Document:

EXHIBIT 4.1

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                  WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC.
                                    Depositor

                                       and

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                 Master Servicer

                                       and

                              LENNAR PARTNERS, INC.
                                Special Servicer

                                       and

                        WELLS FARGO BANK MINNESOTA, N.A.
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2003

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

                                 $1,200,914,923

                  Commercial Mortgage Pass-Through Certificates

                                 Series 2003-C5

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

<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   DEFINITIONS

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

                                   ARTICLE II

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

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

                                   ARTICLE III

           ADMINISTRATION AND SERVICING OF THE TRUST FUND

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

                                   ARTICLE IV

                 DISTRIBUTIONS TO CERTIFICATEHOLDERs

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

                                    ARTICLE V

                                THE CERTIFICATES

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

                                   ARTICLE VI

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

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

                                   ARTICLE VII

                                     DEFAULT

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

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

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

                                   ARTICLE IX

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

                                    ARTICLE X

                            ADDITIONAL TAX PROVISIONS

Section 10.01 REMIC Administration.........................................
Section 10.02 Grantor Trust Administration.................................

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

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

<PAGE>

<TABLE>
<CAPTION>
Exhibit Description                             Exhibit No.               Section Reference

<S>                                                <C>           <C>
Form of Class A-1 Certificate                       A-1          Section 1.01 Definition of "Class
                                                                 A-1 Certificate"

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

Form of Class A-1A Certificate                      A-3          Section 1.01 Definition of "Class
                                                                 A-1A Certificate"

Form of Class X-C Certificate                       A-4          Section 1.01 Definition of "Class
                                                                 X-C Certificate"

Form of Class X-P Certificate                       A-5          Section 1.01 Definition of "Class
                                                                 X-P Certificate"

Form of Class B Certificate                         A-6          Section 1.01 Definition of "Class B
                                                                 Certificate"

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

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

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

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

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

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

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

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

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

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

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

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

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

Form of Class R-I Certificate                      A-20          Section 1.01 Definition of "Class
                                                                 R-I Certificate"

Form of Class R-II Certificate                     A-21          Section 1.01 Definition of "Class
                                                                 R-II Certificate"

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

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

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

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

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

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

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

Form of Updated Collection Report                    F           Section 1.01 Definition of "Updated
                                                                 Collection Report"

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

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

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

Form of Transferee Certificate                       H           Section 5.02(c)

Form of Transfer Affidavit and Agreement            I-1          Section 5.02(d)(i)(2)
Pursuant to Section 5.02(d)(i)(2)

Form of Transferor Certificate Pursuant to          I-2          Section 5.02(d)(i)(4)
Section 5.02(d)(i)(4)

Form of Notice and Acknowledgment                   J-1          Section 6.09

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

Form of Certificateholder Confirmation              K-1          Section 3.15(a)
Certificate Request by Beneficial Holder

Form of Prospective Purchaser Certificate           K-2          Section 3.15(a)

Initial Companion Holders                            L           Section 3.27

Class X-P Reference Rate                             M           Section 1.01 Definition of "Class
                                                                 X-P Reference Rate"

Form of Purchase Option Notice                       N           Section 3.18(e)

Form of Defeasance Certificate                       O           Section 3.20(h)

Form of Depositor Certification                      P           Section 8.17(b)

Form of Trustee Certification                        Q           Section 8.17(c)

Form of Master Servicer Certification               R-1          Section 8.17(c)

Form of Special Servicer Certification              R-2          Section 8.17(c)
</TABLE>

<PAGE>

                         POOLING AND SERVICING AGREEMENT

            This Pooling and Servicing  Agreement (this  "Agreement")
is  dated  and  effective  as  of  July 1,   2003,   among   WACHOVIA
COMMERCIAL MORTGAGE  SECURITIES,  INC., as Depositor,  WACHOVIA BANK,
NATIONAL ASSOCIATION,  as Master Servicer,  LENNAR PARTNERS, INC., as
Special Servicer and WELLS FARGO BANK MINNESOTA, N.A., as Trustee.

                             PRELIMINARY STATEMENT:

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

            As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of the ED Loan and certain other related assets
subject to this Agreement as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as the "ED Loan REMIC". The ED Loan
REMIC Regular Interest will be held as an asset of REMIC I, and the ED Loan
REMIC Residual Interest will represent the sole class of "residual interests" in
the ED Loan REMIC and will be represented by the Class R-I Certificates.

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

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

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

                                                                  Corresponding
                                                    Original      Components of
                Original Class    Corresponding      REMIC I        Class X
 Corresponding     Principal     REMIC I Regular    Principal     Certificates
 Certificates       Balance       Interests (1)      Balance          (1)
 ------------   --------------   ---------------    ---------     -------------
Class A-1        $226,000,000        LA-1-1          $3,967,000     X-A-1-1

                                     LA-1-2          $5,041,000     X-A-1-2

                                     LA-1-3         $19,786,000     X-A-1-3

                                     LA-1-4         $22,465,000     X-A-1-4

                                     LA-1-5         $21,883,000     X-A-1-5

                                     LA-1-6         $21,493,000     X-A-1-6

                                     LA-1-7         $20,927,000     X-A-1-7

                                     LA-1-8         $20,445,000     X-A-1-8

                                     LA-1-9         $25,360,000     X-A-1-9

                                     LA-1-10        $27,207,000     X-A-1-10

                                     LA-1-11        $18,360,000     X-A-1-11

                                     LA-1-12        $19,066,000     X-A-1-12

Class A-2        $439,721,000        LA-2-1          $4,859,000     X-A-2-1

                                     LA-2-2         $17,182,000     X-A-2-2

                                     LA-2-3         $75,897,000     X-A-2-3

                                     LA-2-4         $15,071,000     X-A-2-4

                                     LA-2-5         $23,425,000     X-A-2-5

                                     LA-2-6        $303,287,000     X-A-2-6

Class A-1A       $301,015,000        LA-1A-1         $1,449,000     X-A-1A-1

                                     LA-1A-2         $1,896,000     X-A-1A-2

                                     LA-1A-3         $6,799,000     X-A-1A-3

                                     LA-1A-4         $7,635,000     X-A-1A-4

                                     LA-1A-5         $7,493,000     X-A-1A-5

                                     LA-1A-6         $7,315,000     X-A-1A-6

                                     LA-1A-7         $7,144,000     X-A-1A-7

                                     LA-1A-8         $6,976,000     X-A-1A-8

                                     LA-1A-9         $6,742,000     X-A-1A-9

                                    LA-1A-10        $10,311,000    X-A-1A-10

                                    LA-1A-11         $6,260,000    X-A-1A-11

                                    LA-1A-12         $6,114,000    X-A-1A-12

                                    LA-1A-13         $5,911,000    X-A-1A-13

                                    LA-1A-14        $21,751,000    X-A-1A-14

                                    LA-1A-15         $5,109,000    X-A-1A-15

                                    LA-1A-16         $4,991,000    X-A-1A-16

                                    LA-1A-17       $187,119,000     XA-1A-17

Class B           $40,531,000          LB           $40,531,000       X-B

Class C           $15,011,000          LC           $15,011,000       X-C

Class D           $31,524,000          LD           $31,524,000       X-D

Class E           $10,508,000         LE-1             $797,000      X-E-1

                                      LE-2           $9,711,000      X-E-2

Class F           $16,513,000         LF-1           $3,094,000      X-F-1

                                      LF-2           $7,286,000      X-F-2

                                      LF-3           $6,133,000      X-F-3

Class G           $19,515,000         LG-1           $5,940,000      X-G-1

                                      LG-2           $8,525,000      X-G-2

                                      LG-3           $5,050,000      X-G-3

Class H           $19,515,000         LH-1           $7,234,000      X-H-1

                                      LH-2           $9,302,000      X-H-2

                                      LH-3           $2,979,000      X-H-3

Class J           $22,517,000         LJ-1           $9,728,000      X-J-1

                                      LJ-2          $10,262,000      X-J-2

                                      LJ-3           $2,527,000      X-J-3

Class K           $12,009,000         LK-1          $11,071,000      X-K-1

                                      LK-2             $938,000      X-K-2

Class L            $6,005,000          LL            $6,005,000       X-L

Class M            $6,004,000          LM            $6,004,000       X-M

Class N            $6,005,000          LN            $6,005,000       X-N

Class O            $4,503,000          LO            $4,503,000       X-O

Class P           $24,018,922          LP           $24,018,922       X-P

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

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

            Each of the five (5) mortgage loans referred to in this Agreement as
the Lloyd Center Companion Loan, the Shoppes of Parkland Companion Loan, the
Hilton Norfolk Companion Loan, the Laurel Pointe Apartments Companion Loan and
the Timberlake Apartments Companion Loan (each a "Companion Loan" and,
collectively the "Companion Loans") are not part of the Trust Fund but are
secured by corresponding Mortgages that secure certain related Mortgage Loans
that are identified on the Mortgage Loan Schedule as the Lloyd Center Mortgage
Loan (loan number 1), the Shoppes of Parkland Mortgage Loan (loan number 19),
the Hilton Norfolk Mortgage Loan (loan number 38), the Laurel Pointe Apartments
Mortgage Loan (loan number 38) and the Timberlake Apartments Mortgage Loan (loan
number 148) (each, a "Co-Lender Loan" and, collectively, the "Co-Lender Loans")
that are part of the Trust Fund. As and to the extent provided herein, the
Companion Loans will be serviced and administered in accordance with this
Agreement. Amounts attributable to the Companion Loans will not be assets of the
Trust Fund, and will be owned by the Companion Holders.

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

                                   ARTICLE I

                                   DEFINITIONS

            Section 1.01 Defined Terms.

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

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

            "AB Apartments Companion Holders": The Laurel Pointe Apartments
Companion Holder and the Timberlake Apartments Companion Holder.

            "AB Apartments Companion Loans": The Laurel Pointe Apartments
Companion Loan and the Timberlake Apartments Companion Loan.

            "AB Apartments Intercreditor Agreement": Each of the Laurel Pointe
Apartments Intercreditor Agreement and the Timberlake Apartments Intercreditor
Agreement.

            "AB Apartments Mortgage Loans": The Laurel Pointe Apartments
Mortgage Loan and the Timberlake Apartments Mortgage Loan.

            "AB Companion Holder": Each of the Shoppes of Parkland Companion
Holder, the Hilton Norfolk Companion Holder, the Laurel Pointe Apartments
Companion Holder and the Timberlake Apartments Companion Holder.

            "AB Companion Loan": Each of the Shoppes of Parkland Companion Loan,
the Hilton Norfolk Companion Loan, the Laurel Pointe Apartments Companion Loan
and the Timberlake Apartments Companion Loan.

            "AB Mortgage Loan": Each of the Shoppes of Parkland Mortgage Loan,
the Hilton Norfolk Mortgage Loan, the Laurel Pointe Apartments Mortgage Loan and
the Timberlake Apartments Mortgage Loan.

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

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

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

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

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

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

            "Additional Interest Account": The segregated account, accounts or
subaccounts created and maintained by the Trustee pursuant to Section 3.04(d)
which shall be entitled "Wells Fargo Bank Minnesota, N.A., as Trustee, in trust
for the registered holders of Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2003-C5, Additional
Interest Account." The Additional Interest Account shall not be an asset of the
ED Loan REMIC, REMIC I or REMIC II.

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

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

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

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

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

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

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

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

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

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

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

            "Appraisal Reduction Amount": The excess, if any, of (a) the sum of,
as calculated by the Master Servicer as of the first Determination Date
immediately succeeding the Master Servicer obtaining knowledge of the occurrence
of the Required Appraisal Date if no new Required Appraisal is required or the
date on which a Required Appraisal (or letter update or internal valuation, if
applicable) is obtained and each Determination Date thereafter so long as the
related Mortgage Loan (or Lloyd Center Companion Loan) remains a Required
Appraisal Mortgage Loan (without duplication), (i) the Stated Principal Balance
of the subject Required Appraisal Mortgage Loan, (ii) to the extent not
previously advanced by or on behalf of the Master Servicer, the trustee or the
master servicer under any pooling and servicing agreement pursuant to which
certificates or other securities backed by the Lloyd Center Companion Loan are
issued, all unpaid interest on the Required Appraisal Mortgage Loan or Lloyd
Center Companion Loan through the most recent Due Date prior to such
Determination Date at a per annum rate equal to the related Net Mortgage Rate
(exclusive of any portion thereof that constitutes Additional Interest), (iii)
all accrued but unpaid Servicing Fees and all accrued but unpaid Additional
Trust Fund Expenses in respect of such Required Appraisal Mortgage Loan or Lloyd
Center Companion Loan plus with respect to the Lloyd Center Companion Loan
similar fees and expenses payable under the pooling and servicing agreement,
(iv) all related unreimbursed Advances (plus accrued interest thereon) made by
or on behalf of the Master Servicer, the Trustee with respect to such Required
Appraisal Mortgage Loan (or Lloyd Center Companion Loan) and (v) all (or, with
respect to the Lloyd Center Mortgage Loan or Lloyd Center Companion Loan, half
currently due and unpaid real estate taxes and unfunded improvement reserves and
assessments, insurance premiums, and, if applicable, ground rents in respect of
the related Mortgaged Property over (b) an amount equal to the sum of (i) the
Required Appraisal Value (or, with respect to the Lloyd Center Mortgage Loan or
Lloyd Center Companion Loan, half of the Required Appraisal Value) and (ii) all
escrows, reserves and letters of credit held for the purposes of reserves
(provided such letters of credit may be drawn upon for reserve purposes under
the related Mortgage Loan document) held with respect to such Required Appraisal
Mortgage Loan. If the Special Servicer fails to obtain a Required Appraisal (or
letter update or internal valuation, if applicable) within the time limit
described in Section 3.09(a), the Appraisal Reduction Amount for the related
Required Appraisal Mortgage Loan will equal 25% of the outstanding principal
balance of such Required Appraisal Mortgage Loan, to be adjusted upon receipt of
a Required Appraisal or letter update or internal valuation, if applicable. In
the event a borrower fails to make a balloon payment on a Scheduled Maturity
Date and no Appraisal has been received within 120 days of such failure, the
Appraisal Reduction Amount for the related Mortgage Loan (or Lloyd Center
Companion Loan) will equal 25% of the outstanding principal balance of such
Mortgage Loan or Lloyd Center Companion Loan, to be adjusted upon receipt of the
new Appraisal.

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

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

            "Artesia":  Artesia Mortgage  Capital  Corporation or its
successor in interest.

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

            "Artesia Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of July 1, 2003, between the Depositor and
Artesia and relating to the transfer of the Artesia Mortgage Loans to the
Depositor.

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

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

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

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

            "Available Distribution Amount": With respect to any Distribution
Date, an amount equal to (a) the sum of, without duplication, (i) the aggregate
of the amounts on deposit in the Certificate Account and the Distribution
Account as of the close of business at the end of the related Collection Period
(or, in the event that the Collection Period is deemed to end on the P&I Advance
Date, amounts on deposit as of 3:00 p.m. New York City time) and the amounts
collected by or on behalf of the Master Servicer as of the close of business on
the last day of such Collection Period (or, in the event that the Collection
Period is deemed to end on the P&I Advance Date, amounts collected by or on
behalf of the Master Servicer as of 3:00 p.m. New York City time) and required
to be deposited in the Certificate Account, (ii) the aggregate amount of any P&I
Advances made by the Master Servicer or the Trustee for distribution on the
Certificates on such Distribution Date pursuant to Section 4.03, (iii) the
aggregate amount transferred from the REO Account (if established) to the
Certificate Account as of the last day of the related Collection Period, on or
prior to the P&I Advance Date in such month, pursuant to Section 3.16(c), (iv)
the aggregate amount deposited by the Master Servicer in the Certificate Account
for such Distribution Date pursuant to Section 3.19 in connection with
Prepayment Interest Shortfalls, and (v) for each Distribution Date occurring in
March, and for the final Distribution Date if the final Distribution Date occurs
in February or, if such year is not a leap year, in January, the aggregate of
the Interest Reserve Amounts in respect of each Interest Reserve Loan deposited
into the Distribution Account pursuant to Section 3.05(d), net of (b) the
portion of the amount described in subclauses (a)(i) and (a)(iii) of this
definition that represents one or more of the following: (i) collected Periodic
Payments that are due on a Due Date following the end of the related Collection
Period, (ii) any amounts payable or reimbursable to any Person from the (A)
Certificate Account pursuant to clauses (ii)-(xv) and (xx) of Section 3.05(a) or
(B) the Distribution Account pursuant to clauses (ii) - (vi) of Section 3.05(b),
(iii) Prepayment Premiums and Yield Maintenance Charges, (iv) Additional
Interest, (v) with respect to the Distribution Date occurring in February of
each year and in January of each year that is not a leap year, the Interest
Reserve Amounts with respect to the Interest Reserve Loans to be withdrawn from
the Certificate Account and deposited in the Interest Reserve Account in respect
of such Distribution Date and held for future distribution pursuant to Section
3.04(c), (vi) any amounts deposited in the Certificate Account or the
Distribution Account in error and (vii) any prepayments received on the Mortgage
Loans identified as loan number 90, 107 and 136 on the Mortgage Loan Schedule
received in the related Collection Period after 3:00 p.m. New York City time on
the related P&I Advance Date or on the related Distribution Date (provided that
such funds less any amounts applied to reimburse the Master Servicer for any P&I
Advance shall be available on the immediately succeeding Distribution Date).

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

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

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

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

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

            "Borrower Reserve Agreement": With respect to any Mortgage Loan, the
related borrower reserve agreement, replacement reserve agreement or similar
agreement executed by the Mortgagor and setting forth the terms and amounts
required to be reserved or escrowed for the related Mortgaged Property, in each
case pledged as additional collateral under the related Mortgage.

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

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

            "CBA Companion Holder": Each of the Shoppes of Parkland Companion
Holder and the Hilton Norfolk Companion Holder.

            "CBA Companion Loan": Each of the Shoppes of Parkland Companion Loan
and the Hilton Norfolk Companion Loan.

            "CBA Intercreditor Agreement": Each of the Shoppes of Parkland
Intercreditor Agreement and the Hilton Norfolk Intercreditor Agreement.

            "CBA  Mortgage  Loan":  Each of the  Shoppes of  Parkland
Mortgage Loan and the Hilton Norfolk Mortgage Loan.

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

            "Certificate": Any one of the Wachovia Bank Commercial Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C5, as
executed by the Certificate Registrar and authenticated and delivered hereunder
by the Authenticating Agent.

            "Certificate Account": The segregated account or accounts created
and maintained by the Master Servicer pursuant to Section 3.04(a) on behalf of
the Trustee in trust for Certificateholders, which shall be entitled "Wachovia
Bank, National Association, as Master Servicer for Wells Fargo Bank Minnesota,
N.A., as Trustee, on behalf of and in trust for the registered holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2003-C5." Subject to the related Intercreditor Agreement
and taking into account that (i) each AB Companion Loan is subordinate to its
related AB Mortgage Loan to the extent set forth in the related Intercreditor
Agreement and (ii) the Companion Loan related to the Lloyd Center Mortgage Loan
is pari passu with the Lloyd Center Mortgage Loan, each subaccount described in
the next to last paragraph of Section 3.04(a) that is part of the Certificate
Account shall be for the benefit of the related Companion Holder, to the extent
funds on deposit in such subaccount are attributed to the related Co-Lender
Loan.

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

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

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

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

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

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

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

            "Citigroup":  Citigroup  Global  Markets  Realty Corp. or
its successor in interest.

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

            "Citigroup Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of July 1, 2003, between the Depositor and
Citigroup and relating to the transfer of the Citigroup Mortgage Loans to the
Depositor.

            "Class": Collectively, all of the Certificates bearing the same
alphabetical and, if applicable, numerical class designation.

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

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

            "Class A-1A Certificate": Any one of the Certificates with a "Class
A-1A" designation on the face thereof, substantially in the form of Exhibit A-3
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Class R-I Certificate": Any one of the Certificates with a "Class
R-I" designation on the face thereof, substantially in the form of Exhibit A-20
attached hereto, and evidencing the sole class of residual interests in REMIC I
and the ED Loan REMIC Residual Interest for purposes of the REMIC Provisions.

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

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

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

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

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

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

            "Class X-P Component Crossover Date": (i) With respect to Component
X-A-1-2 and Component X-A-1A-2, the Distribution Date occurring in January 2004,
(ii) with respect to Component X-A-1-3 and Component X-A-1A-3, the Distribution
Date occurring in July 2004, (iii) with respect to Component X-A-1-4 and
Component X-A-1A-4, the Distribution Date occurring in January 2005, (iv) with
respect to Component X-A-1-5 and Component X-A-1A-5 the Distribution Date
occurring in July 2005, (v) with respect to with respect to Component X-A-1-6,
Component X-A-1A-6 and Component X-L, the Distribution Date occurring in January
2006, (vi) with respect to Component X-A-1-7, Component X-A-1A-7 and Component
X-K-1 the Distribution Date in July 2006, (vii) with respect to Component
X-A-1-8, Component X-A-1A-8, Component X-J-1 and Component X-K-2, the
Distribution Date in January 2007, (viii) with respect to Component X-A-1-9,
Component X-A-1A-9 and Component X-J-2, the Distribution Date in July 2007, (ix)
with respect to Component X-A-1-10, Component X-A-1A-10, Component X-H-1 and
Component X-J-3, the Distribution Date in January 2008, (x) with respect to
Component X-A-1-11, Component X-A-1A-11 and Component X-H-2, the Distribution
Date in July 2008, (xi) with respect to the Component X-A-1-12, Component
X-A-1A-12, Component X-A-2-1, Component X-G-1 and Component X-H-3, the
Distribution Date in January 2009, (xii) with respect to Component X-A-1A-13,
Component X-A-2-2 and Component X-G-2, the Distribution Date in July 2009,
(xiii) with respect to Component X-A-1A-14, Component X-A-2-3, Component X-F-1
and Component X-G-3, the Distribution Date in January 2010, (xiv) with respect
to Component X-A-1A-15, Component X-A-2-4 and Component X-F-2, the Distribution
Date July 2010, (xv) with respect to Component X-A-1A-16, Component X-A-2-5,
Component X-F-3 and Component X-E-1, the Distribution Date in January 2011 and
(xvi) with respect to Component X-A-1A-17, Component X-A-2-6, Component X-B,
Component X-C, Component X-D and Component X-E-2, the Distribution Date in July
2011.

            "Class X-P Components": Each of Component X-A-1-2, Component
X-A-1-3, Component X-A-1-4, Component X-A-1-5, Component X-A-1-6, Component
X-A-1-7, Component X-A-1-8, Component X-A-1-9, Component X-A-1-10, Component
X-A-1-11, Component X-A-1-12, Component X-A-1A-2, Component X-A-1A-3, Component
X-A-1A-4, Component X-A-1A-5, Component X-A-1A-6, Component X-A-1A-7, Component
X-A-1A-8, Component X-A-1A-9, Component X-A-1A-10, Component X-A-1A-11,
Component X-A-1A-12, Component X-A-1A-13, Component X-A-1A-14, Component
X-A-1A-15, Component X-A-1A-16, Component X-A-1A-17, Component X-A-2-1,
Component X-A-2-2, Component X-A-2-3, Component X-A-2-4, Component X-A-2-5,
Component X-A-2-6, Component X-B, Component X-C, Component X-D, Component X-E-1,
Component X-E-2, Component X-F-1, Component X-F-2, Component X-F-3, Component
X-G-1, Component X-G-2, Component X-G-3, Component X-H-1, Component X-H-2,
Component X-H-3, Component X-J-1, Component X-J-2, Component X-J-3, Component
X-K-1, Component X-K-2 and Component X-L.

            "Class X-P Notional Amount": As of any date of determination, the
sum of the then Component Notional Amounts of the Class X-P Components.

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

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

            "Class Z Certificate": Any one of the Certificates with a "Class Z"
designation on the face thereof, substantially in the form of Exhibit A-22
attached hereto, and evidencing a proportionate interest in the Additional
Interest that is described in Section 4.01(b).

            "Closing Date": July 8, 2003.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Collection Period": With respect to any Distribution Date, the
period that begins on the twelfth day in the month immediately preceding the
month in which such Distribution Date occurs (or, in the case of the initial
Distribution Date, commencing on the day after the related Cut-off Date) and
ending on and including the eleventh day in the month in which such Distribution
Date occurs, except with respect to three Mortgage Loans, identified on the
Mortgage Loan Schedule as loan numbers 90, 107 and 136, the period that begins
on the sixteenth day in the month immediately preceding the month in which such
Distribution Date occurs (or, in the case of the initial Distribution Date,
commencing the day after the related Cut-off Date) and ends on and includes the
fifteenth day in the month in which such Distribution Date occurs.
Notwithstanding the foregoing, in the event that the last day of a Collection
Period is not a Business Day, any Periodic Payments or Principal Prepayments
with respect to the Mortgage Loans relating to a Due Date occurring in such
Collection Period (but for the application of the next Business Day convention)
received on the Business Day immediately following such day will be deemed to
have been received during such Collection Period and not during any other
Collection Period.

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

            "Companion Distribution Account": With respect to the Companion
Loans, the separate account created and maintained by the Companion Paying Agent
pursuant to Section 3.04(b) and held on behalf of the Companion Holders, which
shall be entitled "Wachovia Bank, National Association, as Companion Paying
Agent for the Companion Holders of the Companion Loans relating to the Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2003-C5." The Companion Distribution Accounts shall not be assets of the
Trust Fund, but instead each Companion Distribution Account shall be held by the
Companion Paying Agent on behalf of the applicable Companion Holder. Any such
account shall be an Eligible Account or a subaccount of an Eligible Account.

            "Companion Holder": With respect to any Companion Loan, the owner of
the Mortgage Note representing such Companion Loan. As of the Closing Date, the
Companion Holders of the Companion Loans are (i) Wachovia Bank, National
Association with respect to the Lloyd Center Companion Loan, (ii) CBA-Mezzanine
Capital Finance, LLC with respect to the Shoppes of Parkland Companion Loan,
(iii) CBA-Mezzanine Capital Finance, LLC with respect to the Hilton Norfolk
Companion Loan, (iv) MW1-2002 LLC with respect to the Laurel Pointe Apartments
Companion Loan and (v) MW1-2002 LLC with respect to the Timberlake Apartments
Companion Loan.

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

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

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

            "Component": Each of Component X-A-1-1, Component X-A-1-2, Component
X-A-1-3, Component X-A-1-4, Component X-A-1-5, Component X-A-1-6, Component
X-A-1-7, Component X-A-1-8, Component X-A-1-9, Component X-A-1-10, Component
X-A-1-11, Component X-A-1-12, Component X-A-2-1, Component X-A-2-2, Component
X-A-2-3, Component X-A-2-4, Component X-A-2-5, Component X-A-2-6, Component
X-A-1A-1, Component X-A-1A-2, Component X-A-1A-3, Component X-A-1A-4, Component
X-A-1A-5, Component X-A-1A-6, Component X-A-1A-7, Component X-A-1A-8, Component
X-A-1A-9, Component X-A-1A-10, Component X-A-1A-11, Component X-A-1A-12,
Component X-A-1A-13, Component X-A-1A-14, Component X-A-1A-15, Component
X-A-1A-16, Component X-A-1A-17, Component X-B, Component X-C, Component X-D,
Component X-E-1, Component X-E-2, Component X-F-1, Component X-F-2, Component
X-F-3, Component X-G-1, Component X-G-2, Component X-G-3, Component X-H-1,
Component X-H-2, Component X-H-3, Component X-J-1, Component X-J-2, Component
X-J-3, Component X-K-1, Component X-K-2, Component X-L, Component X-M, Component
X-N and Component X-O and Component X-P.

            "Component Notional Amount": With respect to each Component and any
date of determination, an amount equal to the then REMIC I Principal Balance of
its Corresponding REMIC I Regular Interest.

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

            "Component X-A-1-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-2 as of any date of determination.

            "Component X-A-1-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-3 as of any date of determination.

            "Component X-A-1-4": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-4 as of any date of determination.

            "Component X-A-1-5": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-5 as of any date of determination.

            "Component X-A-1-6": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-6 as of any date of determination.

            "Component X-A-1-7": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-7 as of any date of determination.

            "Component X-A-1-8": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-8 as of any date of determination.

            "Component X-A-1-9": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-9 as of any date of determination.

            "Component X-A-1-10": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-10 as of any date of determination.

            "Component X-A-1-11": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-11 as of any date of determination.

            "Component X-A-1-12": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1-12 as of any date of determination.

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

            "Component X-A-1A-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A--2 as of any date of determination.

            "Component X-A-1A-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-3 as of any date of determination.

            "Component X-A-1A-4": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-4 as of any date of determination.

            "Component X-A-1A-5": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-5 as of any date of determination.

            "Component X-A-1A-6": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-6 as of any date of determination.

            "Component X-A-1A-7": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-7 as of any date of determination.

            "Component X-A-1A-8": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-8 as of any date of determination.

            "Component X-A-1A-9": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-9 as of any date of determination.

            "Component X-A-1A-10": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-10 as of any date of determination.

            "Component X-A-1A-11": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-11 as of any date of determination.

            "Component X-A-1A-12": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-12 as of any date of determination.

            "Component X-A-1A-13": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-13 as of any date of determination.

            "Component X-A-1A-14": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-14 as of any date of determination.

            "Component X-A-1A-15": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-15 as of any date of determination.

            "Component X-A-1A-16": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-16 as of any date of determination.

            "Component X-A-1A-17": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-1A-17 as of any date of determination.

            "Component X-A-2-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-1 as of any date of determination.

            "Component X-A-2-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-2 as of any date of determination.

            "Component X-A-2-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-3 as of any date of determination.

            "Component X-A-2-4": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-4 as of any date of determination.

            "Component X-A-2-5": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-5 as of any date of determination.

            "Component X-A-2-6": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LA-2-6 as of any date of determination.

            "Component X-B": One of 59 components of the Class X-C Certificates
and one of 53 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LB as of any date of determination.

            "Component X-C": One of 59 components of the Class X-C Certificates
and one of 53 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LC as of any date of determination.

            "Component X-D": One of 59 components of the Class X-C Certificates
and one of 53 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LD as of any date of determination.

            "Component X-E-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LE-1 as of any date of determination.

            "Component X-E-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LE-2 as of any date of determination.

            "Component X-F-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LF-1 as of any date of determination.

            "Component X-F-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LF-2 as of any date of determination.

            "Component X-F-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LF-3 as of any date of determination.

            "Component X-G-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LG-1 as of any date of determination.

            "Component X-G-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LG-2 as of any date of determination.

            "Component X-G-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LG-3 as of any date of determination.

            "Component X-H-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LH-1 as of any date of determination.

            "Component X-H-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LH-2 as of any date of determination.

            "Component X-H-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LH-3 as of any date of determination.

            "Component X-J-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LJ-1 as of any date of determination.

            "Component X-J-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LJ-2 as of any date of determination.

            "Component X-J-3": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LJ-3 as of any date of determination.

            "Component X-K-1": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LK-1 as of any date of determination.

            "Component X-K-2": One of 59 components of the Class X-C
Certificates and one of 53 components of the Class X-P Certificates having a
Component Notional Amount equal to the then current REMIC I Principal Balance of
REMIC I Regular Interest LK-2 as of any date of determination.

            "Component X-L": One of 59 components of the Class X-C Certificates
and one of 53 components of the Class X-P Certificates having a Component
Notional Amount equal to the then current REMIC I Principal Balance of REMIC I
Regular Interest LL as of any date of determination.

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

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

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

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

            "Controlling Class": As of any date of determination, the Class of
Sequential Pay Certificates, (a) which bears the latest alphabetical Class
designation and (b) the Class Principal Balance of which is greater than 25% of
the Original Class Principal Balance thereof; provided, however, that if no
Class of Sequential Pay Certificates satisfies clause (b) above, the Controlling
Class shall be the outstanding Class of Certificates (other than the Residual
Certificates or the Class X Certificates) bearing the latest alphabetical Class
designation. With respect to determining the Controlling Class, the Class A-1,
Class A-2 and Class A-1A Certificates shall be deemed a single Class of
Certificates.

            "Controlling Class Representative": As defined in Section 3.25.

            "Corporate Trust Office": The principal corporate trust office of
the Trustee at which at any particular time its corporate trust business with
respect to this Agreement shall be administered, which office at the date of the
execution of this Agreement is located at (i) with respect to maintenance of the
Certificate Register and the transfer and exchange of Certificates, the office
of the Trustee located at Wells Fargo Center, Sixth and Marquette, Minneapolis,
Minnesota 55479-0113, Attention: Corporate Trust Services (CMBS) Wachovia Bank
Commercial Mortgage Trust Series 2003-C5 and (ii) for all other purposes, 9062
Old Annapolis Road, Columbia, Maryland 21045-1951, Attn: Corporate Trust
Services (CMBS) - Wachovia Bank Commercial Mortgage Trust, Series 2003-C5.

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

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

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

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

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

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

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

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

            "Cut-off Date": With respect to any Mortgage Loan or Companion Loan,
the Due Date for such Mortgage Loan or Companion Loan in July, 2003.

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

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

            "Defaulted Mortgage Loan": A Mortgage Loan (i) that is delinquent
sixty days or more in respect to a Periodic Payment (not including the Balloon
Payment) or (ii) is delinquent in respect of its Balloon Payment unless the
Master Servicer has, on or prior to the Due Date of such Balloon Payment,
received written evidence from an institutional lender of such lender's binding
commitment to refinance such Mortgage Loan within 120 days after the Due Date of
such Balloon Payment (provided that, if such refinancing does not occur during
such time specified in the commitment, the related Mortgage Loan will
immediately become a Defaulted Mortgage Loan), in either case such delinquency
to be determined without giving effect to any grace period permitted by the
related Mortgage or Mortgage Note and without regard to any acceleration of
payments under the related Mortgage and Mortgage Note, or (iii) as to which the
Master Servicer or Special Servicer has, by written notice to the related
Mortgagor, accelerated the maturity of the indebtedness evidenced by the related
Mortgage Note.

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

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

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

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

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

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

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

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

            "Determination Party": Either Midland Loan Services, Inc. or GMAC
Commercial Mortgage Corporation, or any successor in interest thereto; provided
that (a) each such party is on the list of approved Special Servicers by S&P or
(b) each Rating Agency has confirmed in writing that such Determination Party
would not result in a downgrade, qualification or withdrawal of the then current
rating assigned to any of the Certificates that are then currently being rated
by such Rating Agency.

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

            "Discount Rate": With respect to any prepaid Mortgage Loan or REO
Loan for purposes of allocating any Yield Maintenance Charge or Prepayment
Premium received thereon or with respect thereto among the respective Classes of
the Sequential Pay Certificates (other than any Excluded Class thereof), an
amount equal to the yield (when compounded monthly) on the U.S. Treasury issue
with a maturity date closest to the maturity date for such prepaid Mortgage Loan
or REO Loan. In the event there are two or more such U.S. Treasury issues (a)
with the same coupon, the issue with the lowest yield shall apply, and (b) with
maturity dates equally close to the maturity date for the prepaid Mortgage Loan
or REO Loan, the issue with the earliest maturity date shall apply.

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

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

            "Distribution Account": The segregated account, accounts or
subaccounts created and maintained by the Paying Agent on behalf of the Trustee
pursuant to Section 3.04(b) which shall be entitled "Wells Fargo Bank Minnesota,
N.A., as Trustee, in trust for the registered holders of Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2003-C5."

            "Distribution Date": The fifteenth day of any month, or if such
fifteenth day is not a Business Day, the Business Day immediately succeeding,
commencing on August 15, 2003.

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

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

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

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

            "ED Loan": That certain Mortgage Loan identified on the Mortgage
Loan Schedule as loan number 107.

            "ED Loan REMIC": The segregated pool of assets subject hereto with
respect to which a separate REMIC election is to be made and consisting of the
ED Loan, proceeds thereof, amounts with respect thereto held in the Certificate
Account, the Interest Reserve Account, the Distribution Account, and the REO
Account, and those items with respect to the ED Loan specified in clauses (iii),
(iv) (with respect to the Wachovia Mortgage Loan Purchase Agreement) and (vi) of
the definition of "REMIC I."

            "ED Loan REMIC Interests": Collectively, the ED Loan REMIC Residual
Interest and the ED Loan REMIC Regular Interest.

            "ED Loan REMIC Regular Interest": The uncertificated "regular
interest," within the meaning of Code Section 860G(a)(1), in the ED Loan REMIC.
The principal balance of the ED Loan REMIC Regular Interest shall equal the
outstanding Stated Principal Balance of the ED Loan (or, if applicable, the
deemed Stated Principal Balance of any successor REO Loan). The interest rate on
the ED Loan REMIC Regular Interest shall be the Net Mortgage Rate of the ED
Loan. Payments and other collections of amounts received on or in respect to the
ED Loan (or any related REO Property) shall be deemed distributable on the ED
Loan REMIC Regular Interest.

            "ED Loan REMIC Residual Interest": The sole class of "residual
interest," within the meaning of Code Section 860G(a)(2), in the ED Loan REMIC.
The ED Loan REMIC Residual Interest shall be represented by the Class R-I
Certificates.

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

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

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

            "ERISA Restricted Certificate": Any Class J, Class K, Class L, Class
M, Class N, Class O or Class P Certificate; provided, that any such Certificate
(a) will cease to be considered an ERISA Restricted Certificate and (b) will
cease to be subject to the transfer restrictions related to ERISA Restricted
Certificates contained in Section 5.02(c) if, as of the date of a proposed
transfer of such Certificate, either (i) it is rated in one of the four highest
generic ratings categories by a Rating Agency or (ii) relevant provisions of
ERISA would permit transfer of such Certificate to a Plan.

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

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

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

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

            "Exemptions": Department of Labor Prohibited Transaction Exemption
("PTE") 96-22, PTE 93-32, PTE 89-89 and PTE 91-14, each as amended from time to
time, or any successor thereto.

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

            "FHLMC": Freddie Mac or any successor.

            "Final Recovery Determination": A determination by the Special
Servicer with respect to any Defaulted Mortgage Loan (and, if applicable, any
defaulted Companion Loan) or REO Property (other than a Mortgage Loan or REO
Property, as the case may be, that was purchased by any of the Mortgage Loan
Sellers, pursuant to the Wachovia Mortgage Loan Purchase Agreement, Citigroup
Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase Agreement
or the Nomura Mortgage Loan Purchase Agreement, as applicable, by the Majority
Subordinate Certificateholder, the Companion Holder or the Special Servicer
pursuant to Section 3.18(c), 3.18(d), 3.18(e) or 3.18(h) or by the Master
Servicer, the Special Servicer or the Majority Subordinate or the purchasing
Certificateholder pursuant to Section 9.01) that there has been a recovery of
all Insurance Proceeds, Liquidation Proceeds and other payments or recoveries
that the Special Servicer has determined, in accordance with the Servicing
Standard, will be ultimately recoverable.

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

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

            "Gain-on-Sale Reserve Account": A segregated account or accounts or
subaccount of the Distribution Account created and maintained by the Trustee
pursuant to Section 3.04(f) in trust for the Certificateholders, which shall be
entitled "Wells Fargo Bank Minnesota, N.A., Trustee, in trust for the registered
holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2003-C5." Any such account shall be an
Eligible Account or a subaccount of an Eligible Account.

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

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

            "Grantor Trust Provisions": Subpart E of Part 1 of subchapter J of
the Code.

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

            "Group 1 Mortgage Loan" shall mean any Mortgage Loan identified on
the Mortgage Loan Schedule as belonging to Loan Group 1.

            "Group 2 Mortgage Loan" shall mean any Mortgage Loan identified on
the Mortgage Loan Schedule as belonging to Loan Group 2.

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

            "Hilton Norfolk Companion Holder": The holder of the Hilton Norfolk
Companion Loan.

            "Hilton Norfolk Companion Loan": That certain loan evidenced by a
note, which is not an asset of the Trust Fund, secured by the Mortgaged Property
securing the Hilton Norfolk Mortgage Loan.

            "Hilton Norfolk Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of May 30, 2003, by and between Wachovia
Bank, National Association, as A Note Holder, and CBA-Mezzanine Capital Finance,
LLC, as B Note Holder, in connection with the Hilton Norfolk Loan Pair.

            "Hilton Norfolk Loan Pair": The Hilton Norfolk Mortgage Loan,
together with the Hilton Norfolk Companion Loan.

            "Hilton Norfolk Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 38.

            "Holder":  A Certificateholder.

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

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

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

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

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

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

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

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

            "Insured Event": With respect to a Lease Enhancement Policy, any
occurrence, condition or event that gives rise or with the passage of time will
give rise to a claim under the Lease Enhancement Policy.

            "Intercreditor Agreement": Each of the Lloyd Center Intercreditor
Agreement, the Shoppes of Parkland Intercreditor Agreement, the Hilton Norfolk
Intercreditor Agreement, the Laurel Pointe Apartments Intercreditor Agreement
and the Timberlake Apartments Intercreditor Agreement.

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

            "Interest Reserve Account": The segregated account created and
maintained by the Master Servicer pursuant to Section 3.04(c) on behalf of the
Trustee in trust for Certificateholders, which shall be entitled "Wachovia Bank,
National Association, as Master Servicer for Wells Fargo Bank Minnesota, N.A.,
as Trustee, on behalf of and in trust for the registered holders of Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2003-C5."

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

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

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

            "Interim Delinquent Loan Status Report": A report substantially
containing the content described in Exhibit T attached hereto, setting forth
those Mortgage Loans which, as of the last day of the calendar month immediately
preceding the preparation of such report, were delinquent.

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

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

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

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

            "Laurel Pointe Apartments Companion Holder": The holder of the
Laurel Pointe Apartments Companion Loan.

            "Laurel Pointe Apartments Companion Loan": That certain loan
evidenced by a note, which is not an asset of the Trust Fund, secured by the
Mortgaged Property securing the Laurel Pointe Apartments Mortgage Loan.

            "Laurel Pointe Apartments Intercreditor Agreement": The
Intercreditor Agreement Among Note Holders, dated as of July 1, 2003, by and
between Wachovia Bank, National Association, as A Note Holder, and MW1-2002 LLC,
as B Note Holder, in connection with the Laurel Pointe Apartments Loan Pair.

            "Laurel Pointe Apartments Loan Pair": The Laurel Pointe Apartments
Mortgage Loan, together with the Laurel Pointe Apartments Companion Loan.

            "Laurel Pointe Apartments Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 139.

            "Laurel Point Apartments Threshold Event": "Threshold Event" as
defined in the Laurel Pointe Apartments Intercreditor Agreement.

            "Lease Enhancement Policy": With respect to Mortgage Loan numbers
90, 107 and 136 on the Mortgage Loan Schedule, any non-cancelable lease
enhancement insurance policy that insures against certain losses arising out of
casualty and/or condemnation of the related Mortgaged Property.

            "Lease Enhancement Policy Insurer": With respect to the Lease
Enhancement Policy, Lexington Insurance Company; together with any assignee,
successor or subsequent insurer thereunder.

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

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

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

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

            "Lloyd Center Companion Holder": The holder of the Lloyd Center
Companion Loan.

            "Lloyd Center Companion Loan": That certain loan evidenced by a
note, which is not an asset of the Trust Fund, secured by the Mortgaged Property
securing the Lloyd Center Mortgage Loan.

            "Lloyd Center Intercreditor Agreement": The Intercreditor Agreement
Among Note Holders, dated as of July 1, 2003, by and between Wachovia Bank,
National Association, as A Note Holder, and Wachovia Bank, National Association,
as B Note Holder, in connection with the Lloyd Center Loan Pair.

            "Lloyd Center Loan Pair": The Lloyd Center Mortgage Loan, together
with the Lloyd Center Companion Loan.

            "Lloyd Center Mortgage Loan": That certain Mortgage Loan identified
on the Mortgage Loan Schedule as loan number 1.

            "Loan Group" shall mean either Loan Group 1 or Loan Group 2.

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

            "Loan Group 1 Available Distribution Amount" shall mean, with
respect to any Distribution Date, that portion, if any, of the Available
Distribution Amount attributable to Loan Group 1.

            "Loan Group 1 Principal Distribution Amount" shall mean, with
respect to any Distribution Date, that portion, if any, of the Principal
Distribution Amount attributable to Loan Group 1.

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

            "Loan Group 2 Available Distribution Amount" shall mean, with
respect to any Distribution Date, that portion, if any, of the Available
Distribution Amount attributable to Loan Group 2.

            "Loan Group 2 Principal Distribution Amount" shall mean, with
respect to any Distribution Date, that portion, if any, of the Principal
Distribution Amount attributable to Loan Group 2.

            "Loan Pair": Collectively, a Companion Loan and the related
Co-Lender Mortgage Loan.

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

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

            "Majority Mortgage Loans": All of the Mortgage Loans other than the
ED Loan.

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

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

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

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

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

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

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

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

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

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

            (i) the original executed Mortgage Note including any power of
      attorney related to the execution thereof, together with any and all
      intervening endorsements thereon, endorsed on its face or by allonge
      attached thereto (without recourse, representation or warranty, express or
      implied) to the order of Wells Fargo Bank Minnesota, N.A., as trustee for
      the registered holders of Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2003-C5, or in blank
      (or a lost note affidavit and indemnity with a copy of such Mortgage Note
      attached thereto);

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

            (iv) an original executed assignment, in recordable form (except for
      any missing recording information), of (a) the Mortgage, (b) any related
      Assignment of Leases (if such item is a document separate from the
      Mortgage and to the extent not already assigned pursuant to preceding
      clause (a)) and (c) any other recorded document relating to the Mortgage
      Loan otherwise included in the Mortgage File, in favor of Wells Fargo Bank
      Minnesota, N.A., as trustee for the registered holders of Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
      Series 2003-C5, or in blank;

            (v) an original assignment of all unrecorded documents relating to
      the Mortgage Loan (to the extent not already assigned pursuant to clause
      (iv) above), in favor of Wells Fargo Bank Minnesota, N.A., as trustee for
      the registered holders of Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2003-C5, or in
      blank;

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

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

            (viii) any filed copies (bearing evidence of filing) or other
      evidence of filing satisfactory to the Trustee of any prior UCC Financing
      Statements in favor of the originator of such Mortgage Loan or in favor of
      any assignee prior to the Trustee (but only to the extent the Mortgage
      Loan Seller had possession of such UCC Financing Statements prior to the
      Closing Date) and, if there is an effective UCC Financing Statement and
      continuation statement in favor of the Mortgage Loan Seller on record with
      the applicable public office for UCC Financing Statements, an original UCC
      Amendment, in form suitable for filing in favor of Wells Fargo Bank
      Minnesota, N.A., as trustee for the registered holders of Wachovia Bank
      Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
      Series 2003-C5, as assignee, or in blank;

            (ix) an original or copy of (a) any Ground Lease, or (b) any loan
      guaranty or indemnity, ground lessor estoppel, environmental insurance
      policy or Lease Enhancement Policy;

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

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

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

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

            (xiv) for any hospitality properties, copies of franchise agreements
      and comfort letters, if any, and the originals of any documents required
      to transfer or assign the comfort letters;

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

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

            "Mortgage Loan Purchase Agreement": Each of the Wachovia Mortgage
Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase Agreement, the
Artesia Mortgage Loan Purchase Agreement and the Nomura Mortgage Loan Purchase
Agreement.

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

            (i) the Mortgage Loan number;

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

            (iii) the Cut-off Date Balance;

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

            (v) the original Mortgage Rate;

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

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

            (viii) the original and remaining amortization term;

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

            (x) the Master Servicing Fee Rate;

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

            (xii) the related Mortgage Loan Seller;

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

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

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

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

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

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

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

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

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

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

            (xxiii) whether such Mortgage Loan is the ED Loan.

            "Mortgage Loan Seller": Wachovia, Citigroup, Artesia, Nomura or
their respective successors in interest.

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

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

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

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

            "Mortgagor": The obligor or obligors on a Mortgage Note, including
without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note.

            "Net Aggregate Prepayment Interest Shortfall": With respect to any
Distribution Date, the amount, if any, by which (a) the aggregate of all
Prepayment Interest Shortfalls incurred in connection with the receipt of
Principal Prepayments on the Mortgage Loans during the related Collection
Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the
Certificate Account for such Distribution Date pursuant to Section 3.19(a) in
connection with such Prepayment Interest Shortfalls on the Mortgage Loans.

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

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

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

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

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

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

            "Nomura Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of July 1, 2003, between the Depositor and
Nomura and relating to the transfer of the Nomura Mortgage Loans to the
Depositor.

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

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

            "Nonrecoverable P&I Advance": Any P&I Advance previously made or
proposed to be made in respect of any Mortgage Loan or REO Loan by the Master
Servicer or the Trustee, as the case may be, that, as determined by the Master
Servicer or the Trustee, as applicable, in accordance with the Servicing
Standard with respect to such P&I Advance will not be ultimately recoverable
from Late Collections, Insurance Proceeds or Liquidation Proceeds, or any other
recovery on or in respect of such Mortgage Loan, REO Loan or the Lloyd Center
Companion Loan.

            "Nonrecoverable Servicing Advance": Any Servicing Advance previously
made or proposed to be made in respect of a Mortgage Loan, REO Loan or Companion
Loan by the Master Servicer or the Trustee, as the case may be, that, as
determined by the Master Servicer or the Trustee in accordance with the
Servicing Standard, will not be ultimately recoverable from Late Collections,
Insurance Proceeds, Liquidation Proceeds, or any other recovery on or in respect
of such Mortgage Loan, Companion Loan or REO Property.

            "Non-Registered Certificate": Unless and until registered under the
Securities Act, any Class X, Class A-1A, 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 Z,
Class R-I or Class R-II Certificate.

            "Non-United States Person": Any Person (i) other than a United
States Person or (ii) who is a United States Person with respect to whom income
on a Residual Certificate is allocable to a foreign permanent establishment or
fixed base (within the meaning of an applicable income tax treaty) of such
Person or any other United States Person.

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

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

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

            "Original Class Principal Balance": With respect to any Class of
Regular Certificates (other than the Class X Certificates), the initial Class
Principal Balance thereof as of the Closing Date, in each case as specified in
the Preliminary Statement.

            "Original Class X-C Notional Amount": $1,200,914,923.

            "Original Class X-P Notional Amount": $1,154,968,000.

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

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

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

            "Pass-Through Rate": With respect to:

                  (i)   the Class A-1 Certificates for any Distribution Date,
                        2.986% per annum;

                  (ii)  the Class A-2 Certificates for any Distribution Date,
                        3.989% per annum;

                  (iii) the Class A-1A Certificates for any Distribution Date,
                        3.182% per annum;

                  (iv)  the Class B Certificates for any Distribution Date,
                        4.107% per annum;

                  (v)   the Class C Certificates for any Distribution Date,
                        4.139% per annum;

                  (vi)  the Class D Certificates for any Distribution Date,
                        4.168% per annum;

                  (vii) the Class E Certificates for any Distribution Date,
                        4.228% per annum;

                  (viii) the Class F Certificates for any Distribution Date, the
                        lesser of (1) 4.535% per annum and (2) the Weighted
                        Average Net Mortgage Rate for such date;

                  (ix)  the Class G Certificates for any Distribution Date, the
                        lesser of (1) 4.634% per annum and (2) the Weighted
                        Average Net Mortgage Rate for such date;

                  (x)   the Class H Certificates for any Distribution Date, the
                        lesser of (1) 5.178% per annum and (2) the Weighted
                        Average Net Mortgage Rate for such date;

                  (xi)  the Class J Certificates for any Distribution Date,
                        4.298% annum;

                  (xii) the Class K Certificates for any Distribution Date,
                        4.298% per annum;

                  (xiii) the Class L Certificates for any Distribution Date,
                        4.298% per annum;

                  (xiv) the Class M Certificates for any Distribution Date,
                        4.298% per annum;

                  (xv)  the Class N Certificates for any Distribution Date,
                        4.298% per annum;

                  (xvi) the Class O Certificates for any Distribution Date,
                        4.298% per annum;

                  (xvii) the Class P Certificates for any Distribution Date,
                        4.298% per annum;

                  (xviii) the Class X-C Certificates, for the initial
                        Distribution Date, 1.9188% per annum, and for any
                        subsequent Distribution Date, the weighted average of
                        Class X-C Strip Rates for the Components for such
                        Distribution Date (weighted on the basis of the
                        respective Component Notional Amounts of such Components
                        outstanding immediately prior to such Distribution
                        Date); and

                  (xix) the Class X-P Certificates for the initial Distribution
                        Date, 0.0898% per annum, and for any subsequent
                        Distribution Date, the weighted average of the Class X-P
                        Strip Rates for the respective Class X-P Components for
                        such Distribution Date (weighted on the basis of the
                        respective Component Notional Amounts of such Components
                        outstanding immediately prior to such Distribution
                        Date).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Permitted Transferee": Any Transferee of a Residual Certificate
other than a Disqualified Organization, a Plan or a Non-United States Person.

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

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

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

            "Policy Termination Event": With respect to any Lease Enhancement
Policy, any abatement, rescission, cancellation, termination, contest, legal
process, arbitration or disavowal of liability thereunder by the related
insurer.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Prospectus": The prospectus dated June 12, 2003, as supplemented by
the Prospectus Supplement, relating to the Registered Certificates.

            "Prospectus Supplement": The final prospectus supplement dated June
24, 2003 of the Depositor relating to the registration of the Registered
Certificates under the Securities Act.

