Document:

Exhibit 10.3

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                              WFS FINANCIAL INC,
                                  as Seller,

                                      and

                             WDS RECEIVABLES LLC,
                                 as Purchaser

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

                        RECEIVABLES PURCHASE AGREEMENT

                       Dated as of ____________ __, 200_

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

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                               TABLE OF CONTENTS

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                                  ARTICLE ONE

                                  DEFINITIONS

<S>            <C>                                                                                              <C>
Section 1.01.  Definitions........................................................................................1
Section 1.02.  Other Definitional Provisions......................................................................5

                                  ARTICLE TWO

                           CONVEYANCE OF RECEIVABLES

Section 2.01.  Sale and Conveyance of Receivables.................................................................6
Section 2.02.  Purchase Price; Payments on the Receivables........................................................8
Section 2.03.  Transfer of Receivables............................................................................9
Section 2.04.  Examination of Receivable Files....................................................................9

                                 ARTICLE THREE

                        REPRESENTATIONS AND WARRANTIES

Section 3.01.  Representations and Warranties of the Purchaser...................................................10
Section 3.02.  Representations and Warranties of the Seller......................................................11
Section 3.03.  Representations and Warranties as to the Receivables..............................................12

                                 ARTICLE FOUR

                                  CONDITIONS

Section 4.01.  Conditions to Obligation of the Purchaser.........................................................14
Section 4.02.  Conditions to Obligation of the Seller............................................................15

                                 ARTICLE FIVE

                            COVENANTS OF THE SELLER

Section 5.01.  Protection of Right, Title and Interest in, to and Under the Receivables..........................16
Section 5.02.  Security Interests................................................................................17
Section 5.03.  Delivery of Payments..............................................................................17
Section 5.04.  No Impairment.....................................................................................17
Section 5.05.  Costs and Expenses................................................................................18
Section 5.06.  Sale..............................................................................................18
Section 5.07.  Hold Harmless.....................................................................................18

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                                  ARTICLE SIX

                           MISCELLANEOUS PROVISIONS

Section 6.01.  Amendment.........................................................................................19
Section 6.02.  Termination.......................................................................................19
Section 6.03.  GOVERNING LAW.....................................................................................19
Section 6.04.  Notices...........................................................................................19
Section 6.05.  Severability of Provisions........................................................................19
Section 6.06.  Further Assurances................................................................................20
Section 6.07.  No Waiver; Cumulative Remedies....................................................................20
Section 6.08.  Counterparts......................................................................................20
Section 6.09.  Third-Party Beneficiaries.........................................................................20
Section 6.10.  Headings..........................................................................................20
Section 6.11.  Representations, Warranties and Agreements to Survive.............................................20
Section 6.12.  No Proceedings....................................................................................20

                                   SCHEDULES

Schedule A - Schedule of Receivables...........................................................................SA-1
Schedule B - Location of Receivable Files......................................................................SB-1

                                   EXHIBITS

Exhibit A - Representations and Warranties as to the Receivables................................................A-1
Exhibit B - Form of First-Tier Assignment.......................................................................B-1

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                                      ii
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                        RECEIVABLES PURCHASE AGREEMENT

         This Receivables Purchase Agreement, dated as of _____________ __,
200_, is between WFS Financial Inc, a California corporation ("WFS"), as
seller (the "Seller"), and WDS Receivables LLC, a Nevada limited liability
company ("WDS Receivables"), as purchaser (in such capacity, the "Purchaser").

         WHEREAS, in the regular course of its business, the Seller purchases
and originates motor vehicle retail installment sale contracts and installment
loans secured by new and used motor vehicles (the "Receivables");

         WHEREAS, the Seller intends to convey all of its right, title and
interest in and to certain Receivables to the Purchaser on __________ __,
200_, and certain subsequent Receivables to the Purchaser from time to time
thereafter, and the Purchaser shall convey all of its right, title and
interest in and to the Receivables to Wachovia Auto [Loan] Owner Trust 200_-_
(the "Issuer") pursuant to the sale and servicing agreement, dated as of
____________ __, 200_, among the Issuer, WDS Receivables, WFS and Wachovia
Bank, National Association ("Wachovia Bank"); and

         WHEREAS, the Seller and the Purchaser wish to set forth the terms
pursuant to which the Receivables are to be sold by the Seller to the
Purchaser.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as
follows:

                                 ARTICLE ONE

                                  DEFINITIONS

         Section 1.01. Definitions. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

         "Agreement" means this Receivables Purchase Agreement.

         "Basic Documents" has the meaning specified in the Sale and Servicing
Agreement.

         "Business Day" has the meaning specified in the Sale and Servicing
Agreement.

         "Certificate" has the meaning specified in the Trust Agreement.

         "Closing Date" has the meaning specified in the Indenture.

         "Collection Period" has the meaning specified in the Indenture.

         "Controlling Class" has the meaning specified in the Indenture.

         "Cutoff Date" has the meaning specified in the Sale and Servicing
Agreement.

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         "Dealer Recourse" has the meaning specified in the Sale and Servicing
Agreement.

         "Deposit Date" has the meaning specified in Sale and Servicing
Agreement.

         "Depositor" has the meaning specified in the Trust Agreement.

         "Financed Vehicle" has the meaning specified in the Sale and
Servicing Agreement.

         "First-Tier Initial Assignment" means the First-Tier Initial
Assignment, in substantially the form of Exhibit B hereto.

         "First-Tier Subsequent Assignment" means a First-Tier Subsequent
Assignment, in substantially the form of Exhibit C hereto.

         "Holder" has the meaning specified in the Indenture.

         "Indenture" means the indenture, dated as of _____________ __, 200_,
between the Issuer and the Indenture Trustee.

         "Indenture Trustee" has the meaning specified in the Indenture.

         "Initial Cutoff Date" has the meaning specified in the Sale and
Servicing Agreement.

         "Initial Receivables" has the meaning specified in the Sale and
Servicing Agreement.

         "Initial Receivables Purchase Price" means $____________.

         "Issuer" has the meaning specified in the recitals.

         "Lien" has the meaning specified in the Sale and Servicing Agreement.

         "Master Servicer" has the meaning specified in the Sale and Servicing
Agreement.

         "Maximum Negative Carry Amount" has the meaning specified in the Sale
and Servicing Agreement.

         "Negative Carry Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Net Liquidation Proceeds" has the meaning specified in the Sale and
Servicing Agreement.

         "Note Balance" has the meaning specified in the Indenture.

         "Noteholders" has the meaning specified in the Indenture.

         "Notes" has the meaning specified in the Indenture.

         "Obligor" has the meaning specified in the Sale and Servicing
Agreement.

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         "Officer's Certificate" has the meaning specified in the Sale and
Servicing Agreement

         "Opinion of Counsel" has the meaning specified in Sale and Servicing
Agreement.

         "Outstanding" has the meaning specified in the Indenture.

         "Owner Trustee" has the meaning specified in the Trust Agreement.

         "Pre-Funding Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Pre-Funding Account Initial Deposit" has the meaning specified in
the Sale and Servicing Agreement.

         "Principal Balance" has the meaning specified in the Sale and
Servicing Agreement.

         "Purchase Amount" has the meaning specified in Sale and Servicing
Agreement.

         "Purchase Price" means the Initial Receivables Purchase Price or the
Subsequent Purchase Price, as the context may require.

         "Purchaser" means WDS Receivables, in its capacity as purchaser of
the Receivables under this Agreement, and its successors in such capacity.

         "Receivable" means each motor vehicle retail installment sale
contract or installment loan sold by the Seller to the Purchaser pursuant to
this Agreement and identified on the Schedule of Receivables.

         "Receivable Files" has the meaning specified in the Sale and
Servicing Agreement.

         "Recoveries" has the meaning specified in the Sale and Servicing
Agreement.

         "Reserve Fund" has the meaning specified in the Sale and Servicing
Agreement.

         "Reserve Fund Initial Deposit" has the meaning specified in Sale and
Servicing Agreement.

         "Reserve Fund Subsequent Deposit" has the meaning specified in Sale
and Servicing Agreement.

         "Sale and Servicing Agreement" means the sale and servicing
agreement, dated as of _____________ __, 200_, among the Issuer, the
Depositor, the Seller and the Master Servicer.

         "Schedule of Initial Receivables" means the schedule of Receivables
attached as Schedule A.

         "Schedule of Receivables" means the Schedule of Initial Receivables,
as supplemented by one or more Schedules of Subsequent Receivables.

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         "Schedule of Subsequent Receivables" means any list of Subsequent
Receivables attached as Schedule A to the related First-Tier Subsequent
Assignment.

         "Secondary Reserve Fund" has the meaning specified in the Sale and
Servicing Agreement.

         "Secondary Reserve Fund Initial Deposit" has the meaning specified in
the Sale and Servicing Agreement.

         "Securities" means the Notes and the Certificates.

         "Seller" means WFS, in its capacity as seller of the Receivables
under this Agreement, and its successors in such capacity.

         "State" has the meaning specified in the Indenture.

         "Subsequent Cutoff Date" has the meaning specified in the Sale and
Servicing Agreement.

         "Subsequent Receivables" has the meaning specified in the Sale and
Servicing Agreement.

         "Subsequent Receivables Purchase Price" means, with respect to any
Subsequent Receivables to be sold, transferred, assigned and otherwise
conveyed to the Purchaser on the related Subsequent Transfer Date, the
Principal Balance of such Subsequent Receivables as of the related Subsequent
Cutoff Date, plus any premium or minus any discount agreed upon by the Seller
and the Purchaser.

         "Subsequent Transfer Date" has the meaning specified in the Sale and
Servicing Agreement.

         "Trust Agreement" means the amended and restated trust agreement,
dated as of ___________ __, 200_, between the Depositor and the Owner Trustee.

         "Trustee" means either the Owner Trustee or the Indenture Trustee, as
the context requires.

         "UCC" has the meaning specified in the Indenture.

         "United States" has the meaning specified in the Indenture.

         "Wachovia Bank" has the meaning specified in the preamble.

         "WDS Receivables" has the meaning specified in the preamble.

         "WFS" has the meaning specified in the preamble.

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         Section 1.02. Other Definitional Provisions.

         (a) Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Indenture or the Sale and
Servicing Agreement, as the case may be.

         (b) With respect to all terms in this Agreement, unless the context
otherwise requires: (i) a term has the meaning assigned to it; (ii) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from
time to time in the United States; (iii) "or" is not exclusive; (iv)
"including" means including without limitation; (v) words in the singular
include the plural and words in the plural include the singular; (vi) any
agreement, document, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
(vii) references to a Person are also to its successors and permitted assigns;
(viii) the words "hereof", "herein" and "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; (ix) Section,
subsection, Schedule and Exhibit references contained in this Agreement are
references to Sections, subsections, Schedules and Exhibits in or to this
Agreement unless otherwise specified; (x) references to "writing" include
printing, typing, lithography and other means of reproducing words in a
visible form; and (xi) the term "proceeds" has the meaning set forth in the
applicable UCC.

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                                 ARTICLE TWO

                           CONVEYANCE OF RECEIVABLES

         Section 2.01. Sale and Conveyance of Receivables. On the Closing Date
and on each Subsequent Transfer Date, subject to the terms and conditions of
this Agreement, the Seller agrees to sell to the Purchaser, and the Purchaser
agrees to purchase from the Seller, the Receivables set forth in the related
Schedule of Initial Receivables or Schedule of Subsequent Receivables, as
applicable and the other property relating thereto (as described below).

         (a) Subject to satisfaction of the conditions set forth in Section
4.01(a), on the Closing Date, and simultaneously with the transactions to be
consummated pursuant to the Indenture, the Sale and Servicing Agreement and
the Trust Agreement, the Seller shall, pursuant to the First-Tier Initial
Assignment, sell, transfer, assign and otherwise convey to the Purchaser, and
the Purchaser shall purchase from the Seller, without recourse (subject to the
Seller's obligations hereunder), all of the right, title and interest of the
Seller in, to and under, whether now owned or existing or hereafter acquired
or arising, in, to and under the following:

            (i)   the Initial Receivables and all amounts due and collected
         on or in respect of the Initial Receivables (including proceeds of
         the repurchase of Initial Receivables by the Seller pursuant to
         Section 3.03(c)) after the Initial Cutoff Date;

           (ii)   the security interests in the Financed Vehicles granted by
         the Obligors pursuant to the Initial Receivables and any other
         interest of the Seller in such Financed Vehicles;

           (iii)  all proceeds from claims on and refunds of premiums of
         any physical damage or theft insurance policies and extended
         warranties covering the Financed Vehicles and any proceeds or refunds
         of premiums of any credit life or credit disability insurance
         policies relating to the Initial Receivables, the related Financed
         Vehicles or the related Obligors;

            (iv)  the Receivable Files that relate to the Initial
         Receivables;

            (v)   any proceeds of Dealer Recourse that relate to the Initial
         Receivables;

            (vi)  the right to realize upon any property (including the
         right to receive future Net Liquidation Proceeds and Recoveries) that
         shall have secured an Initial Receivable and have been repossessed by
         or on behalf of the Seller; and

            (vii) all present and future claims, demands, causes of action
         and choses in action in respect of any or all of the foregoing, and
         all payments on or under and all proceeds of every kind and nature
         whatsoever in respect of any or all of the foregoing, including all
         proceeds of the conversion thereof, voluntary or involuntary, into
         cash or other liquid property, all accounts, accounts receivable,
         general intangibles, chattel paper, documents, money, investment
         property, deposit accounts, letters of credit, letter of credit
         rights, insurance proceeds, condemnation awards, notes, drafts,
         acceptances, rights to payment of any and every kind and other forms
         of obligations and receivables,

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          instruments and other property which at any time constitute all
          or part of or are included in the proceeds of any of the foregoing.

         (b) Subject to the satisfaction of the conditions set forth in
Section 4.01(b), the Depositor shall, pursuant to a First-Tier Subsequent
Assignment, irrevocably sell, transfer, assign and otherwise convey to the
Issuer, without recourse (subject to the obligations of the Depositor set
forth herein), all right, title and interest of the Depositor, whether now
owned or existing or hereafter acquired or arising, in, to and under the
following:

             (i)   the Subsequent Receivables listed on the related Schedule
         of Subsequent Receivables and all amounts due and collected on or in
         respect of the Subsequent Receivables (including proceeds of the
         repurchase of Subsequent Receivables by the Seller pursuant to
         Section 3.03(c)) after the related Subsequent Cutoff Date;

             (ii)  the security interests in the Financed Vehicles granted by
         the Obligors pursuant to the Subsequent Receivables and any other
         interest of the Seller in such Financed Vehicles;

            (iii)  all proceeds from claims on or refunds of premiums of any
         physical damage or theft insurance policies and extended warranties
         covering such Financed Vehicles and any proceeds of or refunds of
         premiums of any credit life or credit disability insurance policies
         relating to the Subsequent Receivables, the related Financed Vehicles
         or the related Obligors;

            (iv)   the Receivable Files that relate to the Subsequent
         Receivables;

             (v)   any proceeds of Dealer Recourse that relate to the
         Subsequent Receivables;

            (vi)   the right to realize upon any property (including the
         right to receive future Net Liquidation Proceeds and Recoveries) that
         shall have secured a Subsequent Receivable and have been repossessed
         by or on behalf of the Seller;

            (vii)  all of the Seller's rights under the related First-Tier
         Subsequent Assignment; and

            (viii) all present and future claims, demands, causes of action
         and choses in action in respect of any or all of the foregoing, and
         all payments on or under and all proceeds of every kind and nature
         whatsoever in respect of any or all of the foregoing, including all
         proceeds of the conversion thereof, voluntary or involuntary, into
         cash or other liquid property, all accounts, accounts receivable,
         general intangibles, chattel paper, documents, money, investment
         property, deposit accounts, notes, drafts, acceptances, letters of
         credit, letter of credit rights, insurance proceeds, condemnation
         awards, rights to payment of any and every kind and other forms of
         obligations and receivables, instruments and other property which at
         any time constitutes all or part of, or is included in, the proceeds
         of any of the foregoing.

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         (c) In connection with each of the foregoing conveyances, the Seller
further agrees, at its own expense, on or prior to the Closing Date (in the
case of the Initial Receivables) or the related Subsequent Transfer Date (in
the case of the Subsequent Receivables) to (i) annotate and indicate in its
books, records and computer files that the related Receivables have been sold
and transferred to the Purchaser pursuant to this Agreement, (ii) deliver to
the Purchaser a computer file or printed or microfiche list of the Schedule of
Initial Receivables or, in the case of Subsequent Receivables, the related
Schedule of Subsequent Receivables containing a true and complete list of the
related Receivables, identified by account number and by the Principal Balance
as of the related Cutoff Date, each of which files or lists shall be marked as
Schedule A and is hereby incorporated into and made a part of this Agreement
and (iii) deliver or cause to be delivered the related Receivable Files to or
upon the order of the Purchaser.

         (d) The parties hereto intend that each conveyance of Receivables and
related property hereunder be a sale and not a loan. In the event that any
conveyance hereunder is for any reason not considered a sale, including in the
event of an insolvency proceeding with respect to the Seller or any of the
Seller's properties, the Seller hereby grants to the Purchaser a first
priority security interest in all of the Seller's right, title and interest
in, to and under the related Receivables, and all other property conveyed
hereunder and all proceeds of the foregoing. The parties intend that this
Agreement constitute a security agreement under applicable law. Such grant is
made to secure the payment of all amounts payable hereunder, including the
Initial Receivables Purchase Price and any Subsequent Receivables Purchase
Price. If any such conveyance is for any reason considered to be a loan and
not a sale, the Seller consents to the Purchaser transferring such security
interest in favor of the Indenture Trustee and transferring the obligation
secured thereby to the Indenture Trustee.

         Section 2.02. Purchase Price; Payments on the Receivables.

         (a) On the Closing Date, in exchange for the Receivables and other
assets described in Section 2.01(a), the Purchaser shall pay the Seller the
Initial Receivables Purchase Price in immediately available funds. The
Purchaser, as set forth in the Sale and Servicing Agreement, shall deposit,
from funds it receives from the sale of the Notes, the (i) Reserve Fund
Initial Deposit into the Reserve Fund, (ii) Secondary Reserve Fund Initial
Deposit into the Secondary Reserve Fund, (iii) Pre-Funding Account Initial
Deposit into the Pre-Funding Account and (iv) the Maximum Negative Carry
Amount into the Negative Carry Account, each of which amounts shall be an
asset of the Issuer. WDS Receivables shall receive, and shall be the holder
of, the Certificates.

         (b) On each Subsequent Transfer Date, in exchange for the Subsequent
Receivables and the other property related thereto described in Section
2.01(b) to be sold, transferred, assigned and otherwise conveyed to the
Purchaser on such Subsequent Transfer Date, the Purchaser shall pay to or upon
the order of the Seller, the related Subsequent Receivables Purchase Price in
cash. Such Subsequent Receivables Purchase Price shall be an amount equal to
the funds it receives from the Pre-Funding Account pursuant to Section 4.10(a)
of the Sale and Servicing Agreement, relating to the sale of such Subsequent
Receivables due to such Subsequent Receivables, less the Reserve Fund
Subsequent Deposit, which will be deposited into the Reserve Fund and which
amount shall be an asset of the Issuer.

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         (c) The Purchaser shall be entitled to, and shall convey such right
to the Issuer pursuant to the Sale and Servicing Agreement, all amounts due
and collected on or in respect of the Receivables received after the related
Cutoff Date or Dates.

         Section 2.03. Transfer of Receivables. Pursuant to the Sale and
Servicing Agreement, the Purchaser will assign all of its right, title and
interest in, to and under the Receivables and other assets described in
Sections 2.01(a) and 2.01(b) to the Issuer. The parties hereto acknowledge
that the Issuer will pledge its rights in, to and under the Receivables and
other assets described in Sections 2.01(a) and 2.01(b) to the Indenture
Trustee pursuant to the Indenture. The Purchaser shall have the right to
assign its interest under this Agreement as may be required to effect the
purposes of the Sale and Servicing Agreement, without the consent of the
Seller, and the Issuer as assignee shall succeed to the rights hereunder of
the Purchaser.

         Section 2.04. Examination of Receivable Files. The Seller will make
the Receivable Files available to the Purchaser or its agent for examination
at the Seller's offices or such other location as otherwise shall be agreed
upon by the Purchaser and the Seller.

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                                ARTICLE THREE

                        REPRESENTATIONS AND WARRANTIES

         Section 3.01. Representations and Warranties of the Purchaser. The
Purchaser hereby represents and warrants to the Seller as of the date of this
Agreement and the Closing Date and as of each Subsequent Transfer Date that:

         (a) Organization and Good Standing. The Purchaser has been duly
organized and is validly existing as a limited liability company in good
standing under the laws of the State of Nevada, with power and authority to
own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted, and had at all
relevant times, and has, power, authority and legal right to acquire, own and
purchase the Receivables.

