,000.00                  59,462.88
                  82   Jackson                                9,702,000.00                  60,686.58
                  83   Davidson                               9,120,000.00                  55,798.00
                  84   Oakland                                9,075,307.39                  54,126.91
                  85   Sonoma                                 9,000,000.00                  58,433.67
                  86   Bexar                                  8,787,000.00                  53,760.64
                  87   Anoka                                  8,493,798.61                  53,558.19
                  88   Johnson                                8,019,550.00                  50,162.76
                  89   Wayne                                  8,000,000.00                  45,473.33
                  90   Los Angeles                            7,900,000.00                  48,538.94                  10
                  91   Middlesex                              7,570,000.00                  50,358.94
                  92   Wayne                                  7,550,000.00                  45,606.41
                  93   San Bernardino                         7,500,000.00                  45,643.57
                  94   San Francisco                          7,500,000.00                  47,652.00
                  95   Riverside                              7,494,058.65                  45,789.27
                  96   Pima                                   7,145,000.00                  45,067.32
                  97   Lake                                   6,815,000.00                  42,156.34                   5
                  98   Los Angeles                            6,800,000.00                  41,559.68                  10
                  99   Porter                                 6,744,681.51                  41,297.86
                 100   Will                                   6,350,000.00                  39,056.75
                 101   Los Angeles                            6,000,000.00                  34,710.04
                 102   Anne Arundel                           6,000,000.00                  38,121.59
                 103   Bibb                                   5,995,947.32                  38,876.01
                 104   Jackson                                5,931,000.00   IO
                 105   Broward                                5,795,000.00                  34,483.58
                 106   Sandoval                               5,600,000.00                  34,370.97
                 107   Los Angeles                            5,300,000.00                  32,564.10                  10
                 108   Gwinnett                               5,250,000.00                  32,804.69
                 109   Los Angeles                            5,196,195.58                  32,730.87
                 110   Harris                                 5,043,796.49                  29,713.11
                 111   Oakland                                5,000,000.00                  30,202.92
                 112   New London                             4,910,000.00                  32,663.46
                 113   Baltimore City                         4,900,382.23                  28,713.36
                 114   Cook                                   4,900,000.00                  30,042.78
                 115   Hartford                               4,860,000.00                  32,330.84
                 116   Swain                                  4,680,402.83                  29,681.71
                 117   Bexar                                  4,613,064.51                  27,254.41
                 118   Suffolk                                4,570,000.00                  27,989.83
                 119   Buncombe                               4,494,898.37                  30,637.88
                 120   New Kent                               4,396,523.78                  26,891.56
                 121   Mecklenburg                            4,263,583.20                  27,858.32
                 122   Linn                                   4,241,000.00   IO
                 123   Bergen                                 4,192,194.26                  31,314.07
                 124   Pima                                   4,120,000.00                  27,767.07
                 125   Dare                                   4,040,000.00                  25,455.89
                 126   Polk                                   4,000,000.00                  24,824.13
                 127   Montgomery                             3,942,032.47                  24,572.98
                 128   Mecklenburg                            3,695,378.58                  24,088.56
                 129   Baltimore City                         3,650,000.00                  22,449.94
                 130   Bexar                                  3,500,000.00                  21,572.87
                 131   Bexar                                  3,497,286.70                  21,550.08
              131.01   Bexar
              131.02   Bexar
                 132   Christian                              3,371,006.25                  19,286.37
                 133   Westmoreland                           3,255,000.00   IO
                 134   Charlotte                              3,100,000.00                  19,046.93
                 135   Rockingham                             3,084,837.37                  19,328.13
                 136   Orange                                 3,016,000.00   IO
                 137   Blue Earth                             2,948,000.00   IO
                 138   Salt Lake                              2,765,684.90                  17,874.20
                 139   Franklin                               2,747,833.21                  16,825.06
                 140   Baldwin                                2,720,000.00   IO
                 141   Polk                                   2,683,000.00   IO
                 142   Anne Arundel                           2,614,125.68                  15,572.81
                 143   Harrison                               2,611,000.00   IO
                 144   Franklin                               2,522,944.78                  14,841.92
                 145   Bexar                                  2,461,000.00   IO
                 146   Rutherford                             2,100,000.00                  12,848.22
                 147   Jasper                                 2,096,442.68                  13,053.23
                 148   Cabarrus                               1,998,625.41                  12,879.04                  10
                 149   Miami                                  1,960,000.00                  12,311.29
              149.01   Miami
              149.02   Miami
                 150   Johnson                                1,810,000.00   IO
                 151   Maury                                  1,735,000.00   IO
                 152   Maury                                  1,715,000.00   IO
                 153   White                                  1,495,037.46                  10,594.72
                 154   Scioto                                 1,424,000.00   IO
                 155   Cuyahoga                               1,413,000.00   IO
                 156   Sandusky                               1,388,000.00   IO
                 157   Cuyahoga                               1,348,000.00   IO
                 158   Catawba                                1,246,776.69                   8,300.04
                 159   Ottawa                                 1,231,000.00   IO
                 160   Orange                                 1,200,000.00   IO
                 161   Allegan                                1,193,000.00   IO
                 162   Ottawa                                 1,057,000.00   IO

<CAPTION>
Mortgage Loan Number   Mortgage Rate (%)    Number of Units   Unit of Measure   Original Term to Maturity or ARD (Mos.)
--------------------   -----------------    ---------------   ---------------   ---------------------------------------
<S>                    <C>                  <C>               <C>               <C>
                   1              5.9136%         1,019,325   Sq. Ft.                                                60
                   2              5.7953%         1,517,440   Sq. Ft.                                               120
                2.01                                682,312   Sq. Ft.
                2.02                                349,787   Sq. Ft.
                2.03                                485,341   Sq. Ft.
                   3              6.2900%         1,002,950   Sq. Ft.                                               120
                   4              6.3500%         9,003,865   Sq. Ft.                                               120
                4.01                                850,000   Sq. Ft.
                4.02                                448,500   Sq. Ft.
                4.03                                670,000   Sq. Ft.
                4.04                                560,000   Sq. Ft.
                4.05                                462,800   Sq. Ft.
                4.06                                234,090   Sq. Ft.
                4.07                                401,648   Sq. Ft.
                4.08                                272,449   Sq. Ft.
                4.09                                135,821   Sq. Ft.
                4.10                                168,971   Sq. Ft.
                4.11                                 93,000   Sq. Ft.
                4.12                                 68,721   Sq. Ft.
                4.13                                202,021   Sq. Ft.
                4.14                                192,500   Sq. Ft.
                4.15                                105,168   Sq. Ft.
                4.16                                234,683   Sq. Ft.
                4.17                                108,852   Sq. Ft.
                4.18                                142,959   Sq. Ft.
                4.19                                 77,360   Sq. Ft.
                4.20                                113,040   Sq. Ft.
                4.21                                102,868   Sq. Ft.
                4.22                                 95,391   Sq. Ft.
                4.23                                157,825   Sq. Ft.
                4.24                                153,069   Sq. Ft.
                4.25                                103,868   Sq. Ft.
                4.26                                107,844   Sq. Ft.
                4.27                                183,000   Sq. Ft.
                4.28                                143,500   Sq. Ft.
                4.29                                123,750   Sq. Ft.
                4.30                                113,360   Sq. Ft.
                4.31                                101,000   Sq. Ft.
                4.32                                 95,480   Sq. Ft.
                4.33                                 83,000   Sq. Ft.
                4.34                                 95,231   Sq. Ft.
                4.35                                 83,990   Sq. Ft.
                4.36                                 76,290   Sq. Ft.
                4.37                                 65,430   Sq. Ft.
                4.38                                 81,972   Sq. Ft.
                4.39                                 51,918   Sq. Ft.
                4.40                                 98,197   Sq. Ft.
                4.41                                 62,250   Sq. Ft.
                4.42                                 81,598   Sq. Ft.
                4.43                                132,100   Sq. Ft.
                4.44                                106,027   Sq. Ft.
                4.45                                 92,300   Sq. Ft.
                4.46                                 64,024   Sq. Ft.
                4.47                                 77,000   Sq. Ft.
                4.48                                 64,080   Sq. Ft.
                4.49                                 98,402   Sq. Ft.
                4.50                                 63,714   Sq. Ft.
                4.51                                 65,500   Sq. Ft.
                4.52                                 58,920   Sq. Ft.
                4.53                                 87,100   Sq. Ft.
                4.54                                 91,731   Sq. Ft.
                4.55                                 40,252   Sq. Ft.
                4.56                                 50,530   Sq. Ft.
                4.57                                 71,721   Sq. Ft.
                4.58                                 37,050   Sq. Ft.
                   5              6.2940%             5,429   Rooms                                                 120
                5.01                                    279   Rooms
                5.02                                    200   Rooms
                5.03                                    250   Rooms
                5.04                                    211   Rooms
                5.05                                    174   Rooms
                5.06                                    138   Rooms
                5.07                                    232   Rooms
                5.08                                    154   Rooms
                5.09                                    146   Rooms
                5.10                                    170   Rooms
                5.11                                    290   Rooms
                5.12                                    104   Rooms
                5.13                                    102   Rooms
                5.14                                    152   Rooms
                5.15                                     96   Rooms
                5.16                                     84   Rooms
                5.17                                     90   Rooms
                5.18                                    114   Rooms
                5.19                                    125   Rooms
                5.20                                    120   Rooms
                5.21                                    132   Rooms
                5.22                                    107   Rooms
                5.23                                    142   Rooms
                5.24                                    114   Rooms
                5.25                                    112   Rooms
                5.26                                     88   Rooms
                5.27                                     78   Rooms
                5.28                                    112   Rooms
                5.29                                     78   Rooms
                5.30                                    113   Rooms
                5.31                                    101   Rooms
                5.32                                     78   Rooms
                5.33                                     78   Rooms
                5.34                                    110   Rooms
                5.35                                     66   Rooms
                5.36                                     64   Rooms
                5.37                                     62   Rooms
                5.38                                    111   Rooms
                5.39                                     63   Rooms
                5.40                                    148   Rooms
                5.41                                     80   Rooms
                5.42                                     98   Rooms
                5.43                                     63   Rooms
                   6              5.7064%         1,169,647   Sq. Ft.                                               120
                   7              5.8175%           382,841   Sq. Ft.                                               120
                   8              5.8500%           443,077   Sq. Ft.                                               120
                   9              6.5000%               629   Units                                                 120
                  10              5.4700%           400,141   Sq. Ft.                                               120
                  11              6.1700%           210,670   Sq. Ft.                                               120
                  12              6.6000%               400   Rooms                                                 120
                  13              5.5500%           204,123   Sq. Ft.                                                60
                  14              7.1000%           208,872   Sq. Ft.                                               120
               14.01                                 47,267   Sq. Ft.
               14.02                                 76,229   Sq. Ft.
               14.03                                 85,376   Sq. Ft.
                  15              6.0900%           131,018   Sq. Ft.                                               120
                  16              6.0300%           263,770   Sq. Ft.                                               120
                  17              6.3000%               393   Units                                                  60
                  18              6.1800%           266,166   Sq. Ft.                                               120
                  19              6.2400%               286   Units                                                  60
                  20              6.8000%               304   Units                                                 120
                  21              6.2100%           115,086   Sq. Ft.                                               120
                  22              6.6300%           141,844   Sq. Ft.                                                60
                  23              6.1200%               400   Units                                                 120
                  24              6.3000%               440   Units                                                  60
                  25              6.4000%           201,974   Sq. Ft.                                               120
                  26              6.3000%               260   Units                                                  60
                  27              6.0900%           139,921   Sq. Ft.                                               120
                  28              6.1200%               322   Units                                                 120
                  29              6.5900%               304   Units                                                  60
                  30              6.0500%           142,552   Sq. Ft.                                               120
                  31              6.3400%           677,000   Sq. Ft.                                               120
                  32              6.8400%               200   Units                                                  60
                  33              5.9300%           149,368   Sq. Ft.                                               120
                  34              6.0100%               256   Units                                                 120
                  35              6.4500%               284   Rooms                                                 120
                  36              6.2100%           163,012   Sq. Ft.                                               120
                  37              5.3350%               320   Units                                                 120
                  38              6.2600%               216   Units                                                 120
                  39              6.2200%            68,430   Sq. Ft.                                               120
                  40              6.2000%           477,280   Sq. Ft.                                               120
                  41              6.4600%            68,063   Sq. Ft.                                               120
                  42              6.7000%             7,619   Sq. Ft.                                               120
                  43              6.1500%            76,278   Sq. Ft.                                               120
                  44              6.3200%               292   Units                                                 120
                  45              6.2400%            61,902   Sq. Ft.                                               120
                  46              6.1200%               300   Units                                                 120
                  47              5.3350%               312   Units                                                 120
                  48              6.0700%           240,087   Sq. Ft.                                               120
                  49              6.1600%               536   Units                                                 120
                  50              6.0700%               298   Units                                                 120
                  51              6.0700%               303   Units                                                 120
                  52              6.4000%           109,564   Sq. Ft.                                               120
                  53              5.8600%           116,673   Sq. Ft.                                               120
                  54              6.1200%               240   Units                                                 120
                  55              6.2600%            91,580   Sq. Ft.                                               120
               55.01                                 39,930   Sq. Ft.
               55.02                                 51,650   Sq. Ft.
                  56              5.9700%               259   Units                                                 120
                  57              7.0100%            59,630   Sq. Ft.                                               300
                  58              6.3100%           140,103   Sq. Ft.                                               120
                  59              6.1600%           111,803   Sq. Ft.                                               120
                  60              5.8700%               256   Units                                                 120
                  61              6.3300%               124   Rooms                                                 120
                  62              5.3350%               212   Units                                                 120
                  63              6.7400%               433   Pads                                                  120
                  64              6.1800%               473   Units                                                 120
                  65              6.2400%            53,796   Sq. Ft.                                               120
                  66              6.1400%           148,772   Sq. Ft.                                               120
                  67              6.2500%            87,655   Sq. Ft.                                               120
               67.01                                 39,978   Sq. Ft.
               67.02                                 29,454   Sq. Ft.
               67.03                                 18,223   Sq. Ft.
                  68              6.1900%               208   Units                                                 120
                  69              6.2700%               126   Units                                                 120
                  70              6.2500%           140,990   Sq. Ft.                                                84
                  71              6.2000%            66,070   Sq. Ft.                                               120
                  72              6.2000%            47,724   Sq. Ft.                                               120
                  73              6.4000%           133,195   Sq. Ft.                                               120
                  74              6.1900%            48,200   Sq. Ft.                                               120
                  75              5.3350%               297   Units                                                 120
                  76              5.7800%           147,927   Sq. Ft.                                               120
                  77              5.3350%               256   Units                                                 120
                  78              6.4800%               109   Rooms                                                 120
                  79              6.0500%            65,280   Sq. Ft.                                               120
                  80              5.9100%           188,472   Sq. Ft.                                               120
                  81              6.1600%           183,591   Sq. Ft.                                               120
                  82              6.4000%           134,750   Sq. Ft.                                               120
                  83              6.1900%            58,400   Sq. Ft.                                               120
                  84              5.9260%            74,500   Sq. Ft.                                               120
                  85              6.7600%                23   Rooms                                                  60
                  86              6.1900%               248   Units                                                 120
                  87              6.4700%            67,521   Sq. Ft.                                               120
                  88              6.4000%           103,732   Sq. Ft.                                               120
                  89              5.5100%            48,921   Sq. Ft.                                               120
                  90              6.2300%            12,800   Sq. Ft.                                               120
                  91              6.3400%               145   Rooms                                                 120
                  92              6.0700%               144   Units                                                 120
                  93              6.1400%               239   Pads                                                   60
                  94              6.5500%            18,018   Sq. Ft.                                               120
                  95              6.1700%               248   Pads                                                   60
                  96              6.4800%                77   Rooms                                                 120
                  97              6.2940%                94   Rooms                                                 120
                  98              6.1800%            15,872   Sq. Ft.                                               120
                  99              6.1900%            89,952   Sq. Ft.                                               120
                 100              6.2400%           145,000   Sq. Ft.                                               120
                 101              5.6700%            14,472   Sq. Ft.                                               120
                 102              6.5500%            62,206   Sq. Ft.                                               120
                 103              6.7400%               261   Pads                                                  120
                 104              5.4000%           123,289   Sq. Ft.                                               120
                 105              5.9300%            41,376   Sq. Ft.                                               120
                 106              6.2200%            34,000   Sq. Ft.                                               120
                 107              6.2300%             9,061   Sq. Ft.                                               120
                 108              6.3900%            46,468   Sq. Ft.                                               120
                 109              6.4600%            19,495   Sq. Ft.                                               120
                 110              5.7800%            81,423   Sq. Ft.                                               120
                 111              6.0700%               128   Units                                                 120
                 112              6.3400%               120   Rooms                                                 120
                 113              5.7300%            13,533   Sq. Ft.                                               120
                 114              6.2100%                30   Units                                                 120
                 115              6.3400%               122   Rooms                                                 120
                 116              5.7900%               100   Rooms                                                 120
                 117              5.7900%               480   Pads                                                  120
                 118              6.2000%            40,000   Sq. Ft.                                               120
                 119              6.5900%               129   Rooms                                                 120
                 120              6.1800%            49,000   Sq. Ft.                                               120
                 121              6.1200%               116   Rooms                                                 120
                 122              5.3600%            13,650   Sq. Ft.                                               120
                 123              6.5000%                82   Rooms                                                 120
                 124              6.4800%                72   Rooms                                                 120
                 125              6.4700%            25,162   Sq. Ft.                                               120
                 126              6.3250%               355   Pads                                                  120
                 127              6.3600%            14,560   Sq. Ft.                                               120
                 128              6.1100%                91   Rooms                                                 120
                 129              6.2400%            46,279   Sq. Ft.                                               120
                 130              6.2600%            21,076   Sq. Ft.                                               120
                 131              6.2500%            65,434   Sq. Ft.                                               120
              131.01                                 38,356   Sq. Ft.
              131.02                                 27,078   Sq. Ft.
                 132              5.5100%            14,550   Sq. Ft.                                               120
                 133              5.2800%            14,820   Sq. Ft.                                               120
                 134              6.2300%               235   Pads                                                  120
                 135              6.4000%               101   Pads                                                  120
                 136              5.6800%            13,813   Sq. Ft.                                               120
                 137              6.1900%                24   Units                                                 120
                 138              6.7000%                83   Units                                                 120
                 139              6.1900%            20,038   Sq. Ft.                                               120
                 140              5.2300%            12,296   Sq. Ft.                                               120
                 141              5.3400%            10,908   Sq. Ft.                                               120
                 142              5.9230%            14,490   Sq. Ft.                                               120
                 143              5.2800%            10,908   Sq. Ft.                                               120
                 144              5.7800%            42,585   Sq. Ft.                                               120
                 145              5.8600%            25,230   Sq. Ft.                                                60
                 146              6.1900%            15,156   Sq. Ft.                                               120
                 147              6.3400%                88   Units                                                 120
                 148              6.6800%            48,175   Sq. Ft.                                               120
                 149              6.4400%               114   Pads                                                   60
              149.01                                     66   Pads
              149.02                                     48   Pads
                 150              5.8500%            20,000   Sq. Ft.                                                60
                 151              6.4400%            10,180   Sq. Ft.                                                60
                 152              6.4400%            10,180   Sq. Ft.                                                60
                 153              6.3900%            12,925   Sq. Ft.                                               120
                 154              5.6700%            10,170   Sq. Ft.                                                60
                 155              6.0500%            11,325   Sq. Ft.                                                60
                 156              6.0500%            11,325   Sq. Ft.                                                60
                 157              5.7700%            12,737   Sq. Ft.                                                60
                 158              6.3200%               100   Rooms                                                 120
                 159              5.8300%             7,000   Sq. Ft.                                               120
                 160              5.9800%            25,522   Sq. Ft.                                               120
                 161              5.8300%             7,000   Sq. Ft.                                               120
                 162              5.8300%             7,000   Sq. Ft.                                               120

<CAPTION>
Mortgage Loan Number   Remaining Term to Maturity or ARD (Mos.)   Maturity Date or ARD   Original Amort Term (Mos.)
--------------------   ----------------------------------------   --------------------   --------------------------
<S>                    <C>                                        <C>                    <C>
                   1                                         60   08/11/11               IO
                   2                                        116   04/11/16                                      360
                2.01
                2.02
                2.03
                   3                                        119   07/11/16                                      360
                   4                                        119   07/01/16                                      360
                4.01
                4.02
                4.03
                4.04
                4.05
                4.06
                4.07
                4.08
                4.09
                4.10
                4.11
                4.12
                4.13
                4.14
                4.15
                4.16
                4.17
                4.18
                4.19
                4.20
                4.21
                4.22
                4.23
                4.24
                4.25
                4.26
                4.27
                4.28
                4.29
                4.30
                4.31
                4.32
                4.33
                4.34
                4.35
                4.36
                4.37
                4.38
                4.39
                4.40
                4.41
                4.42
                4.43
                4.44
                4.45
                4.46
                4.47
                4.48
                4.49
                4.50
                4.51
                4.52
                4.53
                4.54
                4.55
                4.56
                4.57
                4.58
                   5                                        119   07/01/16                                      360
                5.01
                5.02
                5.03
                5.04
                5.05
                5.06
                5.07
                5.08
                5.09
                5.10
                5.11
                5.12
                5.13
                5.14
                5.15
                5.16
                5.17
                5.18
                5.19
                5.20
                5.21
                5.22
                5.23
                5.24
                5.25
                5.26
                5.27
                5.28
                5.29
                5.30
                5.31
                5.32
                5.33
                5.34
                5.35
                5.36
                5.37
                5.38
                5.39
                5.40
                5.41
                5.42
                5.43
                   6                                        119   07/11/16                                      300
                   7                                        119   07/11/16               IO
                   8                                        119   07/11/16                                      360
                   9                                        118   06/11/16               IO
                  10                                        119   07/11/16               IO
                  11                                        120   08/11/16               IO
                  12                                        119   07/11/16                                      360
                  13                                         60   08/11/11               IO
                  14                                        119   07/11/16               IO
               14.01
               14.02
               14.03
                  15                                        120   08/11/16               IO
                  16                                        119   07/11/16               IO
                  17                                         58   06/11/11               IO
                  18                                        119   07/11/16               IO
                  19                                         59   07/11/11               IO
                  20                                        120   08/11/16               IO
                  21                                        120   08/11/16               IO
                  22                                         59   07/11/11               IO
                  23                                        119   07/11/16                                      360
                  24                                         58   06/11/11               IO
                  25                                        119   07/11/16                                      360
                  26                                         58   06/11/11               IO
                  27                                        119   07/11/16                                      360
                  28                                        119   07/11/16                                      360
                  29                                         60   08/11/11               IO
                  30                                        119   07/11/16               IO
                  31                                        120   08/11/16                                      360
                  32                                         59   07/11/11               IO
                  33                                        119   07/11/16                                      360
                  34                                        116   04/11/16                                      360
                  35                                        120   08/11/16                                      300
                  36                                        119   07/11/16               IO
                  37                                        119   07/11/16                                      360
                  38                                        120   08/11/16               IO
                  39                                        119   07/11/16               IO
                  40                                        113   01/11/16                                      360
                  41                                        118   06/11/16                                      360
                  42                                        119   07/11/16               IO
                  43                                        119   07/11/16                                      360
                  44                                        120   08/11/16               IO
                  45                                        120   08/11/16               IO
                  46                                        119   07/11/16                                      360
                  47                                        119   07/11/16                                      360
                  48                                        118   06/11/16                                      360
                  49                                        119   07/11/16                                      360
                  50                                        119   07/11/16                                      360
                  51                                        119   07/11/16                                      360
                  52                                        120   08/11/16                                      360
                  53                                        118   06/11/16               IO
                  54                                        119   07/11/16                                      360
                  55                                        119   07/11/16                                      360
               55.01
               55.02
                  56                                        119   07/11/16               IO
                  57                                        299   07/11/31                                      300
                  58                                        117   05/11/16                                      360
                  59                                        119   07/11/16                                      360
                  60                                        119   07/11/16                                      360
                  61                                        119   07/11/16                                      360
                  62                                        119   07/11/16                                      360
                  63                                        119   07/11/16                                      360
                  64                                        118   06/11/16                                      360
                  65                                        118   06/11/16                                      360
                  66                                        119   07/11/16                                      360
                  67                                        118   06/11/16                                      360
               67.01
               67.02
               67.03
                  68                                        119   07/11/16               IO
                  69                                        119   07/06/16                                      360
                  70                                         83   07/11/13                                      360
                  71                                        120   08/11/16               IO
                  72                                        120   08/11/16               IO
                  73                                        119   07/11/16                                      360
                  74                                        119   07/11/16                                      360
                  75                                        119   07/11/16                                      360
                  76                                        114   02/11/16                                      360
                  77                                        119   07/11/16                                      360
                  78                                        120   08/11/16                                      360
                  79                                        118   06/11/16               IO
                  80                                        117   05/11/16                                      360
                  81                                        118   06/11/16                                      360
                  82                                        119   07/11/16                                      360
                  83                                        119   07/11/16                                      360
                  84                                        117   05/11/16                                      360
                  85                                         60   08/11/11                                      360
                  86                                        119   07/11/16                                      360
                  87                                        119   07/11/16                                      360
                  88                                        119   07/11/16                                      360
                  89                                        118   06/11/16                                      360
                  90                                        120   08/01/16                                      360
                  91                                        118   06/11/16                                      300
                  92                                        119   07/11/16                                      360
                  93                                         60   08/11/11                                      360
                  94                                        119   07/11/16                                      360
                  95                                         59   07/11/11                                      360
                  96                                        120   08/11/16                                      360
                  97                                        119   07/01/16                                      360
                  98                                        120   08/01/16                                      360
                  99                                        119   07/11/16                                      360
                 100                                        119   07/11/16                                      360
                 101                                        119   07/11/16                                      360
                 102                                        120   08/11/16                                      360
                 103                                        119   07/11/16                                      360
                 104                                        117   05/11/16               IO
                 105                                        119   07/11/16                                      360
                 106                                        119   07/11/16                                      360
                 107                                        120   08/01/16                                      360
                 108                                        118   06/11/16                                      360
                 109                                        119   07/11/16                                      360
                 110                                        114   02/11/16                                      360
                 111                                        119   07/11/16                                      360
                 112                                        118   06/11/16                                      300
                 113                                        114   02/11/16                                      360
                 114                                        118   06/11/16                                      360
                 115                                        118   06/11/16                                      300
                 116                                        117   05/01/16                                      300
                 117                                        112   12/11/15                                      360
                 118                                        119   07/11/16                                      360
                 119                                        119   07/01/16                                      300
                 120                                        119   07/11/16                                      360
                 121                                        118   06/01/16                                      300
                 122                                        116   04/11/16               IO
                 123                                        119   07/11/16                                      240
                 124                                        120   08/11/16                                      300
                 125                                        119   07/11/16                                      360
                 126                                        120   08/11/16                                      360
                 127                                        119   07/11/16                                      360
                 128                                        119   07/01/16                                      300
                 129                                        120   08/11/16                                      360
                 130                                        118   06/11/16                                      360
                 131                                        119   07/11/16                                      360
              131.01
              131.02
                 132                                        114   02/11/16                                      360
                 133                                        117   05/11/16               IO
                 134                                        120   08/11/16                                      360
                 135                                        118   06/11/16                                      360
                 136                                        116   04/11/16               IO
                 137                                        120   08/11/16               IO
                 138                                        118   06/11/16                                      360
                 139                                        119   07/11/16                                      360
                 140                                        116   04/11/16               IO
                 141                                        117   05/11/16               IO
                 142                                        118   06/11/16                                      360
                 143                                        116   04/11/16               IO
                 144                                        115   03/11/16                                      360
                 145                                         57   05/11/11               IO
                 146                                        119   07/11/16                                      360
                 147                                        118   06/11/16                                      360
                 148                                        119   07/01/16                                      360
                 149                                         60   08/11/11                                      360
              149.01
              149.02
                 150                                         56   04/11/11               IO
                 151                                         58   06/11/11               IO
                 152                                         58   06/11/11               IO
                 153                                        118   06/11/16                                      264
                 154                                         55   03/11/11               IO
                 155                                         57   05/11/11               IO
                 156                                         57   05/11/11               IO
                 157                                         57   05/11/11               IO
                 158                                        118   06/01/16                                      300
                 159                                        116   04/11/16               IO
                 160                                        119   07/11/16               IO
                 161                                        116   04/11/16               IO
                 162                                        116   04/11/16               IO