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

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

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

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

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

            "Qualified Insurer": An insurance company or security or bonding
company qualified to write the related Insurance Policy in the relevant
jurisdiction (i) with a minimum claims paying ability rating of at least "A2" by
Moody's and "A" by S&P (or the obligations of which are guaranteed or backed by
a company having such a claims paying ability), and (ii) with respect to the
fidelity bond and errors and omissions Insurance Policy required to be
maintained pursuant to Section 3.07(c), an insurance company that has a claims
paying ability rated no lower than two rating categories (without regard to
pluses or minuses or numerical qualifications) below the rating assigned to the
then highest rated outstanding Certificate (or, with respect to the required
Moody's rating, if not rated by Moody's, then at least "A" by two other
nationally recognized statistical rating organizations (which may include S&P))
but in no event lower than "A" by S&P and "A2" by Moody's (or, if not rated by
Moody's, then at least "A" by two other nationally recognized statistical rating
organizations (which may include S&P)), or, in the case of clauses (i) and (ii),
such other rating as each Rating Agency shall have confirmed in writing will not
cause such Rating Agency to downgrade, qualify or withdraw the then-current
rating assigned to any of the Certificates that are then currently being rated
by such Rating Agency.

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

            "Rated Final Distribution Date": The Distribution Date in June 2035,
the first Distribution Date after the 24th month following the end of the
amortization term for the Mortgage Loan that, as of the Cut-off Date, has the
longest remaining amortization term.

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

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

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

            "Registered Certificate": Any Class A-1, Class A-2, Class B or Class
C Certificate.

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

            "Reimbursement Rate": The rate per annum applicable to the accrual
of interest on Servicing Advances in accordance with Section 3.03(d) and on P&I
Advances in accordance with Section 4.03(d), which rate per annum is equal to
the Prime Rate; provided, however, with respect to interest on Servicing
Advances on any Loan Pair, the rate per annum shall be equal to the Prime Rate
plus 1.0% to the extent so provided in the related Intercreditor Agreement.

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

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

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

            "REMIC I": The segregated pool of assets subject hereto,
constituting the primary trust created hereby and to be administered hereunder
with respect to which a separate REMIC election is to be made and, consisting
of: (i) all of the Majority Mortgage Loans as from time to time are subject to
this Agreement and all payments under and proceeds of such Mortgage Loans
received after the Closing Date (excluding all Additional Interest on such
Mortgage Loans), together with all documents included in the related Mortgage
Files and any related Escrow Payments and Reserve Funds; (ii) all amounts held
from time to time in the Interest Reserve Account, the Certificate Account, the
Distribution Account, the Gain-on-Sale Reserve Account and any REO Account;
(iii) any REO Property acquired in respect of a Majority Mortgage Loan; (iv) the
rights of the Depositor under Sections 2, 3, 9, 10, 11, 12, 13, 14, 16, 17, 18
and 19 of each of the Wachovia Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase Agreement
and the Nomura Mortgage Loan Purchase Agreement with respect to such Majority
Mortgage Loans; (v) the ED Loan REMIC Regular Interest and collections thereon;
and (vi) the rights of the mortgagee under all Insurance Policies with respect
to such Mortgage Loans, in each case exclusive of the interest of the holder of
a Companion Loan therein. The ED Loan, collections thereon, any related REO
Property acquired in respect thereof and the related rights of the Depositor
under clause (iv) and (vi) shall be held as assets of the ED Loan REMIC.

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

            "REMIC I Regular Interest": Any of the separate uncertificated
beneficial ownership interests in REMIC I issued hereunder and designated as a
"regular interest" in REMIC I, as described in the Preliminary Statement hereto.

            "REMIC I Remittance Rate": With respect to any REMIC I Regular
Interest for any Distribution Date, the Weighted Average Net Mortgage Rate.

            "REMIC II": The segregated pool of assets consisting of all of the
REMIC I Regular Interests and all amounts held from time to time, to the extent
related to REMIC II, in the Distribution Account conveyed in trust to the
Trustee for the benefit of REMIC II, as holder of the REMIC I Regular Interests,
and the Holders of the Class R-II Certificates pursuant to Section 2.08, with
respect to which a separate REMIC election is to be made.

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

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

            "REO Account": A segregated account or accounts created and
maintained by the Special Servicer pursuant to Section 3.16 on behalf of the
Trustee in trust for the Certificateholders, which shall be entitled "Lennar
Partners, Inc., as Special Servicer, in trust for registered holders of Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2003-C5."

            "REO Acquisition": The acquisition of any REO Property pursuant to
Section 3.09.

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

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

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

            "REO Property": A Mortgaged Property acquired on behalf and in the
name of the Trustee for the benefit of the Certificateholders through
foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in
accordance with applicable law in connection with the default or imminent
default of a Mortgage Loan.

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

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

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

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

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

            "Required Appraisal Mortgage Loan": Each Mortgage Loan (i) that is
sixty (60) days or more delinquent in respect of any Periodic Payments, (ii)
that becomes an REO Loan, (iii) that has been modified by the Special Servicer
to reduce the amount of any Periodic Payment (other than a Balloon Payment),
(iv) with respect to which a receiver is appointed and continues in such
capacity in respect of the related Mortgaged Property, (v) with respect to which
a Mortgagor declares bankruptcy or with respect to which the related Mortgagor
is subject to a bankruptcy proceeding, (vi) with respect to which any Balloon
Payment on such Mortgage Loan (or the Lloyd Center Companion Loan) has not been
paid by its scheduled maturity date, unless the Master Servicer has, on or prior
to 60 days following the Stated Maturity Date, received written evidence from an
institutional lender of such lender's binding commitment to refinance such
Mortgage Loan within 120 days after the Due Date of such Balloon Payment
(provided that if such refinancing does not occur during such time specified in
the commitment, the related Mortgage Loan will (or the Lloyd Center Companion
Loan) immediately become a Required Appraisal Mortgage Loan) or (vii) that is
outstanding 60 days after the third anniversary of an extension of its Stated
Maturity Date; provided, however, that a Required Appraisal Mortgage Loan will
cease to be a Required Appraisal Mortgage Loan;

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

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

            so long as at that time no circumstance identified in clauses (i)
through (vi) above exists that would cause the Mortgage Loan (or the Lloyd
Center Companion Loan) to continue to be characterized as a Required Appraisal
Mortgage Loan.

            "Required Appraisal Value": An amount equal to 90% of the Appraised
Value (net of any prior liens and estimated liquidation expenses) of the
Mortgaged Property related to the subject Required Appraisal Mortgage Loan as
determined by a Required Appraisal or letter update or internal valuation, if
applicable, and provided further that for purposes of determining any Appraisal
Reduction Amount in respect of such Required Appraisal Mortgage Loan, such
Appraisal Reduction Amount shall be amended annually to reflect the Required
Appraisal Value determined pursuant to any Required Appraisal or letter update
or internal valuation, if applicable, of a Required Appraisal conducted
subsequent to the original Required Appraisal performed pursuant to Section
3.09(a).

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

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

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

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

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

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

            "Sarbanes-Oxley Act": The Sarbanes-Oxley Act of 2002.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "Shoppes of Parkland Companion Holder": The holder of the Shoppes of
Parkland Companion Loan.

            "Shoppes of Parkland Companion Loan": That certain loan evidenced by
a note, which is not an asset of the Trust Fund, secured by the Mortgaged
Property securing the Shoppes of Parkland Mortgage Loan.

            "Shoppes of Parkland Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of April 24, 2003, by and between
Wachovia Bank, National Association, as A Note Holder, and CBA-Mezzanine Capital
Finance, LLC, as B Note Holder, in connection with the Shoppes of Parkland Loan
Pair.

            "Shoppes of Parkland Loan Pair": The Shoppes of Parkland Mortgage
Loan, together with the Shoppes of Parkland Companion Loan.

            "Shoppes of Parkland Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 19.

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

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

            "Special Reserve Account": As used herein, the Trustee may create a
segregated custodial account or accounts pursuant to Section 2.02(d) in trust
for the Certificateholders, which shall be entitled "Wells Fargo Bank Minnesota,
N.A., as Trustee, in trust for the registered holders of Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2003-C5." Any such account will be an Eligible Account.

            "Special Servicer": Lennar Partners, Inc., or any successor special
servicer appointed as herein provided.

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

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

            "Specially Serviced Mortgage Loan": Any Mortgage Loan or Companion
Loan as to which any of the following events have occurred:

            (a) the related Mortgagor shall have (i) failed to make when due any
Balloon Payment unless the Master Servicer has, on or prior to the due date of
such Balloon Payment, received written evidence from an institutional lender of
such lender's binding commitment to refinance such Mortgage Loan or Companion
Loan within 120 days after the due date of such Balloon Payment (provided that
if such refinancing does not occur during such time specified in the commitment,
the related Mortgage Loan will immediately become a Specially Serviced Mortgage
Loan), or (ii) failed to make when due any Periodic Payment (other than a
Balloon Payment), and such failure has continued unremedied for 60 days; or

            (b) the Master Servicer or Special Servicer (in the case of the
Special Servicer, with the consent of the Controlling Class Representative)
shall have determined (with written notice of any such determination by the
Special Servicer to be promptly given by the Special Servicer to the Master
Servicer), in its good faith reasonable judgment, and in accordance with the
Servicing Standard, based on communications with the related Mortgagor, that a
default in making a Periodic Payment (including a Balloon Payment) is likely to
occur and is likely to remain unremedied for at least 60 days; or

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

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

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

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

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

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

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

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

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

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

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

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

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

            "State and Local Taxes": Taxes imposed by the States of New York and
North Carolina and by any other state or local taxing authorities as may, by
notice to the Trustee, assert jurisdiction over the trust fund or any portion
thereof, or which, according to an Opinion of Counsel addressed to the Trustee,
have such jurisdiction.

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

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

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

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

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

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

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

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

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

            A Mortgage Loan or an REO Loan shall be deemed to be part of the
Trust Fund and to have an outstanding Stated Principal Balance until the
Distribution Date on which the payments or other proceeds, if any, received in
connection with a Liquidation Event in respect thereof are to be (or, if no such
payments or other proceeds are received in connection with such Liquidation
Event, would have been) distributed to Certificateholders.

            With respect to any Companion Loan on any date of determination, the
Stated Principal Balance shall equal the unpaid principal balance of such
Companion Loan. In the case of the ED Loan, the principal balance of the ED Loan
REMIC Regular Interest shall equal the Stated Principal Balance of the ED Loan.

            "Subordinated Certificate": Any 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 or Class R-II Certificate.

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

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

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

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

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

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

            "Threshold Event": A Laurel Pointe Apartments Threshold Event or a
Timberlake Apartments Threshold Event.

            "Timberlake Apartments Companion Holder": The holder of the
Timberlake Apartments Companion Loan.

            "Timberlake Apartments Companion Loan": That certain loan evidenced
by a note, which is not an asset of the Trust Fund, secured by the Mortgaged
Property securing the Timberlake Apartments Mortgage Loan.

            "Timberlake Apartments Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of July 1, 2003, by and between Wachovia
Bank, National Association, as A Note Holder, and MW-2002 LLC, as B Note Holder,
in connection with the Timberlake Apartments Loan Pair.

            "Timberlake Apartments Loan Pair": The Timberlake Apartments
Mortgage Loan, together with the Timberlake Apartments Companion Loan.

            "Timberlake Apartments Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 148.

            "Timberlake Apartments Threshold Event": "Threshold Event" as
defined in the Timberlake Apartments Intercreditor Agreement.

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

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

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

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

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

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

            "Trustee Fee Rate": .0021% per annum.

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

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

            "Underwriter": Each of Wachovia Capital Markets, LLC, Citigroup
Global Markets Inc., Nomura Securities International, Inc. or Lehman Brothers
Inc. or, in each case, its successor in interest.

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

            "Unrestricted Servicer Reports": Each of the Updated Collection
Report, CMSA Delinquent Loan Status Report, Historical Loan Modification Report,
CMSA Historical Liquidation Report, Interim Delinquent Loan Status Report and
CMSA REO Status Report.

            "Updated Collection Report": A report substantially containing the
content described in Exhibit F attached hereto and available each month on the
P&I Advance Date, setting forth each Mortgage Loan or REO Loan with respect to
which the Master Servicer received a Periodic Payment or principal payment after
the Determination Date and before the P&I Advance Date for the related month.

            "USAP": The Uniform Single Attestation Program for Mortgage Bankers.

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

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

            "Wachovia Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of July 1, 2003 between the Depositor and
Wachovia and relating to the transfer of the Wachovia Mortgage Loans to the
Depositor.

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

            "Weighted Average Net Mortgage Rate": With respect to any
Distribution Date, the rate per annum equal to the weighted average, expressed
as a percentage and rounded to six decimal places, of the respective Net
Mortgage Rates applicable to the Mortgage Loans as of the first day of the
related Collection Period, weighted on the basis of their respective Stated
Principal Balances immediately following the preceding Distribution Date;
provided, however, that in the case of the ED Loan, "Mortgage Loan" shall refer
to the ED Loan REMIC Regular Interest for purposes of this definition.

            "Wells Fargo Bank Minnesota, N.A.": Wells Fargo Bank Minnesota, N.A.
or its successor in interest.

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

            "Workout Fee Rate": With respect to each Corrected Mortgage Loan,
1.0%.

            "Yield Maintenance Charge": Payments paid or payable, as the context
requires, on a Mortgage Loan as the result of a Principal Prepayment thereon,
not otherwise due thereon in respect of principal or interest, which have been
calculated (based on Scheduled Payments on such Mortgage Loan) to compensate the
holder for reinvestment losses based on the value of an interest rate index at
or near the time of prepayment. Any other prepayment premiums, penalties and
fees not so calculated will not be considered "Yield Maintenance Charges." In
the event that a Yield Maintenance Charge shall become due for any particular
Mortgage Loan, the Master Servicer shall be required to follow the terms and
provisions contained in the applicable Mortgage Note, provided, however, in the
event the particular Mortgage Note shall not specify the U.S. Treasuries which
shall be used in determining the discount rate or the reinvestment yield to be
applied in such calculation, the Master Servicer shall be required to use those
U.S. Treasuries having maturity dates most closely approximating the maturity of
such Mortgage Loan. Accordingly if either no U.S. Treasury issue, or more than
one U.S. Treasury issue, shall coincide with the term over which the Yield
Maintenance Charge shall be calculated (which depending on the applicable
Mortgage Note is based on the remaining average life of the Mortgage Loan or the
actual term remaining through the Maturity Date), the Master Servicer shall use
the U.S. Treasury whose reinvestment yield is the lowest, with such yield being
based on the bid price for such issue as published in The Wall Street Journal on
the date that is fourteen (14) days prior to the date that the Yield Maintenance
Charge shall become due and payable (or, if such bid price is not published on
that date, the next preceding date on which such bid price is so published) and
converted to a monthly compounded nominal yield. The monthly compounded nominal
yield ("MEY") is derived from the reinvestment yield or discount rate and shall
be defined as MEY = (12X {(1+"BEY"/2)^1/6}-1) where BEY is defined as the U.S.
Treasury Reinvestment Yield which is in decimal form and not in percentage, and
1/6 is the exponential power to which a portion of the equation is raised. For
example, using a BEY of 5.50%, the MEY = (12 X {(1+ .055/2)^0.16667}-1) where
..055 is the decimal version of the percentage 5.5% and 0.16667 is the decimal
version of the exponential power. The MEY in the above calculation is 5.44%.

                                   ARTICLE II

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

            Section 2.01 Conveyance of Mortgage Loans and ED Loan REMIC
Interests.

            (a) The Depositor, concurrently with the execution and delivery
hereof, does hereby assign, sell, transfer, set over and otherwise convey to the
Trustee, in trust, without recourse, for the benefit of the Certificateholders
(and for the benefit of the other parties to this Agreement as their respective
interests may appear) all the right, title and interest of the Depositor, in, to
and under (i) the Mortgage Loans and all documents included in the related
Mortgage Files and Servicing Files, (ii) the rights of the Depositor under
Sections 2, 3, 9, 10, 11, 12, 13, 14, 16, 17 and 18 of each of the Wachovia
Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase
Agreement, the Artesia Mortgage Loan Purchase Agreement and the Nomura Mortgage
Loan Purchase Agreement, (iii) all other assets included or to be included in
the Trust Fund and (iv) with respect to the Wachovia Mortgage Loan Purchase
Agreement, Section 21 thereof. Such assignment includes all interest and
principal received or receivable on or with respect to the Mortgage Loans and
due after the Cut-off Date. The transfer of the Mortgage Loans and the related
rights and property accomplished hereby is absolute and, notwithstanding Section
11.07, is intended by the parties to constitute a sale.

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

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

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

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

            (e) All documents and records in the Servicing File in possession of
the Depositor or the Mortgage Loan Sellers (except attorney client privileged
communications and internal correspondence and credit analysis of the Mortgage
Loan Sellers) that relate to the Mortgage Loans and that are not required to be
a part of a Mortgage File in accordance with the definition thereof (including
any original letters of credit), together with all Escrow Payments and Reserve
Accounts in the possession thereof, shall be delivered to the Master Servicer or
such other Person as may be directed by the Master Servicer (at the expense of
the applicable Mortgage Loan Seller) on or before the Closing Date and shall be
held by the Master Servicer on behalf of the Trustee in trust for the benefit of
the Certificateholders; provided, however, the Master Servicer shall have no
responsibility for holding documents created or maintained by the Special
Servicer hereunder and not delivered to the Master Servicer.

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

            Section 2.02 Acceptance of the Trust Fund by Trustee.

            (a) The Trustee, by its execution and delivery of this Agreement,
acknowledges receipt of the Depositor's assignment to it of the Depositor's
right, title and interest in the assets that constitute the Trust Fund, and
further acknowledges receipt by it or a Custodian on its behalf, subject to the
provisos in the definition of "Mortgage File" and the provisions of Section 2.01
and subject to the further limitations on review provided for in Section 2.02(b)
and the exceptions noted on the schedule of exceptions of (i) the Mortgage File
delivered to it for each Mortgage Loan and (ii) a copy of a fully executed
counterpart of each of the Wachovia Mortgage Loan Purchase Agreement, the
Citigroup Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase
Agreement and the Nomura Mortgage Loan Purchase Agreement, all in good faith and
without notice of any adverse claim, and declares that it or a Custodian on its
behalf holds and will hold such documents and the other documents received by it
that constitute portions of the Mortgage Files, and that it holds and will hold
the Mortgage Loans and other assets included in the Trust Fund, in trust for the
exclusive use and benefit of all present and future Certificateholders and, with
respect to any original document in the Mortgage File for a Loan Pair, any
present or future Companion Holder. The Trustee hereby certifies to each of the
Depositor, the Master Servicer, the Special Servicer and each Mortgage Loan
Seller that except as identified in the schedule of exceptions, which is
attached hereto as Exhibit C-1 without regard to the proviso in the definition
of "Mortgage File," each of the original executed Mortgage Notes (or lost note
affidavit), the Mortgage (or an executed copy thereof), the lender's title
policy (original or copy or marked-up title commitment marked as binding and
countersigned by the title company or its authorized agent or an agreement to
provide the same pursuant to binding escrow instructions executed by an
authorized representative of the title company), a copy of any related Ground
Leases, the original (or copy if the original has been delivered to the Master
Servicer) of any related letters of credit (and the related transfer or
assignment documents, if applicable), any franchise agreements, any comfort
letters (and the related transfer or assignment documents, if applicable), as
described in clauses (i), (ii), (vii), (ix)(a), (xii) and (xiv), respectively,
of the definition of Mortgage File, are in its possession. With respect to the
schedule of exceptions described in the preceding sentence, within fifteen (15)
Business Days (or, in the Controlling Class Representative's reasonable
discretion, thirty (30) Business Days) of the Closing Date, with respect to the
documents specified in clauses (i), (ii), (vii), (ix) (solely with respect to
Ground Leases), (xii) and (xiv) of the definition of Mortgage File, the related
Mortgage Loan Seller shall cure any material exception listed therein (for the
avoidance of doubt, any deficiencies with respect to the documents specified in
clause (ii) resulting solely from a delay in the return of the related documents
from the applicable recording office, shall be cured in the time and manner
described in Section 2.01(c)). If such exception is not so cured, the related
Mortgage Loan Seller shall either (1) repurchase the related Mortgage Loan, (2)
with respect to exceptions relating to clause (xii) of the definition of
"Mortgage File", deposit with the Trustee (who shall promptly notify the Master
Servicer thereof) an amount, to be held in a Special Reserve Account, equal to
the amount of the undelivered letter of credit (in the alternative, the related
Mortgage Loan Seller may deliver to the Trustee, with a certified copy to the
Master Servicer, a letter of credit for the benefit of the Master Servicer upon
the same terms and conditions as the undelivered letter of credit) which the
Master Servicer on behalf of the Trustee may use (or draw upon, as the case may
be) under the same circumstances and conditions as the Master Servicer would
have been entitled to draw on the undelivered letter of credit, or (3) with
respect to any exceptions relating to clauses (i), (ii) and (vii), deposit with
the Trustee an amount, to be held in trust in a Special Reserve Account, equal
to 25% of the Stated Principal Balance of the related Mortgage Loan. Any letter
of credit or funds deposited pursuant to clauses (2) and (3) shall be held
pursuant to the related Mortgage Loan Purchase Agreement by the Trustee until
the earlier of (x) the date on which the Master Servicer certifies to the
Trustee and the Controlling Class Representative that such exception has been
cured (or the Trustee certifies the same to the Controlling Class
Representative), at which time such funds or letter of credit, as applicable,
shall be returned to the related Mortgage Loan Seller and (y) thirty (30)
Business Days or, if the Controlling Class Representative extends the Cure
Period, forty-five (45) Business Days after the Closing Date; provided, however,
that if such exception is not cured within such thirty (30) Business Days or
forty-five (45) Business Days, as the case may be, (A) in the case of clause
(2), the Trustee shall retain the funds on deposit in the related Special
Reserve Account, or (B) in the case of clause (3), the related Mortgage Loan
Seller shall repurchase the related Mortgage Loan in accordance with the terms
and conditions of Section 2.03(b) or the related Mortgage Loan Purchase
Agreement, at which time such funds shall be applied to the Purchase Price of
the related Mortgage Loan. Any funds or letter of credit deposited pursuant to
clauses (2) or (3) shall be treated as an "outside reserve fund" for purposes of
the REMIC Provisions, and the related Mortgage Loan Seller shall be treated as
the beneficial owner thereof (and any amounts reimbursed by the ED Loan REMIC,
REMIC I or REMIC II) and shall be taxed on any reinvestment income with respect
to such funds.

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

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

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

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

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

            (a) If any party hereto discovers or receives notice that any
document or documents constituting a part of a Mortgage File has not been
properly executed, is missing (beyond the time period required for its delivery
hereunder), contains information that does not conform in any material respect
with the corresponding information set forth in the Mortgage Loan Schedule, or
does not appear to be regular on its face (each, a "Document Defect"), or
discovers or receives notice of a breach of any representation or warranty
relating to any Mortgage Loan set forth in the Wachovia Mortgage Loan Purchase
Agreement, the Citigroup Mortgage Loan Purchase Agreement, the Artesia Mortgage
Loan Purchase Agreement or the Nomura Mortgage Loan Purchase Agreement (a
"Breach"), the party discovering such Document Defect or Breach shall give
written notice (which notice, in respect of any obligation of the Trustee to
provide notice of a Document Defect, shall be deemed given by the delivery of
the certificate as required by Section 2.02(a)) to the other parties hereto, to
the Majority Subordinate Certificateholder and to the Rating Agencies of such
Document Defect or Breach. Promptly upon becoming aware of any Document Defect
or Breach (including through such written notice provided by any party hereto or
the Majority Subordinate Certificateholder as provided above), if any party
hereto determines that such Document Defect or Breach materially and adversely
affects the value of the affected Mortgage Loan, the interest of the Trust Fund
therein or the interests of any Certificateholder, such party shall notify the
Master Servicer of such determination and promptly after receipt of such notice,
the Master Servicer shall request in writing (with a copy to the other parties
hereto, the Majority Subordinate Certificateholder, the Rating Agencies and the
Controlling Class Representative (if different from the Majority Subordinate
Certificateholder)) that the applicable Mortgage Loan Seller, not later than
ninety (90) days from receipt of such written request (or, in the case of a
Document Defect or Breach relating to a Mortgage Loan not being a "qualified
mortgage" within the meaning of the REMIC Provisions, not later than ninety (90)
days after any party to this Agreement discovers such Document Defect or Breach)
(i) cure such Document Defect or Breach, as the case may be, in accordance with
Section 3(c) of the Wachovia Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase Agreement
or the Nomura Mortgage Loan Purchase Agreement, as applicable, (ii) repurchase
the affected Mortgage Loan in accordance with Section 3(c) of the Wachovia
Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase
Agreement, the Artesia Mortgage Loan Purchase Agreement or the Nomura Mortgage
Loan Purchase Agreement, or (iii) within two years of the Closing Date,
substitute a Qualified Substitute Mortgage Loan for such affected Mortgage Loan
and pay the Master Servicer for deposit into the Certificate Account any
Substitution Shortfall Amount in connection therewith in accordance with
Sections 3(c) and 3(d) of the Wachovia Mortgage Loan Purchase Agreement, the
Citigroup Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase
Agreement or the Nomura Mortgage Loan Purchase Agreement; provided, however,
that if such Document Defect or Breach is capable of being cured, but not within
such ninety (90) day period, such Document Defect or Breach does not relate to
the Mortgage Loan not being treated as a "qualified mortgage" within the meaning
of the REMIC Provisions, and the applicable Mortgage Loan Seller has commenced
and is diligently proceeding with the cure of such Document Defect or Breach
within such ninety (90) day period, the applicable Mortgage Loan Seller shall
have an additional ninety (90) days to complete such cure (or, failing such
cure, to repurchase the related Mortgage Loan); and provided, further, with
respect to such additional ninety (90) day period the applicable Mortgage Loan
Seller shall have delivered an Officer's Certificate to the Trustee setting
forth what actions the applicable Mortgage Loan Seller is pursuing in connection
with the cure thereof and stating that the applicable Mortgage Loan Seller
anticipates such Document Defect or Breach will be cured within the additional
ninety (90) day period; and provided, further, that no Document Defect (other
than with respect to a Mortgage Note, Mortgage, title insurance policy, Ground
Lease, any letter of credit, franchise agreement or any comfort letter and
comfort letter transfer documents (collectively, the "Material Core Documents"))
shall be considered to materially and adversely affect the interests of any
Certificateholder, the interest of the Trust therein or the value of the related
Mortgage Loan unless the document with respect to which the Document Defect
exists is required in connection with an imminent enforcement of the mortgagee's
rights or remedies under the related Mortgage Loan, defending any claim asserted
by any borrower or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage
Loan or for any immediate significant servicing obligations, provided, further,
with respect to Document Defects which materially and adversely affect the
interest of any Certificateholder, the interests of the Trust therein or the
related Mortgage Loan, other than with respect to Document Defects relating to
the Material Core Documents, any applicable cure period following the initial
ninety (90) day cure period may be extended by the Master Servicer or the
Special Servicer if the document involved is not needed imminently. Such
extension will end upon 30 days notice of such need as reasonably determined by
the Master Servicer or Special Servicer (with a possible 30 day extension if the
Master Servicer or Special Servicer agrees that the applicable Mortgage Loan
Seller is diligently pursuing a cure). Pursuant to the related Mortgage Loan
Purchase Agreement, the related Mortgage Loan Seller shall cure all Document
Defects, which materially and adversely affect the interests of any
Certificateholder, the interests of the Trust therein or the related Mortgage
Loan, regardless of the document involved no later than 2 years following the
Closing Date; provided however; that the initial ninety (90) day cure period
referenced above shall not be reduced. For a period of two years from the
Closing Date, so long as there remains any Mortgage File as to which there is
any uncured Document Defect and so long as the applicable Mortgage Loan Seller
shall provide the Officer's Certificate pursuant to Section 3(c) of the Wachovia
Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase
Agreement, the Artesia Mortgage Loan Purchase Agreement or the Nomura Mortgage
Loan Purchase Agreement, the Trustee shall on a quarterly basis prepare and
deliver to the other parties a written report as to the status of such uncured
Document Defects as provided in Section 2.02(a). If the affected Mortgage Loan
is to be repurchased or substituted, the Master Servicer shall designate the
Certificate Account as the account to which funds in the amount of the Purchase
Price or the Substitution Shortfall Amount, as applicable, are to be wired. Any
such repurchase or substitution of a Mortgage Loan shall be on a whole loan,
servicing released basis. In connection with a repurchase of the ED Loan, as
contemplated by this Section 2.03(a), the REMIC Administrator shall effect a
"qualified liquidation" of the ED Loan REMIC in accordance with the REMIC
Provisions. In the case of a substitution for the ED Loan, all references in
this Agreement to the ED Loan shall be to the Qualified Substitute Mortgage Loan
substituted therefor.

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

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

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

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

            (d) The Wachovia Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase Agreement
and the Nomura Mortgage Loan Purchase Agreement provide the sole remedies
available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Document Defect or Breach with respect to the
Mortgage Loans purchased by the Depositor thereunder.

            (e) The Trustee with the cooperation of the Special Servicer (in the
case of Specially Serviced Mortgage Loans) shall, for the benefit of the
Certificateholders, enforce the obligations of the Mortgage Loan Sellers under
Section 3 of the Wachovia Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase Agreement
and the Nomura Mortgage Loan Purchase Agreement.

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

            (g) In the event that the Master Servicer or the Special Servicer
receives notice from the Mortgagor under the ED Loan that such Mortgagor intends
to defease the ED Loan on or before the second anniversary of the Startup Day,
the Master Servicer or the Special Servicer shall promptly notify the Trustee
and the applicable Mortgage Loan Seller of such Mortgagor's intention, and the
Trustee shall direct such Mortgage Loan Seller to repurchase the ED Loan at the
Purchase Price not less than 10 days prior to the date scheduled for such
defeasance. In the event the applicable Mortgage Loan Seller fails to purchase
the ED Loan as required, the Special Servicer shall sell such ED Loan from the
Trust Fund at the highest available price and shall effect a "qualified
liquidation" of the ED Loan REMIC, within the meaning of Section 860F(a)(4) of
the Code, as soon as reasonably practicable and, in any event, prior to the date
of such early defeasance. The Trust shall be indemnified by the applicable
Mortgage Loan Seller for any amount by which the Purchase Price exceeds the
proceeds received by the Trust with respect to such sale and liquidation of the
ED Loan.

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

            Section 2.04 Representations and Warranties of Depositor.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

            Section 3.01 Administration of the Mortgage Loans.

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

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

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

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

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

            Section 3.02 Collection of Mortgage Loan Payments.

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

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

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

            (d) In the event that the Master Servicer or Special Servicer
receives Additional Interest in any Collection Period, or receives notice from
the related Mortgagor that the Master Servicer or Special Servicer will be
receiving Additional Interest in any Collection Period, the Master Servicer or
Special Servicer, as applicable, will promptly notify the Trustee. Subject to
the provisions of Section 3.02(a) hereof, none of the Master Servicer, the
Trustee nor the Special Servicer shall be responsible for any such Additional
Interest not collected after notice from the related Mortgagor.

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

            (f) Within 30 days after the Closing Date, the Master Servicer shall
notify each Lease Enhancement Policy Insurer that (i) both the Master Servicer
and the Special Servicer shall be sent notices under each Lease Enhancement
Policy and (ii) Wells Fargo Bank Minnesota, N.A., as trustee for the registered
holders of the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2003-C5 shall be named the insured party under
each Lease Enhancement Policy. In the event that the Master Servicer has actual
knowledge of an Insured Event under any Lease Enhancement Policy, the Master
Servicer shall notify the Special Servicer thereof within three Business Days
after learning of such event. With respect to each Lease Enhancement Policy, the
Master Servicer and the Special Servicer shall each review and familiarize
itself with the terms and conditions relating to enforcement of claims and shall
monitor the dates by which any claim must be made or any action must be taken
under such policy. The Special Servicer shall prepare and file a "proof of loss"
form with the Lease Enhancement Policy Insurer within five Business Days after
receiving notice or obtaining actual knowledge of any Insured Event under the
related policy and shall diligently process any claims under such policy in
accordance with the Servicing Standard. The Special Servicer shall abide by the
terms and conditions relating to enforcing claims and monitor the dates by which
any claim or action must be taken (including delivering any notices to the Lease
Enhancement Policy Insurer or performing any actions required under each policy)
under each Lease Enhancement Policy to realize the full value of such Lease
Enhancement Policy for the benefit of the Certificateholders. The Special
Servicer shall give notice to the Master Servicer of any claim made under any
Lease Enhancement Policy and of any Policy Termination Event of which the Master
Servicer does not already have notice.

            (g) In the event that the Master Servicer receives notice of any
Policy Termination Event, the Master Servicer shall, within three Business Days
after receipt of such notice, notify the Special Servicer, the Trustee and the
Rating Agencies of such Policy Termination Event in writing. Upon receipt of
such notice, the Special Servicer shall, notwithstanding that the servicing of
the related Mortgage Loan may not have been transferred to the Special Servicer
in accordance with Section 3.21 hereof, address such Policy Termination Event in
accordance with the Servicing Standard. Any legal fees incurred in connection
with a resolution of a Policy Termination Event shall be paid by the Master
Servicer as a Servicing Advance at the request of the Special Servicer or if
such advance is deemed to be a Nonrecoverable Advance such fees shall be
reimbursable to the Special Servicer as an Additional Trust Fund Expense from
the Certificate Account pursuant to Section 3.05(a).

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

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

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

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

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

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

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

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

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

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

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

            (i) all payments on account of principal of the Mortgage Loans or
      Companion Loans, including Principal Prepayments;

            (ii) all payments on account of interest on the Mortgage Loans or
      Companion Loans, including Additional Interest;

            (iii) all Prepayment Premiums and Yield Maintenance Charges;

            (iv) all Insurance Proceeds and Liquidation Proceeds (other than
      Liquidation Proceeds described in clause (vi) of the definition thereof
      that are required to be deposited in the Distribution Account pursuant to
      Section 9.01) received in respect of any Mortgage Loan or Companion Loan;

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

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

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

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

            (ix) any amount required to be deposited by the Master Servicer
      pursuant to Section 3.19(a) in connection with Prepayment Interest
      Shortfalls;

            (x) any amount required to be deposited by the Master Servicer
      pursuant to Section 3.03(d) and 4.03(d) in connection with reimbursing the
      Trust Fund for interest paid on a P&I Advance or Servicing Advance, as
      applicable;

            (xi) any amount paid by a Mortgagor to cover items for which a
      Servicing Advance has been previously made and for which the Master
      Servicer, the Special Servicer or the Trustee, as applicable, has been
      previously reimbursed out of the Certificate Account; and

            (xii) any amount required to be deposited by the Master Servicer or
      the Special Servicer pursuant to Section 3.11(b) and 3.11(d),
      respectively, in connection with reimbursing the Trust Fund for Additional
      Trust Fund Expenses.

            The foregoing requirements for deposit in the Certificate Account
shall be exclusive. Notwithstanding the foregoing, actual payments from
Mortgagors in the nature of Escrow Payments, amounts to be deposited in Reserve
Accounts, and amounts that the Master Servicer and the Special Servicer are
entitled to retain as additional servicing compensation pursuant to Sections
3.11(b) and 3.11(d), need not be deposited by the Master Servicer in the
Certificate Account. If the Master Servicer shall deposit in the Certificate
Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Certificate Account, any provision herein to the
contrary notwithstanding. The Master Servicer shall promptly deliver to the
Special Servicer as additional servicing compensation in accordance with Section
3.11(d), assumption fees, late payment charges (to the extent not applied to pay
interest on Advances as provided in Sections 3.03(d) or 4.03(d) or Additional
Trust Fund Expenses as provided in Section 3.11(d)) and other transaction fees
or other expenses received by the Master Servicer to which the Special Servicer
is entitled pursuant to either of such Sections upon receipt of a certificate of
a Servicing Officer of the Special Servicer describing the item and amount. The
Certificate Account shall be maintained as a segregated account, separate and
apart from trust funds created for mortgage pass-through certificates of other
series and the other accounts of the Master Servicer.

            The Master Servicer may maintain, as part of the Certificate
Account, a subaccount for each Companion Loan on behalf of and in trust for the
benefit of the related Companion Holder, into which subaccount the Master
Servicer shall deposit or cause to be deposited all amounts described in the
first paragraph of this Section 3.04(a) to the extent allocable to the related
Companion Loan in accordance with this Agreement and the related Intercreditor
Agreement, and out of which subaccount the Master Servicer may make withdrawals
to the extent withdrawals of such funds are provided for in Section 3.05(a) of
this Agreement or in the related Intercreditor Agreement. Each such subaccount
shall be an Eligible Account and shall be entitled "Wachovia Bank, National
Association, as Master Servicer, on behalf of and in trust for the related
Companion Holder." The Companion Distribution Account shall be an Eligible
Account. The Trustee and the Master Servicer authorizes the Companion Paying
Agent to make deposits in and withdrawals from the Companion Distribution
Account in accordance with the terms of this Agreement. The Companion Paying
Agent shall establish and maintain a trust account for distributions to the
Companion Loans (the "Companion Distribution Account") which may be a subaccount
of the Certificate Account.

            Upon receipt of any of the amounts described in clauses (i) through
(iv) above with respect to any Mortgage Loan or Companion Loan, the Special
Servicer shall promptly, but in no event later than one Business Day after
receipt of available funds, remit such amounts (net of any reimbursable expenses
incurred by the Special Servicer) to or at the direction of the Master Servicer
for deposit into the Certificate Account in accordance with the second preceding
paragraph, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a
restrictive endorsement. Any such amounts received by the Special Servicer with
respect to an REO Property shall be deposited by the Special Servicer into the
REO Account and remitted to the Master Servicer for deposit into the Certificate
Account pursuant to Section 3.16(c). With respect to any such amounts paid by
check to the order of the Special Servicer, the Special Servicer shall endorse
such check to the order of the Master Servicer and shall deliver promptly, but
in no event later than three Business Days after receipt, any such check to the
Master Servicer by overnight courier, unless the Special Servicer determines,
consistent with the Servicing Standard, that a particular item cannot be so
endorsed and delivered because of a restrictive endorsement or other appropriate
reason.

            (b) The Paying Agent shall establish and maintain one or more trust
accounts (collectively, the "Distribution Account") at the office of the Paying
Agent to be held in trust for the benefit of the Certificateholders. The
Distribution Account shall be an Eligible Account. The Trustee hereby authorizes
the Paying Agent to make deposits in and withdrawals from the Distribution
Account in accordance with the terms of this Agreement. The Master Servicer
shall deliver to the Paying Agent each month on or before 1:30 p.m. New York
City time (or 3:00 p.m. New York City time if the last day of the Collection
Period is deemed to be the P&I Advance Date) on the P&I Advance Date therein,
for deposit in the Distribution Account, an aggregate amount of immediately
available funds equal to that portion of the Available Distribution Amount
(calculated without regard to clauses (a)(ii), (a)(v) and (b)(ii)(B) of the
definition thereof) for the related Distribution Date then on deposit in the
Certificate Account, together with (i) any Prepayment Premiums, Yield
Maintenance Charges and/or Additional Interest received on the Mortgage Loans
during the related Collection Period, and (ii) in the case of the final
Distribution Date, any additional amounts contemplated by the third paragraph of
Section 9.01.

            The Master Servicer shall deliver to the Companion Paying Agent each
month on or before 2:00 p.m. New York City time (or 3:00 p.m. New York City time
if the last day of the Collection Period is deemed to be the P&I Advance Date)
on the P&I Advance Date therein, for deposit in the Companion Distribution
Account, an aggregate amount of immediately available funds equal to the amount
available to be distributed to the related Companion Holder pursuant to the
related Intercreditor Agreement.

            In addition, the Master Servicer shall, as and when required
hereunder, deliver to the Paying Agent for deposit in the Distribution Account:

            (i) any P&I Advances required to be made by the Master Servicer in
      accordance with Section 4.03(a); and

            (ii) the Purchase Price paid in connection with the purchase by the
      Master Servicer of all of the Mortgage Loans and any REO Properties
      pursuant to Section 9.01, exclusive of the portion of such amounts
      required to be deposited in the Certificate Account pursuant to Section
      9.01.

            The Paying Agent shall, upon receipt, deposit in the Distribution
Account any and all amounts received by the Paying Agent that are required by
the terms of this Agreement to be deposited therein.

            All such amounts deposited in respect of the ED Loan shall be deemed
to be assets of the ED Loan REMIC and distributed in respect of the ED Loan
REMIC Regular Interest and the ED Loan REMIC Residual Interest.

            (c) The Master Servicer shall establish and maintain one or more
accounts (collectively, the "Interest Reserve Account"), held on behalf of the
Trustee in trust for the benefit of the Certificateholders. The Interest Reserve
Account shall be an Eligible Account. On or before each Distribution Date in
February and, during each year that is not a leap year, January, the Master
Servicer shall withdraw from the Certificate Account and deposit in the Interest
Reserve Account, with respect to each Interest Reserve Loan, an amount equal to
the Interest Reserve Amount in respect of such Interest Reserve Loan for such
Distribution Date (such withdrawal from the Certificate Account to be made out
of general collections on the Mortgage Pool where any related P&I Advance was
deposited in the Distribution Account).

            (d) Prior to any Collection Period during which Additional Interest
is received, and upon notification from the Master Servicer or Special Servicer
pursuant to Section 3.02(d), the Trustee, on behalf of the Certificateholders
shall establish and maintain the Additional Interest Account in the name of the
Trustee for the benefit of the Class Z Certificateholders. The Additional
Interest Account shall be established and maintained as an Eligible Account.
Prior to the applicable Distribution Date, the Master Servicer shall remit to
the Trustee for deposit in the Additional Interest Account an amount equal to
the Additional Interest received during the applicable Collection Period.

            Following the distribution of Additional Interest to Class Z
Certificateholders on the first Distribution Date after which there are no
longer any Mortgage Loans outstanding which pursuant to their terms could pay
Additional Interest, the Trustee shall terminate the Additional Interest
Account.

            (e) Funds in the Certificate Account, the Interest Reserve Account,
the Distribution Account and the Additional Interest Account may be invested
only in Permitted Investments in accordance with the provisions of Section 3.06.
Funds on deposit in the Gain-on-Sale Reserve Account shall be invested pursuant
to Section 3.06. The Master Servicer shall give written notice to the Trustee,
the Special Servicer and the Rating Agencies of the location of the Certificate
Account as of the Closing Date and of the new location of the Certificate
Account prior to any change thereof. The Paying Agent shall give written notice
to the Trustee, the Master Servicer, the Special Servicer and the Rating
Agencies of any new location of the Distribution Account prior to any change
thereof.

            (f) The Trustee shall establish (upon notice from Special Servicer
of an event occurring that generates Gain-on-Sale Proceeds) and maintain the
Gain-on-Sale Reserve Account in the name of the Trustee for the benefit of the
Certificateholders. The Gain-on-Sale Reserve Account shall be maintained as a
segregated account, separate and apart from trust funds for mortgage
pass-through certificates of other series administered by the Trustee and other
accounts of the Trustee. Upon the disposition of any REO Property in accordance
with Section 3.09 or Section 3.18, the Special Servicer will calculate the
Gain-on-Sale Proceeds, if any, realized in connection with such sale and remit
such funds to the Trustee for deposit into the Gain-on-Sale Reserve Account. Any
Gain-on-Sale Proceeds realized with respect to the ED Loan shall be deemed
distributed in respect of the ED Loan REMIC Residual Interest and immediately
deposited into the Gain-on-Sale Reserve Account in REMIC I.

            Section 3.05 Permitted Withdrawals from the Certificate Account,
Interest Reserve Account, the Additional Interest Account and the Distribution
Account.

            (a) The Master Servicer may, from time to time, make withdrawals
from the Certificate Account for any of the following purposes (the order set
forth below not constituting an order of priority for such withdrawals):

            (i) (A) to remit to the Paying Agent for deposit in the Distribution
      Account the amounts required to be so deposited pursuant to the first
      paragraph of Section 3.04(b) and any amount that may be applied to make
      P&I Advances pursuant to Section 4.03(a); and (B) to deposit in and remit
      to the Companion Paying Agent for deposit in each Companion Distribution
      Account the amounts required to be so deposited pursuant to the second
      paragraph of Section 3.04(b) and any amount relating to a Companion Loan
      that may be applied to make P&I Advances pursuant to Section 4.03(a);

            (ii) to reimburse the Trustee and itself, in that order, for
      unreimbursed P&I Advances, the Trustee's and Master Servicer's right to
      reimbursement pursuant to this clause (ii) with respect to any P&I Advance
      (other than Nonrecoverable Advances, which are reimbursable pursuant to
      clause (vii) below) being limited to amounts that represent Late
      Collections (and with respect to the Mortgage Loans identified on the
      Mortgage Loan Schedule as loans numbers 90, 107 and 136, the Periodic
      Payment made by the Mortgagor during the related Collection Period) of
      interest (net of the related Servicing Fees) and principal (net of any
      related Workout Fee or Liquidation Fee) (A) received in respect of the
      particular Mortgage Loan or REO Loan as to which such P&I Advance was made
      and (B) if the P&I Advance was made in respect to a Co-Lender Loan,
      received in respect of the related Companion Loan;

            (iii) to pay to itself earned and unpaid Master Servicing Fees in
      respect of each Mortgage Loan and REO Loan, the Master Servicer's right to
      payment pursuant to this clause (iii) with respect to any Mortgage Loan or
      REO Loan being limited to amounts received on or in respect of such
      Mortgage Loan (whether in the form of payments, Liquidation Proceeds or
      Insurance Proceeds) or such REO Loan (whether in the form of REO Revenues,
      Liquidation Proceeds or Insurance Proceeds) that are allocable as a
      recovery of interest thereon;

            (iv) to pay to the Special Servicer earned and unpaid Special
      Servicing Fees in respect of each Specially Serviced Mortgage Loan and REO
      Loan;

            (v) to pay the Special Servicer (or, if applicable, a predecessor
      Special Servicer) earned and unpaid Workout Fees or Liquidation Fees in
      respect of each Specially Serviced Mortgage Loan, Corrected Mortgage Loan
      and REO Loan, the Special Servicer's (or, if applicable, any predecessor
      Special Servicer's) right to payment pursuant to this clause (v) with
      respect to any such Mortgage Loan or REO Loan being limited to amounts
      received on or in respect of such Specially Serviced Mortgage Loan or
      Corrected Mortgage Loan (whether in the form of payments or Liquidation
      Proceeds) or such REO Loan (whether in the form of REO Revenues or
      Liquidation Proceeds) that are allocable as a recovery of principal or
      interest thereon (provided that no Liquidation Fee shall be payable out of
      (i) Insurance Proceeds and (ii) any Liquidation Proceeds received in
      connection with the purchase of any Mortgage Loan or REO Property by a
      Mortgage Loan Seller pursuant to the Wachovia Mortgage Loan Purchase
      Agreement, the Citigroup Mortgage Loan Purchase Agreement, the Artesia
      Mortgage Loan Purchase Agreement or the Nomura Mortgage Loan Purchase
      Agreement by the Majority Subordinate Certificateholder, the Companion
      Holder or the Special Servicer as described in Section 3.18(c), Section
      3.18(d), Section 3.18(e) or Section 3.18(h) or by the Master Servicer, the
      Special Servicer or the Majority Subordinate Certificateholder or the
      purchasing Certificateholder pursuant to Section 9.01) or with respect to
      any amounts required to be remitted by the related Mortgage Loan Seller
      pursuant to Section 2.03(h);

            (vi) to reimburse the Trustee or itself, in that order, for any
      unreimbursed Servicing Advances, the Trustee's and the Master Servicer's
      respective rights to reimbursement pursuant to this clause (vi) with
      respect to any Servicing Advance being limited to payments made by the
      related Mortgagor that are allocable to such Servicing Advance, or to
      Liquidation Proceeds, Insurance Proceeds and, if applicable, REO Revenues
      received in respect of the particular Mortgage Loan, Companion Loan or REO
      Property as to which such Servicing Advance was made;

            (vii) to reimburse the Trustee or itself, in that order, for any
      unreimbursed Advances (including interest at the Reimbursement Rate) that
      have been or are determined to be Nonrecoverable Advances or to pay
      itself, with respect to any Mortgage Loan, Companion Loan or any REO
      Property, any related earned Master Servicing Fee that remained unpaid in
      accordance with clause (iii) above following a Final Recovery
      Determination made with respect to such Mortgage Loan or REO Property and
      the deposit into the Certificate Account of all amounts received in
      connection therewith;

            (viii) at such time as it reimburses the Trustee or itself, in that
      order, for any unreimbursed Advance pursuant to clause (ii), (vi) or (vii)
      above, to pay the Trustee or itself, as the case may be, in that order,
      any interest accrued and payable thereon in accordance with Section
      3.03(d) or 4.03(d), as applicable; provided, that the Trustee's and the
      Master Servicer's rights to payment pursuant to this clause (viii) with
      respect to interest on any Advance shall be satisfied (A) subject to the
      terms of the Intercreditor Agreement with respect to the related Loan
      Pair, first out of late payment charges and Penalty Interest collected on
      or in respect of the related Mortgage Loan (and if the Advance was made
      with respect to a Co-Lender Loan, out of such amounts collected on or in
      respect of the related Companion Loan) (the use of such late payment
      charges and Penalty Interest to be allocated between the Master Servicer
      and the Special Servicer on a pro rata basis based on the amount of late
      payment charges and Penalty Interest that the Master Servicer and the
      Special Servicer have received as additional servicing compensation during
      such period), and (B) to the extent that the late payment charges and
      Penalty Interest described in the immediately preceding clause (A) are
      insufficient, but only at the same time or after such Advance has been
      reimbursed, out of general collections on the Mortgage Loans, Companion
      Loans and any REO Properties on deposit in the Certificate Account;

            (ix) to pay for costs and expenses incurred by the Trust Fund
      pursuant to the first sentence of Section 3.12(a) or as to any Mortgage
      Loan that is a Specially Serviced Mortgage Loan;

            (x) to pay itself, as additional servicing compensation in
      accordance with Section 3.11(b), (A) interest and investment income earned
      in respect of amounts held in the Certificate Account as provided in
      Section 3.06(b), but only to the extent of the Net Investment Earnings
      with respect to the Certificate Account for any Collection Period; (B) any
      Prepayment Interest Excesses, and (C) Penalty Interest and late payment
      charges on Mortgage Loans that are not Specially Serviced Mortgage Loans
      (to the extent such Penalty Interest and/or late payment charges were not
      applied to offset interest on Advances pursuant to clause (viii)(A) or
      Additional Trust Fund Expenses pursuant to Section 3.11(b) or inspection
      expenses pursuant to Section 3.12(a));

            (xi) to pay to the Special Servicer, as additional servicing
      compensation in accordance with Section 3.11(d) (to the extent such
      Penalty Interest and/or late payment charges were not applied to offset
      interest on Advances pursuant to clause (viii)(A) or Additional Trust Fund
      Expenses pursuant to Section 3.11(d) or inspection expenses pursuant to
      Section 3.12(a));

            (xii) to pay for the cost of an independent appraiser or other
      expert in real estate matters retained pursuant to Section 3.03(e),
      3.09(a), 3.18 or 4.03(c);

            (xiii) to pay itself, the Special Servicer, the Depositor, or any of
      their respective directors, officers, members, managers, employees and
      agents, as the case may be, any amounts payable to any such Person
      pursuant to Section 6.03;

            (xiv) to pay for (A) the advice of counsel and tax accountants
      contemplated by Section 3.17(a)(iii), (B) the cost of the Opinions of
      Counsel contemplated by Sections 3.09(b)(ii), 3.20(d) and 11.02(a), (C)
      the cost of an Opinion of Counsel contemplated by Section 11.01(a) or
      11.01(c) in connection with any amendment to this Agreement requested by
      the Master Servicer or the Special Servicer that protects or is in
      furtherance of the rights and interests of Certificateholders, and (D) the
      cost of recording this Agreement in accordance with Section 11.02(a);

            (xv) to pay itself, the Special Servicer, any of the Mortgage Loan
      Sellers, the Majority Subordinate Certificateholder, a Companion Holder,
      or any other Person, as the case may be, with respect to each Mortgage
      Loan, if any, previously purchased by such Person pursuant to this
      Agreement, all amounts received thereon subsequent to the date of
      purchase;

            (xvi) to withdraw any Interest Reserve Amount and deposit such
      Interest Reserve Amount into the Interest Reserve Account pursuant to
      Section 3.04(c);

            (xvii) to remit to the Trustee for deposit into the Additional
      Interest Account the amounts required to be deposited pursuant to Section
      3.04(d);

            (xviii) to remit to the Paying Agent for deposit into the
      Distribution Account the amounts required to be deposited pursuant to
      Section 3.04(b);

            (xix) to remit to the Companion Paying Agent for deposit into the
      Companion Distribution Account the amounts required to be deposited
      pursuant to Section 3.04(b);

            (xx) to pay the cost of any Environmental Assessment or any
      remedial, corrective or other action pursuant to Section 3.09(c);

            (xxi) to withdraw any amounts deposited in error;

            (xxii) to withdraw any other amounts that this Agreement expressly
      provides may be withdrawn from the Certificate Account; and

            (xxiii) to clear and terminate the Certificate Account at the
      termination of this Agreement pursuant to Section 9.01.