         (b) Due Qualification. The Purchaser is duly qualified to do business
as a foreign limited liability company in good standing and has obtained all
necessary licenses and approvals in each jurisdiction in which the failure to
so qualify or to obtain such licenses and approvals would, in the reasonable
judgment of the Purchaser, materially and adversely affect the performance by
the Purchaser of its obligations under, or the validity or enforceability of,
this Agreement.

         (c) Power and Authority. The Purchaser has the power and authority to
execute and deliver, and perform its obligations under, this Agreement and
each other Basic Document to which it is a party. The Purchaser has full power
and authority to sell, transfer, assign and otherwise convey the property
listed in Section 2.01(a) that it is acquiring from the Seller and shall sell
and assign to and deposit with the Issuer such property and shall duly
authorize such sale and assignment by all necessary limited liability company
action; and the execution, delivery and performance of this Agreement and each
other Basic Document to which the Purchaser is a party has been duly
authorized by the Purchaser by all necessary limited liability company action.

         (d) No Violation. The execution, delivery and performance by the
Purchaser of this Agreement and of the purchase of the Receivables and the
consummation of the transactions contemplated hereby and by each other Basic
Document to which it is a party and the fulfillment of the terms hereof and
thereof will not conflict with, result in any breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time or
both) a default under, the certificate of formation or limited liability
company agreement of the Purchaser, nor conflict with or violate any of the
material terms or provisions of, or constitute (with or without notice or
lapse of time or both) a default under, any indenture, agreement or other
instrument to which the Purchaser is a party or by which it shall be bound;
nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than Liens created by this Agreement and the other Basic
Documents); nor violate any law or, to the Purchaser's knowledge, any order,
rule or regulation applicable to the Purchaser of any court or of any federal
or State regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Purchaser or its properties,
which breach, default, conflict, Lien or violation would have a material
adverse effect on the earnings,

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<PAGE>

business affairs or business prospects of the Purchaser or on the ability of
the Purchaser to perform its obligations under this Agreement.

         (e) No Proceedings. There are no proceedings or investigations
pending, or to the Purchaser's knowledge, threatened against the Purchaser,
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Purchaser or its properties: (i)
asserting the invalidity of this Agreement or any other Basic Document to
which it is a party, (ii) seeking to prevent the issuance and delivery of the
Securities, the sale of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any other Basic Document to
which the Purchaser is a party or (iii) seeking any determination or ruling
that might materially and adversely affect the performance by the Purchaser of
its obligations under, or the validity or enforceability of, this Agreement or
any other Basic Document to which it is a party.

         (f) Principal Executive Office. The chief executive office of the
Purchaser is at 444 East Warm Springs Road, Suite 116, Las Vegas, Nevada
89119.

         Section 3.02. Representations and Warranties of the Seller. The
Seller hereby represents and warrants to the Purchaser as of the date of this
Agreement and the Closing Date and as of each Subsequent Transfer Date that:

         (a) Organization and Good Standing. The Seller has been duly
organized and is validly existing as a corporation under the laws of the State
of California, and has the power to own its assets and to transact the
business in which it is currently engaged. The Seller is duly authorized to
transact business and has obtained all necessary licenses and approvals, and
is in good standing in each jurisdiction in which the character of the
business transacted by it or any properties owned or leased by it requires
such authorization.

         (b) Power and Authority. The Seller has the power and authority to
execute and deliver and perform its obligations under this Agreement and each
other Basic Document to which the Seller is a party, and the execution,
delivery and performance of this Agreement and each other Basic Document to
which the Seller is a party has been duly authorized by the Seller. When
executed and delivered, this Agreement and the other Basic Documents to which
the Seller is a party will constitute legal, valid and binding obligations of
the Seller enforceable in accordance with their respective terms, except that
such enforceability may be subject to bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, fraudulent transfer and other similar laws
relating to or affecting creditors generally, and to general equitable
principles (regardless of whether considered in a proceeding in equity or at
law), including concepts of commercial reasonableness, good faith and fair
dealing and the possible unavailability of specific performance or injunctive
relief.

         (c) No Violation. The execution, delivery and performance by the
Seller of this Agreement and the sale of the Receivables, the consummation of
the transactions contemplated hereby and by each other Basic Document to which
it is a party and the fulfillment of the terms hereof and thereof will not
conflict with, result in a breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under,
its articles of incorporation or bylaws, nor conflict with or violate any of
the material terms or provisions of, or

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constitute (with or without notice or lapse of time or both) a default under,
any indenture, agreement or other instrument to which it is a party or by
which it shall be bound; nor result in the creation or imposition of any Lien
upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than this Agreement); nor violate any law
or, to its knowledge, any order, rule or regulation applicable to it of any
court or of any federal or State regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over it or its
properties, which breach, default, conflict, Lien or violation would have a
material adverse effect on the Seller's earnings, business affairs or business
prospects or on the ability of the Seller to perform its obligations under
this Agreement.

         (d) No Proceedings. There are no proceedings or investigations
pending or, to the Seller's knowledge, threatened against the Seller before
any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties (i)
asserting the invalidity of this Agreement or any other Basic Document to
which the Seller is a party, (ii) seeking to prevent the issuance and delivery
of the Securities, the sale of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any other Basic Document to
which the Seller is a party or (iii) seeking any determination or ruling that
might materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, this Agreement or any
other Basic Document to which the Seller is a party.

         (e) Principal Executive Office. The chief executive office of the
Seller is at 23 Pasteur, Irvine, California 92618.

         (f) No Consents. The Seller is not required to obtain the consent of
any other party or any consent, license, approval, registration,
authorization, or declaration of or with any governmental authority, bureau or
agency in connection with the execution, delivery, performance, validity, or
enforceability of this Agreement or any other Basic Document to which it is a
party that has not already been obtained.

         (g) Other Information. No certificate of an officer, statement or
document furnished in writing or report delivered pursuant to the terms hereof
by the Seller contains any untrue statement of a material fact or omits to
state any material fact necessary to make the certificate, statement, document
or report not misleading.

         (h) Solvency. The sale of the Receivables to the Purchaser is not
being made with any intent to hinder, delay or defraud any of its creditors.
The Seller is not insolvent, nor will the Seller be made insolvent by the
transfer of the Receivables, nor does the Seller anticipate any pending
insolvency.

         Section 3.03. Representations and Warranties as to the Receivables.

         (a) Eligibility of Receivables. The Seller makes the representations
and warranties set forth in Exhibit A with respect to the Receivables, on
which the Purchaser relies in accepting the Receivables and in selling,
transferring, assigning and otherwise conveying the Receivables to the Issuer
under the Sale and Servicing Agreement and on which the Issuer relies in
pledging the same to the Indenture Trustee pursuant to the Indenture. Except
as otherwise provided, such

                                      12
<PAGE>

representations and warranties speak as of the date of execution and delivery
of this Agreement and the Closing Date (in the case of the Initial
Receivables) and as of each Subsequent Transfer Date (in the case of the
related Subsequent Receivables), but shall survive the sale, transfer,
assignment and conveyance of the Receivables to the Purchaser, the subsequent
sale, transfer and assignment of the Receivables by the Purchaser to the
Issuer pursuant to the Sale and Servicing Agreement and the pledge of the
Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture.

         (b) Notice of Breach. The Purchaser, the Seller, the Issuer, the
Owner Trustee or the Indenture Trustee, as the case may be, shall inform the
other parties promptly, in writing, upon discovery of any breach of the
Seller's representations and warranties pursuant to Section 3.03(a) which
materially and adversely affects the interests of the Noteholders in any
Receivable.

         (c) Repurchase of Receivables. In the event of a breach of any
representation or warranty set forth pursuant to Section 3.03(a) (including by
means of a subsequently discovered breach of any local law or ruling or
regulation thereunder) which materially and adversely affects the interests of
the Purchaser, the Issuer or the Noteholders in any Receivable that shall not
have been cured by the close of business on the last day of the Collection
Period which includes the 30th day after the date on which the Seller becomes
aware of, or receives written notice from the Master Servicer, the Purchaser,
the Issuer or any Noteholder of such breach, the Seller shall repurchase such
Receivable from the Issuer on the related Deposit Date. This repurchase
obligation shall apply to all representations and warranties contained in
Section 3.03(a) except as otherwise noted whether or not the Seller or the
Purchaser has knowledge of the breach at the time of the breach or at the time
the representations and warranties were made. In consideration of the
repurchase of any such Receivable the Seller shall remit an amount equal to
the Purchase Amount in respect of such Receivable to the Issuer in the manner
set forth in the Sale and Servicing Agreement. In the event that, as of the
date of execution and delivery of this Agreement, any Liens or claims shall
have been filed, including Liens for work, labor or materials relating to a
Financed Vehicle, that shall be prior to, or equal or coordinate with, the
Lien granted by the related Receivable (whether or not the Seller has
knowledge thereof), which Liens or claims shall not have been satisfied or
otherwise released in full as of the Closing Date, the Seller shall repurchase
such Receivable on the terms and in the manner specified above. Upon any such
repurchase, the Purchaser shall, without further action, be deemed to
transfer, assign, set-over and otherwise convey to the Seller, without
recourse, representation or warranty, all the right, title and interest of the
Purchaser in, to and under such repurchased Receivable, all other related
assets described in Section 2.01(a) or 2.01(b) and all monies due or to become
due with respect thereto and all proceeds thereof. The Purchaser, the Issuer,
the Owner Trustee or the Indenture Trustee, as applicable, shall execute such
documents and instruments of transfer or assignment and take such other
actions as shall reasonably be requested by the Seller to effect the
conveyance of such Receivable pursuant to this Section. The sole remedy of the
Purchaser, the Issuer, the Trustees or the Noteholders with respect to a
breach of the Seller's representations and warranties pursuant to Section
3.03(a) or with respect to the existence of any such Liens or claims shall be
to require the Seller to repurchase the related Receivables pursuant to this
Section.

                                      13
<PAGE>

                                 ARTICLE FOUR

                                  CONDITIONS

         Section 4.01. Conditions to Obligation of the Purchaser.

         (a) The obligation of the Purchaser to purchase the Initial
Receivables from the Seller on the Closing Date is subject to the satisfaction
of the following conditions:

             (i)   Representations and Warranties True. The representations
         and warranties of the Seller contained herein and in the other Basic
         Documents shall be true and correct on the Closing Date with the same
         effect as if made on the Closing Date, and each of the Seller and the
         Master Servicer shall have performed all obligations to be performed
         by it hereunder and under the other Basic Documents on or before the
         Closing Date.

             (ii)  Computer Files Marked. The Seller shall, at its own
         expense, on or before the Closing Date, indicate in its computer
         files that the Initial Receivables have been sold to the Purchaser
         pursuant to this Agreement and deliver to the Purchaser an Officer's
         Certificate confirming that its computer files have been marked
         pursuant to this subsection, and shall deliver to the Purchaser the
         Schedule of Initial Receivables, certified by an authorized officer
         of the Seller to be true, correct and complete.

            (iii)  Execution of Basic Documents. The Basic Documents shall
         have been executed and delivered by the parties thereto.

             (iv)  First Tier Initial Assignment. The Purchaser shall have
         received the First Tier Initial Assignment, dated as of the Closing
         Date.

             (v)   Other Transactions. The transactions contemplated by the
         Basic Documents shall be consummated on the Closing Date.

         (b) The obligation of the Purchaser to purchase Subsequent
Receivables from the Seller on the related Subsequent Transfer Date is subject
to the satisfaction of the following conditions:

             (i)   Representations and Warranties True. The representations
         and warranties of the Seller contained herein and in the other Basic
         Documents shall be true and correct on such Subsequent Transfer Date
         with the same effect as if made on such Subsequent Transfer Date, and
         each of the Seller and the Master Servicer shall have performed all
         obligations to be performed by it hereunder and under the other Basic
         Documents on or before such Subsequent Transfer Date.

             (ii)  Computer Files Marked. The Seller shall, at its own
         expense, on or before such Subsequent Transfer Date, indicate in its
         computer files that the related Receivables have been sold to the
         Purchaser pursuant to this Agreement and deliver to the Purchaser an
         Officer's Certificate confirming that its computer files have been
         marked pursuant to this subsection, and shall deliver to the
         Purchaser the related Schedule of Subsequent

                                      14
<PAGE>

         Receivables, certified by an authorized officer of the Seller
         to be true, correct and complete.

             (iii)   Documents to be Delivered. The Purchaser shall have
         received the following, all of which shall be dated as of such
         Subsequent Transfer Date or such other date as specified:

                    (A) the related Schedule of Subsequent Receivables;

                    (B) the related First-Tier Subsequent Assignment;

                    (C) within ten days of the related Subsequent Transfer
               Date, the Seller shall record and file, at its own expense, a
               UCC financing statement in each jurisdiction in which required
               by applicable law, executed by the Seller, as seller or debtor,
               and naming the Purchaser, as purchaser or secured party, naming
               such Subsequent Receivables and the other property conveyed
               under Section 2.01(b) as collateral, meeting the requirements
               of the laws of each such jurisdiction and in such manner as is
               necessary to perfect the sale, transfer, assignment and
               conveyance of such Subsequent Receivables to the Purchaser; and
               the Seller shall deliver a file-stamped copy, or other evidence
               satisfactory to the Purchaser of such filing, to the Purchaser
               within ten days of the related Subsequent Transfer Date; and

                    (D) such other documents, certificates and opinions as may
               be requested by the Purchaser or its counsel, including a
               letter from KPMG LLP as to certain information as to the
               aggregate characteristics of the Initial Receivables and all
               Subsequent Receivables in a report on Form 8-K that the
               Purchaser shall file with the Commission within 15 days after
               the end of the Pre-Funding Period.

         Section 4.02. Conditions to Obligation of the Seller. The obligation
of the Seller to sell the Initial Receivables to the Purchaser on the Closing
Date and any Subsequent Receivables to the Purchaser on the related Subsequent
Transfer Date is subject to the satisfaction of the following conditions:

               (a) Representations and Warranties True. The representations
         and warranties of the Purchaser contained herein and in the other
         Basic Documents shall be true and correct on the Closing Date or the
         related Subsequent Transfer Date, as the case may be, with the same
         effect as if then made, and the Purchaser shall have performed all
         obligations to be performed by it hereunder and under the other Basic
         Documents on or before the Closing Date or the related Subsequent
         Transfer Date, as the case may be.

               (b) Payment of Purchase Price. In consideration of the sale of
         the Receivables from the Seller to the Purchaser as provided in
         Section 2.01, (i) on the Closing Date the Purchaser shall have paid
         to the Seller an aggregate amount equal to the Initial Receivables
         Purchase Price, and (ii) on each Subsequent Transfer Date the
         Purchaser shall have paid to the Seller an aggregate amount equal to
         the related Subsequent Receivables Purchase Price.

                                      15
<PAGE>

                                 ARTICLE FIVE

                            COVENANTS OF THE SELLER

         Section 5.01. Protection of Right, Title and Interest in, to and
Under the Receivables.

         (a) The Seller, at its expense, shall cause this Agreement and all
financing statements and continuation statements and any other necessary
documents covering the Purchaser's right, title and interest in, to and under
the Receivables and other property conveyed by the Seller to the Purchaser
hereunder to be promptly authorized, recorded, registered and filed, and at
all times to be kept recorded, registered and filed, all in such manner and in
such places as may be required by law fully to preserve and protect the right,
title and interest of the Purchaser hereunder to the Receivables and such
other property. The Seller shall deliver to the Purchaser file-stamped copies
of, or filing receipts for, any document recorded, registered or filed as
provided above, as soon as available following such recording, registration or
filing. The Purchaser shall cooperate fully with the Seller in connection with
the obligations set forth above and will execute any and all documents
reasonably required to fulfill the intent of this subsection.

         (b) Within 30 days after the Seller makes any change in its name,
identity or organizational structure which would make any financing statement
or continuation statement filed in accordance with this Agreement seriously
misleading within the meaning of the UCC as in effect in the applicable State,
the Seller shall give the Purchaser notice of any such change and within 30
days after such change shall authorize, execute and file such financing
statements or amendments as may be necessary to continue the perfection of the
Purchaser's security interest in the Receivables and the proceeds thereof.

         (c) The Seller shall give the Purchaser written notice within 60 days
of any relocation of any office from which the Seller keeps records concerning
the Receivables or of its principal executive office or its jurisdiction of
organization and whether, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any
previously filed financing or continuation statement or of any new financing
statement and within 60 days after such relocation shall authorize, execute
and file such financing statements or amendments as may be necessary to
continue the perfection of the interest of the Purchaser in the Receivables
and the proceeds thereof. The Seller shall at all times maintain its
jurisdiction of organization, its principal place of business, its chief
executive office and the location of the office where the Receivable Files and
any accounts and records relating to the Receivables are kept within the
United States.

         (d) The Seller shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable.

         (e) The Seller shall maintain its computer systems so that, from and
after the time of the transfer of the Receivables to the Purchaser pursuant to
this Agreement, the Seller's master computer records (including any back-up
archives) that refer to a Receivable shall indicate

                                      16
<PAGE>

clearly and unambiguously that such Receivable is owned by the Purchaser
(or, upon transfer of the Receivables to the Issuer, by the Issuer).
Indication of the Purchaser's ownership of a Receivable shall be deleted from
or modified on the Seller's computer systems when, and only when, such
Receivable shall have been paid in full or repurchased by the Seller.

         (f) If at any time the Seller shall propose to sell, grant a security
interest in or otherwise transfer any interest in any motor vehicle retail
installment sale contract to any prospective purchaser, lender or other
transferee, the Seller shall give to such prospective purchaser, lender or
other transferee computer tapes, compact disks, records or print-outs
(including any restored from back-up archives) that, if they shall refer in
any manner whatsoever to any Receivable, shall indicate clearly and
unambiguously that such Receivable has been sold and is owned by the Purchaser
(or, upon transfer of the Receivables to the Issuer, the Issuer), unless such
Receivable has been paid in full or repurchased by the Seller.

         (g) The Seller shall permit the Purchaser and its agents at any time
during normal business hours to inspect, audit and make copies of and
abstracts from the Seller's records regarding any Receivable, upon reasonable
prior notice.

         (h) If the Seller has repurchased one or more Receivables from the
Purchaser or the Issuer pursuant to Section 3.03(c), the Seller shall, upon
request, furnish to the Purchaser, within ten Business Days, a list of all
Receivables (by Receivable number and name of Obligor) then owned by the
Purchaser or the Issuer, together with a reconciliation of such list to the
Schedule of Receivables.

         Section 5.02. Security Interests. Except for the conveyances
hereunder, the Seller covenants that it will not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to
exist any Lien on any Receivable, whether now existing or hereafter created,
or any interest therein; the Seller will immediately notify the Purchaser of
the existence of any Lien on any Receivable and, in the event that the
interests of the Noteholders in such Receivable are materially and adversely
affected, such Receivable shall be repurchased from the Purchaser by the
Seller in the manner and with the effect specified in Section 3.03(c), and the
Seller shall defend the right, title and interest of the Purchaser and its
assigns in, to and under the Receivables, whether now existing or hereafter
created, against all claims of third parties claiming through or under the
Seller; provided, however, that nothing in this subsection shall prevent or be
deemed to prohibit the Seller from suffering to exist upon a Receivable any
Lien for municipal or other local taxes if such taxes shall not at the time be
due and payable or if the Seller shall currently be contesting the validity of
such taxes in good faith by appropriate proceedings and shall have set aside
on its books adequate reserves with respect thereto.

         Section 5.03. Delivery of Payments. The Seller covenants and agrees
to deliver in kind upon receipt to the Master Servicer under the Sale and
Servicing Agreement all payments received by or on behalf of the Seller in
respect of the Receivables as soon as practicable after receipt thereof by the
Seller.

         Section 5.04. No Impairment. The Seller covenants that it shall take
no action, nor omit to take any action, which would impair the rights of the
Purchaser, the Issuer or the Noteholders

                                      17
<PAGE>

in any Receivable, nor shall it, except as otherwise provided in this
Agreement or the Sale and Servicing Agreement, reschedule, revise or defer
payments due on any Receivable.

         Section 5.05. Costs and Expenses. The Seller shall pay all reasonable
costs and expenses incurred in connection with the perfection of the
Purchaser's right, title and interest in, to and under the Receivables.

         Section 5.06. Sale. The Seller agrees to treat the conveyances
hereunder for all purposes (including financial accounting purposes) as an
absolute transfer on all relevant books, records, financial statements and
related documents.