<CAPTION>
Mortgage Loan Number  Remaining Amort Term (Mos.)  Ground Lease  Master Servicing Fee Rate  ARD Loan  Anticipated Repayment Date
--------------------  ---------------------------  ------------  -------------------------  --------  --------------------------
<S>                   <C>                          <C>           <C>                        <C>       <C>
                   1   IO                            Fee                          0.02000%  N
                   2                           360   Fee                          0.02000%  N
                2.01                                 Fee
                2.02                                 Fee
                2.03                                 Fee
                   3                           360   Fee                          0.02000%  N
                   4                           360   Fee                          0.01750%  N
                4.01                                 Fee
                4.02                                 Fee
                4.03                                 Fee
                4.04                                 Fee
                4.05                                 Fee
                4.06                                 Fee
                4.07                                 Fee
                4.08                                 Fee
                4.09                                 Fee
                4.10                                 Fee
                4.11                                 Fee
                4.12                                 Fee
                4.13                                 Fee
                4.14                                 Fee
                4.15                                 Fee
                4.16                                 Fee
                4.17                                 Fee
                4.18                                 Fee
                4.19                                 Fee
                4.20                                 Fee
                4.21                                 Fee
                4.22                                 Fee
                4.23                                 Fee
                4.24                                 Fee
                4.25                                 Fee
                4.26                                 Fee
                4.27                                 Fee
                4.28                                 Fee
                4.29                                 Fee
                4.30                                 Fee
                4.31                                 Fee
                4.32                                 Fee
                4.33                                 Fee
                4.34                                 Fee
                4.35                                 Fee
                4.36                                 Fee
                4.37                                 Fee
                4.38                                 Fee
                4.39                                 Fee
                4.40                                 Fee
                4.41                                 Fee
                4.42                                 Fee
                4.43                                 Fee
                4.44                                 Fee
                4.45                                 Fee
                4.46                                 Fee
                4.47                                 Fee
                4.48                                 Fee
                4.49                                 Fee
                4.50                                 Fee
                4.51                                 Fee
                4.52                                 Fee
                4.53                                 Fee
                4.54                                 Fee
                4.55                                 Fee
                4.56                                 Fee
                4.57                                 Fee
                4.58                                 Fee
                   5                           360   Fee                              0.02000%   N
                5.01                                 Fee
                5.02                                 Fee
                5.03                                 Fee
                5.04                                 Fee
                5.05                                 Fee
                5.06                                 Fee
                5.07                                 Fee
                5.08                                 Fee
                5.09                                 Fee
                5.10                                 Fee
                5.11                                 Fee
                5.12                                 Fee
                5.13                                 Fee
                5.14                                 Fee
                5.15                                 Fee
                5.16                                 Fee
                5.17                                 Fee
                5.18                                 Fee
                5.19                                 Fee
                5.20                                 Fee
                5.21                                 Fee
                5.22                                 Fee
                5.23                                 Fee
                5.24                                 Fee
                5.25                                 Fee
                5.26                                 Fee
                5.27                                 Fee
                5.28                                 Fee
                5.29                                 Fee
                5.30                                 Fee
                5.31                                 Fee
                5.32                                 Fee
                5.33                                 Fee
                5.34                                 Fee
                5.35                                 Fee
                5.36                                 Fee
                5.37                                 Fee
                5.38                                 Fee
                5.39                                 Fee
                5.40                                 Fee
                5.41                                 Fee
                5.42                                 Fee
                5.43                                 Fee
                   6                           299   Leasehold                        0.02000%   N
                   7   IO                            Fee                              0.02000%   N
                   8                           360   Fee                              0.02000%   N
                   9   IO                            Fee                              0.02000%   N
                  10   IO                            Fee                              0.02000%   N
                  11   IO                            Fee                              0.02000%   N
                  12                           359   Fee                              0.02000%   N
                  13   IO                            Fee                              0.02000%   N
                  14   IO                            Various                          0.02000%   N
               14.01                                 Fee
               14.02                                 Leasehold
               14.03                                 Leasehold
                  15   IO                            Both                             0.02000%   N
                  16   IO                            Fee                              0.02000%   Y          7/11/2016
                  17   IO                            Fee                              0.02000%   N
                  18   IO                            Fee                              0.02000%   N
                  19   IO                            Fee                              0.02000%   N
                  20   IO                            Fee                              0.02000%   N
                  21   IO                            Fee                              0.03500%   N
                  22   IO                            Fee                              0.02000%   N
                  23                           360   Fee                              0.02000%   N
                  24   IO                            Fee                              0.02000%   N
                  25                           360   Fee                              0.02000%   N
                  26   IO                            Fee                              0.02000%   N
                  27                           360   Fee                              0.03000%   N
                  28                           360   Fee                              0.02000%   N
                  29   IO                            Fee                              0.02000%   N
                  30   IO                            Fee                              0.02000%   N
                  31                           360   Fee                              0.02000%   N
                  32   IO                            Fee                              0.02000%   N
                  33                           360   Fee                              0.02000%   N
                  34                           360   Fee                              0.02000%   N
                  35                           300   Fee                              0.02000%   N
                  36   IO                            Fee                              0.02000%   N
                  37                           360   Fee                              0.02000%   N
                  38   IO                            Fee                              0.02000%   N
                  39   IO                            Both                             0.02000%   N
                  40                           360   Fee                              0.06000%   N
                  41                           360   Fee                              0.06000%   N
                  42   IO                            Fee                              0.02000%   N
                  43                           360   Fee                              0.02000%   N
                  44   IO                            Fee                              0.02000%   Y          8/11/2016
                  45   IO                            Fee                              0.05000%   N
                  46                           360   Fee                              0.02000%   N
                  47                           360   Fee                              0.02000%   N
                  48                           360   Fee                              0.02000%   N
                  49                           360   Fee                              0.05000%   N
                  50                           360   Fee                              0.02000%   N
                  51                           360   Fee                              0.02000%   N
                  52                           360   Fee                              0.02000%   N
                  53   IO                            Fee                              0.02000%   Y          6/11/2016
                  54                           360   Fee                              0.02000%   N
                  55                           359   Fee                              0.02000%   N
               55.01                                 Fee
               55.02                                 Fee
                  56   IO                            Fee                              0.02000%   N
                  57                           299   Fee                              0.02000%   N
                  58                           360   Fee                              0.06000%   N
                  59                           359   Fee                              0.02000%   N
                  60                           360   Leasehold                        0.02000%   N
                  61                           360   Fee                              0.02000%   N
                  62                           360   Fee                              0.02000%   N
                  63                           359   Fee                              0.02000%   N
                  64                           360   Fee                              0.03000%   N
                  65                           360   Fee                              0.02000%   N
                  66                           360   Fee                              0.02000%   N
                  67                           360   Fee                              0.05000%   N
               67.01                                 Fee
               67.02                                 Fee
               67.03                                 Fee
                  68   IO                            Fee                              0.02000%   N
                  69                           359   Fee                              0.08000%   N
                  70                           360   Fee                              0.02000%   N
                  71   IO                            Fee                              0.02000%   N
                  72   IO                            Leasehold                        0.02000%   Y          8/11/2016
                  73                           360   Fee                              0.02000%   N
                  74                           360   Fee                              0.02000%   N
                  75                           360   Fee                              0.02000%   N
                  76                           354   Fee                              0.02000%   N
                  77                           360   Fee                              0.02000%   N
                  78                           360   Fee                              0.02000%   N
                  79   IO                            Fee                              0.02000%   Y          6/11/2016
                  80                           360   Fee                              0.02000%   N
                  81                           360   Fee                              0.02000%   N
                  82                           360   Fee                              0.02000%   N
                  83                           360   Fee                              0.02000%   N
                  84                           357   Fee                              0.02000%   N
                  85                           360   Fee                              0.02000%   N
                  86                           360   Fee                              0.06000%   N
                  87                           359   Fee                              0.07000%   Y          7/11/2016
                  88                           360   Fee                              0.02000%   N
                  89                           360   Fee                              0.02000%   N
                  90                           360   Fee                              0.02000%   N
                  91                           300   Fee                              0.02000%   N
                  92                           360   Fee                              0.02000%   N
                  93                           360   Fee                              0.02000%   N
                  94                           360   Fee                              0.02000%   N
                  95                           359   Fee                              0.02000%   N
                  96                           360   Fee                              0.02000%   N
                  97                           360   Fee                              0.02000%   N
                  98                           360   Fee                              0.02000%   N
                  99                           359   Fee                              0.02000%   N
                 100                           360   Fee                              0.02000%   Y          7/11/2016
                 101                           360   Fee                              0.02000%   N
                 102                           360   Fee                              0.02000%   N
                 103                           359   Fee                              0.02000%   N
                 104   IO                            Fee                              0.02000%   Y          5/11/2016
                 105                           360   Fee                              0.02000%   N
                 106                           360   Fee                              0.02000%   N
                 107                           360   Fee                              0.02000%   N
                 108                           360   Fee                              0.02000%   N
                 109                           359   Fee                              0.02000%   N
                 110                           354   Fee                              0.02000%   N
                 111                           360   Fee                              0.02000%   N
                 112                           300   Fee                              0.02000%   N
                 113                           354   Fee                              0.02000%   Y          2/11/2016
                 114                           360   Fee                              0.02000%   N
                 115                           300   Fee                              0.02000%   N
                 116                           297   Leasehold                        0.04000%   N
                 117                           352   Fee                              0.02000%   N
                 118                           360   Fee                              0.02000%   N
                 119                           299   Fee                              0.09000%   N
                 120                           359   Fee                              0.02000%   N
                 121                           298   Fee                              0.06000%   N
                 122   IO                            Fee                              0.02000%   Y          4/11/2016
                 123                           239   Both                             0.02000%   N
                 124                           300   Fee                              0.02000%   N
                 125                           360   Fee                              0.02000%   N
                 126                           360   Fee                              0.02000%   N
                 127                           359   Fee                              0.02000%   N
                 128                           299   Fee                              0.06000%   N
                 129                           360   Both                             0.02000%   N
                 130                           360   Fee                              0.02000%   N
                 131                           359   Fee                              0.02000%   N
              131.01                                 Fee
              131.02                                 Fee
                 132                           354   Fee                              0.02000%   Y          2/11/2016
                 133   IO                            Fee                              0.02000%   Y          5/11/2016
                 134                           360   Fee                              0.02000%   N
                 135                           358   Fee                              0.02000%   N
                 136   IO                            Fee                              0.02000%   Y          4/11/2016
                 137   IO                            Fee                              0.02000%   N
                 138                           358   Fee                              0.02000%   N
                 139                           359   Fee                              0.02000%   N
                 140   IO                            Fee                              0.02000%   Y          4/11/2016
                 141   IO                            Fee                              0.02000%   Y          5/11/2016
                 142                           358   Leasehold                        0.02000%   Y          6/11/2016
                 143   IO                            Fee                              0.02000%   Y          4/11/2016
                 144                           355   Fee                              0.02000%   N
                 145   IO                            Fee                              0.02000%   Y          5/11/2011
                 146                           360   Fee                              0.02000%   N
                 147                           358   Fee                              0.06000%   N
                 148                           359   Fee                              0.09000%   N
                 149                           360   Fee                              0.02000%   N
              149.01                                 Fee
              149.02                                 Fee
                 150   IO                            Fee                              0.02000%   Y          4/11/2011
                 151   IO                            Fee                              0.02000%   Y          6/11/2011
                 152   IO                            Fee                              0.02000%   Y          6/11/2011
                 153                           262   Fee                              0.02000%   N
                 154   IO                            Fee                              0.02000%   Y          3/11/2011
                 155   IO                            Fee                              0.02000%   Y          5/11/2011
                 156   IO                            Fee                              0.02000%   Y          5/11/2011
                 157   IO                            Fee                              0.02000%   Y          5/11/2011
                 158                           298   Fee                              0.06000%   N
                 159   IO                            Fee                              0.02000%   Y          4/11/2016
                 160   IO                            Fee                              0.02000%   N
                 161   IO                            Fee                              0.02000%   Y          4/11/2016
                 162   IO                            Fee                              0.02000%   Y          4/11/2016

<CAPTION>
Mortgage Loan Number  Additional Interest Rate
--------------------  ----------------------------------------------------------------------------------------
<S>                   <C>
                   1
                   2
                2.01
                2.02
                2.03
                   3
                   4
                4.01
                4.02
                4.03
                4.04
                4.05
                4.06
                4.07
                4.08
                4.09
                4.10
                4.11
                4.12
                4.13
                4.14
                4.15
                4.16
                4.17
                4.18
                4.19
                4.20
                4.21
                4.22
                4.23
                4.24
                4.25
                4.26
                4.27
                4.28
                4.29
                4.30
                4.31
                4.32
                4.33
                4.34
                4.35
                4.36
                4.37
                4.38
                4.39
                4.40
                4.41
                4.42
                4.43
                4.44
                4.45
                4.46
                4.47
                4.48
                4.49
                4.50
                4.51
                4.52
                4.53
                4.54
                4.55
                4.56
                4.57
                4.58
                   5
                5.01
                5.02
                5.03
                5.04
                5.05
                5.06
                5.07
                5.08
                5.09
                5.10
                5.11
                5.12
                5.13
                5.14
                5.15
                5.16
                5.17
                5.18
                5.19
                5.20
                5.21
                5.22
                5.23
                5.24
                5.25
                5.26
                5.27
                5.28
                5.29
                5.30
                5.31
                5.32
                5.33
                5.34
                5.35
                5.36
                5.37
                5.38
                5.39
                5.40
                5.41
                5.42
                5.43
                   6
                   7
                   8
                   9
                  10
                  11
                  12
                  13
                  14
               14.01
               14.02
               14.03
                  15
                  16  Greater of initial interest rate plus 2.5% or TCMYI plus 2.5%
                  17
                  18
                  19
                  20
                  21
                  22
                  23
                  24
                  25
                  26
                  27
                  28
                  29
                  30
                  31
                  32
                  33
                  34
                  35
                  36
                  37
                  38
                  39
                  40
                  41
                  42
                  43
                  44  Greater of initial interest rate plus 3.0% or TCMYI plus 3.0%
                  45
                  46
                  47
                  48
                  49
                  50
                  51
                  52
                  53  Greater of initial interest rate plus 3.0% or TCMYI plus 3.0%
                  54
                  55
               55.01
               55.02
                  56
                  57
                  58
                  59
                  60
                  61
                  62
                  63
                  64
                  65
                  66
                  67
               67.01
               67.02
               67.03
                  68
                  69
                  70
                  71
                  72  Greater of initial interest rate plus 3.0% or TCMYI plus 3.0%
                  73
                  74
                  75
                  76
                  77
                  78
                  79  Greater of initial interest rate plus 3.0% or TCMYI plus 3.0%
                  80
                  81
                  82
                  83
                  84
                  85
                  86
                  87  Greater of initial interest rate plus 2.5% or TCMYI plus 2.5%, increasing 0.25% annually
                  88
                  89
                  90
                  91
                  92
                  93
                  94
                  95
                  96
                  97
                  98
                  99
                 100  Greater of initial interest rate plus 2.5% or TCMYI plus 2.5%
                 101
                 102
                 103
                 104  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 105
                 106
                 107
                 108
                 109
                 110
                 111
                 112
                 113  Greater of initial interest rate plus 2.5% or TCMYI plus 2.5%, increasing 0.25% annually
                 114
                 115
                 116
                 117
                 118
                 119
                 120
                 121
                 122  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 123
                 124
                 125
                 126
                 127
                 128
                 129
                 130
                 131
              131.01
              131.02
                 132  Greater of initial interest rate plus 2.5% or TCMYI plus 2.5%, increasing 0.25% annually
                 133  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 134
                 135
                 136  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 137
                 138
                 139
                 140  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 141  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 142  Greater of initial interest rate plus 2.5% or TCMYI plus 2.5%, increasing 0.25% annually
                 143  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 144
                 145  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 146
                 147
                 148
                 149
              149.01
              149.02
                 150  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 151  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 152  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 153
                 154  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 155  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 156  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 157  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 158
                 159  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 160
                 161  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%
                 162  Greater of initial interest rate plus 2.0% or TCMYI plus 2.0%

<CAPTION>
Mortgage Loan Number   Loan Originator   Environmental Insurance   Cross Collateralized and Cross Defaulted Loan Flag
--------------------   ---------------   -----------------------   --------------------------------------------------
<S>                    <C>               <C>                       <C>
                   1   Wachovia          N
                   2   Wachovia          N
                2.01                     N
                2.02                     N
                2.03                     N
                   3   Wachovia          N
                   4   Wachovia          Y
                4.01                     Y
                4.02                     Y
                4.03                     Y
                4.04                     Y
                4.05                     Y
                4.06                     Y
                4.07                     Y
                4.08                     Y
                4.09                     Y
                4.10                     Y
                4.11                     Y
                4.12                     Y
                4.13                     Y
                4.14                     Y
                4.15                     Y
                4.16                     Y
                4.17                     Y
                4.18                     Y
                4.19                     Y
                4.20                     Y
                4.21                     Y
                4.22                     Y
                4.23                     Y
                4.24                     Y
                4.25                     Y
                4.26                     Y
                4.27                     Y
                4.28                     Y
                4.29                     Y
                4.30                     Y
                4.31                     Y
                4.32                     Y
                4.33                     Y
                4.34                     Y
                4.35                     Y
                4.36                     Y
                4.37                     Y
                4.38                     Y
                4.39                     Y
                4.40                     Y
                4.41                     Y
                4.42                     Y
                4.43                     Y
                4.44                     Y
                4.45                     Y
                4.46                     Y
                4.47                     Y
                4.48                     Y
                4.49                     Y
                4.50                     Y
                4.51                     Y
                4.52                     Y
                4.53                     Y
                4.54                     Y
                4.55                     Y
                4.56                     Y
                4.57                     Y
                4.58                     Y
                   5   Wachovia          N
                5.01                     N
                5.02                     N
                5.03                     N
                5.04                     N
                5.05                     N
                5.06                     N
                5.07                     N
                5.08                     N
                5.09                     N
                5.10                     N
                5.11                     N
                5.12                     N
                5.13                     N
                5.14                     N
                5.15                     N
                5.16                     N
                5.17                     N
                5.18                     N
                5.19                     N
                5.20                     N
                5.21                     N
                5.22                     N
                5.23                     N
                5.24                     N
                5.25                     N
                5.26                     N
                5.27                     N
                5.28                     N
                5.29                     N
                5.30                     N
                5.31                     N
                5.32                     N
                5.33                     N
                5.34                     N
                5.35                     N
                5.36                     N
                5.37                     N
                5.38                     N
                5.39                     N
                5.40                     N
                5.41                     N
                5.42                     N
                5.43                     N
                   6   Wachovia          N
                   7   Nomura            N
                   8   Wachovia          N
                   9   Wachovia          N
                  10   Nomura            N
                  11   Nomura            N
                  12   Nomura            N
                  13   Wachovia          N
                  14   Wachovia          N
               14.01                     N
               14.02                     N
               14.03                     N
                  15   Wachovia          N
                  16   Wachovia          N
                  17   Wachovia          N
                  18   Wachovia          N
                  19   Wachovia          N
                  20   Wachovia          N
                  21   Wachovia          N
                  22   Wachovia          N
                  23   Wachovia          N
                  24   Wachovia          N
                  25   Wachovia          N
                  26   Wachovia          N
                  27   Nomura            N
                  28   Wachovia          N
                  29   Wachovia          N
                  30   Wachovia          N
                  31   Wachovia          N
                  32   Nomura            N
                  33   Wachovia          N
                  34   Wachovia          N
                  35   Wachovia          N
                  36   Wachovia          N
                  37   Wachovia          N
                  38   Wachovia          N
                  39   Nomura            N
                  40   Nomura            N
                  41   Nomura            N
                  42   Wachovia          N
                  43   Wachovia          N
                  44   Wachovia          N
                  45   Wachovia          N
                  46   Wachovia          N
                  47   Wachovia          N
                  48   Wachovia          N
                  49   Wachovia          N
                  50   Wachovia          N                         Michigan Multifamily Portfolio
                  51   Wachovia          N                         Michigan Multifamily Portfolio
                  52   Wachovia          N
                  53   Wachovia          N
                  54   Wachovia          N
                  55   Wachovia          N
               55.01                     N
               55.02                     N
                  56   Wachovia          N
                  57   Nomura            N
                  58   Nomura            N
                  59   Wachovia          N
                  60   Wachovia          N
                  61   Wachovia          N
                  62   Wachovia          N
                  63   Nomura            N
                  64   Nomura            N
                  65   Wachovia          N
                  66   Wachovia          N
                  67   Wachovia          N
               67.01                     N
               67.02                     N
               67.03                     N
                  68   Wachovia          N
                  69   Nomura            N
                  70   Nomura            N
                  71   Wachovia          N
                  72   Wachovia          N
                  73   Wachovia          N
                  74   Wachovia          N
                  75   Wachovia          N
                  76   Nomura            N                         B&R Portfolio
                  77   Wachovia          N
                  78   Wachovia          N                         Arizona Hotel Portfolio
                  79   Wachovia          N
                  80   Wachovia          N
                  81   Wachovia          N
                  82   Wachovia          N
                  83   Wachovia          N
                  84   Nomura            N
                  85   Wachovia          N
                  86   Wachovia          N
                  87   Wachovia          N
                  88   Wachovia          N
                  89   Nomura            N
                  90   Nomura            N
                  91   Wachovia          N
                  92   Wachovia          N                         Michigan Multifamily Portfolio
                  93   Nomura            N
                  94   Nomura            N
                  95   Nomura            N
                  96   Wachovia          N                         Arizona Hotel Portfolio
                  97   Wachovia          N
                  98   Nomura            N
                  99   Wachovia          N
                 100   Wachovia          N
                 101   Wachovia          N
                 102   Wachovia          N
                 103   Nomura            N
                 104   Wachovia          N
                 105   Wachovia          N
                 106   Nomura            N
                 107   Nomura            N
                 108   Wachovia          N
                 109   Wachovia          N
                 110   Nomura            N                         B&R Portfolio
                 111   Wachovia          N                         Michigan Multifamily Portfolio
                 112   Wachovia          N
                 113   Wachovia          N                         Walgreens Portfolio
                 114   Wachovia          N
                 115   Wachovia          N
                 116   Nomura            N
                 117   Nomura            N
                 118   Wachovia          N
                 119   Nomura            N
                 120   Wachovia          N
                 121   Nomura            N                         Hickory Hospitality Investments Portfolio
                 122   Wachovia          N
                 123   Nomura            N
                 124   Wachovia          N                         Arizona Hotel Portfolio
                 125   Wachovia          N
                 126   Nomura            N
                 127   Wachovia          N
                 128   Nomura            N
                 129   Wachovia          N
                 130   Nomura            N
                 131   Nomura            N
              131.01                     N
              131.02                     N
                 132   Wachovia          N
                 133   Wachovia          N
                 134   Nomura            N
                 135   Nomura            N
                 136   Wachovia          N
                 137   Wachovia          N
                 138   Wachovia          N
                 139   Nomura            N
                 140   Wachovia          N
                 141   Wachovia          N
                 142   Wachovia          N                         Walgreens Portfolio
                 143   Wachovia          N
                 144   Nomura            N
                 145   Wachovia          N
                 146   Wachovia          N
                 147   Nomura            N
                 148   Nomura            N
                 149   Nomura            N
              149.01                     N
              149.02                     N
                 150   Wachovia          N
                 151   Wachovia          N
                 152   Wachovia          N
                 153   Nomura            N
                 154   Wachovia          N
                 155   Wachovia          N
                 156   Wachovia          N
                 157   Wachovia          N
                 158   Nomura            N                         Hickory Hospitality
                                                                   Investments Portfolio
                 159   Wachovia          N
                 160   Nomura            N
                 161   Wachovia          N
                 162   Wachovia          N

<CAPTION>
Mortgage Loan Number   Prepayment Provisions   Early Defeasance   Secured by LC   Interest Accrual Method   Lockbox
--------------------   ---------------------   ----------------   -------------   -----------------------   ---------
<S>                    <C>                     <C>                <C>             <C>                       <C>
                   1   N                       N                  N               Actual/360                Day 1
                   2   Y                       N                  N               Actual/360                Day 1
                2.01
                2.02
                2.03
                   3   Y                       N                  Y               Actual/360                Day 1
                   4   Y                       N                  N               Actual/360                Day 1
                4.01
                4.02
                4.03
                4.04
                4.05
                4.06
                4.07
                4.08
                4.09
                4.10
                4.11
                4.12
                4.13
                4.14
                4.15
                4.16
                4.17
                4.18
                4.19
                4.20
                4.21
                4.22
                4.23
                4.24
                4.25
                4.26
                4.27
                4.28
                4.29
                4.30
                4.31
                4.32
                4.33
                4.34
                4.35
                4.36
                4.37
                4.38
                4.39
                4.40
                4.41
                4.42
                4.43
                4.44
                4.45
                4.46
                4.47
                4.48
                4.49
                4.50
                4.51
                4.52
                4.53
                4.54
                4.55
                4.56
                4.57
                4.58
                   5   Y                       N                  N               Actual/360                Day 1
                5.01
                5.02
                5.03
                5.04
                5.05
                5.06
                5.07
                5.08
                5.09
                5.10
                5.11
                5.12
                5.13
                5.14
                5.15
                5.16
                5.17
                5.18
                5.19
                5.20
                5.21
                5.22
                5.23
                5.24
                5.25
                5.26
                5.27
                5.28
                5.29
                5.30
                5.31
                5.32
                5.33
                5.34
                5.35
                5.36
                5.37
                5.38
                5.39
                5.40
                5.41
                5.42
                5.43
                   6   Y                       N                  N               Actual/360                Day 1
                   7   Y                       N                  N               Actual/360                Day 1
                   8   Y                       N                  N               Actual/360                Springing
                   9   Y                       N                  N               Actual/360                Springing
                  10   N                       N                  N               30/360
                  11   N                       N                  N               Actual/360                Day 1
                  12   Y                       N                  N               Actual/360                Day 1
                  13   Y                       N                  N               Actual/360                Springing
                  14   Y                       N                  N               Actual/360
               14.01
               14.02
               14.03
                  15   Y                       N                  N               Actual/360                Day 1
                  16   Y                       N                  N               Actual/360                Day 1
                  17   N                       N                  N               Actual/360
                  18   Y                       N                  Y               Actual/360
                  19   N                       N                  N               Actual/360
                  20   Y                       N                  N               Actual/360
                  21   Y                       N                  Y               Actual/360
                  22   Y                       N                  Y               Actual/360
                  23   Y                       N                  N               Actual/360                Springing
                  24   N                       N                  N               Actual/360
                  25   N                       N                  N               Actual/360                Day 1
                  26   N                       N                  N               Actual/360
                  27   Y                       N                  N               Actual/360                Springing
                  28   Y                       N                  N               Actual/360                Springing
                  29   N                       N                  N               Actual/360
                  30   Y                       N                  N               Actual/360
                  31   Y                       N                  N               Actual/360                Day 1
                  32   Y                       N                  N               Actual/360                Day 1
                  33   Y                       N                  N               Actual/360
                  34   Y                       N                  N               Actual/360
                  35   Y                       N                  N               Actual/360
                  36   Y                       N                  N               Actual/360
                  37   Y                       N                  N               Actual/360                Springing
                  38   Y                       N                  N               Actual/360
                  39   Y                       N                  N               Actual/360                Day 1
                  40   Y                       N                  N               Actual/360                Springing
                  41   Y                       N                  N               Actual/360                Day 1
                  42   Y                       N                  N               Actual/360                Day 1
                  43   Y                       N                  N               Actual/360                Springing
                  44   N                       N                  N               Actual/360                Day 1
                  45   Y                       N                  N               Actual/360
                  46   Y                       N                  N               Actual/360                Springing
                  47   Y                       N                  N               Actual/360                Springing
                  48   Y                       N                  N               Actual/360                Springing
                  49   Y                       N                  N               Actual/360
                  50   N                       N                  N               Actual/360                Day 1
                  51   N                       N                  N               Actual/360                Day 1
                  52   Y                       N                  N               Actual/360                Day 1
                  53   N                       N                  N               Actual/360                Day 1
                  54   Y                       N                  N               Actual/360                Springing
                  55   Y                       N                  N               Actual/360
               55.01
               55.02
                  56   N                       N                  N               Actual/360                Springing
                  57   Y                       N                  N               Actual/360                Day 1
                  58   Y                       N                  N               Actual/360
                  59   Y                       N                  N               Actual/360
                  60   Y                       N                  N               Actual/360                Springing
                  61   N                       N                  N               Actual/360                Springing
                  62   Y                       N                  N               Actual/360                Springing
                  63   Y                       N                  N               Actual/360
                  64   Y                       N                  N               Actual/360
                  65   Y                       N                  N               Actual/360
                  66   Y                       N                  N               Actual/360                Springing
                  67   Y                       N                  Y               Actual/360
               67.01
               67.02
               67.03
                  68   N                       N                  N               Actual/360                Springing
                  69   Y                       N                  N               Actual/360                Day 1
                  70   Y                       N                  N               Actual/360                Day 1
                  71   Y                       N                  N               Actual/360                Day 1
                  72   N                       N                  N               Actual/360                Springing
                  73   N                       N                  N               Actual/360                Day 1
                  74   Y                       N                  N               Actual/360
                  75   Y                       N                  N               Actual/360                Springing
                  76   Y                       N                  N               Actual/360
                  77   Y                       N                  N               Actual/360                Springing
                  78   Y                       N                  N               Actual/360
                  79   N                       N                  N               Actual/360                Day 1
                  80   Y                       N                  N               Actual/360
                  81   Y                       N                  N               Actual/360
                  82   N                       N                  N               Actual/360                Day 1
                  83   Y                       N                  Y               Actual/360
                  84   Y                       N                  N               Actual/360                Day 1
                  85   N                       N                  N               Actual/360
                  86   Y                       N                  N               Actual/360
                  87   Y                       N                  N               Actual/360                Springing
                  88   N                       N                  N               Actual/360                Day 1
                  89   Y                       N                  N               Actual/360
                  90   Y                       N                  N               Actual/360                Springing
                  91   Y                       N                  N               Actual/360
                  92   Y                       N                  N               Actual/360                Day 1
                  93   Y                       N                  N               Actual/360
                  94   Y                       N                  N               Actual/360                Day 1
                  95   Y                       N                  N               Actual/360
                  96   Y                       N                  N               Actual/360
                  97   Y                       N                  N               Actual/360                Day 1
                  98   Y                       N                  N               Actual/360                Springing
                  99   Y                       N                  N               Actual/360
                 100   Y                       N                  Y               Actual/360                Springing
                 101   Y                       N                  N               Actual/360
                 102   Y                       N                  N               Actual/360
                 103   Y                       N                  N               Actual/360
                 104   Y                       N                  N               Actual/360                Springing
                 105   Y                       N                  N               Actual/360
                 106   Y                       N                  N               Actual/360
                 107   Y                       N                  N               Actual/360                Springing
                 108   Y                       N                  Y               Actual/360
                 109   Y                       N                  N               Actual/360
                 110   Y                       N                  N               Actual/360
                 111   Y                       N                  N               Actual/360                Day 1
                 112   Y                       N                  N               Actual/360
                 113   Y                       N                  N               Actual/360                Springing
                 114   Y                       N                  N               Actual/360
                 115   Y                       N                  N               Actual/360
                 116   Y                       N                  N               Actual/360
                 117   Y                       N                  N               Actual/360
                 118   Y                       N                  Y               Actual/360
                 119   N                       N                  N               Actual/360                Day 1
                 120   N                       N                  N               Actual/360
                 121   Y                       N                  N               Actual/360
                 122   Y                       N                  N               Actual/360                Springing
                 123   Y                       N                  N               Actual/360                Day 1
                 124   Y                       N                  N               Actual/360
                 125   Y                       N                  N               Actual/360
                 126   Y                       N                  N               Actual/360
                 127   Y                       N                  N               Actual/360
                 128   Y                       N                  N               Actual/360
                 129   N                       N                  N               Actual/360
                 130   Y                       N                  N               Actual/360
                 131   Y                       N                  N               Actual/360                Day 1
              131.01
              131.02
                 132   Y                       N                  N               Actual/360                Springing
                 133   Y                       N                  N               Actual/360                Springing
                 134   Y                       N                  N               Actual/360
                 135   Y                       N                  N               Actual/360
                 136   Y                       N                  N               Actual/360                Springing
                 137   Y                       N                  N               Actual/360
                 138   Y                       N                  N               Actual/360                Day 1
                 139   Y                       N                  N               Actual/360
                 140   Y                       N                  N               Actual/360                Springing
                 141   Y                       N                  N               Actual/360                Springing
                 142   Y                       N                  N               Actual/360                Springing
                 143   Y                       N                  N               Actual/360                Springing
                 144   Y                       N                  N               Actual/360                Day 1
                 145   N                       N                  N               Actual/360                Springing
                 146   Y                       N                  N               Actual/360
                 147   N                       N                  N               Actual/360
                 148   N                       N                  N               Actual/360
                 149   Y                       N                  N               Actual/360
              149.01
              149.02
                 150   Y                       N                  N               Actual/360                Springing
                 151   Y                       N                  N               Actual/360                Springing
                 152   Y                       N                  N               Actual/360                Springing
                 153   N                       N                  N               Actual/360
                 154   Y                       N                  N               Actual/360                Springing
                 155   Y                       N                  N               Actual/360                Springing
                 156   Y                       N                  N               Actual/360                Springing
                 157   Y                       N                  N               Actual/360                Springing
                 158   Y                       N                  N               Actual/360
                 159   Y                       N                  N               Actual/360                Springing
                 160   N                       N                  N               Actual/360
                 161   Y                       N                  N               Actual/360                Springing
                 162   Y                       N                  N               Actual/360                Springing