            The Master Servicer shall keep and maintain separate accounting
records, on a loan-by-loan basis when appropriate, in connection with any
withdrawal from the Certificate Account pursuant to clauses (ii)-(xxiii) above.
Upon request, the Master Servicer shall provide to the Trustee such records and
any other information in the possession of the Master Servicer to enable the
Trustee to determine the amounts attributable to the ED Loan REMIC (with respect
to the ED Loan), REMIC I (with respect to the Majority Mortgage Loans and the ED
Loan REMIC Regular Interest) and the Companion Loans. The Master Servicer shall,
to the extent permitted by the terms of the related Intercreditor Agreement,
make claims for reimbursement from the related Companion Holder in connection
with related Servicing Advances and interest thereon and other related expenses
so as to minimize the total amount of withdrawals on the Certificate Account for
such items. Nothing in the foregoing sentence shall limit the Master Servicer's
rights to be reimbursed for claims relating to the Companion Loans that are
reimbursable claims pursuant to the terms of this Agreement. Notwithstanding
anything in this Section 3.05(a) to the contrary, in no event shall the Master
Servicer withdraw from funds on deposit in the Certificate Account any amount to
be applied to, or to provide reimbursement for, any amounts referenced in this
Section 3.05(a) (other than amounts referenced in clause (xix)) which relate to
any Companion Loan to the extent the related Co-Lender Loan has been paid in
full in a prior Collection Period.

            The Master Servicer shall pay to the Special Servicer (or to third
party contractors at the direction of the Special Servicer), or the Trustee from
the Certificate Account amounts permitted to be paid to the Special Servicer (or
to such third party contractors), or the Trustee therefrom promptly upon receipt
of a certificate of a Servicing Officer of the Special Servicer or of a
Responsible Officer of the Trustee describing the item and amount to which the
Special Servicer (or such third party contractors), or the Trustee is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have
no duty to re-calculate the amounts stated therein. The Special Servicer shall
keep and maintain separate accounting for each Specially Serviced Mortgage Loan
and REO Property, on a loan-by-loan and property-by-property basis, for the
purpose of justifying any request for withdrawal from the Certificate Account.
With respect to each Mortgage Loan or Companion Loan for which it makes an
Advance, the Trustee shall similarly keep and maintain separate accounting for
each Mortgage Loan, on a loan-by-loan and property-by-property basis, for the
purpose of justifying any request for withdrawal from the Certificate Account
for reimbursements of Advances or interest thereon.

            (b) The Paying Agent may, from time to time, make withdrawals from
the Distribution Account for any of the following purposes (in no particular
order of priority):

            (i) to be deemed to transfer from the ED Loan REMIC to REMIC I
      amounts distributable in respect of the ED Loan REMIC Regular Interest and
      to distribute to the Holder of the Class R-I Certificates the amounts
      distributable with respect to the ED Loan REMIC Residual Interest, to make
      deemed distributions to itself as holder of the REMIC I Regular Interests,
      and to make distributions to Certificateholders on each Distribution Date,
      pursuant to Sections 4.01 and 9.01, as applicable;

            (ii) to pay the Trustee or any of its directors, officers, employees
      and agents, as the case may be, any amounts payable or reimbursable to any
      such Person pursuant to Section 8.05;

            (iii) to pay the Trustee the Trustee Fee as contemplated by Section
      8.05(a) hereof with respect to each Mortgage Loan and REO Loan and to pay
      the Trustee, as additional compensation, interest and investment income,
      if any, earned in respect of amounts held in the Distribution Account as
      provided in Section 3.06, but only to the extent of the Net Investment
      Earnings with respect to such account for the related Distribution Date;

            (iv) to pay for the cost of the Opinions of Counsel sought by the
      Trustee (A) as provided in clause (v) of the definition of "Disqualified
      Organization," (B) as contemplated by Section 3.20(d), 9.02(a) and
      10.01(h), or (C) as contemplated by Section 11.01(a) or 11.01(c) in
      connection with any amendment to this Agreement requested by the Trustee
      which amendment is in furtherance of the rights and interests of
      Certificateholders;

            (v) to pay any and all federal, state and local taxes imposed on the
      ED Loan REMIC, REMIC I or REMIC II or on the assets or transactions of
      either such REMIC, together with all incidental costs and expenses, to the
      extent none of the Trustee, the REMIC Administrator, the Master Servicer
      or the Special Servicer is liable therefor pursuant to Section 10.01(i);

            (vi) to pay the REMIC Administrator any amounts reimbursable to it
      pursuant to Section 10.01(e);

            (vii) to pay to the Master Servicer any amounts deposited by the
      Master Servicer in the Distribution Account not required to be deposited
      therein; and

            (viii) to clear and terminate the Distribution Account at the
      termination of this Agreement pursuant to Section 9.01.

            Taxes imposed on the ED Loan REMIC, REMIC I or REMIC II shall be
allocated to the related REMIC, and amounts withdrawn from the Distribution
Account pursuant to clauses (ii) and (iv) above shall be allocated by the REMIC
Administrator between the ED Loan REMIC and REMIC I in proportion to the Stated
Principal Balances of their related Mortgage Loans.

            (c) The Companion Paying Agent may, from time to time, make
withdrawals from the Companion Distribution Account as contemplated by Section
4.01(i).

            (d) The Master Servicer shall on each P&I Advance Date to occur in
March of each year, and in the event the final Distribution Date occurs in
February or, if such year is not a leap year, in January, on the P&I Advance
Date to occur in such February or January, withdraw from the Interest Reserve
Account and deposit into the Distribution Account in respect of each Interest
Reserve Loan, an amount equal to the aggregate of the Interest Reserve Amounts
deposited into the Interest Reserve Account pursuant to Section 3.04(c) during
the immediately preceding Collection Period and, if applicable, the second
preceding Collection Period and, if applicable, the related Collection Period.

            (e) The Paying Agent shall, on any Distribution Date, make
withdrawals from the Additional Interest Account to the extent required to make
the distributions of Additional Interest required by Section 4.01(b).

            Section 3.06 Investment of Funds in the Servicing Accounts, the
Reserve Accounts, the Certificate Account, the Interest Reserve Account, the
Distribution Account, the Companion Distribution Account, the Additional
Interest Account and the REO Account.

            (a) The Master Servicer may direct in writing any depository
institution maintaining a Servicing Account, a Reserve Account, the Interest
Reserve Account or the Certificate Account (each, for purposes of this Section
3.06, an "Investment Account"); the Companion Paying Agent may direct in writing
any depository institution maintaining the Companion Distribution Account, the
Special Servicer may direct in writing any depository institution maintaining
the REO Account (also, for purposes of this Section 3.06, an "Investment
Account"); and the Trustee may direct in writing any depository institution
maintaining the Distribution Account, the Gain-on-Sale Reserve Account or the
Additional Interest Account (also, for purposes of this Section 3.06, an
"Investment Account") to invest, or if it is such depository institution, may
itself invest, the funds held therein only in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand,
no later than the Business Day immediately preceding the next succeeding date on
which such funds are required to be withdrawn from such account pursuant to this
Agreement. Funds held in the Distribution Account, the Companion Distribution
Account, the Additional Interest Account and the Gain-on-Sale Reserve Account
may remain uninvested. In the event that the Master Servicer shall have failed
to give investment directions for any Servicing Account, any Reserve Account,
the Certificate Account, the Interest Reserve Account (exclusive of any accounts
as are held by the Master Servicer) or the Special Servicer shall have failed to
give investment directions for the REO Account by 11:00 A.M. New York time on
any Business Day on which there may be uninvested cash, such funds held in the
REO Account shall be invested in securities described in clause (i) of the
definition of the term "Permitted Investments"; and such funds held in such
other accounts shall be invested in securities described in clause (v) of such
definition. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be
made in the name of the Trustee (in its capacity as such). The Master Servicer
on behalf of the Trustee for the benefit of Certificateholders (with respect to
Permitted Investments of amounts in the Servicing Accounts, the Reserve
Accounts, the Certificate Account or the Interest Reserve Account), the Special
Servicer on behalf of the Trustee for the benefit of Certificateholders (with
respect to Permitted Investments of amounts in the REO Account) and the Trustee
(with respect to Permitted Investments of amounts in the Distribution Account,
Gain-on-Sale Reserve Account or Additional Interest Account) for the benefit of
the Certificateholders, shall (and the Trustee hereby designates the Master
Servicer and the Special Servicer, with respect to any Investment Account
maintained by them, and itself, with respect to the Distribution Account, the
Additional Interest Account and the Gain-on-Sale Reserve Account, as applicable,
as the Person that shall) maintain continuous possession of any Permitted
Investment that is either (i) a "certificated security," as such term is defined
in the UCC, or (ii) other property in which a secured party may perfect its
security interest by possession under the UCC or any other applicable law.
Possession of any such Permitted Investment by the Master Servicer, the Special
Servicer or the Trustee shall constitute possession by the Trustee, as secured
party, for purposes of Section 9-313 of the UCC and any other applicable law. If
amounts on deposit in an Investment Account are at any time invested in a
Permitted Investment payable on demand, the Master Servicer (in the case of the
Certificate Account, Servicing Accounts, the Interest Reserve Account and
Reserve Accounts), the Special Servicer (in the case of the REO Account) or the
Trustee (with respect to Permitted Investments of amounts in the Distribution
Account, Gain on-Sale Reserve Account and Additional Interest Account) shall:

                  (x) consistent with any notice required to be given
            thereunder, demand that payment thereon be made on the last day such
            Permitted Investment may otherwise mature hereunder in an amount
            equal to the lesser of (1) all amounts then payable thereunder and
            (2) the amount required to be withdrawn on such date; and

                  (y) demand payment of all amounts due thereunder promptly upon
            determination by the Master Servicer, the Special Servicer or the
            Trustee, as the case may be, that such Permitted Investment would
            not constitute a Permitted Investment in respect of funds thereafter
            on deposit in the Investment Account.

            (b) Whether or not the Master Servicer directs the investment of
funds in any of the Servicing Accounts, the Reserve Accounts, the Certificate
Account or the Interest Reserve Account, interest and investment income realized
on funds deposited therein, to the extent of the related Net Investment
Earnings, if any, for each Collection Period and, in the case of a Reserve
Account or a Servicing Account, to the extent not otherwise payable to the
related Mortgagor in accordance with applicable law or the related Mortgage Loan
documents, shall be for the sole and exclusive benefit of the Master Servicer
and shall be subject to its withdrawal in accordance with Section 3.03(a),
3.03(f) or 3.05(a), as applicable. Whether or not the Special Servicer directs
the investment of funds in the REO Account, interest and investment income
realized on funds deposited therein, to the extent of the Net Investment
Earnings, if any, for each Collection Period, shall be for the sole and
exclusive benefit of the Special Servicer and shall be subject to its (or the
Paying Agent's on its behalf) withdrawal in accordance with Section 3.16(b).
Whether or not the Trustee directs the investment of funds in the Distribution
Account, Additional Interest Account or the Gain-on-Sale Reserve Account,
interest and investment income realized on funds deposited therein, to the
extent of the Net Investment Earnings, if any, for each related Distribution
Date, shall be for the sole and exclusive benefit of the Trustee and shall be
subject to its (or the Paying Agent's on its behalf) withdrawal in accordance
with Section 3.05(b). If any loss shall be incurred in respect of any Permitted
Investment on deposit in any Investment Account, the Master Servicer (in the
case of the Servicing Accounts, the Reserve Accounts, the Interest Reserve
Account and the Certificate Account, excluding any accounts containing amounts
invested solely for the benefit of, and at the direction of, the Mortgagor under
the terms of the Mortgage Loan or applicable law), the Special Servicer (in the
case of the REO Account) and the Trustee (with respect to Permitted Investments
of amounts in the Distribution Account, Additional Interest Account and the
Gain-on-Sale Reserve Account) shall promptly deposit therein from its own funds,
without right of reimbursement, no later than, in the case of the Master
Servicer and Special Servicer, the end of the Collection Period during which
such loss was incurred and in the case of the Trustee, no later than 12:00 noon,
New York City time, on the Distribution Date, the amount of the Net Investment
Loss, if any, for such Collection Period or on such Distribution Date, provided,
that none of the Master Servicer, the Special Servicer or the Trustee shall be
required to deposit any loss on an investment of funds in an Investment Account
if such loss is incurred solely as a result of the insolvency of the federal or
state chartered depository institution or trust company that holds such
Investment Account, so long as such depository institution or trust company
satisfied the qualifications set forth in the definition of Eligible Account at
the time such investment was made.

            (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment and the Trustee, the Special Servicer or the Master Servicer fails to
deposit any losses with respect to such Permitted Investment pursuant to Section
3.06(b), the Trustee may (or, in the event of a default by the Trustee, the
Master Servicer or Special Servicer shall) and, subject to Section 8.02, upon
the request of Holders of Certificates entitled to not less than 25% of the
Voting Rights allocated to any Class, shall take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate proceedings.

            (d) Notwithstanding the investment of funds held in any Investment
Account, for purposes of the calculations hereunder, including, without
limitation, the calculation of the Available Distribution Amount, the amounts so
invested shall be deemed to remain on deposit in such Investment Account.

            Section 3.07 Maintenance of Insurance Policies; Errors and Omissions
and Fidelity Coverage.

            (a) The Master Servicer (with respect to Mortgage Loans and
Companion Loans and to the extent that the Trust Fund has an insurable interest,
other than Specially Serviced Mortgaged Loans) and the Special Servicer (with
respect to Specially Serviced Mortgage Loans) shall, consistent with the
Servicing Standard, cause to be maintained for each Mortgaged Property all
insurance coverage as is required under the related Mortgage; provided that, if
and to the extent that any such Mortgage permits the holder thereof any
discretion (by way of consent, approval or otherwise) as to the insurance
coverage that the related Mortgagor is required to maintain, the Master Servicer
shall exercise such discretion in a manner consistent with the Servicing
Standard; and provided, further, that, if and to the extent that a Mortgage so
permits, the related Mortgagor shall be required to exercise its reasonable best
efforts to obtain the required insurance coverage from Qualified Insurers and
required insurance coverage obtained by the Master Servicer shall be from
Qualified Insurers. The cost of any such insurance coverage obtained by either
the Master Servicer or the Special Servicer shall be a Servicing Advance to be
paid by the Master Servicer pursuant to Section 3.03. Whether or not the
applicable Mortgage Loan documents require such insurance, the Majority
Subordinate Certificateholder may request that earthquake insurance be secured
for one or more Mortgaged Properties at the expense of the Majority Subordinate
Certificateholder. Subject to Section 3.17(a), the Special Servicer shall also
cause to be maintained for each REO Property no less insurance coverage than was
previously required of the Mortgagor under the related Mortgage; provided that
all such insurance shall be obtained from Qualified Insurers. All such insurance
policies maintained by the Master Servicer or the Special Servicer (i) shall
contain (if they insure against loss to property and do not relate to an REO
Property) a "standard" mortgagee clause, with loss payable to the Trustee or the
Master Servicer on behalf of the Trustee (in the case of insurance maintained in
respect of Mortgage Loans); (ii) shall be in the name of the Special Servicer
(in the case of insurance maintained in respect of REO Properties), on behalf of
the Trustee; (iii) shall be non-cancelable without 30 days' prior written notice
to the insured party; (iv) include coverage in an amount not less than the
lesser of (x) the full replacement cost of the improvements securing a Mortgaged
Property or REO Property, as applicable, or (y) the outstanding principal
balance owing on the related Mortgage Loan or REO Loan, as applicable, and in
any event, the amount necessary to avoid the operation of any co-insurance
provisions; (v) include a replacement cost endorsement providing no deduction
for depreciation (unless such endorsement is not permitted under the related
Mortgage Loan documents); (vi) shall include such other insurance, including, to
the extent available at commercially reasonable rates, earthquake insurance,
where applicable, as required under the applicable Mortgage or other Mortgage
Loan document; and (vii) in each case such insurance shall be issued by an
insurer authorized under applicable law to issue such insurance. Any amounts
collected by the Master Servicer or the Special Servicer under any such policies
(other than amounts to be applied to the restoration or repair of the related
Mortgaged Property or REO Property or amounts to be released to the related
Mortgagor, in each case subject to the rights of any tenants and ground lessors,
as the case may be, and in each case in accordance with the terms of the related
Mortgage and the Servicing Standard) shall be deposited in the Certificate
Account, subject to withdrawal pursuant to Section 3.05(a), in the case of
amounts received in respect of a Mortgage Loan or Companion Loan, or in the REO
Account, subject to withdrawal pursuant to Section 3.16(c), in the case of
amounts received in respect of an REO Property. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not,
for purposes hereof, including, without limitation, calculating monthly
distributions to Certificateholders, be added to unpaid principal balance of the
related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan or
Companion Loans so permit.

            Notwithstanding the foregoing, the Master Servicer or Special
Servicer, as applicable, will not be required to maintain (and in the case of
the Special Servicer, with respect any Specially Serviced Mortgage Loan), and
shall not cause a Mortgagor to be in default with respect to the failure of the
related Mortgagor to obtain, all-risk casualty insurance which does not contain
any carve-out for terrorist or similar acts, if, and only if the Special
Servicer and, with respect to each AB Apartments Mortgage Loan unless a
Threshold Event has occurred and is continuing with respect to such Mortgage
Loan, in consultation with the related AB Apartments Companion Holder has
determined in accordance with the Servicing Standard that either (a) such
insurance is not available at any rate or (b) such insurance is not available at
commercially reasonably rates and that such hazards are not at the time commonly
insured against for properties similar to the Mortgaged Property and located in
or around the region in which such Mortgaged Property is located and the
Controlling Class Representative has approved the decision not to require the
borrower to maintain terrorism insurance (provided, that the decision of the
Controlling Class Representative to grant or withhold such consent shall be
disregarded by the Special Servicer if such consent or lack of consent would
cause the Special Servicer to violate the Servicing Standard); provided,
however, the Controlling Class Representative approval shall be deemed to have
been given if it has not responded within five business days of receipt of the
Special Servicer's written recommendation and the information upon which such
recommendation is based; provided, further, that upon the Special Servicer's
determination consistent with the Servicing Standard, that exigent circumstances
do not allow the Special Servicer to consult with the Controlling Class
Representative, the Special Servicer shall not be required to do so; provided,
further that, during the period that the Special Servicer is evaluating such
insurance hereunder, the Master Servicer shall not be liable for any loss
related to its failure to require the Mortgagor to maintain terrorism insurance
and shall not be in default of its obligations hereunder as a result of such
failure (i) provided that the Master Servicer has given prompt notice to the
Special Servicer of its determination that it will not be successful in its
efforts to cause the Mortgagor to obtain such insurance, along with its
determination, and any information in its possession, regarding the availability
and cost of such insurance. The Special Servicer shall promptly notify the
Master Servicer of each determination under this paragraph.

            (b) If the Master Servicer or the Special Servicer shall obtain and
maintain, or cause to be obtained and maintained, a blanket policy insuring
against hazard losses on all of the Mortgage Loans, Companion Loans and/or REO
Properties that it is required to service and administer, then, to the extent
such policy (i) is obtained from a Qualified Insurer and (ii) provides
protection equivalent to the individual policies otherwise required, the Master
Servicer or the Special Servicer, as the case may be, shall conclusively be
deemed to have satisfied its obligation to cause hazard insurance to be
maintained on the related Mortgaged Properties and/or REO Properties. Such
blanket policy may contain a deductible clause (not in excess of a customary
amount), in which case the Master Servicer or the Special Servicer, as
appropriate, shall, if there shall not have been maintained on the related
Mortgaged Property or REO Property a hazard insurance policy complying with the
requirements of Section 3.07(a), and there shall have been one or more losses
that would have been covered by such policy, promptly deposit into the
Certificate Account from its own funds the amount not otherwise payable under
the blanket policy because of such deductible clause. The Master Servicer or the
Special Servicer, as appropriate, shall prepare and present, on behalf of
itself, the Trustee and Certificateholders, claims under any such blanket policy
in a timely fashion in accordance with the terms of such policy.

            (c) Each of the Master Servicer and the Special Servicer shall at
all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans or REO Properties are part of the Trust Fund) keep in
force a fidelity bond with Qualified Insurers, such fidelity bond to be in such
form and amount as would permit it to be a qualified FNMA or FHLMC, whichever is
greater, seller-servicer of multifamily mortgage loans, or in such other form
and amount as would not cause the qualification, downgrading or withdrawal of
any rating assigned by any Rating Agency to the Certificates (as evidenced in
writing from each Rating Agency). Each of the Master Servicer and the Special
Servicer shall be deemed to have complied with the foregoing provision if an
Affiliate thereof has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Master Servicer
or the Special Servicer, as the case may be. Such fidelity bond shall provide
for ten days' written notice to the Trustee prior to any cancellation.

            Each of the Master Servicer and the Special Servicer shall at all
times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans and/or REO Properties exist as part of the Trust Fund)
also keep in force with Qualified Insurers, a policy or policies of insurance
covering loss occasioned by the errors and omissions of its officers, employees
and agents in connection with its servicing obligations hereunder, which policy
or policies shall be in such form and amount as would permit it to be a
qualified FNMA seller-servicer of multifamily mortgage loans, or in such other
form and amount as would not cause the qualification, downgrade or withdrawal of
any rating assigned by any Rating Agency to the Certificates (as evidenced in
writing from each Rating Agency). Each of the Master Servicer and the Special
Servicer shall be deemed to have complied with the foregoing provisions if an
Affiliate thereof has such insurance and, by the terms of such policy or
policies, the coverage afforded thereunder extends to the Master Servicer or the
Special Servicer, as the case may be. Any such errors and omissions policy shall
provide for ten days' written notice to the Trustee prior to cancellation. The
Master Servicer and the Special Servicer shall each cause the Trustee to be an
additional loss payee on any policy currently in place or procured pursuant to
the requirements of this Section 3.07(c).

            For so long as the long-term debt obligations of the Master Servicer
or Special Servicer, as the case may be (or in the case of the initial Master
Servicer and Special Servicer, their respective direct or indirect parent), are
rated at least "A" or the equivalent by all of the Rating Agencies (or such
lower rating as will not result in qualification, downgrading or withdrawal of
the ratings then assigned to the Certificates, as evidenced in writing by the
Rating Agencies), such Person may self-insure with respect to the risks
described in this subsection.

            Section 3.08 Enforcement of Alienation Clauses.

            (a) Upon receipt of any request of a waiver in respect of a
due-on-sale or due-on-encumbrance provision, the Master Servicer, with respect
to Mortgage Loans that are not Specially Serviced Mortgage Loans, and the
Special Servicer, with respect to Specially Serviced Mortgage Loans, shall
promptly analyze such waiver, including the preparation of written materials in
connection with such analysis, and will close the related transaction, subject
to the consent rights (if any) of each Companion Holder pursuant to the related
Intercreditor Agreement as provided in this Section 3.08. With respect to all
Mortgage Loans other than Specially Serviced Mortgage Loans, the Master Servicer
or, in the case of Specially Serviced Mortgage Loans, the Special Servicer, on
behalf of the Trustee as the mortgagee of record, shall, to the extent permitted
by applicable law, enforce the restrictions contained in the related Mortgage on
transfers or further encumbrances of the related Mortgaged Property and on
transfers of interests in the related Mortgagor, unless following its receipt of
a request of a waiver in respect of a due-on-sale or due-on-encumbrance
provision the Master Servicer (with the written consent of the Special Servicer,
which consent shall be deemed given if not denied within the later of (a) 15
Business Days after the Special Servicer's receipt of the written recommendation
of the Master Servicer for such action and any additional information the
Special Servicer may reasonably request for the analysis of such request (such
recommendation and information may be delivered in an electronic format
reasonably acceptable to the Master Servicer and the Special Servicer) and (b)
five (5) Business Days after the Controlling Class Representative's receipt of
the written recommendation of the Special Servicer for such action and any
additional information the Controlling Class Representative may reasonably
request for the analysis of such request, which notice shall be given by the
Special Servicer no later than 10 Business Days after the commencement of the 15
Business Day period described in the preceding clause (a)) or the Special
Servicer (with the written consent of the Controlling Class Representative,
which consent shall be deemed given if not denied within five Business Days
after the Controlling Class Representative's receipt of the written
recommendation of the Special Servicer for such action and any additional
information the Controlling Class Representative may reasonably request for the
analysis of such request), as applicable, has determined, consistent with the
Servicing Standard, that the waiver of such restrictions would be in accordance
with the Servicing Standard. Promptly after the Master Servicer (with the
written consent of the Special Servicer to the extent required in the preceding
sentence) or the Special Servicer (with the written consent of the Controlling
Class Representative to the extent required in the preceding sentence), as
applicable, has made any such determination, the Master Servicer or the Special
Servicer shall deliver to the Trustee, the Rating Agencies and each other party
hereto an Officers' Certificate setting forth the basis for such determination.
Neither the Master Servicer nor the Special Servicer shall exercise (and the
Special Servicer shall not consent to) any such waiver in respect of a
due-on-encumbrance provision of any Mortgage Loan (i) with respect to which the
aggregate of the Stated Principal Balance of such Mortgage Loan and the Stated
Principal Balance of all other Mortgage Loans that are cross-collateralized,
cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on
such Mortgage Loan, are one of the ten largest Mortgage Loans or concentrations
of Mortgage Loans, as of the date of such waiver request, without receiving
prior written confirmation from Moody's that such action would not result in a
downgrading, qualification or withdrawal of the ratings then assigned to the
Certificates or (ii) with respect to which (a) the aggregate of the Stated
Principal Balance of such Mortgage Loan and the Stated Principal Balance of all
other Mortgage Loans that are cross-collateralized, cross-defaulted or have been
made to Mortgagors affiliated with the Mortgagor on such Mortgage Loan, is equal
to or in excess of $20,000,000, (b) the aggregate of the Stated Principal
Balance of such Mortgage Loan and the Stated Principal Balance of all other
Mortgage Loans that are cross-collateralized, cross-defaulted or have been made
to Mortgagors affiliated with the Mortgagor on such Mortgage Loan, are greater
than 2% of the aggregate Stated Principal Balance of all Mortgage Loans, (c)
such Mortgage Loan is one of the ten largest Mortgage Loans as of the date of
the waiver (by Stated Principal Balance), (d) such Mortgage Loan has a
Loan-to-Value Ratio (calculated to include the additional indebtedness secured
by any encumbrance) that is equal to or greater than 85% and a Debt Service
Coverage Ratio (calculated to include the additional debt from any encumbrance)
of 1.2x or less, without receiving a prior written confirmation from S&P that
such action would not result in a downgrading, qualification or withdrawal of
the ratings then assigned to the Certificates. With respect to a waiver of a
due-on-sale provision, neither the Master Servicer nor the Special Servicer
shall waive any such restriction without receiving prior written confirmation
from S&P and Moody's that such action would not result in a downgrading,
qualification or withdrawal of the ratings then assigned to the Certificates;
provided that, if the Mortgage Loan does not meet the criteria set forth in
clause (ii)(a), (ii)(b) or (ii)(c) of the prior sentence, the Master Servicer or
the Special Servicer, as applicable, may waive such requirement without
confirmation by S&P in accordance with the Servicing Standard; and provided,
further, that, if the Mortgage Loan does not meet the criteria set forth in
clauses (ii)(a), or (ii)(b) of the immediately preceding sentence, the Master
Servicer or Special Servicer, as applicable, may waive such requirement without
approval by Moody's in accordance with the Servicing Standard. With respect to
each AB Apartments Loan Pair, no waiver of a due-on-sale or due-on-encumbrance
provision will be effective unless the Master Servicer or Special Servicer, as
applicable, first consults with the related AB Apartments Companion Holder.

            (b) Notwithstanding any other provisions of this Section 3.08, the
Master Servicer (with respect to Mortgage Loans that are not Specially Serviced
Mortgage Loans) (without the Special Servicer's consent) or the Special Servicer
(with respect to Specially Serviced Mortgage Loans) may grant, without any
Rating Agency confirmation as provided in paragraph (a) above, a Mortgagor's
request for consent to subject the related Mortgaged Property to an easement or
right-of-way for utilities, access, parking, public improvements or another
purpose, and may consent to subordination of the related Mortgage Loan to such
easement or right-of-way provided the Master Servicer or the Special Servicer,
as applicable, shall have determined in accordance with the Servicing Standard
that such easement or right-of-way shall not materially interfere with the
then-current use of the related Mortgaged Property, or the security intended to
be provided by such Mortgage, the related Mortgagor's ability to repay the
Mortgage Loan, or materially or adversely affect the value of such Mortgaged
Property or cause the Mortgage Loan to cease to be a qualified mortgage loan for
REMIC purposes.

            (c) Within ninety (90) days of the Closing Date, with respect to
each of the Mortgage Loans covered by an environmental insurance policy, the
Master Servicer shall notify the insurer under such environmental insurance
policy and take all other action necessary for the Trustee, on behalf of the
Certificateholders, to be an insured (and for the Master Servicer, on behalf of
the Trust Fund, to make claims) under such environmental insurance policy. In
the event that the Master Servicer has actual knowledge of any event (an
"Insured Environmental Event") giving rise to a claim under any environmental
insurance policy in respect of any Mortgage Loan covered thereby, the Master
Servicer shall, in accordance with the terms of such environmental insurance
policy and the Servicing Standard, timely make a claim thereunder with the
appropriate insurer and shall take such other actions in accordance with the
Servicing Standard which are necessary under such environmental insurance policy
in order to realize the full value thereof for the benefit of the
Certificateholders. Any legal fees, premiums or other out-of-pocket costs
incurred in accordance with the Servicing Standard in connection with any such
claim under an environmental insurance policy shall be paid by the Master
Servicer and shall be reimbursable to it as a Servicing Advance. With respect to
each environmental insurance policy that relates to one or more Mortgage Loans,
the Master Servicer shall review and familiarize itself with the terms and
conditions relating to enforcement of claims and shall monitor the dates by
which any claim must be made or any action must be taken under such policy to
realize the full value thereof for the benefit of the Certificateholders in the
event the Master Servicer has actual knowledge of an Insured Environmental Event
giving rise to a claim under such policy.

            In the event that the Master Servicer receives notice of any
termination of any environmental insurance policy that relates to one or more
Mortgage Loans, the Master Servicer shall, within five Business Days after
receipt of such notice, notify the Special Servicer, the Controlling Class
Representative, the related Companion Holder (in the case of a Co-Lender Loan),
the Rating Agencies and the Trustee of such termination in writing. Upon receipt
of such notice, the Master Servicer with respect to non-Specially Serviced
Mortgage Loans, and the Special Servicer with respect to Specially Serviced
Mortgage Loans, shall address such termination in accordance with Section
3.07(a) in the same manner as it would the termination of any other Insurance
Policy required under the related Mortgage Loan documents. Any legal fees,
premiums or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with a resolution of such termination of an environmental
insurance policy shall be paid by the Master Servicer and shall be reimbursable
to it as a Servicing Advance.

            (d) For the avoidance of doubt, any servicing obligation set forth
under this Section 3.08 of the Master Servicer or Special Servicer, as
applicable, for the Lloyd Center Mortgage Loan shall also apply to the Lloyd
Center Companion Loan.

            Section 3.09 Realization Upon Defaulted Mortgage Loans; Required
Appraisals.

            (a) The Special Servicer shall, subject to Sections 3.09(b) through
3.09(d) and Section 6.11, exercise reasonable efforts, consistent with the
Servicing Standard, to foreclose upon or otherwise comparably convert the
ownership of properties securing such of the Mortgage Loans or Companion Loans
as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of delinquent payments, including,
without limitation, pursuant to Section 3.20. Subject to the second paragraph of
Section 3.03(c), the Master Servicer shall advance all costs and expenses (other
than costs or expenses that would, if incurred, constitute a Nonrecoverable
Servicing Advance) incurred by the Special Servicer in any such proceedings, and
shall be entitled to reimbursement therefor as provided in Section 3.05(a).
Nothing contained in this Section 3.09 shall be construed so as to require the
Special Servicer, on behalf of the Trust Fund, to make a bid on any Mortgaged
Property at a foreclosure sale or similar proceeding that is in excess of the
fair market value of such property, as determined by the Special Servicer in
accordance with the Servicing Standard and in its reasonable and good faith
judgment taking into account, as applicable, among other factors, the period and
amount of any delinquency on the affected Mortgage Loan or Companion Loan, the
occupancy level and physical condition of the Mortgaged Property or REO
Property, the state of the local economy, the obligation to dispose of any REO
Property within the time period specified in Section 3.16(a) and the results of
any appraisal obtained pursuant to the following sentence, all such bids to be
made in a manner consistent with the Servicing Standard. If and when the Master
Servicer or the Special Servicer deems it necessary and prudent for purposes of
establishing the fair market value of any Mortgaged Property securing a
Defaulted Mortgage Loan or defaulted Companion Loan, whether for purposes of
bidding at foreclosure or otherwise, it may, at the expense of the Trust Fund,
have an appraisal performed with respect to such property by an Independent
Appraiser or other expert in real estate matters; which appraisal shall take
into account, as applicable, among other factors, the period and amount of any
delinquency on the affected Mortgage Loan, the occupancy level and physical
condition of the Mortgaged Property or REO Property, the state of the local
economy and the obligation to dispose of any REO Property within the time period
specified in Section 3.16(a), including without limitation, any environmental,
engineering or other third party reports available, and other factors that a
prudent real estate appraiser would consider.

            With respect to each Required Appraisal Mortgage Loan, the Special
Servicer will be required to obtain a Required Appraisal (or with respect to any
Mortgage Loan with an outstanding principal balance less than $2,000,000, an
internal valuation performed by the Special Servicer) within 60 days of a
Mortgage Loan becoming a Required Appraisal Mortgage Loan (unless an appraisal
meeting the requirements of a Required Appraisal was obtained for such Required
Appraisal Mortgage Loan within the prior 12 months and the Special Servicer has
no actual knowledge of a material adverse change in the condition of the related
Mortgaged Property in which case such appraisal may be a letter update of the
Required Appraisal) and thereafter shall obtain a Required Appraisal (or with
respect to any Mortgage Loan with an outstanding principal balance less than
$2,000,000, and in lieu of an Appraisal, an internal valuation performed by the
Special Servicer) once every 12 months (or sooner if the Special Servicer has
actual knowledge of a material adverse change in the condition of the related
Mortgaged Property) if such Mortgage Loan remains a Required Appraisal Mortgage
Loan. The Special Servicer will deliver a copy of each Required Appraisal (or
letter update or internal valuation) to the Master Servicer, the Controlling
Class Representative and the Trustee within 10 Business Days of obtaining such
Required Appraisal (or letter update or internal valuation). Subject to the
second paragraph of Section 3.03(c), the Master Servicer shall advance the cost
of such Required Appraisal; provided, however, that such expense will be subject
to reimbursement to the Master Servicer as a Servicing Advance out of the
Certificate Account pursuant to Section 3.05(a)(vi) and 3.05(a)(vii).

            Notwithstanding the foregoing, in no event shall the Master Servicer
or the Special Servicer obtain an appraisal of a Companion Loan pursuant to this
Section 3.09(a) to the extent the related Co-Lender Loan has been paid in full.

            (b) The Special Servicer shall not acquire any personal property
pursuant to this Section 3.09 unless either:

            (i) such personal property is incident to real property (within the
      meaning of Section 856(e)(1) of the Code) so acquired by the Special
      Servicer; or

            (ii) the Special Servicer shall have obtained an Opinion of Counsel
      (the cost of which may be withdrawn from the Certificate Account pursuant
      to Section 3.05(a)) to the effect that the holding of such personal
      property as part of the Trust Fund (to the extent not allocable to a
      Companion Loan) will not cause the imposition of a tax on the ED Loan
      REMIC, REMIC I or REMIC II under the REMIC Provisions or cause the ED Loan
      REMIC, REMIC I or REMIC II to fail to qualify as a REMIC at any time that
      any Certificate is outstanding.

            (c) Notwithstanding the foregoing provisions of this Section 3.09,
neither the Master Servicer nor the Special Servicer shall, on behalf of the
Trustee (which may include through a single member limited liability company
owned by the Trust), initiate foreclosure proceedings, obtain title to a
Mortgaged Property by deed in lieu of foreclosure or otherwise, or take any
other action with respect to any Mortgaged Property, if, as a result of any such
action, the Trustee, on behalf of the Certificateholders, could, in the
reasonable judgment of the Master Servicer or the Special Servicer, as the case
may be, made in accordance with the Servicing Standard, be considered to hold
title to, to be a "mortgagee-in-possession" of, or to be an "owner" or
"operator" of such Mortgaged Property within the meaning of CERCLA or any
comparable law (a "potentially responsible party"), unless (as evidenced by an
Officers' Certificate to such effect delivered to the Trustee that shall specify
all of the bases for such determination) the Special Servicer has previously
determined in accordance with the Servicing Standard, and based on an
Environmental Assessment of such Mortgaged Property performed by an Independent
Person who regularly conducts Environmental Assessments and performed within six
months prior to any such acquisition of title or other action (a copy of which
Environmental Assessment shall be delivered to the Trustee, the Controlling
Class Representative and the Master Servicer), that:

            (i) the Mortgaged Property is in compliance with applicable
      environmental laws and regulations or, if not, that it would maximize the
      recovery to the Certificateholders on a present value basis (the relevant
      discounting of anticipated collections that will be distributable to
      Certificateholders to be performed at the related Net Mortgage Rate) to
      acquire title to or possession of the Mortgaged Property and to take such
      actions as are necessary to bring the Mortgaged Property into compliance
      therewith in all material respects; and

            (ii) there are no circumstances or conditions present at the
      Mortgaged Property relating to the use, management or disposal of
      Hazardous Materials for which investigation, testing, monitoring,
      containment, clean-up or remediation could be required under any
      applicable environmental laws and regulations or, if such circumstances or
      conditions are present for which any such action could reasonably be
      expected to be required, that it would maximize the recovery to the
      Certificateholders on a present value basis (the relevant discounting of
      anticipated collections that will be distributable to Certificateholders
      to be performed at the related Net Mortgage Rate) to acquire title to or
      possession of the Mortgaged Property and to take such actions with respect
      to the affected Mortgaged Property.

            The Special Servicer shall undertake, in good faith, reasonable
efforts to make the determination referred to in the preceding paragraph and may
conclusively rely on the Environmental Assessment referred to above in making
such determination. The cost of any such Environmental Assessment, as well as
the cost of any remedial, corrective or other further action contemplated by
clause (i) and/or clause (ii) of the preceding paragraph shall be at the expense
of the Trust Fund (except to the extent that such Additional Trust Fund Expense
is payable out of the proceeds of any Companion Loan pursuant to the related
Intercreditor Agreement and this Agreement); and if any such Environmental
Assessment so warrants, the Special Servicer shall perform such additional
environmental testing as it deems necessary and prudent to determine whether the
conditions described in clauses (i) and (ii) of the preceding paragraph have
been satisfied, the cost of which shall be at the expense of the Trust Fund.

            (d) If the environmental testing contemplated by Section 3.09(c)
above establishes that any of the conditions set forth in clauses (i) and (ii)
thereof has not been satisfied with respect to any Mortgaged Property securing a
Defaulted Mortgage Loan and there is no breach of a representation or warranty
requiring repurchase under the Wachovia Mortgage Loan Purchase Agreement, the
Citigroup Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan Purchase
Agreement or the Nomura Mortgage Loan Purchase Agreement, as applicable, the
Special Servicer shall take such action as is in accordance with the Servicing
Standard (other than proceeding against the Mortgaged Property) and, at such
time as it deems appropriate, may, on behalf of the Trustee, release all or a
portion of such Mortgaged Property from the lien of the related Mortgage;
provided that, if such Mortgage Loan has a then outstanding principal balance of
greater than $1,000,000, then prior to the release of all or a portion of the
related Mortgaged Property from the lien of the related Mortgage, (i) the
Special Servicer shall have notified the Rating Agencies, the Trustee, the
Controlling Class Representative and the Master Servicer in writing of its
intention to so release all or a portion of such Mortgaged Property and the
bases for such intention, (ii) the Trustee shall have notified the
Certificateholders in writing of the Special Servicer's intention to so release
all or a portion of such Mortgaged Property and (iii) the Holders of
Certificates entitled to a majority of the Voting Rights shall have consented to
such release within 30 days of the Trustee's distributing such notice (failure
to respond by the end of such 30-day period being deemed consent).

            (e) The Special Servicer shall report to the Master Servicer, the
Controlling Class Representative and the Trustee monthly in writing as to any
actions taken by the Special Servicer with respect to any Mortgaged Property
that represents security for a Defaulted Mortgage Loan as to which the
environmental testing contemplated in Section 3.09(c) above has revealed that
any of the conditions set forth in clauses (i) and (ii) thereof has not been
satisfied, in each case until the earlier to occur of satisfaction of all such
conditions and release of the lien of the related Mortgage on such Mortgaged
Property.

            (f) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, the advisability of seeking to obtain a
deficiency judgment if the state in which the Mortgaged Property is located and
the terms of the Mortgage Loan or Companion Loan permit such an action and
shall, in accordance with the Servicing Standard, seek such deficiency judgment
if it deems advisable.

            (g) The Master Servicer shall, with the reasonable cooperation of
the Special Servicer, prepare and file information returns with respect to
reports of foreclosures and abandonments of any Mortgaged Property and the
information returns relating to any Mortgaged Property required by Sections
6050J and 6050P of the Code and each year deliver to the Trustee an Officers'
Certificate stating that such reports have been filed. Such reports shall be in
form and substance sufficient to meet the reporting requirements imposed by
Sections 6050J and 6050P of the Code.

            (h) The Special Servicer shall maintain accurate records, prepared
by a Servicing Officer, of each Final Recovery Determination in respect of any
Mortgage Loan, Companion Loan or REO Property and the basis thereof. Each Final
Recovery Determination shall be evidenced by an Officers' Certificate (together
with the basis and back-up documentation for the determination) delivered to the
Trustee, the Controlling Class Representative and the Master Servicer no later
than the third Business Day following such Final Recovery Determination.

            (i) Upon reasonable request of the Master Servicer, the Special
Servicer shall deliver to it and the related Sub-Servicer any other information
and copies of any other documents in its possession with respect to a Specially
Serviced Mortgage Loan or the related Mortgaged Property.

            Section 3.10 Trustee and Custodian to Cooperate; Release of Mortgage
Files.

            (a) Upon the payment in full of any Mortgage Loan, or the receipt by
the Master Servicer of a notification that payment in full shall be escrowed in
a manner customary for such purposes, the Master Servicer shall promptly notify
the Trustee in writing, who shall release or cause the related Custodian to
release, by a certification (which certification shall be in the form of a
Request for Release in the form of Exhibit D-1 attached hereto and shall be
accompanied by the form of a release or discharge and shall include a statement
to the effect that all amounts received or to be received in connection with
such payment which are required to be deposited in the Certificate Account
pursuant to Section 3.04(a) have been or will be so deposited) of a Servicing
Officer (a copy of which certification shall be delivered to the Special
Servicer) and shall request delivery to it of the related Mortgage File. Upon
receipt of such certification and request, the Trustee shall release, or cause
any related Custodian to release, the related Mortgage File to the Master
Servicer and shall deliver to the Master Servicer such release or discharge,
duly executed. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Certificate
Account or the Distribution Account.

            (b) If from time to time, and as appropriate for servicing or
foreclosure of any Mortgage Loan, the Master Servicer or the Special Servicer
shall otherwise require any Mortgage File (or any portion thereof), the Trustee,
upon request of the Master Servicer and receipt from the Master Servicer of a
Request for Release in the form of Exhibit D-1 attached hereto signed by a
Servicing Officer thereof, or upon request of the Special Servicer and receipt
from the Special Servicer of a Request for Release in the form of Exhibit D-2
attached hereto, shall release, or cause any related Custodian to release, such
Mortgage File (or portion thereof) to the Master Servicer or the Special
Servicer, as the case may be. Upon return of such Mortgage File (or portion
thereof) to the Trustee or related Custodian, or the delivery to the Trustee of
a certificate of a Servicing Officer of the Special Servicer stating that such
Mortgage Loan was liquidated and that all amounts received or to be received in
connection with such liquidation that are required to be deposited into the
Certificate Account pursuant to Section 3.04(a) have been or will be so
deposited, or that such Mortgage Loan has become an REO Property, a copy of the
Request for Release shall be released by the Trustee or related Custodian to the
Master Servicer or the Special Servicer, as applicable.

            (c) Within seven Business Days (or within such shorter period (but
no less than three Business Days) as execution and delivery can reasonably be
accomplished if the Special Servicer notifies the Trustee of an exigency) of the
Special Servicer's request therefor, the Trustee shall execute and deliver to
the Special Servicer (or the Special Servicer may execute and deliver in the
name of the Trustee based on a limited power of attorney issued in favor of the
Special Servicer pursuant to Section 3.01(b)), in the form supplied to the
Trustee, any court pleadings, requests for trustee's sale or other documents
stated by the Special Servicer to be reasonably necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or REO Property or to any
legal action brought to obtain judgment against any Mortgagor on the Mortgage
Note or Mortgage or to obtain a deficiency judgment, or to enforce any other
remedies or rights provided by the Mortgage Note or Mortgage or otherwise
available at law or in equity or to defend any legal action or counterclaim
filed against the Trust Fund, the Master Servicer or the Special Servicer.
Together with such documents or pleadings, the Special Servicer shall deliver to
the Trustee a certificate of a Servicing Officer requesting that such pleadings
or documents be executed by the Trustee and certifying as to the reason such
documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure or
trustee's sale.

            Section 3.11 Servicing Compensation.

            (a) As compensation for its activities hereunder, the Master
Servicer shall be entitled to receive the Master Servicing Fee with respect to
each Mortgage Loan (including each Specially Serviced Mortgage Loan) and REO
Loan. No Master Servicing Fee shall be payable with respect to any Companion
Loan unless such fee is expressly set forth in the related Intercreditor
Agreement. As to each such Mortgage Loan and REO Loan, the Master Servicing Fee
shall accrue at the related Master Servicing Fee Rate and on the same principal
amount respecting which the related interest payment due on such Mortgage Loan
or deemed to be due on such REO Loan is computed and calculated on the basis of
a 360-day year consisting of twelve 30-day months (or, in the event of a
Principal Prepayment in full or other Liquidation Event with respect to a
Mortgage Loan or REO Loan, on the basis of the actual number of days to elapse
from and including the related Due Date to but excluding the date of such
Principal Prepayment or Liquidation Event in a month consisting of 30 days). The
Master Servicing Fee with respect to any Mortgage Loan or REO Loan shall cease
to accrue if a Liquidation Event occurs in respect thereof. Earned but unpaid
Master Servicing Fees shall be payable monthly, on a loan-by-loan basis, from
payments of interest on each Mortgage Loan and REO Revenues allocable as
interest on each REO Loan. The Master Servicer shall be entitled to recover
unpaid Master Servicing Fees in respect of any Mortgage Loan or REO Loan out of
that portion of related Insurance Proceeds or Liquidation Proceeds allocable as
recoveries of interest, to the extent permitted by Section 3.05(a)(iii). The
right to receive the Master Servicing Fee may not be transferred in whole or in
part except in connection with the transfer of all of the Master Servicer's
responsibilities and obligations under this Agreement.

            (b) Additional servicing compensation in the form of: (i) all late
payment charges, Penalty Interest, assumption application fees if the related
assumption is completed, modification fees for modifications to Mortgage Loans
or Companion Loans that are not Specially Serviced Mortgage Loans made by the
Master Servicer pursuant to Section 3.20(i), defeasance fees, charges for
beneficiary statements or demands, amounts collected for checks returned for
insufficient funds and any similar fees (excluding Prepayment Premiums or Yield
Maintenance Charges), in each case to the extent actually paid by a Mortgagor
with respect to a Mortgage Loan or Companion Loan and, with respect to late
payment charges and penalty charges, accrued during the time that such Mortgage
Loan or Companion Loan was not a Specially Serviced Mortgage Loan, and (ii)
fifty percent (50%) of (A) assumption fees and (B) assumption application fees
if the related assumption fails to be completed, in each case to the extent
actually paid by a Mortgagor with respect to any Mortgage Loan or Companion Loan
if such Mortgage Loan or Companion Loan is not a Specially Serviced Mortgage
Loan, may be retained by the Master Servicer and are not required to be
deposited in the Certificate Account; provided that the Master Servicer's right
to receive late payment charges and Penalty Interest pursuant to clause (i)
above shall be limited to the portion of such items that have not been applied
to pay interest on Advances as provided in Sections 3.03(d) and 4.03(d) or
Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees
and/or Liquidation Fees) or interest on Advances pursuant to this Section
3.11(b). To the extent the Master Servicer or the Special Servicer receives late
payment charges or Penalty Interest on a Mortgage Loan for which interest on
Advances or Additional Trust Fund Expenses (other than Special Servicing Fees,
Workout Fees and/or Liquidation Fees) related to such Mortgage Loan and not
previously reimbursed to the Trust Fund, the Master Servicer shall deposit in
the Certificate Account, on or prior to the P&I Advance Date following the
collection of such late payment charges or Penalty Interest, an amount equal to
the lesser of (i) the amount of late payment charges or Penalty Interest
received on such Mortgage Loan or (ii) the sum of the amount of interest paid to
the Master Servicer on Advances related to such Mortgage Loan since the Closing
Date for which the Trust Fund has not been previously reimbursed and the amount
of Additional Trust Fund Expenses (other than Special Servicing Fees, Workout
Fees and/or Liquidation Fees) related to such Mortgage Loan incurred since the
Closing Date and not previously reimbursed to the Trust Fund. To the extent that
the Master Servicer is not entitled to late payment charges or Penalty Interest
pursuant to the immediately preceding sentence, the Master Servicer shall
deposit such late payment charges and Penalty Interest in the Certificate
Account. Penalty Interest or late payment charges in respect of any Mortgage
Loan or Companion Loan which has accrued during the period when the related
Mortgage Loan or Companion Loan is not a Specially Serviced Mortgage Loan shall
be additional compensation to the Master Servicer even if collected during the
period when the related Mortgage Loan or Companion Loan is a Specially Serviced
Mortgaged Loan. The Master Servicer shall also be entitled to additional
servicing compensation in the form of (i) Prepayment Interest Excesses; (ii)
interest or other income earned on deposits in the Certificate Account and the
Interest Reserve Account, in accordance with Section 3.06(b) (but only to the
extent of the Net Investment Earnings, if any, with respect to each such account
for each Collection Period), and (iii) to the extent not required to be paid to
any Mortgagor under applicable law or the terms of the related Mortgage Loan or
Companion Loan, any interest or other income earned on deposits in the Reserve
Accounts and Servicing Accounts maintained thereby.

            The Master Servicer shall be required to pay out of its own funds
all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts due and owing
to any of its Sub-Servicers and the premiums for any blanket policy insuring
against hazard losses pursuant to Section 3.07(b)), if and to the extent such
expenses are not payable directly out of the Certificate Account, and the Master
Servicer shall not be entitled to reimbursement therefor except as expressly
provided in this Agreement. The Master Servicer shall not waive or agree to any
discount of any portion of assumption fees to which the Special Servicer is
entitled.

            (c) As compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Special Servicing Fee with respect to
each Specially Serviced Mortgage Loan and each REO Loan. As to each Specially
Serviced Mortgage Loan and REO Loan, the Special Servicing Fee shall accrue at
the Special Servicing Fee Rate and on the same principal amount respecting which
the related interest payment due on such Specially Serviced Mortgage Loan or
deemed to be due on such REO Loan is computed and calculated on the basis of a
360-day year consisting of twelve 30-day months (or, in the event of a Principal
Prepayment in full or other Liquidation Event with respect to a Mortgage Loan or
REO Loan, on the basis of the actual number of days to elapse from and including
the related Due Date to but excluding the date of such Principal Prepayment or
Liquidation Event in a month consisting of 30 days). The Special Servicing Fee
with respect to any Specially Serviced Mortgage Loan or REO Loan shall cease to
accrue as of the date a Liquidation Event occurs in respect thereof or it
becomes a Corrected Mortgage Loan. Earned but unpaid Special Servicing Fees
shall be payable monthly out of general collections on the Mortgage Loans,
Companion Loans and any REO Properties on deposit in the Certificate Account
pursuant to Section 3.05(a).

            As further compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Workout Fee with respect to each
Corrected Mortgage Loan, so long as such loan remains a Corrected Mortgage Loan.
As to each Corrected Mortgage Loan, the Workout Fee shall be payable out of, and
shall be calculated by application of the Workout Fee Rate to, each collection
of interest (other than Additional Interest and Penalty Interest) and principal
received on such Mortgage Loan or Companion Loan for so long as it remains a
Corrected Mortgage Loan (net of any portion of such collection payable or
reimbursable to the Master Servicer, the Special Servicer or the Trustee for any
related unpaid or unreimbursed Master Servicing Fees and/or Advances) received
on such Mortgage Loan or Companion Loan for so long as it remains a Corrected
Mortgage Loan. The Workout Fee with respect to any Corrected Mortgage Loan will
cease to be payable if a Servicing Transfer Event occurs with respect thereto or
if the related Mortgaged Property becomes an REO Property; provided that a new
Workout Fee would become payable if and when such Mortgage Loan and, if
applicable, Companion Loan again became a Corrected Mortgage Loan. If the
Special Servicer is terminated or resigns, it will retain the right to receive
any and all Workout Fees payable with respect to any Specially Serviced Mortgage
Loan that became a Corrected Mortgage Loan during the period that it acted as
Special Servicer and remained a Corrected Mortgage Loan at the time of its
termination or resignation or if the Special Servicer resolved the circumstances
and/or conditions (including by way of a modification of the related Mortgage
Loan documents) causing the Mortgage Loan to be a Specially Serviced Mortgage
Loan, but the Mortgage Loan had not as of the time the Special Servicer is
terminated or resigns become a Corrected Mortgage Loan because the related
borrower had not made three consecutive monthly debt service payments (but had
made the most recent monthly debt service payment prior to the termination of
the Special Servicer) and subsequently becomes a Corrected Mortgage Loan as a
result of making such three consecutive payments. The successor Special Servicer
will not be entitled to any portion of those Workout Fees.