         Section 5.07. Hold Harmless. The Seller shall protect, defend,
indemnify and hold the Purchaser and the Issuer and their respective assigns
and their attorneys, accountants, employees, officers and directors harmless
from and against all losses, costs, liabilities, claims, damages and expenses
of every kind and character, as incurred, resulting from or relating to or
arising out of (i) the inaccuracy, nonfulfillment or breach of any
representation, warranty, covenant or agreement made by the Seller in this
Agreement, (ii) any legal action, including any counterclaim, that has either
been settled by the litigants (which settlement, if the Seller is not a party
thereto shall be with the consent of the Seller) or has proceeded to judgment
by a court of competent jurisdiction, in either case to the extent it is based
upon alleged facts that, if true, would constitute a breach of any
representation, warranty, covenant or agreement made by the Seller in this
Agreement, (iii) any actions or omissions of the Seller or any employee or
agent of the Seller occurring prior to the Closing Date with respect to any
Initial Receivable or the related Financed Vehicle or occurring prior to the
related Subsequent Transfer Date with respect to any Subsequent Receivables or
the related Financed Vehicle or (iv) any failure of a Receivable to be
originated in compliance with all requirements of law. These indemnity
obligations shall be in addition to any obligation that the Seller may
otherwise have.

                                      18
<PAGE>

                                 ARTICLE SIX

                           MISCELLANEOUS PROVISIONS

         Section 6.01. Amendment.

         (a) This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Purchaser and the Seller, without
the consent of any Noteholder, to cure any ambiguity, to correct or supplement
any provision herein which may be inconsistent with any other provision herein
or to add any other provision with respect to matters or questions arising
under this Agreement which shall not be inconsistent with the provisions of
this Agreement or the Sale and Servicing Agreement; provided, however, that
any such amendment shall not, as evidenced by an Opinion of Counsel to the
Seller delivered to the Indenture Trustee, adversely affect in any material
respect the interests of any Noteholder.

         (b) This Agreement may also be amended from time to time for any
other purpose by a written amendment duly executed and delivered by the Seller
and by the Purchaser; provided, however, that any such amendment that
materially adversely affects the interests of the Noteholders under the
Indenture, the Sale and Servicing Agreement or the Trust Agreement must be
consented to by the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class of Notes (or if the Notes are no longer
Outstanding, holders of not less than 51% of the aggregate Certificate
Percentage Interests of the Certificates then outstanding). Promptly after the
execution of any such amendment, the Seller shall furnish written notification
of the substance of such amendment to the Owner Trustee, the Indenture Trustee
and the Rating Agencies.

         Section 6.02. Termination. The respective obligations and
responsibilities of the Seller and the Purchaser created hereby shall
terminate, except for the indemnity obligations of the Seller as provided
herein, upon the termination of the Issuer as provided in the Trust Agreement.

         Section 6.03. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 6.04. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at or sent by telecopier, overnight courier or mailed by
registered mail, return receipt requested, in the case of the (i) Purchaser,
to WDS Receivables LLC, 444 East Warm Springs Road, Suite 118, Las Vegas,
Nevada, 89119 and (ii) Seller, to WFS Financial Inc, 23 Pasteur, Irvine,
California 92618, or, as to either of such Persons, at such other address as
shall be designated by such Person in a written notice to the other Persons.

         Section 6.05. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held

                                      19
<PAGE>

invalid, then such covenants, agreements, provisions or terms shall be deemed
severable from the remaining covenants, agreements, provisions and terms of
this Agreement and shall in no way affect the validity or enforceability of
the other covenants, agreements, provisions and terms of this Agreement.

         Section 6.06. Further Assurances. The Seller and the Purchaser agree
to do and perform, from time to time, any and all acts and to execute any and
all further instruments required or reasonably requested by the other party
hereto or by the Issuer or the Indenture Trustee more fully to effect the
purposes of this Agreement, including the execution of any financing
statements, amendments, continuation statements or releases relating to the
Receivables for filing under the provisions of the UCC or other law of any
applicable jurisdiction.

         Section 6.07. No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Purchaser, the Issuer, the
Indenture Trustee, the Noteholders or the Seller, any right, remedy, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exhaustive of any rights, remedies, powers and
privileges provided by law.

         Section 6.08. Counterparts. This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

         Section 6.09. Third-Party Beneficiaries. This Agreement will inure to
the benefit of and be binding upon the parties hereto, the Issuer, the
Indenture Trustee, the Owner Trustee and the Noteholders. Except as otherwise
provided in this Agreement, no other Person will have any right or obligation
hereunder.

         Section 6.10. Headings. The Article and Section headings and the
Table of Contents herein are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

         Section 6.11. Representations, Warranties and Agreements to Survive.
The respective agreements, representations, warranties and other statements by
the Seller and by the Purchaser set forth in or made pursuant to this
Agreement shall remain in full force and effect and will survive the closing
hereunder of the transactions contemplated hereby and shall inure to the
benefit of the Purchaser, the Trustees and the Noteholders.

         Section 6.12. No Proceedings. So long as this Agreement is in effect,
and for one year plus one day following its termination, the Seller agrees
that it will not file any involuntary petition or otherwise institute any
bankruptcy, reorganization arrangement, insolvency or liquidation proceeding
or other proceedings under any federal or State bankruptcy law or similar law
against the Purchaser or the Issuer.

                                      20
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective officers, thereunto duly authorized, as
of the day and year first above written.

                                                  WFS FINANCIAL INC, as Seller

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

                                                  WDS RECEIVABLES LLC,
                                                     as Purchaser

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

                                                 Receivables Purchase Agreement
<PAGE>

                                                                   SCHEDULE A

                            SCHEDULE OF RECEIVABLES

                [Original on file at Master Servicer's office]

                                     SA-1
<PAGE>

                                                                    SCHEDULE B

                         LOCATION OF RECEIVABLE FILES

WFS Financial Inc
15750 Alton Parkway
Irvine, California  92618

WFS Financial Inc
6061 N. State Highway 161
Irving, Texas  75038

                                     SB-1
<PAGE>

                                                                     EXHIBIT A

             REPRESENTATIONS AND WARRANTIES AS TO THE RECEIVABLES

                 See Exhibit A to Sale and Servicing Agreement

                                     A-1
<PAGE>

                                                                     EXHIBIT B

                     FORM OF FIRST-TIER INITIAL ASSIGNMENT

         For value received, in accordance with the receivables purchase
agreement, dated as of _____________ __, 200_ (the "Receivables Purchase
Agreement"), between WFS Financial Inc (the "Seller") and WDS Receivables LLC
(the "Purchaser"), the Seller does hereby irrevocably sell, transfer, assign
and otherwise convey unto the Purchaser, without recourse (subject to the
obligations of the Seller herein and in the Receivables Purchase Agreement),
all right, title and interest of the Seller in, to and under, whether now
owned or existing or hereafter acquired or arising, in, to and under the
following:

                  (i) the Initial Receivables listed on Schedule A hereto (the
         "Initial Receivables") and all amounts due and received on or in
         respect of the Receivables (including proceeds of the repurchase of
         Initial Receivables by the Seller pursuant to the Receivables
         Purchase Agreement) after the Initial Cutoff Date;

                  (ii) the security interests in the Financed Vehicles granted
         by the Obligors pursuant to the Initial Receivables and any other
         interest of the Seller in such Financed Vehicles;

                  (iii) all proceeds from claims on or refunds of premiums of
         any physical damage or theft insurance policies and extended
         warranties covering the Financed Vehicles and any proceeds or refunds
         of premiums of any credit life or credit disability insurance
         policies relating to the Initial Receivables, the related Financed
         Vehicles or the related Obligors;

                  (iv) the Receivable Files that relate to the Initial
         Receivables;

                  (v) any proceeds of Dealer Recourse that relate to the
         Initial Receivables;

                  (vi) the right to realize upon any property (including the
         right to receive future Net Liquidation Proceeds and Recoveries) that
         shall have secured an Initial Receivable and have been repossessed by
         or on behalf of the Seller; and

                  (vii) all present and future claims, demands, causes of
         action and choses in action in respect of any or all of the
         foregoing, and all payments on or under and all proceeds of every
         kind and nature whatsoever in respect of any or all of the foregoing,
         including all proceeds of the conversion thereof, voluntary or
         involuntary, into cash or other liquid property, all accounts,
         accounts receivable, general intangibles, chattel paper, documents,
         money, investment property, deposit accounts, letters of credit,
         letter of credit rights, insurance proceeds, condemnation awards,
         notes, drafts, acceptances, rights to payment of any and every kind
         and other forms of obligations and receivables, instruments and other
         property which at any time constitute all or part of or are included
         in the proceeds of any of the foregoing.

                                     B-1
<PAGE>

         In the event that the foregoing sale, transfer, assignment and
conveyance is deemed to be a pledge, the Seller hereby grants to the Purchaser
a first priority security interest in all of the Seller's right to and
interest in the Initial Receivables and other property described in clauses
(i) through (vii) above to secure a loan deemed to have been made by the
Purchaser to the Seller in an amount equal to the sum of the initial principal
amount of the Notes plus accrued interest thereon.

         THIS FIRST-TIER INITIAL ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND
THE OBLIGATIONS OF THE SELLER UNDER THIS FIRST-TIER INITIAL ASSIGNMENT SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         This First-Tier Initial Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Receivables Purchase Agreement and is to be governed by the
Receivables Purchase Agreement.

         Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Receivables Purchase Agreement.

         IN WITNESS WHEREOF, the undersigned has caused this First-Tier
Initial Assignment to be duly executed as of ___________ __, 200_.

                               WFS FINANCIAL INC

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

                                     B-2
<PAGE>

                                                                    EXHIBIT C

                   FORM OF FIRST-TIER SUBSEQUENT ASSIGNMENT

         For value received, in accordance with the receivables purchase
agreement, dated as of _________ __, 200_ (the "Receivables Purchase
Agreement"), between WFS Financial Inc (the "Seller") and WDS Receivables LLC
(the "Purchaser"), the Seller does hereby irrevocably sell, transfer, assign,
set over and otherwise convey unto the Purchaser, without recourse (subject to
the obligations of the Seller herein and in the Receivables Purchase
Agreement), all right, title and interest of the Seller in, to and under,
whether now owned or existing or hereafter acquired or arising, in, to and
under the following

                  (i) the Subsequent Receivables listed on Schedule A hereto
         (the "Subsequent Receivables") and all amounts due and received on or
         in respect of the Subsequent Receivables (including proceeds of the
         repurchase of Subsequent Receivables by the Seller pursuant to the
         Receivables Purchase Agreement) after the Subsequent Cutoff Date;

                  (ii) the security interests in the Financed Vehicles granted
         by the Obligors pursuant to the Subsequent Receivables;

                  (iii) all proceeds from claims on or refunds of premiums of
         any physical damage or theft insurance policies and extended
         warranties covering the Financed Vehicles and any proceeds or refunds
         of premiums of any credit life or credit disability insurance
         policies relating to the Subsequent Receivables, the related Financed
         Vehicles or the related Obligors;

                  (iv) the Receivable Files that relate to the Subsequent
         Receivables;

                  (v) any proceeds of Dealer Recourse that relate to the
         Subsequent Receivables;

                  (vi) the right to realize upon any property (including the
         right to receive future Net Liquidation Proceeds and Recoveries) that
         shall have secured a Subsequent Receivable and have been repossessed
         by or on behalf of the Seller; and

                  (vii) all present and future claims, demands, causes of
         action and choses in action in respect of any or all of the
         foregoing, and all payments on or under and all proceeds of every
         kind and nature whatsoever in respect of any or all of the foregoing,
         including all proceeds of the conversion thereof, voluntary or
         involuntary, into cash or other liquid property, all accounts,
         accounts receivable, general intangibles, chattel paper, documents,
         money, investment property, deposit accounts, letters of credit,
         letter of credit rights, insurance proceeds, condemnation awards,
         notes, drafts, acceptances, rights to payment of any and every kind
         and other forms of obligations and receivables, instruments and other
         property which at any time constitute all or part of or are included
         in the proceeds of any of the foregoing.

                                     C-1
<PAGE>

         The Subsequent Cutoff Date with respect to each Subsequent Receivable
is ____________, 200_.

         The Seller hereby represents that as of the Subsequent Cutoff Date,
the aggregate Principal Balance of the Subsequent Receivables was $_________.

         In the event that the foregoing sale, transfer, assignment and
conveyance is deemed to be a pledge, the Seller hereby grants to the
Subsequent Purchaser a first priority security interest in all of the Seller's
right to and interest in the Subsequent Receivables and other property
described in clauses (i) through (viii) above to secure a loan deemed to have
been made by the Purchaser to the Seller in an amount equal to the sum of the
initial principal amount of the Notes plus accrued interest thereon.

         THIS FIRST-TIER SUBSEQUENT ASSIGNMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS OF THE SELLER UNDER THIS FIRST-TIER
SUBSEQUENT ASSIGNMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         This First-Tier Subsequent Assignment is made pursuant to and upon
the representations, warranties and agreements on the part of the undersigned
contained in the Receivables Purchase Agreement and is to be governed by the
Receivables Purchase Agreement.

         Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Receivables Purchase Agreement.

         IN WITNESS WHEREOF, the undersigned has caused this First-Tier
Subsequent Assignment to be duly executed as of ________ __, 200_.

                               WFS FINANCIAL INC

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

                                     C-2Exhibit 10.2

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

                        MORTGAGE LOAN PURCHASE AGREEMENT

                                     between

                    BEAR STEARNS COMMERCIAL MORTGAGE, INC.
                                    as Seller

                                       and

               BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
                                  as Purchaser

                          Dated as of October 18, 2006

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

<PAGE>

                                TABLE OF CONTENTS

1.    AGREEMENT TO PURCHASE..................................................3

2.    CONVEYANCE OF MORTGAGE LOANS...........................................3

3.    EXAMINATION OF MORTGAGE FILES AND DUE DILIGENCE REVIEW................10

4.    REPRESENTATIONS AND WARRANTIES OF SELLER AND PURCHASER................12

5.    REMEDIES UPON BREACH OF REPRESENTATIONS AND WARRANTIES MADE BY
      SELLER................................................................15

6.    CLOSING...............................................................20

7.    CLOSING DOCUMENTS.....................................................21

8.    COSTS.................................................................23

9.    NOTICES...............................................................23

10.   SEVERABILITY OF PROVISIONS............................................24

11.   FURTHER ASSURANCES....................................................24

12.   SURVIVAL..............................................................24

13.   GOVERNING LAW.........................................................24

14.   BENEFITS OF MORTGAGE LOAN PURCHASE AGREEMENT..........................24

15.   MISCELLANEOUS.........................................................25

16.   ENTIRE AGREEMENT......................................................25

Exhibit 1     Mortgage Loan Schedule
Exhibit 2     Representations and Warranties
Exhibit 3     Pricing Formulation
Exhibit 4     Bill of Sale
Exhibit 5     Power of Attorney

                             Index of Defined Terms

Affected Loan(s)..................17
Agreement..........................2
Certificate Purchase Agreement.....2
Certificates.......................2
Closing Date.......................3
Collateral Information............10
Crossed Mortgage Loans............17
Defective Mortgage Loan...........17
Final Judicial Determination......19
Indemnification Agreement.........13
Initial Purchasers.................2
Master Servicer....................2
Material Breach...................15
Material Document Defect..........15
Memorandum.........................2
MERS...............................5
Mortgage File......................4
Mortgage Loan Schedule.............3
Mortgage Loans.....................2
Officer's Certificate..............7
Other Mortgage Loans...............2
Pooling and Servicing Agreement....2
Private Certificates...............2
Prospectus Supplement..............2
Public Certificates................2
Purchaser..........................2
Repurchased Loan..................17
Seller.............................2
Special Servicer...................2
Trust..............................2
Trustee............................2
Underwriters.......................2
Underwriting Agreement.............2

                                       i

<PAGE>

                        MORTGAGE LOAN PURCHASE AGREEMENT
                 (BEAR STEARNS COMMERCIAL MORTGAGE, INC. LOANS)

Mortgage Loan Purchase Agreement ("Agreement"), dated as of October 18, 2006,
between Bear Stearns Commercial Mortgage, Inc. ("Seller") and Bear Stearns
Commercial Mortgage Securities Inc. ("Purchaser").

Seller agrees to sell and Purchaser agrees to purchase certain mortgage loans
listed on Exhibit 1 hereto (the "Mortgage Loans") as described herein. Purchaser
will convey the Mortgage Loans to a trust (the "Trust") created pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), to be
dated as of October 1, 2006 between Purchaser, as depositor, Wells Fargo Bank,
National Association, as master servicer (the "Master Servicer"), ARCap
Servicing, Inc., as special servicer (the "Special Servicer"), LaSalle Bank
National Association, as trustee and custodian (the "Trustee") and Wells Fargo
Bank, National Association, as paying agent, certificate registrar and
authenticating agent. In exchange for the Mortgage Loans and certain other
mortgage loans to be purchased by Purchaser (collectively the "Other Mortgage
Loans"), the Trust will issue to the Depositor pass-through certificates to be
known as Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2006-TOP24 (the "Certificates"). The
Certificates will be issued pursuant to the Pooling and Servicing Agreement.

Capitalized terms used herein but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement.

The Class A-1, Class A-2, Class A-3, Class A-AB, Class A-4, Class A-M and Class
A-J Certificates (the "Public Certificates") will be sold by Purchaser to Bear,
Stearns & Co. Inc. and Morgan Stanley & Co. Incorporated (the "Underwriters"),
pursuant to an Underwriting Agreement, between Purchaser and the Underwriters,
dated October 18, 2006 (the "Underwriting Agreement"), and the Class X, 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 R-I, Class R-II and Class R-III
Certificates (the "Private Certificates") will be sold by Purchaser to Bear,
Stearns & Co. Inc. and Morgan Stanley & Co. Incorporated (the "Initial
Purchasers") pursuant to a Certificate Purchase Agreement, between Purchaser and
the Initial Purchasers, dated October 18, 2006 (the "Certificate Purchase
Agreement"). The Underwriters will offer the Public Certificates for sale
publicly pursuant to a Prospectus dated September 13, 2006, as supplemented by a
Prospectus Supplement dated October 18, 2006 (together, the "Prospectus
Supplement") and the Initial Purchasers will offer the Private Certificates for
sale in transactions exempt from the registration requirements of the Securities
Act of 1933 pursuant to a Private Placement Memorandum dated October 18, 2006
(the "Memorandum").

In consideration of the mutual agreements contained herein, Seller and Purchaser
hereby agree as follows:

<PAGE>

1. AGREEMENT TO PURCHASE.

1.1 Seller agrees to sell, and Purchaser agrees to purchase, on a servicing
released basis, the Mortgage Loans identified on the schedule (the "Mortgage
Loan Schedule") annexed hereto as Exhibit 1, as such schedule may be amended to
reflect the actual Mortgage Loans accepted by Purchaser pursuant to the terms
hereof. The Cut-Off Date with respect to the Mortgage Loans is October 1, 2006.
The Mortgage Loans will have an aggregate principal balance as of the close of
business on the Cut-Off Date, after giving effect to any payments due on or
before such date, whether or not received, of $1,534,723,955. The sale of the
Mortgage Loans shall take place on October 31, 2006 or such other date as shall
be mutually acceptable to the parties hereto (the "Closing Date"). The purchase
price to be paid by Purchaser for the Mortgage Loans shall equal the amount set
forth as such purchase price on Exhibit 3 hereto. The purchase price shall be
paid to Seller by wire transfer in immediately available funds on the Closing
Date.

1.2 On the Closing Date, Purchaser will assign to the Trustee pursuant to the
Pooling and Servicing Agreement all of its right, title and interest in and to
the Mortgage Loans and its rights under this Agreement (to the extent set forth
in Section 14 hereof), and the Trustee shall succeed to such right, title and
interest in and to the Mortgage Loans and Purchaser's rights under this
Agreement (to the extent set forth in Section 14 hereof).