<CAPTION>
Mortgage Loan Number   Annual Deposit to Replacement Reserves   Initial Deposit to Capital Improvements Reserve
--------------------   --------------------------------------   -----------------------------------------------
<S>                    <C>                                      <C>
                   1
                   2                                  242,040                                         1,303,125
                2.01
                2.02
                2.03
                   3                                  160,472
                   4                                                                                    404,310
                4.01
                4.02
                4.03
                4.04
                4.05
                4.06
                4.07
                4.08
                4.09
                4.10
                4.11
                4.12
                4.13
                4.14
                4.15
                4.16
                4.17
                4.18
                4.19
                4.20
                4.21
                4.22
                4.23
                4.24
                4.25
                4.26
                4.27
                4.28
                4.29
                4.30
                4.31
                4.32
                4.33
                4.34
                4.35
                4.36
                4.37
                4.38
                4.39
                4.40
                4.41
                4.42
                4.43
                4.44
                4.45
                4.46
                4.47
                4.48
                4.49
                4.50
                4.51
                4.52
                4.53
                4.54
                4.55
                4.56
                4.57
                4.58
                   5
                5.01
                5.02
                5.03
                5.04
                5.05
                5.06
                5.07
                5.08
                5.09
                5.10
                5.11
                5.12
                5.13
                5.14
                5.15
                5.16
                5.17
                5.18
                5.19
                5.20
                5.21
                5.22
                5.23
                5.24
                5.25
                5.26
                5.27
                5.28
                5.29
                5.30
                5.31
                5.32
                5.33
                5.34
                5.35
                5.36
                5.37
                5.38
                5.39
                5.40
                5.41
                5.42
                5.43
                   6                                  233,929                                            15,410
                   7                                                                                      7,500
                   8                                   88,615                                            27,750
                   9                                  125,796
                  10
                  11                                   31,601
                  12   3.0% Yearly Gross Revenue
                  13
                  14
               14.01
               14.02
               14.03
                  15
                  16
                  17                                   83,316
                  18                                   34,602
                  19                                   44,902
                  20                                   55,936
                  21
                  22                                    7,092
                  23                                   70,000
                  24                                   99,440
                  25                                   30,296                                           184,250
                  26                                   54,340
                  27
                  28                                   56,350
                  29                                   60,800
                  30                                                                                     36,625
                  31                                   67,300
                  32                                   30,000
                  33
                  34                                   79,616                                         1,000,000
                  35                                  524,832                                            37,500
                  36                                   39,123                                           175,760
                  37
                  38                                   17,928
                  39                                   13,686
                  40                                  114,531
                  41                                   10,212
                  42
                  43                                   11,442
                  44                                   92,400
                  45
                  46                                   74,700                                            84,375
                  47                                                                                    252,500
                  48                                   19,296                                            75,000
                  49                                  134,000
                  50                                   86,718                                           850,960
                  51                                  103,626                                           250,901
                  52                                   21,913
                  53                                   12,156
                  54                                   54,960
                  55                                    9,158                                            17,500
               55.01
               55.02
                  56                                   64,750                                            55,969
                  57                                    5,967
                  58                                   14,024
                  59                                   14,461
                  60                                   64,000
                  61
                  62                                                                                    149,400
                  63
                  64                                                                                    250,000
                  65                                    5,380
                  66                                   29,754
                  67                                   14,629
               67.01
               67.02
               67.03
                  68                                   52,000
                  69                                   31,500                                           147,375
                  70                                   21,149                                            25,250
                  71                                    6,607
                  72                                    3,941
                  73                                   18,647                                           141,250
                  74
                  75
                  76                                   29,641                                            12,500
                  77
                  78                                   99,816
                  79
                  80                                   35,226                                           497,969
                  81                                   10,858                                            51,688
                  82                                   14,823                                            71,275
                  83
                  84                                   10,529                                             2,813
                  85                                   74,147
                  86                                   62,000                                            81,937
                  87                                    7,427
                  88                                    9,336                                            12,938
                  89                                    8,925
                  90                                    1,920
                  91                                  211,620                                            31,250
                  92                                   46,080                                           503,190
                  93
                  94                                    2,703
                  95
                  96                                   57,981
                  97
                  98                                    2,765
                  99                                   13,493                                            29,425
                 100
                 101
                 102                                    6,221
                 103
                 104
                 105                                    4,338
                 106
                 107                                    1,359
                 108                                    4,647
                 109
                 110                                   16,294
                 111                                   34,560                                           186,285
                 112                                  103,128                                            31,250
                 113
                 114                                    7,500
                 115                                  102,900
                 116   4.0% of Yearly Gross Revenue
                 117
                 118                                    7,200                                            23,243
                 119   4.0% of Yearly Gross Revenue                                                     418,750
                 120                                    9,310
                 121   4.0% of Yearly Gross Revenue
                 122
                 123                                   79,638                                             9,500
                 124                                   59,184
                 125                                    3,019                                             2,013
                 126                                                                                     38,136
                 127
                 128   4.0% of Yearly Gross Revenue                                                       2,500
                 129                                    8,793                                            20,000
                 130                                    3,166                                             8,375
                 131                                   12,269
              131.01
              131.02
                 132
                 133
                 134
                 135                                    5,050                                            12,500
                 136
                 137                                   12,000
                 138                                   20,086
                 139                                    3,988
                 140
                 141
                 142
                 143
                 144                                    6,388                                            53,750
                 145
                 146                                    1,516
                 147                                   22,000                                            27,500
                 148                                    4,824                                             1,250
                 149
              149.01
              149.02
                 150
                 151
                 152
                 153
                 154
                 155
                 156
                 157
                 158   6.6% of Yearly Gross Revenue
                 159
                 160
                 161
                 162

<CAPTION>
Mortgage Loan Number   Initial TI/LC Escrow   Ongoing TI/LC Footnote
--------------------   --------------------   ----------------------
<S>                    <C>                    <C>
                   1              7,000,000
                   2                                              (2)
                2.01
                2.02
                2.03
                   3             12,748,562
                   4
                4.01
                4.02
                4.03
                4.04
                4.05
                4.06
                4.07
                4.08
                4.09
                4.10
                4.11
                4.12
                4.13
                4.14
                4.15
                4.16
                4.17
                4.18
                4.19
                4.20
                4.21
                4.22
                4.23
                4.24
                4.25
                4.26
                4.27
                4.28
                4.29
                4.30
                4.31
                4.32
                4.33
                4.34
                4.35
                4.36
                4.37
                4.38
                4.39
                4.40
                4.41
                4.42
                4.43
                4.44
                4.45
                4.46
                4.47
                4.48
                4.49
                4.50
                4.51
                4.52
                4.53
                4.54
                4.55
                4.56
                4.57
                4.58
                   5
                5.01
                5.02
                5.03
                5.04
                5.05
                5.06
                5.07
                5.08
                5.09
                5.10
                5.11
                5.12
                5.13
                5.14
                5.15
                5.16
                5.17
                5.18
                5.19
                5.20
                5.21
                5.22
                5.23
                5.24
                5.25
                5.26
                5.27
                5.28
                5.29
                5.30
                5.31
                5.32
                5.33
                5.34
                5.35
                5.36
                5.37
                5.38
                5.39
                5.40
                5.41
                5.42
                5.43
                   6                                              (2)
                   7                                              (2)
                   8                                              (2)
                   9
                  10
                  11                350,000
                  12
                  13
                  14              1,500,000
               14.01
               14.02
               14.03
                  15
                  16                                              (2)
                  17
                  18
                  19
                  20
                  21
                  22                                              (2)
                  23
                  24
                  25                252,468                       (2)
                  26
                  27
                  28
                  29
                  30
                  31                                              (2)
                  32
                  33
                  34
                  35
                  36
                  37
                  38
                  39
                  40              1,500,000                       (2)
                  41
                  42
                  43                                              (2)
                  44
                  45
                  46
                  47
                  48
                  49
                  50
                  51
                  52                 50,000                       (2)
                  53
                  54
                  55
               55.01
               55.02
                  56
                  57                                              (2)
                  58                                              (2)
                  59                                              (2)
                  60
                  61
                  62
                  63
                  64
                  65                                              (2)
                  66                500,000
                  67
               67.01
               67.02
               67.03
                  68
                  69
                  70                                              (2)
                  71
                  72
                  73                166,494                       (2)
                  74                                              (2)
                  75
                  76                                              (2)
                  77
                  78
                  79
                  80                125,000
                  81
                  82                168,438                       (2)
                  83
                  84                                              (2)
                  85
                  86
                  87
                  88                600,000                       (2)
                  89                                              (2)
                  90                                              (2)
                  91
                  92
                  93
                  94
                  95
                  96
                  97
                  98                                              (2)
                  99
                 100
                 101
                 102                                              (2)
                 103
                 104
                 105
                 106                                              (2)
                 107                                              (2)
                 108                100,000                       (2)
                 109
                 110                                              (2)
                 111
                 112
                 113
                 114
                 115
                 116
                 117
                 118
                 119
                 120
                 121
                 122
                 123
                 124
                 125                                              (2)
                 126
                 127
                 128
                 129                                              (2)
                 130                                              (2)
                 131                 50,000                       (2)
              131.01
              131.02
                 132
                 133
                 134
                 135
                 136
                 137
                 138
                 139                                              (2)
                 140
                 141
                 142
                 143
                 144                                              (2)
                 145
                 146                                              (2)
                 147
                 148
                 149
              149.01
              149.02
                 150
                 151
                 152
                 153
                 154
                 155
                 156
                 157
                 158
                 159
                 160
                 161
                 162
</TABLE>

(1) Four (4) Mortgage Loans (the Prime Outlets Pool II Loan, the BlueLinx
Holdings Pool Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan)
are part of split loan structures and the related pari passu companion loans are
not included in the trust fund with respect to each Mortgage Loan, unless
otherwise specified.

(2) In addition to any such escrows funded at loan closing for potential TI/LC,
these Mortgage Loans require funds to be escrowed during some or all of the loan
terms for TI/LC expenses, which may be incurred during the loan term. In certain
instances, escrowed funds may be released to the borrower upon satisfaction of
certain leasing conditions.

(3) Annual Deposit to Replacement Reserves is the greater of (i) 3.0% of yearly
gross revenue (which may be increased to 5.0% during the last two years of the
original term of the franchise agreement if during such time any franchise
inspection report is not above 90.0%) or (ii) the actual amount as required by
the related management agreement.

(4) Commencing August 11, 2009, Annual Deposit to Replacement Reserves is
$44,902.

(5) Through the 24th payment date, the Annual Deposit to Replacement Reserves
will be $90,000 if the reserve balance falls below $100,000. Commencing on the
25th payment date through the 36th payment date, Annual Deposit to Replacement
Reserves is $70,000 and $90,000 thereafter.

(6) Through the 24th payment date, the Annual Deposit to Replacement Reserves
will be $72,450 if the reserve balance falls below $100,000. Commencing on the
25th payment date through the 36th payment date, Annual Deposit to Replacement
Reserves is $56,350 and $72,450 thereafter.

(7) Commencing August 11, 2008, Annual Deposit to Replacement Reserves is
$30,000.

(8) With respect to the Village Mall Loan, the current balance of the TI/LC
Reserve is $100,000.

(9) With respect to the DEA Building - Detroit Loan, interest-only payments
commence in January 2013 through loan maturity.

(10) Annual Deposit to Replacement Reserves is $19,296 for the first 48
payments.

(11) Annual Deposit to Replacement Reserves is $99,816 through August 2007 and
3.0% of yearly gross revenue thereafter.

(12) Annual Deposit to Replacement Reserves is $74,147 through August 2007 and
3.0% of yearly gross revenue thereafter.

(13) Annual Deposit to Replacement Reserves is $57,981 through August 2007 and
3.0% of yearly gross revenue thereafter.

(14) Commencing August 1, 2007, Annual Deposit to Replacement Reserves is 4.0%
of yearly gross revenue.

(15) Annual Deposit to Replacement Reserves is $79,638 through April 2007 and
4.0% of yearly gross revenue thereafter.

(16) Annual Deposit to Replacement Reserves is $59,184 through August 2007 and
3.0% of yearly gross revenue thereafter.

See "DESCRIPTION OF THE MORTGAGED POOL - Additional Mortgage Loan Information"
in the prospectus supplement.

<PAGE>

                                   EXHIBIT C-1

               SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

                 Wachovia Commercial Mortgage Securities Inc.
        Commercial Mortgage Pass-Through Certificates Series 2006-C27

<TABLE>
<CAPTION>
Collateral ID   Property Name              Loan Amount   DocType   Exception   Exception Description   Notation
-------------   ----------------------   -------------   -------   ---------   ---------------------   --------
<S>             <C>                      <C>             <C>       <C>         <C>                     <C>
     2855643D   Marriott - Austin, TX             0.00    TCMT            01   MISSING
      2855671   Shorepark Apartments     38,800,000.00    ALNV            26   SIGNATURE MISSING
      2855672   Bay Village Apartments   24,500,000.00    ALNV            26   SIGNATURE MISSING
      2855673   Woodcreek Apartments     25,230,000.00    ALNV            26   SIGNATURE MISSING
</TABLE>

<PAGE>

                           COMMERCIAL EXCEPTION CODES
                      Wells Fargo Commercial Exception Codes

EX. CODE   DESCRIPTION
--------   ---------------------------------------------------------------------
      01   Missing
      02   Document is Copy
      03   Doc is a Copy, but not Certified True and Correct"
      04   Pages are Missing from Document
      05   Damaged Document
      06   Incorrect Form
      07   Date is Incorrect
      08   Loan Number does not agree with Schedule
      09   Property Address does not agree with Schedule
      10   Interest Rate does not agree with Schedule
      11   Interest Rate (alpha & numeric) do not agree
      12   Date of First Payment does not agree with Schedule
      13   Date of Last Payment does not agree with Schedule
      14   Loan Amount does not agree with Schedule
      15   Loan Amount (alpha & numeric) do not agree
      16   Monthly P&I does not agree with Schedule
      17   P&I (alpha & numeric) do not agree
      18   Mortgagor Name(s) does not agree with Schedule
      19   Legal Description is Missing/Incorrect
      20   Unrecorded Original
      21   White-out / Corrections Not Initialed
      22   Endorsement(s) is Missing/Incorrect
      23   Notary, Acknowledgment, or Witness Information is Missing
      24   Name is Missing/Incorrect
      25   Signature(s) does not agree with Typed Name(s)
      26   Signature is Missing
      28   Signature Date is Missing
      29   Title Insurance Coverage is Insufficient
      31   Trustee Name is Missing/Incorrect
      33   Case Number does not agree with Schedule
      34   Commitment Number does not agree with Schedule
      44   Schedule A is Incorrect
      45   County Missing/Incorrect
      46   Loan Reference Missing/Incorrect
      47   Incomplete Information
      52   Document Does Not Belong in File
      59   Assumption Endorsement Missing
      66   Rider Missing
      68   Certified True Copy sent for Recording
      69   Recorded Copy (Where the recording information and signature are both
           copies and not county certified)
      70   Processing and or submitted for recording
      90   Lost Note Affidavit in file
      92   Document being created and or executed
      94   Out for execution
      96   Unrecorded Copy
      97   ADDITIONAL DOCUMENTS IN FILE
      98   Title Commitment Received
     109   Rec'd ASUM need UCC amendment or new filing
     111   Recorded document sent to be re-recorded
     115   Processing and or submitted for recording to Issuer vendor
     121   Recording Search and/or Confirmation of Filing

<PAGE>

                        COMMERCIAL DOCUMENT CODE LISTING

<TABLE>
<CAPTION>
DOCTYPE                              DESCRIPTION                                               ADDITIONAL COMMENTS
<S>            <C>                                                      <C>
ACC1           NEW UCC1 ASUM FILING                                     NEW COUNTY UCC NEEDED FOR ASSUMPTION
ACC3           AMEND/TERM FOR OLD BORR                                  TERMINATION OF ORIGINAL BORROWER IN ASUM-COUNTY
ACS1           NEW UCS1 ASUM FILING                                     NEW STATE UCC NEEDED FOR ASSUMPTION
ACS3           AMEND/TERM FOR OLD BORR                                  TERMINATION OF ORIGINAL BORROWER IN ASUM-STATE
AFFD           NAME AFFIDAVIT                                           DOCUMENT THAT LISTS THE NAME(S) THAT THE BORROWER(S) ARE
                                                                        ALTERNATIVELY KNOW AS
ALN (1-9)      INTERVENING ALLONGE                                      ADDITIONAL PAGE(S) OF THE NOTE THAT CONTAIN INTERVENING
                                                                        ENDORSEMENT(S)
ALNV           FINAL ALLONGE                                            FINAL NOTE ENDORSEMENT
AMRT           AMORTIZATION SCHEDULE
APPR           APPRAISAL                                                DOCUMENT THAT IS USED TO EVALUATE THE VALUE OF A
                                                                        PARTICULAR PIECE OF PROPERTY; IT MAY CONTAIN MULTIPLE
                                                                        PAGES AND/OR SECTIONS
ASL1   *       ASSIGNMENT 1 OF ASSIGNMENT  OF LEASES AND RENTS          ALSO REFERRED TO AS THE ASSIGNMENT OF ASSIGNMENT 1 OF LEASES
                                                                        AND RENTS; DOCUMENT TRANSFERS OWNERSHIP OF THE MORTGAGE FROM
                                                                        ONE LENDER TO ANOTHER LENDER
ASL2   *       ASSIGNMENT 2 OF ASSIGNMENT  OF LEASES AND RENTS          ALSO REFERRED TO AS THE ASSIGNMENT OF ASSIGNMENT 2 OF LEASES
                                                                        AND RENTS; DOCUMENT TRANSFERS OWNERSHIP OF THE ASSIGNMENT OF
                                                                        LEASES AND RENTS  FROM ONE LENDER TO ANOTHER LENDER
ASL3   *       ASSIGNMENT 3 OF ASSIGNMENT  OF LEASES AND RENTS          ALSO REFERRED TO AS THE ASSIGNMENT OF ASSIGNMENT 3 OF LEASES
                                                                        AND RENTS; DOCUMENT TRANSFERS OWNERSHIP OF THE ASSIGNMENT OF
                                                                        LEASES AND RENTS  FROM ONE LENDER TO ANOTHER LENDER
ASL4   *       ASSIGNMENT 4 OF ASSIGNMENT  OF LEASES AND RENTS          ALSO REFERRED TO AS THE ASSIGNMENT OF ASSIGNMENT 4 OF LEASES
                                                                        AND RENTS;  DOCUMENT TRANSFERS OWNERSHIP OF THE ASSIGNMENT
                                                                        OF LEASES AND RENTS  FROM ONE LENDER TO ANOTHER LENDER
ASLQ           ASSIGNMENT OF LIQUOR LICENSE
ASLR   *       ASSIGNMENT OF LEASES AND RENTS                           NAMED THE ASSIGNMENT OF LEASES AND RENTS; THIS DOCUMENT
                                                                        SERVES TO TRANSFER ANY/ALL LEASES ASSOCIATED WITH THE
                                                                        PROPERTY FROM THE BORROWER TO THE ORIGINAL LENDER UNDER THE
                                                                        CONTRACTUAL CONDITIONS FOUND IN THE DOCUMENT
ASLV   *       INVESTOR ASSIGNMENT  OF ASSIGNMENT  OF LEASES AND RENTS  ALSO REFERRED TO AS THE INVESTOR ASSIGNMENT OF ASSIGNMENT OF
                                                                        LEASES AND RENTS; DOCUMENT TRANSFERS OWNERSHIP OF THE
                                                                        ASSIGNMENT OF LEASES AND RENTS  FROM ONE LENDER TO ANOTHER
                                                                        LENDER; USUALLY IT ENDS IN "WELLS FARGO or NORWEST BANK
                                                                        MINNESOTA, N.A., AS TRUSTEE ..."
ASN1   *       ASSIGNMENT 1                                             ALSO REFERRED TO AS THE ASSIGNMENT 1 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN2   *       ASSIGNMENT 2                                             ALSO REFERRED TO AS THE ASSIGNMENT 2 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN3   *       ASSIGNMENT 3                                             ALSO REFERRED TO AS THE ASSIGNMENT 3 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN4   *       ASSIGNMENT 4                                             ALSO REFERRED TO AS THE ASSIGNMENT 4 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN5   *       ASSIGNMENT 5                                             ALSO REFERRED TO AS THE ASSIGNMENT 5 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN6   *       ASSIGNMENT 6                                             ALSO REFERRED TO AS THE ASSIGNMENT 6 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN7   *       ASSIGNMENT 7                                             ALSO REFERRED TO AS THE ASSIGNMENT 7 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN8   *       ASSIGNMENT 8                                             ALSO REFERRED TO AS THE ASSIGNMENT 8 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASN9   *       ASSIGNMENT 9                                             ALSO REFERRED TO AS THE ASSIGNMENT 9 OF MORTGAGE; DOCUMENT
                                                                        TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER TO
                                                                        ANOTHER LENDER
ASNB   *       BLANKET ASSIGNMENT                                       DOCUMENT TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER
                                                                        TO ANOTHER LENDER; AN ASSIGNMENT OF MORTGAGE THAT IS USED TO
                                                                        TRANSFER OWNERSHIP OF MORE THAN ONE INDIVIDUAL LOAN AT A
                                                                        TIME
ASNV   *       INVESTOR ASSIGNMENT                                      ALSO REFERRED TO AS THE INVESTOR ASSIGNMENT OF MORTGAGE;
                                                                        DOCUMENT TRANSFERS OWNERSHIP OF THE MORTGAGE FROM ONE LENDER
                                                                        TO ANOTHER LENDER; USUALLY IT ENDS IN "WELLS FARGO or
                                                                        NORWEST BANK MINNESOTA, N.A., AS TRUSTEE ..."
ASPW           ASSIGNMENT OF PERMITS & WARRANTIES
ASSE           ASSET MANAGER AGREEMENT
ASUM           ASSUMPTION AGREEMENT                                     DOCUMENT TRANSFERS THE RIGHTS, TERMS, OR CONDITIONS OF ANY /
                                                                        ALL DOCUMENTS IN THE FILE FROM ONE BORROWER TO ANOTHER
                                                                        BORROWER
ATTY           ATTORNEYS OPINION
BOFS           BILL OF SALE
BUYD           BUYDOWN AGREEMENT
CEM            CONSOLIDATION AGREEMENT
CKLT           LOAN FILE CHECKLIST
CNFS           CERTIFICATE OF NON-FOREIGN STATUS
COFS           CONTRACT OF SALE
COM1 ( --9)*   COMBINATION                                              ASSIGNMENT DOCUMENT ASSIGNING TWO OR MORE INTERVENING
                                                                        ASSIGNMENTS IN ONE

COMV*          COMBINATION                                              FINAL ASSIGNMENT DOCUMENT ASSIGNING TWO OR MORE DOCUMENTS
                                                                        WITH ONE
CONV           CONVERSION AGREEMENT
COOP           CO-OP                                                    A TYPE OF LOAN THAT HAS DIFFERENT REVIEW REQUIREMENTS THAN
                                                                        NORMAL COMMERCIAL LOANS
CTRL           CREDIT LEASE / CREDIT TENANT LEASE
DEE1           ADDITIONAL DEED
DEE2           2ND ADDITIONAL DEED
DEFS           DEFEASANCE DOCUMENTS
ENVI           ENVIRONMENTAL INDEMNITY
ENAS           ENVIRONMENTAL ASSESSMENT                                 ENVIRONMENTAL POLICY OR PHASE I ENVIRONMENTAL ASSESSMENT
ESCR           ESCROW AGREEMENT
ESTO           ESTOPPEL LETTER/AGREEMENT                                FRANCHISOR OR LESSOR
FILE           LOAN FILE                                                REFERS TO THE FILE FOLDER OR ALL OF THE INDIVIDUAL DOCUMENTS
                                                                        ASSOCIATED WITH A INDIVIDUAL LOAN
FRAN           FRANCHISE AGREEMENT                                      (OR TARGET RESERVATION AGREEMENT FOR CONSTRUCTION LOAN)
GRND           GROUND LEASE
GUAR           GUARANTY AGREEMENT
HAZA           HAZARD POLICY
ICAG           INTERCREDITOR AGREEMENT
IRCA           INTEREST RATE CAP AGREEMENT
LAGR           MORTGAGE LOAN AGREEMENT
LCRD           LETTER OF CREDIT
LEAS           LEASE DOCUMENT                                           LEASE DOCUMENT OTHER THAN THE ASSIGNMENT OF LEASES AND RENTS
LEGL           LEGAL DESCRIPTION DOCUMENT
MERG           MERGER DOCUMENT
MODF           MODIFICATION AGREEMENT
MORT           MORTGAGE/DEED OF TRUST
NOTA           NOTICE OF ASSIGNMENT
NOT1           ADD'L NOTE
NOT2           2ND ADDITIONAL NOTE
NOTE           MTG NOTE

OMNI/AGRE      ASSIGNMENT OF AGREEMENTS                                 ALSO KNOWN AS THE OMNIBUS ASSIGNMENT; DOCUMENT SERVES TO
                                                                        TRANSFER ANY ADDITIONAL RIGHTS, SERVICES, PROPERTY, AND
                                                                        OTHER MISCELLANEOUS RIGHTS (THAT ARE NOT COVERED BY THE
                                                                        MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, OR UCC'S) FROM THE
                                                                        BORROWER TO THE ORIGINAL LENDER
PMI            PRIVATE MORTGAGE INSURANCE
POA            POWER OF ATTORNEY
QCLD           QUIT CLAIM DEED
RECG           RECOGINITION AGREEMENT
RECP           RECEIPT & CLOSING CERTIFICATE
RIDR           RIDERS
SCER           STOCK CERTIFICATE                                        DOCUMENT THAT IS USUALLY ASSOCIATED WITH CO-OP LOANS
SCHD           POOL SCHEDULE
SECI   *       SECURITY INSTRUMENT
SINS           SITE INSPECTION
SPOW           STOCK POWER                                              DOCUMENT THAT IS USUALLY ASSOCIATED WITH CO-OP LOANS
SUBD           SUBORDINATION AGREEMENT
SURV           SURVEY
SUR1           FINAL SURVEY AS/BUILT                                    (FOR CONSTRUCTION LOANS)
TCMT           TITLE COMMITMENT
TENT           TENT ESTOPPEL
TPOL           TITLE POLICY
UCC1   *       UCC-1 (COUNTY)                                           COUNTY FILING TO ORIGINAL LENDER
UC31 (---9)*   INTERVENING UCC-3 (COUNTY)                               COUNTY FILING - INTERVENING LENDERS
UCC3   *       UCC-3 (COUNTY)                                           COUNTY FILING TO WELLS FARGO OR TRUSTEE
UCS1   *       UCC-1 (STATE)                                            STATE FILING TO ORIGINAL LENDER
US31 (---9)*   INTERVENING UCC-3 (STATE)                                STATE FILING - INTERVENING LENDERS
UCS3   *       UCC-3 (STATE)                                            STATE FILING TO WELLS FARGO OR TRUSTEE
WDED           WARRANTY DEED
</TABLE>

<PAGE>

                                   EXHIBIT C-2

                         FORM OF CUSTODIAL CERTIFICATION

                                                                          [Date]

Wachovia Bank, National Association
301 South College Street
One Wachovia Center
Charlotte, North Carolina  28288

Nomura Credit & Capital, Inc.
2 World Financial Center
Building B
New York, New York 10281-1198

Wachovia Commercial Mortgage Securities, Inc.
301 South College Street
One Wachovia Center
Charlotte, North Carolina  28288
Attention:  Barry Reiner

Wachovia Bank, National Association
NC 1075
8739 Research Drive - URP4
Charlotte, North Carolina  28262-1075
Attention:  Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series 2006-C27

LNR Partners, Inc.
1601 Washington Avenue, Suite 800
Miami Beach, Florida 33139
Attention:  Randy Wolpert

Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2006-C27

Ladies and Gentlemen:

            (a) Wells Fargo Bank, N.A., as Trustee, hereby certifies to the
above referenced parties that, with respect to each Mortgage Loan (and with
respect to a Companion Loan, only those items required pursuant to the
definition of "Mortgage File") listed in the Mortgage Loan Schedule, except as
specifically identified in the schedule of exceptions annexed thereto, (i)
without regard to the proviso in the definition of "Mortgage File," all
documents specified in clauses (i), (ii), (iv)(a), (v) and (vii), and to the
extent provided in the related Mortgage File and actually known by a Responsible
Officer of the Trustee to be required, clauses (iii), (iv)(b), (iv)(c), (vi),
(viii), (ix)(a) and (xii) of the definition of "Mortgage File" are in its
possession, (ii) all documents delivered or caused to be delivered by the
applicable Mortgage Loan Seller constituting the related Mortgage File have been
reviewed by it and appear regular on their face and appear to relate to such
Mortgage Loan, (iii) based on such examination and only as to the foregoing
documents, the information set forth in the Mortgage Loan Schedule for such
Mortgage Loan with respect to the items specified in clauses (v) and (vi) (c) of
the definition of "Mortgage Loan Schedule" is correct and (iv) solely with
respect to the Companion Loans, all documents specified in clause (xiii) of the
definition of Mortgage File are in its possession. Further, with respect to the
documents described in clause (viii) of the definition of Mortgage File, the
Trustee may assume, for purposes of the certification delivered in Section
2.02(b) of the Pooling and Servicing Agreement and for purposes of determining
(subject to the proviso at the end of this sentence) where to file UCC Financing
Statements, that the related Mortgage File should include one state level UCC
Financing Statement filing in the state of incorporation of the Mortgagor for
each Mortgaged Property (or with respect to any Mortgage Loan that has two or
more Mortgagors, for each Mortgagor); provided, however, that to the extent the
Trustee has actual knowledge or is notified of any fixture or real property UCC
Financing Statements filed in the county of the state where the related
Mortgaged Property is located, the Trustee shall file an assignment to the Trust
Fund with respect to such UCC Financing Statements in the appropriate
jurisdiction under the UCC at the expense of the related Mortgage Loan Seller.
The UCC Financing Statements to be assigned to the Trust Fund pursuant to
Section 2.01(d) of the Pooling and Servicing Agreement will be delivered by the
related Mortgage Loan Seller to the Trustee on the new national forms, in
recordable form and completed pursuant to Revised Article IX of the UCC. The
Trustee will submit such UCC Financing Statements for filing in the state of
incorporation of the related Mortgagor as so indicated on the documents
provided.

            None of the Trustee, the Master Servicer, the Special Servicer or
any Custodian is under any duty or obligation to inspect, review or examine any
of the documents, instruments, certificates or other papers relating to the
Mortgage Loans delivered to it to determine that the same are valid, legal,
effective, genuine, enforceable, in recordable form, sufficient or appropriate
for the represented purpose or that they are other than what they purport to be
on their face. Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to them under the Pooling and Servicing
Agreement.