            In addition, with respect to each Specially Serviced Mortgage Loan
and REO Loan (or Qualified Substitute Mortgage Loan substituted in lieu
thereof), the Special Servicer shall be entitled to the Liquidation Fee payable
out of, and calculated by application of the Liquidation Fee Rate to, all
amounts (whether in the form of payments of Liquidation Proceeds or REO Revenues
or a full or discounted payoff by the Mortgagor) received in respect of such
Mortgage Loan or Companion Loan (or, in the case of an REO Loan, in respect of
the related REO Property) and allocable as a full or partial recovery of
principal, interest and expenses in accordance with Section 3.02(b) or the
definition of "REO Loan," as applicable; provided that no Liquidation Fee shall
be payable in connection with, or out of (i) Insurance Proceeds (ii)
condemnation proceeds and (iii) Liquidation Proceeds resulting from the purchase
of any Mortgage Loan or REO Property by a Mortgage Loan Seller pursuant to the
Wachovia Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase
Agreement, the Artesia Mortgage Loan Purchase Agreement or the Nomura Mortgage
Loan Purchase Agreement, by the Majority Subordinate Certificateholder, the
Companion Holder, or the Special Servicer pursuant to Section 3.18(c), Section
3.18(d), Section 3.18(e) or Section 3.18(h) or by the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder or the purchasing
Certificateholder pursuant to Section 9.01; and (iv) Liquidation Proceeds
resulting from the remittance by the related Mortgage Loan Seller pursuant to
Section 2.03; and provided, further, that no Liquidation Fee shall be payable
(i) in connection with a Periodic Payment received in connection with such
Mortgage Loan or (ii) to the extent a Workout Fee is payable concerning the
Liquidation Proceeds.

            The Special Servicer's right to receive the Special Servicing Fee,
the Workout Fee and the Liquidation Fee may not be transferred in whole or in
part except in connection with the transfer of all of the Special Servicer's
responsibilities and obligations under Sections 6.02, 6.04 and 6.09.

            (d) Additional servicing compensation in the form of: (i) all late
payment charges, Penalty Interest received on or with respect to Specially
Serviced Mortgage Loans actually collected that, with respect to late payment
charges and penalty charges, accrued during the time that the related Mortgage
Loan was a Specially Serviced Mortgage Loan, (ii) one hundred percent (100%) of
any assumption application fees and assumption fees with respect to any
Specially Serviced Mortgage Loan and fifty percent (50%) of (A) any assumption
fees and (B) any assumption application fees if the related assumption fails to
be completed, with respect to any Mortgage Loan or Companion Loan if such
Mortgage Loan or Companion Loan is not a Specially Serviced Mortgage Loan, in
each case to the extent actually paid by a Mortgagor, and (iii) modification
fees collected on all Mortgage Loans or Companion Loans (other than
modifications made by the Master Servicer pursuant to Section 3.20(i)), in each
case to the extent actually paid by the related Mortgagor, shall be retained by
the Special Servicer or promptly paid to the Special Servicer by the Master
Servicer and shall not be required to be deposited in the Certificate Account;
provided that the Special Servicer's right to receive late payment charges and
Penalty Interest pursuant to clause (i) above shall be limited to the portion of
such items that have not been applied to pay interest on Advances and property
inspection costs in respect of the related Mortgage Loan as provided in Sections
3.03(d), 3.12(a) and 4.03(d) or Additional Trust Fund Expenses (other than
Special Servicing Fees, Workout Fees and/or Liquidation Fees) pursuant to this
Section 3.11(d). To the extent the Master Servicer or the Special Servicer
receives late payment charges or Penalty Interest on a Mortgage Loan for which
interest on Advances or Additional Trust Fund Expenses (other than Special
Servicing Fees, Workout Fees and/or Liquidation Fees) related to such Mortgage
Loan and not previously reimbursed to the Trust Fund, the Special Servicer shall
transfer to the Master Servicer for deposit in the Certificate Account, on or
prior to the P&I Advance Date following the collection of such late payment
charges or Penalty Interest, an amount equal to the lesser of (i) the amount of
late payment charges or Penalty Interest received on such Mortgage Loan or (ii)
the sum of the amount of interest paid to the Master Servicer on Advances
related to such Mortgage Loan incurred since the Closing Date for which the
Trust Fund has not been previously reimbursed and the amount of Additional Trust
Fund Expenses (other than Special Servicing Fees, Workout Fees and/or
Liquidation Fees) related to such Mortgage Loan since the Closing Date and not
previously reimbursed to the Trust Fund. To the extent that the Special Servicer
is not entitled to late payment charges or Penalty Interest pursuant to the
immediately preceding sentence, the Special Servicer shall promptly transfer
such late payment charges and Penalty Interest to the Master Servicer who shall
deposit such late payment charges and Penalty Interest in the Certificate
Account. The Special Servicer shall also be entitled to additional servicing
compensation in the form of: (i) interest or other income earned on deposits in
the REO Account, if established, in accordance with Section 3.06(b) (but only to
the extent of the Net Investment Earnings, if any, with respect to the REO
Account for each Collection Period); and (ii) to the extent not required to be
paid to any Mortgagor under applicable law, any interest or other income earned
on deposits in the Servicing Accounts maintained by the Special Servicer. The
Special Servicer shall be required to pay out of its own funds all general and
administrative expenses incurred by it in connection with its servicing
activities hereunder, and the Special Servicer shall not be entitled to
reimbursement therefor except as expressly provided in Section 3.05(a) if and to
the extent such expenses are not payable directly out of the Certificate Account
or the REO Account.

            (e) The Master Servicing Fee, Special Servicing Fee, Workout Fee,
Liquidation Fee and additional servicing compensation described in Section
3.11(b) and Section 3.11(d) with respect to the ED Loan shall be deemed to be an
expense of the ED Loan REMIC.

            Section 3.12 Property Inspections; Collection of Financial
Statements; Delivery of Certain Reports.

            (a) (i) The Special Servicer shall perform or cause to be performed
a physical inspection of a Mortgaged Property as soon as practicable after a
related Mortgage Loan becomes a Specially Serviced Mortgage Loan and (ii) the
Master Servicer (in the case of non-Specially Serviced Mortgage Loans) or the
Special Servicer (in the case of Specially Serviced Mortgage Loans) shall
perform or cause to be performed a physical inspection of a Mortgaged Property
as soon as the related Debt Service Coverage Ratio set forth in the CMSA
Comparative Financial Status Report of a Mortgage Loan is below 1.0x, provided
that, with respect to inspections prepared by the Special Servicer, such expense
shall be reimbursable first out of Penalty Interest and late payment charges
otherwise payable to the Special Servicer and received in the Collection Period
during which such inspection related expenses were incurred, then as an
Additional Trust Fund Expense (except to the extent that such Additional Trust
Fund Expense is payable out of the proceeds of any Companion Loan pursuant to
the related Intercreditor Agreement and this Agreement). Each of the Master
Servicer for each Mortgage Loan other than a Specially Serviced Mortgage Loan or
REO Loan and the Special Servicer for each Specially Serviced Mortgage Loan and
REO Loan shall at its expense perform or cause to be performed an inspection of
all the Mortgaged Properties at least once per calendar year (or, in the case of
each Mortgaged Property securing a Mortgage Loan (other than a Specially
Serviced Mortgage Loan) with a then current principal balance (or allocated loan
amount) of less than $2,000,000 at the time of such inspection, every other
calendar year) beginning in 2004; provided, however, the Master Servicer shall
not be required to inspect any Mortgaged Property that has been inspected by the
Special Servicer during the immediately preceding six months. The Special
Servicer and the Master Servicer shall each prepare (and, in the case of the
Special Servicer, shall deliver to the Master Servicer) a written report of each
such inspection performed by it that sets forth in detail the condition of the
Mortgaged Property and that specifies the existence of: (i) any sale, transfer
or abandonment of the Mortgaged Property of which it is aware, (ii) any change
in the condition or value of the Mortgaged Property that it, in its reasonable
judgment, considers material, or (iii) any visible waste committed on the
Mortgaged Property. The Master Servicer shall deliver such reports to the
Trustee within 45 days of the related inspection and the Trustee shall, subject
to Section 3.15, make copies of all such inspection reports available for review
by Certificateholders and Certificate Owners during normal business hours at the
offices of the Trustee at all times after Trustee's receipt thereof. Upon
written request and at the expense of the requesting party, the Trustee shall
deliver copies of any such inspection reports to Certificateholders and
Certificate Owners. The Special Servicer shall have the right to inspect or
cause to be inspected (at its own expense) every calendar year any Mortgaged
Property related to a loan that is not a Specially Serviced Mortgage Loan,
provided that the Special Servicer obtains the approval of the Master Servicer
prior to such inspection, and provides a copy of such inspection to the Master
Servicer; and provided, further, that the Master Servicer and the Special
Servicer shall not both inspect a Mortgaged Property that is not securing a
Specially Serviced Mortgage Loan in the same calendar year. If the Special
Servicer performs such inspection, such inspection shall satisfy the Master
Servicer's inspection obligations pursuant to this paragraph (a).

            With respect to site inspection information, the Master Servicer
shall make such inquiry of any Mortgagor under any related Mortgage Loan as the
Special Servicer may reasonably request.

            If the Special Servicer initiates a servicing transfer under clause
(b) or (c) of the definition of "Specially Serviced Mortgage Loan," the Special
Servicer shall give written notice thereof to the Master Servicer, the
Controlling Class Representative and the Trustee in order to effectuate such
transfer.

            (b) Not later than 2:00 p.m. (New York City time) on the second
Business Day prior to each Determination Date, the Special Servicer shall
deliver or cause to be delivered to the Master Servicer the following reports
with respect to the Specially Serviced Mortgage Loans and any REO Properties
providing the required information as of the end of the preceding calendar
month: (i) a CMSA Property File; (ii) a CMSA Comparative Financial Status Report
and (iii) CMSA Financial File. Not later than 5:00 p.m. (New York City time) on
the first Business Day following each Determination Date, the Special Servicer
shall deliver or cause to be delivered to the Master Servicer the following
reports with respect to the Mortgage Loans (and, if applicable, the related REO
Properties) (or, as to clause (iv) below, only with respect to Specially
Serviced Mortgage Loans) providing the required information as of such
Determination Date: (i) a CMSA Historical Liquidation Report; (ii) a CMSA
Historical Loan Modification and Corrected Mortgage Loan Report; (iii) an CMSA
REO Status Report and (iv) a CMSA Delinquent Loan Status Report. Not later than
4:00 p.m. (New York City time) on the second Business Day of each calendar
month, the Special Servicer shall deliver or cause to be delivered to the Master
Servicer (in electronic format acceptable to the Master Servicer and the Special
Servicer) an Interim Delinquent Loan Status Report.

            (c) Not later than 4:00 p.m. (New York City time) on the third
Business Day after each Determination Date, the Master Servicer shall deliver or
cause to be delivered to the Trustee (in electronic format acceptable to the
Master Servicer and the Trustee) (A) the most recent CMSA Historical Loan
Modification and Corrected Mortgage Loan Report, CMSA Historical Liquidation
Report and CMSA REO Status Report received from the Special Servicer pursuant to
Section 3.12(b); (B) a CMSA Property File, a CMSA Comparative Financial Status
Report and CMSA Financial File, each with the required information as of the end
of the preceding calendar month (in each case combining the reports prepared by
the Special Servicer and the Master Servicer); (C) a CMSA Delinquent Loan Status
Report, each with the required information as of such Determination Date (in
each case combining the reports prepared by the Special Servicer and the Master
Servicer); (D) a CMSA Watch List Report with the required information as of such
Determination Date and (E) an Updated Collection Report. Not later than 4:00
p.m. (New York City time) on the third Business Day of each calendar month, the
Master Servicer shall deliver or cause to be delivered to the Trustee (in
electronic format acceptable to the Master Servicer and the Trustee) an Interim
Delinquent Loan Status Report.

            (d) The Special Servicer will deliver to the Master Servicer the
reports set forth in Section 3.12(b) and this Section 3.12(d) and the Master
Servicer shall deliver to the Trustee the reports set forth in Section 3.12 in
an electronic format reasonably acceptable to the Special Servicer and the
Master Servicer with respect to the reports set forth in Section 3.12(b) and
this Section 3.12(d), and the Master Servicer and the Trustee with respect to
the reports set forth in Section 3.12(c). The Master Servicer may, absent
manifest error, conclusively rely on the reports to be provided by the Special
Servicer pursuant to Section 3.12(b) and this Section 3.12(d). The Trustee may,
absent manifest error, conclusively rely on the CMSA Loan Periodic Update File
to be provided by the Master Servicer pursuant to Section 4.02(b). In the case
of information or reports to be furnished by the Master Servicer to the Trustee
pursuant to this Section 3.12, to the extent that such information is based on
reports to be provided by the Special Servicer pursuant to Section 3.12(b) and
this Section 3.12(d) and, to the extent that such reports are to be prepared and
delivered by the Special Servicer pursuant to Section 3.12(b) and this Section
3.12(d), the Master Servicer shall have no obligation to provide such
information or reports until it has received such information or reports from
the Special Servicer and the Master Servicer shall not be in default hereunder
due to a delay in providing the reports required by this Section 3.12 to the
extent caused by the Special Servicer's failure to timely provide any report
required under Section 3.12(b) and this Section 3.12(d) of this Agreement.

            The Special Servicer, in the case of any Specially Serviced Mortgage
Loan and REO Loan, and the Master Servicer, in the case of all other Mortgage
Loans shall each consistent with the Servicing Standard, endeavor to obtain
quarterly and annual operating statements and rent rolls with respect to the
related Mortgage Loans and REO Properties, which efforts shall include in the
case of Mortgage Loans, a letter sent to the related Mortgagor each quarter
(followed up with telephone calls) requesting such quarterly and annual
operating statements and rent rolls until they are received to the extent such
action is consistent with applicable law and the related Mortgage Loan
documents.

            The Special Servicer shall promptly following receipt, deliver
copies of the operating statements and rent rolls received or obtained by it to
the Master Servicer, and the Master Servicer shall deliver copies of the
operating statements and rent rolls received or obtained by it to the Rating
Agencies, the Trustee, the Special Servicer or the Controlling Class
Representative in each case (other than the Rating Agencies and the Controlling
Class Representative which shall be sent copies within 30 days following the
Master Servicer's receipt) upon request.

            Within 30 days after receipt by the Master Servicer or the Special
Servicer of any annual operating statements with respect to any Mortgaged
Property or REO Property, as applicable, each of the Master Servicer and the
Special Servicer shall prepare or update and, with respect to any CMSA NOI
Adjustment Worksheet prepared or updated by the Special Servicer, forward to the
Master Servicer, an CMSA NOI Adjustment Worksheet for such Mortgaged Property or
REO Property (with the annual operating statements attached thereto as an
exhibit).

            The Special Servicer with respect to each Specially Serviced
Mortgage Loan and REO Loan, and the Master Servicer with respect to each other
Mortgage Loan, shall each prepare and maintain and forward to each other one
CMSA Operating Statement Analysis for each Mortgaged Property and REO Property,
as applicable. The CMSA Operating Statement Analysis for each Mortgaged Property
and REO Property is to be updated by each of the Master Servicer and the Special
Servicer, as applicable, within thirty days after its respective receipt of
updated operating statements for such Mortgaged Property or REO Property, as the
case may be, but in no event less frequently than annually by June 30th of each
year. The Master Servicer and the Special Servicer shall each use the
"Normalized" column from the CMSA NOI Adjustment Worksheet for any Mortgaged
Property or REO Property, as the case may be, to update the corresponding CMSA
Operating Statement Analysis and shall use any operating statements received
with respect to any Mortgaged Property or REO Property, as the case may be, to
prepare the CMSA NOI Adjustment Worksheet for such property. Copies of Operating
Statement Analyses and CMSA NOI Adjustment Worksheets are to be made available
by the Master Servicer to the Trustee, the Special Servicer or the Controlling
Class Representative in each case upon request.

            Section 3.13 Annual Statement as to Compliance.

            Each of the Master Servicer and the Special Servicer shall deliver
to the Trustee, the Underwriters, the Controlling Class Representative, and the
Rating Agencies, and, in the case of the Special Servicer, to the Master
Servicer, on or before March 15 of each year (or April 30th of each year with
respect to which the Depositor has informed the Master Servicer that reports
described in Section 8.17(a) are no longer required to be filed), beginning,
March 15, 2004, an Officers' Certificate stating, as to each signer thereof,
that (i) a review of the activities of the Master Servicer or the Special
Servicer, as the case may be, during the preceding calendar year and of its
performance under this Agreement has been made under such officer's supervision,
(ii) to the best of such officer's knowledge, based on such review, the Master
Servicer or the Special Servicer, as the case may be, has fulfilled all of its
obligations under this Agreement in all material respects throughout such year,
or, if there has been a default in the fulfillment of any such obligation,
specifying each such default known to such officer and the nature and status
thereof and (iii) the Master Servicer or the Special Servicer, as the case may
be, has received no notice regarding qualification, or challenging the status,
of the ED Loan REMIC, REMIC I or REMIC II as a REMIC under the REMIC Provisions
or of the Grantor Trust as a "grantor trust" for income tax purposes under the
Grantor Trust Provisions from the Internal Revenue Service or any other
governmental agency or body or, if it has received any such notice, specifying
the details thereof. With respect to each year that the reports described in
Section 8.17(a) are filed, the Trustee shall review such Officer's Certificate
and inform the Depositor, the Master Servicer and the Special Servicer of any
material exceptions that any Responsible Officer of the Trustee has actual
knowledge of (it being understood that the Trustee is not under any obligation
to monitor the activities of the Master Servicer or Special Servicer except to
the extent required by this Section 3.13 and this Agreement) prior to March 25
of the year received.

            Section 3.14 Reports by Independent Public Accountants.

            On or before March 15 of each year (or April 30 of each year with
respect to which the Depositor has informed the Master Servicer that reports
described in Section 8.17(a) are no longer required to be filed), beginning
March 15, 2004, each of the Master Servicer and the Special Servicer at its
expense shall cause a firm of Independent public accountants (which may also
render other services to the Master Servicer or the Special Servicer) that is a
member of the American Institute of Certified Public Accountants to furnish a
statement to the Trustee, Underwriters, Rating Agencies, the Controlling Class
Representative, Depositor and, in the case of the Special Servicer, to the
Master Servicer, to the effect that such firm has examined the servicing
operations of the Master Servicer or the Special Servicer, as the case may be,
for the previous calendar year (except that the first such report shall cover
the period from the Closing Date through December 31, 2003) and that, on the
basis of such examination, conducted substantially in compliance with USAP, such
firm confirms that the Master Servicer or the Special Servicer, as the case may
be, complied with the minimum servicing standards identified in USAP, in all
material respects, except for such significant exceptions or errors in records
that, in the opinion of such firm, the USAP requires it to report. In rendering
such statement, such firm may rely, as to matters relating to direct servicing
of mortgage loans by Sub-Servicers, upon comparable statements for examinations
conducted substantially in compliance with the Uniform Single Audit Program for
Mortgage Bankers (rendered within one year of such statement) of independent
public accountants with respect to the related Sub-Servicer. With respect to
each year that the reports described in Section 8.17(a) are filed, prior to
February 15 of each calendar year, beginning February 15, 2004, the Trustee
shall notify the Depositor, the Master Servicer and the Special Servicer of any
material deficiencies in such servicer's compliance with the terms of this
Agreement during the preceding calendar year of which a Responsible Officer of
the Trustee has actual knowledge (it being understood that the Trustee is not
under any obligation to monitor the activities of the Master Servicer or Special
Servicer except to the extent required by this Section 3.14 and this Agreement).

            Section 3.15 Access to Certain Information.

            (a) Upon ten days prior written notice, the Master Servicer (with
respect to the items in clauses (a), (b), (c), (d), (e), (f), (h) and (i)
below), the Special Servicer (with respect to the items in clauses (c), (d),
(e), (f), (g), (h) and (i) below) and the Trustee (with respect to the items in
clause (b) and (i) below) and to the extent any other items are in its
possession) shall make available at their respective offices primarily
responsible for administration of the Mortgage Loans (or in case of the Trustee,
at its Corporate Trust Office, except with respect to documents which constitute
part of the Mortgage Files, which will be maintained at its offices in
Minnesota), during normal business hours, or send to the requesting party, such
party having been certified to the Trustee, the Master Servicer or the Special
Servicer, as applicable, in accordance with (a) and (b) in the following
paragraph, as appropriate, at the expense of such requesting party (unless
otherwise provided in this Agreement), for review by any Certificate Owner or
Certificateholder or any Person identified by a Certificate Owner or
Certificateholder or its designated agent to the Trustee, the Master Servicer or
the Special Servicer, as the case may be, as a prospective transferee of any
Certificate or interest therein, the Trustee, the Rating Agencies, the
Underwriters and anyone specified thereby and the Depositor originals or copies
of the following items: (a) this Agreement and any amendments thereto, (b) all
Distribution Date Statements delivered to holders of the relevant Class of
Certificates since the Closing Date and all reports, statements and analyses
delivered by the Master Servicer since the Closing Date pursuant to Section
3.12(c), (c) all Officers' Certificates delivered by the Master Servicer or the
Special Servicer since the Closing Date pursuant to Section 3.13, (d) all
accountants' reports delivered to the Master Servicer in respect of itself or
the Special Servicer since the Closing Date as described in Section 3.14, (e)
the most recent property inspection report prepared by or on behalf of the
Master Servicer in respect of each Mortgaged Property and any Environmental
Assessments prepared pursuant to Section 3.09, (f) the most recent Mortgaged
Property annual operating statements and rent roll, if any, collected by or on
behalf of the Master Servicer, (g) any and all modifications, waivers and
amendments of the terms of a Mortgage Loan entered into by the Special Servicer
and the Asset Status Report prepared pursuant to Section 3.21(d), (h) the
Servicing File relating to each Mortgage Loan and (i) any and all Officers'
Certificates and other evidence delivered by the Master Servicer or the Special
Servicer, as the case may be, to support its determination that any Advance was,
or if made, would be, a Nonrecoverable Advance pursuant to Section 3.03(e)
including appraisals affixed thereto and any Required Appraisal prepared
pursuant to Section 3.09(a). Copies of any and all of the foregoing items will
be available from the Master Servicer, the Special Servicer or the Trustee, as
the case may be, upon request and shall be provided to any of the Rating
Agencies at no cost pursuant to their reasonable requests.

            In connection with providing access to or copies of the items
described in the preceding paragraph pursuant to this Section 3.15, or with
respect to the Controlling Class Representative, in connection with providing
access to or copies of any items in accordance with this Agreement, the Trustee,
the Master Servicer or the Special Servicer, as applicable, shall require: (a)
in the case of Certificate Owners and the Controlling Class Representative, a
confirmation (which in the case of the Controlling Class Representative may be a
standing confirmation) executed by the requesting Person substantially in the
form of Exhibit K-1 hereto (or such other form as may be reasonably acceptable
to the Trustee, the Master Servicer or the Special Servicer, as applicable)
generally to the effect that such Person is a beneficial holder of Book-Entry
Certificates, or a representative of a beneficial holder of Book-Entry
Certificates, and, subject to the last sentence of this paragraph, will keep
such information confidential (except that such Certificate Owner and the
Controlling Class Representative may provide such information to any other
Person that holds or is contemplating the purchase of any Certificate or
interest therein, provided that such other Person confirms in writing such
ownership interest or prospective ownership interest and agrees to keep such
information confidential); and (b) in the case of a prospective purchaser of a
Certificate or an interest therein, confirmation executed by the requesting
Person substantially in the form of Exhibit K-2 hereto (or such other form as
may be reasonably acceptable to the Trustee, the Master Servicer or the Special
Servicer, as applicable) generally to the effect that such Person is a
prospective purchaser of a Certificate or an interest therein, is requesting the
information for use in evaluating a possible investment in Certificates and,
subject to the last sentence of this paragraph, will otherwise keep such
information confidential. The Holders of the Certificates, by their acceptance
thereof, and the Controlling Class Representative, by its acceptance of its
appointment, will be deemed to have agreed, subject to the last sentence of this
paragraph, to keep such information confidential (except that any Holder may
provide such information obtained by it to any other Person that holds or is
contemplating the purchase of any Certificate or interest therein, provided that
such other Person confirms in writing such ownership interest or prospective
ownership interest and agrees to keep such information confidential) and agrees
not to use such information in any manner that would violate federal, state or
local securities laws. Notwithstanding the foregoing, no Certificateholder,
Certificate Owner or prospective Certificateholder or Certificate Owner shall be
obligated to keep confidential any information received from the Trustee, the
Master Servicer or the Special Servicer, as applicable, pursuant to this Section
3.15 that has previously been made available via the Trustee's, the Master
Servicer's or Special Servicer's Internet Website without restriction as to
access, as applicable, or has previously been filed with the Commission, and the
Trustee, the Master Servicer or the Special Servicer, as applicable, shall not
require either of the certifications contemplated by the second preceding
sentence in connection with providing any information pursuant to this Section
3.15 that has previously been made available via the Trustee's, the Master
Servicer's or Special Servicer's Internet Website without restriction as to
access, as applicable, or has previously been filed with the Commission.

            Each of the Master Servicer and the Special Servicer shall afford to
the Trustee, the Rating Agencies and the Depositor, and to the OTS, the FDIC,
the Federal Reserve Board and any other banking or insurance regulatory
authority that may exercise authority over any Certificateholder, access to any
records regarding the Mortgage Loans and the servicing thereof within its
control, except to the extent it is prohibited from doing so by applicable law
or contract or to the extent such information is subject to a privilege under
applicable law to be asserted on behalf of the Certificateholders. Such access
shall be afforded only upon reasonable prior written request and during normal
business hours at the offices of the Master Servicer or the Special Servicer, as
the case may be, designated by it.

            The Trustee, the Master Servicer, the Special Servicer and the
Underwriters may require payment from the Certificateholder or Certificate Owner
of a sum sufficient to cover the reasonable costs and expenses of providing any
such information or access pursuant to this Section 3.15 to, or at the request
of, the Certificateholders or Certificate Owners or prospective transferees,
including, without limitation, copy charges and, in the case of
Certificateholders or Certificate Owners requiring on site review in excess of
three Business Days, reasonable fees for employee time and for space.

            (b) The Master Servicer may, but is not required to, make available
on or prior to the Distribution Date in each month to any interested party (i)
the Distribution Date Statement via its Internet Website, (ii) as a convenience
for interested parties the Prospectus Supplement, the Prospectus and this
Agreement on its Internet Website and (iii) any other items at the request of
the Depositor via its Internet Website.

            The Master Servicer may, but is not required to, make available each
month via its Internet Website (i) to any interested party, the Unrestricted
Servicer Reports, the CMSA Loan Setup File and the CMSA Loan Periodic Update
File, and (ii) to any Privileged Person, with the use of a password provided by
the Master Servicer, the Restricted Servicer Reports, the CMSA Financial File
and the CMSA Property File. Any (y) Restricted Servicer Report or Unrestricted
Servicer Report (other than the Interim Delinquent Loan Status Report) that is
not available on the Master Servicer's Internet Website as described in the
immediately preceding sentence by 5:00 p.m. (New York City time) on the related
Distribution Date, and (z) Interim Delinquent Loan Status Report that is not
available on the Master Servicer's Internet Website as described in the
immediately preceding sentence by 5:00 p.m. (New York City time) on the third
Business Day of each calendar month shall be provided (in electronic format, or
if electronic mail is unavailable, by facsimile) by the Master Servicer, upon
request, to any Person otherwise entitled to access such report on the Master
Servicer's Internet Website.

            In connection with providing access to the Trustee's Internet
Website or the Master Servicer's Internet Website, the Trustee or the Master
Servicer, as applicable, may require registration and the acceptance of a
disclaimer.

            If three or more Holders or the Controlling Class Representative
(hereinafter referred to as "Applicants" with a single Person which (together
with its Affiliates) is the Holder of more than one Class of Certificates being
viewed as a single Applicant for these purposes) apply in writing to the
Trustee, and such application states that the Applicants' desire to communicate
with other Holders with respect to their rights under this Agreement or under
the Certificates and is accompanied by a copy of the communication which such
Applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt of such application, send, at the Applicants' expense,
the written communication proffered by the Applicants to all Certificateholders
at their addresses as they appear in the Certificate Register.

            (c) The Master Servicer and the Special Servicer shall not be
required to confirm, represent or warrant the accuracy or completeness of any
other Person's information or report included in any communication from the
Master Servicer or the Special Servicer under this Agreement. Neither the Master
Servicer nor the Trustee shall be liable for the dissemination of information in
accordance with this Section 3.15(c). The Trustee makes no representations or
warranties as to the accuracy or completeness of any report, document or other
information made available on the Trustee's Website and assumes no
responsibility therefor. In addition, the Trustee, the Master Servicer and the
Special Servicer may disclaim responsibility for any information distributed by
the Trustee, the Master Servicer or the Special Servicer, respectively, for
which it is not the original source.

            (d) Upon the request of the Controlling Class Representative made
not more frequently than once a month (which request may be a standing,
continuing request), or at such mutually acceptable time each month as the
Controlling Class Representative shall reasonably designate, each of the Master
Servicer and Special Servicer shall, without charge, make a knowledgeable
Servicing Officer available, at the option of the Controlling Class
Representative either by telephone or at the office of such Servicing Officer,
to answer questions from the Controlling Class Representative regarding the
performance and servicing of the Mortgage Loans and/or REO Properties for which
such Master Servicer or Special Servicer, as the case may be, is responsible.
The Master Servicer and each of the Special Servicers each shall condition such
disclosure upon the Controlling Class Representative entering into a reasonable
and customary confidentiality agreement reasonably acceptable to such servicer
and the Controlling Class Representative regarding such disclosure to it.
Neither the Master Servicer nor the Special Servicer shall be required to
provide any information or disclosures in violation of any applicable law, rule
or regulation.

            Section 3.16 Title to REO Property; REO Account.

            (a) If title to any REO Property is acquired, the deed or
certificate of sale shall be issued to the Trustee or its nominee on behalf of
the Certificateholders and, if applicable, the Companion Holder, as their
interests shall appear. The Special Servicer, on behalf of the Trust Fund, shall
sell any REO Property as soon as practicable in accordance with the Servicing
Standard, but prior to the end of the third year following the calendar year in
which the ED Loan REMIC or REMIC I acquires ownership of such REO Property for
purposes of Section 860G(a)(8) of the Code, unless the Special Servicer either
(i) applies for, more than sixty days prior to the end of such third succeeding
year, and is granted an extension of time (an "REO Extension") by the Internal
Revenue Service to sell such REO Property or (ii) obtains for the Trustee an
Opinion of Counsel, addressed to the Trustee, the Special Servicer and the
Master Servicer, to the effect that the holding by the ED Loan REMIC or REMIC I
of such REO Property subsequent to the end of such third succeeding year will
not result in the imposition of taxes on "prohibited transactions" (as defined
in Section 860F of the Code) of the ED Loan REMIC, REMIC I or REMIC II or cause
the ED Loan REMIC, REMIC I or REMIC II to fail to qualify as a REMIC at any time
that any Certificates are outstanding. If the Special Servicer is granted the
REO Extension contemplated by clause (i) of the immediately preceding sentence
or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately
preceding sentence, the Special Servicer shall sell such REO Property within
such extended period as is permitted by such REO Extension or such Opinion of
Counsel, as the case may be. Any expense incurred by the Special Servicer in
connection with its obtaining the REO Extension contemplated by clause (i) of
the second preceding sentence or its obtaining the Opinion of Counsel
contemplated by clause (ii) of the second preceding sentence, shall first be
payable from the related REO Account to the extent of available funds and then
be a Servicing Advance by the Master Servicer.

            (b) The Special Servicer shall segregate and hold all funds
collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur, the
Special Servicer shall establish and maintain one or more accounts
(collectively, the "REO Account"), held on behalf of the Trustee in trust for
the benefit of the Certificateholders and, if applicable, the Companion Holder,
as their interests shall appear, for the retention of revenues and other
proceeds derived from each REO Property. The REO Account shall be an Eligible
Account. The Special Servicer shall deposit, or cause to be deposited, in the
REO Account, upon receipt, all REO Revenues, Insurance Proceeds and Liquidation
Proceeds (net of Liquidation Expenses) received in respect of an REO Property
within 2 Business Days of receipt. Funds in the REO Account may be invested in
Permitted Investments in accordance with Section 3.06. The Special Servicer
shall be entitled to make withdrawals from the REO Account to pay itself, as
additional servicing compensation in accordance with Section 3.11(d), interest
and investment income earned in respect of amounts held in the REO Account as
provided in Section 3.06(b) (but only to the extent of the Net Investment
Earnings with respect to the REO Account for any Collection Period). The Special
Servicer shall give written notice to the Trustee and the Master Servicer of the
location of the REO Account when first established and of the new location of
the REO Account prior to any change thereof.

            (c) The Special Servicer shall withdraw from the REO Account funds
necessary for the proper operation, management, maintenance and disposition of
any REO Property, but only to the extent of amounts on deposit in the REO
Account relating to such REO Property (including any monthly reserve or escrow
amounts necessary to accumulate sufficient funds for taxes, insurance and
anticipated capital expenditures (the "Impound Reserve")). On the last day of
the related Collection Period, the Special Servicer shall withdraw from the REO
Account and deposit into the Certificate Account or deliver to the Master
Servicer or such other Person as may be directed by the Master Servicer (which
shall deposit such amounts into the Certificate Account) the aggregate of all
amounts received in respect of each REO Property during the most recently ended
Collection Period, net of any withdrawals made out of such amounts pursuant to
the preceding sentence; provided that, in addition to the Impound Reserve, the
Special Servicer may retain in the REO Account such portion of proceeds and
collections as may be necessary to maintain a reserve of sufficient funds for
the proper operation, management and maintenance of the related REO Property
(including, without limitation, the creation of a reasonable reserve for
repairs, replacements and other related expenses).

            (d) The Special Servicer shall keep and maintain separate records,
on a property-by-property basis, for the purpose of accounting for all deposits
to, and withdrawals from, the REO Account pursuant to Section 3.16(b) or (c).
The Special Servicer shall provide the Master Servicer any information with
respect to the REO Account as is reasonably requested by the Master Servicer.

            Section 3.17 Management of REO Property.

            (a) Prior to the acquisition of title to a Mortgaged Property, the
Special Servicer shall review the operation of such Mortgaged Property and
determine the nature of the income that would be derived from such property if
it were acquired by the Trust Fund. If the Special Servicer determines from such
review in compliance with the Servicing Standard that in its good faith and
reasonable judgment:

            (i) None of the income from Directly Operating such REO Property
      would be subject to tax as "net income from foreclosure property" within
      the meaning of the REMIC Provisions (such tax referred to herein as an
      "REO Tax"), and the Special Servicer does not engage in any of the
      activities described in the definition of "Directly Operate" that would
      cause the REO Property to cease to qualify as "foreclosure property"
      within the meaning of Section 860G(a)(8) of the Code, then such Mortgaged
      Property may be Directly Operated by the Special Servicer as REO Property;

            (ii) Directly Operating such Mortgaged Property as an REO Property
      could result in income from such property that would be subject to an REO
      Tax, but that a lease of such property to another party to operate such
      property, or the performance of some services by an Independent Contractor
      with respect to such property, or another method of operating such
      property would not result in income subject to an REO Tax, then the
      Special Servicer may (provided that in the good faith and reasonable
      judgment of the Special Servicer, such alternative is commercially
      feasible and would result in a greater net recovery on a present value
      basis than earning income subject to an REO Tax) acquire such Mortgaged
      Property as REO Property and so lease or manage such REO Property; or

            (iii) It is reasonable to believe that Directly Operating such
      property as REO Property could result in income subject to an REO Tax and
      that such method of operation is commercially feasible and would result in
      a greater net recovery on a present value basis than leasing or other
      method of operating the REO Property that would not incur an REO Tax, the
      Special Servicer shall deliver to the REMIC Administrator, in writing, a
      proposed plan (the "Proposed Plan") to manage such property as REO
      Property. Such plan shall include potential sources of income, and to the
      extent commercially feasible, estimates of the amount of income from each
      such source. Within a reasonable period of time after receipt of such
      plan, the REMIC Administrator shall consult with the Special Servicer and
      shall advise the Special Servicer of the REMIC Administrator's federal
      income tax reporting position with respect to the various sources of
      income that the Trust Fund would derive under the Proposed Plan. In
      addition, the REMIC Administrator shall (to the extent reasonably
      possible) advise the Special Servicer of the estimated amount of taxes
      that the Trust Fund would be required to pay with respect to each such
      source of income. After receiving the information described in the two
      preceding sentences from the REMIC Administrator, the Special Servicer
      shall either (A) implement the Proposed Plan (after acquiring the
      respective Mortgaged Property as REO Property) or (B) manage such property
      in a manner that would not result in the imposition of an REO Tax on the
      income derived from such property. All of the REMIC Administrator's
      expenses (including any fees and expenses of counsel or other experts
      reasonably retained by it) incurred pursuant to this Section shall be
      reimbursed to it from the Trust Fund in accordance with Section 10.01(e).

            The Special Servicer's decision as to how each REO Property shall be
managed shall be based on the Servicing Standard and in any case on the good
faith and reasonable judgment of the Special Servicer as to which means would be
in the best interest of the Certificateholders (or, if the REO Property was
formerly a Mortgaged Property securing a Co-Lender Loan, the Certificateholders
and the related Companion Holder (as a collective whole)) by maximizing (to the
extent commercially feasible and consistent with Section 3.17(b)) the net
after-tax REO Revenues received by the Trust Fund with respect to such property
and, to the extent consistent with the foregoing, in the same manner as would
prudent mortgage loan servicers operating acquired mortgaged property comparable
to the respective Mortgaged Property. Both the Special Servicer and the REMIC
Administrator may, at the expense of the Trust Fund payable pursuant to Section
3.05(a)(xiv) consult with counsel.

            (b) If title to any REO Property is acquired, the Special Servicer
shall manage, conserve and protect such REO Property for the benefit of the
Certificateholders (or, if the REO Property was formerly a Mortgaged Property
securing a Co-Lender Loan, the Certificateholders and the related Companion
Holder (as a collective whole in accordance with the Servicing Standard)) solely
for the purpose of its prompt disposition and sale in a manner that does not and
will not cause such REO Property to fail to qualify as "foreclosure property"
within the meaning of Section 860G(a)(8) of the Code or either result in the
receipt by the ED Loan REMIC or REMIC I, as applicable, of any "income from
non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or
result in an Adverse REMIC Event. Subject to the foregoing, however, the Special
Servicer shall have full power and authority to do any and all things in
connection therewith as are consistent with the Servicing Standard and,
consistent therewith, shall withdraw from the REO Account, to the extent of
amounts on deposit therein with respect to any REO Property, funds necessary for
the proper management, maintenance and disposition of such REO Property,
including without limitation:

            (i) all insurance premiums due and payable in respect of such REO
      Property;

            (ii) all real estate taxes and assessments in respect of such REO
      Property that may result in the imposition of a lien thereon;

            (iii) any ground rents in respect of such REO Property; and

            (iv) all costs and expenses necessary to maintain, lease, sell,
      protect, manage and restore such REO Property.

            To the extent that amounts on deposit in the REO Account in respect
of any REO Property are insufficient for the purposes set forth in the preceding
sentence with respect to such REO Property, the Master Servicer, subject to the
second paragraph of Section 3.03(c), shall make Servicing Advances in such
amounts as are necessary for such purposes unless (as evidenced by an Officers'
Certificate delivered to the Trustee) the Master Servicer would not make such
advances if the Master Servicer owned such REO Property or the Master Servicer
determines, in accordance with the Servicing Standard, that such payment would
be a Nonrecoverable Advance; provided, however, that the Master Servicer may
make any such Servicing Advance without regard to recoverability if it is a
necessary fee or expense incurred in connection with the defense or prosecution
of legal proceedings.

            (c) Unless Section 3.17(a)(i) applies, the Special Servicer shall
contract with any Independent Contractor (if required by the REMIC Provisions
for the REO Property to remain classified as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code) for the operation and management of
any REO Property, provided that:

            (i) the terms and conditions of any such contract may not be
inconsistent herewith and shall reflect an agreement reached at arm's length;

            (ii) the fees of such Independent Contractor (which shall be
expenses of the Trust Fund) shall be reasonable and customary in consideration
of the nature and locality of the REO Property;

            (iii) except as permitted under Section 3.17(a), any such contract
shall require, or shall be administered to require, that the Independent
Contractor, in a timely manner, pay all costs and expenses incurred in
connection with the operation and management of such REO Property, including,
without limitation, those listed in Section 3.17(b) above, and remit all related
revenues collected (net of its fees and such costs and expenses) to the Special
Servicer upon receipt;

            (iv) none of the provisions of this Section 3.17(c) relating to any
such contract or to actions taken through any such Independent Contractor shall
be deemed to relieve the Special Servicer of any of its duties and obligations
hereunder with respect to the operation and management of any such REO Property;
and

            (v) the Special Servicer shall be obligated with respect thereto to
the same extent as if it alone were performing all duties and obligations in
connection with the operation and management of such REO Property.

The Special Servicer shall be entitled to enter into any agreement with any
Independent Contractor performing services for it related to its duties and
obligations hereunder for indemnification of the Special Servicer by such
Independent Contractor, and nothing in this Agreement shall be deemed to limit
or modify such indemnification. No agreement entered into pursuant to this
Section 3.17(c) shall be deemed a Sub-Servicing Agreement for purposes of
Section 3.22.

            Section 3.18 Resolution of Defaulted Mortgage Loans and REO
Properties.

            (a) The Master Servicer, the Special Servicer or the Trustee may
sell or purchase, or permit the sale or purchase of, a Mortgage Loan or an REO
Property only on the terms and subject to the conditions set forth in this
Section 3.18 or as otherwise expressly provided in or contemplated by Sections
2.03(a) and 9.01.

            (b) Within 60 days after a Mortgage Loan becomes a Defaulted
Mortgage Loan, the Special Servicer shall determine the fair value of the
Mortgage Loan in accordance with the Servicing Standard; provided, however, that
such determination shall be made without taking into account any effect the
restrictions on the sale of such Mortgage Loan contained herein may have on the
value of such Defaulted Mortgage Loan; provided, further, that, the Special
Servicer shall use reasonable efforts promptly to obtain an Appraisal with
respect to the related Mortgaged Property unless it has an Appraisal that is
less than 12 months old and has no actual knowledge of, or notice of, any event
which in the Special Servicer's judgment would materially affect the validity of
such Appraisal. The Special Servicer shall make its fair value determination as
soon as reasonably practicable (but in any event within thirty (30) days) after
its receipt of such new Appraisal, if applicable. The Special Servicer is
permitted to change, from time to time, its determination of the fair value of a
Defaulted Mortgage Loan based upon changed circumstances, new information or
otherwise, in accordance with the Servicing Standard; provided, however, the
Special Servicer shall update its determination of the fair value at least once
every 90 days. The Special Servicer shall notify the Trustee, the Master
Servicer, each Rating Agency and the Majority Subordinate Certificateholder
promptly upon its fair value determination and any adjustment thereto. In
determining the fair value of any Defaulted Mortgage Loan, the Special Servicer
shall take into account, among other factors, the period and amount of the
delinquency on such Mortgage Loan, the occupancy level and physical condition of
the related Mortgaged Property, the state of the local economy in the area where
the Mortgaged Property is located, and the time and expense associated with a
purchaser's foreclosing on the related Mortgaged Property. In addition, the
Special Servicer shall refer to all other relevant information obtained by it or
otherwise contained in the Mortgage Loan File; provided that the Special
Servicer shall take account of any change in circumstances regarding the related
Mortgaged Property known to the Special Servicer that has occurred subsequent
to, and that would, in the Special Servicer's reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent
related Appraisal. Furthermore, the Special Servicer shall consider all
available objective third-party information obtained from generally available
sources, as well as information obtained from vendors providing real estate
services to the Special Servicer, concerning the market for distressed real
estate loans and the real estate market for the subject property type in the
area where the related Mortgaged Property is located. The Special Servicer may
conclusively rely on the opinion and reports of Independent third parties in
making such determination.

            (c) Subject to the terms set forth in Section 2.03, in the event a
Mortgage Loan becomes a Defaulted Mortgage Loan, each of the Majority
Subordinate Certificateholder and the Special Servicer shall have an assignable
option (a "Purchase Option") to purchase such Defaulted Mortgage Loan from the
Trust Fund at a price (the "Option Price") equal to (i) the Purchase Price, if
the Special Servicer has not yet determined the fair value of the Defaulted
Mortgage Loan, or (ii) the fair value of the Defaulted Mortgage Loan as
determined by the Special Servicer in the manner described in Section 3.18(b)
and in accordance with the Servicing Standard, if the Special Servicer has made
such fair value determination. Any holder of a Purchase Option may sell,
transfer, assign or otherwise convey its Purchase Option with respect to any
Defaulted Mortgage Loan to any party other than the related Mortgagor or an
affiliate of the related Mortgagor under the Mortgage Loan at any time after the
related Mortgage Loan becomes a Defaulted Mortgage Loan. The transferor of any
Purchase Option shall notify the Trustee and the Master Servicer of such
transfer and such notice shall include the transferee's name, address, telephone
number, facsimile number and appropriate contact person(s) and shall be
acknowledged in writing by the transferee. Notwithstanding the foregoing, the
Majority Subordinate Certificateholder shall have the right to exercise its
Purchase Option prior to any exercise of the Purchase Option by the Special
Servicer; provided, however, if the Purchase Option is not exercised by the
Majority Subordinate Certificateholder or any assignee thereof within 60 days of
a Mortgage Loan becoming a Defaulted Mortgage Loan, then the Special Servicer
shall have the right to exercise its Purchase Option prior to any exercise by
the Majority Subordinate Certificateholder and the Special Servicer or its
assignee may exercise such Purchase Option at any time during the fifteen day
period immediately following the expiration of such 60-day period. Following the
expiration of such fifteen day period, the Majority Subordinate
Certificateholder shall again have the right to exercise its Purchase Option
prior to any exercise of the Purchase Option by the Special Servicer. If not
exercised earlier, the Purchase Option with respect to any Defaulted Mortgage
Loan will automatically terminate (i) once the related Defaulted Mortgage Loan
is no longer a Defaulted Mortgage Loan; provided, however, that, if such
Mortgage Loan subsequently becomes a Defaulted Mortgage Loan, the related
Purchase Option shall again be exercisable, (ii) upon the acquisition, by or on
behalf of the Trust Fund, of title to the related Mortgaged Property through
foreclosure or deed in lieu of foreclosure or (iii) the modification or pay-off,
in full or at a discount, of such Defaulted Mortgage Loan in connection with a
workout.

            (d) Notwithstanding Section 3.18(c), Section 3.18(g) or Section
3.18(h), pursuant to the terms of the Intercreditor Agreements related to the AB
Mortgage Loans, a related Companion Holder will have the right to purchase the
related AB Mortgage Loan or related REO Property. Such right of the related
Companion Holder shall have priority over any provision described in Section
3.18(c), Section 3.18(g) or Section 3.18(h). If the AB Mortgage Loan or REO
Property is purchased by the Companion Holder, repurchased by the applicable
Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the
related Companion Loan will no longer be subject to this Agreement. Neither the
Trustee, the Master Servicer nor the Trust Fund shall acquire a Companion Loan;
provided, however, the Master Servicer or an affiliate may own or acquire the
Lloyd Center Companion Loan or the AB Apartments Companion Loans.

            (e) Upon receipt of notice from the Special Servicer indicating that
a Mortgage Loan has become a Defaulted Mortgage Loan, the holder (whether the
original grantee of such option or any subsequent transferee) of the Purchase
Option may exercise the Purchase Option by providing the Master Servicer and the
Trustee written notice thereof (the "Purchase Option Notice"), in the form of
Exhibit N, which notice shall identify the Person that, on its own or through an
Affiliate, will acquire the related Mortgage Loan upon closing and shall specify
a cash exercise price at least equal to the Option Price. The Purchase Option
Notice shall be delivered in the manner specified in Section 11.05. The exercise
of any Purchase Option pursuant to this clause (e) shall be irrevocable.

            (f) If the Special Servicer or the Majority Subordinate
Certificateholder, or any of their respective Affiliates, is identified in the
Purchase Option Notice as the Person expected to acquire the related Mortgage
Loan, the Trustee shall determine as soon as reasonably practicable (and, in any
event, within thirty (30) days) after the Trustee has received the written
notice, whether the Option Price represents fair value for the Defaulted
Mortgage Loan; provided that, if the Special Servicer is then in the process of
obtaining a new Appraisal with respect to the related Mortgaged Property, then
the Trustee shall make its fair value determination with respect to such
Mortgage Loan as soon as reasonably practicable (but in any event within thirty
(30) days) after the Trustee's receipt of such new Appraisal. Such fair value
determination shall be made in accordance with the Servicing Standard. In
determining the fair value of any Defaulted Mortgage Loan, the Trustee shall
take into account, among other factors, the period and amount of the delinquency
on such Mortgage Loan, the occupancy level and physical condition of the related
Mortgaged Property, the state of the local economy in the area where the
Mortgaged Property is located, and the time and expense associated with a
purchaser's foreclosing on the related Mortgaged Property. In addition, the
Trustee shall refer to the Servicing Standard and all other relevant information
delivered to it by the Special Servicer or otherwise contained in the Mortgage
Loan File; provided that the Trustee shall take account of any change in
circumstances regarding the related Mortgaged Property known to the Trustee that
has occurred subsequent to, and that would, in the Trustee's reasonable
judgment, materially affect the value of the related Mortgaged Property.
Furthermore, the Trustee shall consider all available objective third-party
information obtained from generally available sources, concerning the market for
distressed real estate loans and the real estate market for the subject property
type in the area where the related Mortgaged Property is located. The Trustee
may rely on the opinion and reports of Independent third parties in making such
determination; provided that the Trustee may rely on the most current Appraisal
obtained for the related Mortgaged Property pursuant to this Agreement. The
reasonable costs of all appraisals, inspection reports and broker opinions of
value, reasonably incurred by the Trustee or any such third party pursuant to
this subsection shall be advanced by the Master Servicer and shall constitute,
and be reimbursable as, Servicing Advances (or if such Advance is deemed to be a
Nonrecoverable Advance such costs shall be reimbursable as Additional Trust Fund
Expenses from the Certificate Account pursuant to Section 3.05(a)). The other
parties to this Agreement shall cooperate with all reasonable requests for
information.

            (g) Unless and until the Purchase Option with respect to a Defaulted
Mortgage Loan is exercised, the Special Servicer shall pursue such other
resolution strategies available hereunder with respect to such Defaulted
Mortgage Loan, including, without limitation, workout and foreclosure, as the
Special Servicer may deem appropriate consistent with the Servicing Standard;
provided, however, the Special Servicer will not be permitted to sell the
Defaulted Mortgage Loan other than in connection with the exercise of the
related Purchase Option.

            (h) In the event that title to any REO Property is acquired by the
Trust Fund in respect of any Defaulted Mortgage Loan, the deed or certificate of
sale shall be issued to the Trust, the Trustee or to its nominees. The Special
Servicer, after notice to the Controlling Class Representative, shall use its
reasonable best efforts to sell any REO Property as soon as practicable in
accordance with Section 3.16(a). If the Special Servicer on behalf of the
Trustee has not received an REO Extension or an Opinion of Counsel described in
Section 3.16(a) and the Special Servicer is not able to sell such REO Property
within the period specified above, or if an REO Extension has been granted and
the Special Servicer is unable to sell such REO Property within the extended
time period, the Special Servicer shall, after consultation with the Controlling
Class Representative, before the end of such period or extended period, as the
case may be, auction the REO Property to the highest bidder (which may be the
Special Servicer) in accordance with the Servicing Standard. The Special
Servicer shall give the Controlling Class Representative, the Master Servicer
and the Trustee not less than five days' prior written notice of its intention
to sell any REO Property, and in respect of such sale, the Special Servicer
shall offer such REO Property in a commercially reasonable manner. Where any
Interested Person is among those bidding with respect to an REO Property, the
Special Servicer shall require that all bids be submitted in writing and be
accompanied by a refundable deposit of cash in an amount equal to 5% of the bid
amount. No Interested Person shall be permitted to purchase the REO Property at
a price less than the Purchase Price; and provided, further, that, if the
Special Servicer intends to bid on any REO Property, (i) the Special Servicer
shall notify the Trustee of such intent, (ii) the Trustee shall promptly obtain,
at the expense of the Trust, an Appraisal of such REO Property and (iii) the
Special Servicer shall not bid less than the greater of (a) the fair market
value set forth in such Appraisal or (b) the Purchase Price.