2. CONVEYANCE OF MORTGAGE LOANS.

2.1 Effective as of the Closing Date, subject only to receipt of the
consideration referred to in Section 1 hereof and the satisfaction of the
conditions specified in Sections 6 and 7 hereof, Seller does hereby transfer,
assign, set over and otherwise convey to Purchaser, without recourse, except as
specifically provided herein all the right, title and interest of Seller, with
the understanding that a Servicing Rights Purchase and Sale Agreement, dated
October 1, 2006, will be executed by Seller and the Master Servicer, in and to
the Mortgage Loans identified on the Mortgage Loan Schedule as of the Closing
Date. The Mortgage Loan Schedule, as it may be amended from time to time on or
prior to the Closing Date, shall conform to the requirements of this Agreement
and the Pooling and Servicing Agreement. In connection with such transfer and
assignment, Seller shall deliver to or on behalf of the Trustee, on behalf of
Purchaser, on or prior to the Closing Date, the Mortgage Note (as described in
clause 2.2.1 hereof) for each Mortgage Loan and on or prior to the fifth
Business Day after the Closing Date, five limited powers of attorney
substantially in the form attached hereto as Exhibit 5 in favor of the Trustee
and the Special Servicer to empower the Trustee and, in the event of the failure
or incapacity of the Trustee, the Special Servicer, to submit for recording, at
the expense of Seller, any mortgage loan documents required to be recorded as
described in the Pooling and Servicing Agreement and any intervening assignments
with evidence of recording thereon that are required to be included in the
Mortgage Files (so long as original counterparts have previously been delivered
to the Trustee). Seller agrees to reasonably cooperate with the Trustee and the
Special Servicer in connection with any additional powers of attorney or
revisions thereto that are requested by such parties for purposes of such
recordation. The parties hereto agree that no such power of attorney shall be
used with respect to any Mortgage Loan by or under authorization by any party
hereto except to the extent that the absence of a document described in the
second preceding sentence with respect to such Mortgage Loan remains unremedied
as of the earlier of (i) the date

                                       3
<PAGE>

that is 180 days following the delivery of notice of such absence to Seller, but
in no event earlier than 18 months from the Closing Date, and (ii) the date (if
any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The
Trustee shall submit such documents, at Seller's expense, after the periods set
forth above, provided, however, the Trustee shall not submit such assignments
for recording if Seller produces evidence that it has sent any such assignment
for recording and certifies that Seller is awaiting its return from the
applicable recording office. In addition, not later than the 30th day following
the Closing Date, Seller shall deliver to or on behalf of the Trustee each of
the remaining documents or instruments specified in Section 2.2 hereof (with
such exceptions as are permitted by this Section 2) with respect to each
Mortgage Loan (each, a "Mortgage File"). (Seller acknowledges that the term
"without recourse" does not modify the duties of Seller under Section 5 hereof.)

2.2 All Mortgage Files, or portions thereof, delivered prior to the Closing Date
are to be held by or on behalf of the Trustee in escrow on behalf of Seller at
all times prior to the Closing Date. The Mortgage Files shall be released from
escrow upon closing of the sale of the Mortgage Loans and payments of the
purchase price therefor as contemplated hereby. The Mortgage File for each
Mortgage Loan shall contain the following documents:

      2.2.1 The original Mortgage Note bearing all intervening endorsements,
endorsed "Pay to the order of LaSalle Bank National Association, as Trustee for
Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage
Pass-Through Certificates, Series 2006-TOP24, without recourse, representation
or warranty" or if the original Mortgage Note is not included therein, then a
lost note affidavit, with a copy of the Mortgage Note attached thereto;

      2.2.2 The original Mortgage, with evidence of recording thereon, and, if
the Mortgage was executed pursuant to a power of attorney, a certified true copy
of the power of attorney certified by the public recorder's office, with
evidence of recording thereon (if recording is customary in the jurisdiction in
which such power of attorney was executed), or certified by a title insurance
company or escrow company to be a true copy thereof; provided that if such
original Mortgage cannot be delivered with evidence of recording thereon on or
prior to the 45th day following the Closing Date because of a delay caused by
the public recording office where such original Mortgage has been delivered for
recordation or because such original Mortgage has been lost, Seller shall
deliver or cause to be delivered to the Trustee a true and correct copy of such
Mortgage, together with (i) in the case of a delay caused by the public
recording office, an Officer's Certificate (as defined below) of Seller stating
that such original Mortgage has been sent to the appropriate public recording
official for recordation or (ii) in the case of an original Mortgage that has
been lost after recordation, a certification by the appropriate county recording
office where such Mortgage is recorded that such copy is a true and complete
copy of the original recorded Mortgage;

      2.2.3 The originals of all agreements modifying a Money Term or other
material modification, consolidation and extension agreements, if any, with
evidence of recording thereon, or if any such original modification,
consolidation or extension agreement has been delivered to the appropriate
recording office for recordation and either has not yet been returned on or
prior to the 45th day following the Closing Date with evidence of recordation
thereon or has been lost after recordation, a true copy of such modification,
consolidation or extension certified by Seller together with (i) in the case of
a delay caused by the public recording office,

                                       4
<PAGE>

an Officer's Certificate of Seller stating that such original modification,
consolidation or extension agreement has been dispatched or sent to the
appropriate public recording official for recordation or (ii) in the case of an
original modification, consolidation or extension agreement that has been lost
after recordation, a certification by the appropriate county recording office
where such document is recorded that such copy is a true and complete copy of
the original recorded modification, consolidation or extension agreement, and
the originals of all assumption agreements, if any;

      2.2.4 An original Assignment of Mortgage for each Mortgage Loan, in form
and substance acceptable for recording, signed by the holder of record in favor
of "LaSalle Bank National Association, as Trustee for Bear Stearns Commercial
Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2006-TOP24," provided, if the related Mortgage has been recorded in the name of
Mortgage Electronic Registration Systems, Inc. ("MERS") or its designee, no such
assignments will be required to be submitted for recording or filing and
instead, Seller shall take all actions as are necessary to cause the Trustee to
be shown as the owner of the related Mortgage on the record of MERS for purposes
of the system of recording transfers of beneficial ownership of mortgages
maintained by MERS and shall deliver to the Master Servicer and the Special
Servicer evidence confirming that the Trustee is shown as the owner on the
record of MERS;

      2.2.5 Originals of all intervening assignments of Mortgage (except with
respect to any Mortgage that has been recorded in the name of MERS or its
designees), if any, with evidence of recording thereon or, if such original
assignments of Mortgage have been delivered to the appropriate recorder's office
for recordation, certified true copies of such assignments of Mortgage certified
by Seller, or in the case of an original blanket intervening assignment of
Mortgage retained by Seller, a copy thereof certified by Seller or, if any
original intervening assignment of Mortgage has not yet been returned on or
prior to the 45th day following the Closing Date from the applicable recording
office or has been lost, a true and correct copy thereof, together with (i) in
the case of a delay caused by the public recording office, an Officer's
Certificate of Seller stating that such original intervening assignment of
Mortgage has been sent to the appropriate public recording official for
recordation or (ii) in the case of an original intervening Assignment of
Mortgage that has been lost after recordation, a certification by the
appropriate county recording office where such assignment is recorded that such
copy is a true and complete copy of the original recorded intervening Assignment
of Mortgage;

      2.2.6 If the related Assignment of Leases is separate from the Mortgage,
the original of such Assignment of Leases with evidence of recording thereon or,
if such Assignment of Leases has not been returned on or prior to the 45th day
following the Closing Date from the applicable public recording office, a copy
of such Assignment of Leases certified by Seller to be a true and complete copy
of the original Assignment of Leases submitted for recording, together with (i)
an original of each assignment of such Assignment of Leases with evidence of
recording thereon and showing a complete recorded chain of assignment from the
named assignee to the holder of record, and if any such assignment of such
Assignment of Leases has not been returned from the applicable public recording
office, a copy of such assignment certified by Seller to be a true and complete
copy of the original assignment submitted for recording, and (ii) an original
assignment of such Assignment of Leases, in recordable form, signed by the
holder of record in favor of "LaSalle Bank National Association, as Trustee for
Bear Stearns Commercial Mortgage

                                       5
<PAGE>

Securities Inc., Commercial Mortgage Pass-Through Certificates, Series
2006-TOP24," which assignment may be effected in the related Assignment of
Mortgage, provided, if the related Mortgage has been recorded in the name of
MERS or its designee, no assignment of Assignment of Leases in favor of the
Trustee will be required to be recorded or delivered and instead, Seller shall
take all actions as are necessary to cause the Trustee to be shown as the owner
of the related Mortgage on the record of MERS for purposes of the system of
recording transfers of beneficial ownership of mortgages maintained by MERS and
shall deliver to the Master Servicer and the Special Servicer evidence
confirming that the Trustee is shown as the owner on the record of MERS;

      2.2.7 The original of each guaranty, if any, constituting additional
security for the repayment of such Mortgage Loan;

      2.2.8 The original Title Insurance Policy, or in the event such original
Title Insurance Policy has not been issued, an original binder or actual title
commitment or a copy thereof certified by the title company with the original
Title Insurance Policy to follow within 180 days of the Closing Date or a
preliminary title report binding on the title company with an original Title
Insurance Policy to follow within 180 days of the Closing Date;

      2.2.9 (A) UCC financing statements (together with all assignments thereof)
and (B) UCC-2 or UCC-3 financing statements to the Trustee executed and
delivered in connection with the Mortgage Loan, provided, if the related
Mortgage has been recorded in the name of MERS or its designee, no such
financing statements will be required to be recorded or delivered and instead,
Seller shall take all actions as are necessary to cause the Trustee to be shown
as the owner of the related Mortgage on the record of MERS for purposes of the
system of recording transfers of beneficial ownership of mortgages maintained by
MERS and shall deliver to the Master Servicer and the Special Servicer evidence
confirming that the Trustee is shown as the owner on the record of MERS;

      2.2.10 Copies of the related ground lease(s), if any, to any Mortgage Loan
where the Mortgagor is the lessee under such ground lease and there is a lien in
favor of the mortgagee in such lease;

      2.2.11 Copies of any loan agreements, lock-box agreements and
intercreditor agreements (including, without limitation, any Intercreditor
Agreement, and a copy (that is, not the original) of the mortgage note
evidencing the related B Note), if any, related to any Mortgage Loan;

      2.2.12 Either (A) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan, which shall be
assigned and delivered to the Trustee on behalf of the Trust with a copy to be
held by the Primary Servicer (or the Master Servicer), and applied, drawn,
reduced or released in accordance with documents evidencing or securing the
applicable Mortgage Loan, the Pooling and Servicing Agreement and the Primary
Servicing Agreement or (B) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan, which shall be held
by the Primary Servicer (or the Master Servicer) on behalf of the Trustee, with
a copy to be held by the Trustee, and applied, drawn, reduced or released in
accordance with documents evidencing or securing the applicable Mortgage Loan,
the Pooling and Servicing Agreement and the Primary Servicing Agreement (it
being understood

                                       6
<PAGE>

that Seller has agreed (a) that the proceeds of such letter of credit belong to
the Trust, (b) to notify, on or before the Closing Date, the bank issuing the
letter of credit that the letter of credit and the proceeds thereof belong to
the Trust, and to use reasonable efforts to obtain within 30 days (but in any
event to obtain within 90 days) following the Closing Date, an acknowledgement
thereof by the bank (with a copy of such acknowledgement to be sent to the
Trustee) or a reissued letter of credit and (c) to indemnify the Trust for any
liabilities, charges, costs, fees or other expenses accruing from the failure of
Seller to assign all rights to the letter of credit hereunder including the
right and power to draw on the letter of credit). In the case of clause (B)
above, any letter of credit held by the Primary Servicer (or Master Servicer)
shall be held in its capacity as agent of the Trust, and if the Primary Servicer
(or Master Servicer) sells its rights to service the applicable Mortgage Loan,
the Primary Servicer (or Master Servicer) has agreed to assign the applicable
letter of credit to the Trust or at the direction of the Special Servicer to
such party as the Special Servicer may instruct, in each case, at the expense of
the Primary Servicer (or Master Servicer). The Primary Servicer (or Master
Servicer) has agreed to indemnify the Trust for any loss caused by the
ineffectiveness of such assignment;

      2.2.13 The original environmental indemnity agreement, if any, related to
any Mortgage Loan;

      2.2.14 Third-party management agreements for all hotels and for such other
Mortgaged Properties securing Mortgage Loans with a Cut-Off Date principal
balance equal to or greater than $20,000,000;

      2.2.15 Any Environmental Insurance Policy; and

      2.2.16 Any affidavit and indemnification agreement;

The original of each letter of credit referred to in clause 2.2.12 above shall
be delivered to the Primary Servicer, the Master Servicer or the Trustee (as the
case may be) within 45 days of the Closing Date. In addition, a copy of any
ground lease shall be delivered to the Primary Servicer within 30 days of the
Closing Date. Any failure to deliver any ground lease shall constitute a
document defect.

"Officer's Certificate" shall mean a certificate signed by one or more of the
Chairman of the Board, any Vice Chairman, the President, any Senior Vice
President, any Vice President, any Assistant Vice President, any Treasurer or
any Assistant Treasurer.

2.3 The Assignments of Mortgage and assignment of Assignment of Leases referred
to in Sections 2.2.4 and 2.2.6 hereof may be in the form of a single instrument
assigning the Mortgage and the Assignment of Leases to the extent permitted by
applicable law. To avoid the unnecessary expense and administrative
inconvenience associated with the execution and recording or filing of multiple
assignments of mortgages, assignments of leases (to the extent separate from the
mortgages) and assignments of UCC financing statements, Seller shall execute, in
accordance with Section 2.6 hereof, the assignments of mortgages, the
assignments of leases (to the extent separate from the mortgages) and the
assignments of UCC financing statements relating to the Mortgage Loans naming
the Trustee on behalf of the Certificateholders as assignee. Notwithstanding the
fact that such assignments of mortgages, assignments of leases (to

                                       7
<PAGE>

the extent separate from the assignments of mortgages) and assignments of UCC
financing statements shall name the Trustee on behalf of the Certificateholders
as the assignee, the parties hereto acknowledge and agree that the Mortgage
Loans shall for all purposes be deemed to have been transferred from Seller to
Purchaser and from Purchaser to the Trustee on behalf of the Certificateholders.

2.4 If Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan,
any of the documents and/or instruments referred to in Sections 2.2.2, 2.2.3,
2.2.5 or 2.2.6 hereof, 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 within such 45 day period, but Seller
delivers a photocopy thereof (certified by the appropriate county recorder's
office to be a true and complete copy of the original thereof submitted for
recording), to the Trustee within such 45 day period, Seller shall then deliver
within 90 days after the Closing Date the recorded document (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 Seller is, as certified in
writing to the Trustee no less often than monthly, in good faith attempting to
obtain from the appropriate county recorder's office such original or
photocopy).

2.5 The Trustee, as assignee or transferee of Purchaser, shall be entitled to
all scheduled payments of principal due on the Mortgage Loans after the Cut-Off
Date, all other payments of principal collected after the Cut-Off Date (other
than scheduled payments of principal due on or before the Cut-Off Date), and all
payments of interest on the Mortgage Loans allocable to the period commencing on
the Cut-Off Date. All scheduled payments of principal and interest due on or
before the Cut-Off Date and collected after the Cut-Off Date shall belong to
Seller.

2.6 Within 45 days following the Closing Date, Seller shall deliver and
Purchaser, the Trustee or the agents of either may submit or cause to be
submitted for recordation at the expense of Seller, in the appropriate public
office for real property records, each assignment referred to in clauses 2.2.4
and 2.2.6(ii) above. Within 90 days following the Closing Date, Seller shall
deliver and Purchaser, the Trustee or the agents of either may submit or cause
to be submitted for filing, at the expense of Seller, in the appropriate public
office for Uniform Commercial Code financing statements, the assignment referred
to in clause 2.2.1. If any such document or instrument is lost or returned
unrecorded or unfiled, as the case may be, because of a defect therein, Seller
shall prepare a substitute therefor or cure such defect, and Seller shall, at
its own expense (except in the case of a document or instrument that is lost by
the Trustee), record or file, as the case may be, and deliver such document or
instrument in accordance with this Section 2.

2.7 Documents that are in the possession of Seller, its agents or its
subcontractors that relate to the Mortgage Loans and that are not required to be
delivered to the Trustee shall be shipped by Seller to or at the direction of
the Master Servicer, on behalf of Purchaser, on or prior to the 75th day after
the Closing Date, in accordance with Section 3.1 of the Primary Servicing
Agreement, if applicable.

2.8 The documents required to be delivered to the Master Servicer (or in the
alternative, the Primary Servicer) shall include, to the extent required to be
(and actually) delivered to Seller pursuant to the applicable Mortgage Loan
documents, copies of the following items: the

                                       8
<PAGE>

Mortgage Note, any Mortgage, the Assignment of Leases and the Assignment of
Mortgage, any guaranty/indemnity agreement, any loan agreement, the insurance
policies or certificates, as applicable, the property inspection reports, any
financial statements on the property, any escrow analysis, the tax bills, the
Appraisal, the environmental report, the engineering report, the asset summary,
financial information on the Borrower/sponsor and any guarantors, any letters of
credit, any intercreditor agreement and any Environmental Insurance Policies.
Delivery of any of the foregoing documents to the Primary Servicer shall be
deemed a delivery to the Master Servicer and satisfy Seller's obligations under
this subparagraph.

2.9 Upon the sale of the Mortgage Loans by Seller to Purchaser pursuant to this
Agreement, the ownership of each Mortgage Note, Mortgage and the other contents
of the related Mortgage File shall be vested in Purchaser and its assigns, and
the ownership of all records and documents with respect to the related Mortgage
Loan prepared by or that come into the possession of Seller shall immediately
vest in Purchaser and its assigns, and shall be delivered promptly by Seller to
or on behalf of either the Trustee or the Master Servicer as set forth herein,
subject to the requirements of the Primary Servicing Agreement. Seller's and
Purchaser's records shall reflect the transfer of each Mortgage Loan from Seller
to Purchaser and its assigns as a sale.

2.10 It is the express intent of the parties hereto that the conveyance of the
Mortgage Loans and related property to Purchaser by Seller as provided in this
Section 2 be, and be construed as, an absolute sale of the Mortgage Loans and
related property. It is, further, not the intention of the parties that such
conveyance be deemed a pledge of the Mortgage Loans and related property by
Seller to Purchaser to secure a debt or other obligation of Seller. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Loans or
any related property are held to be the property of Seller, or if for any other
reason this Agreement is held or deemed to create a security interest in the
Mortgage Loans or any related property, then:

      2.10.1 this Agreement shall be deemed to be a security agreement; and

      2.10.2 the conveyance provided for in this Section 2 shall be deemed to be
a grant by Seller to Purchaser of a security interest in all of Seller's right,
title, and interest, whether now owned or hereafter acquired, in and to:

            A. All accounts, general intangibles, chattel paper, instruments,
      documents, money, deposit accounts, certificates of deposit, goods,
      letters of credit, advices of credit and investment property consisting
      of, arising from or relating to any of the following property: the
      Mortgage Loans identified on the Mortgage Loan Schedule, including the
      related Mortgage Notes, Mortgages, security agreements, and title, hazard
      and other insurance policies, all distributions with respect thereto
      payable after the Cut-Off Date, all substitute or replacement Mortgage
      Loans and all distributions with respect thereto, and the Mortgage Files;

            B. All accounts, general intangibles, chattel paper, instruments,
      documents, money, deposit accounts, certificates of deposit, goods,
      letters of credit, advices of credit, investment property and other rights
      arising from or by virtue of the disposition of, or collections with
      respect to, or insurance proceeds payable with respect to, or claims
      against other Persons with respect to, all or any part of the collateral
      described in clause

                                       9
<PAGE>

      (A) above (including any accrued discount realized on liquidation of any
      investment purchased at a discount); and

            C. All cash and non-cash proceeds of the collateral described in
      clauses (A) and (B) above.

2.11 The possession by Purchaser or its designee of the Mortgage Notes, the
Mortgages, and such other goods, letters of credit, advices of credit,
instruments, money, documents, chattel paper or certificated securities shall be
deemed to be possession by the secured party or possession by a purchaser for
purposes of perfecting the security interest pursuant to the Uniform Commercial
Code (including, without limitation, Section 9-313 thereof) as in force in the
relevant jurisdiction. Notwithstanding the foregoing, Seller makes no
representation or warranty as to the perfection of any such security interest.

2.12 Notifications to Persons holding such property, and acknowledgments,
receipts, or confirmations from persons holding such property, shall be deemed
to be notifications to, or acknowledgments, receipts or confirmations from,
securities intermediaries, bailees or agents of, or Persons holding for,
Purchaser or its designee, as applicable, for the purpose of perfecting such
security interest under applicable law.

2.13 Seller shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the property described above, such
security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term
of this Agreement. In such case, Seller shall file all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect such security
interest in such property. In connection herewith, Purchaser shall have all of
the rights and remedies of a secured party and creditor under the Uniform
Commercial Code as in force in the relevant jurisdiction.