                                       Respectfully,

                                          ____________________________________
                                          Name:_______________________________
                                          Title: _____________________________

<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank Commercial Mortgage
      Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C27

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Trustee under a certain pooling and servicing agreement, dated as of
August 1, 2006 (the "Pooling and Servicing Agreement"), by and among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and
Wells Fargo Bank, N.A., as Trustee, the undersigned hereby requests a release of
the Mortgage File (or the portion thereof specified below) held by you with
respect to the following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

            The Mortgage File should be delivered to the following:

                                       _______________________________________
                                       _______________________________________
                                       _______________________________________

                                       Attn: _________________________________
                                       Phone:_________________________________

<PAGE>

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

_____      1.    Mortgage Loan paid in full.
                 The Master Servicer hereby certifies that all amounts received
                 in connection with the Mortgage Loan that are required to be
                 credited to the Certificate Account pursuant to the Pooling and
                 Servicing Agreement have been or will be so credited.

_____      2.    Other.  (Describe)
                 ______________________________________________________________
                 ______________________________________________________________

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan has been paid in full, in which case the Mortgage File (or such
portion thereof) will be retained by us permanently.

            Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                                       WACHOVIA BANK, NATIONAL ASSOCIATION,
                                          as Master Servicer

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2006-C27

      Re: Wachovia Bank Commercial Mortgage Trust,
          Commercial Mortgage Pass-Through Certificates, Series 2006-C27

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Trustee under a certain pooling and servicing agreement, dated as of
August 1, 2006 (the "Pooling and Servicing Agreement"), by and among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and
Wells Fargo Bank, N.A., as Trustee, the undersigned hereby requests a release of
the Mortgage File (or the portion thereof specified below) held by you with
respect to the following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

            The Mortgage File should be delivered to the following:

                                          ____________________________________
                                          ____________________________________
                                          ____________________________________
                                          Attn: ______________________________
                                          Phone:______________________________

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

_____      1.    The Mortgage Loan is being foreclosed.
_____      2.    Other.  (Describe)

                 ______________________________________________________________
                 ______________________________________________________________

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan is being foreclosed, in which case the Mortgage File (or such
portion thereof) will be returned when no longer required by us for such
purpose.

            Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                                       LNR PARTNERS, INC.,
                                          as Special Servicer

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                    EXHIBIT E

                 CALCULATION OF NOI/DEBT SERVICE COVERAGE RATIOS

            "Net Cash Flow" shall mean the revenue derived from the use and
operation of a Mortgaged Property less operating expenses (such as utilities,
administrative expenses, repairs and maintenance, tenant improvement costs,
leasing commissions, management fees and advertising), fixed expenses (such as
insurance, real estate taxes and, if applicable, ground lease payments) and
replacement reserves and an allowance for vacancies and credit losses. Net Cash
Flow does not reflect interest expenses and non-cash items such as depreciation
and amortization, and generally does not reflect capital expenditures, but does
reflect reserves for replacements and an allowance for vacancies and credit
losses.

            In determining vacancy for the "revenue" component of Net Cash Flow
for each Rental Property, the Special Servicer shall rely on the most recent
rent roll supplied by the related borrower and where the actual vacancy shown
thereon and the market vacancy is less than 1%, the Special Servicer shall
assume a 1% vacancy in determining revenue from rents, except that in the case
of certain anchored shopping centers, space occupied by anchor or single tenants
or other large tenants shall be disregarded in performing the vacancy adjustment
due to the length of the related leases or creditworthiness of such tenants, in
accordance with the respective Mortgage Loan Seller's underwriting standards.
Where the actual or market vacancy was not less than 5.0%, the Special Servicer
shall determine revenue from rents by generally relying on the most recent roll
supplied and the greater of (a) actual historical vacancy at the related
Mortgaged Property, and (b) historical vacancy at comparable properties in the
same market as the related Mortgaged Property. In determining rental revenue for
multifamily, self-storage and mobile home park properties, the Special Servicer
shall either review rental revenue shown on the certified rolling 12-month
operating statements or annualized the rental revenue and reimbursement of
expenses shown on rent rolls or operating statements with respect to the prior
one to twelve month periods. For the other Rental Properties, the Special
Servicer shall annualize rental revenue shown on the most recent certified rent
roll, after applying the vacancy factor, without further regard to the terms
(including expiration dates) of the leases shown thereon. In the case of
hospitality properties, gross receipts shall be determined on the basis of
adjusted average occupancy not to exceed 75.0% and daily rates achieved during
the prior two to three year annual reporting period. In the case of residential
health care facilities, receipts shall be based on historical occupancy levels,
historical operating revenues and the then current occupancy rates. Occupancy
rates for private health care facilities shall be within current market ranges
and vacancy levels shall be at a minimum of 1%. In general, any non-recurring
items and non-property related revenue shall be eliminated from the calculation
except in the case of residential health care facilities.

            In determining the "expense" component of Net Cash Flow for each
Mortgaged Property, the Special Servicer shall rely on the rolling 12-month
operating statements and/or full-year or year-to-date financial statements
supplied by the related borrower, except that (a) if tax or insurance expense
information more current than that reflected in the financial statements is
available, the newer information shall be used, (b) with respect to each
Mortgaged Property, property management fees shall be assumed to be 3% to 7% of
effective gross revenue (except with respect to hospitality properties, where a
minimum of 3.1% of gross receipts shall be assumed, and with respect to limited
service hospitality properties, where a minimum of 4.0% of gross receipts shall
be assumed and, with respect to single tenant properties, where fees as low as
3% of effective gross receipts shall be assumed), (c) assumptions shall be made
with respect to reserves for leasing commission, tenant improvement expenses and
capital expenditures and (d) expenses shall be assumed to include annual
replacement reserves. In addition, in some instances, the Special Servicer may
recharacterize as capital expenditures those items reported by borrowers as
operating expenses (thus increasing "net cash flow") where determined
appropriate.

<PAGE>

                                   EXHIBIT F-1

                         FORM OF TRANSFEROR CERTIFICATE

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2006-C27 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of August 23, 2006 (the "Closing Date")
of $_____________ evidencing a __% interest in the Class to which it belongs.
The Certificates were issued pursuant to the pooling and servicing agreement
(the "Pooling and Servicing Agreement"), dated as of August 1, 2006 among
Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank,
National Association, as Master Servicer, LNR Partners, Inc., as Special
Servicer and Wells Fargo Bank, N.A., as Trustee. All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

            1. The Transferor is the lawful owner of the Transferred Certificate
      with the full right to transfer such Certificate free from any and all
      claims and encumbrances whatsoever.

            2. Neither the Transferor nor anyone acting on its behalf has (a)
      offered, transferred, pledged, sold or otherwise disposed of any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accepted a
      transfer, pledge or other disposition of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, which (in the case of any of the acts described in clauses (a)
      through (e) hereof) would constitute a distribution of any Certificate
      under the Securities Act of 1933, as amended (the "Securities Act"), or
      would render the disposition of any Certificate a violation of Section 5
      of the Securities Act or any state securities laws, or would require
      registration or qualification of any Certificate pursuant to the
      Securities Act or any state securities laws.

                                       Very truly yours,

                                       _______________________________________
                                                    (Transferor)

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT F-2

                         FORM OF TRANSFEREE CERTIFICATE
                                    FOR QIBs

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2006-C27 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of August 23, 2006 (the "Closing Date")
of $_____________ evidencing a __% interest in the Class to which it belongs.
The Certificates were issued pursuant to the pooling and servicing agreement(the
"Pooling and Servicing Agreement"), dated as of August 1, 2006 among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and
Wells Fargo Bank, N.A., as Trustee. All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

            1. The Transferee is a "qualified institutional buyer" as that term
      is defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as
      amended (the "Securities Act") and has completed one of the forms of
      certification to that effect attached hereto as Annex 1 and Annex 2. The
      Transferee is aware that the sale to it is being made in reliance on Rule
      144A. The Transferee is acquiring the Transferred Certificate for its own
      account or for the account of a qualified institutional buyer, and
      understands that such Certificate may be resold, pledged or transferred
      only (i) to a person reasonably believed to be a qualified institutional
      buyer that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or
      transfer is being made in reliance on Rule 144A, or (ii) pursuant to
      another exemption from registration under the Securities Act.

            2. In the case of a Class F, Class G, Class H, Class J or Class X-C
      Certificate, the Transferee either (A) is not an "employee benefit plan"
      subject to Title I of ERISA or a "plan" described by Section 4975(e)(1) of
      the Code or any other retirement plan or other employee benefit plan or
      arrangement subject to any federal, state or local law materially similar
      to the foregoing provisions of ERISA and the Code, or any entity deemed to
      hold plan assets of the foregoing by reason of a plan's investment in such
      entity (each, a "Plan") or (B) (1) qualifies as an accredited investor as
      defined in Rule 501(a)(1) of Regulation D under the Securities Act and
      satisfies all the requirements of the Exemptions as in effect at the time
      of such transfer or (2) is an insurance company general account that is
      eligible for, and satisfies all of the requirements of, Sections I and III
      of Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTE
      95-60").

            In the case of a Class K, Class L, Class M, Class N, Class O, Class
      P or Class Q Certificate, the Transferee either (A) is not an "employee
      benefit plan" subject to Title I of ERISA or a "plan" described by Section
      4975(e)(1) of the Code or any other retirement plan or other employee
      benefit plan or arrangement subject to any federal, state or local law
      materially similar to the foregoing provisions of ERISA and the Code, or
      any entity deemed to hold plan assets of the foregoing by reason of a
      plan's investment in such entity (each, a "Plan") or (B) is an insurance
      company general account which is eligible for, and satisfies all of the
      requirements for, exemptive relief under Sections I and III of Department
      of Labor Prohibited Transaction Class Exemption 95-60 ("PTE 95-60").

            In the case of a Class R-I, Class R-II, and Class Z Certificate, the
      Transferee is not an "employee benefit plan" subject to Title I of ERISA
      or a "plan" subject to Section 4975 of the Code or any other retirement
      plan or other employee benefit plan or arrangement subject to any federal,
      state, local, non-U.S. or other law substantively similar to the foregoing
      provisions of ERISA or the Code, or any Person directly or indirectly
      acquiring such Certificate for, on behalf of or with any assets of any
      such plan (each, a "Plan").

            3. The Transferee has been furnished with all information regarding
      (a) the Certificates and distributions thereon, (b) the nature,
      performance and servicing of the Mortgage Loans, (c) the Pooling and
      Servicing Agreement, and (d) any credit enhancement mechanism associated
      with the Certificates, that it has requested.

            4. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear legends substantially to the
      following effect (provided that the Class F, Class G, Class H, Class J and
      Class X-C Certificates will bear a legend substantially to the effect of
      the following first paragraph only):

      THE CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
      SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF
      THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE
      ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
      QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO
      ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY
      SECTION 4975(e)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER
      EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR
      LOCAL LAW MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE
      CODE, OR ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON
      OF A PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN
      INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL
      OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF
      DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 ("PTE
      95-60"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO HAVE
      CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL
      NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

      [In the case of Class R-I, Class R-II or Class Z Certificates]: NO
      TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
      "EMPLOYEE BENEFIT PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY SECTION
      4975(e)(1) OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
      BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR
      ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A
      PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO
      ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO HAVE CERTIFIED THAT THE
      FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS
      CERTIFICATE IN VIOLATION OF THE FOREGOING.

            5. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

            6. Check one of the following:

[ ]   The Transferee is a U.S. Person (as defined below) and it has attached
      hereto an Internal Revenue Service ("IRS") Form W-9 (or successor form).

[ ]   The Transferee is not a U.S. Person and under applicable law in effect on
      the date hereof, no taxes will be required to be withheld by the Trustee
      (or its agent) with respect to distributions to be made on the Transferred
      Certificate. The Transferee has attached hereto [(i) a duly executed IRS
      Form W-8BEN (or successor form), which identifies such Transferee as the
      beneficial owner of the Transferred Certificate and states that such
      Transferee is not a U.S. Person, (ii) two duly executed copies of IRS Form
      W-8IMY (with all the appropriate attachments), or (iii)] two duly executed
      copies of IRS Form W-8ECI (or successor form), which identify such
      Transferee as the beneficial owner of the Transferred Certificate and
      state that interest and original issue discount on the Transferred
      Certificate and Permitted Investments is, or is expected to be,
      effectively connected with a U.S. trade or business. The Transferee agrees
      to provide to the Certificate Registrar updated [IRS Form W-8BEN, IRS Form
      W-8IMY or]* IRS Form W-8ECI, as the case may be, any applicable successor
      IRS forms, or such other certifications as the Certificate Registrar may
      reasonably request, on or before the date that any such IRS form or
      certification expires or becomes obsolete, or promptly after the
      occurrence of any event requiring a change in the most recent IRS form of
      certification furnished by it to the Certificate Registrar.

For this purpose, "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more United States
Persons have the authority to control all substantial decisions of the trust,
all within the meaning of Section 7701(a)(30) of the Code.

                                       Very truly yours,

                                       _______________________________________
                                                     (Transferee)

                                       By: ___________________________________
                                           Name:______________________________
                                           Title:_____________________________

<PAGE>

                                                          ANNEX 1 TO EXHIBIT F-2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

            The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Wells Fargo Bank, N.A., as Certificate Registrar, with
respect to the mortgage pass-through certificate being transferred (the
"Transferred Certificate") as described in the Transferee Certificate to which
this certification relates and to which this certification is an Annex:

            1. As indicated below, the undersigned is the chief financial
      officer, a person fulfilling an equivalent function, or other executive
      officer of the entity purchasing the Transferred Certificate (the
      "Transferee").

            2. The Transferee is a "qualified institutional buyer" as that term
      is defined in Rule 144A under the Securities Act of 1933, as amended
      ("Rule 144A") because (i) the Transferee owned and/or invested on a
      discretionary basis $____________ / _____________ in securities (other
      than the excluded securities referred to below) as of the end of the
      Transferee's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) [Transferee must own and/or invest on a
      discretionary basis at least $100,000,000 in securities unless Transferee
      is a dealer, and, in that case, Transferee must own and/or invest on, a
      discretionary basis at least $10,000,000 in securities.] and (ii) the
      Transferee satisfies the criteria in the category marked below.

      [ ]   Corporation, etc. The Transferee is a corporation (other than a
            bank, savings and loan association or similar institution), business
            trust, partnership, or any organization described in Section
            501(c)(3) of the Internal Revenue Code of 1986, as amended.

      [ ]   Bank. The Transferee (a) is a national bank or a banking institution
            organized under the laws of any State, U.S. territory or the
            District of Columbia, the business of which is substantially
            confined to banking and is supervised by the State or territorial
            banking commission or similar official or is a foreign bank or
            equivalent institution, and (b) has an audited net worth of at least
            $25,000,000 as demonstrated in its latest annual financial
            statements, a copy of which is attached hereto, as of a date not
            more than 16 months preceding the date of sale of the Certificate in
            the case of a U.S. bank, and not more than 18 months preceding such
            date of sale for a foreign bank or equivalent institution.

      [ ]   Savings and Loan. The Transferee (a) is a savings and loan
            association, building and loan association, cooperative bank,
            homestead association or similar institution, which is supervised
            and examined by a State or Federal authority having supervision over
            any such institutions or is a foreign savings and loan association
            or equivalent institution and (b) has an audited net worth of at
            least $25,000,000 as demonstrated in its latest annual financial
            statements, a copy of which is attached hereto, as of a date not
            more than 16 months preceding the date of sale of the Certificate in
            the case of a U.S. savings and loan association, and not more than
            18 months preceding such date of sale for a foreign savings and loan
            association or equivalent institution.

      [ ]   Broker-dealer. The Transferee is a dealer registered pursuant to
            Section 15 of the Securities Exchange Act of 1934.

      [ ]   Insurance Company. The Transferee is an insurance company whose
            primary and predominant business activity is the writing of
            insurance or the reinsuring of risks underwritten by insurance
            companies and which is subject to supervision by the insurance
            commissioner or a similar official or agency of a State, U.S.
            territory or the District of Columbia.

      [ ]   State or Local Plan. The Transferee is a plan established and
            maintained by a State, its political subdivisions, or any agency or
            instrumentality of the State or its political subdivisions, for the
            benefit of its employees.

      [ ]   ERISA Plan. The Transferee is an employee benefit plan within the
            meaning of Title I of the Employee Retirement Income Security Act of
            1974, as amended.

      [ ]   Investment Advisor. The Transferee is an investment advisor
            registered under the Investment Advisers Act of 1940.

      [ ]   Other. (Please supply a brief description of the entity and a
            cross-reference to the paragraph and subparagraph under subsection
            (a)(1) of Rule 144A pursuant to which it qualifies. Note that
            registered investment companies should complete Annex 2 rather than
            this Annex 1.)

      [ ]   Corporation, etc. The Transferee is a corporation (other than a
            bank, savings and loan association or similar institution), business
            trust, partnership, or any organization described in Section
            501(c)(3) of the Internal Revenue Code of 1986, as amended.

      [ ]   Bank. The Transferee (a) is a national bank or a banking institution
            organized under the laws of any State, U.S. territory or the
            District of Columbia, the business of which is substantially
            confined to banking and is supervised by the State or territorial
            banking commission or similar official or is a foreign bank or
            equivalent institution, and (b) has an audited net worth of at least
            $25,000,000 as demonstrated in its latest annual financial
            statements, a copy of which is attached hereto, as of a date not
            more than 16 months preceding the date of sale of the Certificate in
            the case of a U.S. bank, and not more than 18 months preceding such
            date of sale for a foreign bank or equivalent institution.

            3. The term "securities" as used herein does not include (i)
      securities of issuers that are affiliated with the Transferee, (ii)
      securities that are part of an unsold allotment to or subscription by the
      Transferee, if the Transferee is a dealer, (iii) bank deposit notes and
      certificates of deposit, (iv) loan participations, (v) repurchase
      agreements, (vi) securities owned but subject to a repurchase agreement
      and (vii) currency, interest rate and commodity swaps. For purposes of
      determining the aggregate amount of securities owned and/or invested on a
      discretionary basis by the Transferee, the Transferee did not include any
      of the securities referred to in this paragraph.

            4. For purposes of determining the aggregate amount of securities
      owned and/or invested on a discretionary basis by the Transferee, the
      Transferee used the cost of such securities to the Transferee, unless the
      Transferee reports its securities holdings in its financial statements on
      the basis of their market value, and no current information with respect
      to the cost of those securities has been published, in which case the
      securities were valued at market. Further, in determining such aggregate
      amount, the Transferee may have included securities owned by subsidiaries
      of the Transferee, but only if such subsidiaries are consolidated with the
      Transferee in its financial statements prepared in accordance with
      generally accepted accounting principles and if the investments of such
      subsidiaries are managed under the Transferee's direction. However, such
      securities were not included if the Transferee is a majority-owned,
      consolidated subsidiary of another enterprise and the Transferee is not
      itself a reporting company under the Securities Exchange Act of 1934, as
      amended.

            5. The Transferee acknowledges that it is familiar with Rule 144A
      and understands that the parties to which this certification is being made
      are relying and will continue to rely on the statements made herein
      because one or more sales to the Transferee may be in reliance on Rule
      144A.

          ________         ________     Will the  Transferee be purchasing  the
             Yes              No        Transferred  Certificate  only  for the
                                        Transferee's own account?

            6. If the answer to the foregoing question is "no", then in each
      case where the Transferee is purchasing for an account other than its own,
      such account belongs to a third party that is itself a "qualified
      institutional buyer" within the meaning of Rule 144A, and the "qualified
      institutional buyer" status of such third party has been established by
      the Transferee through one or more of the appropriate methods contemplated
      by Rule 144A.

            7. The Transferee will notify each of the parties to which this
      certification is made of any changes in the information and conclusions
      herein. Until such notice is given, the Transferee's purchase of the
      Transferred Certificate will constitute a reaffirmation of this
      certification as of the date of such purchase. In addition, if the
      Transferee is a bank or savings and loan as provided above, the Transferee
      agrees that it will furnish to such parties any updated annual financial
      statements that become available on or before the date of such purchase,
      promptly after they become available.

                                       Print Name of Transferee

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________
                                          Date:_______________________________

<PAGE>

                                                          ANNEX 2 TO EXHIBIT F-2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That Are Registered Investment Companies]

            The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Wells Fargo Bank, N.A., as Certificate Registrar, with
respect to the mortgage pass-through certificate being transferred (the
"Transferred Certificate") as described in the Transferee Certificate to which
this certification relates and to which this certification is an Annex:

            1. As indicated below, the undersigned is the chief financial
      officer, a person fulfilling an equivalent function, or other executive
      officer of the entity purchasing the Transferred Certificate (the
      "Transferee") or, if the Transferee is a "qualified institutional buyer"
      as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended ("Rule 144A"), because the Transferee is part of a Family of
      Investment Companies (as defined below), is an executive officer of the
      investment adviser (the "Adviser").

            2. The Transferee is a "qualified institutional buyer" as defined in
      Rule 144A because (i) the Transferee is an investment company registered
      under the Investment Company Act of 1940, and (ii) as marked below, the
      Transferee alone owned and/or invested on a discretionary basis, or the
      Transferee's Family of Investment Companies owned, at least $100,000,000
      in securities (other than the excluded securities referred to below) as of
      the end of the Transferee's most recent fiscal year. For purposes of
      determining the amount of securities owned by the Transferee or the
      Transferee's Family of Investment Companies, the cost of such securities
      was used, unless the Transferee or any member of the Transferee's Family
      of Investment Companies, as the case may be, reports its securities
      holdings in its financial statements on the basis of their market value,
      and no current information with respect to the cost of those securities
      has been published, in which case the securities of such entity were
      valued at market.

      [ ]   The Transferee owned and/or invested on a discretionary basis
            $___________ in securities (other than the excluded securities
            referred to below) as of the end of the Transferee's most recent
            fiscal year (such amount being calculated in accordance with Rule
            144A).

      [ ]   The Transferee is part of a Family of Investment Companies which
            owned in the aggregate $___________ in securities (other than the
            excluded securities referred to below) as of the end of the
            Transferee's most recent fiscal year (such amount being calculated
            in accordance with Rule 144A).

            In the case of a Class R-I, Class R-II or Class Z Certificate, the
Transferee is not an "employee benefit plan" subject to Title I of ERISA or a
"plan" described by Section 4975(e)(1) of the Code or any other retirement plan
or other employee benefit plan or arrangement subject to any federal, state or
local law materially similar to the foregoing provisions of ERISA and the Code,
or any entity deemed to hold plan assets of the foregoing by reason of a plan's
investment in such entity (each, a "Plan").

            3. The term "Family of Investment Companies" as used herein means
      two or more registered investment companies (or series thereof) that have
      the same investment adviser or investment advisers that are affiliated (by
      virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the other).

            4. The term "securities" as used herein does not include (i)
      securities of issuers that are affiliated with the Transferee or are part
      of the Transferee's Family of Investment Companies, (ii) bank deposit
      notes and certificates of deposit, (iii) loan participations, (iv)
      repurchase agreements, (v) securities owned but subject to a repurchase
      agreement and (vi) currency, interest rate and commodity swaps. For
      purposes of determining the aggregate amount of securities owned and/or
      invested on a discretionary basis by the Transferee, or owned by the
      Transferee's Family of Investment Companies, the securities referred to in
      this paragraph were excluded.

            5. The Transferee is familiar with Rule 144A and understands that
      the parties to which this certification is being made are relying and will
      continue to rely on the statements made herein because one or more sales
      to the Transferee will be in reliance on Rule 144A.

              ________        ________    Will  the  Transferee  be  purchasing
                 Yes             No       the Transferred  Certificate only for
                                          the Transferee's own account?

            6. If the answer to the foregoing question is "no", then in each
      case where the Transferee is purchasing for an account other than its own,
      such account belongs to a third party that is itself a "qualified
      institutional buyer" within the meaning of Rule 144A, and the "qualified
      institutional buyer" status of such third party has been established by
      the Transferee through one or more of the appropriate methods contemplated
      by Rule 144A.

            7. The undersigned will notify the parties to which this
      certification is made of any changes in the information and conclusions
      herein. Until such notice, the Transferee's purchase of the Transferred
      Certificate will constitute a reaffirmation of this certification by the
      undersigned as of the date of such purchase.

                                       Print Name of Transferee or Adviser

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT F-3

                         FORM OF TRANSFEREE CERTIFICATE
                                  FOR NON-QIBs

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2006-C27 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of August 23, 2006 (the "Closing Date")
of $_____________ evidencing a __% interest in the Class to which it belongs.
The Certificates were issued pursuant to the pooling and servicing agreement(the
"Pooling and Servicing Agreement"), dated as of August 1, 2006 among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and
Wells Fargo Bank, N.A., as Trustee. All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

            1. The Transferee is acquiring the Transferred Certificate for its
      own account for investment and not with a view to or for sale or transfer
      in connection with any distribution thereof, in whole or in part, in any
      manner which would violate the Securities Act of 1933, as amended (the
      "Securities Act"), or any applicable state securities laws.

            2. The Transferee understands that (a) the Certificates have not
      been and will not be registered under the Securities Act or registered or
      qualified under any applicable state securities laws, (b) neither the
      Depositor nor the Trustee or the Certificate Registrar is obligated so to
      register or qualify the Certificates and (c) the Certificates may not be
      resold or transferred unless they are (i) registered pursuant to the
      Securities Act and registered or qualified pursuant to any applicable
      state securities laws or (ii) sold or transferred in transactions which
      are exempt from such registration and qualification and the Certificate
      Registrar has received either (A) certifications from both the transferor
      and the transferee (substantially in the forms attached to the Pooling and
      Servicing Agreement) setting forth the facts surrounding the transfer or
      (B) an opinion of counsel satisfactory to the Certificate Registrar with
      respect to the availability of such exemption (which Opinion of Counsel
      shall not be an expense of the Trust Fund or of the Depositor, the Master
      Servicer, the Special Servicer, the Trustee or the Certificate Registrar
      in their respective capacities as such), together with copies of the
      certification(s) from the Transferor and/or Transferee setting forth the
      facts surrounding the transfer upon which such opinion is based. Any
      holder of a Certificate desiring to effect such a transfer shall, and upon
      acquisition of such Certificate shall be deemed to have agreed to,
      indemnify the Master Servicer, the Special Servicer, Trustee, the
      Certificate Registrar and the Depositor against any liability that may
      result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

            3. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear legends substantially to the
      following effect (provided that the Class F, Class G, Class H, Class J and
      Class X-C Certificates will bear a legend substantially to the effect of
      the following first paragraph only):

      THE CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
      SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF
      THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE
      ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
      QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO
      ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN"
      DESCRIBED BY SECTION 4975(e)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN
      OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL,
      STATE OR LOCAL LAW MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA
      AND THE CODE, OR ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY
      REASON OF A PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS
      AN INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES
      ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF
      DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 ("PTE
      95-60"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO HAVE
      CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL
      NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

      [In the case of Class R-I, Class R-II and Class Z Certificates]: NO
      TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
      "EMPLOYEE BENEFIT PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY SECTION
      4975(e)(1) OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
      BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR
      ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A
      PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO
      ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO HAVE CERTIFIED THAT THE
      FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS
      CERTIFICATE IN VIOLATION OF THE FOREGOING.

            4. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

            5. The Transferee has been furnished with all information regarding
      (a) the Depositor, (b) the Certificates and distributions thereon, (c) the
      Pooling and Servicing Agreement, and (d) all related matters, that it has
      requested.

            6. The Transferee has been furnished a copy of the private placement
      memorandum, dated August 10, 2006 (the "Private Placement Memorandum") and
      has read such Private Placement Memorandum.

            7. The Transferee is an "accredited investor" as defined in Rule
      501(a)(1), (2), (3) or (7) under the Securities Act and has such knowledge
      and experience in financial and business matters as to be capable of
      evaluating the merits and risks of an investment in the Certificates; the
      Transferee has sought such accounting, legal and tax advice as it has
      considered necessary to make an informed investment decision; and the
      Transferee is able to bear the economic risks of such an investment and
      can afford a complete loss of such investment.

            8. In the case of the Class F, Class G, Class H, Class J or Class
      X-C Certificates, the Transferee either (A) is not an "employee benefit
      plan" subject to Title I of ERISA or a "plan" described by Section
      4975(e)(1) of the Code or any other retirement plan or other employee
      benefit plan or arrangement subject to any federal, state or local law
      materially similar to the foregoing provisions of ERISA and the Code, or
      any entity deemed to hold plan assets of the foregoing by reason of a
      plan's investment in such entity (each, a "Plan") or (B) (1) qualifies as
      an accredited investor as defined in Rule 501(a)(1) of Regulation D under
      the Securities Act and satisfies all the requirements of the Exemptions as
      in effect at the time of such transfer or (2) is an insurance company
      general account that is eligible for, and satisfies all of the
      requirements for, Sections I and III of Department of Labor Prohibited
      Transaction Class Exemption 95-60 ("PTE 95-60").

            9. In the case of Class K, Class L, Class M, Class N, Class O, Class
      P, Class P and Class Q Certificates, the Transferee either (A) is not an
      "employee benefit plan" subject to Title I of ERISA or a "plan" described
      by Section 4975(e)(1) of the Code, or any other retirement plan or other
      employee benefit plan or arrangement subject to any federal, state or
      local law materially similar to the foregoing provisions of ERISA and the
      Code, or any entity deemed to hold plan assets of the foregoing by reason
      of a plan's investment in such entity (each, a "Plan") or (B) is an
      insurance company general account which is eligible for, and satisfies all
      of the requirements for, exemptive relief under Sections I and III of
      Department of Labor Prohibited Transaction Class Exemption ("PTE 95-60").

            In the case of a Class R-I, Class R-II, and Class Z Certificate, the
      Transferee is not an "employee benefit plan" subject to Title I of ERISA
      or a "plan" subject to Section 4975 of the Code or any other retirement
      plan or other employee benefit plan or arrangement subject to any federal,
      state, local, non U.S. or other law substantively similar to the foregoing
      provisions of ERISA or the Code, or any Person directly or indirectly
      acquiring such Certificate for, on behalf of or with any assets of any
      such plan (each a "Plan").

            10. Check one of the following:

      [ ]   The Transferee is a U.S. Person (as defined below) and it has
            attached hereto an Internal Revenue Service ("IRS") Form W-9 (or
            successor form).

      [ ]   (5) The Transferee is not a U.S. Person and under applicable law in
            effect on the date hereof, no taxes will be required to be withheld
            by the Trustee (or its agent) with respect to distributions to be
            made on the Transferred Certificate. The Transferee has attached
            hereto [(i) a duly executed IRS Form W-8BEN (or successor form),
            which identifies such Transferee as the beneficial owner of the
            Transferred Certificate and states that such Transferee is not a
            U.S. Person, (ii) two duly executed copies of IRS Form W-8IMY (with
            all the appropriate attachments), or (iii)]* two duly executed
            copies of IRS Form W-8ECI (or successor form), which identify such
            Transferee as the beneficial owner of the Transferred Certificate
            and state that interest and original issue discount on the
            Transferred Certificate and Permitted Investments is, or is expected
            to be, effectively connected with a U.S. trade or business. The
            Transferee agrees to provide to the Certificate Registrar updated
            [IRS Form W-8BEN, IRS Form W-8IMY or]* IRS Form W-8ECI, as the case
            may be, any applicable successor IRS forms, or such other
            certifications as the Certificate Registrar may reasonably request,
            on or before the date that any such IRS form or certification
            expires or becomes obsolete, or promptly after the occurrence of any
            event requiring a change in the most recent IRS form of
            certification furnished by it to the Certificate Registrar.