            (i) Subject to the REMIC Provisions, the Special Servicer shall act
on behalf of the Trust Fund in negotiating and taking any other action necessary
or appropriate in connection with the sale of any REO Property or the exercise
of a Purchase Option, including the collection of all amounts payable in
connection therewith. Notwithstanding anything to the contrary herein, neither
the Trustee, in its individual capacity, nor any of its Affiliates may bid for
or purchase any REO Property or purchase any Defaulted Mortgage Loan. Any sale
of a Defaulted Mortgage Loan (pursuant to a Purchase Option) or an REO Property
shall be without recourse to, or representation or warranty by, the Trustee, the
Depositor, the Special Servicer, the Master Servicer, any Mortgage Loan Seller
or the Trust Fund. Notwithstanding the foregoing, nothing herein shall limit the
liability of the Master Servicer, the Special Servicer or the Trustee to the
Trust Fund and the Certificateholders for failure to perform its duties in
accordance herewith. None of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to the Trust Fund or any
Certificateholder with respect to the price at which a Defaulted Mortgage Loan
is sold if the sale is consummated in accordance with the terms of this
Agreement.

            (j) Upon exercise of a Purchase Option, the holder of such Purchase
Option shall be required to pay the purchase price specified in its Purchase
Option Notice to the Special Servicer within 10 Business Days of exercising its
Purchase Option. The proceeds of any sale of a Defaulted Mortgage Loan, after
deduction of the expenses of such sale incurred in connection therewith, shall
be remitted by the Special Servicer to the Master Servicer within one Business
Day of receipt for deposit into the Certificate Account. The Special Servicer
shall immediately notify the Trustee upon the holder of the effective Purchase
Option's failure to remit the purchase price specified in its Purchase Option
Notice pursuant to this Section 3.18(j). Thereafter, the Special Servicer shall
notify each holder of a Purchase Option of such failure and such holder of a
Purchase Option may then exercise its Purchase Option in accordance with this
Section 3.18.

            (k) Notwithstanding anything herein to the contrary, the Special
Servicer shall not take or refrain from taking any action pursuant to
instructions from the Controlling Class Representative that would cause it to
violate applicable law or any term or provision of this Agreement, including the
REMIC Provisions and the Servicing Standard.

            (l) The amount paid for a Defaulted Mortgage Loan or related REO
Property purchased under this Agreement shall be deposited into the Certificate
Account, or if applicable, applied in accordance with the related Intercreditor
Agreement (except that portion of any purchase price constituting Gain-on-Sale
Proceeds which shall be deposited in the Gain-on-Sale Reserve Account). Upon
receipt of an Officers' Certificate from the Master Servicer to the effect that
such deposit has been made, the Trustee shall execute and deliver such
instruments of transfer or assignment, in each case without recourse, as shall
be provided to it and are reasonably necessary to vest in the purchaser of such
Defaulted Mortgage Loan or related REO Property ownership of the Defaulted
Mortgage Loan or REO Property. The Custodian, upon receipt of a Request for
Release, shall release or cause to be released to the Master Servicer or Special
Servicer the related Mortgage File. In connection with any such purchase, the
Special Servicer shall deliver the related Servicing File to the purchaser of a
Defaulted Mortgage Loan or related REO Property.

            Section 3.19 Additional Obligations of Master Servicer and Special
Servicer.

            (a) The Master Servicer shall deposit in the Certificate Account on
each P&I Advance Date, without any right of reimbursement therefor with respect
to each Mortgage Loan (other than a Specially Serviced Mortgage Loan and other
than any Mortgage Loan for which the Special Servicer has waived a prepayment
restriction) that was subject to a voluntary Principal Prepayment during the
most recently ended Collection Period creating a Prepayment Interest Shortfall,
an amount equal to the lesser of (i) the amount of the related Prepayment
Interest Shortfall and (ii) the sum of (A) the Master Servicing Fee (calculated
for this purpose only at a rate of 0.020% per annum) received by the Master
Servicer during such Collection Period on such Mortgage Loan and (B) investment
income earned by the Master Servicer on the related Principal Prepayment during
the most recently ended Collection Period; provided, however, to the extent any
such Prepayment Interest Shortfall is the result of the Master Servicer's
failure to enforce the applicable Mortgage Loan documents the amount in clause
(A) shall include the entire Master Servicing Fee on the applicable Mortgage
Loan for such Collection Period. Notwithstanding the foregoing, with respect to
the Mortgage Loans identified on the Mortgage Loan Schedule as loans numbers 90,
107 and 136 the Master Servicer shall remit up to one full month of interest
with respect to a prepayment on such Mortgage Loans, and such remittance shall
not be subject to the limitations set forth in the preceding sentence including
and in section (b)(vii) of the definition of Available Distribution Amount.

            (b) The Master Servicer shall, as to each Mortgage Loan which is
secured by the interest of the related Mortgagor under a Ground Lease, promptly
(and in any event within 60 days of the Closing Date) notify the related ground
lessor in writing of the transfer of such Mortgage Loan to the Trust Fund
pursuant to this Agreement and inform such ground lessor that any notices of
default under the related Ground Lease should thereafter be forwarded to the
Master Servicer.

            (c) The Master Servicer shall provide to each Companion Holder any
reports or notices required to be delivered to such Companion Holder pursuant to
the related Intercreditor Agreement.

            Section 3.20 Modifications, Waivers, Amendments and Consents.

            (a) Subject to Sections 3.20(b) through 3.20(k) below and further
subject to Sections 3.08(b) and 6.11, the Master Servicer (to the extent
provided in Section 3.02(a) and Section 3.20(i) below) and the Special Servicer
may, on behalf of the Trustee, agree to any modification, waiver or amendment of
any term of any Mortgage Loan (including, subject to Section 3.20(i), the lease
reviews and lease consents related thereto) without the consent of the Trustee
or any Certificateholder.

            (b) All modifications, waivers or amendments of any Mortgage Loan
(including, subject to Section 3.20(i), the lease reviews and lease consents
related thereto) shall be in writing and shall be considered and effected in
accordance with the Servicing Standard; provided, however, that neither the
Master Servicer nor the Special Servicer, as applicable, shall make or permit or
consent to, as applicable, any modification, waiver or amendment of any term of
any Mortgage Loan not otherwise permitted by this Section 3.20 that would
constitute a "significant modification" of such Mortgage Loan within the meaning
of Treasury Regulations Section 1.860G-2(b).

            (c) Except as provided in 3.20(d) and the last sentence of Section
3.02(a), the Special Servicer, on behalf of the Trustee, shall not agree or
consent to any modification, waiver or amendment of any term of any Mortgage
Loan that would:

            (i) affect the amount or timing of any related payment of principal,
      interest or other amount (including Prepayment Premiums or Yield
      Maintenance Charges, but excluding Penalty Interest and amounts payable as
      additional servicing compensation) payable thereunder;

            (ii) affect the obligation of the related Mortgagor to pay a
      Prepayment Premium or Yield Maintenance Charge or permit a Principal
      Prepayment during any period in which the related Mortgage Note prohibits
      Principal Prepayments;

            (iii) except as expressly contemplated by the related Mortgage or
      pursuant to Section 3.09(d), result in a release of the lien of the
      Mortgage on any material portion of the related Mortgaged Property without
      a corresponding Principal Prepayment in an amount not less than the fair
      market value (as determined by an appraisal by an Independent Appraiser
      delivered to the Special Servicer at the expense of the related Mortgagor
      and upon which the Special Servicer may conclusively rely) of the property
      to be released other than in connection with a taking of all or part of
      the related Mortgaged Property or REO Property for not less than fair
      market value by exercise of the power of eminent domain or condemnation or
      casualty or hazard losses with respect to such Mortgaged Property or REO
      Property; or

            (iv) if such Mortgage Loan is equal to or in excess of 5% of the
      then aggregate current principal balances of all Mortgage Loans or
      $20,000,000, or is one of the ten largest Mortgage Loans by Stated
      Principal Balance as of such date, permit the transfer or transfers of (A)
      the related Mortgaged Property or any interest therein or (B) equity
      interests in the borrower or any equity owner of the borrower that would
      result, in the aggregate during the term of the related Mortgage Loan, in
      a transfer greater than 49% of the total interest in the borrower and/or
      any equity owner of the borrower or a transfer of voting control in the
      borrower or an equity owner of the borrower without the prior written
      confirmation from each Rating Agency that such changes will not result in
      the qualification, downgrade or withdrawal to the ratings then assigned to
      the Certificates;

            (v) in the reasonable, good faith judgment of the Special Servicer,
      otherwise materially impair the security for such Mortgage Loan or reduce
      the likelihood of timely payment of amounts due thereon; or

            (vi) impair the value or enforceability of a Lease Enhancement
      Policy.

            (d) Notwithstanding Section 3.20(c), but subject to the third
paragraph of this Section 3.20(d), and the rights of the Controlling Class
Representative and the rights (if any) of a Companion Holder pursuant to the
related Intercreditor Agreement, the Special Servicer may (i) reduce the amounts
owing under any Specially Serviced Mortgage Loan by forgiving principal, accrued
interest or any Prepayment Premium or Yield Maintenance Charge, (ii) reduce the
amount of the Periodic Payment on any Specially Serviced Mortgage Loan,
including by way of a reduction in the related Mortgage Rate, (iii) forbear in
the enforcement of any right granted under any Mortgage Note or Mortgage
relating to a Specially Serviced Mortgage Loan, (iv) extend the maturity date of
any Specially Serviced Mortgage Loan, or (v) accept a Principal Prepayment on
any Specially Serviced Mortgage Loan during any Lockout Period; provided that
(A) the related Mortgagor is in default with respect to the Specially Serviced
Mortgage Loan or, in the reasonable, good faith judgment of the Special
Servicer, such default is reasonably foreseeable, and (B) in the reasonable,
good faith judgment of the Special Servicer, such modification would increase
the recovery on the Mortgage Loan to Certificateholders on a net present value
basis (the relevant discounting of amounts that will be distributable to
Certificateholders to be performed at the related Net Mortgage Rate). In the
case of every other modification, waiver or consent, the Special Servicer shall
determine and may rely on an Opinion of Counsel (which Opinion of Counsel shall
be an expense of the Trust Fund to the extent not paid by the related Mortgagor)
to the effect that such modification, waiver or amendment would not both (1)
effect an exchange or reissuance of the Mortgage Loan under Treasury Regulations
Section 1.860G-2(b) of the Code and (2) cause the ED Loan REMIC, REMIC I or
REMIC II to fail to qualify as a REMIC under the Code or result in the
imposition of any tax on "prohibited transactions" or "contributions" after the
Startup Day under the REMIC Provisions.

            In addition, notwithstanding Section 3.20(c), but subject to the
third paragraph of this Section 3.20(d), the Special Servicer may extend the
date on which any Balloon Payment is scheduled to be due in respect of a
Specially Serviced Mortgage Loan if the conditions set forth in the proviso to
the prior paragraph are satisfied and the Special Servicer has obtained an
Appraisal of the related Mortgaged Property, in connection with such extension,
which Appraisal supports the determination of the Special Servicer contemplated
by clause (B) of the proviso to the immediately preceding paragraph.

            In no event will the Special Servicer (i) extend the maturity date
of a Mortgage Loan beyond a date that is two years prior to the Rated Final
Distribution Date, (ii) reduce the Mortgage Rate of a Mortgage Loan to less than
the lesser of (A) the original Mortgage Rate of such Mortgage Loan, (B) the
highest Pass-Through Rate of any Class of Certificates (other than the Class X
Certificates) then outstanding and (C) a rate below the then prevailing interest
rate for comparable loans, as determined by the Special Servicer, (iii) if the
Mortgage Loan is secured by a Ground Lease (and not by the corresponding fee
simple interest), extend the maturity date of such Mortgage Loan beyond a date
which is less than 20 years prior to the expiration of the term of such Ground
Lease; (iv) defer interest due on any Mortgage Loan in excess of 10% of the
Stated Principal Balance of such Mortgage Loan or defer the collection of
interest on any Mortgage Loan without accruing interest on such deferred
interest at a rate at least equal to the Mortgage Rate of such Mortgage Loan.

            The determination of the Special Servicer contemplated by clause (B)
of the proviso to the first paragraph of this Section 3.20(d) shall be evidenced
by an Officer's Certificate to such effect delivered to the Trustee and the
Master Servicer and describing in reasonable detail the basis for the Special
Servicer's determination. The Special Servicer shall append to such Officer's
Certificate any information including but not limited to income and expense
statements, rent rolls, property inspection reports and appraisals that support
such determination.

            (e) Any payment of interest that is deferred pursuant to any
modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Mortgage Loan, notwithstanding that the terms of such
modification, waiver or amendment so permit. The foregoing shall in no way limit
the Special Servicer's ability to charge and collect from the Mortgagor costs
otherwise collectible under the terms of the related Mortgage Note and this
Agreement together with interest thereon.

            (f) The Special Servicer or, with respect to clause (i) below, the
Master Servicer may, as a condition to granting any request by a Mortgagor for
consent, modification, waiver or indulgence or any other matter or thing, the
granting of which is within its discretion pursuant to the terms of the
instruments evidencing or securing the related Mortgage Loan and is permitted by
the terms of this Agreement, require that such Mortgagor pay to it (i) as
additional servicing compensation, a reasonable or customary fee for the
additional services performed in connection with such request, provided such fee
would not itself be a "significant modification" pursuant to Treasury
Regulations Section 1.1001-3(e)(2) and (ii) any related costs and expenses
incurred by it. In no event shall the Special Servicer be entitled to payment
for such fees or expenses unless such payment is collected from the related
Mortgagor.

            (g) The Special Servicer shall notify the Master Servicer, any
related Sub-Servicers, the Trustee, the Controlling Class Representative, with
respect to each AB Apartments Loan Pair, the related AB Apartments Companion
Holder and the Rating Agencies, in writing, of any material modification, waiver
or amendment of any term of any Mortgage Loan (including fees charged the
Mortgagor) and the date thereof, and shall deliver to the Custodian for deposit
in the related Mortgage File, an original counterpart of the agreement relating
to such modification, waiver or amendment, promptly (and in any event within ten
Business Days) following the execution thereof. Copies of each agreement whereby
any such modification, waiver or amendment of any term of any Mortgage Loan is
effected shall be made available for review upon prior request during normal
business hours at the offices of the Special Servicer pursuant to Section 3.15
hereof.

            (h) The Master Servicer shall not permit defeasance of any Mortgage
Loan (x) on or before the earliest date on which defeasance is permitted under
the terms of such Mortgage Loan, and (y) to the extent inconsistent with the
terms of such Mortgage Loan. Unless and to the extent the Master Servicer is
precluded from preventing such defeasance by the related Mortgage Loan documents
or otherwise (provided that the Master Servicer shall not allow such defeasance
to cause the ED Loan REMIC, REMIC I or REMIC II created hereunder to fail to
qualify as a REMIC, and provided further, the Master Servicer may rely on an
Opinion of Counsel as provided for in (ii) below), the Master Servicer will not
permit defeasance of any Mortgage Loan, unless: (i) the defeasance collateral
consists of "Government Securities" within the meaning of the Investment Company
Act of 1940, (ii) the Master Servicer has determined that the defeasance will
not result in an Adverse REMIC Event (provided that the Master Servicer shall be
entitled to rely conclusively on an Opinion of Counsel to that effect), (iii)
the Master Servicer has notified the Rating Agencies, (iv) to the extent the
defeasance of the Mortgage Loan is required by the then current applicable
Rating Agency criteria to be reviewed by a Rating Agency, such Rating Agency has
confirmed that such defeasance will not result in the qualification, downgrade
or withdrawal of the rating then assigned to any Class of Certificates to which
a rating has been assigned by such Rating Agency (provided, that no confirmation
from S&P shall be required if the Mortgage Loan being defeased, together with
all Mortgage Loans cross-collateralized with such Mortgage Loan, (i) is not one
of the ten (10) largest Mortgage Loans (or cross-collateralized groups of
Mortgage Loans) by Stated Principal Balance in the Trust Fund, and (ii) has a
Stated Principal Balance at the time of the defeasance that is less than
$20,000,000 and less than 5% of the aggregate Stated Principal Balance at the
time of the defeasance of the Mortgage Loans and the Master Servicer shall have
delivered a Defeasance Certificate substantially in the form of Exhibit O
hereto, (v) the Master Servicer has requested and received from the related
Mortgagor (A) an Opinion of Counsel generally to the effect that the Trustee
will have a perfected, first priority security interest in such defeasance
collateral and (B) written confirmation from a firm of Independent accountants
stating that payments made on such defeasance collateral in accordance with the
terms thereof will be sufficient to pay the subject Mortgage Loan in full on or
before its Stated Maturity Date and in accordance with the Periodic Payment (or,
in the case of an ARD Loan, on or before its Anticipated Repayment Date) and to
timely pay each Periodic Payment scheduled to be due prior thereto but after the
defeasance and (vi) a single purpose entity (as defined below) is designated to
assume the Mortgage Loan and own the defeasance collateral; provided that, if
under the terms of the related Mortgage Loan documents, the related Mortgagor
delivers cash to purchase the defeasance collateral rather than the defeasance
collateral itself, the Master Servicer shall purchase the U.S. government
obligations contemplated by the related Mortgage Loan documents. Any customary
and reasonable out-of-pocket expense incurred by the Master Servicer pursuant to
this Section 3.20(h) shall be paid by the Mortgagor of the defeased Mortgage
Loan pursuant to the related Mortgage, Mortgage Note or other pertinent
document. Notwithstanding the foregoing, if at any time, a court with
jurisdiction in the matter shall hold that the related Mortgagor may obtain a
release of the subject Mortgaged Property but is not obligated to deliver the
full amount of the defeasance collateral contemplated by the related Mortgage
Loan documents (or cash sufficient to purchase such defeasance collateral), then
the Master Servicer shall (i) if consistent with the related Mortgage Loan
documents, refuse to allow the defeasance of the Mortgage Loan or (ii) if the
Master Servicer cannot so refuse and if the related Mortgagor has delivered cash
to purchase the defeasance collateral, the Master Servicer shall either (A) buy
such defeasance collateral or (B) prepay the Mortgage Loan, in either case, in
accordance with the Servicing Standard. For purposes of this paragraph, a
"single purpose entity" shall mean a Person, other than an individual, whose
organization documents provide as follows: it is formed solely for the purpose
of owning and operating a single property, assuming a Mortgage Loan and owning
and pledging the Defeasance Collateral; it may not engage in any business
unrelated to such property and the financing thereof; it does not have and may
not own any assets other than those related to its interest in the property or
the financing thereof and may not incur any indebtedness other than as permitted
by the related Mortgage; it shall maintain its own books, records and accounts,
in each case which are separate and apart from the books, records and accounts
of any other person; it shall hold regular meetings, as appropriate, to conduct
its business, and shall observe all entity-level formalities and record keeping;
it shall conduct business in its own name and use separate stationery, invoices
and checks; it may not guarantee or assume the debts or obligations of any other
person; it shall not commingle its assets or funds with those of any other
person; it shall pay its obligations and expenses from its own funds and
allocate and charge reasonably and fairly any common employees or overhead
shared with affiliates; it shall prepare separate tax returns and financial
statements or, if part of a consolidated group, shall be shown as a separate
member of such group; it shall transact business with affiliates on an arm's
length basis pursuant to written agreements; and it shall hold itself out as
being a legal entity, separate and apart from any other person. The single
purpose entity organizational documents shall provide that any dissolution and
winding up or insolvency filing for such entity requires the unanimous consent
of all partners or members, as applicable, and that such documents may not be
amended with respect to the single purpose entity requirements during the term
of the Mortgage Loan.

            (i) For any Mortgage Loan other than a Specially Serviced Mortgage
      Loan and subject to the rights of the Special Servicer set forth in this
      Section 3.20, the Master Servicer shall be responsible for any request by
      a Mortgagor for the consent of the mortgagee for a modification, waiver or
      amendment of any term with respect to:

            (i) approving routine leasing activity (including any subordination,
      standstill and attornment agreements) with respect to any lease for less
      than the lesser of (a) 30,000 square feet and (b) 20% of the related
      Mortgaged Property;

            (ii) approving any waiver affecting the timing of receipt of
      financial statements from any Mortgagor, provided that such financial
      statements are delivered no less than quarterly and within 60 days of the
      end of the calendar quarter;

            (iii) approving annual budgets for the related Mortgaged Property,
      provided that no such budget (1) provides for the payment of operating
      expenses in an amount equal to more than 110% of the amounts budgeted
      therefor for the prior year or (2) provides for the payment of any
      material expenses to any affiliate of the Mortgagor (other than the
      payment of a management fee to any property manager if such management fee
      is no more than the management fee in effect on the Cut-off Date);

            (iv) subject to other restrictions herein regarding Principal
      Prepayments, waiving any provision of a Mortgage Loan requiring a
      specified number of days notice prior to a Principal Prepayment; and

            (v) approving certain consents with respect to right-of-ways and
      easements and consent to subordination of the related Mortgage Loan to
      such easements or right-of-ways; provided, however, if the Mortgage Loan
      is either of the AB Apartments Mortgage Loans, the Master Servicer shall
      provide written notice of such modification, waiver and amendment to the
      related AB Apartments Companion Holder; provided further that the Master
      Servicer shall promptly notify the Special Servicer of any requests not
      subject to this Section 3.20(i) for which the Special Servicer is
      responsible pursuant to this Section 3.20 and shall deliver to the Special
      Servicer (which delivery may be by electronic transmission in a format
      acceptable to the Master Servicer and Special Servicer) a copy of the
      request, and all information in the possession of the Master Servicer that
      the Special Servicer may reasonably request related thereto.

            (j) To the extent that either the Master Servicer or Special
Servicer waives any Penalty Interest or late charge in respect of any Mortgage
Loan, whether pursuant to Section 3.02(a) or this Section 3.20, the respective
amounts of additional servicing compensation payable to the Master Servicer and
the Special Servicer under Section 3.11 out of such Penalty Interest or late
payment charges shall be reduced proportionately, based upon the respective
amounts that had been payable thereto out of such Penalty Interest or late
payment charges immediately prior to such waiver.

            (k) Notwithstanding anything to the contrary in this Agreement,
neither the Master Servicer nor the Special Servicer, as applicable, shall take
the following action unless it has received prior written confirmation (the cost
of which shall be paid by the related Mortgagor, if so allowed by the terms of
the related loan documents) from the Rating Agencies that such action will not
result in a qualification, downgrade or withdrawal of any of the ratings
assigned by such Rating Agency to the Certificates:

            (i) With respect to any Mortgaged Property that secures a Mortgage
      Loan with an unpaid principal balance that is at least equal to five
      percent (5%) of the then aggregate principal balance of all Mortgage Loans
      or $20,000,000, the giving of any consent, approval or direction regarding
      the termination of the related property manager or the designation of any
      replacement property manager; and

            (ii) With respect to each Mortgage Loan with an unpaid principal
      balance that is equal to or greater than (A) two percent (2%) of the then
      aggregate principal balance of all the Mortgage Loans or (B) $10,000,000
      and which is secured by a Mortgaged Property which is a hospitality
      property, the giving of any consent to any change in the franchise
      affiliation of such Mortgaged Property.

            (l) In the event the Special Servicer, in connection with a
modification, waiver or amendment in respect of any AB Mortgage Loan, modifies,
waives or amends the terms thereof such that (i) the Stated Principal Balance is
decreased, (ii) the Mortgage Rate is reduced, (iii) payments of interest or
principal are waived, reduced or deferred or (iv) any other adjustment is made
to any of the terms of such AB Mortgage Loan, all payments made in respect of
the related Mortgage Loan shall be made as though such modification, waiver or
amendment did not occur, with the payment terms of such AB Mortgage Loan
remaining the same as they are on the related Cut-off Date, and the related
Companion Loan shall bear the full economic effect of all waivers, reductions or
deferrals of amounts due on such AB Mortgage Loan attributable to such
modification, waiver or amendment.

            (m) The Special Servicer shall not consent to the modification,
waiver or amendment of a Lease Enhancement Policy without receiving prior
written confirmation from each Rating Agency that such modification, waiver or
amendment will not result in a qualification, downgrade or withdrawal of the
ratings on the Certificates. The Master Servicer shall not consent to any
modification, waiver or amendment of any Lease Enhancement Policy.

            (n) For the avoidance of doubt, any servicing obligations set forth
in this Section 3.20 of the Master Servicer of the Special Servicer, as
applicable, that applies to the Lloyd Center Mortgage Loan shall apply to the
Lloyd Center Companion Loan.

            Section 3.21 Transfer of Servicing Between Master Servicer and
Special Servicer; Record Keeping.

            (a) Upon determining that a Servicing Transfer Event has occurred
with respect to any Mortgage Loan, the Master Servicer or Special Servicer, as
applicable, shall promptly notify the Trustee and the Master Servicer or Special
Servicer, as applicable, and, if the Master Servicer is not also the Special
Servicer, the Master Servicer shall immediately deliver or cause to be delivered
a copy of the related Mortgage File and Servicing File, to the Special Servicer
and shall use reasonable efforts to provide the Special Servicer with all
information, documents (or copies thereof) and records (including records stored
electronically on computer tapes, magnetic discs and the like) relating to the
Mortgage Loan and, if applicable the related Companion Loan, either in the
Master Servicer's or any of its directors', officers', employees', affiliates'
or agents' possession or control or otherwise available to the Master Servicer
without undue burden or expense, and reasonably requested by the Special
Servicer to enable it to assume its functions hereunder with respect thereto
without acting through a Sub-Servicer. The Master Servicer shall use reasonable
efforts to comply with the preceding sentence within five Business Days of the
occurrence of each related Servicing Transfer Event; provided, however, if the
information, documents and records requested by the Special Servicer are not
contained in the Servicing File, the Master Servicer shall have such period of
time as reasonably necessary to make such delivery. Notwithstanding the
occurrence of a Servicing Transfer Event, the Master Servicer shall continue to
receive payments on such Mortgage Loan (including amounts collected by the
Special Servicer).

            Upon determining that a Specially Serviced Mortgage Loan has become
a Corrected Mortgage Loan and if the Master Servicer is not also the Special
Servicer, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and shall return the related Mortgage File and Servicing File
and all other information, documents and records that were not part of the
Servicing File when it was delivered to the Special Servicer within five
Business Days of the occurrence, to the Master Servicer (or such other Person as
may be directed by the Master Servicer) and upon giving such notice, and
returning such Servicing File, to the Master Servicer (or such other Person as
may be directed by the Master Servicer), the Special Servicer's obligation to
service such Mortgage Loan, and, if applicable, the Companion Loan, and the
Special Servicer's right to receive the Special Servicing Fee with respect to
such Mortgage Loan shall terminate, and the obligations of the Master Servicer
to service and administer such Mortgage Loan and, if applicable, the related
Companion Loan shall resume.

            (b) In servicing any Specially Serviced Mortgage Loans, the Special
Servicer shall provide to the Custodian originals of documents included within
the definition of "Mortgage File" for inclusion in the related Mortgage File
(with a copy of each such original to the Master Servicer), and copies of any
additional related Mortgage Loan information, including correspondence with the
related Mortgagor.

            (c) On or before each Determination Date, the Special Servicer shall
deliver to the Master Servicer and each Rating Agency (or such other Person as
may be directed by the Master Servicer) a statement in writing and in computer
readable format (the form of such statement to be agreed upon by the Master
Servicer) describing, on a loan-by-loan and property-by-property basis, (1)
insofar as it relates to Specially Serviced Mortgage Loans and REO Properties,
the information described in clauses (x) through (xiii) of Section 4.02(a) and,
insofar as it relates to the Special Servicer, the information described in
clauses (xxiii), (xxiv) and (xxv) of Section 4.02(a), (2) the amount of all
payments, Insurance Proceeds and Liquidation Proceeds received, and the amount
of any Realized Loss incurred, with respect to each Specially Serviced Mortgage
Loan during the related Collection Period, and the amount of all REO Revenues,
Insurance Proceeds and Liquidation Proceeds received, and the amount of any
Realized Loss incurred, with respect to each REO Property during the related
Collection Period, (3) the amount, purpose and date of all Servicing Advances
requested by the Special Servicer with respect to each Specially Serviced
Mortgage Loan and REO Property during the related Collection Period and (4) such
additional information relating to the Specially Serviced Mortgage Loans and REO
Properties as the Master Servicer reasonably requests to enable it to perform
its responsibilities under this Agreement. Notwithstanding the foregoing
provisions of this subsection (c), the Master Servicer shall maintain ongoing
payment records with respect to each of the Specially Serviced Mortgage Loans
and REO Properties and shall provide the Special Servicer with any information
reasonably available to the Master Servicer required by the Special Servicer to
perform its duties under this Agreement.

            (d) No later than 60 days after a Mortgage Loan and, if applicable,
Companion Loan becomes a Specially Serviced Mortgage Loan, the Special Servicer
shall deliver to each Rating Agency, the Trustee, the Master Servicer and the
Controlling Class Representative, a report (the "Asset Status Report") with
respect to such Loan and the related Mortgaged Property. Such Asset Status
Report shall set forth the following information to the extent reasonably
determinable:

            (i) summary of the status of such Specially Serviced Mortgage Loan
      and negotiations with the related Mortgagor;

            (ii) a discussion of the legal and environmental considerations
      reasonably known to the Special Servicer, consistent with the Servicing
      Standard, that are applicable to the exercise of remedies as aforesaid and
      to the enforcement of any related guaranties or other collateral for the
      related Specially Serviced Mortgage Loan and whether outside legal counsel
      has been retained;

            (iii) the most current rent roll and income or operating statement
      available for the related Mortgaged Property;

            (iv) the Appraised Value of the Mortgaged Property together with the
      assumptions used in the calculation thereof;

            (v) summary of the Special Servicer's recommended action with
      respect to such Specially Serviced Mortgage Loan; and

            (vi) such other information as the Special Servicer deems relevant
      in light of the Servicing Standard.

            If within ten (10) Business Days of receiving an Asset Status Report
which relates to a recommended action for which the Controlling Class
Representative (or, with respect to each AB Apartments Loan Pair and unless a
Threshold Event has occurred and is continuing with respect to such AB
Apartments Mortgage Loan, the related AB Apartments Companion Holder) is
entitled to object under Section 6.11, the Controlling Class Representative (or
related AB Apartments Companion Holder, if applicable) does not disapprove such
Asset Status Report in writing, the Special Servicer shall implement the
recommended action as outlined in such Asset Status Report; provided, however,
that the Special Servicer may not take any action that is contrary to applicable
law, the Servicing Standard, or the terms of the applicable Mortgage Loan
documents. If the Controlling Class Representative disapproves such Asset Status
Report, the Special Servicer will revise such Asset Status Report and deliver to
the Controlling Class Representative, the Rating Agencies and the Master
Servicer a new Asset Status Report as soon as practicable, but in no event later
than 30 days after such disapproval.

            The Special Servicer shall revise such Asset Status Report as
described above in this Section 3.21(d) until the Controlling Class
Representative shall fail to disapprove such revised Asset Status Report in
writing within ten (10) Business Days of receiving such revised Asset Status
Report or until the Special Servicer makes one of the determinations described
below. The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and implement such report, provided such
report shall have been prepared, reviewed and not rejected pursuant to the terms
of this Section. Notwithstanding the foregoing, the Special Servicer (i) may,
following the occurrence of an extraordinary event with respect to the related
Mortgaged Property, take any action set forth in such Asset Status Report (and
consistent with the terms hereof) before the expiration of a ten (10) Business
Day period if the Special Servicer has reasonably determined that failure to
take such action would materially and adversely affect the interests of the
Certificateholders or, if a Loan Pair is involved, the Certificateholders and
the related Companion Holder, (as a collective whole)) and it has made a
reasonable effort to contact the Controlling Class Representative and (ii) in
any case, shall determine whether such affirmative disapproval is not in the
best interest of all the Certificateholders pursuant to the Servicing Standard.

            Upon making such determination in clause (ii) of the immediately
preceding paragraph, the Special Servicer shall notify the Trustee of such
rejection and deliver to the Trustee a proposed notice to Certificateholders
which shall include a copy of the Asset Status Report, and the Trustee shall
send such notice to all Certificateholders. If the majority of such
Certificateholders, as determined by Voting Rights, fail, within 5 days of the
Trustee's sending such notice, to reject such Asset Status Report, the Special
Servicer shall implement the same. If the Asset Status Report is rejected by a
majority of the Certificateholders, (other than for a reason which violates the
Servicing Standard, which shall control), the Special Servicer shall revise such
Asset Status Report as described above in this Section 3.21(d) and provide a
copy of such revised report to the Master Servicer. The Trustee shall be
entitled to reimbursement from the Trust Fund for the reasonable expenses of
providing such notices. Notwithstanding the foregoing, the Controlling Class
Representative's approval of or failure to respond to an Asset Status Report
shall not be deemed to be a substitute for any specific consent required
pursuant to Section 6.11(a).

            The Special Servicer shall have the authority to meet with the
Mortgagor for any Specially Serviced Mortgage Loan and take such actions
consistent with the Servicing Standard, the terms hereof and the related Asset
Status Report. The Special Servicer shall not take any action inconsistent with
the related Asset Status Report, unless such action would be required in order
to act in accordance with the Servicing Standard.

            No direction of the Controlling Class Representative or the majority
of the Certificateholders shall (a) require or cause the Special Servicer to
violate the terms of a Specially Serviced Mortgage Loan, applicable law or any
provision of this Agreement, including the Special Servicer's obligation to act
in accordance with the Servicing Standard and to maintain the REMIC status of
the ED Loan REMIC, REMIC I and REMIC II, (b) result in the imposition of a
"prohibited transaction" or "prohibited contribution" tax under the REMIC
Provisions or (c) expose the Master Servicer, the Special Servicer, the
Depositor, any of the Mortgage Loan Sellers, the Trust Fund or the Trustee or
the officers and the directors of each party to claim, suit or liability or (d)
expand the scope of the Master Servicer's, Trustee's or Special Servicer's
responsibilities under this Agreement.

            Section 3.22 Sub-Servicing Agreements.

            (a) The Master Servicer and the Special Servicer (and with respect
to the Special Servicer only with the consent of the Controlling Class
Representative) may enter into Sub-Servicing Agreements to provide for the
performance by third parties of any or all of their respective obligations
hereunder, provided that, in each case, the Sub-Servicing Agreement: (i) is
consistent with this Agreement in all material respects, requires the
Sub-Servicer to comply with all of the applicable conditions of this Agreement
and includes events of default with respect to the Sub-Servicer substantially
similar to the Events of Default set forth in Section 7.01(a) hereof (other than
Section 7.01(a)(ix), (x) and (xi)) to the extent applicable (modified to apply
to the Sub-Servicer instead of the Master Servicer); (ii) provides that if the
Master Servicer or the Special Servicer, as the case may be, shall for any
reason no longer act in such capacity hereunder (including, without limitation,
by reason of an Event of Default), the Trustee or its designee may thereupon
assume all of the rights and, except to the extent such obligations arose prior
to the date of assumption, obligations of the Master Servicer or the Special
Servicer, as the case may be, under such agreement or (except with respect only
to the Sub-Servicing Agreements in effect as of the date of this Agreement) may
terminate such subservicing agreement without cause and without payment of any
penalty or termination fee (other than the right of reimbursement and
indemnification); (iii) provides that the Trustee, for the benefit of the
Certificateholders, shall be a third party beneficiary under such agreement, but
that (except to the extent the Trustee or its designee assumes the obligations
of the Master Servicer or the Special Servicer, as the case may be, thereunder
as contemplated by the immediately preceding clause (ii)) none of the Trustee,
the Trust Fund, any successor Master Servicer or Special Servicer, as the case
may be, or any Certificateholder shall have any duties under such agreement or
any liabilities arising therefrom; (iv) permits any purchaser of a Mortgage Loan
pursuant to this Agreement to terminate such agreement with respect to such
purchased Mortgage Loan at its option and without penalty; (v) with respect to
any Sub-Servicing Agreement entered into by the Special Servicer, does not
permit the Sub-Servicer to enter into or consent to any modification, waiver or
amendment or otherwise take any action on behalf of the Special Servicer
contemplated by Section 3.20 hereof without the consent of such Special Servicer
or conduct any foreclosure action contemplated by Section 3.09 hereof or sale of
a Mortgage Loan or REO Property contemplated by Section 3.18 hereof, and (vi)
does not permit the Sub-Servicer any direct rights of indemnification that may
be satisfied out of assets of the Trust Fund. In addition, each Sub-Servicing
Agreement entered into by the Master Servicer shall provide that such agreement
shall be subject to Section 3.21 hereof with respect to any Mortgage Loan that
becomes a Specially Serviced Mortgage Loan. The Master Servicer and the Special
Servicer each shall deliver to the Trustee and to each other copies of all
Sub-Servicing Agreements, and any amendments thereto and modifications thereof,
entered into by it promptly upon its execution and delivery of such documents.
References in this Agreement to actions taken or to be taken by the Master
Servicer or the Special Servicer include actions taken or to be taken by a
Sub-Servicer on behalf of the Master Servicer or the Special Servicer, as the
case may be; and, in connection therewith, all amounts advanced by any
Sub-Servicer to satisfy the obligations of the Master Servicer or the Special
Servicer hereunder to make P&I Advances or Servicing Advances shall be deemed to
have been advanced by the Master Servicer or the Special Servicer, as the case
may be, out of its own funds and, accordingly, such P&I Advances or Servicing
Advances shall be recoverable by such Sub-Servicer in the same manner and out of
the same funds as if such Sub-Servicer were the Master Servicer or the Special
Servicer, as the case may be. For so long as they are outstanding, Advances
shall accrue interest in accordance with Sections 3.03(d) and 4.03(d), such
interest to be allocable between the Master Servicer or the Special Servicer, as
the case may be, and such Sub-Servicer as they may agree. For purposes of this
Agreement, the Master Servicer and the Special Servicer each shall be deemed to
have received any payment when a Sub-Servicer retained by it receives such
payment. The Master Servicer and the Special Servicer each shall notify the
other, the Trustee and the Depositor in writing promptly of the appointment by
it of any Sub-Servicer.

            (b) Each Sub-Servicer shall be authorized to transact business in
the state or states in which the related Mortgaged Properties it is to service
are situated, if and to the extent required by applicable law, and shall be an
approved conventional seller/servicer of mortgage loans for FHLMC or FNMA or a
HUD-Approved Servicer.

            (c) The Master Servicer and the Special Servicer, for the benefit of
the Trustee and the Certificateholders, shall (at no expense to the Trustee, the
Certificateholders or the Trust Fund) monitor the performance and enforce the
obligations of their respective Sub-Servicers under the related Sub-Servicing
Agreements. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements in accordance
with their respective terms and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer or the Special Servicer, as applicable, in its good faith business
judgment, would require were it the owner of the Mortgage Loans. Subject to the
terms of the related Sub-Servicing Agreement, the Master Servicer and the
Special Servicer may each have the right to remove a Sub-Servicer at any time it
considers such removal to be in the best interests of Certificateholders.

            (d) In the event of the resignation, removal or other termination of
Wachovia Bank, National Association or any successor Master Servicer hereunder
for any reason, the Trustee or other Person succeeding such resigning, removed
or terminated party as Master Servicer, shall elect, with respect to any
Sub-Servicing Agreement in effect as of the date of this Agreement: (i) to
assume the rights and obligations of the Master Servicer under such
Sub-Servicing Agreement and continue the sub-servicing arrangements thereunder
on the same terms (including without limitation the obligation to pay the same
sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with such
Sub-Servicer on such terms as the Trustee or other successor Master Servicer and
such Sub-Servicer shall mutually agree (it being understood that such
Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer in which case the existing Sub-Servicing Agreement
shall remain in effect); or (iii) to terminate the Sub-Servicing Agreement if an
Event of Default (as defined in such Sub-Servicing Agreement) has occurred and
is continuing or otherwise in accordance with the Sub-Servicing Agreement, in
each case without paying any sub-servicer termination fee.

            Each Sub-Servicing Agreement will provide, among other things, that
the Master Servicer and its successors may at its sole option, terminate any
rights the Sub-Servicer may have thereunder with respect to any or all Mortgage
Loans if Moody's (i) reduces the rating assigned to one or more Classes of the
respective Certificates as a result of the sub-servicing of the Mortgage Loans
by the Sub-Servicer, or (ii) advises the Master Servicer or the Trustee in
writing that it will cause a qualification, downgrade or withdrawal of such
rating due to the continued servicing by the Sub-Servicer.

            (e) Notwithstanding any Sub-Servicing Agreement, the Master Servicer
and the Special Servicer shall remain obligated and liable to the Trustee and
the Certificateholders for the performance of their respective obligations and
duties under this Agreement in accordance with the provisions hereof to the same
extent and under the same terms and conditions as if each alone were servicing
and administering the Mortgage Loans or REO Properties for which it is
responsible.

            (f) The Special Servicer shall not enter into a Sub-Servicing
Agreement unless it receives the consent of the Controlling Class Representative
and Moody's has confirmed in writing that the execution of such agreement will
not result in a qualification, downgrade, or withdrawal of the then-current
ratings on the outstanding Certificates or, with respect to the Moody's
confirmation only, such Sub-Servicing Agreement relates to a Mortgage Loan or
Mortgage Loans (along with any Mortgage Loans previously sub-serviced pursuant
to this section) that represent less than 25% of the outstanding principal
balance of all Specially Serviced Mortgage Loans. The Special Servicer shall
comply with the terms of each such Sub-Servicing Agreement to the extent the
terms thereof are not inconsistent with the terms of this Agreement and the
Special Servicer's obligations hereunder.

            Section 3.23 Representations and Warranties of Master Servicer and
Special Servicer.

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

            (i) The Master Servicer is a national banking association, duly
      organized under the laws of the United States of America, and the Master
      Servicer is in compliance with the laws of each State in which any
      Mortgaged Property is located to the extent necessary to perform its
      obligations under this Agreement.

            (ii) The execution and delivery of this Agreement by the Master
      Servicer, and the performance and compliance with the terms of this
      Agreement by the Master Servicer, will not violate the Master Servicer's
      articles of association or by-laws or constitute a default (or an event
      which, with notice or lapse of time, or both, would constitute a default)
      under, or result in the breach of, any material agreement or other
      material instrument to which it is a party or by which it is bound.

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

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

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

            (vi) No litigation is pending or, to the best of the Master
      Servicer's knowledge, threatened, against the Master Servicer that would
      prohibit the Master Servicer from entering into this Agreement or, in the
      Master Servicer's good faith and reasonable judgment, is likely to
      materially and adversely affect either the ability of the Master Servicer
      to perform its obligations under this Agreement or the financial condition
      of the Master Servicer, calculated on a consolidated basis.

            (vii) Each officer, director, employee, consultant or advisor of the
      Master Servicer with responsibilities concerning the servicing and
      administration of Mortgage Loans is covered by errors and omissions
      insurance in the amounts and with the coverage as, and to the extent,
      required by Section 3.07(c);

            (viii) The net worth of the Master Servicer (or, in the case of the
      initial Master Servicer, the consolidated net worth thereof and of its
      direct or indirect parent), determined in accordance with generally
      accepted accounting principles, is not less than $15,000,000.

            (ix) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by the Master Servicer of or compliance by the Master Servicer
      with this Agreement or the consummation of the transactions contemplated
      by this Agreement has been obtained and is effective.

            (x) The Master Servicer possesses the fidelity bond required
      pursuant to Section 3.07(c) of this Agreement.

            (b) The Special Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, and to the Depositor and the Master Servicer, as of the
Closing Date, that:

            (i) The Special Servicer is a corporation duly organized under the
      laws of the State of Florida, validly existing and the Special Servicer is
      in compliance with the laws of each State in which any Mortgaged Property
      is located to the extent necessary to perform its obligations under this
      Agreement.

            (ii) The execution and delivery of this Agreement by the Special
      Servicer, and the performance and compliance with the terms of this
      Agreement by the Special Servicer, will not violate the Special Servicer's
      organizational documents or constitute a default (or an event which, with
      notice or lapse of time, or both, would constitute a default) under, or
      result in the breach of, any material agreement or other material
      instrument by which it is bound.

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

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

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

            (vi) No litigation is pending or, to the best of the Special
      Servicer's knowledge, threatened, against the Special Servicer the outcome
      of which in the Special Servicer's good faith and reasonable judgment
      could reasonably be expected to prohibit the Special Servicer from
      entering into this Agreement or, in the Special Servicer's good faith and
      reasonable judgment, is likely to materially and adversely affect either
      the ability of the Special Servicer to perform its obligations under this
      Agreement or the financial condition of the Special Servicer.

            (vii) Each officer, director and employee of the Special Servicer
      and each consultant or advisor of the Special Servicer with
      responsibilities concerning the servicing and administration of Mortgage
      Loans is covered by errors and omissions insurance in the amounts and with
      the coverage required by Section 3.07(c).

            (viii) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by the Special Servicer of or compliance by the Special
      Servicer with this Agreement or the consummation of the transactions
      contemplated by this Agreement has been obtained and is effective.

            (ix) The Special Servicer possesses all insurance required pursuant
      to Section 3.07(c) of this Agreement.

            (c) The representations and warranties of the Master Servicer and
the Special Servicer, set forth in Section 3.23(a) (with respect to the Master
Servicer) and Section 3.23(b) (with respect to the Special Servicer),
respectively, shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice to the other
parties hereto.

            Section 3.24 Sub-Servicing Agreement Representation and Warranty.

            (a) The Master Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, and to the Depositor and the Special Servicer, as of the
Closing Date, that each Sub-Servicing Agreement satisfies the requirements for
such Sub-Servicing Agreements set forth in Sections 3.22(a) and the second
paragraph of 3.22(d) in all material respects.

            Section 3.25 Designation of Controlling Class Representative.

            (a) The Holders (or, in the case of Book-Entry Certificates, the
Certificate Owners) of Certificates representing more than 50% of the Class
Principal Balance of the Controlling Class shall be entitled in accordance with
this Section 3.25 to select a representative (the "Controlling Class
Representative") having the rights and powers specified in this Agreement
(including those specified in Section 6.11) or to replace an existing
Controlling Class Representative. Upon (i) the receipt by the Trustee of written
requests for the selection of a Controlling Class Representative from the
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class, (ii) the resignation or removal of the Person acting as
Controlling Class Representative or (iii) a determination by the Trustee that
the Controlling Class has changed, the Trustee shall promptly notify the
Depositor and the Holders (and, in the case of Book-Entry Certificates, to the
extent actually known to a Responsible Officer of the Trustee or identified
thereto by the Depository or the Depository Participants, the Certificate
Owners) of the Controlling Class that they may select a Controlling Class
Representative. Such notice shall set forth the process for selecting a
Controlling Class Representative, which shall be the designation of the
Controlling Class Representative by the Holders (or Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class by a writing delivered to the Trustee. No appointment of any
Person as a Controlling Class Representative shall be effective until such
Person provides the Trustee and the Master Servicer with written confirmation of
its acceptance of such appointment, an address and telecopy number for the
delivery of notices and other correspondence and a list of officers or employees
of such Person with whom the parties to this Agreement may deal (including their
names, titles, work addresses and telecopy numbers). Allied Capital Corporation
shall be the initial Controlling Class Representative without need for further
designation or notice.

            (b) Within ten (10) Business Days (or as soon thereafter as
practicable if the Controlling Class consists of Book-Entry Certificates) of
receiving a request therefor from the Master Servicer or Special Servicer, the
Trustee shall deliver to the requesting party the identity of the Controlling
Class Representative and a list of each Holder (or, in the case of Book-Entry
Certificates, to the extent actually known to a Responsible Officer of the
Trustee or identified thereto by the Depository or the Depository Participants,
each Certificate Owner) of the Controlling Class, including, in each case, names
and addresses. With respect to such information, the Trustee shall be entitled
to conclusively rely on information provided to it by the Depository, and the
Master Servicer and the Special Servicer shall be entitled to rely on such
information provided by the Trustee with respect to any obligation or right
hereunder that the Master Servicer and the Special Servicer may have to deliver
information or otherwise communicate with the Controlling Class Representative
or any of the Holders (or, if applicable, Certificate Owners) of the Controlling
Class. In addition to the foregoing, within two (2) Business Days of the
selection, resignation or removal of a Controlling Class Representative, the
Trustee shall notify the other parties to this Agreement of such event. The
expenses incurred by the Trustee in connection with obtaining information from
the Depository or Depository Participants with respect to any Book-Entry
Certificate shall be expenses of the Trust Fund payable out of the Certificate
Account pursuant to Section 3.05(a).

            (c) A Controlling Class Representative may at any time resign as
such by giving written notice to the Trustee and to each Holder (or, in the case
of Book-Entry Certificates, Certificate Owner) of the Controlling Class. The
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class shall be entitled to remove any existing Controlling Class
Representative by giving written notice to the Trustee and to such existing
Controlling Class Representative.

            (d) Once a Controlling Class Representative has been selected
pursuant to this Section 3.25 each of the parties to this Agreement and each
Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless a majority of the Holders (or, in the case of
Book-Entry Certificates, the Certificate Owners) of the Controlling Class, by
aggregate Certificate Principal Balance, or such Controlling Class
Representative, as applicable, shall have notified the Trustee and each other
Holder (or, in the case of Book-Entry Certificates, Certificate Owner) of the
Controlling Class, in writing, of the resignation or removal of such Controlling
Class Representative.

            (e) Any and all expenses of the Controlling Class Representative
shall be borne by the Holders (or, if applicable, the Certificate Owners) of
Certificates of the Controlling Class, pro rata according to their respective
Percentage Interests in such Class, and not by the Trust Fund. Notwithstanding
the foregoing, if a claim is made against the Controlling Class Representative
by a Mortgagor with respect to this Agreement or any particular Mortgage Loan,
the Controlling Class Representative shall immediately notify the Trustee, the
Master Servicer and the Special Servicer, whereupon (if the Special Servicer or
the Trust Fund are also named parties to the same action and, in the reasonable
judgment of the Special Servicer, (i) the Controlling Class Representative had
acted in good faith, without negligence or willful misfeasance with regard to
the particular matter, and (ii) there is no potential for the Special Servicer
or the Trust Fund to be an adverse party in such action as regards the
Controlling Class Representative) the Special Servicer on behalf of the Trust
Fund shall, subject to Section 6.03, assume the defense of any such claim
against the Controlling Class Representative. This provision shall survive the
termination of this Agreement and the termination or resignation of the
Controlling Class Representative.

            (f) All rights to, and requirements for, information or notice
(including, but not limited to the delivery of information, notice or access to
information) provided to the Controlling Class Representative or
Certificateholders, in general contained in this Agreement shall also apply to
each Companion Holder with respect information relating to the related Co-Lender
Loan.

            Section 3.26 Companion Paying Agent.

            (a) The Master Servicer shall be the initial Companion Paying Agent
hereunder. The Companion Paying Agent undertakes to perform such duties and only
such duties as are specifically set forth herein. The Companion Paying Agent
shall promptly make available to the Companion Holders all reports delivered to
the Companion Paying Agent that the Trustee has made available to
Certificateholders under this Agreement.

            (b) No provision of this Agreement shall be construed to relieve the
Companion Paying Agent from liability for its own negligent failure to act, bad
faith or its own willful misfeasance; provided, however, that the duties and
obligations of the Companion Paying Agent shall be determined solely by the
express provisions of this Agreement, the Companion Paying Agent shall not be
liable except for the performance of such duties and obligations, no implied
covenants or obligations shall be read into this Agreement against the Companion
Paying Agent and, in the absence of bad faith on the part of the Companion
Paying Agent, the Companion Paying Agent may conclusively rely, as to the truth
and correctness of the statements or conclusions expressed therein, upon any
resolutions, certificates, statements, opinions, reports, documents, orders or
other instrument furnished to the Companion Paying Agent by any Person and which
on their face do not contradict the requirements of this Agreement.

            (c) Upon the resignation or removal of the Master Servicer under
this Agreement, the Companion Paying Agent shall be deemed simultaneously to
resign or be removed.

            (d) This Section shall survive the termination of this Agreement or
the resignation or removal of the Companion Paying Agent, as regards rights
accrued prior to such resignation or removal.

            Section 3.27 Companion Register.

            The Companion Paying Agent shall maintain a register (the "Companion
Register") on which it will record the names and address of, and wire transfer
instructions for, the Companion Holders from time to time, to the extent such
information is provided in writing to it by the Companion Holder. Each initial
Companion Holder, along with its name, address, wiring instructions and tax
identification number, is listed on Exhibit L hereto. The Companion Holders
shall inform the Companion Paying Agent and the Master Servicer of the name,
address, wiring instructions and taxpayer identification number of any
subsequent Companion Holders upon any transfer of a Companion Loan. Upon the
sale of a Companion Loan or portion thereof, the transferring Companion Holder
shall inform the Companion Paying Agent and the Master Servicer in writing that
such transfer has taken place and provide the Companion Paying Agent and the
Master Servicer with the name, address, wiring instructions and tax
identification number of the transferee. In the event the Companion Holder
transfers a Companion Loan without notice to the Companion Paying Agent, the
Companion Paying Agent shall have no liability for any misdirected payment in
the related Companion Loan and shall have no obligation to recover and redirect
such payment.

            The Companion Paying Agent shall promptly provide the name and
address of the Companion Holders to any party hereto or any successor Companion
Holders upon written request and any such Person may, without further
investigation, conclusively rely upon such information. The Companion Paying
Agent shall have no liability to any Person for the provision of any such names
and addresses.