2.14 Notwithstanding anything to the contrary contained herein, and subject to
Section 2.1 hereof, Purchaser shall not be required to purchase any Mortgage
Loan as to which any Mortgage Note (endorsed as described in clause 2.2.1)
required to be delivered to or on behalf of the Trustee or the Master Servicer
pursuant to this Section 2 on or before the Closing Date is not so delivered, or
is not properly executed or is defective on its face, and Purchaser's acceptance
of the related Mortgage Loan on the Closing Date shall in no way constitute a
waiver of such omission or defect or of Purchaser's or its successors' and
assigns' rights in respect thereof pursuant to Section 5 hereof.

3. EXAMINATION OF MORTGAGE FILES AND DUE DILIGENCE REVIEW.

3.1 Seller shall (i) deliver to Purchaser on or before the Closing Date a
diskette acceptable to Purchaser that contains such information about the
Mortgage Loans as may be reasonably requested by Purchaser, (ii) deliver to
Purchaser investor files (collectively the "Collateral Information") with
respect to the assets proposed to be included in the Mortgage Pool and made
available at Purchaser's headquarters in New York, and (iii) otherwise cooperate
fully with

                                       10
<PAGE>

Purchaser in its examination of the credit files, underwriting documentation and
Mortgage Files for the Mortgage Loans and its due diligence review of the
Mortgage Loans. The fact that Purchaser has conducted or has failed to conduct
any partial or complete examination of the credit files, underwriting
documentation or Mortgage Files for the Mortgage Loans shall not affect the
right of Purchaser or the Trustee to cause Seller to cure any Material Document
Defect or Material Breach (each as defined below), or to repurchase or replace
the defective Mortgage Loans pursuant to Section 5 hereof.

3.2 On or prior to the Closing Date, Seller shall allow representatives of any
of Purchaser, each Underwriter, each Initial Purchaser, the Trustee, the Special
Servicer and each Rating Agency to examine and audit all books, records and
files pertaining to the Mortgage Loans, Seller's underwriting procedures and
Seller's ability to perform or observe all of the terms, covenants and
conditions of this Agreement. Such examinations and audits shall take place at
one or more offices of Seller during normal business hours and shall not be
conducted in a manner that is disruptive to Seller's normal business operations
upon reasonable prior advance notice. In the course of such examinations and
audits, Seller will make available to such representatives of any of Purchaser,
each Underwriter, each Initial Purchaser, the Trustee, the Special Servicer and
each Rating Agency reasonably adequate facilities, as well as the assistance of
a sufficient number of knowledgeable and responsible individuals who are
familiar with the Mortgage Loans and the terms of this Agreement, and Seller
shall cooperate fully with any such examination and audit in all material
respects. On or prior to the Closing Date, Seller shall provide Purchaser with
all material information regarding Seller's financial condition and access to
knowledgeable financial or accounting officers for the purpose of answering
questions with respect to Seller's financial condition, financial statements as
provided to Purchaser or other developments affecting Seller's ability to
consummate the transactions contemplated hereby or otherwise affecting Seller in
any material respect. Within 45 days after the Closing Date, Seller shall
provide the Master Servicer or Primary Servicer, if applicable, with any
additional information identified by the Master Servicer or Primary Servicer, if
applicable, as necessary to complete the CMSA Property File, to the extent that
such information is available.

3.3 Purchaser may exercise any of its rights hereunder through one or more
designees or agents, provided Purchaser has provided Seller with prior notice of
the identity of such designee or agent.

3.4 Purchaser shall keep confidential any information regarding Seller and the
Mortgage Loans that has been delivered into Purchaser's possession and that is
not otherwise publicly available; provided, however, that such information shall
not be kept confidential (and the right to require confidentiality under any
confidentiality agreement is hereby waived) to the extent such information is
required to be included in the Memorandum or the Prospectus Supplement or
Purchaser is required by law or court order to disclose such information. If
Purchaser is required to disclose in the Memorandum or the Prospectus Supplement
confidential information regarding Seller as described in the preceding
sentence, Purchaser shall provide to Seller a copy of the proposed form of such
disclosure prior to making such disclosure and Seller shall promptly, and in any
event within two Business Days, notify Purchaser of any inaccuracies therein, in
which case Purchaser shall modify such form in a manner that corrects such
inaccuracies. If Purchaser is required by law or court order to disclose
confidential information regarding Seller as described in the second preceding
sentence, Purchaser shall notify Seller and cooperate in

                                       11
<PAGE>

Seller's efforts to obtain a protective order or other reasonable assurance that
confidential treatment will be accorded such information and, if in the absence
of a protective order or such assurance, Purchaser is compelled as a matter of
law to disclose such information, Purchaser shall, prior to making such
disclosure, advise and consult with Seller and its counsel as to such disclosure
and the nature and wording of such disclosure and Purchaser shall use reasonable
efforts to obtain confidential treatment therefor. Notwithstanding the
foregoing, if reasonably advised by counsel that Purchaser is required by a
regulatory agency or court order to make such disclosure immediately, then
Purchaser shall be permitted to make such disclosure without prior review by
Seller.

4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AND PURCHASER.

4.1 To induce Purchaser to enter into this Agreement, Seller hereby makes for
the benefit of Purchaser and its assigns with respect to each Mortgage Loan as
of the date hereof (or as of such other date specifically set forth in the
particular representation and warranty) each of the representations and
warranties set forth on Exhibit 2 hereto, except as otherwise set forth on
Schedule A attached hereto, and hereby further represents, warrants and
covenants to Purchaser as of the date hereof that:

      4.1.1 Seller is duly organized and is validly existing as a corporation in
good standing under the laws of the State of New York. Seller has the requisite
power and authority and legal right to own the Mortgage Loans and to transfer
and convey the Mortgage Loans to Purchaser and has the requisite power and
authority to execute and deliver, engage in the transactions contemplated by,
and perform and observe the terms and conditions of, this Agreement.

      4.1.2 This Agreement has been duly and validly authorized, executed and
delivered by Seller, and assuming the due authorization, execution and delivery
hereof by Purchaser, this Agreement constitutes the valid, legal and binding
agreement of Seller, enforceable in accordance with its terms, except as such
enforcement may be limited by (A) laws relating to bankruptcy, insolvency,
reorganization, receivership or moratorium, (B) other laws relating to or
affecting the rights of creditors generally, (C) general equity principles
(regardless of whether such enforcement is considered in a proceeding in equity
or at law) or (D) public policy considerations underlying the securities laws,
to the extent that such public policy considerations limit the enforceability of
the provisions of this Agreement that purport to provide indemnification from
liabilities under applicable securities laws.

      4.1.3 No consent, approval, authorization or order of, registration or
filing with, or notice to, any governmental authority or court is required,
under federal or state law, for the execution, delivery and performance of or
compliance by Seller with this Agreement, or the consummation by Seller of any
transaction contemplated hereby, other than (A) such qualifications as may be
required under state securities or blue sky laws, (B) the filing or recording of
financing statements, instruments of assignment and other similar documents
necessary in connection with Seller's sale of the Mortgage Loans to Purchaser,
(C) such consents, approvals, authorizations, qualifications, registrations,
filings or notices as have been obtained and (D) where the lack of such consent,
approval, authorization, qualification,

                                       12
<PAGE>

registration, filing or notice would not have a material adverse effect on the
performance by Seller under this Agreement.

      4.1.4 Neither the transfer of the Mortgage Loans to Purchaser, nor the
execution, delivery or performance of this Agreement by Seller, conflicts or
will conflict with, results or will result in a breach of, or constitutes or
will constitute a default under (A) any term or provision of Seller's articles
of organization or by-laws, (B) any term or provision of any material agreement,
contract, instrument or indenture to which Seller is a party or by which it or
any of its assets is bound or results in the creation or imposition of any lien,
charge or encumbrance upon any of its property pursuant to the terms of any such
indenture, mortgage, contract or other instrument, other than pursuant to this
Agreement, or (C) after giving effect to the consents or taking of the actions
contemplated in Section 4.1.3 hereof, any law, rule, regulation, order,
judgment, writ, injunction or decree of any court or governmental authority
having jurisdiction over Seller or its assets, except where in any of the
instances contemplated by clauses (B) or (C) above, any conflict, breach or
default, or creation or imposition of any lien, charge or encumbrance, will not
have a material adverse effect on the consummation of the transactions
contemplated hereby by Seller or its ability to perform its obligations and
duties hereunder or result in any material adverse change in the business,
operations, financial condition, properties or assets of Seller, or in any
material impairment of the right or ability of Seller to carry on its business
substantially as now conducted.

      4.1.5 There are no actions or proceedings against, or investigations of,
Seller pending or, to Seller's knowledge, threatened in writing against Seller
before any court, administrative agency or other tribunal, the outcome of which
could reasonably be expected to materially and adversely affect the transfer of
the Mortgage Loans to Purchaser or the execution or delivery by, or
enforceability against, Seller of this Agreement or have an effect on the
financial condition of Seller that would materially and adversely affect the
ability of Seller to perform its obligations under this Agreement.

      4.1.6 On the Closing Date, the sale of the Mortgage Loans pursuant to this
Agreement will effect a transfer by Seller of all of its right, title and
interest in and to the Mortgage Loans to Purchaser.

      4.1.7 To Seller's knowledge, Seller's Information (as defined in that
certain indemnification agreement, dated October 18, 2006, between Seller,
Purchaser, the Underwriters and the Initial Purchasers (the "Indemnification
Agreement")) does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading. Notwithstanding
anything contained herein to the contrary, this subparagraph 4.1.7 shall run
exclusively to the benefit of Purchaser and no other party.

      4.1.8 The Seller has complied with the disclosure requirements of
Regulation AB that arise from its role as "originator" and "sponsor" in
connection with the issuance of the Public Certificates.

      4.1.9 For so long as the Trust is subject to the reporting requirements of
the Exchange Act, the Seller shall provide the Purchaser (or with respect to any
Serviced Companion Mortgage

                                       13
<PAGE>

Loan that is deposited into an Other Securitization, the depositor in such Other
Securitization) and the Paying Agent with any Additional Form 10-D Disclosure
and any Additional Form 10-K Disclosure set forth next to the Seller's name on
Schedule XV and Schedule XVI of the Pooling and Servicing Agreement within the
time periods and in accordance with the provisions set forth in the Pooling and
Servicing Agreement.

To induce Purchaser to enter into this Agreement, Seller hereby covenants that
the foregoing representations and warranties and those set forth on Exhibit 2
hereto, subject to the exceptions set forth in Schedule A to Exhibit 2, will be
true and correct in all material respects on and as of the Closing Date with the
same effect as if made on the Closing Date.

Each of the representations, warranties and covenants made by Seller pursuant to
this Section 4.1 shall survive the sale of the Mortgage Loans and shall continue
in full force and effect notwithstanding any restrictive or qualified
endorsement on the Mortgage Notes.

4.2 To induce Seller to enter into this Agreement, Purchaser hereby represents
and warrants to Seller as of the date hereof:

      4.2.1 Purchaser is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Delaware with full power and
authority to carry on its business as presently conducted by it.

      4.2.2 Purchaser has full power and authority to acquire the Mortgage
Loans, to execute and deliver this Agreement and to enter into and consummate
all transactions contemplated by this Agreement. Purchaser has duly and validly
authorized the execution, delivery and performance of this Agreement and has
duly and validly executed and delivered this Agreement. This Agreement, assuming
due authorization, execution and delivery by Seller, constitutes the valid and
binding obligation of Purchaser, enforceable against it in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity, regardless of
whether such enforcement is considered in a proceeding in equity or at law.

      4.2.3 No consent, approval, authorization or order of, registration or
filing with, or notice to, any governmental authority or court is required,
under federal or state law, for the execution, delivery and performance of or
compliance by Purchaser with this Agreement, or the consummation by Purchaser of
any transaction contemplated hereby that has not been obtained or made by
Purchaser.

      4.2.4 Neither the purchase of the Mortgage Loans nor the execution,
delivery and performance of this Agreement by Purchaser will violate Purchaser's
certificate of incorporation or by-laws or constitute a default (or an event
that, with notice or lapse of time or both, would constitute a default) under,
or result in a breach of, any material agreement, contract, instrument or
indenture to which Purchaser is a party or that may be applicable to Purchaser
or its assets.

      4.2.5 Purchaser's 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, rule, writ,

                                       14
<PAGE>

injunction, order or decree of any court, or order or regulation of any federal,
state or municipal government agency having jurisdiction over Purchaser or its
assets, which violation could materially and adversely affect the condition
(financial or otherwise) or the operation of Purchaser or its assets or could
materially and adversely affect its ability to perform its obligations and
duties hereunder.

      4.2.6 There are no actions or proceedings against, or investigations of,
Purchaser pending or, to Purchaser's knowledge, threatened against Purchaser
before any court, administrative agency or other tribunal, the outcome of which
could reasonably be expected to adversely affect the transfer of the Mortgage
Loans, the issuance of the Certificates, the execution, delivery or
enforceability of this Agreement or have an effect on the financial condition of
Purchaser that would materially and adversely affect the ability of Purchaser to
perform its obligation under this Agreement.

      4.2.7 Purchaser has not dealt with any broker, investment banker, agent or
other person, other than Seller, the Underwriters, the Initial Purchasers and
their respective affiliates, that may be entitled to any commission or
compensation in connection with the sale of the Mortgage Loans or consummation
of any of the transactions contemplated hereby.

To induce Seller to enter into this Agreement, Purchaser hereby covenants that
the foregoing representations and warranties will be true and correct in all
material respects on and as of the Closing Date with the same effect as if made
on the Closing Date.

Each of the representations and warranties made by Purchaser pursuant to this
Section 4.2 shall survive the purchase of the Mortgage Loans.

5. REMEDIES UPON BREACH OF REPRESENTATIONS AND WARRANTIES MADE BY SELLER.

5.1 It is hereby acknowledged that Seller shall make for the benefit of the
Trustee on behalf of the holders of the Certificates, whether directly or by way
of Purchaser's assignment of its rights hereunder to the Trustee, the
representations and warranties set forth on Exhibit 2 hereto (each as of the
date hereof unless otherwise specified).

5.2 It is hereby further acknowledged that if any document required to be
delivered to the Trustee pursuant to Section 2 hereof is not delivered as and
when required, not properly executed or is defective on its face, or if there is
a breach of any of the representations and warranties required to be made by
Seller regarding the characteristics of the Mortgage Loans and/or the related
Mortgaged Properties as set forth in Exhibit 2 hereto, and in either case the
party discovering such breach or defect determines that either (i) the defect or
breach materially and adversely affects the interests of the holders of the
Certificates in the related Mortgage Loan or (ii) both (A) the defect or breach
materially and adversely affects the value of the Mortgage Loan and (B) the
Mortgage Loan is a Specially Serviced Mortgage Loan or Rehabilitated Mortgage
Loan (any such defect described in the preceding clause (i) or (ii), a "Material
Document Defect" and any such breach described in the preceding clause (i) or
(ii), a "Material Breach"), the party determining that such Material Document
Defect or Material Breach exists shall promptly notify,

                                       15
<PAGE>

in writing, the other parties; provided that any breach of the representation
and warranty contained in paragraph (41) of such Exhibit 2 shall constitute a
Material Breach only if such prepayment premium or yield maintenance charge is
not deemed "customary" for commercial mortgage loans as evidenced by (i) an
opinion of tax counsel to such effect or (ii) a determination by the Internal
Revenue Service that such provision is not customary. Promptly (but in any event
within three Business Days) upon determining (or becoming aware of another
party's determination) that any such Material Document Defect or Material Breach
exists (which determination shall, absent evidence to the contrary, be presumed
to be no earlier than three Business Days prior to delivery of the notice to
Seller referred to below), the Master Servicer shall, and the Special Servicer
may, request that Seller, not later than 90 days from Seller's receipt of the
notice of such Material Document Defect or Material Breach, cure such Material
Document Defect or Material Breach, as the case may be, in all material
respects; provided, however, that if such Material Document Defect or Material
Breach, as the case may be, cannot be corrected or cured in all material
respects within such 90 day period, and such Material Document Defect or
Material Breach would not cause the Mortgage Loan to be other than a "qualified
mortgage"(as defined in the Code) but Seller is diligently attempting to effect
such correction or cure, as certified by Seller in an Officer's Certificate
delivered to the Trustee, then the cure period will be extended for an
additional 90 days unless, solely in the case of a Material Document Defect, (x)
the Mortgage Loan is then a Specially Serviced Mortgage Loan and a Servicing
Transfer Event has occurred as a result of a monetary default or as described in
clause (ii) or clause (v) of the definition of "Servicing Transfer Event" in the
Pooling and Servicing Agreement and (y) the Material Document Defect was
identified in a certification delivered to Seller by the Trustee pursuant to
Section 2.2 of the Pooling and Servicing Agreement not less than 90 days prior
to the delivery of the notice of such Material Document Defect. The parties
acknowledge that neither delivery of a certification or schedule of exceptions
to Seller pursuant to Section 2.2 of the Pooling and Servicing Agreement or
otherwise nor possession of such certification or schedule by Seller shall, in
and of itself, constitute delivery of notice of any Material Document Defect or
knowledge or awareness by Seller, the Master Servicer or the Special Servicer of
any Material Document Defect listed therein.

5.3 Seller hereby covenants and agrees that, if any such Material Document
Defect or Material Breach cannot be corrected or cured or Seller otherwise fails
to correct or cure within the above cure periods, Seller shall, on or before the
termination of such cure periods, either (i) repurchase the affected Mortgage
Loan or REO Mortgage Loan (or interest therein) from Purchaser or its assignee
at the Purchase Price as defined in the Pooling and Servicing Agreement, or (ii)
if within the three-month period commencing on the Closing Date (or within the
two-year period commencing on the Closing Date if the related Mortgage Loan is a
"defective obligation" within the meaning of Section 860G(a)(4)(B)(ii) of the
Code and Treasury Regulation Section 1.860G-2(f)), at its option replace,
without recourse, any Mortgage Loan or REO Mortgage Loan to which such defect
relates with a Qualifying Substitute Mortgage Loan. If such Material Document
Defect or Material Breach would cause the Mortgage Loan to be other than a
"qualified mortgage" (as defined in the Code), then notwithstanding the previous
sentence or the previous paragraph, repurchase must occur within 85 days from
the date Seller was notified of the defect. Seller agrees that any substitution
shall be completed in accordance with the terms and conditions of the Pooling
and Servicing Agreement.

                                       16
<PAGE>

5.4 If (x) a Mortgage Loan is to be repurchased or replaced as contemplated
above (a "Defective Mortgage Loan"), (y) such Defective Mortgage Loan is
cross-collateralized and cross-defaulted with one or more other Mortgage Loans
("Crossed Mortgage Loans") and (z) the applicable document defect or breach does
not constitute a Material Document Defect or Material Breach, as the case may
be, as to such Crossed Mortgage Loans (without regard to this paragraph), then
the applicable document defect or breach (as the case may be) shall be deemed to
constitute a Material Document Defect or Material Breach, as the case may be, as
to each such Crossed Mortgage Loan for purposes of the above provisions, and
Seller shall be obligated to repurchase or replace each such Crossed Mortgage
Loan in accordance with the provisions above, unless, in the case of such breach
or document defect, (A) Seller provides a Nondisqualification Opinion to the
Trustee at the expense of Seller if, in the reasonable business judgment of the
Trustee, it would be usual and customary in accordance with industry practice to
obtain a Nondisqualification Opinion and (B) both of the following conditions
would be satisfied if Seller were to repurchase or replace only those Mortgage
Loans as to which a Material Breach or Material Document Defect had occurred
without regard to this paragraph (the "Affected Loan(s)"): (i) the debt service
coverage ratio for all such Crossed Mortgage Loans (excluding the Affected
Loan(s)) for the four calendar quarters immediately preceding the repurchase or
replacement is not less than the lesser of (A) 0.10x below the debt service
coverage ratio for all such Crossed Mortgage Loans (including the Affected
Loans(s)) set forth in Appendix II to the Final Prospectus Supplement and (B)
the debt service coverage ratio for all such Crossed Mortgage Loans (including
the Affected Loan(s)) for the four preceding calendar quarters preceding the
repurchase or replacement, and (ii) the loan-to-value ratio for all such Crossed
Mortgage Loans (excluding the Affected Loan(s)) is not greater than the greater
of (A) the loan-to-value ratio, expressed as a whole number (taken to one
decimal place), for all such Crossed Mortgage Loans (including the Affected
Loan(s)) set forth in Appendix II to the Final Prospectus Supplement plus 10%
and (B) the loan-to-value ratio for all such Crossed Mortgage Loans (including
the Affected Loans(s)), at the time of repurchase or replacement. The
determination of the Master Servicer as to whether the conditions set forth
above have been satisfied shall be conclusive and binding in the absence of
manifest error. The Master Servicer will be entitled to cause to be delivered,
or direct Seller to (in which case Seller shall) cause to be delivered to the
Master Servicer, an Appraisal of any or all of the related Mortgaged Properties
for purposes of determining whether the condition set forth in clause (ii) above
has been satisfied, in each case at the expense of Seller if the scope and cost
of the Appraisal is approved by Seller (such approval not to be unreasonably
withheld).