----------

(5) [Does not apply to Class R-I or Class R-II Certificates.]

For this purpose, "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more United States
Persons have the authority to control all substantial decisions of the trust,
all within the meaning of Section 7701(a)(30) of the Code.

                                       Very truly yours,

                                       _______________________________________
                                                    (Transferee)

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

----------

* Delete for Class R-I and Class R-II Certificates.

<PAGE>

                                   EXHIBIT F-4

                         FORM OF TRANSFEREE CERTIFICATE
                           FOR REGULATION S TRANSFERS

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Service Group
      Wachovia Bank Commercial Mortgage Trust
      Commercial Mortgage Pass-Through Certificates,
      Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2006-C27 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of August 23, 2006 (the "Closing Date")
of $_____________ evidencing a __% interest in the Class [__] Certificates. The
Certificates were issued pursuant to the pooling and servicing agreement (the
"Pooling and Servicing Agreement"), dated as of August 1, 2006, among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, LNR Partners, Inc., as Special Servicer and
Wells Fargo Bank, N.A., as Trustee. All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

            1. The Transferee is not acquiring the Transferred Certificate in
      any manner which would violate the Securities Act of 1933, as amended (the
      "Securities Act"), or any applicable state securities laws.

            2. The Transferee understands that (a) the Certificates have not
      been and will not be registered under the Securities Act or registered or
      qualified under any applicable state securities laws, (b) neither the
      Depositor nor the Trustee nor the Certificate Registrar is obligated so to
      register or qualify the Certificates and (c) the Certificates may not be
      resold or transferred unless they are (i) registered pursuant to the
      Securities Act and registered or qualified pursuant to any applicable
      state securities laws or (ii) sold or transferred in transactions which
      are exempt from such registration and qualification and the Certificate
      Registrar has received either (A) certifications from both the transferor
      and the transferee (substantially in the forms attached to the Pooling and
      Servicing Agreement) setting forth the facts surrounding the transfer or
      (B) an opinion of counsel satisfactory to the Certificate Registrar with
      respect to the availability of such exemption (which Opinion of Counsel
      shall not be an expense of the Trust Fund or of the Depositor, the Master
      Servicer, the Special Servicer, the Trustee, or the Certificate Registrar
      in their respective capacities as such), together with copies of the
      certification(s) from the Transferor and/or Transferee setting forth the
      facts surrounding the transfer upon which such opinion is based. Any
      holder of a Certificate desiring to effect such a transfer shall, and upon
      acquisition of such Certificate shall be deemed to have agreed to,
      indemnify the Master Servicer, the Special Servicer, the Trustee, the
      Certificate Registrar and the Depositor against any liability that may
      result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

            3. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear a legend substantially to the
      following effect:

THE CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION
WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

            4. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

            5. The Transferee has been furnished with all information regarding
      (a) the Depositor, (b) the Certificates and distributions thereon, (c) the
      Pooling and Servicing Agreement, and (d) all related matters, that it has
      requested.

            6. The Transferee has been furnished a copy of the Private Placement
      Memorandum, dated August 10, 2006 and has read such Private Placement
      Memorandum.

            7. The offer of the Certificates was not made to a person in the
      United States. No directed selling efforts have been made in contravention
      of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as
      applicable. The transaction is not part of a plan or scheme to evade the
      registration requirements of the Securities Act.

            8. Check one of the following:*

            ______ At the time the buy order was originated, the Transferee was
            outside the United States.

            ______ The transaction was executed in, on or through the facilities
            of a designated offshore securities market and the Transferee does
            not know that the transaction was pre-arranged with a buyer in the
            United States.

            * These two provisions come from the definition of "offshore
transaction" in Regulation S.

            9. The Transferee either (A) is not an "employee benefit plan"
      subject to ERISA or a "plan" subject to Section 4975 of the Code or any
      other retirement plan or other employee benefit plan or arrangement
      subject to any federal, state, local, non-U.S. or other law substantively
      similar to the foregoing provisions of ERISA or the Code, or any Person
      acting directly or indirectly for, on behalf of, or with any assets of the
      foregoing by (each, a "Plan") or (B) (1) qualifies as an accredited
      investor as defined in Rule 501(a)(1) of Regulation D under the Securities
      Act and satisfies all the requirements of the Exemptions as in effect at
      the time of such transfer or (2) is an insurance company general account
      that is eligible for, and satisfies all of the requirements for, Sections
      I and III of Department of Labor Prohibited Transaction Class Exemption
      95-60 ("PTE 95-60").

            10. The Transferee is not a U.S. Person and under applicable law in
      effect on the date hereof, no taxes will be required to be withheld by the
      Trustee (or its agent) with respect to distributions to be made on the
      Transferred Certificate. The Transferee has attached hereto (i) a duly
      executed IRS Form W-8BEN (or successor form), which identifies such
      Transferee as the beneficial owner of the Transferred Certificate and
      states that such Transferee is not a U.S. Person, (ii) two duly executed
      copies of IRS Form W-8IMY (with all the appropriate attachments) or (iii)
      two duly executed copies of IRS Form W-8ECI (or successor form), which
      identify such Transferee as the beneficial owner of the Transferred
      Certificate and state that interest and original issue discount on the
      Transferred Certificate and Permitted Investments is, or is expected to
      be, effectively connected with a U.S. trade or business. The Transferee
      agrees to provide to the Certificate Registrar updated IRS Form W 8BEN,
      IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable
      successor IRS forms, or such other certifications as the Certificate
      Registrar may reasonably request, on or before the date that any such IRS
      form or certification expires or becomes obsolete, or promptly after the
      occurrence of any event requiring a change in the most recent IRS form of
      certification furnished by it to the Certificate Registrar.

For this purpose, "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more U.S. Persons
have the authority to control all substantial decisions of the trust (or, to the
extent provided in applicable Treasury Regulations, certain trusts in existence
on August 20, 1996 which are eligible to elect to be treated as U.S. Persons),
all within the meaning of Section 7701(a)(30) of the Code.

                                       Very truly yours,

                                       _______________________________________

                                                      (Transferor)

                                       By:  __________________________________
                                            Name:  ___________________________
                                            Title:  __________________________

<PAGE>

                                   EXHIBIT F-5

                          FORM OF TRANSFER CERTIFICATE
                          FOR EXCHANGE OR TRANSFER FROM
                   DOMESTIC GLOBAL CERTIFICATE TO REGULATION S
                 GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Services--Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C27, Class [__] Certificate

            Transfer of Wachovia Bank Commercial  Mortgage  Trust,  Commercial
            Mortgage Pass-Through  Certificates,  Series 2006-C27,  Class [__]
            Certificate

Ladies and Gentlemen:

            Reference is hereby made to the pooling and servicing agreement,
dated as of August 1, 2006 (the "Pooling and Servicing Agreement"), by and among
Wachovia Mortgage Commercial Securities, Inc., as Depositor (the "Depositor"),
Wachovia Bank, National Association, as Master Servicer (the "Master Servicer")
, LNR Partners, Inc., as Special Servicer (the "Special Servicer") and Wells
Fargo Bank, N.A., as Trustee (the "Trustee"). Capitalized terms used but not
defined herein shall have the meanings given to them in the Pooling and
Servicing Agreement.

            This letter relates to US $[__________] aggregate Certificate
Principal Amount of Certificates (the "Certificates") which are held in the form
of the Domestic Global Certificate (CUSIP No. _____________) with the Depository
in the name of [insert name of transferor] (the "Transferor"). The Transferor
has requested a transfer of such beneficial interest for an interest in the
Regulation S Global Certificate (CUSIP No. ____________) to be held with
[Euroclear] [Clearstream]* (ISIN No. _____________) through the Depository.

            In connection with such request and in respect of such Certificates,
the Transferor does hereby certify that such transfer has been effected in
accordance with the transfer restrictions set forth in the Pooling and Servicing
Agreement and pursuant to and in accordance with Regulation S under the
Securities Act of 1933, as amended (the "Securities Act"), and accordingly the
Transferor does hereby certify that:

----------

* Select appropriate depository.

            1. the offer of the Certificates was not made to a person in the
United States,

            [2.___at the time the buy order was originated, the transferee was
outside the United States or the Transferor and any persons acting on its behalf
reasonably believed that the transferee was outside the United States,]**

            [2.___the transaction was executed in, on or through the facilities
of a designated offshore securities market and neither the Transferor nor any
person acting on its behalf knows that the transaction was prearranged with a
buyer in the United States,]**

            3. no directed selling efforts have been made in contravention of
      the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
      and

            4. the transaction is not part of a plan or scheme to evade the
      registration requirements of the Securities Act.

            This certificate and the statements contained herein are made for
your benefit and the benefit of the Depositor, the Trustee, the Master Servicer
and the Special Servicer.

                                       [Insert Name of Transferor]

                                       By:____________________________________
                                          Name:
                                          Title:

Dated:      ___________ __, _____

----------

** Insert one of these two provisions, which come from the definition of
"offshore transaction" in Regulation S.

<PAGE>

                                   EXHIBIT F-6

                          FORM OF TRANSFER CERTIFICATE
                     FOR EXCHANGE OR TRANSFER FROM DOMESTIC
                    GLOBAL CERTIFICATE TO REGULATION S GLOBAL
                     CERTIFICATE AFTER THE RESTRICTED PERIOD

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Services--Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2006-C27

      Re:   Transfer of the Wachovia Bank Commercial Mortgage Trust, Commercial
            Mortgage Pass-Through Certificates, Series 2006-C27, Class [__]
            Certificate

Ladies and Gentleman:

            Reference is hereby made to the pooling and servicing agreement,
dated as of August 1, 2006 (the "Pooling and Servicing Agreement"), by and among
Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank,
National Association, as Master Servicer, LNR Partners, Inc., as Special
Servicer and Wells Fargo Bank, N.A., as Trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Pooling and
Servicing Agreement.

            This letter relates to US $[____________] aggregate Certificate
Principal Amount of Certificates (the "Certificates") which are held in the form
of the Domestic Global Certificate (CUSIP No. ________) with the Depository in
the name of [insert name of Transferor] (the "Transferor"). The Transferor has
requested a transfer of such beneficial interest in the Certificates for an
interest in the Regulation S Global Certificate (ISIN No. __________).

            In connection with such request, and in respect of such
Certificates, the Transferor does hereby certify that such transfer has been
effected in accordance with the transfer restrictions set forth in the Pooling
and Servicing Agreement and, (i) with respect to transfers made in reliance on
Regulation S under the Securities Act of 1933, as amended (the "Securities
Act"), the Transferor does hereby certify that:

            1. the offer of the Certificates was not made to a person in the
United States,

            [2.___at the time the buy order was originated, the transferee was
outside the United States or the Transferor and any person acting on its behalf
reasonably believed that the transferee was outside the United States,]*

            [2.___the transaction was executed in, on or through the facilities
of a designated offshore securities market and neither the Transferor nor any
person action on its behalf knows that the transaction was prearranged with a
buyer in the United States,]*

            3. no directed selling efforts have been made in contravention of
      the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
      and

            4. the transaction is not part of a plan or scheme to evade the
      registration requirements of the Securities Act;

            or (ii) with respect to transfers made in reliance on Rule 144 under
the Securities Act, the Transferor does hereby certify that the Certificates
that are being transferred are not "restricted securities" as defined in Rule
144 under the Securities Act.

            This certificate and the statements contained herein are made for
your benefit and the benefit of the Depositor, the Master Servicer, the Special
Servicer and the Trustee.

                                       [Insert Name of Transferor]

                                       By:____________________________________
                                          Name:
                                          Title:

________ __, ____

----------

* Insert one of these two provisions, which come from the definition of
"offshore transaction" in Regulation S.

<PAGE>

                                    EXHIBIT G

                         FORM OF TRANSFEREE CERTIFICATE

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2006-C27 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of the Class ______________ Certificates (the "Transferred
Certificate") having an initial [principal balance] [notional amount] as of
August 23, 2006 (the "Closing Date") of $_____________ evidencing a __% interest
in the Classes to which they belong. The Certificates were issued pursuant to a
pooling and servicing agreement, dated as of August 1, 2006 (the "Pooling and
Servicing Agreement"), Wachovia Commercial Mortgage Securities, Inc., as
Depositor, Wachovia Bank, National Association, as Master Servicer, LNR
Partners, Inc., as Special Servicer and Wells Fargo Bank, N.A., as Trustee.
Capitalized terms used but not defined herein shall have the meanings set forth
in the Pooling and Servicing Agreement. The Transferee hereby certifies,
represents and warrants to you that:

            In the case of a Class F, Class G, Class H, Class J or Class X-C
Certificate, the Transferee either (A) is not an "employee benefit plan" subject
to Title I of ERISA or a "plan" described by Section 4975(e)(1) of the Code or
any other retirement plan or other employee benefit plan or arrangement subject
to any federal, state or local law materially similar to the foregoing
provisions of ERISA and the Code, or any entity deemed to hold plan assets of
the foregoing by reason of a plan's investment in such entity (each, a "Plan")
or (B) (1) qualifies as an accredited investor as defined in Rule 501(a)(1) of
Regulation D under the Securities Act and satisfies all the requirements of the
Exemptions as in effect at the time of such transfer or (2) is an insurance
company general account that is eligible for, and satisfies all of the
requirements for, Sections I and III of Department of Labor Prohibited
Transaction Class Exemption 95-60 ("PTE 95-60").

            In the case of a Class K, Class L, Class M, Class N, Class O, Class
P or Class Q Certificate, the Transferee either (A) is not an "employee benefit
plan" subject to Title I of ERISA or a "plan" described by Section 4975(e)(1) of
the Code, or any other retirement plan or other employee benefit plan or
arrangement subject to any federal, state or local law materially similar to the
foregoing provisions of ERISA and the Code, or any entity deemed to hold plan
assets of the foregoing by reason of a plan's investment in such entity (each, a
"Plan") or (B) is an insurance company general account which is eligible for,
and satisfies all of the requirements for, exemptive relief under Sections I and
III of Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTE
95-60").

            In the case of a Class R-I, Class R-II, or Class Z Certificate, the
Transferee is not an "employee benefit plan" subject to Title I of ERISA or a
"plan" described by Section 4975(e)(1) of the Code or any other retirement plan
or other employee benefit plan or arrangement subject to any federal, state or
local law materially similar to the foregoing provisions of ERISA and the Code,
or any entity deemed to hold plan assets of the foregoing by reason of a plan's
investment in such entity (each, a "Plan").

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                                       _______________________________________
                                                [Name of Transferee]

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT H-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                        PURSUANT TO SECTION 5.02(d)(i)(B)

STATE OF [________________]   )
                              ) ss.:
COUNTY OF [________________]  )

            [NAME OF OFFICER], being first duly sworn, deposes, and represents
and warrants:

            1. That he is a [Title of Officer] of [Name of Owner] (the "Owner"),
      a corporation duly organized and existing under the laws of the [State of
      ___________] [the United States], and the owner of the Wachovia Commercial
      Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates,
      Series 2006-C27, Class [R-I] [R-II] evidencing a ___% Interest in the
      Class to which its belongs (the "Class [R-I] [R-II]"). Capitalized terms
      used but not defined herein have the meanings assigned to such terms in
      the pooling and servicing agreement, dated as of August 1, 2006 (the
      "Pooling and Servicing Agreement") among Wachovia Commercial Mortgage
      Securities, Inc., as Depositor, Wachovia Bank, National Association, as
      Master Servicer, LNR Partners, Inc., as Special Servicer and Wells Fargo
      Bank, N.A., as Trustee.

            2. That the Owner (i) is and will be a "Permitted Transferee" as of
      ________, _______ and (ii) is acquiring the Class [R-I] [R-II]
      Certificates for its own account or for the account of another Owner from
      which it has received an affidavit in substantially the same form as this
      affidavit. A "Permitted Transferee" is any person other than a
      Disqualified Organization, a Plan, a Disqualified Non-United States
      Person, a partnership any partner of which, directly or indirectly (except
      through a U.S. corporation), is a Disqualified Non-United States Person or
      a United States Person with respect to whom income on the Class
      [R-I][R-II] Certificate is allocable to a foreign permanent establishment
      or fixed base, within the meaning of an applicable income tax treaty, of
      such Person or any other United States Person. For this purpose, a
      "Disqualified Organization" means any of the following: (i) the United
      States or a possession thereof, any State or any political subdivision
      thereof, or any agency or instrumentality of any of the foregoing (other
      than an instrumentality which is a corporation if all of its activities
      are subject to tax and, except for FHLMC, a majority of its board of
      directors is not selected by any such governmental unit), (ii) a foreign
      government, international organization, or any agency or instrumentality
      of either of the foregoing, (iii) any organization (except certain
      farmers' cooperatives described in Section 521 of the Internal Revenue
      Code of 1986, as amended (the "Code")) which is exempt from the tax
      imposed by Chapter 1 of the Code (unless such organization is subject to
      the tax imposed by Section 511 of the Code on unrelated business taxable
      income), (iv) rural electric and telephone cooperatives described in
      Section 1381 of the Code or (v) any other Person so designated by the
      Paying Agent or the Certificate Registrar based upon an Opinion of Counsel
      that the holding of an Ownership Interest in a Class [R-I] [R-II]
      Certificate by such Person may cause the Trust Fund or any Person having
      an Ownership Interest in any Class of Certificates, other than such
      Person, to incur a liability for any federal tax imposed under the Code
      that would not otherwise be imposed but for the Transfer of an Ownership
      Interest in a Class [R-I] [R-II] Certificate to such Person. The terms
      "United States", "State" and "international organization" shall have the
      meanings set forth in Section 7701 of the Code or successor provisions.

            3. A "Disqualified Non-United States Person" is any Person (i) who
      is not a United States Person and who holds the Class[R-I] [R-II]
      Certificate in connection with the conduct of a trade or business within
      the United States and has furnished the transferor and the Certificate
      Registrar with an effective IRS Form W-8ECI (or successor form) or that
      has delivered to both the transferor and the Certificate Registrar an
      opinion of a nationally recognized tax counsel to the effect that the
      transfer of the Class [R-I] [R-II] Certificate to it is in accordance with
      the requirements of the Code and the regulations promulgated thereunder
      and that such transfer of the Class [R-I] [R-II] Certificate will not be
      disregarded for federal income tax purposes or (ii) who is a United States
      Person with respect to whom income on the Class [R-I] [R-II] Certificate
      is allocable to a foreign permanent establishment or fixed base (within
      the meaning of an applicable income tax treaty) of such Person or any
      other United States Person. A "United States Person" is a citizen or
      resident of the United States, a corporation or partnership (including an
      entity treated as a corporation or partnership for federal income tax
      purposes) created or organized in, or under the laws of the United States,
      any State thereof or the District of Columbia unless, in the case of a
      partnership, Treasury Regulations are adopted that provide otherwise, an
      estate whose income is includable in gross income for United States
      federal income tax purposes regardless of its source, or a trust if a
      court within the United States is able to exercise primary supervision
      over the administration of the trust and one or more United States Persons
      have the authority to control all substantial decisions of the trust, all
      within the meaning of Section 7701(a)(30) of the Code.

            4. That the Owner is aware (i) of the tax that would be imposed on
      transfers of the Class [R-I] [R-II] Certificates to Disqualified
      Organizations under the Code that applies to all transfers of the Class
      [R-I] [R-II] Certificates after March 31, 1988; (ii) that such tax would
      be on the transferor, or, if such transfer is through an agent (which
      person includes a broker, nominee or middleman) for a Disqualified
      Organization Transferee, on the agent; (iii) that the person otherwise
      liable for the tax shall be relieved of liability for the tax if the
      transferee furnishes to such person an affidavit that the transferee is
      not a Disqualified Organization and, at the time of transfer, such person
      does not have actual knowledge that the affidavit is false; and (iv) that
      the Class [R-I] [R-II] Certificates may be "non-economic residual
      interests" within the meaning of Treasury regulation section
      1.860E-1(c)(2) and that the transferor of a "non-economic residual
      interest" will remain liable for any taxes due with respect to the income
      on such residual interest, unless no significant purpose of the transfer
      is to enable the transferor to impede the assessment or collection of tax.

            5. That the Owner is aware of the tax imposed on a "pass-through
      entity" holding the Class [R-I] [R-II] Certificates if at any time during
      the taxable year of the pass-through entity a non-Permitted Transferee is
      the record holder of an interest in such entity. For this purpose, a "pass
      through entity" includes a regulated investment company, a real estate
      investment trust or common trust fund, a partnership, trust or estate, and
      certain cooperatives.

            6. That the Owner is aware that the Certificate Registrar will not
      register the transfer of any Class [R-I] [R-II] Certificate unless the
      transferee, or the transferee's agent, delivers to the Trustee, among
      other things, an affidavit in substantially the same form as this
      affidavit. The Owner expressly agrees that it will not consummate any such
      transfer if it knows or believes that any of the representations contained
      in such affidavit and agreement are false.

            7. That the Owner consents to any additional restrictions or
      arrangements that shall be deemed necessary upon advice of counsel to
      constitute a reasonable arrangement to ensure that the Class [R-I] [R-II]
      Certificates will only be owned, directly or indirectly, by Permitted
      Transferees.

            8. That the Owner's taxpayer identification number is _____________.

            9. That the Owner has reviewed the restrictions set forth on the
      face of the Class [R-I] [R-II] Certificates and the provisions of Section
      5.02 of the Pooling and Servicing Agreement under which the Class [R-I]
      [R-II] Certificates were issued (and, in particular, the Owner is aware
      that such Section authorizes the Paying Agent to deliver payments to a
      person other than the Owner and negotiate a mandatory sale by the Paying
      Agent in the event that the Owner holds such Certificate in violation of
      Section 5.02); and that the Owner expressly agrees to be bound by and to
      comply with such restrictions and provisions.

            10. That the Owner is not acquiring and will not transfer the Class
      [R-I] [R-II] Certificates in order to impede the assessment or collection
      of any tax.

            11. That the Owner has historically paid its debts as they have come
      due, intends to continue to pay its debts as they come due in the future,
      and anticipates that it will, so long as it holds any of the Class [R-I]
      [R-II] Certificates, have sufficient assets to pay any taxes owed by the
      holder of such Class [R-I] [R-II] Certificates.

            12. That the Owner has no present knowledge that it may become
      insolvent or subject to a bankruptcy proceeding for so long as it holds
      any of the Class [R-I] [R-II] Certificates.

            13. That the Owner has no present knowledge or expectation that it
      will be unable to pay any United States taxes owed by it so long as any of
      the Certificates remain outstanding. In this regard, the Owner hereby
      represents to and for the benefit of the Person from whom it acquired the
      Class [R-I] [R-II] Certificates that the Owner intends to pay taxes
      associated with holding the Class [R-I] [R-II] Certificates as they become
      due, fully understanding that it may incur tax liabilities in excess of
      any cash flows generated by the Class [R-I] [R-II] Certificates.

            14. That the Owner is not acquiring the Class [R-I] [R-II]
      Certificates with the intent to transfer any of the Class [R-I] [R-II]
      Certificates to any person or entity that will not have sufficient assets
      to pay any taxes owed by the holder of such Class [R-I] [R-II]
      Certificates, or that may become insolvent or subject to a bankruptcy
      proceeding, for so long as the Class [R-I] [R-II] Certificates remain
      outstanding.

            15. That the Owner will, in connection with any transfer that it
      makes of the Class [R-I] [R-II] Certificates, obtain from its transferee
      the representations required by Section 5.02(d) of the Pooling and
      Servicing Agreement under which the Class [R-I] [R-II] Certificates were
      issued and will not consummate any such transfer if it knows, or knows
      facts that should lead it to believe, that any such representations are
      false.

            16. That the Owner will, in connection with any transfer that it
      makes of any Class [R-I] [R-II] Certificate, deliver to the Certificate
      Registrar an affidavit, which represents and warrants that it is not
      transferring such Class [R-I] [R-II] Certificate to impede the assessment
      or collection of any tax and that it has no actual knowledge that the
      proposed transferee: (i) has insufficient assets to pay any taxes owed by
      such transferee as holder of such Class [R-I] [R-II] Certificate; (ii) may
      become insolvent or subject to a bankruptcy proceeding, for so long as the
      Class [R-I] [R-II] Certificates remain outstanding; and (iii) is not a
      "Permitted Transferee".

            17. Check the applicable paragraph:

            [ ]   The present value of the anticipated tax liabilities
                  associated with holding the [R-I] [R-II] Certificate, as
                  applicable, does not exceed the sum of:

            (i)   the present value of any consideration given to the Owner to
                  acquire such [R-I] [R-II] Certificate;

            (ii)  the present value of the expected future distributions on such
                  [R-I] [R-II] Certificate; and

            (iii) the present value of the anticipated tax savings associated
                  with holding such [R-I] [R-II] Certificate as the related
                  REMIC generates losses.

            For purposes of this calculation, (i) the Owner is assumed to pay
tax at the highest rate currently specified in Section 11(b) of the Code (but
the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the
highest rate specified in Section 11(b) of the Code if the Owner has been
subject to the alternative minimum tax under Section 55 of the Code in the
preceding two years and will compute its taxable income in the current taxable
year using the alternative minimum tax rate) and (ii) present values are
computed using a discount rate equal to the short-term Federal rate prescribed
by Section 1274(d) of the Code for the month of the transfer and the compounding
period used by the Owner.

            [ ]   The transfer of the [R-I] [R-II] Certificate complies with
                  U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and,
                  accordingly,

            (i)   the Owner is an "eligible corporation," as defined in U.S.
                  Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
                  income from the [R-I] [R-II] Certificate will only be taxed in
                  the United States;

            (ii)  at the time of the transfer, and at the close of the Owner's
                  two fiscal years preceding the year of the transfer, the Owner
                  had gross assets for financial reporting purposes (excluding
                  any obligation of a person related to the Owner within the
                  meaning of U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in excess of $10 million;

            (iii) the Owner will transfer the [R-I] [R-II] Certificate only to
                  another "eligible corporation," as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), in a transaction that
                  satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii)
                  and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury
                  Regulations; and

            (iv)  the Owner determined the consideration paid to it to acquire
                  the [R-I] [R-II] Certificate based on reasonable market
                  assumptions (including, but not limited to, borrowing and
                  investment rates, prepayment and loss assumptions, expense and
                  reinvestment assumptions, tax rates and other factors specific
                  to the Owner) that it has determined in good faith.

            [ ]   None of the above.

<PAGE>

            IN WITNESS  WHEREOF,  the Owner has caused this  instrument  to be
executed on its behalf,  by its [Title of Officer] and  Authorized  Signatory,
attested by its Assistant Secretary, this ____ day of _____, ___.

                                       [NAME OF OWNER]

                                       By:____________________________________
                                          [Name of Officer]
                                          [Title of Officer]

_______________________________________
         [Assistant] Secretary

            Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be [Title of Officer], and acknowledged to me that he executed
the same as his free act and deed and the free act and deed of the Owner.

            Subscribed and sworn before me this ____ day of _____, _____.

                                       _______________________________________
                                                    NOTARY PUBLIC

                                       COUNTY OF _____________________________

                                       STATE OF ______________________________

                                       My Commission expires the
                                          ____ day of ___________, ____.

<PAGE>

                                   EXHIBIT H-2

                         FORM OF TRANSFEROR CERTIFICATE
                        PURSUANT TO SECTION 5.02(d)(i)(D)

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2006-C27, Class  [R-I] [R-II], evidencing a ____%
            percentage interest in the Class to which they belong

Dear Sirs:

            This letter is delivered to you in connection with the transfer by
_________ (the "Transferor") to ______________________ (the "Transferee") of the
captioned Class [R-I] [R-II] Certificates (the "Class [R-I] [R-II]
Certificates"), pursuant to Section 5.02 of the pooling and servicing agreement,
(the "Pooling and Servicing Agreement"), dated as of August 1, 2006, among
Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank,
National Association, as Master Servicer, LNR Partners, Inc., as Special
Servicer and Wells Fargo Bank, N.A., as Trustee. All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby represents and warrants to you, as Certificate
Registrar, that:

            1. No purpose of the Transferor relating to the transfer of the
      Class [R-I] [R-II] Certificates by the Transferor to the Transferee is or
      will be to impede the assessment or collection of any tax.

            2. The Transferor understands that the Transferee has delivered to
      you a Transfer Affidavit and Agreement in the form attached to the Pooling
      and Servicing Agreement as Exhibit H-1. The Transferor does not know or
      believe that any representation contained therein is false.

            3. The Transferor at the time of this transfer has conducted a
      reasonable investigation of the financial condition of the Transferee as
      contemplated by Treasury regulation section 1.860E-1(c)(4)(i) and, as a
      result of that investigation, the Transferor has determined that the
      Transferee has historically paid its debts as they became due and has
      found no significant evidence to indicate that the Transferee will not
      continue to pay its debts as they become due in the future.

            4. The Transferor understands that the transfer of the Class [R-I]
      [R-II] Certificates may not be respected for United States income tax
      purposes (and the Transferor may continue to be liable for United States
      income taxes associated therewith) unless the test described above in
      Paragraph 3 has been met as to any transfer.

                                       Very truly yours,

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT I-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                                                          [Date]

Standard & Poor's Ratings Services,
a division of The McGraw-Hill Companies, Inc.
56 Water Street
New York, New York  10041-0003
Attention:  CMBS Surveillance Group

Moody's Investors Service, Inc.
99 Church Street
New York, New York  10007
Attention:  Commercial Mortgage Surveillance

Ladies and Gentlemen:

            This notice is being delivered pursuant to Section 6.09 of the
pooling and servicing agreement, dated as of August 1, 2006 (the "Pooling and
Servicing Agreement") relating to Wachovia Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2006-C27. Any term with initial
capital letters not otherwise defined in this notice has the meaning given such
term in the Pooling and Servicing Agreement.

            Notice is hereby given that the Holders of Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class have designated
___________________ to serve as the Special Servicer under the Pooling and
Servicing Agreement.

            The designation of ____________________ as Special Servicer will
become final if certain conditions are met and on the date you will deliver to
Wells Fargo Bank, N.A., the trustee under the Pooling and Servicing Agreement
(the "Trustee"), a written confirmation stating that the appointment of the
person designated to become the Special Servicer will not result in the
qualification, downgrading or withdrawal of the rating or ratings assigned to
one or more Classes of the Certificates.

<PAGE>

Please acknowledge receipt of this notice by signing the enclosed copy of this
notice where indicated below and returning it to the Trustee, in the enclosed
stamped self-addressed envelope.

                                       Very truly yours,

                                       WELLS FARGO BANK, N.A.

                                       By:____________________________________
                                          Name:
                                          Title:

Receipt and acknowledged:

Standard & Poor's Ratings Services, a    Moody's Investors Service, Inc.
   division of The McGraw-Hill Companies, Inc.