                                   ARTICLE IV

                       DISTRIBUTIONS TO CERTIFICATEHOLDERs

            Section 4.01 Distributions.

            (a) On each Distribution Date the Paying Agent shall (except as
otherwise provided in Section 9.01), based on information provided by the Master
Servicer and the Special Servicer, apply amounts on deposit in the Distribution
Account, after payment of amounts payable from the Distribution Account in
accordance with Section 3.05(b)(ii) through (vii), deemed distributions from the
ED Loan REMIC to REMIC I pursuant to Section 4.01(k) and deemed distributions
from REMIC I to REMIC II pursuant to Section 4.01(h), for the following purposes
and in the following order of priority, in each case to the extent of the
remaining portion of the Available Distribution Amount:

            (i) concurrently, (i) from the Loan Group 1 Available Distribution
      Amount, distributions of interest to the Holders of the Class A-1 and
      Class A-2 Certificates, up to an amount equal to, and pro rata as among
      such Classes in accordance with, all Distributable Certificate Interest in
      respect of each such Class of Certificates for such Distribution Date and,
      to the extent not previously paid, for all prior Distribution Dates, if
      any, (ii) from the Loan Group 2 Available Distribution Amount,
      distributions of interest to the Holders of the Class A-1A Certificates,
      up to an amount equal to all Distributable Certificate Interest in respect
      of such Class of Certificates for such Distribution Date and, to the
      extent not previously paid, for all prior distribution dates, if any, and
      (iii) from the Loan Group 1 Available Distribution Amount and/or the Loan
      Group 2 Available Distribution Amount, distributions of interest to the
      Holders of the Class X-C and Class X-P Certificates, up to an amount equal
      to, and pro rata as between such Classes of Certificates in accordance
      with, all Distributable Certificate Interest in respect of each such Class
      of Certificates for such Distribution Date and, to the extent not
      previously paid, for all prior Distribution Dates, if any; provided,
      however, that if the Loan Group 1 Available Distribution Amount and/or the
      Loan Group 2 Available Distribution Amount is insufficient to pay in full
      the total amount of Distributable Certificate Interest, as provided above,
      payable in respect of any Class of Senior Certificates on such
      Distribution Date, then the entire Available Distribution Amount shall be
      applied to make distributions of interest to the Holders of the respective
      Classes of the Senior Certificates, up to an amount equal to, and pro rata
      as among such Classes in accordance with, all Distributable Certificate
      Interest in respect of each such Class of Certificates for such
      Distribution Date and, to the extent not previously paid, for all prior
      Distribution Dates, if any;

            (ii) to distributions of principal to the Holders of the Class A-1
      Certificates, in an amount (not to exceed the Class Principal Balance of
      the Class A-1 Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Loan Group 1 Principal Distribution
      Amount and, after the Class Principal Balance of the Class A-1A
      Certificates has been reduced to zero, the entire Loan Group 2 Principal
      Distribution Amount for such Distribution Date;

            (iii) after the Class Principal Balance of the Class A-1
      Certificates has been reduced to zero, to distributions of principal to
      the Holders of the Class A-2 Certificates, in an amount (not to exceed the
      Class Principal Balance of the Class A-2 Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Loan
      Group 1 Principal Distribution Amount and, after the Class Principal
      Balance of the Class A-1A Certificates has been reduced to zero, the
      entire Loan Group 2 Principal Distribution Amount for such Distribution
      Date (in each case, net of any portion thereof distributed on such
      Distribution Date to the Holders of the Class A-1 Certificates pursuant to
      clause (ii) above);

            (iv) to distributions of principal to the Holders of the Class A-1A
      Certificates, in an amount (not to exceed the Class Principal Balance of
      the Class A-1A Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Loan Group 2 Principal Distribution
      Amount and, after the Class Principal Balance of the Class A-1
      Certificates and the Class A-2 Certificates has been reduced to zero, the
      entire Loan Group 1 Principal Distribution Amount for such Distribution
      Date;

            (v) to distributions to the Holders of the Class A-1 Certificates,
      the Class A-2 Certificates and the Class A-1A Certificates, pro rata in
      accordance with, in an amount equal to, and in reimbursement of, all
      Realized Losses and Additional Trust Fund Expenses, if any, previously
      allocated to each such Class of Certificates and not previously
      reimbursed;

            (vi) to distributions of interest to the Holders of the Class B
      Certificates in an amount equal to all Distributable Certificate Interest
      in respect of such Class of Certificates for such Distribution Date and,
      to the extent not previously paid, for all prior Distribution Dates;

            (vii) after the Class Principal Balances of the Class A-1
      Certificates, the Class A-2 Certificates and the Class A-1A Certificates
      have been reduced to zero, to distributions of principal to the Holders of
      the Class B Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class B Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (viii) to distributions to the Holders of the Class B Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      B Certificates and not previously reimbursed;

            (ix) to distributions of interest to the Holders of the Class C
      Certificates in an amount equal to all Distributable Certificate Interest
      in respect of such Class of Certificates for such Distribution Date and,
      to the extent not previously paid, for all prior Distribution Dates;

            (x) after the Class Principal Balance of the Class B Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class C Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class C Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xi) to distributions to the Holders of the Class C Certificates, in
      an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      C Certificates and not previously reimbursed;

            (xii) to distributions of interest to the Holders of the Class D
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class D Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xiii) after the Class Principal Balance of the Class C Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class D Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class D Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xiv) to distributions to the Holders of the Class D Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      D Certificates and not previously reimbursed;

            (xv) to distributions of interest to the Holders of the Class E
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class E Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xvi) after the Class Principal Balance of the Class D Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class E Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class E Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xvii) to distributions to the Holders of the Class E Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      E Certificates and not previously reimbursed;

            (xviii) to distributions of interest to the Holders of the Class F
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class F Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xix) after the Class Principal Balance of the Class E Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class F Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class F Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xx) to distributions to the Holders of the Class F Certificates, in
      an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      F Certificates and not previously reimbursed;

            (xxi) to distributions of interest to the Holders of the Class G
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class G Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxii) after the Class Principal Balance of the Class F Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class G Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class G Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xxiii) to distributions to the Holders of the Class G Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      G Certificates and not previously reimbursed;

            (xxiv) to distributions of interest to the Holders of Class H
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class H Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxv) after the Class Principal Balance of the Class G Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class H Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class H Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xxvi) to distributions to the Holders of the Class H Certificates
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      H Certificates and not previously reimbursed;

            (xxvii) to distributions of interest to the Holders of the Class J
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class J Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxviii) after the Class Principal Balance of the Class H
      Certificates has been reduced to zero, to distributions of principal to
      the Holders of the Class J Certificates, in an amount (not to exceed the
      Class Principal Balance of the Class J Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Certificates pursuant to any prior clause of this Section 4.01(a));

            (xxix) to distributions to the Holders of the Class J Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      J Certificates and not previously reimbursed;

            (xxx) to distributions of interest to the Holders of the Class K
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class K Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxxi) after the Class Principal Balance of the Class J Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class K Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class K Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xxxii) to distributions to the Holders of the Class K Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      K Certificates and not previously reimbursed;

            (xxxiii) to distributions of interest to the Holders of the Class L
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class L Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxxiv) after the Class Principal Balance of the Class K
      Certificates has been reduced to zero, to distributions of principal to
      the Holders of the Class L Certificates, in an amount (not to exceed the
      Class Principal Balance of the Class L Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Certificates pursuant to any prior clause of this Section 4.01(a));

            (xxxv) to distributions to the Holders of the Class L Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      L Certificates and not previously reimbursed;

            (xxxvi) to distributions of interest to the Holders of the Class M
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class M Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxxvii) after the Class Principal Balance of the Class L
      Certificates has been reduced to zero, to distributions of principal to
      the Holders of the Class M Certificates, in an amount (not to exceed the
      Class Principal Balance of the Class M Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Certificates pursuant to any prior clause of this Section 4.01(a));

            (xxxviii) to distributions to the Holders of the Class M
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class M Certificates and not previously reimbursed;

            (xxxix) to distributions of interest to the Holders of the Class N
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class N Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xl) after the Class Principal Balance of the Class M Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class N Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class N Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xli) to distributions to the Holders of the Class N Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      N Certificates and not previously reimbursed;

            (xlii) to distributions of interest to the Holders of the Class O
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class O Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xliii) after the Class Principal Balance of the Class N
      Certificates has been reduced to zero, to distributions of principal to
      the Holders of the Class O Certificates, in an amount (not to exceed the
      Class Principal Balance of the Class O Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Certificates pursuant to any prior clause of this Section 4.01(a));

            (xliv) to distributions to the Holders of the Class O Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      O Certificates and not previously reimbursed; and

            (xlv) to distributions of interest to the Holders of the Class P
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class P Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xlvi) after the Class Principal Balance of the Class O Certificates
      has been reduced to zero, to distributions of principal to the Holders of
      the Class P Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class P Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Certificates
      pursuant to any prior clause of this Section 4.01(a));

            (xlvii) to distributions to the Holders of the Class P Certificates,
      in an amount equal to, and in reimbursement of, all Realized Losses and
      Additional Trust Fund Expenses, if any, previously allocated to the Class
      P Certificates and not previously reimbursed; and

            (xlviii) to make distributions to the Holders of the Class R-II
      Certificates, in an amount equal to the excess, if any, of (A) the
      aggregate distributions deemed made in respect of the REMIC I Regular
      Interests on such Distribution Date pursuant to Section 4.01(a), over (B)
      the aggregate distributions made in respect of the Regular Certificates on
      such Distribution Date pursuant to clauses (i) through (xlvii) above;

provided that on each Distribution Date after the aggregate of Class Principal
Balances of each Class of Subordinated Certificates has been reduced to zero,
but any two or more of the Class A-1 Certificates, the Class A-2 Certificates
and/or the Class A-1A Certificates remain outstanding, the payments of principal
to be made as contemplated by clauses (ii), (iii) and (iv) above with respect to
the Class A Certificates will be made to the Holders of the respective Classes
of such Class A Certificates up to an amount equal to, and pro rata as among
such Classes in accordance with, the respective then outstanding Class Principal
Balances of such Classes of Certificates and without regard to the Principal
Distribution Amount for such Distribution Date. Distributions in reimbursement
of Realized Losses and Additional Trust Fund Expenses previously allocated to a
Class of Certificates shall not constitute distributions of principal and shall
not result in reduction of the related Class Principal Balance.

            All distributions of interest made in respect of the Class X-C and
Class X-P Certificates on any Distribution Date pursuant to clause (i) above,
shall be deemed to have been made in respect of all the Components of such
Class, pro rata in accordance with the respective amounts of interest that would
be payable on such Components on such Distribution Date based on the Class X-C
and Class X-P Strip Rate, as applicable, of such Component multiplied by its
Component Notional Amount, together with any amounts thereof remaining unpaid
from previous Distribution Dates.

            (b) On each Distribution Date, the Paying Agent shall withdraw from
the Distribution Account any amounts that represent Prepayment Premiums and/or
Yield Maintenance Charges actually collected on the Mortgage Loans and any REO
Loans during the related Collection Period and shall be deemed to distribute
such Prepayment Premiums and/or Yield Maintenance Charges from REMIC I to REMIC
II in respect of REMIC I Regular Interest LA-1-1 (whether or not such Class has
received all distributions of interest and principal to which it is entitled),
and then shall distribute each such Prepayment Premium and/or Yield Maintenance
Charge, as additional yield, as follows:

            (i) First, to the Holders of the respective Classes of Regular
      Certificates (other than any Excluded Class thereof) entitled to
      distributions of principal pursuant to Section 4.01(a) on such
      Distribution Date, up to an amount equal to, and pro rata based on, the
      Additional Yield Amounts for each such Class of Certificates for such
      Distribution Date; and

            (ii) Second, to the Holders of the Class X-C Certificates, to the
      extent of any remaining portion of such Yield Maintenance Charges and/or
      Prepayment Premiums.

            All distributions of Prepayment Premiums and/or Yield Maintenance
Charges collected during the related Collection Period that represent Prepayment
Premiums and/or Yield Maintenance Charges actually collected on the ED Loan
shall be deemed to be distributed from the ED Loan REMIC to REMIC I in respect
of the ED Loan REMIC Regular Interest prior to their distribution in respect of
REMIC I Regular Interest LA-1-1 as described above.

            On each Distribution Date, the Paying Agent shall withdraw from the
Additional Interest Account any amounts that represent (A) Additional Interest
actually collected during the related Collection Period on the ARD Loans and any
related REO Loans and shall distribute such amounts among the Holders of the
Class Z Certificates pro rata in accordance with their respective Percentage
Interests of such Class and (B) interest and investment income, if any, earned
in respect of amounts held in the Additional Interest Account as provided in
Section 3.06, but only to the extent of the Net Investment Earnings with respect
to such account for the related Distribution Date.

            (c) All distributions made with respect to each Class on each
Distribution Date shall be allocated pro rata among the outstanding Certificates
in such Class based on their respective Percentage Interests. Except as
otherwise provided below, all such distributions with respect to each Class on
each Distribution Date shall be made to the Certificateholders of the respective
Class of record at the close of business on the related Record Date and shall be
made by wire transfer of immediately available funds to the account of any such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Paying Agent with
wiring instructions no less than five Business Days prior to the related Record
Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent Distribution Dates), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. The final distribution on each Certificate (determined, in the case of
a Sequential Pay Certificate, without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to such Certificate, but taking into account possible future
distributions of Additional Interest) will be made in a like manner, but only
upon presentation and surrender of such Certificate at the offices of the
Certificate Registrar or such other location specified in the notice to
Certificateholders of such final distribution. Prior to any termination of the
Trust Fund pursuant to Section 9.01, any distribution that is to be made with
respect to a Certificate in reimbursement of a Realized Loss or Additional Trust
Fund Expense previously allocated thereto, which reimbursement is to occur after
the date on which such Certificate is surrendered as contemplated by the
preceding sentence, will be made by check mailed to the address of the
Certificateholder that surrendered such Certificate as such address last
appeared in the Certificate Register or to any other address of which the Paying
Agent was subsequently notified in writing. If such check is returned to the
Paying Agent, the Paying Agent, directly or through an agent, shall take such
reasonable steps to contact the related Holder and deliver such check as it
shall deem appropriate. Any funds in respect of a check returned to the Paying
Agent shall be set aside by the Paying Agent and held uninvested in trust and
credited to the account of the appropriate Holder. The costs and expenses of
locating the appropriate Holder and holding such funds shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder. If the Paying Agent has not, after having taken such
reasonable steps, located the related Holder by the second anniversary of the
initial sending of a check, the Paying Agent shall, subject to applicable law,
distribute the unclaimed funds to the Holders of the Class R-II Certificates.

            (d) Each distribution with respect to a Book-Entry Certificate shall
be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the related Certificate Owners that it represents. None of
the Trustee, the Paying Agent, the Certificate Registrar, the Depositor or the
Master Servicer shall have any responsibility therefor except as otherwise
provided by this Agreement or applicable law. The Trustee and the Depositor
shall perform their respective obligations under a Letter of Representations
among the Depositor, the Trustee and the Initial Depository dated as of the
Closing Date.

            (e) The rights of the Certificateholders to receive distributions
from the proceeds of the Trust Fund in respect of the Certificates, and all
rights and interests of the Certificateholders in and to such distributions,
shall be as set forth in this Agreement. Neither the Holders of any Class of
Certificates nor any party hereto shall in any way be responsible or liable to
the Holders of any other Class of Certificates in respect of amounts properly
previously distributed on the Certificates.

            (f) Except as otherwise provided in Section 9.01, whenever the
Paying Agent receives written notification of or expects that the final
distribution with respect to any Class of Certificates (determined without
regard to any possible future reimbursement of any Realized Loss or Additional
Trust Fund Expense previously allocated to such Class of Certificates) will be
made on the next Distribution Date, the Paying Agent shall, no later than five
days after the related Determination Date, mail to each Holder of record on such
date of such Class of Certificates a notice to the effect that:

            (i) the Paying Agent expects that the final distribution with
      respect to such Class of Certificates will be made on such Distribution
      Date but only upon presentation and surrender of such Certificates at the
      office of the Certificate Registrar or at such other location therein
      specified, and

            (ii) no interest shall accrue on such Certificates from and after
      such Distribution Date.

            Any funds not distributed to any Holder or Holders of Certificates
of such Class on such Distribution Date because of the failure of such Holder or
Holders to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(f) shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Paying Agent shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Paying Agent, directly or through an agent, shall take such
steps to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and
expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust pursuant to this paragraph. If all of the Certificates shall not
have been surrendered for cancellation by the second anniversary of the delivery
of the second notice, the Paying Agent shall, subject to applicable law,
distribute to the Holders of the Class R-II Certificates all unclaimed funds and
other assets which remain subject thereto.

            (g) [Reserved.]

            (h) All distributions made in respect of any Class of Sequential Pay
Certificates on each Distribution Date pursuant to Section 4.01(a) or Section
9.01 shall be deemed to have first been distributed from REMIC I to REMIC II in
respect of its Corresponding REMIC I Regular Interest set forth in the
Preliminary Statement hereto; provided, that interest shall be deemed to have
been distributed pro rata among two or more Corresponding REMIC I Regular
Interests that correspond to a Class of Sequential Pay Certificates; and
provided, further, that distributions of principal:

            (i) with respect to the Class A-1 Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest LA-1-1; second, to REMIC I Regular Interest LA-1-2;
      third, to REMIC I Regular Interest LA-1-3; fourth, to REMIC I Regular
      Interest LA-1-4; fifth, to REMIC I Regular Interest LA-1-5; sixth, to
      REMIC I Regular Interest LA-1-6; seventh, to REMIC I Regular Interest
      LA-1-7; eighth, to REMIC I Regular Interest LA-1-8; ninth, to REMIC I
      Regular Interest LA-1-9; tenth, to REMIC I Regular Interest LA-1-10;
      eleventh, to REMIC I Regular Interest LA-1-11 and twelfth, to REMIC I
      Regular Interest LA-1-12; in each case, until their respective REMIC I
      Principal Balances are reduced to zero;

            (ii) with respect to the Class A-1A Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest LA-1A-1; second, to REMIC I Regular Interest LA-1A-2;
      third, to REMIC I Regular Interest LA-1A-3; fourth, to REMIC I Regular
      Interest LA-1A-4; fifth, to REMIC I Regular Interest LA-1A-5; sixth, to
      REMIC I Regular Interest LA-1A-6; seventh, to REMIC I Regular Interest
      LA-1A-7; eighth, to REMIC I Regular Interest LA-1A-8; ninth, to REMIC I
      Regular Interest LA-1A-9; tenth, to REMIC I Regular Interest LA-1A-10;
      eleventh, to REMIC I Regular Interest LA-1A-11; twelfth, in respect of
      REMIC I Regular Interest LA-1A-12; thirteenth in respect of REMIC I
      Regular Interest LA-1A-13; fourteenth, in respect of REMIC I Regular
      Interest LA-1A-14; fifteenth, in respect of REMIC I Regular Interest
      LA-1A-15; sixteenth, in respect of REMIC I Regular Interest LA-1A-16 and
      seventeenth, in respect of REMIC I Regular Interest LA-1A-17; in each
      case, until their respective REMIC I Principal Balances are reduced to
      zero;

            (iii) with respect to the Class A-2 Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest LA-2-1; second, to REMIC I Regular Interest LA-2-2;
      third, to REMIC I Regular Interest LA-2-3; fourth, to REMIC I Regular
      Interest LA-2-4; fifth, to REMIC I Regular Interest LA-2-5; and sixth, to
      REMIC I Regular Interest LA-2-6; in each case, until their respective
      REMIC I Principal Balances are reduced to zero;

            (iv) with respect to the Class E Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest LE-1; and second, to REMIC I Regular Interest LE-2; in
      each case, until their respective REMIC I Principal Balances are reduced
      to zero;

            (v) with respect to the Class F Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest F-1; second, to REMIC I Regular Interest F-2; and third,
      to REMIC I Regular Interest F-3; in each case, until their respective
      REMIC I Principal Balances are reduced to zero;

            (vi) with respect to the Class G Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest G-1; second, to REMIC I Regular Interest G-2; and third,
      to REMIC I Regular Interest G-3; in each case, until their respective
      REMIC I Principal Balances are reduced to zero;

            (vii) with respect to the Class H Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest H-1; second, to REMIC I Regular Interest H-2; and third,
      to REMIC I Regular Interest H-3; in each case, until their respective
      REMIC I Principal Balances are reduced to zero;

            (viii) with respect to the Class J Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest J-1; second, to REMIC I Regular Interest J-2; and third,
      to REMIC I Regular Interest J-3; in each case, until their respective
      REMIC I Principal Balances are reduced to zero; and

            (ix) with respect to the Class K Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest K-1; and second to REMIC I Regular Interest K-2; in each
      case, until their respective REMIC I Principal Balances are reduced to
      zero.

            All distributions made in respect of the Class X-C and Class X-P
Certificates on each Distribution Date pursuant to Section 4.01(a) or Section
9.01, and allocable to any particular Component of such Class of Certificates in
accordance with the last paragraph of Section 4.01(a), shall be deemed to have
first been distributed from REMIC I to REMIC II in respect of such Component's
Corresponding REMIC I Regular Interest. All distributions of reimbursements of
Realized Losses and Additional Trust Fund Expenses made in respect of any Class
of Sequential Pay Certificates on each Distribution Date pursuant to Section
4.01(a) shall be deemed to have first been distributed from REMIC I to REMIC II
in respect of its Corresponding REMIC I Regular Interest set forth in the
Preliminary Statement hereto; provided, however, that distributions of
reimbursements of Realized Losses and Additional Trust Fund Expenses shall be
made in reverse sequential order of the priority set forth in this Section
4.01(h) for principal distributions, up to the amount of Realized Losses and
Additional Trust Fund Expenses previously allocated to a particular Component of
such Class of Certificates.

            (i) On each Distribution Date or with respect to the Lloyd Center
Companion Loan on each P&I Advance Date if the Lloyd Center Companion Loan is
then included in a securitization the Companion Paying Agent (based upon a
statement of the Master Servicer to be delivered to the Trustee that specifies
the amount required to be deposited in the Companion Distribution Account and
any amounts payable to the Master Servicer from the Companion Distribution
Account pursuant to this Section 4.01(i)) shall make withdrawals and payments
from the Companion Distribution Account for the related Companion Loans in the
following order of priority:

            (i) to pay the Trustee or any of its directors, officers, employees
      and agents, as the case may be, any amounts payable or reimbursable to any
      such Person pursuant to Section 8.05, to the extent any such amounts
      relate solely to a Loan Pair;

            (ii) to pay for the cost of the Opinions of Counsel sought by the
      Trustee as contemplated by Sections 9.02(a)(i) and 10.01(h), to the extent
      any such costs relate to a Loan Pair;

            (iii) to pay to the Master Servicer any amounts deposited by the
      Master Servicer in the Companion Distribution Account not required to be
      deposited therein;

            (iv) on each Distribution Date, to pay all amounts remaining in the
      Companion Distribution Account to the Companion Holder; and

            (v) to clear and terminate the Companion Distribution Account at the
      termination of this Agreement pursuant to Section 9.01.

            All distributions from a Companion Distribution Account required
hereunder shall be made by the Companion Paying Agent to the Companion Holders
by wire transfer in immediately available funds to the account of such Companion
Holders or an agent therefor appearing on the Companion Register on the related
Record Date (or, if no such account so appears or information relating thereto
is not provided at least five Business Days prior to the related Record Date, by
check sent by first-class mail to the address of such Companion Holders or its
agent appearing on the Companion Register). Any such account shall be located at
a commercial bank in the United States.

            To the extent amounts are payable to or in respect of the Trust Fund
pursuant to Section 4.01(i)(i) or (ii), the Companion Distribution Account shall
be considered an "outside reserve fund" within the meaning of the REMIC
Provisions, beneficially owned by the Companion Holders for federal income tax
purposes, who shall be taxable on all reinvestment income thereon, and who shall
be deemed to have received any amounts reimbursed from the Trust Fund to the
Companion Distribution Account.

            On each Distribution Date, the Paying Agent shall withdraw amounts
from the Gain-on-Sale Reserve Account and shall distribute such amounts to
reimburse the Holders of each Class of Sequential Pay Certificates (in order of
alphabetical Class designation) up to an amount equal to all Realized Losses and
Additional Trust Fund Expenses, if any, previously deemed allocated to them and
unreimbursed after application of the Available Distribution Amount for such
Distribution Date. Amounts paid from the Gain-on-Sale Reserve Account pursuant
to the preceding sentence shall first be deemed to have been distributed to the
Corresponding REMIC I Regular Interest in reimbursement of Realized Losses and
Additional Trust Fund Expenses previously allocated thereto. Amounts paid from
the Gain-on-Sale Reserve Account will not reduce the Certificate Principal
Balances of the Classes receiving such distributions. Any amounts remaining in
the Gain-on-Sale Reserve Account after such distributions shall be applied to
offset future Realized Losses and Additional Trust Fund Expenses and upon
termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve
Account shall be distributed to the Class R-I Certificateholders.

            (j) Notwithstanding any other provision of this Agreement, the
Paying Agent shall comply with all federal withholding requirements respecting
payments to Certificateholders of interest or original issue discount that the
Paying Agent reasonably believes are applicable under the Code taking into
account any applicable exemptions from, or reductions in, withholding upon
receipt of appropriate Internal Revenue Service forms and documentation. The
consent of Certificateholders shall not be required for such withholding. In the
event the Paying Agent does withhold any amount from interest or original issue
discount payments or advances thereof to any Certificateholder pursuant to
federal withholding requirements, the Paying Agent shall indicate the amount
withheld to such Certificateholders on the Distribution Date Statement. Such
amounts shall be deemed to have been distributed to such Certificateholders for
all purposes of this Agreement.

            (k) All payments made on the ED Loan or any related subsequently
acquired REO Property shall be deemed to be assets of the ED Loan REMIC and such
amounts shall be deemed distributed to REMIC I in respect of the ED Loan REMIC
Regular Interest (in the case of interest, at the Net Mortgage Rate of the ED
Loan) before distributions are deemed to be made on the REMIC I Regular
Interests pursuant to Section 4.01(h), and shall be treated as principal,
interest, Prepayment Premiums or Yield Maintenance Charges, as the case may be,
based on these characterizations with respect to the ED Loan (or REO Property),
and, in addition, any payment of principal on or reduction in the Stated
Principal Balance of the ED Loan shall reduce the principal balance of the ED
Loan REMIC Regular Interest. Any payments on or with respect to the ED Loan in
excess of the principal, interest, Prepayment Premiums and Yield Maintenance
Charges distributable on the ED Loan REMIC Regular Interest shall be
distributable to the Class R-I Certificates in respect of amounts distributed on
the ED Loan REMIC Residual Interest and, in the case of Gain-on-Sale Proceeds
with respect to the ED Loan, shall be deposited in REMIC I as provided in
Section 3.04(f).

            Section 4.02 Statements to Certificateholders; CMSA Loan Periodic
Update File.

            (a) On each Distribution Date, the Trustee shall make available on
the Trustee's Internet Website or, upon written request, forward by first-class
mail, to each Certificateholder, each initial Certificate Owner and (upon
written request made to the Trustee) each subsequent Certificate Owner (as
identified to the reasonable satisfaction of the Trustee), the Depositor, the
Master Servicer, the Special Servicer, the Companion Holder, the Underwriters
and each Rating Agency, a statement (a "Distribution Date Statement"), as to the
distributions made on such Distribution Date, based on information provided to
it by the Master Servicer and the Special Servicer, setting forth:

            (i) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Regular Certificates in reduction of the Class
      Principal Balance thereof;

            (ii) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Regular Certificates allocable to Distributable
      Certificate Interest;

            (iii) the amount of the distribution on such Distribution Date to
      the Holders of each Class of Regular Certificates allocable to Prepayment
      Premiums and/or Yield Maintenance Charges;

            (iv) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Regular Certificates in reimbursement of
      previously allocated Realized Losses and Additional Trust Fund Expenses;

            (v) the Available Distribution Amount for such Distribution Date;

            (vi) (a) the aggregate amount of P&I Advances made in respect of
      such Distribution Date with respect to the Mortgage Pool and each Loan
      Group pursuant to Section 4.03(a), including, without limitation, any
      amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount
      of unreimbursed P&I Advances with respect to the Mortgage Pool and each
      Loan Group that had been outstanding at the close of business on the
      related Determination Date and the aggregate amount of interest accrued
      and payable to the Master Servicer or the Trustee in respect of such
      unreimbursed P&I Advances in accordance with Section 4.03(d) as of the
      close of business on the related Determination Date, (b) the aggregate
      amount of Servicing Advances as of the close of business on the related
      Determination Date and (c) the aggregate amount of all Nonrecoverable
      Advances as of the close of business on the related Determination Date;

            (vii) the aggregate unpaid principal balance of the Mortgage Pool
      and each Loan Group outstanding as of the close of business on the related
      Determination Date;

            (viii) the aggregate Stated Principal Balance of the Mortgage Pool
      and each Loan Group outstanding immediately before and immediately after
      such Distribution Date;

            (ix) the number, aggregate principal balance, weighted average
      remaining term to maturity and weighted average Mortgage Rate of the
      Mortgage Loans in the Mortgage Pool and each Loan Group as of the close of
      business on the related Determination Date;

            (x) the number, aggregate unpaid principal balance (as of the close
      of business on the related Determination Date) and aggregate Stated
      Principal Balance (immediately after such Distribution Date) of Mortgage
      Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent
      more than 89 days, (D) as to which foreclosure proceedings have been
      commenced, and (E) to the actual knowledge of the Master Servicer or
      Special Servicer in bankruptcy proceedings;

            (xi) as to each Mortgage Loan referred to in the preceding clause
      (x) above, (A) the loan number thereof, (B) the Stated Principal Balance
      thereof immediately following such Distribution Date, and (C) a brief
      description of any executed loan modification;

            (xii) with respect to any Mortgage Loan as to which a Liquidation
      Event occurred during the related Collection Period (other than a payment
      in full), (A) the loan number thereof, (B) the aggregate of all
      Liquidation Proceeds and other amounts received in connection with such
      Liquidation Event (separately identifying the portion thereof allocable to
      distributions on the Certificates), and (C) the amount of any Realized
      Loss in connection with such Liquidation Event;

            (xiii) with respect to any REO Property included in the Trust Fund
      as to which a Final Recovery Determination was made during the related
      Collection Period, (A) the loan number of the related Mortgage Loan, (B)
      the aggregate of all Liquidation Proceeds and other amounts received in
      connection with such Final Recovery Determination (separately identifying
      the portion thereof allocable to distributions on the Certificates), and
      (C) the amount of any Realized Loss in respect of the related REO Loan in
      connection with such Final Recovery Determination;

            (xiv) the Accrued Certificate Interest and Distributable Certificate
      Interest in respect of each Class of Regular Certificates for such
      Distribution Date;

            (xv) any unpaid Distributable Certificate Interest in respect of
      each Class of Regular Certificates after giving effect to the
      distributions made on such Distribution Date;

            (xvi) the Pass-Through Rate for each Class of Regular Certificates
      for such Distribution Date;

            (xvii) the Principal Distribution Amount, the Loan Group 1 Principal
      Distribution Amount and the Loan Group 2 Principal Distribution Amount for
      such Distribution Date, separately identifying the respective components
      thereof (and, in the case of any Principal Prepayment or other unscheduled
      collection of principal received during the related Collection Period, the
      loan number for the related Mortgage Loan and the amount of such
      prepayment or other collection of principal);

            (xviii) the aggregate of all Realized Losses incurred during the
      related Collection Period and all Additional Trust Fund Expenses incurred
      during the related Collection Period;

            (xix) the aggregate of all Realized Losses and Additional Trust Fund
      Expenses that were allocated on such Distribution Date;

            (xx) the Class Principal Balance of each Class of Regular
      Certificates (other than the Class X Certificates) and the Component
      Notional Amount of each Component outstanding immediately before and
      immediately after such Distribution Date, separately identifying any
      reduction therein due to the allocation of Realized Losses and Additional
      Trust Fund Expenses on such Distribution Date;

            (xxi) the Certificate Factor for each Class of Regular Certificates
      immediately following such Distribution Date;

            (xxii) the aggregate amount of interest on P&I Advances paid to the
      Master Servicer and the Trustee with respect to the Mortgage Pool and each
      Loan Group during the related Collection Period in accordance with Section
      4.03(d);

            (xxiii) the aggregate amount of interest on Servicing Advances paid
      to the Master Servicer, the Trustee and the Special Servicer during the
      related Collection Period in accordance with Section 3.03(d) with respect
      to the Mortgage Pool and each Loan Group;

            (xxiv) the aggregate amount of (i) servicing fees paid to the Master
      Servicer and the Special Servicer and (ii) the Trustee Fees during the
      related Collection Period;

            (xxv) the loan number for each Required Appraisal Mortgage Loan and
      any related Appraisal Reduction Amount as of the related Determination
      Date;

            (xxvi) the original and then current credit support levels for each
      Class of Regular Certificates;

            (xxvii) the original and then current ratings for each Class of
      Regular Certificates;

            (xxviii) the aggregate amount of Prepayment Premiums and Yield
      Maintenance Charges with respect to the Mortgage Pool and each Loan Group
      collected during the related Collection Period;

            (xxix) the amounts, if any, actually distributed with respect to the
      Class Z Certificates, Class R-I Certificates or Class R-II Certificates on
      such Distribution Date; and

            (xxx) the value of any REO Property included in the Trust Fund as of
      the end of the related Collection Period, based on the most recent
      Appraisal or valuation.

            In the case of information to be furnished pursuant to clauses (i)
through (iv) above, the amounts shall be expressed as a dollar amount in the
aggregate for all Certificates of each applicable Class and per Single
Certificate. In the case of information provided to the Trustee as a basis for
information to be furnished pursuant to clauses (x) through (xiii), and (xxiv)
and (xxx) above, insofar as the underlying information is solely within the
control of the Special Servicer, the Trustee and the Master Servicer may, absent
manifest error, conclusively rely on the reports to be provided by the Special
Servicer.

            The Trustee may rely on and shall not be responsible absent manifest
error for the content or accuracy of any information provided by third parties
for purposes of preparing the Distribution Date Statement and may affix thereto
any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto).

            On or prior to each Distribution Date, the Trustee shall make
available to any interested party via its Internet Website, (i) the related
Distribution Date Statement, (ii) the CMSA Loan Periodic Update File, CMSA Loan
Setup File, CMSA Bond File, and CMSA Collateral Summary File, (iii) the
Unrestricted Servicer Reports, (iv) as a convenience for interested parties (and
not in furtherance of the distribution thereof under the securities laws), the
Prospectus Supplement, the Prospectus and this Agreement, and (v) any other
items at the request of the Depositor.

            In addition, on or prior to each Distribution Date, the Trustee
shall make available via its Internet Website, on a restricted basis, (i) the
Restricted Servicer Reports, (ii) the CMSA Property File and (iii) any other
items at the request of the Depositor. The Trustee shall provide access to such
restricted reports, upon request, to each Privileged Person.

            The Trustee shall not be obligated to make any representation or
warranty as to the accuracy or completeness of any report, document or other
information made available on its Internet Website and assumes no responsibility
therefore. In addition, the Trustee may disclaim responsibility for any
information distributed by the Trustee for which it is not the original source.

            In connection with providing access to the Trustee's Internet
Website, the Trustee, may require registration and the acceptance of a
disclaimer. The Trustee shall not be liable for the dissemination of information
in accordance herewith.

            Absent manifest error, none of the Master Servicer or the Special
Servicer shall be responsible for the accuracy or completeness of any
information supplied to it by a borrower or third party that is included in any
reports, statements, materials or information prepared or provided by the Master
Servicer or the Special Servicer, as applicable. The Trustee shall not be
responsible absent manifest error for the accuracy or completeness of any
information supplied to it for delivery pursuant to this Section 4.02(a).
Neither the Trustee, the Master Servicer nor the Special Servicer shall have any
obligation to verify the accuracy or completeness of any information provided by
a Mortgagor or third party.

            Within a reasonable period of time after the end of each calendar
year, the Trustee shall, upon request, send to each Person who at any time
during the calendar year was a Certificateholder of record, a report summarizing
on an annual basis (if appropriate) the items provided to Certificateholders
pursuant to clauses (i), (ii), (iii) and (iv) of the description of
"Distribution Date Statement" above and such other information as may be
required to enable such Certificateholders to prepare their federal income tax
returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates and information regarding the expenses of
the Trust Fund. Such requirement shall be deemed to be satisfied to the extent
such information is provided pursuant to applicable requirements of the Code
from time to time in force.

            If any Certificate Owner does not receive through the Depository or
any of its Depository Participants any of the statements, reports and/or other
written information described above in this Section 4.02(a) that it would
otherwise be entitled to receive if it were the Holder of a Definitive
Certificate evidencing its ownership interest in the related Class of Book Entry
Certificates, then the Trustee shall mail or cause the mailing of or, shall
provide electronically or cause the provision electronically of, such
statements, reports and/or other written information to such Certificate Owner
upon the request of such Certificate Owner made in writing to the Trustee at the
Corporate Trust Office (accompanied by current verification of such Certificate
Owner's ownership interest). Such portion of such information as may be agreed
upon by the Depositor and the Trustee shall be furnished to any such Person via
overnight courier delivery or telecopy from the Trustee; provided that the cost
of such overnight courier delivery or telecopy shall be an expense of the party
requesting such information.

            The Trustee shall only be obligated to deliver the statements,
reports and information contemplated by this Section 4.02(a) to the extent it
receives the necessary underlying information from the Special Servicer or
Master Servicer, as applicable, and shall not be liable for any failure to
deliver any thereof on the prescribed due dates, to the extent caused by failure
to receive timely such underlying information. Nothing herein shall obligate the
Trustee or the Master Servicer to violate any applicable law prohibiting
disclosure of information with respect to any Mortgagor and the failure of the
Trustee, Master Servicer or the Special Servicer to disseminate information for
such reason shall not be a breach hereof.

            (b) Not later than 1:00 p.m. New York City time on the second
Business Day preceding each Distribution Date the Master Servicer shall furnish
to the Trustee, the Depositor, the Special Servicer and the Underwriters, by
electronic transmission (or in such other form to which the Trustee or the
Depositor, as the case may be, and the Master Servicer may agree), with a hard
copy (other than in the case of the Trustee) of such transmitted information to
follow promptly, an accurate and complete CMSA Loan Periodic Update File
providing the required information for the Mortgage Loans as of such
Determination Date. The Depositor shall provide the information necessary for
the CMSA Loan Setup File on the Closing Date. Not later than 2:00 p.m. New York
City time on the second Business Day preceding each Distribution Date, the
Master Servicer shall deliver to the Trustee notice of the Discount Rate
applicable to each Principal Prepayment received in the related Collection
Period.

            In the performance of its obligations set forth in Section 4.05 and
its other duties hereunder, the Trustee may conclusively rely on reports
provided to it by the Master Servicer, and the Trustee shall not be responsible
to recompute, recalculate or verify the information provided to it by the Master
Servicer. In the case of information to be furnished by the Master Servicer to
the Trustee pursuant to this Section 4.02(b), insofar as such information is
solely within the control of the Special Servicer, the Master Servicer shall
have no obligation to provide such information until it has received such
information from the Special Servicer, shall not be in default hereunder due to
a delay in providing the CMSA Loan Periodic Update File caused by the Special
Servicer's failure to timely provide any report required under this Agreement
and may, absent manifest error, conclusively rely on the reports to be provided
by the Special Servicer.

            Section 4.03 P&I Advances.

            (a) On or before 1:30 p.m., New York City time, on each P&I Advance
Date (or 3:00 p.m. New York City time if the last day of the Collection Period
is deemed to be the P&I Advance Date), the Master Servicer shall (i) apply
amounts in the Certificate Account received after the end of the related
Collection Period or otherwise held for future distribution to
Certificateholders in subsequent months in discharge of its obligation to make
P&I Advances or (ii) subject to Section 4.03(c) below, remit from its own funds
to the Paying Agent for deposit into the Distribution Account an amount equal to
the aggregate amount of P&I Advances, if any, to be made in respect of the
related Distribution Date. The Master Servicer may also make P&I Advances in the
form of any combination of clauses (i) and (ii) above aggregating the total
amount of P&I Advances to be made. Any amounts held in the Certificate Account
for future distribution and so used to make P&I Advances shall be appropriately
reflected in the Master Servicer's records and replaced by the Master Servicer
by deposit in the Certificate Account on or before the next succeeding
Determination Date (to the extent not previously replaced through the deposit of
Late Collections of the delinquent principal and interest in respect of which
such P&I Advances were made). If, as of 3:00 p.m., New York City time, on any
P&I Advance Date, the Master Servicer shall not have made any P&I Advance
required to be made on such date pursuant to this Section 4.03(a) (and shall not
have delivered to the Trustee the requisite Officer's Certificate and
documentation related to a determination of nonrecoverability of a P&I Advance),
then the Trustee shall provide notice of such failure to a Servicing Officer of
the Master Servicer by facsimile transmission sent to telecopy (704) 593-7731
(or such alternative number provided by the Master Servicer to the Trustee in
writing) and by telephone at (704) 593-7836 or (704) 593-7867 (or such
alternative number provided by the Master Servicer to the Trustee in writing) as
soon as possible, but in any event before 4:00 p.m., New York City time, on such
P&I Advance Date. If the Trustee does not receive the full amount of such P&I
Advances by 10:00 a.m., New York City time, on the related Distribution Date,
then, subject to Section 4.03(c), (i) the Trustee shall, no later than 11:00
a.m., New York City time, on such related Distribution Date make the portion of
such P&I Advances that was required to be, but was not, made by the Master
Servicer on such P&I Advance Date, and (ii) the provisions of Sections 7.01 and
7.02 shall apply.

            (b) The aggregate amount of P&I Advances to be made by the Master
Servicer or the Trustee in respect of any Distribution Date shall, subject to
Section 4.03(c) and Section 4.03(f) below, equal the aggregate of all Periodic
Payments (other than Balloon Payments) and any Assumed Scheduled Payments, net
of related Servicing Fees due or deemed due, as the case may be, in respect of
the Mortgage Loans or the Lloyd Center Companion Loan (including, without
limitation, Balloon Mortgage Loans delinquent as to their respective Balloon
Payments) and any REO Loans on their respective Due Dates during (or deemed to
be during) the related Collection Period (including without limitation of the
Mortgage Loan 90,107 and 136, if the related Mortgagor has notified the Master
Servicer that it expects to make prepayment on such Mortgage Loan during the
Collection Period), in each case to the extent such amount was not paid by or on
behalf of the related Mortgagor or otherwise collected (including as net income
from REO Properties) as of the earlier of the close of business on the last day
of related Collection Period and 3:00 p.m. New York City time on P&I Advance
date; provided, that, (x) if the Periodic Payment on any Mortgage Loan or the
Lloyd Center Companion Loan has been reduced in connection with a bankruptcy or
similar proceeding involving the related Mortgagor or a modification, waiver or
amendment granted or agreed to by the Special Servicer pursuant to Section 3.20,
or if the final maturity on any Mortgage Loan or the Lloyd Center Companion Loan
shall be extended in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment granted
or agreed to by the Special Servicer pursuant to Section 3.20, and the Periodic
Payment due and owing during the extension period is less than the related
Assumed Scheduled Payment, then the Master Servicer or the Trustee shall, as to
such Mortgage Loan or the Lloyd Center Companion Loan only, advance only the
amount of the Periodic Payment due and owing after taking into account such
reduction (net of related Servicing Fees) in the event of subsequent
delinquencies thereon; and (y) if it is determined that an Appraisal Reduction
Amount exists with respect to any Required Appraisal Mortgage Loan, then, with
respect to the Distribution Date immediately following the date of such
determination and with respect to each subsequent Distribution Date for so long
as such Appraisal Reduction Amount exists with respect to such Required
Appraisal Mortgage Loan, the Master Servicer or the Trustee will be required in
the event of subsequent delinquencies to advance in respect of such Mortgage
Loan (or if applicable Lloyd Center Companion Loan) only an amount equal to the
sum of (A) the amount of the interest portion of the P&I Advance that would
otherwise be required without regard to this clause (y), minus the product of
(1) such Appraisal Reduction Amount and (2) the per annum Pass-Through Rate (or,
with respect to the Lloyd Center Companion Loan, if such loan is then in a
securitization "Pass-Through Rate" as defined in the pooling and servicing
agreement related to such securitization) (i.e., for any month, one-twelfth of
the Pass-Through Rate) applicable to the Class of Certificates to which such
Appraisal Reduction Amount is allocated pursuant to Section 4.04(d) (or with
respect to the Lloyd Center Companion Loan, applicable to the class certificates
or other securities which are backed in whole or in part by the Lloyd Center
Companion Loan) and (B) the amount of the principal portion of the P&I Advance
that would otherwise be required without regard to this clause. The holder of
the Lloyd Center Companion Loan (or its designee) shall provide to the Master
Servicer with any information that the Master Servicer may request in order to
fulfill its advancing obligations with respect to the Lloyd Center Companion
Loan pursuant to this Section 4.03(b).

            (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. The determination by the Master
Servicer that it has made a Nonrecoverable P&I Advance or that any proposed P&I
Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be
evidenced by an Officers' Certificate delivered to the Trustee and the Depositor
on or before the related P&I Advance Date, setting forth the basis for such
determination, together with any other information, including Appraisals (the
cost of which may be paid out of the Certificate Account pursuant to Section
3.05(a)) (or, if no such Appraisal has been performed pursuant to this Section
4.03(c), a copy of an Appraisal of the related Mortgaged Property performed
within the twelve months preceding such determination), related Mortgagor
operating statements and financial statements, budgets and rent rolls of the
related Mortgaged Properties, engineers' reports, environmental surveys and any
similar reports that the Master Servicer may have obtained consistent with the
Servicing Standard and at the expense of the Trust Fund, that support such
determination by the Master Servicer. On the fourth Business Day before each
Distribution Date, the Special Servicer shall report to the Master Servicer the
Special Servicer's determination as to whether each P&I Advance made with
respect to any previous Distribution Date or required to be made with respect to
such Distribution Date with respect to any Specially Serviced Mortgage Loan or
REO Loan is a Nonrecoverable P&I Advance. The Master Servicer shall be entitled
to conclusively rely on such determination. The Trustee shall be entitled to
rely, conclusively, on any determination by the Master Servicer that a P&I
Advance, if made, would be a Nonrecoverable Advance (and with respect to a P&I
Advance, the Trustee, as applicable, shall rely on the Master Servicer's
determination that the P&I Advance would be a Nonrecoverable Advance if the
Trustee determines that it does not have sufficient time to make such
determination); provided, however, that, if the Master Servicer has failed to
make a P&I Advance for reasons other than a determination by the Master Servicer
that such P&I Advance would be Nonrecoverable Advance, the Trustee shall make
such Advance within the time periods required by Section 4.03(a) unless the
Trustee, in good faith, makes a determination prior to the times specified in
Section 4.03(a) that such P&I Advance would be a Nonrecoverable Advance. The
Trustee in determining whether or not a P&I Advance previously made is, or a
proposed P&I Advance, if made, would be, a Nonrecoverable Advance shall be
subject to the standards applicable to the Master Servicer hereunder.

            (d) In connection with the recovery by the Master Servicer or the
Trustee of any P&I Advance out of the Certificate Account pursuant to Section
3.05(a), subject to the next sentence, the Master Servicer shall be entitled to
pay itself or the Trustee, as the case may be, out of any amounts then on
deposit in the Certificate Account, interest at the Reimbursement Rate in effect
from time to time, compounded annually, accrued on the amount of such P&I
Advance (to the extent made with its own funds) from the date made (provided,
however, that neither the Master Servicer nor the Trustee shall be entitled to
interest for any P&I Advances in Mortgage Loans accrued prior to the expiration
of applicable grace periods) to but not including the date of reimbursement such
interest to be payable, subject to the terms of the Intercreditor Agreement with
respect to the related Loan Pair, first out of late payment charges and Penalty
Interest received on the related Mortgage Loan or REO Property and then from
general collections on the Mortgage Loans then on deposit in the Certificate
Account. The Master Servicer shall reimburse itself or the Trustee, as
applicable, for any outstanding P&I Advance made thereby as soon as practicable
after funds available for such purpose have been received by the Master
Servicer, and in no event shall interest accrue in accordance with this Section
4.03(d) on any P&I Advance as to which the corresponding payment of principal
and interest or Late Collection was received by the Master Servicer on or prior
to the related P&I Advance Date.

            (e) In no event shall the Master Servicer make a P&I Advance with
respect to any Companion Loan related to an AB Mortgage Loan. In no event shall
the Trustee make a P&I Advance with respect to any Companion Loan.

            (f) Subject to Section 4.03(b), the Master Servicer shall make P&I
Advances in respect of the Lloyd Center Companion Loan only during such time as
such Companion Loan is included in a securitization or a collateralized debt
obligation in which interests therein are issued or created. With respect to any
P&I Advance made on the Lloyd Center Companion Loan, the Master Servicer or the
Trustee shall be entitled to recovery of such amounts from the holder thereof.
For the avoidance of doubt, the Trust Fund shall not be liable for any
recoveries of P&I Advances made by the Master Servicer or the Trustee on the
Lloyd Center Companion Loan.

            (g) Upon the determination that a previously made Advance is a
Nonrecoverable Advance, instead of obtaining reimbursement out of general
collections immediately, the Master Servicer, or the Trustee, as applicable,
may, in its sole discretion, elect to obtain reimbursement for such
nonrecoverable Advance over time (not to exceed six (6) months or such longer
period of time as agreed to by the Master Servicer or Trustee, as applicable,
and the Controlling Class Representative, each in its sole discretion) and the
unreimbursed portion of such Advance will accrue interest at the prime rate. At
any time after such a determination to obtain reimbursement over time, the
Master Servicer, the Special Servicer or the Trustee, as applicable, may, in its
sole discretion, decide to obtain reimbursement immediately. The fact that a
decision to recover such nonrecoverable Advances over time, or not to do so,
benefits some Classes of Certificateholders to the detriment of other Classes
shall not, with respect to the Master Servicer, constitute a violation of the
Servicing Standard and/or with respect to the Trustee, constitute a violation of
any fiduciary duty to Certificateholders or contractual duty hereunder.

            (h) If a Specially Serviced Mortgage Loan becomes a Corrected
Mortgage Loan the Master Servicer, in accordance with the Servicing Standard,
and the Trustee, in accordance with its fiduciary duty to the Certificateholders
and its contractual duties under this Agreement and, in each case, with the
consent of the Controlling Class Representative, may elect to obtain
reimbursement for a recoverable Advance from less than all collections relating
to the Corrected Mortgage Loan over a period of time and the unreimbursed
portion of such Advance will accrue interest at the Prime Rate; provided
however, that if such period of time exceeds twenty-four (24) months, and the
unreimbursed portion of such Advance will accrue interest at the Prime Rate plus
one percent (1%). A decision to (i) recover Advances on such Mortgage Loan over
a period of time exceeding twenty-four (24) months, or (ii) allow interest to
accrue at a rate of reimbursement greater than the Prime Rate shall not, with
respect to the Master Servicer, constitute a violation of the Servicing Standard
and/or with respect to the Trustee, constitute a violation of any fiduciary duty
to Certificateholders or contractual duty hereunder. The parties to this
Agreement and the Certificateholders by their acceptance of their Certificates
acknowledge that any Advance made by the Master Servicer or the Trustee, as
applicable, is intended to maintain liquidity for the benefit of the
Certificateholders rather than provide credit support.

            Section 4.04 Allocation of Realized Losses and Additional Trust Fund
Expenses; Allocation of Certificate Deferred Interest; Allocation of Appraisal
Reduction Amounts.

            (a) On each Distribution Date, following all distributions to be
made on such date pursuant to Section 4.01, the Paying Agent shall allocate to
the respective Classes of Sequential Pay Certificates as follows the aggregate
of all Realized Losses and Additional Trust Fund Expenses that were incurred at
any time following the Cut-off Date through the end of the related Collection
Period and in any event that were not previously allocated pursuant to this
Section 4.04(a) on any prior Distribution Date, but only to the extent that (i)
the aggregate Certificate Principal Balance of the Sequential Pay Certificates
as of such Distribution Date (after taking into account all of the distributions
made on such Distribution Date pursuant to Section 4.01), exceeds (ii) the
aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding
immediately following such Distribution Date: first, to the Class P
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero, second, to the Class O Certificates, until the remaining Class
Principal Balance thereof has been reduced to zero, third, to the Class N
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero; fourth, to the Class M Certificates, until the remaining Class
Principal Balance thereof has been reduced to zero; fifth, to the Class L
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero; sixth, to the Class K Certificates, until the remaining Class
Principal Balance thereof has been reduced to zero; seventh, to the Class J
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero; eighth, to the Class H Certificates, until the remaining Class
Principal Balance thereof has been reduced to zero; ninth, to the Class G
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero; tenth, to the Class F Certificates, until the remaining Class
Principal Balance thereof has been reduced to zero; eleventh, to the Class E
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero; twelfth, to the Class D Certificates, until the remaining Class
Principal Balance thereof has been reduced to zero; thirteenth, to the Class C
Certificates, until the remaining Class Principal Balance thereof has been
reduced to zero; fourteenth, to the Class B Certificates, until the remaining
Class Principal Balance thereof has been reduced to zero; and fifteenth, pro
rata (based on remaining Class Principal Balances) to the Class A-1
Certificates, the Class A-2 Certificates and the Class A-1A Certificates, until
the Class Principal Balances thereof are reduced to zero. Any allocation of
Realized Losses and Additional Trust Fund Expenses to a Class of Regular
Certificates shall be made by reducing the Class Principal Balance thereof by
the amount so allocated. All Realized Losses and Additional Trust Fund Expenses,
if any, allocated to a Class of Regular Certificates shall be allocated among
the respective Certificates of such Class in proportion to the Percentage
Interests evidenced thereby. All Realized Losses and Additional Trust Fund
Expenses, if any, that have not been allocated to the Regular Certificates as of
the Distribution Date on which the aggregate Certificate Principal Balance of
such Regular Certificates has been reduced to zero, shall be deemed allocated to
the Residual Certificates.