5.5 With respect to any Defective Mortgage Loan, to the extent that Seller is
required to repurchase or substitute for such Defective Mortgage Loan (each, a
"Repurchased Loan") in the manner prescribed above while the Trustee (as
assignee of Purchaser) continues to hold any Crossed Mortgage Loan, Seller and
Purchaser hereby agree to forebear from enforcing any remedies against the
other's Primary Collateral but may exercise remedies against the Primary
Collateral securing their respective Mortgage Loans, including with respect to
the Trustee, the Primary Collateral securing the Mortgage Loans still held by
the Trustee, so long as such exercise does not impair the ability of the other
party to exercise its remedies against its Primary Collateral. If the exercise
of remedies by one party would impair the ability of the other party to exercise
its remedies with respect to the Primary Collateral securing the Mortgage Loan
or Mortgage Loans held by such party, then both parties shall forbear from
exercising such

                                       17
<PAGE>

remedies until the loan documents evidencing and securing the relevant Mortgage
Loans can be modified in a manner that complies with the Pooling and Servicing
Agreement to remove the threat of impairment as a result of the exercise of
remedies. Any reserve or other cash collateral or letters of credit securing the
Crossed Mortgage Loans shall be allocated between such Mortgage Loans in
accordance with the Mortgage Loan documents, or otherwise on a pro rata basis
based upon their outstanding Principal Balances. All other terms of the Mortgage
Loans shall remain in full force and effect, without any modification thereof.
The Mortgagors set forth on Schedule B hereto are intended third-party
beneficiaries of the provisions set forth in this paragraph and the preceding
paragraph. The provisions of this paragraph and the preceding paragraph may not
be modified with respect to any Mortgage Loan without the related Mortgagor's
consent.

5.6 Any of the following document defects shall be conclusively presumed
materially and adversely to affect the interests of Certificateholders in a
Mortgage Loan and be a Material Document Defect: (a) the absence from the
Mortgage File of the original signed Mortgage Note, unless the Mortgage File
contains a signed lost note affidavit and indemnity that appears to be regular
on its face; (b) the absence from the Mortgage File of the original signed
Mortgage that appears to be regular on its face, unless there is included in the
Mortgage File a certified copy of the Mortgage by the local authority with which
the Mortgage was recorded; or (c) the absence from the Mortgage File of the item
specified in paragraph 2.2.8. If any of the foregoing Material Document Defects
is discovered by the Custodian (or the Trustee if there is no Custodian), the
Trustee (or as set forth in Section 2.3(a) of the Pooling and Servicing
Agreement, the Master Servicer) will take the steps described elsewhere in this
Section, including the giving of notices to the Rating Agencies and the parties
hereto and making demand upon Seller for the cure of the Material Document
Defect or repurchase or replacement of the related Mortgage Loan.

5.7 If Seller disputes that a Material Document Defect or Material Breach exists
with respect to a Mortgage Loan or otherwise refuses (i) to effect a correction
or cure of such Material Document Defect or Material Breach, (ii) to repurchase
the affected Mortgage Loan from Purchaser or its assignee or (iii) to replace
such Mortgage Loan with a Qualifying Substitute Mortgage Loan, each in
accordance with this Agreement, then provided that (x) the period of time
provided for Seller to correct, repurchase or cure has expired and (y) the
Mortgage Loan is then in default and is then a Specially Serviced Mortgage Loan,
the Special Servicer may, subject to the Servicing Standard, modify, work-out or
foreclose, sell or otherwise liquidate (or permit the liquidation of) the
Mortgage Loan pursuant to Sections 9.5, 9.12, 9.15 and 9.36, as applicable, of
the Pooling and Servicing Agreement, while pursuing the repurchase claim. Seller
acknowledges and agrees that any modification of the Mortgage Loan pursuant to a
work-out shall not constitute a defense to any repurchase claim nor shall such
modification and work-out change the Purchase Price due from Seller for any
repurchase claim. In the event of any such modification and work-out, Seller
shall be obligated to repurchase the Mortgage Loan as modified and the Purchase
Price shall include any Work-Out Fee paid to the Special Servicer up to the date
of repurchase plus the present value (calculated at a discount rate equal to the
applicable Mortgage Rate) of the Work-Out Fee that would have been payable to
the Special Servicer in respect of such Mortgage Loan if the Mortgage Loan
performed in accordance with its terms to its Maturity Date, provided that no
amount shall be paid by Seller in respect of any Work-Out Fee if a Liquidation
Fee already comprises a portion of the Purchase Price.

                                       18
<PAGE>

5.8 Seller shall have the right to purchase certain of the Mortgage Loans or REO
Properties, as applicable, in accordance with Section 9.36 of the Pooling and
Servicing Agreement.

5.9 The fact that a Material Document Defect or Material Breach is not
discovered until after foreclosure (but in all instances prior to the sale of
the related REO Property or Mortgage Loan) shall not prejudice any claim against
Seller for repurchase of the REO Mortgage Loan or REO Property. In such an
event, the Master Servicer shall notify Seller of the discovery of the Material
Document Defect or Material Breach and Seller shall have 90 days to correct or
cure such Material Document Defect or Material Breach or purchase the REO
Property (or interest therein) at the Purchase Price. After a final liquidation
of the Mortgage Loan or REO Mortgage Loan, if a court of competent jurisdiction
issues a final order after the expiration of any applicable appeal period that
Seller is or was obligated to repurchase the related Mortgage Loan or REO
Mortgage Loan (or interest therein) (a "Final Judicial Determination") or Seller
otherwise accepts liability, then, but in no event later than the Termination of
the Trust pursuant to Section 9.30 of the Pooling and Servicing Agreement,
Seller will be obligated to pay to the Trust the difference between any
Liquidation Proceeds received upon such liquidation in accordance with the
Pooling and Servicing Agreement (including those arising from any sale to
Seller) and the Purchase Price.

5.10 Notwithstanding anything to the contrary contained herein, in connection
with any sale or other liquidation of a Mortgage Loan or REO Property as
described in this Section 5, the Special Servicer shall not receive a
Liquidation Fee from Seller (but may collect such Liquidation Fee from the
related Liquidation Proceeds as otherwise provided herein); provided, however,
that in the event Seller is obligated to repurchase the Mortgage Loan or REO
Mortgaged Property (or interest therein) after a final liquidation of such
Mortgage Loan or REO Property pursuant to the immediately preceding paragraph,
an amount equal to any Liquidation Fee (calculated on the basis of Liquidation
Proceeds) payable to the Special Servicer shall be included in the definition of
"Purchase Price" in respect of such Mortgage Loan or REO Mortgaged Property.
Except as expressly set forth above, no Liquidation Fee shall be payable in
connection with a repurchase of a Mortgage Loan by Seller.

5.11 The obligations of Seller set forth in this Section 5 to cure a Material
Document Defect or a Material Breach or repurchase or replace a defective
Mortgage Loan constitute the sole remedies of Purchaser or its assignees with
respect to a Material Document Defect or Material Breach in respect of an
outstanding Mortgage Loan; provided, that this limitation shall not in any way
limit Purchaser's rights or remedies upon breach of any other representation or
warranty or covenant by Seller set forth in this Agreement (other than those set
forth in Exhibit 2).

5.12 Notwithstanding the foregoing, in the event that there is a breach of the
representations and warranties set forth in paragraph 39 in Exhibit 2 hereto,
and as a result the payments, by a Mortgagor, of reasonable costs and expenses
associated with the defeasance or assumption of a Mortgage Loan are insufficient
causing the Trust to incur an Additional Trust Expense in an amount equal to
such reasonable costs and expenses not paid by such Mortgagor, Seller hereby
covenants and agrees to reimburse the Trust within 90 days of the receipt of
notice of such breach in an amount sufficient to avoid such Additional Trust
Expense. The parties hereto acknowledge that such reimbursement shall be
Seller's sole obligation with respect to the breach discussed in the previous
sentence.

                                       19
<PAGE>

5.13 The Pooling and Servicing Agreement shall provide that the Trustee (or the
Master Servicer or the Special Servicer on its behalf) shall give written notice
promptly (but in any event within three Business Days) to Seller of its
determination that any Material Document Defect or Material Breach exists (which
determination shall, absent evidence to the contrary, be presumed to be no
earlier than three Business Days prior to delivery of the notice) and prompt
written notice to Seller in the event that any Mortgage Loan becomes a Specially
Serviced Mortgage Loan (as defined in the Pooling and Servicing Agreement).

5.14 If Seller repurchases any Mortgage Loan pursuant to this Section 5,
Purchaser or its assignee, following receipt by the Trustee of the Purchase
Price therefor, promptly shall deliver or cause to be delivered to Seller all
Mortgage Loan documents with respect to such Mortgage Loan, and each document
that constitutes a part of the Mortgage File that was endorsed or assigned to
the Trustee shall be endorsed and assigned to Seller in the same manner such
that Seller shall be vested with legal and beneficial title to such Mortgage
Loan, in each case without recourse, including any property acquired in respect
of such Mortgage Loan or proceeds of any insurance policies with respect
thereto.

6. CLOSING.

6.1 The closing of the sale of the Mortgage Loans shall be held at the offices
of Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022 at 9:00 a.m., New
York time, on the Closing Date. The closing shall be subject to each of the
following conditions:

      6.1.1 All of the representations and warranties of Seller and Purchaser
specified in Section 4 hereof (including, without limitation, the
representations and warranties set forth on Exhibit 2 hereto) shall be true and
correct as of the Closing Date (to the extent of the standard, if any, set forth
in each representation and warranty).

      6.1.2 All Closing Documents specified in Section 7 hereof, in such forms
as are agreed upon and reasonably acceptable to Seller or Purchaser, as
applicable, shall be duly executed and delivered by all signatories as required
pursuant to the respective terms thereof.

      6.1.3 Seller shall have delivered and released to Purchaser or its
designee all documents required to be delivered to Purchaser as of the Closing
Date pursuant to Section 2 hereof.

      6.1.4 The result of the examination and audit performed by Purchaser and
its affiliates pursuant to Section 3 hereof shall be satisfactory to Purchaser
and its affiliates in their sole determination and the parties shall have agreed
to the form and contents of Seller's Information to be disclosed in the
Memorandum and the Prospectus Supplement.

      6.1.5 All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with, and
Seller and Purchaser shall have the ability to comply with all terms and
conditions and perform all duties and obligations required to be complied with
or performed after the Closing Date.

      6.1.6 Seller shall have paid all fees and expenses payable by it to
Purchaser pursuant to Section 8 hereof.

                                       20
<PAGE>

      6.1.7 The Certificates to be so rated shall have been assigned ratings by
each Rating Agency no lower than the ratings specified for each such Class in
the Memorandum and the Prospectus Supplement.

      6.1.8 No Underwriter shall have terminated the Underwriting Agreement and
none of the Initial Purchasers shall have terminated the Certificate Purchase
Agreement, and neither the Underwriters nor the Initial Purchasers shall have
suspended, delayed or otherwise cancelled the Closing Date.

      6.1.9 Seller shall have received the purchase price for the Mortgage Loans
pursuant to Section 1 hereof.

6.2 Each party agrees to use its best efforts to perform its respective
obligations hereunder in a manner that will enable Purchaser to purchase the
Mortgage Loans on the Closing Date.

7. CLOSING DOCUMENTS. The Closing Documents shall consist of the following:

7.1   This Agreement duly executed by Purchaser and Seller.

7.2 A certificate of Seller, executed by a duly authorized officer of Seller and
dated the Closing Date, and upon which Purchaser and its successors and assigns
may rely, to the effect that: (i) the representations and warranties of Seller
in this Agreement are true and correct in all material respects on and as of the
Closing Date with the same force and effect as if made on the Closing Date,
provided that any representations and warranties made as of a specified date
shall be true and correct as of such specified date; and (ii) Seller has
complied with all agreements and satisfied all conditions on its part to be
performed or satisfied on or prior to the Closing Date.

7.3 True, complete and correct copies of Seller's articles of organization and
by-laws.

7.4 A certificate of existence for Seller from the Secretary of State of New
York dated not earlier than 30 days prior to the Closing Date.

7.5 A certificate of the Secretary or Assistant Secretary of Seller, dated the
Closing Date, and upon which Purchaser may rely, to the effect that each
individual who, as an officer or representative of Seller, signed this Agreement
or any other document or certificate delivered on or before the Closing Date in
connection with the transactions contemplated herein, was at the respective
times of such signing and delivery, and is as of the Closing Date, duly elected
or appointed, qualified and acting as such officer or representative, and the
signatures of such persons appearing on such documents and certificates are
their genuine signatures.

7.6 An opinion of counsel (which, other than as to the opinion described in
paragraph 7.6.6 below, may be in-house counsel) to Seller, dated the Closing
Date, substantially to the effect of the following (with such changes and
modifications as Purchaser may approve and subject to such counsel's reasonable
qualifications):

      7.6.1 Seller is validly existing under New York law and has full corporate
power and authority to enter into and perform its obligations under this
Agreement.

                                       21
<PAGE>

      7.6.2 This Agreement has been duly authorized, executed and delivered by
Seller.

      7.6.3 No consent, approval, authorization or order of any federal court or
governmental agency or body is required for the consummation by Seller of the
transactions contemplated by the terms of this Agreement except any approvals as
have been obtained.

      7.6.4 Neither the execution, delivery or performance of this Agreement by
Seller, nor the consummation by Seller of any of the transactions contemplated
by the terms of this Agreement (A) conflicts with or results in a breach or
violation of, or constitutes a default under, the organizational documents of
Seller, (B) to the knowledge of such counsel, constitutes a default under any
term or provision of any material agreement, contract, instrument or indenture,
to which Seller is a party or by which it or any of its assets is bound or
results in the creation or imposition of any lien, charge or encumbrance upon
any of its property pursuant to the terms of any such indenture, mortgage,
contract or other instrument, other than pursuant to this Agreement, or (C)
conflicts with or results in a breach or violation of any law, rule, regulation,
order, judgment, writ, injunction or decree of any court or governmental
authority having jurisdiction over Seller or its assets, except where in any of
the instances contemplated by clauses (B) or (C) above, any conflict, breach or
default, or creation or imposition of any lien, charge or encumbrance, will not
have a material adverse effect on the consummation of the transactions
contemplated hereby by Seller or materially and adversely affect its ability to
perform its obligations and duties hereunder or result in any material adverse
change in the business, operations, financial condition, properties or assets of
Seller, or in any material impairment of the right or ability of Seller to carry
on its business substantially as now conducted.

      7.6.5 To his or her knowledge, there are no legal or governmental actions,
investigations or proceedings pending to which Seller is a party, or threatened
against Seller, (a) asserting the invalidity of this Agreement or (b) which
materially and adversely affect the performance by Seller of its obligations
under, or the validity or enforceability of, this Agreement.

      7.6.6 This Agreement is a valid, legal and binding agreement of Seller,
enforceable against Seller in accordance with its terms, except as such
enforcement may be limited by (1) laws relating to bankruptcy, insolvency,
reorganization, receivership or moratorium, (2) other laws relating to or
affecting the rights of creditors generally, (3) general equity principles
(regardless of whether such enforcement is considered in a proceeding in equity
or at law) or (4) public policy considerations underlying the securities laws,
to the extent that such public policy considerations limit the enforceability of
the provisions of this Agreement that purport to provide indemnification from
liabilities under applicable securities laws.

Such opinion may express its reliance as to factual matters on, among other
things specified in such opinion, the representations and warranties made by,
and on certificates or other documents furnished by officers of, the parties to
this Agreement.

In rendering the opinions expressed above, such counsel may limit such opinions
to matters governed by the federal laws of the United States and the corporate
laws of the State of Delaware and the State of New York, as applicable.

                                       22
<PAGE>

7.7 Such other opinions of counsel as any Rating Agency may request in
connection with the sale of the Mortgage Loans by Seller to Purchaser or
Seller's execution and delivery of, or performance under, this Agreement.

7.8 A "10b-5" opinion of counsel addressed to the Purchaser and the
Underwriters, in form reasonably acceptable to Purchaser and the Underwriters,
as to the disclosure provided by Seller to Purchaser in connection with the
Certificates.

7.9 An opinion of counsel addressed to Purchaser and the Underwriters, in form
reasonably acceptable to Purchaser and the Underwriters, that such disclosure
complies as to form with the applicable requirements of Regulation AB with
respect to Seller's role as Sponsor (as defined in Regulation AB) in connection
with the Certificates.

7.10 A letter from Deloitte & Touche, certified public accountants, dated the
date hereof, to the effect that they have performed certain specified procedures
as a result of which they determined that certain information of an accounting,
financial or statistical nature set forth in the Memorandum and the Prospectus
Supplement agrees with the records of Seller.

7.11 Such further certificates, opinions and documents as Purchaser may
reasonably request.

7.12 An officer's certificate of Purchaser, dated as of the Closing Date, with
the resolutions of Purchaser authorizing the transactions described herein
attached thereto, together with certified copies of the charter, by-laws and
certificate of good standing of Purchaser dated not earlier than 30 days prior
to the Closing Date.

7.13 Such other certificates of Purchaser's officers or others and such other
documents to evidence fulfillment of the conditions set forth in this Agreement
as Seller or its counsel may reasonably request.

7.14 An executed Bill of Sale in the form attached hereto as Exhibit 4.

8. COSTS. Seller shall pay Purchaser the costs and expenses as agreed upon by
Seller and Purchaser in a separate Letter of Understanding entered into in
connection with this Agreement and the issuance of the Certificates.

9. NOTICES. All communications provided for or permitted hereunder shall be in
writing and shall be deemed to have been duly given if (a) personally delivered,
(b) mailed by registered or certified mail, postage prepaid and received by the
addressee, (c) sent by express courier delivery service and received by the
addressee, or (d) transmitted by telex or facsimile transmission (or any other
type of electronic transmission agreed upon by the parties) and confirmed by a
writing delivered by any of the means described in (a), (b) or (c), if (i) to
Purchaser, addressed to Bear Stearns Commercial Mortgage Securities Inc., 383
Madison Avenue, New York, New York 10179, Attention: J. Christopher Hoeffel,
Senior Managing Director, Commercial Mortgage Department (with a copy to the
attention of Joseph T. Jurkowski, Jr., Managing Director, Legal Department) (or
such other address as may hereafter be furnished in writing by Purchaser), or if
(ii) to Seller, addressed to Seller at Bear Stearns

                                       23
<PAGE>

Commercial Mortgage, Inc., addressed to Bear Stearns Commercial Mortgage, Inc.,
383 Madison Avenue, New York, New York 10179, Attention: J. Christopher Hoeffel,
Senior Managing Director, Commercial Mortgage Department (with a copy to the
attention of Joseph T. Jurkowski, Jr., Managing Director, Legal Department) (or
such other address as may hereafter be furnished in writing by Seller).

10. SEVERABILITY OF PROVISIONS. Any part, provision, representation, warranty or
covenant of this Agreement that is prohibited or that is held to be void or
unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof. Any part,
provision, representation, warranty or covenant of this Agreement that is
prohibited or unenforceable or is held to be void or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the parties
hereto waive any provision of law that prohibits or renders void or
unenforceable any provision hereof.

11. FURTHER ASSURANCES. Seller and Purchaser each agree to execute and deliver
such instruments and take such actions as the other may, from time to time,
reasonably request in order to effectuate the purpose and to carry out the terms
of this Agreement and the Pooling and Servicing Agreement.

12. SURVIVAL. Each party hereto agrees that the representations, warranties and
agreements made by it herein and in any certificate or other instrument
delivered pursuant hereto shall be deemed to be relied upon by the other party,
notwithstanding any investigation heretofore or hereafter made by the other
party or on its behalf, and that the representations, warranties and agreements
made by such other party herein or in any such certificate or other instrument
shall survive the delivery of and payment for the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or qualified
endorsement on the Mortgage Notes and notwithstanding subsequent termination of
this Agreement.

13. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND
RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK. THE
PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

14. BENEFITS OF MORTGAGE LOAN PURCHASE AGREEMENT. This Agreement shall inure to
the benefit of and shall be binding upon Seller, Purchaser and their respective
successors, legal representatives, and permitted assigns, and nothing expressed
or mentioned in this Agreement is intended or shall be construed to give any
other person any legal or equitable right, remedy or claim under or in respect
of this Agreement, or any provisions herein contained,

                                       24
<PAGE>

this Agreement and all conditions and provisions hereof being intended to be and
being for the sole and exclusive benefit of such persons and for the benefit of
no other person except that the rights and obligations of Purchaser pursuant to
Sections 2, 4.1 (other than clause 4.1.7), 5, 9, 10, 11, 12 and 13 hereof may be
assigned to the Trustee as may be required to effect the purposes of the Pooling
and Servicing Agreement and, upon such assignment, the Trustee shall succeed to
the rights and obligations hereunder of Purchaser. No owner of a Certificate
issued pursuant to the Pooling and Servicing Agreement shall be deemed a
successor or permitted assigns because of such ownership.

15. MISCELLANEOUS. This Agreement may be executed in two or more counterparts,
each of which when so executed and delivered shall be an original, but all of
which together shall constitute one and the same instrument. Neither this
Agreement nor any term hereof may be changed, waived, discharged or terminated
orally, but only by an instrument in writing signed by the party against whom
enforcement of the change, waiver, discharge or termination is sought. The
headings in this Agreement are for purposes of reference only and shall not
limit or otherwise affect the meaning hereof. The rights and obligations of
Seller under this Agreement shall not be assigned by Seller without the prior
written consent of Purchaser, except that any person into which Seller may be
merged or consolidated, or any corporation resulting from any merger, conversion
or consolidation to which Seller is a party, or any person succeeding to the
entire business of Seller shall be the successor to Seller hereunder.

16. ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding between the parties hereto with respect to the subject matter
hereof (other than the Letter of Understanding (solely with respect to those
portions of this Agreement that are not assigned to the Trustee), the
Indemnification Agreement and the Pooling and Servicing Agreement), and
supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever
with respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance or usage of the trade inconsistent with any
of the terms hereof.

                                       25
<PAGE>

IN WITNESS WHEREOF, Purchaser and Seller have caused this Agreement to be
executed by their respective duly authorized officers as of the date first above
written.

                                    BEAR STEARNS COMMERCIAL MORTGAGE, INC.

                                    By:  /s/ Richard A. Ruffer Jr.
                                       -----------------------------------------
                                       Name: Richard A. Ruffer Jr.
                                       Title: Senior Managing Director

                                    BEAR STEARNS COMMERCIAL MORTGAGE
                                    SECURITIES INC.

                                    By:  /s/ Richard A. Ruffer Jr.
                                       -----------------------------------------
                                       Name: Richard A. Ruffer Jr.
                                       Title: Vice President

<PAGE>

                                    EXHIBIT 1
                             MORTGAGE LOAN SCHEDULE

                                       1-1
<PAGE>

                                    EXHIBIT 2
                    REPRESENTATIONS AND WARRANTIES REGARDING
                            INDIVIDUAL MORTGAGE LOANS

1. Mortgage Loan Schedule. The information set forth in the Mortgage Loan
Schedule is complete, true and correct in all material respects as of the date
of this Agreement and as of the Cut-Off Date.

2. Whole Loan; Ownership of Mortgage Loans. Each Mortgage Loan is a whole loan
and not a participation interest in a mortgage loan. Immediately prior to the
transfer to Purchaser of the Mortgage Loans, Seller had good title to, and was
the sole owner of, each Mortgage Loan. Seller has full right, power and
authority to transfer and assign each of the Mortgage Loans to or at the
direction of Purchaser and has validly and effectively conveyed (or caused to be
conveyed) to Purchaser or its designee all of Seller's legal and beneficial
interest in and to the Mortgage Loans free and clear of any and all pledges,
liens, charges, security interests and/or other encumbrances. The sale of the
Mortgage Loans to Purchaser or its designee does not require Seller to obtain
any governmental or regulatory approval or consent that has not been obtained.

3. Payment Record. No scheduled payment of principal and interest under any
Mortgage Loan was 30 days or more past due as of the Cut-Off Date, and no
Mortgage Loan was 30 days or more delinquent in the twelve-month period
immediately preceding the Cut-Off Date.

4. Lien; Valid Assignment. The Mortgage related to and delivered in connection
with each Mortgage Loan constitutes a valid and, subject to the exceptions set
forth in paragraph 13 below, enforceable first priority lien upon the related
Mortgaged Property, prior to all other liens and encumbrances, except for (a)
the lien for current real estate taxes and assessments not yet due and payable,
(b) covenants, conditions and restrictions, rights of way, easements and other
matters that are of public record and/or are referred to in the related lender's
title insurance policy, (c) exceptions and exclusions specifically referred to
in such lender's title insurance policy, (d) other matters to which like
properties are commonly subject, none of which matters referred to in clauses
(b), (c) or (d), individually or in the aggregate, materially interferes with
the security intended to be provided by such Mortgage, the marketability or
current use of the Mortgaged Property or the current ability of the Mortgaged
Property to generate operating income sufficient to service the Mortgage Loan
debt and (e) if such Mortgage Loan is cross-collateralized with any other
Mortgage Loan, the lien of the Mortgage for such other Mortgage Loan (the
foregoing items (a) through (e), the "Permitted Encumbrances"). The related
assignment of such Mortgage executed and delivered in favor of the Trustee is in
recordable form and constitutes a legal, valid and binding assignment,
sufficient to convey to the assignee named therein all of the assignor's right,
title and interest in, to and under such Mortgage; provided, if the related
Mortgage has been recorded in the name of Mortgage Electronic Registration
Systems, Inc. ("MERS") or its designee, no such assignment in favor of the
Trustee shall be required but instead Seller has agreed to take all actions as
are necessary to cause the Trustee to be shown as the owner of the related
Mortgage on the record of MERS for purposes of the system of recording transfers
of beneficial ownership of mortgages maintained by MERS. Such Mortgage, together
with any separate security agreements, chattel mortgages or equivalent
instruments, establishes and creates a valid and, subject to the exceptions set
forth in paragraph 13 below, enforceable security interest in favor of the
holder thereof in all of the related

                                      2-1
<PAGE>

Mortgagor's personal property used in, and reasonably necessary to operate, the
related Mortgaged Property. In the case of a Mortgaged Property operated as a
hotel or an assisted living facility, the Mortgagor's personal property includes
all personal property that a prudent mortgage lender making a similar Mortgage
Loan would deem reasonably necessary to operate the related Mortgaged Property
as it is currently being operated. A Uniform Commercial Code financing statement
has been filed and/or recorded in all places necessary to perfect a valid
security interest in such personal property, to the extent a security interest
may be so created therein, and such security interest is a first priority
security interest, subject to any prior purchase money security interest in such
personal property and any personal property leases applicable to such personal
property. Notwithstanding the foregoing, no representation is made as to the
perfection of any security interest in rents or other personal property to the
extent that possession or control of such items or actions other than the filing
of Uniform Commercial Code financing statements are required in order to effect
such perfection.

5. Assignment of Leases and Rents. The Assignment of Leases related to and
delivered in connection with each Mortgage Loan establishes and creates a valid,
subsisting and, subject to the exceptions set forth in paragraph 13 below,
enforceable first priority lien and first priority security interest in the
related Mortgagor's interest in all leases, sub-leases, licenses or other
agreements pursuant to which any person is entitled to occupy, use or possess
all or any portion of the real property subject to the related Mortgage, and
each assignor thereunder has the full right to assign the same. The related
assignment of any Assignment of Leases not included in a Mortgage has been
executed and delivered in favor of the Trustee and is in recordable form and
constitutes a legal, valid and binding assignment, sufficient to convey to the
assignee named therein all of the assignor's right, title and interest in, to
and under such Assignment of Leases; provided, if the related Mortgage has been
recorded in the name of MERS or its designee, no such assignment in favor of the
Trustee shall be required but instead Seller has agreed to take all actions as
are necessary to cause the Trustee to be shown as the owner of the related
Mortgage on the record of MERS for purposes of the system of recording transfers
of beneficial ownership of mortgages maintained by MERS.

6. Mortgage Status; Waivers and Modifications. No Mortgage has been satisfied,
cancelled, rescinded or subordinated in whole or in part, and the related
Mortgaged Property has not been released from the lien of such Mortgage, in
whole or in part (except for partial reconveyances of real property that are set
forth on Schedule A to Exhibit 2), nor has any instrument been executed that
would effect any such satisfaction, cancellation, subordination, rescission or
release, in any manner that, in each case, materially adversely affects the
value of the related Mortgaged Property. None of the terms of any Mortgage Note,
Mortgage or Assignment of Leases has been impaired, waived, altered or modified
in any respect, except by written instruments, all of which are included in the
related Mortgage File.

7. Condition of Property; Condemnation. Except with respect to Mortgage Loans
secured primarily by unimproved land: (i) with respect to the Mortgaged
Properties securing the Mortgage Loans that were the subject of an engineering
report within 18 months prior to the Cut-Off Date as set forth on Schedule A to
this Exhibit 2, each Mortgaged Property is, to Seller's knowledge, free and
clear of any damage (or adequate reserves therefor have been established) that
would materially and adversely affect its value as security for the related
Mortgage Loan, and (ii) with respect to the Mortgaged Properties securing the
Mortgage Loans that were not the

                                      2-2
<PAGE>

subject of an engineering report within 18 months prior to the Cut-Off Date as
set forth on Schedule A to this Exhibit 2, each Mortgaged Property is in good
repair and condition and all building systems contained therein are in good
working order (or adequate reserves therefor have been established) and each
Mortgaged Property is free of structural defects, in each case, that would
materially and adversely affect its value as security for the related Mortgage
Loan as of the date hereof. Seller has received no notice of the commencement of
any proceeding for the condemnation of all or any material portion of any
Mortgaged Property. To Seller's knowledge (based on surveys and/or title
insurance obtained in connection with the origination of the Mortgage Loans), as
of the date of the origination of each Mortgage Loan, all of the material
improvements on the related Mortgaged Property that were considered in
determining the appraised value of the Mortgaged Property lay wholly within the
boundaries and building restriction lines of such property, except for
encroachments that are insured against by the lender's title insurance policy
referred to herein or that do not materially and adversely affect the value or
marketability of such Mortgaged Property, and no improvements on adjoining
properties materially encroached upon such Mortgaged Property so as to
materially and adversely affect the value or marketability of such Mortgaged
Property, except those encroachments that are insured against by the Title
Policy referred to herein.

8. Title Insurance. Each Mortgaged Property is covered by an American Land Title
Association (or an equivalent form of) lender's title insurance policy or a
marked-up title insurance commitment (on which the required premium has been
paid) which evidences such title insurance policy (the "Title Policy") in the
original principal amount of the related Mortgage Loan after all advances of
principal. Each Title Policy insures that the related Mortgage is a valid first
priority lien on such Mortgaged Property, subject only to Permitted
Encumbrances. Each Title Policy (or, if it has yet to be issued, the coverage to
be provided thereby) is in full force and effect, all premiums thereon have been
paid and no material claims have been made thereunder and no claims have been
paid thereunder. No holder of the related Mortgage has done, by act or omission,
anything that would materially impair the coverage under such Title Policy.
Immediately following the transfer and assignment of the related Mortgage Loan
to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage
to be provided thereby) will inure to the benefit of the Trustee without the
consent of or notice to the insurer. To Seller's knowledge, the insurer issuing
such Title Policy is qualified to do business in the jurisdiction in which the
related Mortgaged Property is located.

9. No Holdbacks. The proceeds of each Mortgage Loan have been fully disbursed
and there is no obligation for future advances with respect thereto. With
respect to each Mortgage Loan, any and all requirements as to completion of any
on-site or off-site improvement and as to disbursements of any funds escrowed
for such purpose that were to have been complied with on or before the Closing
Date have been complied with, or any such funds so escrowed have not been
released.

10. Mortgage Provisions. The Mortgage Note or Mortgage for each Mortgage Loan,
together with applicable state law, contains customary and enforceable
provisions (subject to the exceptions set forth in paragraph 13) such as to
render the rights and remedies of the holder thereof adequate for the practical
realization against the related Mortgaged Property of the principal benefits of
the security intended to be provided thereby.

                                      2-3
<PAGE>

11. Trustee under Deed of Trust. If any Mortgage is a deed of trust, (1) a
trustee, duly qualified under applicable law to serve as such, is properly
designated and serving under such Mortgage, and (2) no fees or expenses are
payable to such trustee by Seller, Purchaser or any transferee thereof except in
connection with a trustee's sale after default by the related Mortgagor or in
connection with any full or partial release of the related Mortgaged Property or
related security for the related Mortgage Loan.

12. Environmental Conditions.

      (i)   Except as set forth on Schedule A to this Exhibit 2, with respect
            to the Mortgaged Properties securing the Mortgage Loans that were
            the subject of an environmental site assessment within 18 months
            prior to the Cut-Off Date, an environmental site assessment
            prepared to ASTM standards, or an update of a previous such
            report, was performed with respect to each Mortgaged Property in
            connection with the origination or the sale of the related
            Mortgage Loan, a report of each such assessment (or the most
            recent assessment with respect to each Mortgaged Property) (an
            "Environmental Report") has been delivered to, or on behalf of,
            Purchaser or its designee, and Seller has no knowledge of any
            material and adverse environmental condition or circumstance
            affecting any Mortgaged Property that was not disclosed in such
            report. Each Mortgage requires the related Mortgagor to comply
            with all applicable federal, state and local environmental laws
            and regulations. Where such assessment disclosed the existence of
            a material and adverse environmental condition or circumstance
            affecting any Mortgaged Property, (i) a party not related to the
            Mortgagor was identified as the responsible party for such
            condition or circumstance or (ii) environmental insurance
            covering such condition was obtained or must be maintained until
            the condition is remediated or (iii) the related Mortgagor was
            required either to provide additional security that was deemed to
            be sufficient by the originator in light of the circumstances
            and/or to establish an operations and maintenance plan. Each
            Mortgage Loan set forth on Schedule C to this Exhibit 2 (each, a
            "Schedule C Loan") is the subject of a Secured Creditor Impaired
            Property Policy, issued by the issuer set forth on Schedule C
            (the "Policy Issuer") and effective as of the date thereof (the
            "Environmental Insurance Policy"). Except as set forth on
            Schedule A to this Exhibit 2, with respect to each Schedule C
            Loan, (i) the Environmental Insurance Policy is in full force and
            effect, (ii)(a) a property condition or engineering report was
            prepared with respect to lead based paint ("LBP") and radon gas
            ("RG") at each Mortgaged Property that is used as a multifamily
            dwelling, and with respect to asbestos containing materials
            ("ACM") at each related Mortgaged Property and (b) if such report
            disclosed the existence of a material and adverse LBP, ACM or RG
            environmental condition or circumstance affecting the related
            Mortgaged Property, the related Mortgagor (A) was required to
            remediate the identified condition prior to closing the Mortgage
            Loan or provide additional security, or establish with the lender
            a reserve from loan proceeds, in an amount deemed to be
            sufficient by Seller for the remediation of the problem and/or
            (B) agreed in the Mortgage Loan documents to establish an
            operations and maintenance plan after the closing of the Mortgage
            Loan, (iii) on the effective date of the Environmental Insurance
            Policy, Seller as originator had

                                      2-4
<PAGE>

            no knowledge of any material and adverse environmental condition or
            circumstance affecting the Mortgaged Property (other than the
            existence of LBP, ACM or RG) that was not disclosed to the Policy
            Issuer in one or more of the following: (a) the application for
            insurance, (b) a borrower questionnaire that was provided to the
            Policy Issuer or (c) an engineering or other report provided to the
            Policy Issuer and (iv) the premium of any Environmental Insurance
            Policy has been paid through the maturity of the policy's term and
            the term of such policy extends at least five years beyond the
            maturity of the Mortgage Loan.

      (ii)  With respect to the Mortgaged Properties securing the Mortgage Loans
            that were not the subject of an environmental site assessment
            prepared to ASTM standards within 18 months prior to the Cut-Off
            Date as set forth on Schedule A to this Exhibit 2, (i) no Hazardous
            Material is present on such Mortgaged Property such that (1) the
            value of such Mortgaged Property is materially and adversely
            affected or (2) under applicable federal, state or local law, (a)
            such Hazardous Material could be required to be eliminated at a cost
            materially and adversely affecting the value of the Mortgaged
            Property before such Mortgaged Property could be altered, renovated,
            demolished or transferred or (b) the presence of such Hazardous
            Material could (upon action by the appropriate governmental
            authorities) subject the owner of such Mortgaged Property, or the
            holders of a security interest therein, to liability for the cost of
            eliminating such Hazardous Material or the hazard created thereby at
            a cost materially and adversely affecting the value of the Mortgaged
            Property, and (ii) such Mortgaged Property is in material compliance
            with all applicable federal, state and local laws pertaining to
            Hazardous Materials or environmental hazards, any noncompliance with
            such laws does not have a material adverse effect on the value of
            such Mortgaged Property and neither Seller nor, to Seller's
            knowledge, the related Mortgagor or any current tenant thereon, has
            received any notice of violation or potential violation of any such
            law.

            "Hazardous Materials" means gasoline, petroleum products,
            explosives, radioactive materials, polychlorinated biphenyls or
            related or similar materials, and any other substance or material as
            may be defined as a hazardous or toxic substance by any federal,
            state or local environmental law, ordinance, rule, regulation or
            order, including without limitation, the Comprehensive Environmental
            Response, Compensation and Liability Act of 1980, as amended (42
            U.S.C. ss.ss. 9601 et seq.), the Hazardous Materials Transportation
            Act as amended (42 U.S.C. ss.ss. 6901 et seq.), the Federal Water
            Pollution Control Act as amended (33 U.S.C. ss.ss. 1251 et seq.),
            the Clean Air Act (42 U.S.C. ss.ss. 1251 et seq.) and any
            regulations promulgated pursuant thereto.

13. Loan Document Status. Each Mortgage Note, Mortgage and other agreement that
evidences or secures such Mortgage Loan and was executed by or on behalf of the
related Mortgagor is the legal, valid and binding obligation of the maker
thereof (subject to any non-recourse provisions contained in any of the
foregoing agreements and any applicable state anti-deficiency or market value
limit deficiency legislation), enforceable in accordance with its terms, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization or
other

                                      2-5
<PAGE>

similar laws affecting the enforcement of creditors' rights generally, and by
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law) and there is no valid defense,
counterclaim or right of offset or rescission available to the related Mortgagor
with respect to such Mortgage Note, Mortgage or other agreement.

14. Insurance. Each Mortgaged Property is, and is required pursuant to the
related Mortgage to be, insured by (a) a fire and extended perils insurance
policy providing coverage against loss or damage sustained by reason of fire,
lightning, windstorm, hail, explosion, riot, riot attending a strike, civil
commotion, aircraft, vehicles and smoke, and, to the extent required as of the
date of origination by the originator of such Mortgage Loan consistent with its
normal commercial mortgage lending practices, against other risks insured
against by persons operating like properties in the locality of the Mortgaged
Property in an amount not less than the lesser of the principal balance of the
related Mortgage Loan and the replacement cost of the Mortgaged Property, and
not less than the amount necessary to avoid the operation of any co-insurance
provisions with respect to the Mortgaged Property, and the policy contains no
provisions for a deduction for depreciation; (b) a business interruption or
rental loss insurance policy, in an amount at least equal to six months of
operations of the Mortgaged Property estimated as of the date of origination by
the originator of such Mortgage Loan consistent with its normal commercial
lending practices; (c) a flood insurance policy (if any portion of buildings or
other structures on the Mortgaged Property are located in an area identified by
the Federal Emergency Management Agency as having special flood hazards and the
Federal Emergency Management Agency requires flood insurance to be maintained);
and (d) a comprehensive general liability insurance policy in amounts as are
generally required by commercial mortgage lenders, and in any event not less
than $1 million per occurrence. Such insurance policy contains a standard
mortgagee clause that names the mortgagee as an additional insured in the case
of liability insurance policies and as a loss payee in the case of property
insurance policies and requires prior notice to the holder of the Mortgage of
termination or cancellation. No such notice has been received, including any
notice of nonpayment of premiums, that has not been cured. Each Mortgage
obligates the related Mortgagor to maintain all such insurance and, upon such
Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain
such insurance at the Mortgagor's cost and expense and to seek reimbursement
therefor from such Mortgagor. Each Mortgage provides that casualty insurance
proceeds will be applied (a) to the restoration or repair of the related
Mortgaged Property, (b) to the restoration or repair of the related Mortgaged
Property, with any excess insurance proceeds after restoration or repair being
paid to the Mortgagor, or (c) to the reduction of the principal amount of the
Mortgage Loan.