  By:__________________________________     By:_________________________________
  Title:_______________________________     Title:______________________________
  Date:________________________________     Date:_______________________________

<PAGE>

                                   EXHIBIT I-2

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through    Certificates, Series 2006-C27

Ladies & Gentlemen:

            Pursuant to Section 6.09 of the pooling and servicing agreement,
dated as of August 1, 2006 (the "Pooling and Servicing Agreement"), relating to
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2006-C27, the undersigned hereby agrees with all the other
parties to the Pooling and Servicing Agreement that the undersigned shall serve
as Special Servicer under, and as defined in, the Pooling and Servicing
Agreement. The undersigned hereby acknowledges that, as of the date hereof, it
is and shall be a party to the Pooling and Servicing Agreement and bound thereby
to the full extent indicated therein in the capacity of Special Servicer. The
undersigned hereby makes, as of the date hereof, the representations and
warranties set forth in Section 3.23(b)(ii)-(ix) of the Pooling and Servicing
Agreement as if it were the Special Servicer thereunder. The undersigned
additionally represents that, as of the date hereof, it has been duly organized
and is validly existing under the laws of the jurisdiction of its organization
and that it is in compliance with the laws of each state in which a Mortgaged
Property (as defined in the Pooling and Servicing Agreement) is located to the
extent necessary to perform its obligations under the Pooling and Servicing
Agreement.

                                       _______________________________________

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                    EXHIBIT J

                   LIST OF EARNOUT AND HOLDBACK MORTGAGE LOANS

  Loan No.   Loan Name
     1       One Financial Place
     3       One Illinois Center
     6       500-512 Seventh Avenue
     7       Glendale Center
     18      National Bank Plaza
     29      Hampton Bay Apartments
     34      AMLI at Killian Creek
     40      Village Mall
     41      DEA Building - Detroit
     55      Melville New York Pool
     63      Forest Hill MHP
     68      Adagio Apartments
     76      10333 Harwin - Houston, TX
     83      Concord Place
     89      Mack-Alter Square Shopping Center
    103      Westwood MHC
    110      17043 El Camino
    118      The Suffolk County Department of Health Building
    149      Sherwood & Bourne End Pool

<PAGE>

                                   EXHIBIT K-1

              FORM OF CERTIFICATEHOLDER CONFIRMATION CERTIFICATE
                          REQUEST BY BENEFICIAL HOLDER

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

Wachovia Bank, National Association
8739 Research Drive - URP4
Charlotte, North Carolina 28288
Attention:  Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C27

LNR Partners, Inc.
1601 Washington Avenue, Suite 800
Miami Beach, Florida 33139
Attn: Randy Wolpert

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series 2006-C27

            In accordance with Section 3.15 of the pooling and servicing
agreement(the "Pooling and Servicing Agreement"), dated as of August 1, 2006, by
and among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer (in such
capacity, the "Master Servicer"), LNR Partners, Inc., as special servicer (the
"Special Servicer") and Wells Fargo Bank, N.A., as trustee (the "Trustee"), with
respect to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2006-C27 (the "Certificates"), the undersigned
hereby certifies and agrees as follows:

            1. The undersigned is a beneficial owner of the Class ____
      Certificates.

            2. The undersigned is requesting access to the information posted to
      the Trustee's Internet Website pursuant to Section 4.02 of the Pooling and
      Servicing Agreement, or the information identified on the schedule
      attached hereto pursuant to Section 3.15 of the Pooling and Servicing
      Agreement (the "Information").

            3. In consideration of the [Trustee's] [Master Servicer's] [Special
      Servicer's] disclosure to the undersigned of the Information, the
      undersigned will keep the Information confidential (except from its agents
      and auditors), and such Information will not, without the prior written
      consent of the [Trustee] [Master Servicer] [Special Servicer], be
      disclosed by the undersigned or by its officers, directors, partners,
      employees, agents or representatives (collectively, the "Representatives")
      in any manner whatsoever, in whole or in part; provided that the
      undersigned may provide all or any part of the Information to any other
      person or entity that holds or is contemplating the purchase of any
      Certificate or interest therein, but only if such person or entity
      confirms in writing such ownership interest or prospective ownership
      interest and agrees to keep it confidential.

            4. The undersigned will not use or disclose the Information in any
      manner which could result in a violation of any provision of the
      Securities Act of 1933, as amended, (the "Securities Act"), or the
      Securities Exchange Act of 1934, as amended, or would require registration
      of any Certificate pursuant to Section 5 of the Securities Act.

            5. The undersigned shall be fully liable for any breach of this
      agreement by itself or any of its Representatives and shall indemnify the
      Depositor, the Trustee, the Master Servicer, the Special Servicer and the
      Trust Fund for any loss, liability or expense incurred thereby with
      respect to any such breach by the undersigned or any of its
      Representatives.

            IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       _______________________________________

                                               BENEFICIAL HOLDER OF A
                                                     CERTIFICATE

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________
                                          Phone:______________________________

<PAGE>

                                   EXHIBIT K-2

                    FORM OF PROSPECTIVE PURCHASER CERTIFICATE

                                                                          [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

Wachovia Bank, National Association
NC1075
8739 Research Drive - URP4
Charlotte, North Carolina  28262-1075
Attn: Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
      Pass-Through Certificates, Series 2006-C27

LNR Partners, Inc.
1601 Washington Avenue, Suite 800
Miami Beach, Florida 33139
Attention:  Randy Wolpert

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2006-C27 (the "Certificates")

            In accordance with Section 3.15 of the pooling and servicing
agreement(the "Pooling and Servicing Agreement"), dated as of August 1, 2006,
among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer (in such
capacity, the "Master Servicer"), LNR Partners, Inc., as special servicer (the
"Special Servicer") and Wells Fargo Bank, N.A., as trustee (the "Trustee"), with
respect to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2006-C27 (the "Certificates"), the undersigned
hereby certifies and agrees as follows:

            1. The undersigned is contemplating an investment in the Class __
      Certificates.

            2. The undersigned is requesting access to the information posted to
      the Trustee's Internet Website pursuant to Section 4.02 of the Pooling and
      Servicing Agreement, or the information identified on the schedule
      attached hereto pursuant to Section 3.15 of the Pooling and Servicing
      Agreement (the "Information") for use in evaluating such possible
      investment.

            3. In consideration of the [Trustee's] [Master Servicer's] [Special
      Servicer's] disclosure to the undersigned of the Information, the
      undersigned will keep the Information confidential (except from its agents
      and auditors), and such Information will not, without the prior written
      consent of the [Trustee] [Master Servicer] [Special Servicer], be
      disclosed by the undersigned or by its officers, directors, partners
      employees, agents or representatives (collectively, the "Representatives")
      in any manner whatsoever, in whole or in part.

            4. The undersigned will not use or disclose the Information in any
      manner which could result in a violation of any provision of the
      Securities Act of 1933, as amended (the "Securities Act"), or the
      Securities Exchange Act of 1934, as amended, or would require registration
      of any Certificate pursuant to Section 5 of the Securities Act.

            5. The undersigned shall be fully liable for any breach of this
      agreement by itself or any of its Representatives and shall indemnify the
      Depositor, the Trustee, the Master Servicer, the Special Servicer and the
      Trust Fund for any loss, liability or expense incurred thereby with
      respect to any such breach by the undersigned or any of its
      Representatives.

            IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       _______________________________________

                                               [PROSPECTIVE PURCHASER]

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________
                                          Phone:______________________________

<PAGE>

                                    EXHIBIT L

                            INITIAL COMPANION HOLDERS

Name:  MW1-2002, LLC, with respect to the One Financial Place Subordinate
Companion Loan

      Address:  301 South College Street, One Wachovia Center NC0166,
Charlotte, North Carolina  28288

      Wiring Instructions:

      Tax Identification Number:

Name:  The trust fund created under the 2006-C26 Pooling and Servicing
Agreement, with respect to the Prime Outlets Pool II Pari Passu Companion Loan

      Address:  Wells Fargo Bank, N.A., Wells Fargo Center, Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attn:  Corporate Trust
Services - Wachovia Bank, Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2006-C25

      Wiring Instructions:

      Tax Identification Number:

Name:  Wachovia Bank, National Association, with respect to the Prime Outlets
Pool II Subordinate Companion Loan

      Address:  301 South College Street, One Wachovia Center NC0166,
Charlotte, North Carolina  28288

      Wiring Instructions:

      Tax Identification Number:

Name:  German American Capital Corporation, with respect to the BlueLinx
Holdings Pool Pari Passu Companion Loan

      Address:  60 Wall Street, New York, New York  10005

      Wiring Instructions:

      Tax Identification Number:

Name:  Wachovia Bank, National Association, with respect to the RLJ Hotel
Pool Pari Passu A1B Companion Loan

      Address:  301 South College Street, One Wachovia Center NC0166,
Charlotte, North Carolina  28288

      Wiring Instructions:

      Tax Identification Number:

Name: The trust fund created under the pooling and servicing agreement entered
into in connection with the issuance of the Merrill Lynch Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-C2, with respect to
the RLJ Hotel Pool Pari Passu A2A Companion Loan

      Address:  Wachovia Bank, N.A., 301 South College Street, One Wachovia
Center NC0166, Charlotte, North Carolina  28288, Merrill Lynch Mortgage
Lending, Inc., 4 World Financial Center, FL 16, New York, New York  10080,
Morgan Stanley Mortgage Capital Inc., 1221 Avenue of the Americas, New York,
New York  10020, Wells Fargo Bank, N.A., 40 West 57th Street, 21st Floor, New
York, New York  10019

      Wiring Instructions:

      Tax Identification Number:

Name:  Merrill Lynch Mortgage Lending, with respect to the RLJ Hotel Pool
Pari Passu A2B Companion Loan

      Address:  4 World Financial Center, FL 16, New York, New York  10080

      Wiring Instructions:

      Tax Identification Number:

Name: The trust fund created under the pooling and servicing agreement entered
into in connection with the issuance of the Morgan Stanley Capital I Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-HQ9, with respect to
the RLJ Hotel Pool Pari Passu A3A Companion Loan

      Address:  Wachovia Bank, N.A., 301 South College Street, One Wachovia
Center NC0166, Charlotte, North Carolina  28288, Merrill Lynch Mortgage
Lending, Inc., 4 World Financial Center, FL 16, New York, New York  10080,
Morgan Stanley Mortgage Capital Inc., 1221 Avenue of the Americas, New York,
New York  10020, Wells Fargo Bank, N.A., 40 West 57th Street, 21st Floor, New
York, New York  10019

      Wiring Instructions:

      Tax Identification Number:

Name:  Morgan Stanley Mortgage Capital Inc., with respect to the RLJ Hotel
Pool Pari Passu A3B Companion Loan

      Address:  1221 Avenue of the Americas, New York, New York  10020

      Wiring Instructions:

      Tax Identification Number:

Name:  Wells Fargo Bank, National Association, with respect to the RLJ Hotel
Pool Pari Passu A4A Companion Loan

      Address:  40 West 57th Street, 21st Floor, New York, New York  10019

      Wiring Instructions:

      Tax Identification Number:

Name:  Wells Fargo Bank, National Association, with respect to the RLJ Hotel
Pool Pari Passu A4B Companion Loan

      Address:  40 West 57th Street, 21st Floor, New York, New York  10019

      Wiring Instructions:

      Tax Identification Number:

Name:  Wachovia Bank, National Association, with respect to the 500-512
Seventh Avenue Pari Passu Companion Loan

      Address:  8739 Research Drive URP 4, NC 1075, Charlotte, North
Carolina  28262

      Wiring Instructions:

      Tax Identification Number:

Name:  MW1-2002, LLC, with respect to the 500-512 Seventh Avenue Subordinate
Companion Loan

      Address:  301 South College Street, One Wachovia Center NC0166,
Charlotte, North Carolina  28288

      Wiring Instructions:

      Tax Identification Number:

Name:  Caplease Debt Funding, LP, with respect to each of the AIM Investments
Corporate Campus Subordinate Companion Loans

      Address:  110 Maiden Lane, 36th Floor, New York, New York  10005

      Wiring Instructions:

      Tax Identification Number:

Name:  Wachovia Bank, National Association, with respect to the Acacia Park
Apartments Subordinate Companion Loan

      Address:  8739 Research Drive URP 4, NC 1075, Charlotte, North
Carolina 28262

      Wiring Instructions:

      Tax Identification Number:

Name:  CBA-Mezzanine Capital Finance, LLC, with respect to the Lakeridge
Apartments Subordinate Companion Loan

      Address:  51 JFK Parkway, Fourth Floor East, Short Hills, New Jersey
07078

      Wiring Instructions:

      Tax Identification Number:

<PAGE>

                                    EXHIBIT M

                         FORM OF PURCHASE OPTION NOTICE
                            PURSUANT TO SECTION 3.18

                                     [Date]

Wells Fargo Bank, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn: Corporate Trust Services - Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C27

Wachovia Bank, National Association
NC 1075
8739 Research Drive URP4
Charlotte, North Carolina  28262-1075
Attn: Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through _____Certificates, Series 2006-C27

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2006-C27

Ladies and Gentlemen:

            The undersigned hereby acknowledges that it is the holder of an
assignable option (the "Purchase Option") to purchase Mortgage Loan number ____
from the Trust Fund, pursuant to Section 3.18 of the pooling and servicing
agreement (the "Pooling and Servicing Agreement"), dated as of August 1, 2006,
by and among Wachovia Commercial Mortgage Securities, Inc., as Depositor, Wells
Fargo Bank, N.A., as Trustee, LNR Partners, Inc., as Special Servicer and
Wachovia Bank, National Association, as Master Servicer. Capitalized terms used
herein and not otherwise defined shall have the meaning set forth in the Pooling
and Servicing Agreement.

            The  undersigned  Option Holder [is the Special  Servicer] [is the
Majority  Subordinate  Certificateholder]  [acquired its Purchase  Option from
the [Special Servicer] [Majority Subordinate Certificateholder] on _________].

            The undersigned Option Holder is exercising its Purchase Option at
the cash price of $______________, which amount equals or exceeds the Option
Price, as defined in Section 3.18(c) of the Pooling and Servicing Agreement.
Within ten (10) Business Days of the date hereof, [the undersigned Option
Holder] [______________, an Affiliate of the undersigned Option Holder] will
deliver the Option Price to or at the direction of the Special Servicer in
exchange for the release of the Mortgage Loan, the related Mortgaged Property
and delivery of the related Mortgage Loan File.

            The undersigned Option Holder agrees that it shall prepare and
provide the Special Servicer with such instruments of transfer or assignment, in
each case without recourse, as shall be reasonably necessary to vest in it or
its designee the ownership of Mortgage Loan ____, together with such other
documents or instruments as the Special Servicer shall reasonably require to
consummate the purchase contemplated hereby.

            The undersigned Option Holder acknowledges and agrees that its
exercise of its Purchase Option Notice may not be revoked and that the
undersigned Option Holder, or its designee, shall be obligated to close its
purchase of Mortgage Loan ___ in accordance with the terms and conditions of
this letter and Section 3.18 of the Pooling and Servicing Agreement.

                                       Very truly yours,

                                       [Option Holder]

                                       By:____________________________________
                                          Name:
                                          Title:

            [By signing this letter in the space provided below,  the [Special
Servicer]  [Majority  Subordinate  Certificateholder]  hereby acknowledges and
affirms  that  it  transferred  its  Purchase  Option  to  the  Option  Holder
identified above on [_________].

[_____________________________]

By:
Name:
Title:

<PAGE>

                                    EXHIBIT N

                                     FORM OF
                            NOTICE AND CERTIFICATION
                      REGARDING DEFEASANCE OF MORTGAGE LOAN

To:   Standard & Poor's Ratings Services,
      a division of The McGraw-Hill Companies, Inc.
      56 Water Street
      New York, New York  10041-0003
      Attn:  CMBS Surveillance Group

From: Wachovia Bank, National Association, in its capacity as Master Servicer
      (the "Master Servicer") under the pooling and servicing agreement dated as
      of August 1, 2006 (the "Pooling and Servicing Agreement"), among the
      Master Servicer, Wells Fargo Bank, N.A., as Trustee and others.

Date:__________, 20___

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates
            Series 2006-C27

            Mortgage Loan (the "Mortgage Loan") identified by loan number _____
on the Mortgage Loan Schedule attached to the Pooling and Servicing Agreement
and heretofore secured by the Mortgaged Properties identified on the Mortgage
Loan Schedule by the following names:

            ____________________

            ____________________

            Reference is made to the Pooling and Servicing Agreement described
above. Capitalized terms used but not defined herein have the meanings assigned
to such terms in the Pooling and Servicing Agreement.

            As Master Servicer under the Pooling and Servicing Agreement, we
hereby:

            (a) Notify you that the Mortgagor has consummated a defeasance of
the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

            ______ a full  defeasance  of the entire  principal  balance of the
Mortgage Loan; or

            ______ a partial defeasance of a portion of the principal balance of
the Mortgage Loan that represents and, an allocated loan amount of $____________
or _______% of the entire principal balance of the Mortgage Loan;

            (b) Certify that each of the following is true, subject to those
exceptions set forth with explanatory notes on Exhibit A hereto, which
exceptions the Master Servicer has determined, consistent with the Servicing
Standard, will have no material adverse effect on the Mortgage Loan or the
defeasance transaction:

      (i)    The Mortgage Loan documents permit the defeasance, and the terms
             and conditions for defeasance specified therein were satisfied in
             all material respects in completing the defeasance.

      (ii)   The defeasance was consummated on __________, 20__.

      (iii)  The defeasance collateral consists of securities that (i)
             constitute "government securities" as defined in Section 2(a)(16)
             of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1),
             (ii) are listed as "Qualified Investments for  AAA' Financings"
             under Paragraphs 1, 2 or 3 of "Cash Flow Approach" in Standard &
             Poor's Public Finance Criteria 2000, as amended to the date of the
             defeasance, (iii) are rated  AAA' by S&P, (iv) if they include a
             principal obligation, the principal due at maturity cannot vary or
             change, and (v) are not subject to prepayment, call or early
             redemption.

      (iv)   The Master Servicer received an opinion of counsel (from counsel
             approved by Master Servicer in accordance with the Servicing
             Standard) that the defeasance will not result in an Adverse REMIC
             Event.

      (v)    The Master Servicer determined that the defeasance collateral will
             be owned by an entity (the "Defeasance Obligor") that is a
             Single-Purpose Entity (as defined in Standard & Poor's Structured
             Finance Ratings Real Estate Finance Criteria, as amended to the
             date of the defeasance (the "S&P Criteria")) as of the date of the
             defeasance, and after the defeasance owns no assets other than the
             defeasance collateral and real property securing Mortgage Loans
             included in the pool.

      (vi)   The Master Servicer received written confirmation of the crediting
             of the defeasance collateral to an Eligible Account (as defined in
             the S&P Criteria) in the name of the Defeasance Obligor, which
             account is maintained as a securities account by a securities
             intermediary and has been pledged to the Trustee.

      (vii)  The agreements executed in connection with the defeasance (i) grant
             control of the pledged securities account to the Trustee, (ii)
             require the securities intermediary to make the scheduled payments
             on the Mortgage Loan from the proceeds of the defeasance collateral
             directly to the Servicer's collection account in the amounts and on
             the dates specified in the Mortgage Loan documents or, in a partial
             defeasance, the portion of such scheduled payments attributed to
             the allocated loan amount for the real property defeased, increased
             by any defeasance premium specified in the Mortgage Loan documents
             (the "Scheduled Payments"), (iii) permit reinvestment of proceeds
             of the defeasance collateral only in Permitted Investments (as
             defined in the S&P Criteria), (iv) permit release of surplus
             defeasance collateral and earnings on reinvestment from the pledged
             securities account only after the Mortgage Loan has been paid in
             full, if any such release is permitted, (v) prohibit transfers by
             the Defeasance Obligor of the defeasance collateral and subordinate
             liens against the defeasance collateral, and (vi) provide for
             payment from sources other than the defeasance collateral or other
             assets of the Defeasance Obligor of all fees and expenses of the
             securities intermediary for administering the defeasance and the
             securities account and all fees and expenses of maintaining the
             existence of the Defeasance Obligor.

      (viii) The Master Servicer received written confirmation from a firm of
             independent certified public accountants, who were approved by
             Master Servicer in accordance with the Servicing Standard stating
             that (i) revenues from the defeasance collateral (without taking
             into account any earnings on reinvestment of such revenues) will be
             sufficient to timely pay each of the Scheduled Payments after the
             defeasance including the payment in full of the Mortgage Loan (or
             the allocated portion thereof in connection with a partial
             defeasance) on its Maturity Date (or, in the case of an ARD Loan,
             on its Anticipated Repayment Date), (ii) the revenues received in
             any month from the defeasance collateral will be applied to make
             Scheduled Payments within four (4) months after the date of
             receipt, and (iii) interest income from the defeasance collateral
             to the Defeasance Obligor in any calendar or fiscal year will not
             exceed such Defeasance Obligor's interest expense for the Mortgage
             Loan (or the allocated portion thereof in a partial defeasance) for
             such year.

      (ix)   The Mortgage Loan is not among the ten (10) largest loans in the
             pool. The entire principal balance of the Mortgage Loan as of the
             date of defeasance was less than both $[______] and five percent of
             the pool balance, which is less than [__]% of the aggregate
             Certificate Balance of the Certificates as of the date of the most
             recent Trustee's Distribution Date Statement received by us (the
             "Current Report").

      (x)    The defeasance described herein, together with all prior and
             simultaneous defeasances of Mortgage Loans, brings the total of all
             fully and partially defeased Mortgage Loans to $__________________,
             which is _____% of the aggregate Certificate Balance of the
             Certificates as of the date of the Current Report.

            (c) Certify that Exhibit B hereto is a list of the material
agreements, instruments, organizational documents for the Defeasance Obligor,
and opinions of counsel and independent accountants executed and delivered in
connection with the defeasance.

            (d) Certify that the individual under whose hand the Master
Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

            (e) Agree to provide copies of all items listed in Exhibit B to
you upon request.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

            IN WITNESS WHEREOF, the Master Servicer has caused this Notice and
Certification to be executed as of the date captioned above.

                                       WACHOVIA BANK, NATIONAL ASSOCIATION

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                    EXHIBIT O

                      FORM OF DEPOSITOR CERTIFICATION TO BE
                             PROVIDED WITH FORM 10-K

                   Wachovia Bank Commercial Mortgage Trust,
                Commercial Mortgage Pass-Through Certificates
                       Series 2006-C27 (the "Trust Fund")

            I, [identify the certifying individual], a [title] of Wachovia
Commercial Mortgage Securities, Inc., the depositor into the above-referenced
Trust Fund, certify that:

            1. I have reviewed this annual report on Form 10-K, and all reports
      on Form 10-D required to be filed in respect of periods included in the
      year covered by this annual report, of the Trust Fund;

            2. Based on my knowledge, the Exchange Act periodic reports, taken
      as a whole, do not contain any untrue statement of a material fact or omit
      to state a material fact necessary to make the statements made, in light
      of the circumstances under which such statements were made, not misleading
      with respect to the period covered by this annual report;

            3. Based on my knowledge, all of the distribution, servicing and
      other information required to be provided on Form 10-D for the period
      covered by this report is included in the Exchange Act periodic reports;

            4. Based on my knowledge and the servicer compliance statements
      required in this report under Item 1123 of Regulation AB, and except as
      disclosed in the Exchange Act periodic reports, the servicers have
      fulfilled their obligations under the pooling and servicing agreement; and

            5. All of the reports on assessment of compliance with servicing
      criteria for asset-backed securities and their related attestation reports
      on assessment of compliance with servicing criteria for asset-backed
      securities required to be included in this report in accordance with Item
      1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
      included as an exhibit to this report, except as otherwise disclosed in
      this report. Any material instances of noncompliance described in such
      reports have been disclosed in this report on Form 10-K.

<PAGE>

            In giving the  certifications  above, I have reasonably  relied on
information  provided  to  me  by  the  following  unaffiliated  parties:  LNR
Partners, Inc. and Wells Fargo Bank, N.A.

Date:___________________________

________________________________
President and Chief Executive Officer
Wachovia Commercial Mortgage Securities, Inc.

<PAGE>

                                    EXHIBIT P

              FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR
                                 BY THE TRUSTEE

                   Wachovia Bank Commercial Mortgage Trust,
                Commercial Mortgage Pass-Through Certificates
                       Series 2006-C27 (the "Trust Fund")

            I, [identify the certifying individual], a [title] of Wells Fargo
Bank, N.A., certify to Wachovia Commercial Mortgage Securities, Inc. and their
officers, directors and affiliates, and with the knowledge and intent that they
will rely upon this certification in delivering the Certification required by
the pooling and servicing agreement relating to the Certificates (capitalized
terms used herein without definition shall have the meanings assigned to such
terms in the pooling and servicing agreement), that:

            1. I have reviewed this annual report on Form 10-K, and all reports
      on Form 10-D required to be filed in respect of the period included in the
      year covered by this annual report, of the Trust Fund;

            2. Based on my knowledge, the distribution information in these
      reports, taken as a whole, does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;

            3. Based on my knowledge, the distribution and servicing information
      required to be provided to the trustee by the master servicer under the
      pooling and servicing agreement is included in the reports delivered by
      the master servicer to the trustee;

            4. I am responsible for reviewing the activities performed by the
      trustee and based on my knowledge and the compliance reviews conducted in
      preparing the trustee compliance statements required for inclusion on Form
      10-K pursuant to Item 1123 of Regulation AB, and except as disclosed on
      any Form 10-D or 10-K, the trustee has fulfilled its obligations in all
      material respects under the pooling and servicing agreement; and

            5. All of the reports on assessment of compliance with servicing
      criteria for asset-backed securities and their related attestation reports
      on assessment of compliance with servicing criteria for asset-backed
      securities with respect to the trustee required to be included in Form
      10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules
      13a-18 and 15d-18 have been included as an exhibit to Form 10-K, except as
      otherwise disclosed in Form 10-K. Any material instances of noncompliance
      described in such reports have been disclosed in such report on Form 10-K.

Date:___________________________

________________________________
[Title]
Wells Fargo Bank, N.A.

<PAGE>

                                   EXHIBIT Q-1

                   FORM OF MASTER SERVICER CERTIFICATION TO BE
                            PROVIDED TO THE DEPOSITOR

                   Wachovia Bank Commercial Mortgage Trust,
                Commercial Mortgage Pass-Through Certificates
                       Series 2006-C27 (the "Trust Fund")

            I, [identify the certifying individual], a [title] of Wachovia Bank,
National Association, certify to Wachovia Commercial Mortgage Securities, Inc.
and their officers, directors and affiliates, and with the knowledge and intent
that they will rely upon this certification (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Pooling
and Servicing Agreement), that:

            1. I have reviewed the servicing reports relating to the Trust Fund
      delivered by the master servicer to the trustee pursuant to the Pooling
      and Servicing Agreement covering the fiscal year [_____];

            2. Based on my knowledge, (a) assuming the accuracy of the
      statements required to be made in the corresponding certificate of the
      special servicer pursuant to Section 8.17(n) of the Pooling and Servicing
      Agreement and (b) assuming that the information regarding the Mortgage
      Loans, the Mortgagors or the Mortgaged Properties in the Prospectus (the
      "Mortgage Information") does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in the light of the circumstances under which such
      statements were made, not misleading (but only to the extent that such
      Mortgage Information is or shall be used by the servicer to prepare the
      servicing reports, provided, however, the servicer shall provide any
      information of which the servicer has knowledge, to the extent such
      information updates the Mortgage Information and is required to be
      provided by the servicer pursuant to the Pooling and Servicing Agreement),
      the servicing information reports, taken as a whole, does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;

            3. Based on my knowledge, and assuming the accuracy of the
      statements required to be made in the corresponding certificate of the
      special servicer pursuant to Section 8.17(n) of the Pooling and Servicing
      Agreement and assuming that the special servicer timely delivered to the
      master servicer all servicing information required to be provided to the
      master servicer by the special servicer under the Pooling and Servicing
      Agreement, the servicing information required to be provided to the
      trustee by the master servicer under the Pooling and Servicing Agreement
      is included in the servicing reports delivered by the master servicer to
      the trustee;

            4. I am responsible for reviewing the activities performed by the
      master servicer under the Pooling and Servicing Agreement and based upon
      my knowledge and the annual compliance reviews conducted in preparing the
      servicer compliance statements required in this report under Item 1123 of
      Regulation AB with respect to the master servicer, and except as disclosed
      in the compliance certificate delivered by the master servicer under
      Section 3.13 of the Pooling and Servicing Agreement, the master servicer
      has fulfilled its obligations under the Pooling and Servicing Agreement in
      all material respects;

            5. The accountant's statement delivered pursuant to Section 3.14 of
      the Pooling and Servicing Agreement discloses all significant deficiencies
      relating to the master servicer's compliance with the minimum servicing
      standards based upon the report provided by an independent public
      accountant, after conducting a review in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar procedure, as
      set forth in the Pooling and Servicing Agreement; and

            6. All of the reports on assessment of compliance with servicing
      criteria for asset-backed securities and their related attestation reports
      on assessment of compliance with servicing criteria for asset-backed
      securities with respect to the master servicer have been provided as
      required by the Pooling and Servicing Agreement, except as otherwise
      disclosed in the servicing reports. Any material instances of
      noncompliance described in such reports have been disclosed in this report
      on Form 10-K.

            7. If this certification is delivered by the Master Servicer, add:
      In addition, notwithstanding the foregoing certifications under clauses
      (2) and (3) above, the Master Servicer does not make any certification
      under such clauses (2) and (3) above with respect to the information in
      the servicing reports delivered by the Master Servicer to the Trustee
      referred to in such clauses (2) and (3) above that is in turn dependent
      upon information provided by the Special Servicer under the Pooling and
      Servicing Agreement beyond the corresponding certification actually
      provided by the Special Servicer pursuant to Section 8.17(n) of the
      Pooling and Servicing Agreement. Further, notwithstanding the foregoing
      certifications, the Master Servicer does not make any certification under
      the foregoing clauses (1) through (5) that is in turn dependent (i) upon
      information required to be provided by any Sub-Servicer acting under a
      Sub-Servicing Agreement that the Master Servicer entered into in
      connection with the issuance of the Certificates, or upon the performance
      by any such Sub-Servicer of its obligations pursuant to any such
      Sub-Servicing Agreement, in each case beyond the respective backup
      certifications actually provided by such Sub-Servicer to the Master
      Servicer with respect to the information that is the subject of such
      certification, or (ii) upon information required to be provided by the
      Non-Serviced Mortgage Loan Servicer or upon the performance by the
      Non-Serviced Mortgage Loan Servicer of its obligations pursuant to the
      Non-Serviced Mortgage Loan Pooling and Servicing Agreement, in each case
      beyond the backup certification actually provided by the Non-Serviced
      Mortgage Loan Servicer to the Master Servicer with respect to the
      information that is the subject of such certification; provided that this
      clause (ii) shall not apply in the event the Master Servicer is, or is an
      Affiliate of, the Non-Serviced Mortgage Loan Servicer.