            (b) On each Distribution Date, following the deemed distributions of
principal or in reimbursement of previously allocated Realized Losses and
Additional Trust Fund Expenses made in respect of the REMIC I Regular Interests
pursuant to Section 4.01(h), the REMIC I Principal Balance (or aggregate REMIC I
Principal Balance with respect to the REMIC I Regular Interests corresponding to
the Class A-1, Class A-2, Class A-1A, Class E, Class F, Class G, Class H, Class
J and Class K Certificates) of the Corresponding REMIC I Regular Interests
(after taking account of such deemed distributions) shall be reduced as a result
of Realized Losses and Additional Trust Fund Expenses to equal the Class
Principal Balance of the Class of Corresponding Certificates that will be
outstanding immediately following such Distribution Date; provided, that
Realized Losses and Additional Trust Fund Expenses shall be allocated:

            (i) with respect to the Class A-1 Certificates, first, in respect of
      REMIC I Regular Interest LA-1-1; second, in respect of REMIC I Regular
      Interest LA-1-2; and third, in respect of REMIC I Regular Interest LA-1-3;
      fourth, in respect of REMIC I Regular Interest LA-1-4; fifth, in respect
      of REMIC I Regular Interest LA-1-5; sixth, in respect of REMIC I Regular
      Interest LA-1-6; seventh, in respect of REMIC I Regular Interest LA-1-7;
      eighth, in respect of REMIC I Regular Interest LA-1-8; ninth, in respect
      of REMIC I Regular Interest LA-1-9; tenth, in respect of REMIC I Regular
      Interest LA-1-10; eleventh, in respect of REMIC I Regular Interest LA-1-11
      and twelfth, in respect of REMIC I Regular Interest LA-1-12; in each case,
      until their respective REMIC I Principal Balances are reduced to zero;

            (ii) with respect to the Class A-1A Certificates, first, in respect
      of REMIC I Regular Interest LA-1A-1; second, in respect of REMIC I Regular
      Interest LA-1A-2; third, in respect of REMIC I Regular Interest LA-1A-3;
      fourth, in respect of REMIC I Regular Interest LA-1A-4; fifth, in respect
      of REMIC I Regular Interest LA-1A-5; sixth, in respect of REMIC I Regular
      Interest LA-1A-6; seventh, in respect of REMIC I Regular Interest LA-1A-7;
      eighth, in respect of REMIC I Regular Interest LA-1A-8; ninth, in respect
      of REMIC I Regular Interest LA-1A-9; tenth, in respect of REMIC I Regular
      Interest LA-1A-10; eleventh, in respect of REMIC I Regular Interest
      LA-1A-11; twelfth, in respect of REMIC I Regular Interest LA-1A-12;
      thirteenth in respect of REMIC I Regular Interest LA-1A-13; fourteenth, in
      respect of REMIC I Regular Interest LA-1A-14; fifteenth, in respect of
      REMIC I Regular Interest LA-1A-15; sixteenth, in respect of REMIC I
      Regular Interest LA-1A-16 and seventeenth, in respect of REMIC I Regular
      Interest LA-1A-17; in each case, until their respective REMIC I Principal
      Balances are reduced to zero;

            (iii) with respect to the Class A-2 Certificates, first, in respect
      of REMIC I Regular Interest LA-2-1; second, in respect of REMIC I Regular
      Interest LA-2-2; third, in respect of REMIC I Regular Interest LA-2-3;
      fourth, in respect of REMIC I Regular Interest LA-2-4; fifth, in respect
      of REMIC I Regular Interest LA-2-5; and sixth, in respect of REMIC I
      Regular Interest LA-2-6; in each case, until their respective REMIC I
      Principal Balances are reduced to zero;

            (iv) with respect to the Class E Certificates, first, in respect of
      REMIC I Regular Interest LE-1; and second, in respect of REMIC I Regular
      Interest LE-2; in each case, until their respective REMIC I Principal
      Balances are reduced to zero.

            (v) with respect to the Class F Certificates, first, in respect of
      REMIC I Regular Interest LF-1; second, in respect of REMIC I Regular
      Interest LF-2; and third, in respect of REMIC I Regular Interest LF-3 in
      each case, until their respective REMIC I Principal Balances are reduced
      to zero;

            (vi) with respect to the Class G Certificates, first, in respect of
      REMIC I Regular Interest LG-1; second, in respect of REMIC I Regular
      Interest LG-2; and third, in respect of REMIC I Regular Interest LG-3 in
      each case, until their respective REMIC I Principal Balances are reduced
      to zero;

            (vii) with respect to the Class H Certificates, first, in respect of
      REMIC I Regular Interest LH-1; second, in respect of REMIC I Regular
      Interest LH-2; and third, in respect of REMIC I Regular Interest LH-3 in
      each case, until their respective REMIC I Principal Balances are reduced
      to zero;

            (viii) with respect to the Class J Certificates, first, in respect
      of REMIC I Regular Interest LJ-1; second, in respect of REMIC I Regular
      Interest LJ-2; and third, in respect of REMIC I Regular Interest LJ-3 in
      each case, until their respective REMIC I Principal Balances are reduced
      to zero; and

            (ix) with respect to the Class K Certificates, first, in respect of
      REMIC I Regular Interest LK-1; and second, in respect of REMIC I Regular
      Interest LK-2 in each case, until their respective REMIC I Principal
      Balances are reduced to zero;

            (c) On any Distribution Date, the amount of any Mortgage Deferred
Interest will be allocated as Certificate Deferred Interest to each outstanding
Class of Sequential Pay Certificates in reverse alphabetical order (except with
respect to the Class A-1, Class A-1A and Class A-2 Certificates, which amounts
shall be applied pro rata (based on remaining Class Principal Balances) to such
Certificates), in each case up to the respective Accrued Certificate Interest
for each such Class of Certificates for such Distribution Date. On each such
Distribution Date, the Certificate Principal Balance of each Class of
Certificates to which Certificate Deferred Interest has been allocated shall be
increased by the amount of Certificate Deferred Interest allocated to such
Class. The amount of Certificate Deferred Interest allocated to any Class of
Sequential Pay Certificates shall be allocated to, and will increase the REMIC I
Principal Balances of the Corresponding REMIC I Regular Interests; provided,
however, that with respect to the Class A-1, Class A-1A and Class A-2
Certificates, allocations to the corresponding REMIC I Regular Interests shall
be made on a pro rata basis. Mortgage Deferred Interest with regard to the ED
Loan shall be allocated to and shall increase the principal balance of the ED
Loan REMIC Regular Interest.

            (d) Any Appraisal Reduction Amounts shall be allocated only for
purposes of determining the amount of P&I Advances with respect to the related
Mortgage Loan, as follows: to the Class Principal Balance of the Class P, Class
O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class
E, Class D, Class C and Class B Certificates, in that order, up to the amount of
their respective Class Principal Balances. On any Distribution Date, an
Appraisal Reduction Amount that otherwise would be allocated to a Class of
Certificates shall be allocated to the next most subordinate Class to the extent
that the Class Principal Balance on such Distribution Date for such Class of
Certificates (prior to taking the Appraisal Reduction Amount into account) is
less than the Appraisal Reduction Amount for the Distribution Date. The Master
Servicer shall report to the Trustee on or before each Determination Date all
Appraisal Reduction Amounts and the Trustee shall report to the Master Servicer
no later than 10:00 a.m. on the related P&I Advance Date the Pass-Through Rates
necessary to calculate the allocation required by this Section 4.04(d).

            Section 4.05 Calculations.

            The Paying Agent shall, provided it receives the necessary
information from the Master Servicer and the Special Servicer, be responsible
for performing all calculations necessary in connection with the actual and
deemed distributions and allocations to be made pursuant to Section 4.01,
Section 5.02(d) and Article IX and the actual and deemed allocations of Realized
Losses and Additional Trust Fund Expenses to be made pursuant to Section 4.04.
The Paying Agent shall calculate the Available Distribution Amount for each
Distribution Date and shall allocate such amount among Certificateholders in
accordance with this Agreement, and the Paying Agent shall have no obligation to
recompute, recalculate or verify any information provided to it by the Special
Servicer or Master Servicer. The calculations by the Paying Agent of such
amounts shall, in the absence of manifest error, be presumptively deemed to be
correct for all purposes hereunder.

            Section 4.06 Use of Agents.

            The Master Servicer or the Trustee may at its own expense utilize
agents or attorneys-in-fact in performing any of its obligations under this
Article IV (except the obligation to make P&I Advances), but no such utilization
shall relieve the Master Servicer or the Trustee from any of such obligations or
liabilities, and the Master Servicer or the Trustee, as applicable, shall remain
responsible for all acts and omissions of any such agent or attorney-in-fact
(other than with respect to limited powers-of-attorney delivered by the Trustee
to the Master Servicer or Special Servicer pursuant to Section 2.03(b) and
3.01(b), as applicable, in which case the Trustee shall have no such
responsibility)

                                   ARTICLE V

                                THE CERTIFICATES

            Section 5.01 The Certificates.

            (a) The Certificates will be substantially in the respective forms
attached hereto as Exhibit A; provided that any of the Certificates may be
issued with appropriate insertions, omissions, substitutions and variations, and
may have imprinted or otherwise reproduced thereon such legend or legends, not
inconsistent with the provisions of this Agreement, as may be required to comply
with any law or with rules or regulations pursuant thereto, or with the rules of
any securities market in which the Certificates are admitted to trading, or to
conform to general usage. The Certificates will be issuable in registered form
only; provided, however, that in accordance with Section 5.03 beneficial
ownership interests in the Regular Certificates shall initially be held and
transferred through the book-entry facilities of the Depository. The Regular
Certificates will be issuable only in denominations corresponding to initial
Certificate Principal Balances or initial Certificate Notional Amounts, as the
case may be, as of the Closing Date of not less than $10,000 in the case of the
Registered Certificates, $1,000,000 in the case of the Class X Certificates, and
$250,000 in the case of Non-Registered Certificates (other than the Residual
Certificates and the Class X Certificates), and in each such case in integral
multiples of $1 in excess thereof. The Class Z Certificates, Class R-I
Certificates and the Class R-II Certificates shall have no minimum denomination
and shall each be represented by a single definitive certificate.

            (b) The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by the Certificate Registrar hereunder by an
authorized signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized signatories of the Certificate
Registrar shall be entitled to all benefits under this Agreement, subject to the
following sentence, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such Certificates. No
Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, however, unless there appears on such Certificate a certificate
of authentication substantially in the form provided for herein executed by the
Authenticating Agent by manual signature, and such certificate of authentication
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

            Section 5.02 Registration of Transfer and Exchange of Certificates.

            (a) At all times during the term of this Agreement, there shall be
maintained at the office of the Certificate Registrar a Certificate Register in
which, subject to such reasonable regulations as the Certificate Registrar may
prescribe, the Certificate Registrar (located as of the Closing Date at Wells
Fargo Center, Sixth and Marquette, Minneapolis, Minnesota 55479-6113), shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. The Trustee is hereby initially appointed (and
hereby agrees to act in accordance with the terms hereof) as Certificate
Registrar for the purpose of registering Certificates and transfers and
exchanges of Certificates as herein provided. The Certificate Registrar may
appoint, by a written instrument delivered to the Depositor, the Trustee, the
Special Servicer and the Master Servicer, any other bank or trust company to act
as Certificate Registrar under such conditions as the predecessor Certificate
Registrar may prescribe, provided that the predecessor Certificate Registrar
shall not be relieved of any of its duties or responsibilities hereunder by
reason of such appointment. If Wells Fargo Bank Minnesota, N.A. is removed as
Trustee, then Wells Fargo Bank Minnesota, N.A. shall be removed as Certificate
Registrar. The Depositor, the Trustee, the Master Servicer and the Special
Servicer shall have the right to inspect the Certificate Register or to obtain a
copy thereof at all reasonable times, and to rely conclusively upon a
certificate of the Certificate Registrar as to the information set forth in the
Certificate Register. Upon written request of any Certificateholder made for
purposes of communicating with other Certificateholders with respect to their
rights under this Agreement, the Certificate Registrar shall promptly furnish
such Certificateholder with a list of the other Certificateholders of record
identified in the Certificate Register at the time of the request.

            (b) No transfer of any Non-Registered Certificate shall be made
unless that transfer is made pursuant to an effective registration statement
under the Securities Act, and effective registration or qualification under
applicable state securities laws, or is made in a transaction that does not
require such registration or qualification. If such a transfer is to be made
without registration under the Securities Act (other than in connection with the
initial issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective Affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives (and upon receipt, may
conclusively rely upon) either: (i) a certificate from the Certificateholder
desiring to effect such transfer substantially in the form attached as Exhibit
G-1 hereto, and a certificate from such Certificateholder's prospective
transferee substantially in the form attached as either Exhibit G-2 hereto or as
Exhibit G-3 hereto; or (ii) an Opinion of Counsel reasonably satisfactory to the
Certificate Registrar to the effect that such transfer may be made without
registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee or the
Certificate Registrar is obligated to register or qualify any Class of
Non-Registered Certificates under the Securities Act or any other securities law
or to take any action not otherwise required under this Agreement to permit the
transfer of any Non-Registered Certificate without registration or
qualification. Any Holder of a Non-Registered Certificate desiring to effect
such a transfer shall, and upon acquisition of such a Certificate shall be
deemed to have agreed to, indemnify the Trustee, the Certificate Registrar and
the Depositor against any liability that may result if the transfer is not so
exempt or is not made in accordance with such federal and state laws.

            In connection with transfer of the Non-Registered Certificates, the
Depositor shall furnish upon request of a Certificateholder or Certificate Owner
to such Holder or Certificate Owner and any prospective purchaser designated by
such Certificateholder or Certificate Owner the information required to be
delivered under paragraph (d)(4) of Rule 144A of the Securities Act.

            Notwithstanding the foregoing, for so long as any Non-Registered
Certificate is a Book-Entry Certificate, (a) each prospective transferor of such
Certificate shall be deemed to have represented to the Trustee, the Depositor
and the transferee of such Certificate the information set forth on Exhibit G-1
upon or prior to such transfer and (b) each prospective transferee of such
Certificate shall be deemed to have represented to the Trustee, the Depositor
and the transferor of such Certificate the information set forth on Exhibit G-2
or Exhibit G-3 upon or prior to such transfer.

            (c) No transfer of a Certificate or any interest therein shall be
made to any "employee benefit plan" subject to Title I of ERISA, a "plan"
described by Section 4975(e)(1) of the Code or any other retirement plan or
other employee benefit plan or arrangement subject to applicable federal, state
or local law ("Similar Law") materially similar to the foregoing provisions of
ERISA or the Code, or any entity deemed to hold plan assets of the foregoing by
reason of such a plan's investment in such entity (each, a "Plan") unless (A) in
the case of a Certificate other than a Residual Certificate or a Class Z
Certificate, the transferee is an insurance company general account which is
eligible for, and satisfies all the requirements of, exemptive relief under
Sections I and III of Department of Labor Prohibited Transaction Class Exemption
95-60 ("PTE 95-60") or (B) in the case of a Certificate other than an ERISA
Restricted Certificate, a Residual Certificate or a Class Z Certificate, the
transferee (1) qualifies as an accredited investor as defined in Rule 501(a)(1)
of Regulation D under the Securities Act and (2) satisfies all the requirements
of the Exemptions as in effect at the time of such transfer. Each Person who
acquires a Certificate in Definitive Certificate form shall be required to
certify in writing in the form attached as Exhibit H hereto that it meets the
foregoing conditions and that it will not transfer such Certificate in violation
of the foregoing, and each Person who acquires a Certificate in Book-Entry
Certificate form shall be deemed to have represented that the foregoing
conditions are satisfied and that it will not transfer such Certificate in
violation of the foregoing.

            (d) (i) Each Person who has or who acquires any Ownership Interest
in a Residual Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions
and to have irrevocably authorized the Paying Agent under clause (ii)(A) below
to deliver payments to a Person other than such Person and to have irrevocably
authorized the Certificate Registrar under clause (ii)(B) below to negotiate the
terms of any mandatory disposition and to execute all instruments of Transfer
and to do all other things necessary in connection with any such sale. The
rights of each Person acquiring any Ownership Interest in a Residual Certificate
are expressly subject to the following provisions:

                  (1) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall be a Permitted Transferee and shall
            promptly notify the Master Servicer, the Paying Agent and the
            Certificate Registrar of any change or impending change in its
            status as a Permitted Transferee.

                  (2) In connection with any proposed Transfer of any Ownership
            Interest in a Residual Certificate, the Certificate Registrar shall
            require delivery to it, and shall not register the Transfer of any
            Residual Certificate until its receipt of an affidavit and agreement
            substantially in the form attached hereto as Exhibit I-1 (a
            "Transfer Affidavit and Agreement"), from the proposed Transferee,
            in form and substance satisfactory to the Certificate Registrar, and
            upon which the Certificate Registrar may, in the absence of actual
            knowledge by a Responsible Officer of the Certificate Registrar to
            the contrary, conclusively rely, representing and warranting, among
            other things, that such Transferee is a Permitted Transferee; that
            it is not acquiring its Ownership Interest in the Residual
            Certificate that is the subject of the proposed Transfer as a
            nominee, trustee or agent for any Person that is not a Permitted
            Transferee; that for so long as it retains its Ownership Interest in
            a Residual Certificate, it will endeavor to remain a Permitted
            Transferee; that it has historically paid its debts as they have
            come due, intends to pay its debts as they come due in the future
            and intends to pay all taxes associated with the Residual
            Certificate as they come due; and that it has reviewed the
            provisions of this Section 5.02(d) and agrees to be bound by them.

                  (3) Notwithstanding the delivery of a Transfer Affidavit and
            Agreement by a proposed Transferee under clause (B) above, if a
            Responsible Officer of the Certificate Registrar has actual
            knowledge that the proposed Transferee is not a Permitted
            Transferee, no Transfer of an Ownership Interest in a Residual
            Certificate to such proposed Transferee shall be effected.

                  (4) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall agree (1) to require a Transfer
            Affidavit and Agreement from any prospective Transferee to whom such
            Person attempts to transfer its Ownership Interest in such Residual
            Certificate and (2) not to transfer its Ownership Interest in such
            Residual Certificate unless it provides to the Certificate Registrar
            a certificate substantially in the form attached hereto as Exhibit
            I-2 stating that, among other things, it has no actual knowledge
            that such prospective Transferee is not a Permitted Transferee.

                  (5) Each Person holding or acquiring an Ownership Interest in
            a Residual Certificate, by purchasing an Ownership Interest in such
            Certificate, agrees to give the Master Servicer and the Trustee
            written notice that it is a "pass-through interest holder" within
            the meaning of temporary Treasury regulation Section
            1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest
            in a Residual Certificate, if it is, or is holding an Ownership
            Interest in a Residual Certificate on behalf of, a "pass-through
            interest holder."

            (ii) (1) If any purported Transferee shall become a Holder of a
      Residual Certificate in violation of the provisions of this Section
      5.02(d), then the last preceding Holder of such Residual Certificate that
      was in compliance with the provisions of this Section 5.02(d) shall be
      restored, to the extent permitted by law, to all rights as Holder thereof
      retroactive to the date of registration of such Transfer of such Residual
      Certificate. None of the Trustee, the Master Servicer or the Certificate
      Registrar shall be under any liability to any Person for any registration
      of Transfer of a Residual Certificate that is in fact not permitted by
      this Section 5.02(d) or for making any payments due on such Certificate to
      the Holder thereof or for taking any other action with respect to such
      Holder under the provisions of this Agreement.

                        (2) If any purported Transferee shall become a Holder of
                  a Residual Certificate in violation of the restrictions in
                  this Section 5.02(d), then, to the extent that the retroactive
                  restoration of the rights of the preceding Holder of such
                  Residual Certificate as described in clause (ii)(A) above
                  shall be invalid, illegal or unenforceable, the Certificate
                  Registrar shall have the right, without notice to the Holder
                  or any prior Holder of such Residual Certificate, to cause the
                  transfer of such Residual Certificate to a Permitted
                  Transferee on such terms as the Certificate Registrar may
                  choose. Such purported Transferee shall promptly endorse and
                  deliver such Residual Certificate in accordance with the
                  instructions of the Certificate Registrar. Such Permitted
                  Transferee may be the Certificate Registrar itself or any
                  Affiliate of the Certificate Registrar. Any proceeds of such
                  sale, net of the commissions (which may include commissions
                  payable to the Certificate Registrar or its Affiliates),
                  expenses and taxes due, if any, will be remitted by the Paying
                  Agent to such purported Transferee. The terms and conditions
                  of any sale under this clause (ii)(B) shall be determined in
                  the sole discretion of the Certificate Registrar, and the
                  Certificate Registrar shall not be liable to any Person having
                  an Ownership Interest in a Residual Certificate as a result of
                  its exercise of such discretion.

            (iii) The Certificate Registrar shall make available to the Internal
      Revenue Service and to those Persons specified by the REMIC Provisions any
      information available to it which is necessary to compute any tax imposed
      as a result of the Transfer of an Ownership Interest in a Residual
      Certificate to any Person who is a Disqualified Organization or agent
      thereof, including the information described in Treasury Regulations
      Sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the "excess
      inclusions" of such Residual Certificate, and the Master Servicer and the
      Special Servicer shall furnish to the Certificate Registrar all
      information in its possession necessary for the Certificate Registrar to
      discharge such obligation. The transferor of such Ownership Interest shall
      be responsible for the reasonable compensation of the Certificate
      Registrar, the Master Servicer and the Special Servicer for providing such
      information.

            (iv) The provisions of this Section 5.02(d) set forth prior to this
      clause (iv) may be modified, added to or eliminated, provided that there
      shall have been delivered to the Certificate Registrar and the Master
      Servicer the following:

                        (1) written confirmation from each Rating Agency to the
                  effect that the modification of, addition to or elimination of
                  such provisions will not cause such Rating Agency to qualify,
                  downgrade or withdraw its then-current rating of any Class of
                  Certificates; and

                        (2) an Opinion of Counsel, in form and substance
                  satisfactory to the Certificate Registrar and the Master
                  Servicer, obtained at the expense of the party seeking such
                  modification of, addition to or elimination of such provisions
                  (but in no event at the expense of the Trust Fund), to the
                  effect that doing so will not cause the ED Loan REMIC, REMIC I
                  or REMIC II to (x) cease to qualify as a REMIC or (y) be
                  subject to an entity-level tax caused by the Transfer of any
                  Residual Certificate to a Person which is not a Permitted
                  Transferee, or cause a Person other than the prospective
                  Transferee to be subject to a REMIC-related tax caused by the
                  Transfer of a Residual Certificate to a Person that is not a
                  Permitted Transferee.

            (e) Subject to the preceding provisions of this Section 5.02, upon
surrender for registration of transfer of any Certificate at the offices of the
Certificate Registrar maintained for such purpose, the Certificate Registrar
shall execute and the Authenticating Agent shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class of a like aggregate Percentage Interest.

            (f) At the option of any Holder, its Certificates may be exchanged
for other Certificates of authorized denominations of the same Class of a like
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at the offices of the Certificate Registrar maintained for such
purpose. Whenever any Certificates are so surrendered for exchange, the
Certificate Registrar shall execute and the Authenticating Agent shall
authenticate and deliver the Certificates which the Certificateholder making the
exchange is entitled to receive.

            (g) Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar) be duly endorsed
by, or be accompanied by a written instrument of transfer in the form
satisfactory to the Certificate Registrar duly executed by, the Holder thereof
or his attorney duly authorized in writing.

            (h) No service charge shall be imposed for any transfer or exchange
of Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.

            (i) All Certificates surrendered for transfer and exchange shall be
physically canceled by the Certificate Registrar, and the Certificate Registrar
shall dispose of such canceled Certificates in accordance with its standard
procedures.

            (j) Upon request, the Certificate Registrar shall provide to the
Master Servicer, the Special Servicer and the Depositor notice of each transfer
of a Certificate and shall provide to each such Person with an updated copy of
the Certificate Register.

            Section 5.03 Book-Entry Certificates.

            (a) Each Class of Regular Certificates shall initially be issued as
one or more Certificates registered in the name of the Depository or its nominee
and, except as provided in Section 5.03(c) below, transfer of such Certificates
may not be registered by the Certificate Registrar unless such transfer is to a
successor Depository that agrees to hold such Certificates for the respective
Certificate Owners with Ownership Interests therein. Such Certificate Owners
shall hold and transfer their respective Ownership Interests in and to such
Certificates through the book-entry facilities of the Depository and, except as
provided in Section 5.03(c) below, shall not be entitled to definitive, fully
registered Certificates ("Definitive Certificates") in respect of such Ownership
Interests. All transfers by Certificate Owners of their respective Ownership
Interests in the Book-Entry Certificates shall be made in accordance with the
procedures established by the Depository Participant or brokerage firm
representing each such Certificate Owner. Each Depository Participant shall only
transfer the Ownership Interests in the Book-Entry Certificates of Certificate
Owners it represents or of brokerage firms for which it acts as agent in
accordance with the Depository's normal procedures.

            (b) The Trustee, the Master Servicer, the Special Servicer, the
Depositor and the Certificate Registrar may for all purposes, including the
making of payments due on the Book-Entry Certificates, deal with the Depository
as the authorized representative of the Certificate Owners with respect to such
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between
such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect
to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

            (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
properly discharge its responsibilities with respect to a Class of the
Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor, or (ii) the Depositor at its option advises the Trustee and the
Certificate Registrar in writing that it elects to terminate the book-entry
system through the Depository with respect to a Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same. Upon surrender to the Certificate Registrar of the Book-Entry
Certificates of any Class thereof by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Certificate
Registrar shall execute, at the Depositor's expense, and the Authenticating
Agent shall authenticate and deliver, the Definitive Certificates in respect of
such Class to the Certificate Owners identified in such instructions. The
Depositor shall provide the Certificate Registrar with an adequate inventory of
Definitive Certificates. None of the Depositor, the Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar shall be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates for purposes of evidencing ownership of any Class of Registered
Certificates, the registered holders of such Definitive Certificates shall be
recognized as Certificateholders hereunder and, accordingly, shall be entitled
directly to receive payments on, to exercise Voting Rights with respect to, and
to transfer and exchange such Definitive Certificates.

            (d) Notwithstanding any other provisions contained herein, neither
the Trustee nor the Certificate Registrar shall have any responsibility
whatsoever to monitor or restrict the transfer of ownership interests in any
Certificate (including but not limited to any Non-Registered Certificate, any
Subordinated Certificate and any Class Z Certificate) which interests are
transferable through the book-entry facilities of the Depository.

            Section 5.04 Mutilated, Destroyed, Lost or Stolen Certificates.

            If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be required by them to save each of them harmless, then, in the absence of
actual notice to the Trustee and the Certificate Registrar that such Certificate
has been acquired by a bona fide purchaser, the Certificate Registrar shall
execute and the Authenticating Agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of the same Class and like Percentage Interest. Upon the
issuance of any new Certificate under this Section, the Trustee and the
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee and the
Certificate Registrar) connected therewith. Any replacement Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the applicable REMIC created hereunder, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

            Section 5.05 Persons Deemed Owners.

            Prior to due presentment for registration of transfer, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name any Certificate is registered as of the related Record Date as the owner of
such Certificate for the purpose of receiving distributions pursuant to Section
4.01 and may treat the person whose name each Certificate is registered as of
the date of determination as the owner of such Certificate for all other
purposes whatsoever and none of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Registrar or any agent of any of them
shall be affected by notice to the contrary.

                                   ARTICLE VI

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

            Section 6.01 Liability of Depositor, Master Servicer and Special
Servicer.

            The Depositor, the Master Servicer and the Special Servicer shall be
liable in accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Depositor, the Master Servicer
and the Special Servicer herein.

            Section 6.02 Merger, Consolidation or Conversion of Depositor or
Master Servicer or Special Servicer.

            Subject to the following paragraph, the Depositor and the Special
Servicer shall each keep in full effect its existence, rights and franchises as
a corporation or limited liability company under the laws of the jurisdiction of
its incorporation or organization, and each will obtain and preserve its
qualification to do business as a foreign corporation or limited liability
company in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Agreement, the
Certificates or any of the Mortgage Loans and to perform its respective duties
under this Agreement, and the Master Servicer shall keep in full effect its
existence and rights as a national banking association under the laws of the
United States.

            The Depositor, the Master Servicer or the Special Servicer may be
merged or consolidated with or into any Person (other than the Trustee), or
transfer all or substantially all of its assets (which may be limited to all or
substantially all of its assets related to commercial mortgage loan servicing)
to any Person, in which case any Person resulting from any merger or
consolidation to which the Depositor, the Master Servicer or the Special
Servicer shall be a party, or any Person succeeding to the business (which may
be limited to the commercial loan servicing business) of the Depositor, the
Master Servicer or the Special Servicer, shall be the successor of the
Depositor, the Master Servicer or the Special Servicer, as the case may be,
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that no successor or surviving Person shall
succeed to the rights of the Master Servicer or the Special Servicer unless (i)
as evidenced in writing by the Rating Agencies, such succession will not result
in qualification, downgrading or withdrawal of the ratings then assigned by the
Rating Agencies to any Class of Certificates and (ii) such successor or
surviving Person makes the applicable representations and warranties set forth
in Section 3.23.

            Section 6.03 Limitation on Liability of Depositor, Master Servicer
and Special Servicer.

            None of the Depositor, the Master Servicer or the Special Servicer
shall be under any liability to the Trust Fund, the Trustee, the
Certificateholders or the Companion Holders for any action taken, or not taken,
in good faith pursuant to this Agreement, or for errors in judgment; provided,
however, that this provision shall not protect the Depositor, the Master
Servicer or the Special Servicer against any liability to the Trust Fund, the
Trustee, the Certificateholders or the Companion Holders for the breach of a
representation, warranty or covenant made herein by such party, or against any
expense or liability specifically required to be borne by such party without
right of reimbursement pursuant to the terms hereof, or against any liability
which would otherwise be imposed by reason of misfeasance, bad faith or
negligence in the performance of obligations or duties hereunder or negligent
disregard of such obligations and duties. The Depositor, the Master Servicer,
the Special Servicer and any director, officer, employee or agent of the
Depositor, the Master Servicer or the Special Servicer may rely in good faith on
any document of any kind which, prima facie, is properly executed and submitted
by any Person respecting any matters arising hereunder. The Depositor, the
Master Servicer, the Special Servicer and any director, member, manager,
officer, employee or agent of the Depositor, the Master Servicer or the Special
Servicer shall be indemnified and held harmless by the Trust Fund against any
loss, liability or reasonable expense incurred in connection with this Agreement
or the Certificates (including, without limitation, the distribution or posting
of reports or other information as contemplated by this Agreement), other than
any loss, liability or expense: (i) specifically required to be borne by such
party without right of reimbursement pursuant to the terms hereof (including
without limitation, those expenses set forth in Section 3.11(b) or Section
3.11(d) and the last sentence of the definition of Servicing Advances); (ii)
incurred in connection with any breach of a representation, warranty or covenant
made herein; or (iii) incurred by reason of willful misfeasance, bad faith or
negligence in the performance of obligations or duties hereunder. None of the
Depositor, the Master Servicer or the Special Servicer shall be under any
obligation to appear in, prosecute or defend any legal action unless such action
is related to its respective duties under this Agreement and, unless it is
specifically required hereunder to bear the costs of such legal action, in its
opinion does not involve it in any ultimate expense or liability; provided,
however, that the Depositor, the Master Servicer or the Special Servicer may in
its discretion undertake any such action which it may deem necessary or
desirable with respect to the enforcement and/or protection of the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action, and any
liability resulting therefrom, shall be expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Master Servicer and the Special Servicer
shall be entitled to be reimbursed therefor from the Certificate Account as
provided in Section 3.05. In no event shall the Master Servicer or the Special
Servicer be liable or responsible for any action taken or omitted to be taken by
the other of them or by the Depositor, the Trustee or any Certificateholder,
subject to the provisions of the last paragraph of Section 8.05.

            Section 6.04 Resignation of Master Servicer and the Special
Servicer.

            The Master Servicer and, subject to Section 6.09, the Special
Servicer may resign from the obligations and duties hereby imposed on it, upon a
determination that its duties hereunder are no longer permissible under
applicable law or are in material conflict by reason of applicable law with any
other activities carried on by it (the other activities of the Master Servicer
or the Special Servicer, as the case may be, so causing such a conflict being of
a type and nature carried on by the Master Servicer or the Special Servicer, as
the case may be, at the date of this Agreement). Any such determination
requiring the resignation of the Master Servicer or the Special Servicer, as
applicable, shall be evidenced by an Opinion of Counsel to such effect which
shall be delivered to the Trustee. Unless applicable law requires the Master
Servicer's or Special Servicer's resignation to be effective immediately, and
the Opinion of Counsel delivered pursuant to the prior sentence so states, no
such resignation shall become effective until the Trustee or other successor
shall have assumed the responsibilities and obligations of the resigning party
in accordance with Section 7.02 hereof. The Master Servicer and the Special
Servicer shall have the right to resign at any other time provided that (i) a
willing successor thereto has been found by the Master Servicer or Special
Servicer, as applicable, (ii) each of the Rating Agencies confirms in writing
that the successor's appointment will not result in a withdrawal, qualification
or downgrade of any rating or ratings assigned to any Class of Certificates,
(iii) the resigning party pays all costs and expenses in connection with such
transfer, and (iv) the successor accepts appointment prior to the effectiveness
of such resignation. Neither the Master Servicer nor the Special Servicer shall
be permitted to resign except as contemplated above in this Section 6.04.

            Consistent with the foregoing, neither the Master Servicer nor the
Special Servicer shall, except as expressly provided herein, assign or transfer
any of its rights, benefits or privileges hereunder to any other Person, or,
except as provided in Sections 3.22 and 4.06, delegate to or subcontract with,
or authorize or appoint any other Person to perform any of the duties, covenants
or obligations to be performed by it hereunder. If, pursuant to any provision
hereof, the duties of the Master Servicer or the Special Servicer are
transferred to a successor thereto, the Master Servicing Fee or the Special
Servicing Fee, as the case may be, that accrues pursuant hereto from and after
the date of such transfer shall be payable to such successor.

            Section 6.05 Rights of Depositor and Trustee in Respect of Master
Servicer and the Special Servicer.

            The Master Servicer and the Special Servicer shall each afford the
Depositor, the Underwriters and the Trustee, upon reasonable notice, during
normal business hours access to all records maintained thereby in respect of its
rights and obligations hereunder and access to officers thereof responsible for
such obligations. Upon reasonable request, the Master Servicer and the Special
Servicer shall each furnish the Depositor, the Underwriters and the Trustee with
its most recent publicly available financial statements and such other
information as it possesses, and which it is not prohibited by applicable law or
contract from disclosing, regarding its business, affairs, property and
condition, financial or otherwise, except to the extent such information
constitutes proprietary information or is subject to a privilege under
applicable law. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicer and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer or Special Servicer hereunder or exercise the
rights of the Master Servicer and the Special Servicer hereunder; provided,
however, that neither the Master Servicer nor the Special Servicer shall be
relieved of any of its obligations hereunder by virtue of such performance by
the Depositor or its designee and, further provided, that the Depositor may not
exercise any right pursuant to Section 7.01 to terminate the Master Servicer or
the Special Servicer as a party to this Agreement. The Depositor shall not have
any responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and is not obligated to supervise the
performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise.

            Section 6.06 Depositor, Master Servicer and Special Servicer to
Cooperate with Trustee.

            The Depositor, the Master Servicer and the Special Servicer shall
each furnish such reports, certifications and information as are reasonably
requested by the Trustee in order to enable it to perform its duties hereunder.

            Section 6.07 Depositor, Special Servicer and Trustee to Cooperate
with Master Servicer.

            The Depositor, the Special Servicer and the Trustee shall each
furnish such reports, certifications and information as are reasonably requested
by the Master Servicer in order to enable it to perform its duties hereunder.

            Section 6.08 Depositor, Master Servicer and Trustee to Cooperate
with Special Servicer.

            The Depositor, the Master Servicer and the Trustee shall each
furnish such reports, certifications and information as are reasonably requested
by the Special Servicer in order to enable it to perform its duties hereunder.

            Section 6.09 Designation of Special Servicer by the Controlling
Class.

            The Holder or Holders of the Certificates evidencing a majority of
the Voting Rights allocated to the Controlling Class may at any time and from
time to time designate a Person meeting the requirements set forth in Section
6.04 (including, without limitation, Rating Agency confirmation) to serve as
Special Servicer hereunder and to replace any existing Special Servicer or any
Special Servicer that has resigned or otherwise ceased to serve as Special
Servicer; provided that such Holder or Holders shall pay all costs related to
the transfer of servicing if the Special Servicer is replaced other than due to
an Event of Default. Such Holder or Holders may also select a Controlling Class
Representative that may advise and direct the Special Servicer and whose
approval is required for certain actions, as described herein. Such Holder or
Holders shall so designate a Person to serve as replacement Special Servicer by
the delivery to the Trustee, the Master Servicer and the existing Special
Servicer of a written notice stating such designation. The Trustee shall,
promptly after receiving any such notice, deliver to the Rating Agencies an
executed Notice and Acknowledgment in the form attached hereto as Exhibit J-1.
If such Holders have not replaced the Special Servicer within 30 days of such
Special Servicer's resignation or the date such Special Servicer has ceased to
serve in such capacity, the Trustee shall designate a successor Special Servicer
meeting the requirements set forth in Section 6.04. Any designated Person shall
become the Special Servicer, subject to satisfaction of the other conditions set
forth below, on the date that the Trustee shall have received written
confirmation from all of the Rating Agencies that the appointment of such Person
will not result in the qualification, downgrading or withdrawal of the rating or
ratings assigned to one or more Classes of the Certificates. The appointment of
such designated Person as Special Servicer shall also be subject to receipt by
the Trustee of (1) an Acknowledgment of Proposed Special Servicer in the form
attached hereto as Exhibit J-2, executed by the designated Person, and (2) an
Opinion of Counsel (at the expense of the Person designated to become the
Special Servicer) to the effect that the designation of such Person to serve as
Special Servicer is in compliance with this Section 6.09 and all other
applicable provisions of this Agreement, that upon the execution and delivery of
the Acknowledgment of Proposed Special Servicer the designated Person shall be
bound by the terms of this Agreement and that this Agreement shall be
enforceable against the designated Person in accordance with its terms. Any
existing Special Servicer shall be deemed to have resigned simultaneously with
such designated Person's becoming the Special Servicer hereunder; provided,
however, that the resigning Special Servicer shall continue to be entitled to
receive all amounts accrued or owing to it under this Agreement on or prior to
the effective date of such resignation (including Workout Fees earned on
Specially Serviced Mortgage Loans which became Corrected Mortgage Loans prior to
its resignation), and it shall continue to be entitled to the benefits of
Section 6.03 notwithstanding any such resignation. Such resigning Special
Servicer shall cooperate with the Trustee and the replacement Special Servicer
in effecting the termination of the resigning Special Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer within two Business Days to the replacement Special Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to the Certificate Account or the REO
Account or delivered to the Master Servicer or that are thereafter received with
respect to Specially Serviced Mortgage Loans and REO Properties.

            Section 6.10 Master Servicer or Special Servicer as Owner of a
Certificate.

            The Master Servicer or an Affiliate of the Master Servicer or the
Special Servicer or an Affiliate of the Special Servicer may become the Holder
of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect
to) any Certificate with (except as set forth in the definition of
"Certificateholder") the same rights it would have if it were not the Master
Servicer or the Special Servicer or an Affiliate thereof. If, at any time during
which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder of (or, in the case of a
Book-Entry Certificate, Certificate Owner with respect to) any Certificate, the
Master Servicer or the Special Servicer proposes to take action (including for
this purpose, omitting to take action) that (i) is not expressly prohibited by
the terms hereof and would not, in the Master Servicer's or the Special
Servicer's good faith judgment, violate the Servicing Standard, and (ii) if
taken, might nonetheless, in the Master Servicer's or the Special Servicer's
reasonable, good faith judgment, be considered by other Persons to violate the
Servicing Standard, then the Master Servicer or the Special Servicer may (but
need not) seek the approval of the Certificateholders to such action by
delivering to the Trustee a written notice that (a) states that it is delivered
pursuant to this Section 6.10, (b) identifies the Percentage Interest in each
Class of Certificates beneficially owned by the Master Servicer or the Special
Servicer or an Affiliate of the Master Servicer or the Special Servicer, and (c)
describes in reasonable detail the action that the Master Servicer or the
Special Servicer proposes to take. The Trustee, upon receipt of such notice,
shall forward it to the Certificateholders (other than the Master Servicer and
its Affiliates or the Special Servicer and its Affiliates, as appropriate),
together with such instructions for response as the Trustee shall reasonably
determine. If at any time Certificateholders holding greater than 50% of the
Voting Rights of all Certificateholders (calculated without regard to the
Certificates beneficially owned by the Master Servicer or its Affiliates or the
Special Servicer or its Affiliates) shall have failed to object in writing to
the proposal described in the written notice, and if the Master Servicer or the
Special Servicer shall act as proposed in the written notice within thirty (30)
days, such action shall be deemed to comply with, but not modify, the Servicing
Standard. The Trustee shall be entitled to reimbursement from the Master
Servicer or the Special Servicer, as applicable, for the reasonable expenses of
the Trustee incurred pursuant to this paragraph. It is not the intent of the
foregoing provision that the Master Servicer or the Special Servicer be
permitted to invoke the procedure set forth herein with respect to routine
servicing matters arising hereunder, but rather in the case of unusual
circumstances.

            Section 6.11 The Controlling Class Representative.

            (a) Subject to Section 6.11(c) in the case of each AB Apartments
Mortgage Loan, the Controlling Class Representative will be entitled to advise
the Special Servicer with respect to the following actions of the Special
Servicer, and notwithstanding anything herein to the contrary except as
necessary or advisable to avoid an Adverse REMIC Event or the violation of the
Servicing Standard and except as set forth in, and in any event subject to, the
second paragraph of this Section 6.11(a), the Special Servicer will not be
permitted to take any of the following actions as to which the Controlling Class
Representative has objected in writing within ten Business Days of being
notified thereof, which notification with respect to the action described in
clause (vi) below shall be copied by the Special Servicer to the Master Servicer
(provided that, if such written objection has not been received by the Special
Servicer within such ten Business Day period, then the Controlling Class
Representative's approval will be deemed to have been given):

            (i) any actual or proposed foreclosure upon or comparable conversion
      (which may include acquisitions of an REO Property) of the ownership of
      properties securing such of the Specially Serviced Mortgage Loans as come
      into and continue in default;

            (ii) any modification of a Money Term of a Mortgage Loan (other than
      a modification consisting of the extension of the maturity date of a
      Mortgage Loan for one year or less) or a material non-monetary term;

            (iii) any actual or proposed sale of an REO Property (other than in
      connection with the termination of the Trust Fund or pursuant to Section
      3.18);

            (iv) any determination to bring an REO Property into compliance with
      applicable environmental laws or to otherwise address Hazardous Materials
      located at an REO Property;

            (v) any acceptance of substitute or additional collateral or release
      of material collateral for a Mortgage Loan unless required by the
      underlying loan documents;

            (vi) any waiver of a "due-on-sale" clause or "due-on-encumbrance"
      clause;

            (vii) any release of any performance or "earn-out" reserves, escrows
      or letters of credit;

            (viii) any acceptance of an assumption agreement releasing a
      borrower from liability under a Mortgage Loan;

            (ix) any termination of the related property manager for Mortgage
      Loans having an outstanding principal balance of greater than $5,000,000;

            (x) any termination of, or modification of, all applicable franchise
      agreements related to any Mortgage Loan secured by a hotel;

            (xi) any determination to allow a borrower not to maintain terrorism
      insurance; and

            (xii) any determination to decrease the time period referenced in
      clause (g) of the definition of Specially Serviced Mortgage Loan.

            In addition, the Controlling Class Representative may direct the
Special Servicer to take, or to refrain from taking, such other actions as the
Controlling Class Representative may deem advisable or as to which provision is
otherwise made in this Agreement; provided that, notwithstanding anything herein
to the contrary or anything in this Agreement which permits the Controlling
Class Representative or a Companion Holder the right to consent to or object to
actions taken by the Special Servicer, no such advice or direction, and no
objection contemplated by the preceding paragraph from the Controlling Class
Representative, may require or cause the Special Servicer to violate any
applicable law, any provision of this Agreement or the REMIC Provisions (and the
Special Servicer shall disregard any such direction or objection), including
without limitation the Special Servicer's obligation to act in accordance with
the Servicing Standard, or expose the Master Servicer, the Special Servicer, the
Trust Fund or the Trustee or their respective Affiliates, officers, directors,
employees or agents to any claim, suit or liability, or materially expand the
scope of the Special Servicer or the Special Servicer's responsibilities
hereunder or cause the Special Servicer to act, or fail to act, in a manner
which in the reasonable judgment of the Special Servicer is not in the best
interests of the Certificateholders. For the avoidance of doubt, the Master
Servicer and/or the Special Servicer will disregard any direction or objection
of any party (including without limitation of the Controlling Class
Representative or a Companion Holder) if such direction and or objection causes
the Master Servicer or the Special Servicer to violate the Servicing Standard,
any applicable law, any provision of this Agreement or the REMIC Provisions or
expose the Master Servicer, the Special Servicer, the Trust Fund or the Trustee
or their respective Affiliates, officers, directors employees or agents to any
claim suit or liability, or materially expand the scope of the Master Servicer's
or Special Servicer's responsibility hereunder or cause the Master Servicer or
the Special Servicer to act, or fail to act, in a manner which in the reasonable
judgment of the Master Servicer or the Special Servicer is not in the best
interest of the Certificateholders, or the holders of the Companion Loan and
consistent with the Servicing Standard.

            (b) The Controlling Class Representative or any holder of a
Companion Holder will have no liability to the Certificateholders for any action
taken, or for refraining from the taking of any action, or for errors in
judgment; provided, however, that the Controlling Class Representative or any
holder of a Companion Loan will not be protected against any liability to a
Controlling Class Certificateholder which would otherwise be imposed by reason
of willful misfeasance, bad faith or negligence in the performance of duties or
by reason of reckless disregard of obligations or duties. By its acceptance of a
Certificate, each Certificateholder confirms its understanding that the
Controlling Class Representative or any holder of a Companion Loan may take
actions that favor the interests of one or more Classes of the Certificates over
other Classes of the Certificates, and that the Controlling Class Representative
or any holder of a Companion Loan may have special relationships and interests
that conflict with those of Holders of some Classes of the Certificates, that
the Controlling Class Representative or any holder of a Companion Loan may act
solely in the interests of the Holders of the Controlling Class or any holder of
a Companion Loan, as the case may be, and that the Controlling Class
Representative or any holder of a Companion Loan shall have no liability
whatsoever for having so acted, and no Certificateholder may take any action
whatsoever against the Controlling Class Representative or any holder of a
Companion Loan or any director, officer, employee, agent or principal thereof
for having acted solely in the interests of the Controlling Class.

            (c) Notwithstanding anything in this Section 6.11 but subject to the
second paragraph of Section 6.11(a) and subject to either AB Apartments
Intercreditor Agreement, with respect to actions to be taken related to either
AB Apartments Loan Pair:

            (i) Subject to clause (c)(ii) below, prior to the Special Servicer
      taking any action specified in Section 6.11(a), the Special Servicer shall
      consult with each AB Apartments Companion Holder, and such AB Apartments
      Companion Holder shall have ten Business Days after having been notified
      thereof, to object in writing to such action (it being understood and
      agreed that if such written objection has not been received by the Special
      Servicer within such ten Business Day period, such AB Apartments Companion
      Holder's approval will be deemed to have been given); provided, however,
      each AB Apartments Companion Holder hereby agrees that, in the event
      either AB Apartments Loan Pair is a Specially Serviced Mortgage Loan and
      the Special Servicer determines that immediate action is necessary to
      protect the interests of the Certificateholders and such AB Apartments
      Companion Holder (as a collective whole), the Special Servicer may take
      any such action without waiting for such AB Apartments Companion Holder's
      response;

            (ii) If a Threshold Event shall not have occurred and be continuing,
      then (A) the Controlling Class Representative shall not be authorized to
      exercise any of its rights of consent or direction as set forth in Section
      6.11(a) with respect to the related AB Apartments Loan Pair, and (B) the
      related AB Apartments Companion Holder will have the rights and
      obligations of the Controlling Class Representative specified in Section
      6.11(a) and 6.11(c)(i) with respect to the related AB Apartments Loan Pair
      to direct the Special Servicer.

            Notwithstanding anything to the contrary in this Section 6.11(c),
the Special Servicer shall not be obligated to seek approval from an AB
Apartments Companion Holder for any actions to be taken by the Special Servicer
with respect to the related AB Apartments Loan Pair if: (A) the Special Servicer
has, as provided herein, notified such AB Apartments Companion Holder in writing
of various action the Special Servicer proposes to take with respect to the
workout or liquidation of the Loan Pair; and (B) for 60 days following the first
such notice, such AB Apartments Companion Holder has objected to all of those
proposed actions and has failed to suggest any alternative actions that the
Special Servicer considers to be consistent with the Servicing Standard.

            (d) Notwithstanding anything in this Section 6.11 or anything
contained in this Agreement, the holder of the Lloyd Center Companion Loan shall
share all of the rights and responsibilities of the Controlling Class
Representative as set forth in the Lloyd Center Intercreditor Agreement.

                                  ARTICLE VII

                                     DEFAULT

            Section 7.01 Events of Default.

            (a) "Event of Default," wherever used herein, means any one of the
following events:

            (i) any failure by the Master Servicer to deposit into the
      Certificate Account, , which failure, in the case of deposits and
      remittance to the Certificate Account, continues unremedied one Business
      Day after the date upon which such deposit was required to have been made
      hereunder, or to deposit into, or remit to the Paying Agent for deposit
      into, the Distribution Account, any amount (other than a P&I Advance)
      required to be so deposited or remitted by it under this Agreement, which
      failure, in the case of deposits and remittances to the Distribution
      Account, continues unremedied until 10:00 a.m., New York City time on the
      related Distribution Date, provided, however, that to the extent the
      Master Servicer does not timely make such remittances, the Master Servicer
      shall pay the Trustee for the account of the Trustee interest on any
      amount not timely remitted at the Prime Rate from and including the
      applicable required remittance date to but not including the date such
      remittance is actually made; or

            (ii) any failure by the Special Servicer to timely deposit into the
      REO Account or to timely deposit into, or to timely remit to the Master
      Servicer for deposit into, the Certificate Account, any amount required to
      be so deposited or remitted under this Agreement; or

            (iii) any failure by the Master Servicer to timely make any
      Servicing Advance required to be made by it hereunder, which Servicing
      Advance remains unmade for a period of five Business Days following the
      date on which notice shall have been given to the Master Servicer, as the
      case may be, by the Trustee as provided in Section 3.03(c); or

            (iv) any failure on the part of the Master Servicer or the Special
      Servicer duly to observe or perform in any material respect any other of
      the covenants or agreements on the part of the Master Servicer or the
      Special Servicer, as the case may be, contained in this Agreement which
      continues unremedied for a period of 30 days after the date on which
      written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer or the Special Servicer, as the
      case may be, by any other party hereto or the Master Servicer or the
      Special Servicer, as the case may be (with a copy to each other party
      hereto), by the Holders of Certificates entitled to at least 25% of the
      Voting Rights; provided, however, that with respect to any such failure
      which is not curable within such 30-day period, the Master Servicer or the
      Special Servicer, as the case may be, shall have an additional cure period
      of thirty (30) days to effect such cure so long as the Master Servicer or
      the Special Servicer, as the case may be, has commenced to cure such
      failure within the initial 30-day period and has provided the Trustee with
      an Officer's Certificate certifying that it has diligently pursued, and is
      continuing to pursue, a full cure; or

            (v) any breach on the part of the Master Servicer or the Special
      Servicer of any representation or warranty contained in this Agreement
      that materially and adversely affects the interests of any Class of
      Certificateholders and which continues unremedied for a period of 30 days
      after the date on which notice of such breach, requiring the same to be
      remedied, shall have been given to the Master Servicer or the Special
      Servicer, as the case may be, by any other party hereto or the Master
      Servicer or the Special Servicer, as the case may be (with a copy to each
      other party hereto), by the Holders of Certificates entitled to at least
      25% of the Voting Rights, provided, however, that with respect to any
      failure which is not curable within such 30-day period, the Master
      Servicer or the Special Servicer, as the case may be, shall have an
      additional cure period of thirty (30) days so long as the Master Servicer
      or the Special Servicer, as the case may be, has commenced to cure within
      the initial 30-day period and provided the Trustee with an Officer's
      Certificate certifying that it has diligently pursued, and is continuing
      to pursue, a full cure; or

            (vi) a decree or order of a court or agency or supervisory authority
      having jurisdiction in the premises in an involuntary case under any
      present or future federal or state bankruptcy, insolvency or similar law
      for the appointment of a conservator, receiver, liquidator, trustee or
      similar official in any bankruptcy, insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings, or for the
      winding-up or liquidation of its affairs, shall have been entered against
      the Master Servicer or the Special Servicer and such decree or order shall
      have remained in force undischarged or unstayed for a period of sixty (60)
      days; or

            (vii) the Master Servicer or the Special Servicer shall consent to
      the appointment of a conservator, receiver, liquidator, trustee or similar
      official in any bankruptcy, insolvency, readjustment of debt, marshaling
      of assets and liabilities or similar proceedings of or relating to it or
      of or relating to all or substantially all of its property; or

            (viii) the Master Servicer or the Special Servicer shall admit in
      writing its inability to pay its debts generally as they become due, file
      a petition to take advantage of any applicable bankruptcy, insolvency or
      reorganization statute, make an assignment for the benefit of its
      creditors, voluntarily suspend payment of its obligations, or take any
      corporate action in furtherance of the foregoing; or

            (ix) the consolidated net worth of the Master Servicer and of its
      direct or indirect parent, determined in accordance with generally
      accepted accounting principles, shall decline to less than $15,000,000; or

            (x) the Master Servicer or the Special Servicer receives actual
      knowledge that Moody's has (i) qualified, downgraded or withdrawn its
      rating or ratings of one or more Classes of Certificates, or (ii) placed
      one or more Classes of Certificates on "watch status" in contemplation of
      rating downgrade or withdrawal (and such "watch status" placement shall
      not have been withdrawn by Moody's within 60 days of the date that the
      Master Servicer or the Special Servicer obtained such actual knowledge)
      and, in the case of either of clauses (i) or (ii), citing servicing
      concerns with the Master Servicer or the Special Servicer, as applicable,
      as the sole or material factor in such rating action; or

            (xi) the Master Servicer or the Special Servicer, as the case may
      be, is removed from S&P's approved master servicer list or special
      servicer list, as the case may be, and such removal continues for a period
      of 60 days; or

            (xii) the Master Servicer shall fail to remit to the Paying Agent
      for deposit into the Distribution Account, on any P&I Advance Date, the
      full amount of P&I Advances required to be made on such date, which
      failure continues unremedied until 10:00 a.m. New York City time on the
      next Business Day succeeding such P&I Advance Date; provided, however,
      that to the extent the Master Servicer does not timely make such
      remittances, the Master Servicer shall pay the Trustee for the account of
      the Trustee interest on any amount not timely remitted at the Prime Rate
      from and including the applicable required remittance date to but not
      including the date such remittance is actually made.