15. Taxes and Assessments. As of the Closing Date, there are no delinquent or
unpaid taxes, assessments (including assessments payable in future installments)
or other outstanding charges affecting any Mortgaged Property that are or may
become a lien of priority equal to or higher than the lien of the related
Mortgage. For purposes of this representation and warranty, real property taxes
and assessments shall not be considered unpaid until the date on which interest
or penalties would be first payable thereon.

16. Mortgagor Bankruptcy. No Mortgagor is, to Seller's knowledge, a debtor in
any state or federal bankruptcy or insolvency proceeding. As of the date of
origination, (i) with respect to Mortgage Loans with a principal balance greater
than $3,500,000, no tenant physically occupying 25% or more (by square feet) of
the net rentable area of the related Mortgaged

                                      2-6
<PAGE>

Property was, to Seller's knowledge, a debtor in any state or federal bankruptcy
or insolvency proceeding and (ii) with respect to Mortgage Loans with a
principal balance equal to or less than $3,500,000 no tenant physically
occupying 50% or more (by square feet) of the net rentable area of the related
Mortgaged Property was, to Seller's knowledge, a debtor in any state or federal
bankruptcy or insolvency proceeding.

17. Leasehold Estate. Each Mortgaged Property consists of a fee simple estate in
real estate or, if the related Mortgage Loan is secured in whole or in part by
the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged
Property (a "Ground Lease"), by the related Mortgagor's interest in the Ground
Lease but not by the related fee interest in such Mortgaged Property (the "Fee
Interest"), and as to such Ground Leases:

      (i)   Such Ground Lease or a memorandum thereof has been or will be
            duly recorded; such Ground Lease (or the related estoppel letter
            or lender protection agreement between Seller and related lessor)
            does not prohibit the current use of the Mortgaged Property and
            does not prohibit the interest of the lessee thereunder to be
            encumbered by the related Mortgage; and there has been no
            material change in the payment terms of such Ground Lease since
            the origination of the related Mortgage Loan, with the exception
            of material changes reflected in written instruments that are a
            part of the related Mortgage File;

      (ii)  The lessee's interest in such Ground Lease is not subject to any
            liens or encumbrances superior to, or of equal priority with, the
            related Mortgage, other than Permitted Encumbrances;

      (iii) The Mortgagor's interest in such Ground Lease is assignable to
            Purchaser and its successors and assigns upon notice to, but without
            the consent of, the lessor thereunder (or, if such consent is
            required, it has been obtained prior to the Closing Date) and, in
            the event that it is so assigned, is further assignable by Purchaser
            and its successors and assigns upon notice to, but without the need
            to obtain the consent of, such lessor or if such lessor's consent is
            required it cannot be unreasonably withheld;

      (iv)  Such Ground Lease is in full force and effect, and the Ground Lease
            provides that no material amendment to such Ground Lease is binding
            on a mortgagee unless the mortgagee has consented thereto, and
            Seller has received no notice that an event of default has occurred
            thereunder, and, to Seller's knowledge, there exists no condition
            that, but for the passage of time or the giving of notice, or both,
            would result in an event of default under the terms of such Ground
            Lease;

      (v)   Such Ground Lease, or an estoppel letter or other agreement, (A)
            requires the lessor under such Ground Lease to give notice of any
            default by the lessee to the holder of the Mortgage; and (B)
            provides that no notice of termination given under such Ground
            Lease is effective against the holder of the Mortgage unless a
            copy of such notice has been delivered to such holder and the
            lessor has offered or is required to enter into a new lease with
            such holder on terms that do not materially vary from the
            economic terms of the Ground Lease.

                                      2-7
<PAGE>

      (vi)   A mortgagee is permitted a reasonable opportunity (including, where
             necessary, sufficient time to gain possession of the interest of
             the lessee under such Ground Lease) to cure any default under such
             Ground Lease, which is curable after the receipt of notice of any
             such default, before the lessor thereunder may terminate such
             Ground Lease;

      (vii)  Such Ground Lease has an original term (including any extension
             options set forth therein) which extends not less than twenty years
             beyond the Stated Maturity Date of the related Mortgage Loan;

      (viii) Under the terms of such Ground Lease and the related Mortgage,
             taken together, any related insurance proceeds or condemnation
             award awarded to the holder of the ground lease interest will be
             applied either (A) to the repair or restoration of all or part of
             the related Mortgaged Property, with the mortgagee or a trustee
             appointed by the related Mortgage having the right to hold and
             disburse such proceeds as the repair or restoration progresses
             (except in such cases where a provision entitling a third party to
             hold and disburse such proceeds would not be viewed as commercially
             unreasonable by a prudent commercial mortgage lender), or (B) to
             the payment of the outstanding principal balance of the Mortgage
             Loan together with any accrued interest thereon; and

      (ix)  Such Ground Lease does not impose any restrictions on subletting
            which would be viewed as commercially unreasonable by prudent
            commercial mortgage lenders lending on a similar Mortgaged Property
            in the lending area where the Mortgaged Property is located; and
            such Ground Lease contains a covenant that the lessor thereunder is
            not permitted, in the absence of an uncured default, to disturb the
            possession, interest or quiet enjoyment of the lessee thereunder for
            any reason, or in any manner, which would materially adversely
            affect the security provided by the related Mortgage.

      (x)   Such Ground Lease requires the Lessor to enter into a new lease upon
            termination of such Ground Lease if the Ground Lease is rejected in
            a bankruptcy proceeding.

18. Escrow Deposits. All escrow deposits and payments relating to each Mortgage
Loan that are, as of the Closing Date, required to be deposited or paid have
been so deposited or paid.

19. LTV Ratio. The gross proceeds of each Mortgage Loan to the related Mortgagor
at origination did not exceed the non-contingent principal amount of the
Mortgage Loan and either: (a) such Mortgage Loan is secured by an interest in
real property having a fair market value (i) at the date the Mortgage Loan was
originated, at least equal to 80 percent of the original principal balance of
the Mortgage Loan or (ii) at the Closing Date, at least equal to 80 percent of
the principal balance of the Mortgage Loan on such date; provided that for
purposes hereof, the fair market value of the real property interest must first
be reduced by (x) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in clauses (a)(i) and (a)(ii) of this paragraph 19 shall
be made on a pro rata basis in accordance

                                      2-8
<PAGE>

with the fair market values of the Mortgaged Properties securing such
cross-collateralized Mortgage Loans); or (b) substantially all the proceeds of
such Mortgage Loan were used to acquire, improve or protect the real property
that served as the only security for such Mortgage Loan (other than a recourse
feature or other third party credit enhancement within the meaning of Treasury
Regulations Section 1.860G-2(a)(1)(ii)).

20. Mortgage Loan Modifications. Any Mortgage Loan that was "significantly
modified" prior to the Closing Date so as to result in a taxable exchange under
Section 1001 of the Code either (a) was modified as a result of the default
under such Mortgage Loan or under circumstances that made a default reasonably
foreseeable or (b) satisfies the provisions of either clause (a)(i) of paragraph
19 (substituting the date of the last such modification for the date the
Mortgage Loan was originated) or clause (a)(ii) of paragraph 19, including the
proviso thereto.

21. Advancement of Funds by Seller. No holder of a Mortgage Loan has advanced
funds or induced, solicited or knowingly received any advance of funds from a
party other than the owner of the related Mortgaged Property, directly or
indirectly, for the payment of any amount required by such Mortgage Loan.

22. No Mechanics' Liens. Each Mortgaged Property is free and clear of any and
all mechanics' and materialmen's liens that are prior or equal to the lien of
the related Mortgage, and no rights are outstanding that under law could give
rise to any such lien that would be prior or equal to the lien of the related
Mortgage except, in each case, for liens insured against by the Title Policy
referred to herein.

23. Compliance with Usury Laws. Each Mortgage Loan complied with all applicable
usury laws in effect at its date of origination.

24. Cross-collateralization. No Mortgage Loan is cross-collateralized or
cross-defaulted with any loan other than one or more other Mortgage Loans.

25. Releases of Mortgaged Property. Except as described in the next sentence, no
Mortgage Note or Mortgage requires the mortgagee to release all or any material
portion of the related Mortgaged Property that was included in the appraisal for
such Mortgaged Property, and/or generates income from the lien of the related
Mortgage except upon payment in full of all amounts due under the related
Mortgage Loan or in connection with the defeasance provisions of the related
Note and Mortgage. The Mortgages relating to those Mortgage Loans identified on
Schedule A hereto require the mortgagee to grant releases of portions of the
related Mortgaged Properties upon (a) the satisfaction of certain legal and
underwriting requirements and/or (b) the payment of a predetermined or
objectively determinable release price and prepayment consideration in
connection therewith. Except as described in the first sentence hereof and for
those Mortgage Loans identified on Schedule A, no Mortgage Loan permits the full
or partial release or substitution of collateral unless the mortgagee or
servicer can require the Borrower to provide an opinion of tax counsel to the
effect that such release or substitution of collateral (a) would not constitute
a "significant modification" of such Mortgage Loan within the meaning of Treas.
Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a
"qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

                                      2-9
<PAGE>

26. No Equity Participation or Contingent Interest. No Mortgage Loan contains
any equity participation by the lender or provides for negative amortization
(except that the ARD Loan may provide for the accrual of interest at an
increased rate after the Anticipated Repayment Date) or for any contingent or
additional interest in the form of participation in the cash flow of the related
Mortgaged Property.

27. No Material Default. To Seller's knowledge, there exists no material
default, breach, violation or event of acceleration (and no event which, with
the passage of time or the giving of notice, or both, would constitute any of
the foregoing) under the documents evidencing or securing the Mortgage Loan, in
any such case to the extent the same materially and adversely affects the value
of the Mortgage Loan and the related Mortgaged Property; provided, however, that
this representation and warranty does not address or otherwise cover any
default, breach, violation or event of acceleration that specifically pertains
to any matter otherwise covered by any other representation and warranty made by
Seller in any of paragraphs 3, 7, 8, 12, 14, 15, 16 and 17 of this Exhibit 2.

28. Inspections. Seller (or if Seller is not the originator, the originator of
the Mortgage Loan) has inspected or caused to be inspected each Mortgaged
Property in connection with the origination of the related Mortgage Loan.

29. Local Law Compliance. Based on due diligence considered reasonable by
prudent commercial mortgage lenders in the lending area where the Mortgaged
Property is located, the improvements located on or forming part of each
Mortgaged Property comply with applicable zoning laws and ordinances, or
constitute a legal non-conforming use or structure or, if any such improvement
does not so comply, such non-compliance does not materially and adversely affect
the value of the related Mortgaged Property, such value as determined by the
appraisal performed at origination or in connection with the sale of the related
Mortgage Loan by Seller hereunder.

30. Junior Liens. None of the Mortgage Loans permits the related Mortgaged
Property to be encumbered by any lien (other than a Permitted Encumbrance)
junior to or of equal priority with the lien of the related Mortgage without the
prior written consent of the holder thereof or the satisfaction of debt service
coverage or similar criteria specified therein. Seller has no knowledge that any
of the Mortgaged Properties is encumbered by any lien junior to the lien of the
related Mortgage.

31. Actions Concerning Mortgage Loans. To the knowledge of Seller, there are no
actions, suits or proceedings before any court, administrative agency or
arbitrator concerning any Mortgage Loan, Mortgagor or related Mortgaged Property
that might adversely affect title to the Mortgaged Property or the validity or
enforceability of the related Mortgage or that might materially and adversely
affect the value of the Mortgaged Property as security for the Mortgage Loan or
the use for which the premises were intended.

32. Servicing. The servicing and collection practices used by Seller or any
prior holder or servicer of each Mortgage Loan have been in all material
respects legal, proper and prudent and have met customary industry standards.

                                      2-10
<PAGE>

33. Licenses and Permits. To Seller's knowledge, based on due diligence that it
customarily performs in the origination of comparable mortgage loans, as of the
date of origination of each Mortgage Loan or as of the date of the sale of the
related Mortgage Loan by Seller hereunder, the related Mortgagor was in
possession of all material licenses, permits and franchises required by
applicable law for the ownership and operation of the related Mortgaged Property
as it was then operated.

34. Assisted Living Facility Regulation. If the Mortgaged Property is operated
as an assisted living facility, to Seller's knowledge (a) the related Mortgagor
is in compliance in all material respects with all federal and state laws
applicable to the use and operation of the related Mortgaged Property and (b) if
the operator of the Mortgaged Property participates in Medicare or Medicaid
programs, the facility is in compliance in all material respects with the
requirements for participation in such programs.

35. Collateral in Trust. The Mortgage Note for each Mortgage Loan is not secured
by a pledge of any collateral that has not been assigned to Purchaser.

36. Due on Sale. Each Mortgage Loan contains a "due on sale" clause, which
provides for the acceleration of the payment of the unpaid principal balance of
the Mortgage Loan if, without prior written consent of the holder of the
Mortgage, the property subject to the Mortgage or any material portion thereof,
or a controlling interest in the related Mortgagor, is transferred, sold or
encumbered by a junior mortgage or deed of trust; provided, however, that
certain Mortgage Loans provide a mechanism for the assumption of the loan by a
third party upon the Mortgagor's satisfaction of certain conditions precedent,
and upon payment of a transfer fee, if any, or transfer of interests in the
Mortgagor or constituent entities of the Mortgagor to a third party or parties
related to the Mortgagor upon the Mortgagor's satisfaction of certain conditions
precedent.

37. Single Purpose Entity. The Mortgagor on each Mortgage Loan with a Cut-Off
Date Principal Balance in excess of $10 million, was, as of the origination of
the Mortgage Loan, a Single Purpose Entity. For this purpose, a "Single Purpose
Entity" shall mean an entity, other than an individual, whose organizational
documents provide substantially to the effect that it was formed or organized
solely for the purpose of owning and operating one or more of the Mortgaged
Properties securing the Mortgage Loans and prohibit it from engaging in any
business unrelated to such Mortgaged Property or Properties, and whose
organizational documents further provide, or which entity represented in the
related Mortgage Loan documents, substantially to the effect that it does not
have any assets other than those related to its interest in and operation of
such Mortgaged Property or Properties, or any indebtedness other than as
permitted by the related Mortgage(s) or the other related Mortgage Loan
documents, that it has its own books and records and accounts separate and apart
from any other person (other than a Mortgagor for a Mortgage Loan that is
cross-collateralized and cross-defaulted with the related Mortgage Loan), and
that it holds itself out as a legal entity, separate and apart from any other
person.

38. Non-Recourse Exceptions. The Mortgage Loan documents for each Mortgage Loan
provide that such Mortgage Loan constitutes either (a) the recourse obligations
of at least one natural person or (b) the non-recourse obligations of the
related Mortgagor, provided that at least

                                      2-11
<PAGE>

one natural person (and the Mortgagor if the Mortgagor is not a natural person)
is liable to the holder of the Mortgage Loan for damages arising in the case of
fraud or willful misrepresentation by the Mortgagor, misappropriation of rents,
insurance proceeds or condemnation awards and breaches of the environmental
covenants in the Mortgage Loan documents.

39. Defeasance and Assumption Costs. The related Mortgage Loan documents provide
that the related borrower is responsible for the payment of all reasonable costs
and expenses of the lender incurred in connection with the defeasance of such
Mortgage Loan and the release of the related Mortgaged Property, and the
borrower is required to pay all reasonable costs and expenses of the lender
associated with the approval of an assumption of such Mortgage Loan.

40. Defeasance. No Mortgage Loan provides that (i) it can be defeased until the
date that is more than two years after the Closing Date, (ii) that it can be
defeased with any property other than government securities (as defined in
Section 2(a)(16) of the Investment Company Act of 1940, as amended) or any
direct non-callable security issued or guaranteed as to principal or interest by
the United States that will provide interest and principal payments sufficient
to satisfy scheduled payments of interest and principal as required under the
related Mortgage Loan, or (iii) defeasance requires the payment of any
consideration other than (a) reimbursement of incidental costs and expenses
and/or (b) a specified dollar amount or an amount that is based on a formula
that uses objective financial information (as defined in Treasury Regulation
Section 1.446-3(c)(4)(ii)).

41. Prepayment Premiums. As of the applicable date of origination of each such
Mortgage Loan, any prepayment premiums and yield maintenance charges payable
under the terms of the Mortgage Loans, in respect of voluntary prepayments,
constituted customary prepayment premiums and yield maintenance charges for
commercial mortgage loans.

42. Terrorism Insurance. With respect to each Mortgage Loan that has a principal
balance as of the Cut-off Date that is greater than or equal to $20,000,000, the
related all risk insurance policy and business interruption policy do not
specifically exclude Acts of Terrorism, as defined in the Terrorism Risk
Insurance Act of 2002, from coverage, or if such coverage is excluded, is
covered by a separate terrorism insurance policy. With respect to each other
Mortgage Loan, the related all risk insurance policy and business interruption
policy did not as of the date of origination of the Mortgage Loan, and, to
Seller's knowledge, do not, as of the date hereof, specifically exclude Acts of
Terrorism from coverage, or if such coverage is excluded, it is covered by a
separate terrorism insurance policy. With respect to each of the Mortgage Loans,
the related Mortgage Loan documents do not expressly waive or prohibit the
mortgagee from requiring coverage for acts of terrorism or damages related
thereto, except to the extent that any right to require such coverage may be
limited by commercially reasonable availability, or as otherwise indicated on
Schedule A.

43. Foreclosure Property. Seller is not selling any Mortgage Loan as part of a
plan to transfer the underlying Mortgaged Property to Purchaser, and Seller does
not know or, to Seller's knowledge, have reason to know that any Mortgage Loan
will default. The representations in this paragraph 43 are being made solely for
the purpose of determining whether the Mortgaged Property, if acquired by the
Trust, would qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code, and may not be relied upon or used for any other
purpose. Such

                                      2-12
<PAGE>

representations shall not be construed as a guarantee to any degree that
defaults or losses will not occur.

                                      2-13
<PAGE>

                                   Schedule A

                  Exceptions to Representations and Warranties

<PAGE>

                                   Schedule B

     List of Mortgagors that are Third-Party Beneficiaries Under Section 5.5

<PAGE>

                                   Schedule C

  List of Mortgage Loans Subject to Secured Creditor Impaired Property Policies

<PAGE>

                                    EXHIBIT 3
                               PRICING FORMULATION

                                       3-1
<PAGE>

                                    EXHIBIT 4
                                  BILL OF SALE

1. Parties. The parties to this Bill of Sale are the following:

                  Seller:           Bear Stearns Commercial Mortgage, Inc.

                  Purchaser:        Bear Stearns Commercial Mortgage
                                    Securities Inc.

2. Sale. For value received, Seller hereby conveys to Purchaser, without
recourse, all right, title and interest in and to the Mortgage Loans identified
on Exhibit 1 (the "Mortgage Loan Schedule") to the Mortgage Loan Purchase
Agreement, dated as of October 18, 2006 (the "Mortgage Loan Purchase
Agreement"), between Seller and Purchaser and all of the following property:

            (a) All accounts, general intangibles, chattel paper, instruments,
      documents, money, deposit accounts, certificates of deposit, goods,
      letters of credit, advices of credit and investment property consisting
      of, arising from or relating to any of the following property: the
      Mortgage Loans identified on the Mortgage Loan Schedule including the
      related Mortgage Notes, Mortgages, security agreements, and title, hazard
      and other insurance policies, all distributions with respect thereto
      payable after the Cut-Off Date, all substitute or replacement Mortgage
      Loans and all distributions with respect thereto, and the Mortgage Files;

            (b) All accounts, general intangibles, chattel paper, instruments,
      documents, money, deposit accounts, certificates of deposit, goods,
      letters of credit, advices of credit, investment property, and other
      rights arising from or by virtue of the disposition of, or collections
      with respect to, or insurance proceeds payable with respect to, or claims
      against other Persons with respect to, all or any part of the collateral
      described in clause (a) above (including any accrued discount realized on
      liquidation of any investment purchased at a discount); and

            (c) All cash and non-cash proceeds of the collateral described in
      clauses (a) and (b) above.

3. Purchase Price. The amount and other consideration set forth on Exhibit 3 to
the Mortgage Loan Purchase Agreement.

4. Definitions. Terms used but not defined herein shall have the meanings
assigned to them in the Mortgage Loan Purchase Agreement.

                                       4-1
<PAGE>

IN WITNESS WHEREOF, each of the parties hereto has caused this Bill of Sale to
be duly executed and delivered on this 18th day of October, 2006.

SELLER:                             BEAR STEARNS COMMERCIAL MORTGAGE, INC.

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

PURCHASER:                          BEAR STEARNS COMMERCIAL MORTGAGE
                                    SECURITIES INC.

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

<PAGE>

                                    EXHIBIT 5

                        FORM OF LIMITED POWER OF ATTORNEY

                                       5-1

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