            If this certification is delivered by a Sub-Servicer retained by the
Master Servicer, add: In addition, notwithstanding the foregoing certifications
under clauses (2) and (3) above, the Master Servicer does not make any
certification under such clauses (2) and (3) above with respect to the
information in the servicing reports delivered by the Master Servicer to the
Trustee referred to in such clauses (2) and (3) above that is in turn dependent
upon information provided by the Special Servicer under the Pooling and
__Servicing Agreement beyond the corresponding certification actually provided
by the Special Servicer pursuant to Section 8.17(n) of the Pooling and Servicing
Agreement.

            In giving the certification above, I have reasonably relied on
information provided to me by the following unaffiliated parties: [names of
sub-servicers].

Date:___________________________

________________________________
[Title]
Wachovia Bank, National Association

<PAGE>

                                   EXHIBIT Q-2

                  FORM OF SPECIAL SERVICER CERTIFICATION TO BE
                              PROVIDED TO DEPOSITOR

                   Wachovia Bank Commercial Mortgage Trust,
                Commercial Mortgage Pass-Through Certificates
                       Series 2006-C27 (the "Trust Fund")

            I, [identify the certifying individual], a [title] of LNR Partners,
Inc., certify to Wachovia Commercial Mortgage Securities, Inc. and their
officers, directors and affiliates, and with the knowledge and intent that they
will rely upon this certification (capitalized terms used herein without
definition shall have the meanings assigned to such terms in the pooling and
servicing agreement), that:

            1. I have reviewed the servicing reports relating to the Trust Fund
      delivered by the special servicer to the depositor pursuant to Section
      3.13 of the pooling and servicing agreement covering the fiscal year
      [____];

            2. Based on my knowledge, the servicing information in these reports
      delivered by the special servicer, taken as a whole, does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by such reports;

            3. Based on my knowledge, the servicing information required to be
      provided under Section 3.13 of the pooling and servicing agreement is
      included in such servicing reports delivered by the special servicer to
      the depositor;

            4. I am responsible for reviewing the activities performed by the
      special servicer under the pooling and servicing agreement and based upon
      my knowledge and the annual compliance reviews conducted in preparing the
      servicer compliance statements required in such reports under Item 1123 of
      Regulation AB with respect to the special servicer, and except as
      disclosed in the compliance certificate delivered by the special servicer
      under Section 3.13 of the pooling and servicing agreement, the special
      servicer has fulfilled its obligations under the pooling and servicing
      agreement in all material respects;

            5. The accountant's statement delivered pursuant to Section 3.14 of
      the pooling and servicing agreement discloses all significant deficiencies
      relating to the special servicer's compliance with the minimum servicing
      standards based upon the report provided by an independent public
      accountant, after conducting a review in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar procedure, as
      set forth in the pooling and servicing agreement; and

            6. All of the reports on assessment of compliance with servicing
      criteria for asset-backed securities and their related attestation reports
      on assessment of compliance with servicing criteria for asset-backed
      securities with respect to the special servicer required to be delivered
      by the special servicer under the pooling and servicing agreement in
      accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
      and 15d-18 have been delivered pursuant to the terms of the pooling and
      servicing agreement. Any material instances of noncompliance with the
      servicing criteria have been disclosed in such reports.

Date:___________________________

________________________________
[Title]
LNR Partners, Inc.

<PAGE>

                                   EXHIBIT R
                CLASS A-PB PLANNED PRINCIPAL BALANCE SCHEDULE

Period     Date      Balance ($)     Period     Date      Balance ($)
------   --------   --------------   ------   --------   --------------
     0   08/23/06   111,316,000.00       58   06/15/11   111,316,000.00
     1   09/15/06   111,316,000.00       59   07/15/11   111,316,000.00
     2   10/15/06   111,316,000.00       60   08/15/11   111,315,213.12
     3   11/15/06   111,316,000.00       61   09/15/11   109,745,329.00
     4   12/15/06   111,316,000.00       62   10/15/11   107,915,253.17
     5   01/15/07   111,316,000.00       63   11/15/11   106,327,420.16
     6   02/15/07   111,316,000.00       64   12/15/11   104,479,882.51
     7   03/15/07   111,316,000.00       65   01/15/12   102,873,913.18
     8   04/15/07   111,316,000.00       66   02/15/12   101,259,470.92
     9   05/15/07   111,316,000.00       67   03/15/12    99,135,581.31
    10   06/15/07   111,316,000.00       68   04/15/12    97,501,391.38
    11   07/15/07   111,316,000.00       69   05/15/12    95,608,754.71
    12   08/15/07   111,316,000.00       70   06/15/12    93,955,944.33
    13   09/15/07   111,316,000.00       71   07/15/12    92,045,192.50
    14   10/15/07   111,316,000.00       72   08/15/12    90,373,567.22
    15   11/15/07   111,316,000.00       73   09/15/12    88,693,121.43
    16   12/15/07   111,316,000.00       74   10/15/12    86,755,484.11
    17   01/15/08   111,316,000.00       75   11/15/12    85,055,934.87
    18   02/15/08   111,316,000.00       76   12/15/12    83,099,712.47
    19   03/15/08   111,316,000.00       77   01/15/13    81,404,025.76
    20   04/15/08   111,316,000.00       78   02/15/13    79,699,397.43
    21   05/15/08   111,316,000.00       79   03/15/13    77,255,122.54
    22   06/15/08   111,316,000.00       80   04/15/13    75,528,580.67
    23   07/15/08   111,316,000.00       81   05/15/13    73,550,091.94
    24   08/15/08   111,316,000.00       82   06/15/13    71,803,999.76
    25   09/15/08   111,316,000.00       83   07/15/13    58,852,947.05
    26   10/15/08   111,316,000.00       84   08/15/13    57,098,956.62
    27   11/15/08   111,316,000.00       85   09/15/13    55,335,717.15
    28   12/15/08   111,316,000.00       86   10/15/13    53,323,811.94
    29   01/15/09   111,316,000.00       87   11/15/13    51,540,653.64
    30   02/15/09   111,316,000.00       88   12/15/13    49,509,370.17
    31   03/15/09   111,316,000.00       89   01/15/14    47,706,085.16
    32   04/15/09   111,316,000.00       90   02/15/14    45,893,290.36
    33   05/15/09   111,316,000.00       91   03/15/14    43,357,653.14
    34   06/15/09   111,316,000.00       92   04/15/14    41,521,891.83
    35   07/15/09   111,316,000.00       93   05/15/14    39,439,432.84
    36   08/15/09   111,316,000.00       94   06/15/14    37,582,995.64
    37   09/15/09   111,316,000.00       95   07/15/14    35,480,421.87
    38   10/15/09   111,316,000.00       96   08/15/14    33,603,092.98
    39   11/15/09   111,316,000.00       97   09/15/14    31,715,862.48
    40   12/15/09   111,316,000.00       98   10/15/14    29,583,331.10
    41   01/15/10   111,316,000.00       99   11/15/14    27,674,887.55
    42   02/15/10   111,316,000.00      100   12/15/14    25,521,718.79
    43   03/15/10   111,316,000.00      101   01/15/15    23,591,840.74
    44   04/15/10   111,316,000.00      102   02/15/15    21,651,783.09
    45   05/15/10   111,316,000.00      103   03/15/15    19,000,590.57
    46   06/15/10   111,316,000.00      104   04/15/15    17,036,281.61
    47   07/15/10   111,316,000.00      105   05/15/15    14,828,763.41
    48   08/15/10   111,316,000.00      106   06/15/15    12,842,436.63
    49   09/15/10   111,316,000.00      107   07/15/15    10,613,498.13
    50   10/15/10   111,316,000.00      108   08/15/15     8,604,923.69
    51   11/15/10   111,316,000.00      109   09/15/15     6,585,753.15
    52   12/15/10   111,316,000.00      110   10/15/15     4,324,862.20
    53   01/15/11   111,316,000.00      111   11/15/15     2,283,101.17
    54   02/15/11   111,316,000.00      112   12/15/15           232.76
    55   03/15/11   111,316,000.00      113   01/15/16                0
    56   04/15/11   111,316,000.00
    57   05/15/11   111,316,000.00

<PAGE>

                                    EXHIBIT S

                           RELEVANT SERVICING CRITERIA

         SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered by the Trustee, the Master
Servicer, the Special Servicer and each Sub-Servicer identified by the Master
Servicer or the Special Servicer shall address, at a minimum, the criteria
identified below as applicable to each Reporting Servicer:

<TABLE>
<CAPTION>
                                                         SERVICING CRITERIA

Reference                                                     Criteria                                            Reporting Servicer

                                                  General Servicing Considerations
<S>                 <C>                                                                                           <C>
1122(d)(1)(i)       Policies and procedures are instituted to monitor any performance or other triggers and          Master Servicer
                    events of default in accordance with the transaction agreements.                                Special Servicer
                                                                                                                             Trustee

1122(d)(1)(ii)      If any material servicing activities are outsourced to third parties, policies and               Master Servicer
                    procedures are instituted to monitor the third party's performance and compliance with          Special Servicer
                    such servicing activities.                                                                               Trustee

1122(d)(1)(iii)     Any requirements in the transaction agreements to maintain a back-up servicer for the
                    mortgage loans are maintained.

1122(d)(1)(iv)      A fidelity bond and errors and omissions policy is in effect on the party participating          Master Servicer
                    in the servicing function throughout the reporting period in the amount of coverage             Special Servicer
                    required by and otherwise in accordance with the terms of the transaction agreements.

                                                 Cash Collection and Administration

1122(d)(2)(i)       Payments on mortgage loans are deposited into the appropriate custodial bank accounts            Master Servicer
                    and related bank clearing accounts no more than two business days following receipt, or         Special Servicer
                    such other number of days specified in the transaction agreements.                                       Trustee

1122(d)(2)(ii)      Disbursements made via wire transfer on behalf of an obligor or to an investor are made                  Trustee
                    only by authorized personnel.

1122(d)(2)(iii)     Advances of funds or guarantees regarding collections, cash flows or distributions, and          Master Servicer
                    any interest or other fees charged for such advances, are made, reviewed and approved as        Special Servicer
                    specified in the transaction agreements.                                                                 Trustee

1122(d)(2)(iv)      The related accounts for the transaction, such as cash reserve accounts or accounts              Master Servicer
                    established as a form of overcollateralization, are separately maintained (e.g., with           Special Servicer
                    respect to commingling of cash) as set forth in the transaction agreements.                              Trustee

1122(d)(2)(v)       Each custodial account is maintained at a federally insured depository institution as            Master Servicer
                    set forth in the transaction agreements. For purposes of this criterion, "federally             Special Servicer
                    insured depository institution" with respect to a foreign financial institution means a                  Trustee
                    foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the
                    Securities Exchange Act.

1122(d)(2)(vi)      Unissued checks are safeguarded so as to prevent unauthorized access.                            Master Servicer
                                                                                                                    Special Servicer
                                                                                                                             Trustee

1122(d)(2)(vii)     Reconciliations are prepared on a monthly basis for all asset-backed securities related                  Trustee
                    bank accounts, including custodial accounts and related bank clearing accounts. These            Master Servicer
                    reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days           Special Servicer
                    after the bank statement cutoff date, or such other number of days specified in the
                    transaction agreements; (C) reviewed and approved by someone other than the person who
                    prepared the reconciliation; and (D) contain explanations for reconciling items. These
                    reconciling items are resolved within 90 calendar days of their original identification,
                    or such other number of days specified in the transaction agreements.

                                                 Investor Remittances and Reporting

1122(d)(3)(i)       Reports to investors, including those to be filed with the Commission, are maintained in                 Trustee
                    accordance with the transaction agreements and applicable Commission requirements.
                    Specifically, such reports (A) are prepared in accordance with timeframes and other
                    terms set forth in the transaction agreements; (B) provide information calculated in
                    accordance with the terms specified in the transaction agreements; (C) are filed with
                    the Commission as required by its rules and regulations; and (D) agree with investors'
                    or the trustee's records as to the total unpaid principal balance and number of mortgage
                    loans serviced by the Reporting Servicer.

1122(d)(3)(ii)      Amounts due to investors are allocated and remitted in accordance with timeframes,                       Trustee
                    distribution priority and other terms set forth in the transaction agreements.

1122(d)(3)(iii)     Disbursements made to an investor are posted within two business days to the Servicer's                  Trustee
                    investor records, or such other number of days specified in the transaction agreements.

1122(d)(3)(iv)      Amounts remitted to investors per the investor reports agree with cancelled checks, or                   Trustee
                    other form of payment, or custodial bank statements.

                                                      Pool Asset Administration

1122(d)(4)(i)       Collateral or security on mortgage loans is maintained as required by the transaction                    Trustee
                    agreements or related mortgage loan documents.                                                   Master Servicer
                                                                                                                    Special Servicer

1122(d)(4)(ii)      Mortgage loan and related documents are safeguarded as required by the transaction                       Trustee
                    agreements                                                                                      Special Servicer

1122(d)(4)(iii)     Any additions, removals or substitutions to the mortgage loan pool are made, reviewed                    Trustee
                    and approved in accordance with any conditions or requirements in the transaction               Special Servicer
                    agreements.

1122(d)(4)(iv)      Payments on mortgage loans, including any payoffs, made in accordance with the related           Master Servicer
                    mortgage loan documents are posted to the Servicer's obligor records maintained no more
                    than two business days after receipt, or such other number of days specified in the
                    transaction agreements, and allocated to principal, interest or other items (e.g.,
                    escrow) in accordance with the related mortgage loan documents.

1122(d)(4)(v)       The Reporting Servicer's records regarding the mortgage loans agree with the                     Master Servicer
                    Reporting Servicer's records with respect to an obligor's unpaid principal balance.

1122(d)(4)(vi)      Changes with respect to the terms or status of an obligor's mortgage loans (e.g., loan           Master Servicer
                    modifications or re-agings) are made, reviewed and approved by authorized personnel in          Special Servicer
                    accordance with the transaction agreements and related pool asset documents.

1122(d)(4)(vii)     Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in        Special Servicer
                    lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated,
                    conducted and concluded in accordance with the timeframes or other requirements
                    established by the transaction agreements.

1122(d)(4)(viii)    Records documenting collection efforts are maintained during the period a mortgage loan          Master Servicer
                    is delinquent in accordance with the transaction agreements. Such records are maintained        Special Servicer
                    on at least a monthly basis, or such other period specified in the transaction
                    agreements, and describe the entity's activities in monitoring delinquent mortgage loans
                    including, for example, phone calls, letters and payment rescheduling plans in cases
                    where delinquency is deemed temporary (e.g., illness or unemployment).

1122(d)(4)(ix)      Adjustments to interest rates or rates of return for mortgage loans with variable rates          Master Servicer
                    are computed based on the related mortgage loan documents.

1122(d)(4)(x)       Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such             Master Servicer
                    funds are analyzed, in accordance with the obligor's mortgage loan documents, on at
                    least an annual basis, or such other period specified in the transaction agreements; (B)
                    interest on such funds is paid, or credited, to obligors in accordance with applicable
                    mortgage loan documents and state laws; and (C) such funds are returned to the obligor
                    within 30 calendar days of full repayment of the related mortgage loans, or such other
                    number of days specified in the transaction agreements.

1122(d)(4)(xi)      Payments made on behalf of an obligor (such as tax or insurance payments) are made on or         Master Servicer
                    before the related penalty or expiration dates, as indicated on the appropriate bills or
                    notices for such payments, provided that such support has been received by the servicer
                    at least 30 calendar days prior to these dates, or such other number of days specified
                    in the transaction agreements.

1122(d)(4)(xii)     Any late payment penalties in connection with any payment to be made on behalf of an             Master Servicer
                    obligor are paid from the servicer's funds and not charged to the obligor, unless the
                    late payment was due to the obligor's error or omission.

1122(d)(4)(xiii)    Disbursements made on behalf of an obligor are posted within two business days to the            Master Servicer
                    obligor's records maintained by the servicer, or such other number of days specified in
                    the transaction agreements.

1122(d)(4)(xiv)     Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in             Master Servicer
                    accordance with the transaction agreements.

1122(d)(4)(xv)      Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or                     N/A
                    Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.
</TABLE>

[NAME OF REPORTING SERVICER]

Date:_______________________

By:_________________________

Name:_______________________

Title:______________________

<PAGE>

                                    EXHIBIT T

                        CLASS X-P REFERENCE RATE SCHEDULE

<TABLE>
<CAPTION>
                                Class X-P                                   Class X-P
   Interest      Distribution   Reference      Interest      Distribution   Reference
Accrual Period           Date   Rate (%)    Accrual Period           Date   Rate (%)
--------------   ------------   ---------   --------------   ------------   ---------
<S>              <C>            <C>         <C>              <C>            <C>
             1      9/15/2006     6.30935               43      3/15/2010     6.09140
             2     10/15/2006     6.10867               44      4/15/2010     6.29101
             3     11/15/2006     6.30936               45      5/15/2010     6.09119
             4     12/15/2006     6.10868               46      6/15/2010     6.29102
             5      1/15/2007     6.10869               47      7/15/2010     6.09121
             6      2/15/2007     6.10869               48      8/15/2010     6.29104
             7      3/15/2007     6.10879               49      9/15/2010     6.29105
             8      4/15/2007     6.30938               50     10/15/2010     6.09124
             9      5/15/2007     6.10871               51     11/15/2010     6.29107
            10      6/15/2007     6.30939               52     12/15/2010     6.09126
            11      7/15/2007     6.10872               53      1/15/2011     6.09149
            12      8/15/2007     6.30940               54      2/15/2011     6.09167
            13      9/15/2007     6.30940               55      3/15/2011     6.10960
            14     10/15/2007     6.10874               56      4/15/2011     6.30386
            15     11/15/2007     6.30941               57      5/15/2011     6.09860
            16     12/15/2007     6.10875               58      6/15/2011     6.30967
            17      1/15/2008     6.30943               59      7/15/2011     6.10474
            18      2/15/2008     6.10876               60      8/15/2011     6.29237
            19      3/15/2008     6.10880               61      9/15/2011     6.30943
            20      4/15/2008     6.30944               62     10/15/2011     6.10695
            21      5/15/2008     6.10877               63     11/15/2011     6.30682
            22      6/15/2008     6.30947               64     12/15/2011     6.10696
            23      7/15/2008     6.10882               65      1/15/2012     6.30682
            24      8/15/2008     6.30951               66      2/15/2012     6.10696
            25      9/15/2008     6.30953               67      3/15/2012     6.10749
            26     10/15/2008     6.10887               68      4/15/2012     6.30624
            27     11/15/2008     6.30956               69      5/15/2012     6.10643
            28     12/15/2008     6.10891               70      6/15/2012     6.30624
            29      1/15/2009     6.10893               71      7/15/2012     6.10644
            30      2/15/2009     6.10894               72      8/15/2012     6.30624
            31      3/15/2009     6.10912               73      9/15/2012     6.30626
            32      4/15/2009     6.30965               74     10/15/2012     6.10649
            33      5/15/2009     6.10900               75     11/15/2012     6.30631
            34      6/15/2009     6.30968               76     12/15/2012     6.10655
            35      7/15/2009     6.10392               77      1/15/2013     6.10657
            36      8/15/2009     6.30284               78      2/15/2013     6.10660
            37      9/15/2009     6.29296               79      3/15/2013     6.10709
            38     10/15/2009     6.09110               80      4/15/2013     6.30644
            39     11/15/2009     6.29095               81      5/15/2013     6.10670
            40     12/15/2009     6.09113               82      6/15/2013     6.30650
            41      1/15/2010     6.09115               83      7/15/2013     6.10676
            42      2/15/2010     6.09117               84      8/15/2013     6.30656
</TABLE>

<PAGE>

                                    EXHIBIT U

                         ADDITIONAL FORM 10-D DISCLOSURE

         Item on Form 10-D                         Party Responsible

Item 1: Distribution and Pool             Master Servicer (only with respect to
Performance Information Any               Item 1121(a)(12) and solely with
information required by 1121 which is     respect to non-Specially Serviced
NOT included on the Distribution Date     Mortgage Loans) Special Servicer (only
Statement                                 with respect to Item 1121(a)(12) and
                                          solely with respect to Specially
                                          Serviced Mortgage Loans) Trustee

Item 2: Legal Proceedings per Item        (i) All parties to the Pooling and
1117 of Regulation AB (to the extent      Servicing Agreement (as to
material to Certificateholders)           themselves), (ii) the Trustee, the
                                          Master Servicer and the Special
                                          Servicer as to the Wachovia Bank
                                          Commercial Mortgage Trust, Commercial
                                          Mortgage Pass-Through Certificates,
                                          Series 2006-C27 (in the case of the
                                          Master Servicer and the Special
                                          Servicer, to be reported by the party
                                          controlling litigation pursuant to
                                          Section 2.03 of the Pooling and
                                          Servicing Agreement), (iii) the
                                          Depositor as to the sponsors, any
                                          1110(b) originator and any 1100(d)(1)
                                          party

Item 3: Sale of Securities and Use of     Depositor
Proceeds

Item 4: Defaults Upon Senior              Trustee
Certificates

Item 5: Submission of Matters to a        Trustee
Vote of Certificateholders

Item 6: Significant Obligors of Pool      N/A
Assets

Item 7: Significant Enhancement           Depositor
Provider Information

Item 8: Other Information (information    Any party responsible for disclosure
required to be disclosed on Form 8-K      items on Form 8-K to the extent of
that was not properly disclosed)          such items

Item 9: Exhibits                          Trustee

<PAGE>

                                    EXHIBIT V

                       ADDITIONAL DISCLOSURE NOTIFICATION

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO WELLS FARGO BANK, N.A. AT
cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO WELLS FARGO
AND WACHOVIA AT THE ADDRESSES IMMEDIATELY BELOW**

Wells Fargo Bank, N.A., as Trustee
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479-0113
Attn:  Corporate Trust Services - Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2006-C27 SEC REPORT
PROCESSING

Wachovia Commercial Mortgage Securities, Inc.
301 South College Street
Charlotte, North Carolina 28288
Attention: Charles Culbreth, Managing Director

RE:  **Additional Form [10-D][10-K][8-K] Disclosure** Required

Ladies and Gentlemen:

            In accordance with Section [8.17(i)][8.17(j)][8.17(k)] of the
pooling and servicing agreement, dated as of August 1, 2006 (the "Pooling and
Servicing Agreement"), by and among Wachovia Commercial Mortgage Securities,
Inc., as Depositor, Wachovia Bank, National Association, as Master Servicer, LNR
Partners, Inc., as Special Servicer, and Wells Fargo Bank, N.A., as Trustee. The
undersigned, as [ ], hereby notifies you that certain events have come to our
attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K] Disclosure:

List of any Attachments hereto to be included in the Additional Form
[10-D][10-K][8-K] Disclosure:

            Any inquiries related to this  notification  should be directed to
[      ], phone number: [      ]; email address: [      ].

                                       [NAME OF PARTY],
                                          as [role]

                                       By: ___________________________________
                                          Name:
                                          Title:

cc: Depositor

<PAGE>

                                   EXHIBIT W

                        ADDITIONAL FORM 10-K DISCLOSURE

Item on Form 10-K                         Party Responsible

Item 1B: Unresolved Staff Comments        Depositor

Item 9B: Other Information                Any party responsible for disclosure
(information required to be disclosed     items on Form 8-K to the extent of
on Form 8-K that was not properly         such items
disclosed)

Item 15: Exhibits, Financial Statement    Trustee
Schedules

Additional Item: Disclosure per Item      (i) All parties to the Pooling and
1117 of Reg AB (to the extent material    Servicing Agreement (as to
to Certificateholders)                    themselves), (ii) the Trustee, the
                                          Master Servicer and the Special
                                          Servicer as to the Wachovia Bank
                                          Commercial Mortgage Trust, Commercial
                                          Mortgage Pass-Through Certificates,
                                          Series 2006-C27 (in the case of the
                                          Master Servicer and the Special
                                          Servicer, to be reported by the party
                                          controlling litigation pursuant to
                                          Section 2.03 of the Pooling and
                                          Servicing Agreement), (iii) the
                                          Depositor as to the sponsors, any
                                          1110(b) originator and any 1100(d)(1)
                                          party

Additional Item: Disclosure per Item      (i) All parties to the Pooling and
1119 of Reg AB (to the extent material    Servicing Agreement (as to
to Certificateholders)                    themselves), as to the Master
                                          Servicer, only to the extent material
                                          to Certificateholders and only as to
                                          affiliations under 1119(a) with the
                                          Trustee, Special Servicer or a
                                          1108(a)(3) Sub-Servicer, (ii) the
                                          Trustee, the Special Servicer and the
                                          Master Servicer as to the Wachovia
                                          Bank Commercial Mortgage Trust,
                                          Commercial Mortgage Pass-Through
                                          Certificates, Series 2006-C27, (iii)
                                          the Depositor as to the sponsors, any
                                          1110(b) originator and any 1100(d)(1)
                                          party

Additional Item: Disclosure per Item      N/A
1112(b) of Reg AB

Additional Item: Disclosure per Items     Depositor
1114(b) and 1115(b) of Reg AB

<PAGE>

                               EXHIBIT X

                    FORM 8-K DISCLOSURE INFORMATION

Item on Form 8-K                          Party Responsible

Item 1.01- Entry into a Material          All parties to this Agreement only as
Definitive Agreement                      to agreements such entity is a party
                                          to or entered into on behalf of the
                                          Trust Fund

Item 1.02- Termination of a Material      All parties to this Agreement only as
Definitive Agreement                      to agreements such entity is a party
                                          to or entered into on behalf of the
                                          Trust Fund

Item 1.03- Bankruptcy or Receivership     Depositor

Item 2.04- Triggering Events that         Depositor
Accelerate or Increase a Direct
Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement

Item 3.03- Material Modification to       Trustee
Rights of Security Holders

Item 5.03- Amendments of Articles of      Depositor
Incorporation or Bylaws; Change of
Fiscal Year

Item 6.01- ABS Informational and          Depositor
Computational Material

Item 6.02- Change of Master Servicer,     Master Servicer (as to itself or a
Special Servicer or Trustee               Sub-Servicer retained by the Master
                                          Servicer) Special Servicer(as to
                                          itself or a Sub-Servicer retained by
                                          the Special Servicer) Trustee

Item 6.03- Change in Credit               Depositor
Enhancement or External Support           Trustee

Item 6.04- Failure to Make a Required     Trustee
Distribution

Item 6.05- Securities Act Updating        Depositor
Disclosure

Item 7.01- Reg FD Disclosure              Depositor

Item 8.01                                 Depositor

Item 9.01                                 Depositor

<PAGE>

                               EXHIBIT Y

                           SUB-SERVICER LIST

SUB-SERVICERS                             SUB-SERVICED MORTGAGE LOANS

BERNARD FINANCIAL CORPORATION             DEA Building - Detroit(3)
                                          Model T Plaza
                                          Lincoln Towers Apartments

NORTHMARQ CAPITAL, INC.                   North Oaks Village Pool
                                          Gander Mountain

HOLLIDAY FENOGLIO FOWLER, LP              Montrose Metro Centre I
                                          Montrose Metro Centre II
                                          Wilshire Place
                                          Hill at Woodway Apartments
                                          Pineview Apartments

ARCS COMMERCIAL MORTGAGE CO, L.P.         Lakeridge Apartments

LAUREATE CAPITAL LLC                      Fairfield Inn & Suites
                                          Days Inn
                                          Comfort Suites
                                          Hawthorn Suites
                                          Kodiak Self Storage
                                          Quality Inn & Suites

RED MORTGAGE CAPITAL, INC.                Encino Town Center

CBRE MELODY OF TEXAS, LP                  Village Mall

<PAGE>

                               EXHIBIT Z

                 TENANTS-IN-COMMON TRANSFER COMPLIANCE

<TABLE>
<CAPTION>
Loan Number(s)   Sponsor Name
--------------   -------------------------------------------------------------------
<S>              <C>
44,53,79         SCI Loans (Initial TIC Transfers)

44,53,79         SCI Loans (Future TIC Transfers)

37,47,62,75,77   CORE Loans (Initial TIC Transfers)

37,47,62,75,77   CORE Loans (Future TIC Transfers)

13,60            Triple Net Properties, LLC

23,28,46,54      Meridian Realty Investments, LLC (Initial TIC Transfers)

23,28,46,54      Meridian Realty Investments, LLC (Future TIC Transfers)

56, 68           Mark Hamilton and Anthony Zanze

87               Silver Oak Real Estate (Silver Oak Transfer)

87               Silver Oak Real Estate (Initial TIC Transfers)

87               Silver Oak Real Estate (Future TIC Transfers)

66               Birtcher Anderson (Initial TIC Transfers)

66               Birtcher Anderson (Future TIC Transfers)

10               Current Borrower is Yuma Palms 1031, L.L.C.in the loan documents
                 Inland Real Estate Exchange Corporation is defined as the "Sponsor"

<CAPTION>
Loan Number(s)   Timing & Notice Requirement
--------------   --------------------------------------------------------------------
<S>              <C>
44,53,79         First 180 days upon 10 days notice; No more than 2 groups per month

44,53,79         After first 180 days upon 30 days notice; Subordinate loan must be
                 repaid in full; No more than 20 permitted; No more than 2 per month
37,47,62,75,77   First 180 days upon 10 days notice; No more than 2 groups per month

37,47,62,75,77   After first 180 days upon 30 days notice; Subordinate loan must be
                 repaid in full (if applicable); No more than 20 permitted; No more
                 than 2 per month
13,60            At any time upon 20 days notice

23,28,46,54      On or prior to 18th Payment Date upon 10 days notice;
                 No more than 2 groups per month

23,28,46,54      After 18th Payment Date upon 30 days notice; No more than 20
                 permitted; No more than 2 per month
56, 68           Sixty (60) days prior notice

87               First 180 days upon 20 days notice

87               After completion of Silver Oak Transfer, but within first 180 days,
                 upon 10 days notice; No more than 2 groups per month

87               After first 180 days upon 20 days notice; No more than 20 permitted;
                 No more than 2 per month
66               On or prior to 12th Payment Date upon 10 days notice; No more than 2
                 groups per month

66               After 12th Payment Date upon 30 days notice; No more than 20
                 permitted; No more than 2 per month
10               Provided conditions in loan are satisfied, at any time during the
                 first 24 months after the loan closing, Yuma Palms 1031, L.L.C. can
                 effect transfers of undivided interests

<CAPTION>
Loan Number(s)   Approval of New Borrower                                                   Accredited Investors Only
--------------   ------------------------------------------------------------------------   -------------------------
<S>              <C>                                                                        <C>
44,53,79         At Lender's Discretion                                                     Yes

44,53,79         At Lender's Discretion                                                     Yes

37,47,62,75,77   At Lender's Discretion                                                     Yes

37,47,62,75,77   At Lender's Discretion                                                     Yes

13,60            At Lender's Discretion                                                     Yes

23,28,46,54      At Lender's Discretion                                                     Yes

23,28,46,54      At Lender's Discretion                                                     Yes

56, 68           At Lender's Discretion                                                     Yes

87               Pre-Approved; Pending no material adverse change in financial condition    Yes

87               At Lender's Discretion                                                     Yes

87               At Lender's Discretion                                                     Yes

66               At Lender's Discretion                                                     Yes

66               At Lender's Discretion                                                     Yes

10               New borrower must satisfy co-owner transferee criteria provided for in     Yes
                 the loan documents which includes among other things: (i) minimum
                 Beacon/FICO score of 650, (ii) co-owner not on any prohibited persons
                 list, (iii) no contingent liabilities in excess of 25% of its net worth
                 (excluding equity in the property), (iv) not a party to a bankruptcy in
                 preceding 10 years, (v) in prior ten years, not a borrower in a real
                 estate financing subject to a default, or foreclosure or deed in lieu.
                 In addition, if any particular co-owner is acquiring more than a 49%
                 interest in the property, it must also satisfy the following as to
                 itself and its principals and other entities owned or controlled by such
                 principals: (1) no material convictions, judgments, litigation or
                 regulatory action pending or threatened which are nor reasonably
                 acceptable to Lender; (2) no default under any other indebtedness not
                 acceptable to Lender; (3) if transfer occurs after securitization of the
                 loan, rating agency approval of the transferee

<CAPTION>
Loan Number(s)   Continued Sponsor Control Requirement                              New Borrower Debt Liability
--------------   ----------------------------------------------------------------   ---------------------------
<S>              <C>                                                                <C>
44,53,79         SCI Real Estate Investments, LLC must continue to hold 1%,         Joint & Several
                 directly or indirectly, in the related sponsor borrower

44,53,79         Not Applicable                                                     Joint & Several

37,47,62,75,77   Not Applicable                                                     Joint & Several

37,47,62,75,77   Not Applicable                                                     Joint & Several

13,60            Sponsor is not required to maintain any interest in the Property   Joint & Several

23,28,46,54      Sponsor is not required to maintain any interest in the Property   Joint & Several

23,28,46,54      Not Applicable                                                     Joint & Several

56, 68           Adagio Apartments, LLC must continue to own at least 45.53%        Joint & Several
                 interest and be controlled by Hamilton Zanze & Company or
                 affliates
87               The initial Borrower is required to maintain a 5% investment       Joint & Several

87               Sponsor is not required to maintain any interest in the Property   Joint & Several

87               Not Applicable                                                     Joint & Several

66               Sponsor is not required to maintain any interest in the Property   Joint & Several

66               Not Applicable                                                     Joint & Several

10               An affiliate of Inland Real Estate Exchange Corporation must own   Joint & Several
                 not less than 1% undivided interest in the property

<CAPTION>
Loan Number(s)   New Guarantor Requirement
--------------   ---------------------------------------------------------------
<S>              <C>
44,53,79         A party approved by Lender to sign new TIC Indemnity Agreement

44,53,79         A party approved by Lender to sign new TIC Indemnity Agreement

37,47,62,75,77   A party approved by Lender to sign new TIC Indemnity Agreement

37,47,62,75,77   A party approved by Lender to sign new TIC Indemnity Agreement

13,60            Not Applicable; Sponsor provides indemnity for all entities

23,28,46,54      Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

23,28,46,54      Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

56, 68           Not Applicable; original indemnitors Tony Zanze and Mark
                 Hamilton remain for all entities

87               Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

87               Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

87               Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

66               Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

66               Principal(s) of new TIC LLC to sign new TIC Indemnity Agreement

10               Each new tenant in common owner must deliver a Co-Owner
                 Indemnity and Guaranty

<CAPTION>
Loan Number(s)   Sponsor Release on Guaranty
--------------   ------------------------------------------------------------
<S>              <C>
44,53,79         Indirectly; Each TIC liable for own actions

44,53,79         Indirectly; Each TIC liable for own actions

37,47,62,75,77   Indirectly; Each TIC liable for own actions

37,47,62,75,77   Indirectly; Each TIC liable for own actions

13,60            Not Applicable; Sponsor provides indemnity for all entities

23,28,46,54      Indirectly; Each TIC liable for own actions

23,28,46,54      Not Applicable

56, 68           Not Applicable; original indemnitors Tony Zanze and Mark
                 Hamilton remain for all entities

87               Indirectly; Each TIC liable for own actions

87               Indirectly; Each TIC liable for own actions

87               Not Applicable

66               Indirectly; Each TIC liable for own actions

66               Not Applicable

10               No direct release by reason of transfer; however, indirect
                 release by virtue of each tenant in common being responsible
                 for its own actions as to fraud or intentional
                 misrepresentation as to its loan assumption, removal of
                 property by such co-owner, such co-owner's transfer or
                 subordinate financing without Lender consent, failure to pay
                 charges which may result in liens on such co-owner's
                 interest, such co-owner's bankruptcy or filing for
                 partition, such co-owner's failure to observe SPE covenants,
                 such co-owner's breach of environmental representations or
                 covenants, such co-owner's gross negligence or willful
                 misconduct. In addition, if there is no event of default and
                 Inland Real Estate Exchange Corporation (ie., "Sponsor")
                 owns less than 2% of the property and neither the Asset
                 manager or Property Manager are an affiliate of the Sponsor,
                 and a "Qualifying Replacement" Indemnitor is provided, the
                 original Sponsor will be released prospectively. A
                 Qualified Replacement Indemnitor is an indemnitor with a
                 net worth, as determined by Lender, of not less than 150% of
                 the outstanding balance of the Loan (excluding the value of
                 any equity in the Property)

<CAPTION>
Loan Number(s)   General Pre-Conditions
--------------   --------------------------------------------------------------------------------
<S>              <C>
44,53,79         (I) No Event of Default; (ii) No material adverse change in financial condition

44,53,79         (I) No Event of Default; (ii) No material adverse change in financial condition

37,47,62,75,77   (I) No Event of Default; (ii) No material adverse change in financial condition

37,47,62,75,77   (I) No Event of Default; (ii) No material adverse change in financial condition

13,60            (I) No Event of Default; (ii) No material adverse change in financial condition

23,28,46,54      (I) No Event of Default; (ii) No material adverse change in financial condition

23,28,46,54      (I) No Event of Default; (ii) No material adverse change in financial condition

56, 68           1. No Event of Default; 2. Assumption Fee

87               (I) No Event of Default; (ii) No material adverse change in financial condition

87               (I) No Event of Default; (ii) No material adverse change in financial condition

87               (I) No Event of Default; (ii) No material adverse change in financial condition

66               (I) No Event of Default; (ii) No material adverse change in financial condition

66               (I) No Event of Default; (ii) No material adverse change in financial condition

10               (1) no event of default; (2) affiliate of Sponsor must own not less than 1% and
                 the total number of owners cannot exceed 50 in the aggregate (but for purposes
                 of counting 50, to the extent permitted pursuant to applicable law or
                 regulation, husbands and wives who may separately own undivided interests are
                 counted as one owner); (3) execution and delivery of required documents by
                 co-owners; (4) property continues to be subject to property management agreement
                 approved by Lender with a Qualified Property Manager owned and controlled by
                 Sponsor or approved by Lender; (4) property continues to be subject to asset
                 management agreement with a Qualified Asset Manager owned and controlled by
                 Sponsor or approved by Lender; (5) unless the Mezzanine Loan has bee paid off,
                 all net transfer proceeds must be paid to the lender under the mezzanine loan;
                 (6) no material adverse change in financial or physical condition of the
                 property; (7) each co-owner must be a Delaware limited liability company; (8)
                 each co-owner must satisfy the Co-Owner Transferee Criteria

<CAPTION>
Loan Number(s)   Total Borrowers Permitted
--------------   -----------------------------------------------------
<S>              <C>
44,53,79         Max permitted under Rev. Proc. 2002-14 (currently 35)

44,53,79         Max permitted under Rev. Proc. 2002-14 (currently 35)

37,47,62,75,77   Max permitted under Rev. Proc. 2002-14 (currently 35)

37,47,62,75,77   Max permitted under Rev. Proc. 2002-14 (currently 35)

13,60            Max permitted under Rev. Proc. 2002-14 (currently 35)

23,28,46,54      Max permitted under Rev. Proc. 2002-14 (currently 35)

23,28,46,54      Max permitted under Rev. Proc. 2002-14 (currently 35)

56, 68           Maximum is sixteen (16).

87               Max permitted under Rev. Proc. 2002-14 (currently 35)

87               Max permitted under Rev. Proc. 2002-14 (currently 35)

87               Max permitted under Rev. Proc. 2002-14 (currently 35)

66               Max permitted under Rev. Proc. 2002-14 (currently 35)

66               Max permitted under Rev. Proc. 2002-14 (currently 35)

10               Total number of owners cannot exceed 50 in the
                 aggregate (but for purposes of counting 50, to the
                 extent permitted pursuant to applicable law or
                 regulation, husbands and wives who may separately own
                 undivided interests are counted as one owner)

<CAPTION>
Loan Number(s)   Required Closing & Assumption Documents
--------------   --------------------------------------------------------------------------------
<S>              <C>
44,53,79         Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement; UCCs;
                 Subordinate Loan Acknowledgment (if applicable); other required by Lender
44,53,79         Settlement Statement; Transfer Deed/Membership Assignment; Assumption & Release
                 Agreement; TIC Indemnity Agreement; UCCs; other required by Lender
37,47,62,75,77   Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement; UCCs;
                 Subordinate Loan Acknowledgment (if applicable); other required by Lender
37,47,62,75,77   Settlement Statement; Transfer Deed/Membership Assignment; Assumption & Release
                 Agreement; TIC Indemnity Agreement; UCCs; other required by Lender

13,60            Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; Assumption of TIC Agreement; UCCs; other required by Lender
23,28,46,54      Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement; UCCs;
                 Subordinate Loan Acknowledgment (if applicable); other required by Lender
23,28,46,54      Settlement Statement; Transfer Deed/Membership Assignment; Assumption & Release
                 Agreement; TIC Indemnity Agreement; UCCs; other required by Lender
56, 68           Assignment and Assumption Agreement; Assumption of TIC Agreement; UCCs; others
                 required by Lender

87               Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement; UCCs; other
                 required by Lender
87               Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement; UCCs; other
                 required by Lender
87               Settlement Statement; Transfer Deed/Membership Assignment; Assumption & Release
                 Agreement; TIC Indemnity Agreement; UCCs; other required by Lender
66               Settlement Statement; Transfer Deed; Note Modification; Partial Loan Assumption
                 Agreement; TIC Indemnity Agreement; Assumption of TIC Agreement; UCCs;
                 Subordinate Loan Acknowledgment (if applicable); other required by Lender
66               Settlement Statement; Transfer Deed/Membership Assignment; Assumption & Release
                 Agreement; TIC Indemnity Agreement; UCCs; other required by Lender
10               Tenant in Common agreement and assignment of the tenant in common agreement, all
                 documents evidencing the transfer (which must evidence the transfer is arms
                 length), Assumption Agreement, Co-Owner Indemnity, co-owner organizational
                 documents, and any other documents reasonably required by Lender

<CAPTION>
Loan Number(s)   Opinions Required
--------------   ----------------------------------------------------------------------
<S>              <C>
44,53,79         Due Execution; Enforceability; Non-Consolidation (only if required at
                 initial closing)

44,53,79         Due Execution; Enforceability; Non-Consolidation (only if required at
                 initial closing)
37,47,62,75,77   Due Execution; Enforceability; Non-Consolidation (only if required at
                 initial closing)

37,47,62,75,77   Due Execution; Enforceability; Non-Consolidation (only if required at
                 initial closing)

13,60            Due Execution; Enforceabiliy; Non-Consolidtion (only if required at
                 initial closing)
23,28,46,54      Due Execution; Enforceabiliy; Non-Consolidtion (only if required at
                 initial closing)

23,28,46,54      Due Execution; Enforceabiliy; Non-Consolidtion (only if required at
                 initial closing)
56, 68           Due Execution, enforceability, other opinions required by Lender

87               Due Execution; Enforceabiliy;

87               Due Execution; Enforceabiliy;

87               Due Execution; Enforceabiliy;

66               Due Execution; Enforceabiliy; Non-Consolidtion (only if required at
                 initial closing)

66               Due Execution; Enforceabiliy; Non-Consolidtion (only if required at
                 initial closing)
10               Due formation and organization, existence and good standing of
                 transferee, authorization, execution and delivery of Assumption
                 Agreement and the enforceability of the loan documents relative to the
                 transferee

<CAPTION>
Loan Number(s)   Assumption/ Application Fees
--------------   ---------------------------------------------------------------------
<S>              <C>
44,53,79         $1000 per TIC LLC plus costs for transfers 1-5; $750 per TIC LLC plus
                 costs for transfers 6-10; $500 per TIC LLC plus cost for transfers
                 11-15; $250 per TIC LLC plus costs for all transfers thereafter
44,53,79         $2,000 application fee and prorate 0.5% assumption fee, plus costs

37,47,62,75,77   $4000 per TIC LLC (or $2000 per additional co-transferee) plus costs

37,47,62,75,77   $5,000 application fee and prorate 0.5% assumption fee, plus costs

13,60            $1000 per TIC LLC plus costs

23,28,46,54      $1000 per TIC LLC plus costs

23,28,46,54      $2,000 application fee and prorata 0.5% assumption fee, plus costs

56, 68           $2,500 Application Fee and Assumption Fee equal to 1% of Note balance
                 multiplied by undivided interest transferred.

87               $21,250, plus costs

87               $1000 per TIC LLC plus costs

87               $5,000 application fee and prorata 0.5% assumption fee, plus costs

66               $1000 per TIC LLC plus costs

66               $2,000 application fee and prorata 0.5% assumption fee, plus costs

10               If transfer occurs after securitization, Borrower to pay Lender $500
                 per transfer, but if transfer is of more than 49% of the interests to
                 a single person or group of related people, Borrower to pay 1% of the
                 then outstanding principal balance

<CAPTION>
Loan Number(s)   SPE Requirement
--------------   --------------------------------------------------------------------------------
<S>              <C>
44,53,79         New Borrower must be SPE; all organization documents to be approved by Lender

44,53,79         New Borrower must be SPE; all organization documents to be approved by Lender

37,47,62,75,77   New Borrower must be SPE; all organization documents to be approved by Lender

37,47,62,75,77   New Borrower must be SPE; all organization documents to be approved by Lender

13,60            All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender
23,28,46,54      All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender

23,28,46,54      All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender
56, 68           New TIC Borrower must be SPE with org. docs. approval by Lender

87               All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender

87               All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender

87               All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender
66               All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender

66               All TIC LLCs must be Delaware SPEs; all organization documents to be approved by
                 Lender
10               Each new borrower must be an SPE with organizational documents conforming to the
                 forms provided for under the loan documents

<CAPTION>
Loan Number(s)   Title Down-Date Endorsement   Insurance Endorsements
--------------   ---------------------------   ----------------------
<S>              <C>                           <C>
44,53,79         Required                      Not Required

44,53,79         Required                      Not Required

37,47,62,75,77   Required                      Not Required

37,47,62,75,77   Required                      Not Required

13,60            Required                      At Lender's Discretion

23,28,46,54      Required                      Not Required

23,28,46,54      Required                      Not Required

56, 68           Required                      Required

87               Required                      Not Required

87               Required                      Not Required

87               Required                      Not Required

66               Required                      Not Required

66               Required                      Not Required

10               Required                      Not Required

</TABLE>

<PAGE>

                               EXHIBIT AA

                     FORM OF OFFICER'S CERTIFICATE

Wachovia Bank, National Association
8739 Research Drive, URP4
Charlotte, NC 28288-1075
Phone:  (704) 593-7320
Fax:  (704) 715-0036

[WACHOVIA SECURITIES LOGO]

[Date]

VIA EMAIL AND OVERNIGHT MAIL

[Addressee]

RE:   Depositor: Wachovia Commercial Mortgage Securities, Inc.
      Pool: WBCMT 2006-C27
      Borrower:
      Property:
      Control #:
      WB Loan #:
      Current Loan Amount:  $
      Proposed TICs:

                 O F F I C E R' S  C E R T I F I C A T E

Dear [____________]:

            Wachovia Bank, National Association ("WB"), is the Master Servicer
on behalf of Wells Fargo Bank, N.A., as Trustee, in trust for the Holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2006-C27.

            Borrower has submitted for lender approval information pertaining to
the proposed transfer of Tenant in Common interests per Section [______] of the
Mortgage and Security Agreement dated [________]. In accordance with our
responsibilities as dictated by Section 3.08(a)(ii) of the Pooling and Servicing
Agreement dated August 1, 2006, WB has conducted its review and determined that
the proposed transfer meets the applicable requirements of Exhibit Z. The
results of our analysis can be found on the attached spreadsheet and the
supporting documents have been provided for your review. Accordingly, we are
recommending approval of the proposed transaction.

Sincerely,

Wachovia Bank, NA
Master Servicer

_____________________

Diana C. Stewart
Vice President

                                TIC Consent
                          Original Borrower
                                     Loan #
                                Current UPB
                                      TIC #
                               Proposed TIC
                             Purchase Price
                                  Net Worth
                             TIC % Interest

                               Requirements
1.  Timing & Notice Requirement

2.  Approval of New Borrower

3.  Accredited Investor

4.  Sponsor control requirement

5.  New Borrower Debt Liability

6.  New Guarantor Requirement

7.  Sponsor Release on Guaranty

8. General Pre-Conditions

9.  Total Borrowers permitted

10.  Required Closing Docs

11.  Required Opinions

12.  Application/Assumption Fees

     Application Fee
     Assumption Fee

13.  MS/SS Assumption Fee Arrangement

     MS portion of Assumption Fee
     SS portion of Assumption Fee

12.  SPE Requirement

13.  Title Date-Down Endorsement

14.  Insurance Endorsements

                 Attached
                Purchase and Sale Agreement
                    Purchaser Questionnaire
                       Lender Questionnaire
              Lender Minimum Qualifications
                            Acknowledgement
                     Statement of Net Worth
                               Credit Check
              Company/LLC/Trust Information
                       Settlement Statement
        Transfer Deed/Membership Assignment
          Partial Loan Assumption Agreement
                    TIC Indemnity Agreement
                                       UCCs
                          Required OpinionsExhibit 4.1

     

     

    
      
        

      

    Exhibit
      4.1

     

     

    DEFERRAL
      AGREEMENT

     

    DEFERRAL AGREEMENT
      (the
“Agreement”),
      dated
      August 30, 2006, by and between Arotech Corporation, a Delaware corporation
      (the
“Company”),
      and
      [NAME OF INVESTOR] (the “Investor”).

     

    WHEREAS:

     

    A. The
      Company, the Investor and certain other investors (the “Other
      Investors”
and,
      collectively with the Investor, the “Investors”),
      have
      entered into that certain Securities Purchase Agreement, dated as of September
      29, 2005 (the “Securities
      Purchase Agreement”),
      pursuant to which, among other things, the Investors purchased from the Company
      an aggregate of $17,500,000 principal amount of senior secured convertible
      notes
      of the Company (the “Notes”),
      convertible into shares of the Company’s Common Stock, par value $0.01 per share
      (the “Common
      Stock”),
      at a
      conversion price of $1.00 per share, in accordance with the terms of the
      Notes.

     

    B. Contemporaneously
      with the execution and delivery of the Securities Purchase Agreement, the
      Company and the Investors entered into a Registration Rights Agreement, dated
      as
      of September 29, 2005 (the “Registration
      Rights Agreement”),
      pursuant to which the Company agreed to provide certain registration rights
      with
      respect to the Registrable Securities (as defined in the Registration Rights
      Agreement) under the Securities Act of 1933, as amended (the “1933
      Act”),
      and
      the rules and regulations promulgated thereunder, and applicable state
      securities laws.

     

    C. The
      Company filed a registration statement in respect of, among other things, the
      Common Stock, with the Securities and Exchange Commission (the “SEC”)
      (No.
      333-129713) that was declared effective by the SEC on December 20,
      2005.

     

    D. The
      Company filed an additional registration statement in respect of, among other
      things, the Common Stock, with the SEC (No. 333-133697) that was declared
      effective by the SEC on August 25, 2006 (the “Registration
      Statement”).

     

    E. In
      April
      2006, the Company and the Investor entered into an Agreement (the “Conversion
      Agreement”) pursuant to which, among other things, the Investor agreed to defer
      (i) the Installment Amount (as such term is defined in the Notes) due on May
      31,
      2006 to July 31, 2006 (the “May
      Deferral”),
      and
      (ii) if there is a full review of the Registration Statement and the
      Registration Statement is not declared effective by July 31, 2006, the
      Installment Amount due on July 31, 2006 (not including the May Deferral) to
      September 30, 2006.

     

    F. The
      Company and the Investor now wish to defer payment of the May Deferral to
      September 30, 2006.

     

    G. Capitalized
      terms used herein and not otherwise defined herein shall have the respective
      meanings ascribed to them in the Securities Purchase Agreement dated September
      29, 2005, by and among the Company and certain investors thereto (the
“Securities
      Purchase Agreement”).

     

    NOW,
      THEREFORE,
      the
      Company and the Investor hereby agree as follows:

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    
       

      
        	 	
                1.

              	
                REPRESENTATIONS
                  AND WARRANTIES.

              

      

      
         

      

    

    (a) Company
      Bring Down.
      The
      Company represents and warrants to the Investor as set forth in Section 3 (other
      than Section 3(z) thereto) of the Securities Purchase Agreement as if such
      representations and warranties were made as of the date hereof and set forth
      in
      their entirety in this Agreement, including without limitation the schedules
      referenced therein.

     

    (b) Investor
      Bring Down.
      The
      Investor hereby represents and warrants, as to itself only, as set forth in
      Section 2 (other than Section 2(l) thereto) of the Securities Purchase Agreement
      as if such representations and warranties were made as of the date hereof and
      set forth in their entirety in this Agreement.

     

    
      	 	
              2.

            	
              CERTAIN
                COVENANTS AND AGREEMENTS.

            

    

     

    (a) Deferral
      of Installment Amount.
      The
      Investor agrees to defer the May Deferral due on August 31, 2006 to September
      30, 2006. Such deferral of the May Deferral due on August 31, 2006 to September
      30, 2006, if any, shall not constitute a deferral of any Installment Amount
      due
      on September 30, 2006 to a later Installment Date, and the Investor agrees
      that
      the deferrals of Installment Amounts under this Section 3(a) shall not be deemed
      an Event of Default (as such term is defined in the Notes).

     

    (b) Acknowledgement
      of Installment Notice.
      The
      Investor acknowledges having timely received an effective Installment Notice
      in
      respect of the May Deferral on August 28, 2006, and that, in respect of the
      May
      Deferral, the Company Conversion Measuring Period shall run from and including
      August 30, 2006 to and including September 27, 2006, and the date by which
      the
      Investor must specify to the Company in writing the dates of the seventeen
      (17)
      Trading Days that shall be used to calculate the Company Conversion Price shall
      be September 28, 2006.

     

    (c) Disclosure
      of Transactions and Other Material Information.
      Between
      6:00 a.m. and 9:30 a.m., New York Time, on the
      date
      hereof, the Company shall file a Current Report on Form 8-K describing this
      Agreement in the form required by the 1934 Act, and attaching the material
      transaction documents (including, without limitation, this Agreement) as
      exhibits to such filing (including all attachments, the “8-K
      Filing”,
      and
      the description and attachments, the “8-K
      Materials”).
      From
      and after the filing of the 8-K Filing with the SEC, the Investors shall not
      be
      in possession of any material, nonpublic information received from the Company,
      any of its Subsidiaries or any of its respective officers, directors, employees
      or agents, that is not disclosed in the 8-K Filing. The Company shall not,
      and
      shall cause each of its Subsidiaries and its and each of their respective
      officers, directors, employees and agents, not to, provide the Investor with
      any
      material nonpublic information regarding the Company or any of its Subsidiaries
      from and after the filing of the 8-K Filing with the SEC without the express
      written consent of such Investor. Subject to the foregoing, neither the Company
      nor the Investor shall issue any press releases or any other public statements
      with respect to the transactions contemplated hereby; provided,
      however,
      that
      the Company shall be entitled, without the prior approval of the Investor,
      to
      make any press release or other public disclosure with respect to such
      transactions (i) in substantial conformity with the 8-K Filing and
      contemporaneously therewith and (ii) as is required by applicable law and
      regulations, including the applicable rules and regulations of the Trading
      Market (provided that in the case of clause (i) the Investor shall be consulted
      by the

     

    
      
        -
          2
-

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Company
      in connection with any such press release or other public disclosure prior
      to
      its release).

     

    (d) Fees
      and Expenses.
      Except
      as otherwise set forth in this Agreement, each party shall pay the fees and
      expenses of its advisers, counsel, accountants and other experts, if any, and
      all other expenses incurred by such party incident to the negotiation,
      preparation, execution, delivery and performance of this Agreement.

     

    
      	 	
              3.

            	
              MISCELLANEOUS.

            

    

     

    (a) Governing
      Law; Jurisdiction; Jury Trial.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the internal laws of the State of New
      York, without giving effect to any choice of law or conflict of law provision
      or
      rule (whether of the State of New York or any other jurisdictions) that would
      cause the application of the laws of any jurisdictions other than the State
      of
      New York. Each party hereby irrevocably submits to the non-exclusive
      jurisdiction of the state and federal courts sitting in The City of New York,
      Borough of Manhattan, for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed
      herein, and hereby irrevocably waives, and agrees not to assert in any suit,
      action or proceeding, any claim that it is not personally subject to the
      jurisdiction of any such court, that such suit, action or proceeding is brought
      in an inconvenient forum or that the venue of such suit, action or proceeding
      is
      improper. Each party hereby irrevocably waives personal service of process
      and
      consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof to such party at the address for such notices to it
      under
      this Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      EACH
      PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
      HEREBY.

     

    (b) Counterparts.
      This
      Agreement may be executed in one or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other party;
      provided that a facsimile signature shall be considered due execution and shall
      be binding upon the signatory thereto with the same force and effect as if
      the
      signature were an original, not a facsimile signature.

     

    (c) Headings.
      The
      headings of this Agreement are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Agreement.

     

    (d) Severability.
      If any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction.

     

    (e) Entire
      Agreement; Effect on Prior Agreements; Amendments.
      This
      Agreement, the documents referenced herein and any agreements entered into
      on
      the date hereof in connection with the transactions contemplated by this
      Agreement supersede all other prior oral or written agreements between the
      Investors, the Company, their affiliates and Persons acting on

     

    
      
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          3
-

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    their
      behalf with respect to the matters discussed herein, and this Agreement and
      the
      instruments referenced herein contain the entire understanding of the parties
      with respect to the matters covered herein and therein and, except as
      specifically set forth herein or therein, neither the Company nor any Investor
      makes any representation, warranty, covenant or undertaking with respect to
      such
      matters. No provision of this Agreement may be amended or waived other than
      by
      an instrument in writing signed by the party against whom enforcement is sought.
      The Company has not, directly or indirectly, made any agreements with any of
      the
      Investors relating to the terms or conditions of the transactions contemplated
      hereby except as set forth or referenced herein as amended or cancelled by
      this
      Agreement.

     

    (f) Notices.
      Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      or (iii) one Business Day after deposit with an overnight courier service,
      in
      each case properly addressed to the party to receive the same. The addresses
      and
      facsimile numbers for such communications shall be:

     

    If
      to the
      Company:

     

    Arotech
      Corporation

    1229
      Oak
      Valley Drive

    Ann
      Arbor, Michigan 48108

    Facsimile: (734)
      761-5368

    Telephone: (800)
      281-0356

    Attention: Chief
      Executive Officer

     

    with
      a
      copy to:

     

    Electric
      Fuel (E.F.L.) Ltd.

    One
      HaSolela Street, POB 641

    Western
      Industrial Park

    Beit
      Shemesh 99000, Israel 

    
      	 	
              Telephone:

            	
              011-972-2-990-6623

            

    

    
      	 	
              Facsimile:

            	
              011-972-2-990-6688

            

    

    
      	 	
              Attention:

            	
              General
                Counsel

            

    

     

    If
      to the
      Investor:

     

    [ADDRESS
      OF INVESTOR]

    [ADDRESS
      OF INVESTOR]

    [ADDRESS
      OF INVESTOR]

    
      	 	
              Attention:

            	
              [CONTACT
                NAME]

            

    

    
      	 	
              Facsimile:

            	
              [FACSIMILE
                NUMBER]

            

    

    
      	 	
              Telephone:

            	
              [TELEPHONE
                NUMBER]

            

    

     

    
      
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          4
-

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    With
      a
      copy to:

     

    Schulte
      Roth & Zabel LLP

    919
      Third
      Avenue

    New
      York,
      New York 10022

    Attention: Eleazer
      Klein, Esq.

    Facsimile: (212)
      593-5955

    Telephone: (212)
      756-2376

     

    or
      to
      such other address and/or facsimile number and/or to the attention of such
      other
      Person as the recipient party has specified by written notice given to each
      other party at least five (5) days prior to the effectiveness of such change.
      Written confirmation of receipt (A) given by the recipient of such notice,
      consent, waiver or other communication, (B) mechanically or electronically
      generated by the sender’s facsimile machine containing the time, date, recipient
      facsimile number and an image of the first page of such transmission or (C)
      provided by an overnight courier service shall be rebuttable evidence of
      personal service, receipt by facsimile or receipt from an overnight courier
      service in accordance with clause (i), (ii) or (iii) above,
      respectively.

     

    (g) Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective successors and assigns.

     

    (h) No
      Third Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person.

     

    (i) Survival.
      The
      representations and warranties of the Company and the Investors contained
      herein, and the agreements and covenants set forth herein, shall survive the
      Closing.

     

    (j) Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    (k) No
      Strict Construction.
      The
      language used in this Agreement will be deemed to be the language chosen by
      the
      parties to express their mutual intent, and no rules of strict construction
      will
      be applied against any party.

     

    (l) Remedies.
      The
      Investors shall have all rights and remedies which such holders have been
      granted at any time under any other agreement or contract and all of the rights
      which such holders have under any law. Any Person having any rights under any
      provision of this Agreement shall be entitled to enforce such rights
      specifically (without posting a bond or other security), to recover damages
      by
      reason of any breach of any provision of this Agreement and to exercise all
      other rights granted by law. Furthermore, the Company recognizes that in the
      event that it fails to perform, observe, or discharge any or all of its
      obligations under this Agreement, any remedy at law may prove to be inadequate
      relief to the Investor. The Company therefore agrees that the Investor shall
      be
      entitled to seek temporary and permanent injunctive relief in any such case
      without the necessity of proving actual damages and without posting a bond
      or
      other security.

     

    

     

    
      
        
          -
            5
-

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their respective authorized signatories as of the date first
      indicated above.

     

    
      
        	 	
                AROTECH
                  CORPORATION

              
	 	 
	 	 
	 	 
	 	
                By:

              	/s/
                Robert S. Ehrlich
	 	 	Name: Robert
                S. Ehrlich
	 	 	Title:  
                Chairman
                and CEO

      

      
 

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGE OF INVESTOR FOLLOWS]

    
      
        -
          6
-

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their respective authorized signatories as of the date first
      indicated above.

    
       

      
         

        
          
            	 	
                    
                      [NAME
                        OF INVESTOR]

                    

                  
	 	 
	 	 
	 	 
	 	
                    By:

                  	 
	 	 	Name: 
	 	 	Title:  

          

          
 

            
              
                -
                  7
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