            (b) If any Event of Default shall occur with respect to the Master
Servicer or the Special Servicer (in either case, for purposes of this Section
7.01(b), the "Defaulting Party") and shall be continuing, then, and in each and
every such case, so long as such Event of Default shall not have been remedied,
the Trustee may, and at the written direction of the Holders of Certificates
entitled to at least 25% of the Voting Rights, the Trustee shall, by notice in
writing to the Defaulting Party (with a copy of such notice to each other party
hereto and the Rating Agencies), terminate all of the rights and obligations
(but not the liabilities for actions and omissions occurring prior thereto) of
the Defaulting Party under this Agreement and in and to the Trust Fund, other
than its rights as a Certificateholder hereunder. From and after the receipt by
the Defaulting Party of such written notice of termination, all authority and
power of the Defaulting Party under this Agreement, whether with respect to the
Certificates (other than as a holder of any Certificate) or the Mortgage Loans
or otherwise, shall pass to and be vested in the Trustee pursuant to and under
this Section, and, without limitation, the Trustee is hereby authorized and
empowered to execute and deliver, on behalf of and at the expense of the
Defaulting Party, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the Mortgage Loans and
related documents, or otherwise. The Master Servicer and the Special Servicer
each agree that, if it is terminated pursuant to this Section 7.01(b), it shall
promptly (and in any event no later than ten Business Days subsequent to its
receipt of the notice of termination) provide the Trustee with all documents and
records, including those in electronic form, requested thereby to enable the
Trustee or a successor Master Servicer or Special Servicer to assume the Master
Servicer's or Special Servicer's, as the case may be, functions hereunder, and
shall cooperate with the Trustee in effecting the termination of the Master
Servicer's or Special Servicer's, as the case may be, responsibilities and
rights hereunder, including, without limitation, (i) the immediate transfer to
the Trustee or a successor Master or Special Servicer for administration by it
of all cash amounts that shall at the time be or should have been credited by
the Master Servicer to the Certificate Account, the Distribution Account, a
Servicing Account or a Reserve Account (if the Master Servicer is the Defaulting
Party) or that are thereafter received by or on behalf of it with respect to any
Mortgage Loan or (ii) the transfer within two Business Days to the Trustee or a
successor Special Servicer for administration by it of all cash amounts that
shall at the time be or should have been credited by the Special Servicer to the
REO Account, the Certificate Account, a Servicing Account or a Reserve Account
or delivered to the Master Servicer (if the Special Servicer is the Defaulting
Party) or that are thereafter received by or on behalf of it with respect to any
Mortgage Loan or REO Property (provided, however, that the Master Servicer and
the Special Servicer each shall, if terminated pursuant to this Section 7.01(b),
continue to be entitled to receive all amounts accrued or owing to it under this
Agreement on or prior to the date of such termination, whether in respect of
Advances or otherwise, and it shall continue to be entitled to the benefits of
Section 6.03 notwithstanding any such termination). Any cost or expenses in
connection with any actions to be taken by the Master Servicer, the Special
Servicer or the Trustee pursuant to this paragraph shall be borne by the
Defaulting Party and if not paid by the Defaulting Party within 90 days after
the presentation of reasonable documentation of such costs and expenses, such
expense shall be reimbursed by the Trust Fund; provided, however, that the
Defaulting Party shall not thereby be relieved of its liability for such
expenses. If and to the extent that the Defaulting Party has not reimbursed such
costs and expenses, the Trustee shall have an affirmative obligation to take all
reasonable actions to collect such expenses on behalf of and at the expense of
the Trust Fund. For purposes of this Section 7.01 and of Section 7.03(b), the
Trustee shall not be deemed to have knowledge of an event which constitutes, or
which with the passage of time or notice, or both, would constitute an Event of
Default described in clauses (i)-(viii) of subsection (a) above unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless notice
of any event which is in fact such an Event of Default is received by the
Trustee and such notice references the Certificates, the Trust Fund or this
Agreement.

            (c) If the Master Servicer receives a notice of termination under
Section 7.01(b) solely due to an Event of Default under Section 7.01(a)(x) or
(xi) and if the terminated Master Servicer provides the Trustee with the
appropriate "request for proposal" materials within the five Business Days after
receipt of such termination notice, the Master Servicer shall continue to serve
as Master Servicer hereunder until a successor Master Servicer is selected in
accordance with this Section 7.01(c); provided the Trustee has requested the
Master Servicer to continue to serve as the Master Servicer during such period.
Upon receipt of the "request for proposal" materials, the Trustee shall promptly
thereafter (using such "request for proposal" materials provided by the
terminated Master Servicer) solicit good faith bids for the rights to master
service the Mortgage Loans under this Agreement from at least three (3) Persons
qualified to act as Master Servicer hereunder in accordance with Sections 6.02
and 7.02 (any such Person so qualified, a "Qualified Bidder") or, if three (3)
Qualified Bidders cannot be located, then from as many Persons as the Trustee
can determine are Qualified Bidders; provided that, at the Trustee's request,
the Master Servicer to be terminated pursuant to Section 7.01(b) shall supply
the Trustee with the names of Persons from whom to solicit such bids; and
provided, further, that the Trustee shall not be responsible if less than three
(3) or no Qualified Bidders submit bids for the right to master service the
Mortgage Loans under this Agreement. The bid proposal shall require any
Successful Bidder (as defined below), as a condition of such bid, to enter into
this Agreement as successor Master Servicer, and to agree to be bound by the
terms hereof, within 45 days after the notice of termination to the Master
Servicer. The materials provided to the Trustee shall provide for soliciting
bids (i) on the basis of such successor Master Servicer retaining all
Sub-Servicers to continue the primary servicing of the Mortgage Loans pursuant
to the terms of the respective Sub-Servicing Agreements and to enter into a
Sub-Servicing Agreement with the terminated Master Servicer to service each of
the Mortgage Loans not subject to a Sub-Servicing Agreement at a servicing fee
rate per annum equal to the Master Servicing Fee Rate minus 2.0 basis points per
Mortgage Loan serviced (each, a "Servicing-Retained Bid") and (ii) on the basis
of terminating each Sub-Servicing Agreement and Sub-Servicer that it is
permitted to terminate in accordance with Section 3.22 (each, a
"Servicing-Released Bid"). The Trustee shall select the Qualified Bidder with
the highest cash Servicing-Retained Bid (or, if none, the highest cash Servicing
Released Bid) (the "Successful Bidder") to act as successor Master Servicer
hereunder. The Trustee shall direct the Successful Bidder to enter into this
Agreement as successor Master Servicer pursuant to the terms hereof (and, if the
successful bid was a Servicing-Retained Bid, to enter into a Sub-Servicing
Agreement with the terminated Master Servicer as contemplated above), no later
than 45 days after termination of the Master Servicer.

            Upon the assignment and acceptance of the master servicing rights
hereunder to and by the Successful Bidder, the Trustee shall remit or cause to
be remitted (i) if the successful bid was a Servicing-Retained Bid, to the
Master Servicer to be terminated pursuant to Section 7.01(b) the amount of such
cash bid received from the Successful Bidder (net of "out-of-pocket" expenses
incurred in connection with obtaining such bid and transferring servicing) and
(ii) if the successful bid was a Servicing-Released Bid, to the Master Servicer
and each terminated Sub-Servicer its respective Bid Allocation. In connection
with such remittance, the Trustee is entitled to be reimbursed by the Master
Servicer for the Trustee's "out-of-pocket" expenses incurred in connection with
obtaining such bid and transferring servicing as contemplated by clause (i) of
this paragraph and by the definition of "Bid Allocation".

            If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within such 45-day period or no Successful Bidder was
identified within such 45-day period, the Master Servicer to be terminated
pursuant to Section 7.01(b) shall reimburse the Trustee for all reasonable
"out-of-pocket" expenses incurred by the Trustee in connection with such bid
process and the Trustee shall have no further obligations under this Section
7.01(c). The Trustee thereafter may act or may select a successor to act as
Master Servicer hereunder in accordance with Section 7.02.

            Section 7.02 Trustee to Act; Appointment of Successor.

            On and after the time the Master Servicer or the Special Servicer
resigns pursuant to Section 6.04 or receives a notice of termination pursuant to
Section 7.01, the Trustee shall, unless a successor is appointed pursuant to
Section 6.04, be the successor in all respects to the Master Servicer or the
Special Servicer, as the case may be, in its capacity as such under this
Agreement and the transactions set forth or provided for herein and shall have
all (and the former Master Servicer or the Special Servicer, as the case may be,
shall cease to have any) of the responsibilities, duties and liabilities (except
as provided in the next sentence) of the Master Servicer or the Special
Servicer, as the case may be, arising thereafter, including, without limitation,
if the Master Servicer is the resigning or terminated party, the Master
Servicer's obligation to make P&I Advances, the unmade P&I Advances that gave
rise to such Event of Default; provided that, if the Master Servicer is the
resigning or terminated party, and if after the Closing Date the Trustee is
prohibited by law or regulation from obligating itself to make P&I Advances (as
evidenced by an Opinion of Counsel delivered to the Depositor and the Rating
Agencies) the Trustee shall not be obligated to make such P&I Advances and
provided, further, that any failure to perform such duties or responsibilities
caused by the Master Servicer's or the Special Servicer's, as the case may be,
failure to provide information or monies required by Section 7.01 shall not be
considered a default by the Trustee hereunder. Notwithstanding anything contrary
in this Agreement, the Trustee shall in no event be held responsible or liable
with respect to any of the acts, omissions, representations and warranties of
the resigning or terminated party (other than the Trustee) or for any losses
incurred by such resigning or terminated party pursuant to Section 3.06
hereunder nor shall the Trustee be required to purchase any Mortgage Loan
hereunder. As compensation therefor, the Trustee shall be entitled to all fees
and other compensation which the resigning or terminated party would have been
entitled to if the resigning or terminated party had continued to act hereunder
(other than fees already earned, including, without limitation, Workout Fees).
Notwithstanding the above and subject to its obligations under Section 3.22(d)
and 7.01(b), the Trustee may, if it shall be unwilling in its sole discretion to
so act as either Master Servicer or Special Servicer, as the case may be, or
shall, if it is unable to so act as either Master Servicer or Special Servicer,
as the case may be, or shall, if the Trustee is not approved as a master
servicer or a special servicer, as the case may be, by any of the Rating
Agencies or if the Holders of Certificates entitled to at least 51% of the
Voting Rights so request in writing to the Trustee, promptly appoint, subject to
the approval of each of the Rating Agencies (as evidenced by written
confirmation therefrom to the effect that the appointment of such institution
would not cause the qualification, downgrading or withdrawal of the then current
rating on any Class of Certificates) or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
that meets the requirements of Section 6.02 (including, without limitation,
rating agency confirmation); provided, however, that in the case of a resigning
or terminated Special Servicer, such appointment shall be subject to the rights
of the Holders of Certificates evidencing a majority of the Voting Rights
allocated to the Controlling Class to designate a successor pursuant to Section
6.09. Except with respect to an appointment provided below, no appointment of a
successor to the Master Servicer or the Special Servicer hereunder shall be
effective until the assumption of the successor to such party of all its
responsibilities, duties and liabilities under this Agreement. Pending
appointment of a successor to the Master Servicer or the Special Servicer
hereunder, the Trustee shall act in such capacity as hereinabove provided.
Notwithstanding the above, the Trustee shall, if the Master Servicer is the
resigning or terminated party and the Trustee is prohibited by law or regulation
from making P&I Advances, promptly appoint any established mortgage loan
servicing institution that has a net worth of not less than $15,000,000 and is
otherwise acceptable to each Rating Agency (as evidenced by written confirmation
therefrom to the effect that the appointment of such institution would not cause
the qualification, downgrading or withdrawal of the then current rating on any
Class of Certificates), as the successor to the Master Servicer hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of
the Master Servicer hereunder (including, without limitation, the obligation to
make P&I Advances), which appointment will become effective immediately. In
connection with any such appointment and assumption described herein, the
Trustee may make such arrangements for the compensation of such successor out of
payments on the Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted the
resigning or terminated party hereunder. Such successor and the other parties
hereto shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession.

            Section 7.03 Notification to Certificateholders.

            (a) Upon any resignation of the Master Servicer or the Special
Servicer pursuant to Section 6.04, any termination of the Master Servicer or the
Special Servicer pursuant to Section 7.01, any appointment of a successor to the
Master Servicer or the Special Servicer pursuant to Section 7.02 or the
effectiveness of any designation of a new Special Servicer pursuant to Section
6.09, the Trustee shall give prompt written notice thereof to Certificateholders
at their respective addresses appearing in the Certificate Register.

            (b) Not later than the later of (i) 60 days after the occurrence of
any event which constitutes or, with notice or lapse of time or both, would
constitute an Event of Default and (ii) five days after a Responsible Officer of
the Trustee has notice of the occurrence of such an event, the Trustee shall
transmit by mail to the Depositor and all Certificateholders and the Rating
Agencies notice of such occurrence, unless such default shall have been cured.

            Section 7.04 Waiver of Events of Default.

            The Holders representing at least 66-2/3% of the Voting Rights
allocated to the Classes of Certificates affected by any Event of Default
hereunder may waive such Event of Default; provided, however, that an Event of
Default under clause (i), (ii) , (x), (xii) or (xiii) of Section 7.01(a) may be
waived only by all of the Certificateholders of the affected Classes. Upon any
such waiver of an Event of Default, such Event of Default shall cease to exist
and shall be deemed to have been remedied for every purpose hereunder. No such
waiver shall extend to any subsequent or other Event of Default or impair any
right consequent thereon except to the extent expressly so waived.
Notwithstanding any other provisions of this Agreement, for purposes of waiving
any Event of Default pursuant to this Section 7.04, Certificates registered in
the name of the Depositor or any Affiliate of the Depositor shall be entitled to
Voting Rights with respect to the matters described above.

            Section 7.05 Additional Remedies of Trustee Upon Event of Default.

            During the continuance of any Event of Default, so long as such
Event of Default shall not have been remedied, the Trustee, in addition to the
rights specified in Section 7.01, shall have the right, in its own name and as
trustee of an express trust, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect
the interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filings of proofs of claim and debt in connection
therewith). No remedy provided for by this Agreement shall be exclusive of any
other remedy, and each and every remedy shall be cumulative and in addition to
any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Event
of Default. Under no circumstances shall the rights provided to the Trustee
under this Section 7.05 be construed as a duty or obligation of the Trustee.

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

            Section 8.01 Duties of Trustee.

            (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If an Event of Default occurs and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs. Any permissive right of the Trustee contained in this Agreement
shall not be construed as a duty.

            (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement (other than the Mortgage Files, the review of which
is specifically governed by the terms of Article II), shall examine them to
determine whether they conform to the requirements of this Agreement to the
extent specifically set forth herein. If any such instrument is found not to
conform to the requirements of this Agreement in a material manner, the Trustee
shall take such action as it deems appropriate to have the instrument corrected.
The Trustee shall not be responsible for the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Depositor or the Master Servicer or the Special
Servicer, and accepted by the Trustee, in good faith, pursuant to this
Agreement.

            (c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own misconduct; provided, however, that:

            (i) Prior to the occurrence of an Event of Default, and after the
      curing of all such Events of Default which may have occurred, the duties
      and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for
      the performance of such duties and obligations as are specifically set
      forth in this Agreement, no implied covenants or obligations shall be read
      into this Agreement against the Trustee and, in the absence of bad faith
      on the part of the Trustee, the Trustee may conclusively rely, as to the
      truth of the statements and the correctness of the opinions expressed
      therein, upon any certificates or opinions furnished to the Trustee and
      conforming to the requirements of this Agreement;

            (ii) The Trustee shall not be personally liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible
      Officers of the Trustee unless it shall be proved that the Trustee was
      negligent in ascertaining the pertinent facts if it was required to do so;

            (iii) The Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of Holders of Certificates entitled to at
      least 25% of the Voting Rights relating to the time, method and place of
      conducting any proceeding for any remedy available to the Trustee, or
      exercising any trust or power conferred upon the Trustee under this
      Agreement; and

            (iv) The protections, immunities and indemnities afforded to the
      Trustee hereunder shall also be available to the Paying Agent,
      Authenticating Agent, Certificate Registrar, REMIC Administrator and
      Custodian.

            Section 8.02 Certain Matters Affecting Trustee.

            Except as otherwise provided in Section 8.01 and Article X:

            (a) the Trustee may rely upon and shall be protected in acting or
refraining from acting upon any resolution, Officers' Certificate, certificate
of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by
the proper party or parties;

            (b) the Trustee may consult with counsel and the written advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance therewith;

            (c) the Trustee shall not be under any obligation to exercise any of
the trusts or powers vested in it by this Agreement or to make any investigation
of matters arising hereunder or, except as provided in Section 10.01 or 10.02,
to institute, conduct or defend any litigation hereunder or in relation hereto
at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby; the Trustee
shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it; provided, however, that nothing
contained herein shall, relieve the Trustee of the obligation, upon the
occurrence of an Event of Default which has not been cured, to exercise such of
the rights and powers vested in it by this Agreement, and to use the same degree
of care and skill in their exercise as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs;

            (d) the Trustee shall not be personally liable for any action
reasonably taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it by
this Agreement;

            (e) prior to the occurrence of an Event of Default hereunder and
after the curing of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by Holders of Certificates entitled to at least
25% of the Voting Rights; provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee, by the security afforded to it
by the terms of this Agreement, the Trustee may require reasonable indemnity
against such expense or liability as a condition to taking any such action;

            (f) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys; provided, however, that the Trustee shall remain responsible for all
acts and omissions of such agents or attorneys within the scope of their
employment to the same extent as it is responsible for its own actions and
omissions hereunder;

            (g) the Trustee shall not be responsible for any act or omission of
the Master Servicer or the Special Servicer (unless the Trustee is acting as
Master Servicer or the Special Servicer) or the Depositor; and

            (h) neither the Trustee nor the Certificate Registrar shall have any
obligation or duty to monitor, determine or inquire as to compliance with any
restriction on transfer imposed under Article V under this Agreement or under
applicable law with respect to any transfer of any Certificate or any interest
therein, other than to require delivery of the certification(s) and/or Opinions
of Counsel described in said Article applicable with respect to changes in
registration of record ownership of Certificates in the Certificate Register and
to examine the same to determine substantial compliance with the express
requirements of this Agreement. The Trustee and Certificate Registrar shall have
no liability for transfers, including transfers made through the book entry
facilities of the Depository or between or among Depository Participants or
beneficial owners of the Certificates, made in violation of applicable
restrictions except for its failure to perform its express duties in connection
with changes in registration of record ownership in the Certificate Register.

            Section 8.03 Trustee Not Liable for Validity or Sufficiency of
Certificates or Mortgage Loans.

            The recitals contained herein and in the Certificates, other than
the statements attributed to the Trustee, in Article II, Section 8.15 and
Section 8.16 and the signature of the Certificate Registrar and the
Authenticating Agent set forth on each outstanding Certificate, shall be taken
as the statements of the Depositor or the Master Servicer or the Special
Servicer, as the case may be, and the Trustee assumes no responsibility for
their correctness. Except as set forth in Section 8.15 and Section 8.16, the
Trustee makes no representations as to the validity or sufficiency of this
Agreement or of any Certificate (other than as to the signature of the Trustee
set forth thereon) or of any Mortgage Loan or related document. The Trustee
shall not be accountable for the use or application by the Depositor of any of
the Certificates issued to it or of the proceeds of such Certificates, or for
the use or application of any funds paid to the Depositor in respect of the
assignment of the Mortgage Loans to the Trust Fund, or any funds deposited in or
withdrawn from the Certificate Account or any other account by or on behalf of
the Depositor, the Master Servicer or the Special Servicer unless the Trustee is
acting as Paying Agent. The Trustee shall not be responsible for the accuracy or
content of any resolution, certificate, statement, opinion, report, document,
order or other instrument furnished by the Depositor, the Master Servicer or the
Special Servicer, and accepted by the Trustee in good faith, pursuant to this
Agreement.

            Section 8.04 Trustee May Own Certificates.

            The Trustee or any agent of the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Certificates with the same
rights (except as otherwise provided in the definition of "Certificateholder")
it would have if it were not the Trustee or such agent.

            Section 8.05 Fees and Expenses of Trustee; Indemnification of
Trustee.

            (a) On each Distribution Date, the Trustee shall withdraw from the
general funds on deposit in the Distribution Account as provided in Section
3.05(b), prior to any distributions to be made therefrom on such date, and pay
to itself all earned but unpaid Trustee Fees, as compensation for all services
rendered by the Trustee in the execution of the trusts hereby created and in the
exercise and performance of any of the powers and duties of the Trustee
hereunder at the Trustee Fee Rate. No Trustee Fee shall be payable with respect
to the Companion Loans. The Trustee Fee (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
shall constitute the Trustee's sole compensation for such services to be
rendered by it.

            (b) The Trustee and any director, officer, employee, affiliate,
agent or "control" person within the meaning of the Securities Act of 1933 of
the Trustee shall be entitled to be indemnified for and held harmless by the
Trust Fund against any loss, liability or reasonable "out-of-pocket" expense
(including, without limitation, costs and expenses of litigation, and of
investigation, counsel fees, damages, judgments and amounts paid in settlement)
arising out of, or incurred in connection with this Agreement, the Mortgage
Loans or the Certificates or any act of the Master Servicer or the Special
Servicer taken on behalf of the Trustee as provided for herein; provided, that
such expense is an "unanticipated expense incurred by the REMIC" within the
meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii); provided, further,
that neither of the Trustee nor any of the other above specified Persons shall
be entitled to indemnification pursuant to this Section 8.05(b) for (1) any
liability specifically required to be borne thereby pursuant to the terms
hereof, or (2) any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of the Trustee's
obligations and duties hereunder, or by reason of its negligent disregard of
such obligations and duties, or as may arise from a breach of any
representation, warranty or covenant of the Trustee made herein. The provisions
of this Section 8.05(b) shall survive any resignation or removal of the Trustee
and appointment of a successor trustee.

            Section 8.06 Eligibility Requirements for Trustee.

            The Trustee hereunder shall at all times be an association or a
corporation organized and doing business under the laws of the United States of
America or any State thereof or the District of Columbia, authorized under such
laws to exercise trust powers, having a combined capital and surplus of at least
$100,000,000 and subject to supervision or examination by a federal or state
banking authority. If such association or corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such association or corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Trustee shall also be an entity
with a long term unsecured debt rating of at least "A+" by S&P and "Aa2" by
Moody's and a short term unsecured debt rating of at least "A-1" by S&P) or such
other rating that shall not result in the qualification, downgrading or
withdrawal of the rating or ratings assigned to one or more Classes of the
Certificates by any Rating Agency as confirmed in writing. In case at any time
the Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and with the effect
specified in Section 8.07; provided, that if the Trustee shall cease to be so
eligible because its combined capital and surplus is no longer at least
$100,000,000 or its long-term unsecured debt rating no longer conforms to the
requirements of the immediately preceding sentence, and if the Trustee proposes
to the other parties hereto to enter into an agreement with (and reasonably
acceptable to) each of them, and if in light of such agreement the Trustee's
continuing to act in such capacity would not (as evidenced in writing by each
Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any
rating assigned thereby to any Class of Certificates, then upon the execution
and delivery of such agreement the Trustee shall not be required to resign, and
may continue in such capacity, for so long as none of the ratings assigned by
the Rating Agencies to the Certificates is qualified, downgraded or withdrawn
thereby. The corporation or association serving as Trustee may have normal
banking and trust relationships with the Depositor, the Master Servicer, the
Special Servicer and their respective Affiliates but, except to the extent
permitted or required by Section 7.02, the Trustee shall not be an "Affiliate"
(as such term is defined in Section III of PTE 2000-58) of the Master Servicer,
the Special Servicer, any sub-servicer, the Depositor, or any obligor with
respect to Mortgage Loans constituting more than 5.0% of the aggregate
authorized principal balance of the Mortgage Loans as of the date of the initial
issuances of the Certificates or any "Affiliate" (as such term is defined in
Section III of PTE 2000-58) of any such Person.

            Section 8.07 Resignation and Removal of Trustee.

            (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicer, the Special Servicer and to all Certificateholders at their
respective addresses set forth in the Certificate Register. Upon receiving such
notice of resignation, the Master Servicer shall promptly appoint a successor
trustee meeting the requirements in Section 8.06 and acceptable to the Depositor
and the Rating Agencies by written instrument, in duplicate, which instrument
shall be delivered to the resigning Trustee and to the successor trustee. A copy
of such instrument shall be delivered to the Depositor, the Special Servicer and
the Certificateholders by the Master Servicer. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

            (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Depositor or the Master Servicer, or if at any
time the Trustee shall become incapable of acting, or shall be adjudged bankrupt
or insolvent, or a receiver of the Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, or if the Trustee or Paying Agent (if different from the Trustee)
shall fail (other than by reason of the failure of either the Master Servicer or
the Special Servicer to timely perform its obligations hereunder or as a result
of other circumstances beyond the Trustee's reasonable control), to timely
deliver any report to be delivered by the Trustee pursuant to Section 4.02 and
such failure shall continue unremedied for a period of five days, or if the
Trustee or Paying Agent (if different from the Trustee) fails to make
distributions required pursuant to Section 3.05(b), 4.01 or 9.01, then the
Depositor may remove the Trustee and appoint a successor trustee, if necessary,
acceptable to the Master Servicer and the Rating Agencies (as evidenced by
written confirmation therefrom to the effect that the appointment of such
institution would not cause the qualification, downgrading or withdrawal of the
then current rating on any Class of Certificates) by written instrument, in
duplicate, which instrument shall be delivered to the Trustee so removed and to
the successor trustee. A copy of such instrument shall be delivered to the
Master Servicer, the Special Servicer and the Certificateholders by the
Depositor.

            (c) The Holders of Certificates entitled to at least 51% of the
Voting Rights may at any time remove the Trustee and appoint a successor
trustee, if necessary, by written instrument or instruments, in triplicate,
signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete
set to the Trustee so removed and one complete set to the successor trustee so
appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders by the successor so
appointed. In the event that the Trustee is terminated or removed pursuant to
this Section 8.07, all of its rights and obligations under this Agreement and in
and to the Mortgage Loans shall be terminated, other than any rights or
obligations that accrued prior to the date of such termination or removal
(including the right to receive all fees, expenses and other amounts (including,
without limitation, P&I Advances and accrued interest thereon) accrued or owing
to it under this Agreement, with respect to periods prior to the date of such
termination or removal and no termination without cause shall be effective until
the payment of such amounts to the Trustee).

            (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
not become effective until acceptance of appointment by the successor trustee as
provided in Section 8.08.

            Section 8.08 Successor Trustee.

            (a) Any successor trustee appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Depositor, the Master Servicer,
the Special Servicer and to its predecessor trustee, an instrument accepting
such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The predecessor trustee
shall deliver to the successor trustee all Mortgage Files and related documents
and statements held by it hereunder (other than any Mortgage Files at the time
held on its behalf by a third-party Custodian, which Custodian shall become the
agent of the successor trustee), and the Depositor, the Master Servicer, the
Special Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required to more fully
and certainly vest and confirm in the successor trustee all such rights, powers,
duties and obligations, and to enable the successor trustee to perform its
obligations hereunder.

            (b) No successor trustee shall accept appointment as provided in
this Section 8.08, unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 and the Rating Agencies
have provided confirmation pursuant to such Section.

            (c) Upon acceptance of appointment by a successor trustee as
provided in this Section 8.08, such successor trustee shall mail notice of the
succession of such trustee hereunder to the Depositor and the
Certificateholders.

            Section 8.09 Merger or Consolidation of Trustee.

            Any entity into which the Trustee may be merged or converted or with
which it may be consolidated or any entity resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any entity succeeding
to the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such entity shall be eligible under the provisions
of Section 8.06 and the Rating Agencies have provided confirmation pursuant to
such Section, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

            Section 8.10 Appointment of Co-Trustee or Separate Trustee.

            (a) Notwithstanding any other provisions hereof, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Fund or property securing the same may at the time be located,
the Master Servicer and the Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees, jointly with the
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity, such title
to the Trust Fund, or any part thereof, and, subject to the other provisions of
this Section 8.10, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee may consider necessary or desirable. If the
Master Servicer shall not have joined in such appointment within 15 days after
the receipt by it of a request to do so, or in case an Event of Default in
respect of the Master Servicer shall have occurred and be continuing, the
Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 8.06 hereunder and no notice to Holders of
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 8.08 hereof.

            (b) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 8.10, all rights, powers, duties and
obligations conferred or imposed upon the Trustee shall be conferred or imposed
upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly, except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed (whether as Trustee
hereunder or as successor to the Master Servicer or the Special Servicer
hereunder), the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

            (c) Any notice, request or other writing given to the Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.

            (d) Any separate trustee or co-trustee may, at any time, constitute
the Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall cease to exist, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest
in and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

            (e) The appointment of a co-trustee or separate trustee under this
Section 8.10 shall not relieve the Trustee of its duties and responsibilities
hereunder.

            Section 8.11 Appointment of Custodians.

            The Trustee may appoint at the Trustee's expense one or more
Custodians to hold all or a portion of the Mortgage Files as agent for the
Trustee. Each Custodian shall be a depository institution supervised and
regulated by a federal or state banking authority, shall have combined capital
and surplus of at least $10,000,000, shall be qualified to do business in the
jurisdiction in which it holds any Mortgage File and shall not be the Depositor,
any Mortgage Loan Seller or any Affiliate of the Depositor or any Mortgage Loan
Seller. Neither the Master Servicer nor the Special Servicer shall have any duty
to verify that any such Custodian is qualified to act as such in accordance with
the preceding sentence. Any such appointment of a third party Custodian and the
acceptance thereof shall be pursuant to a written agreement, which written
agreement shall (i) be consistent with this Agreement in all material respects
and requires the Custodian to comply with this Agreement in all material
respects and requires the Custodian to comply with all of the applicable
conditions of this Agreement; (ii) provide that if the Trustee shall for any
reason no longer act in the capacity of Trustee hereunder (including, without
limitation, by reason of an Event of Default), the successor trustee or its
designee may thereupon assume all of the rights and, except to the extent such
obligations arose prior to the date of assumption, obligations of the Custodian
under such agreement or alternatively, may terminate such agreement without
cause and without payment of any penalty or termination fee; and (iii) not
permit the Custodian any rights of indemnification that may be satisfied out of
assets of the Trust Fund. The appointment of one or more Custodians shall not
relieve the Trustee from any of its obligations hereunder, and the Trustee shall
remain responsible and liable for all acts and omissions of any Custodian. The
initial Custodian shall be the Trustee. Notwithstanding anything herein to the
contrary, if the Trustee is no longer the Custodian, any provision or
requirement herein requiring notice or any information or documentation to be
provided to the Custodian shall be construed to require that such notice,
information or documents also be provided to the Trustee. Any Custodian
hereunder (other than the Trustee) shall at all times maintain a fidelity bond
and errors and omissions policy in amounts customary for custodians performing
duties similar to those set forth in this Agreement.

            Section 8.12 Appointment of Authenticating Agents.

            (a) The Trustee may at the Trustee's expense appoint one or more
Authenticating Agents, which shall be authorized to act on behalf of the Trustee
in authenticating Certificates. The Trustee shall cause any such Authenticating
Agent to execute and deliver to the Trustee an instrument in which such
Authenticating Agent shall agree to act in such capacity, in accordance with the
obligations and responsibilities herein. Each Authenticating Agent must be
organized and doing business under the laws of the United States of America or
of any State, authorized under such laws to do a trust business, have a combined
capital and surplus of at least $15,000,000, and be subject to supervision or
examination by federal or state authorities. Each Authenticating Agent shall be
subject to the same obligations, standard of care, protection and indemnities as
would be imposed on, or would protect, the Trustee hereunder. The appointment of
an Authenticating Agent shall not relieve the Trustee from any of its
obligations hereunder, and the Trustee shall remain responsible and liable for
all acts and omissions of the Authenticating Agent. If Wells Fargo Bank
Minnesota, N.A. is removed as Trustee, then Wells Fargo Bank Minnesota, N.A.
shall be terminated as Authenticating Agent. If the Authenticating Agent (other
than Wells Fargo Bank Minnesota, N.A.) resigns or is terminated, the Trustee
shall appoint a successor Authenticating Agent which may be the Trustee or an
Affiliate thereof. In the absence of any other Person appointed in accordance
herewith acting as Authenticating Agent, the Trustee hereby agrees to act in
such capacity in accordance with the terms hereof. Notwithstanding anything
herein to the contrary, if the Trustee is no longer the Authenticating Agent,
any provision or requirement herein requiring notice or any information or
documentation to be provided to the Authenticating Agent shall be construed to
require that such notice, information or documentation also be provided to the
Trustee.

            (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any Authenticating Agent shall be
a party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

            (c) Any Authenticating Agent may at any time resign by giving at
least 30 days' advance written notice of resignation to the Trustee, the
Certificate Registrar, the Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent, the Master Servicer, the Certificate Registrar and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 8.12, the Trustee may appoint a
successor Authenticating Agent, in which case the Trustee shall given written
notice of such appointment to the Master Servicer, the Certificate Registrar and
the Depositor and shall mail notice of such appointment to all Holders of
Certificates; provided, however, that no successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section 8.12. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers, duties and responsibilities of
its predecessor hereunder, with like effect as if originally named as
Authenticating Agent. No Authenticating Agent shall have responsibility or
liability for any action taken by it as such at the direction of the Trustee.

            Section 8.13 Access to Certain Information.

            The Trustee shall afford to the Master Servicer, the Special
Servicer, each Rating Agency and the Depositor, any Certificateholder and to the
OTS, the FDIC and any other banking or insurance regulatory authority that may
exercise authority over any Certificateholder, access to any documentation
regarding the Mortgage Loans within its control that may be required to be
provided by this Agreement or by applicable law. Such access shall be afforded
without charge but only upon reasonable prior written request and during normal
business hours at the offices of the Trustee designated by it. Upon request and
with the consent of the Depositor and at the cost of the requesting Party, the
Trustee shall provide copies of such documentation to the Depositor, any
Certificateholder and to the OTS, the FDIC and any other bank or insurance
regulatory authority that may exercise authority over any Certificateholder.

            Section 8.14 Appointment of REMIC Administrators.

            (a) The Trustee may appoint at the Trustee's expense, one or more
REMIC Administrators, which shall be authorized to act on behalf of the Trustee
in performing the functions set forth in Sections 3.17, 10.01 and 10.02 herein.
The Trustee shall cause any such REMIC Administrator to execute and deliver to
the Trustee an instrument in which such REMIC Administrator shall agree to act
in such capacity, with the obligations and responsibilities herein. The
appointment of a REMIC Administrator shall not relieve the Trustee from any of
its obligations hereunder, and the Trustee shall remain responsible and liable
for all acts and omissions of the REMIC Administrator. Each REMIC Administrator
must be acceptable to the Trustee and must be organized and doing business under
the laws of the United States of America or of any State and be subject to
supervision or examination by federal or state authorities. In the absence of
any other Person appointed in accordance herewith acting as REMIC Administrator,
the Trustee hereby agrees to act in such capacity in accordance with the terms
hereof. If Wells Fargo Bank Minnesota, N.A. is removed as Trustee, then Wells
Fargo Bank Minnesota, N.A. shall be terminated as REMIC Administrator.

            (b) Any Person into which any REMIC Administrator may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any REMIC Administrator shall be a
party, or any Person succeeding to the corporate agency business of any REMIC
Administrator, shall continue to be the REMIC Administrator without the
execution or filing of any paper or any further act on the part of the Trustee
or the REMIC Administrator.

            (c) Any REMIC Administrator may at any time resign by giving at
least 30 days' advance written notice of resignation to the Trustee, the
Certificate Registrar, the Paying Agent, the Master Servicer, the Special
Servicer and the Depositor. The Trustee may at any time terminate the agency of
any REMIC Administrator by giving written notice of termination to such REMIC
Administrator, the Master Servicer, the Certificate Registrar and the Depositor.
Upon receiving a notice of resignation or upon such a termination, or in case at
any time any REMIC Administrator shall cease to be eligible in accordance with
the provisions of this Section 8.14, the Trustee may appoint a successor REMIC
Administrator, in which case the Trustee shall given written notice of such
appointment to the Master Servicer and the Depositor and shall mail notice of
such appointment to all Holders of Certificates; provided, however, that no
successor REMIC Administrator shall be appointed unless eligible under the
provisions of this Section 8.14. Any successor REMIC Administrator upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers, duties and responsibilities of its predecessor hereunder, with like
effect as if originally named as REMIC Administrator. No REMIC Administrator
shall have responsibility or liability for any action taken by it as such at the
direction of the Trustee.

            Section 8.15 Representations, Warranties and Covenants of Trustee.

            The Trustee hereby represents and warrants to the Master Servicer,
the Special Servicer and the Depositor and for the benefit of the
Certificateholders, as of the Closing Date, that:

            (i) The Trustee is a national banking association duly organized,
      validly existing and in good standing under the laws of the United States.

            (ii) The execution and delivery of this Agreement by the Trustee,
      and the performance and compliance with the terms of this Agreement by the
      Trustee, will not violate the Trustee's organizational documents or
      constitute a default (or an event which, with notice or lapse of time, or
      both, would constitute a default) under, or result in a material breach
      of, any material agreement or other material instrument to which it is a
      party or by which it is bound.

            (iii) Except to the extent that the laws of certain jurisdictions in
      which any part of the Trust Fund may be located require that a co-trustee
      or separate trustee be appointed to act with respect to such property as
      contemplated by Section 8.10, the Trustee has the full power and authority
      to carry on its business as now being conducted and to enter into and
      consummate all transactions contemplated by this Agreement, has duly
      authorized the execution, delivery and performance of this Agreement, and
      has duly executed and delivered this Agreement.

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

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

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

            (vii) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by the Trustee of or compliance by the Trustee with this
      Agreement or the consummation of the transactions contemplated by this
      Agreement has been obtained and is effective.

            Section 8.16 Appointment of Paying Agent.

            The Trustee may appoint a Paying Agent for the purpose of making
distributions to Certificateholders hereunder. The Trustee shall cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee that such Paying Agent will hold all
sums held by it for the payment to Certificateholders in an Eligible Account in
trust for the benefit of the Certificateholders entitled thereto until such sums
shall be paid to the Certificateholders. All funds remitted by the Trustee or
the Master Servicer to any such Paying Agent for the purpose of making
distributions shall be paid to Certificateholders on each Distribution Date and
any amounts not so paid shall be returned on such Distribution Date to the
Trustee or the Master Servicer, as applicable. Any Paying Agent shall be either
a bank or trust company or otherwise authorized under law to exercise corporate
trust powers and shall have a short term debt rating of at least "A-1" and a
long term debt rating of at least "A+" by S&P or a rating of at least "A" (or
its equivalent) by Moody's, or such lower rating as will not result in
qualification, downgrading or withdrawal of the ratings then assigned to the
Certificates, as evidenced in writing by the Rating Agencies. Any such
appointment of a third party Paying Agent and the acceptance thereof shall be
pursuant to a written agreement, which written agreement shall (i) be consistent
with this Agreement in all material respects and requires the Paying Agent to
comply with this Agreement in all material respects and requires the Paying
Agent to comply with all of the applicable conditions of this Agreement; (ii)
provide that if the Trustee shall for any reason no longer act in the capacity
of Trustee hereunder (including, without limitation, by reason of an Event of
Default), the successor trustee or its designee may (A) thereupon assume all of
the rights and, except to the extent they arose prior to the date of assumption,
obligations of the Paying Agent under such agreement or (B) terminate such
agreement without cause and without payment of any penalty or termination fee;
and (iii) not permit the Paying Agent any rights of indemnification that may be
satisfied out of assets of the Trust Fund. The appointment of any Paying Agent
shall not relieve the Trustee from any of its obligations hereunder, and the
Trustee shall remain responsible and liable for all acts and omissions of any
Paying Agent to the extent such Paying Agent would have been responsible
pursuant to the terms hereof. The initial Paying Agent shall be the Trustee.
Notwithstanding anything herein to the contrary, if the Trustee is no longer the
Paying Agent, any provision or requirement herein requiring notice or any
information to be provided to the Paying Agent shall be construed to require
that such notice, information or documentation also be provided to the Trustee.
If the Trustee appoints a Paying Agent other than the Trustee, the Trustee shall
promptly notify the Master Servicer of such appointment in writing and give to
the Master Servicer the Paying Agent's wiring instructions and notice address.

            Section 8.17 Reports to the Securities and Exchange Commission;
Available Information.

            (a) The Trustee, the Master Servicer and the Special Servicer shall
reasonably cooperate with the Depositor in connection with the Trust Fund's
satisfying the reporting requirements under the Exchange Act. The Trustee shall
prepare on behalf of the Trust Fund any Forms 8-K and 10-K customary for similar
securities as required by the Exchange Act and the Rules and Regulations of the
Securities and Exchange Commission thereunder, and the Trustee shall sign and
file (via the Securities and Exchange Commission's Electronic Data Gathering and
Retrieval System) such Forms on behalf of the Depositor, until directed in
writing by the Depositor to discontinue such filings. The Depositor hereby
grants to the Trustee a limited power of attorney to execute and file each such
document on behalf of the Depositor. Such power of attorney shall continue until
the earlier of either (i) receipt by the Trustee from the Depositor of written
termination of such power of attorney and (ii) the termination of the Trust
Fund. Notwithstanding the foregoing, in the event that the Securities and
Exchange Commission does not accept a Certification signed by the Depositor
where the related Form 10-K is signed by the Trustee on behalf of the Depositor,
the Trustee shall prepare such Form 10-K to be signed by the Depositor and the
Depositor shall sign such form.

            (b) A Form 8-K shall be filed by the Trustee within 15 days after
each Distribution Date, including a copy of the Distribution Date Statement for
such Distribution Date as an exhibit thereto. Prior to March 30th of each year
(or such earlier date as may be required by the Exchange Act and the Rules and
Regulations of the Commission), the Trustee shall file a Form 10-K, in substance
as required by applicable law or applicable Commission staff's interpretations.
Such Form 10-K shall include as exhibits the Master Servicer's and the Special
Servicer's annual statement of compliance described under Section 3.13 and the
accountant's report described under Section 3.14, in each case to the extent
they have been timely delivered to the Trustee. If they are not so timely
delivered, the Trustee shall file an amended Form 10-K including such documents
as exhibits reasonably promptly after they are delivered to the Trustee. The
Trustee shall have no liability with respect to any failure to properly prepare
or file such periodic reports resulting from or relating to the Trustee's
inability or failure to obtain any information not resulting from its own
negligence, willful misconduct or bad faith. The Form 10-K shall also include a
certification in the form attached hereto as Exhibit P (the "Certification"),
which shall, except as described below, be signed by the senior officer of the
Depositor in charge of securitization. Notwithstanding the foregoing, if the
Commission determines that the Certification may be executed by multiple
Persons, the Trustee shall sign the Certification, subject to the succeeding
paragraph and Section 8.17(d) through 8.17(f), in respect of items 1 through 3
thereof, the Master Servicer shall cause its respective senior officers in
charge of servicing to sign the Certification in respect of items 4 and 5
thereof to the extent such items relate to the duties and actions of the Master
Servicer, and the Special Servicer shall cause its respective senior officers in
charge of servicing to sign the Certification in respect of items 4 and 5
thereof to the extent such items relate to the duties and actions of the Special
Servicer, and the Trustee may rely on the Certification signed by the Master
Servicer and Special Servicer to the same extent as provided in Section 8.17(c)
below. The Master Servicer may rely on the Certification signed by the Special
Servicer to the same extent as provided in Section 8.17(c) below.

            In the event the Commission determines that the Certification may be
executed by multiple Persons, and with respect to the Trustee's obligation in
the preceding paragraph to sign the Certification in respect of item 3, the
Trustee's obligation to sign such Certification shall be conditioned upon the
Trustee and the Depositor entering into an agreement with respect to the payment
of a reasonable additional fee for the reasonable costs and expenses necessary
for the Trustee to sign such Certification; provided, that in no event shall
such fee exceed $15,000 annually. In the event that such agreement is not
reached, the Depositor may continue to sign the portion of the Certification
which the Trustee does not sign.

            Although it is the parties intent that compliance by the parties
with provisions of this Section 8.17 will constitute compliance with the review
and certifications required by Section 302(a) of the Sarbanes-Oxley Act (the
"Section 302 Requirements") or other applicable law, or the interpretation
thereof by the Commission's staff (including the issuance of additional guidance
by such staff), if it is determined that additional or modified procedures are
required, or, similarly, to the extent that certain certifications or procedures
are not required, the parties hereto agree to negotiate in good faith to modify
the provisions of this Section 8.17 to comply with such change or additional
guidance. Notwithstanding any other provision herein, no consent of any
Certificateholder shall be required to make any such modification or amendment
to this Section 8.17 to make such changes as are described above. In addition,
in no event shall the provisions set forth in this Section 8.17(b) limit the
ability of, or impose an obligation on, the Trustee or the Master Servicer to
conduct additional investigations determined by it to be necessary or
appropriate (in accordance with the written advice of counsel) to comply with
the Section 302 Requirements.

            (c) In the event the Certification is to be signed by an officer of
the Depositor, the Trustee shall sign a certification (in the form attached
hereto as Exhibit Q) for the benefit of the Depositor and its officers,
directors and Affiliates (provided, however, that the Trustee shall not
undertake an analysis of the accountant's report attached as an exhibit to the
Form 10-K), and the Master Servicer shall sign a certification (in the form
attached hereto as Exhibit R-1) for the benefit of the Depositor and its
officers, directors and Affiliates, and the Special Servicer shall sign a
certification (in the form attached hereto as Exhibit R-2) for the benefit of
the Depositor and the Master Servicer and their officers, directors and
Affiliates. Each such certification shall be delivered to the Depositor, the
Trustee and the Master Servicer, if applicable, by March 15th of each year (or
if not a Business Day, the immediately preceding Business Day). The
Certification attached hereto as Exhibit P shall be delivered to the Trustee for
filing by March 20th of each year (or if not a Business Day, the immediately
preceding Business Day). In addition, (i) the Trustee shall indemnify and hold
harmless the Depositor and its officers, directors and Affiliates from and
against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
arising out of or based upon a breach of the Trustee's obligations under this
Section 8.17 or the Trustee's negligence, bad faith or willful misconduct in
connection therewith, and (ii) the Master Servicer and Special Servicer shall
each severally and not jointly indemnify and hold harmless the Depositor, the
Trustee and, in the case of the Special Servicer, the Master Servicer, and their
respective officers, directors and Affiliates from and against any losses,
damages, penalties, fines, forfeitures, reasonable and necessary legal fees and
related costs, judgments and other costs and expenses arising out of or based
upon a breach of the Master Servicer's or Special Servicer's obligations of the
Master Servicer or the Special Servicer, as the case may be, under this Section
8.17 or the negligence, bad faith or willful misconduct of the Master Servicer
or the Special Servicer, as the case may be, in connection therewith. If the
indemnification provided for herein is unavailable or insufficient to hold
harmless the Depositor, then (i) the Trustee agrees that it shall contribute to
the amount paid or payable to the Depositor as a result of the losses, claims,
damages or liabilities of the Depositor or the Special Servicer in such
proportion as is appropriate to reflect the relative fault of the Depositor or
the Special Servicer on the one hand and the Trustee on the other in connection
with a breach of the Trustee's obligations under this Section 8.17 or the
Trustee's negligence, bad faith or willful misconduct in connection therewith,
(ii) the Master Servicer agrees that it shall contribute to the amount paid or
payable by the Depositor as a result of the losses, claims, damages or
liabilities of the Depositor in such proportion as is appropriate to reflect the
relative fault of the Depositor on the one hand and the Master Servicer on the
other in connection with a breach of the Master Servicer's obligations under
this Section 8.17 or the Master Servicer's negligence, bad faith or willful
misconduct in connection therewith and (iii) the Special Servicer agrees that it
shall contribute to the amount paid or payable by the Depositor or the Master
Servicer as a result of the losses, claims, damages or liabilities of the
Depositor or the Master Servicer in such proportion as is appropriate to reflect
the relative fault of the Depositor or the Master Servicer on the one hand and
the Special Servicer on the other in connection with a breach of the Special
Servicer's obligations under this Section 8.17 or the Special Servicer's
negligence, bad faith or willful misconduct in connection therewith.

            (d) If the Trustee reasonably determines that it is required to file
any Servicer Report or any other servicing information with the Commission to
comply with the Sarbanes-Oxley Act, the Trustee may do so, provided that it has
either (i) provided the Depositor with written advice from a national reputable
counsel with an active commercial mortgage-backed securities practice reasonably
acceptable to the Depositor at least 10 Business Days prior to the first
occasion of such filing stating that the filing of any such Servicer Reports in
the filings described in Section 8.17(a) is required to comply with the Section
302 Requirements, or (ii) received the prior written consent not to be
unreasonably withheld of the Depositor to such filing.

            (e) Upon any filing with the Commission, the Trustee shall promptly
deliver to the Trustee, the Depositor, Master Servicer, each Rating Agency and
Special Servicer a copy of any such executed report, statement or information.

            (f) In performing its obligations under this Agreement, including
but not limited this Section 8.17, none of the Trustee or the Master Servicer,
on behalf of the Trust Fund, the Depositor or otherwise, shall be responsible or
liable for compliance with any reporting or filing requirement under any state
or federal securities laws, except to the extent such requirement is
specifically set forth in this Agreement.

            Section 8.18 Maintenance of Mortgage File.

            Except for the release of items in the Mortgage File contemplated by
this Agreement, including, without limitation, as necessary for the enforcement
of the holder's rights and remedies under the related Mortgage Loan, the Trustee
covenants and agrees that it shall maintain each Mortgage File in the State of
Minnesota, and that it shall not move any Mortgage File outside the State of
Minnesota, other than as specifically provided for in this Agreement, unless it
shall first obtain and provide, at the expense of the Trustee, an Opinion of
Counsel to the Depositor and the Rating Agencies to the effect that the
Trustee's first priority interest in the Mortgage Notes has been duly and fully
perfected under the applicable laws and regulations of such other jurisdiction.

                                   ARTICLE IX

                                   TERMINATION

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

            Subject to Section 9.02, the Trust Fund and the respective
obligations and responsibilities under this Agreement of the Depositor, the
Master Servicer, the Special Servicer and the Trustee (other than the
obligations of the Paying Agent on behalf of the Trustee to provide for and make
payments to Certificateholders as hereafter set forth) shall terminate upon
payment (or provision for payment) (i) to the Certificateholders of all amounts
held by or on behalf of the Trustee and required hereunder to be so paid on the
Distribution Date following the earlier to occur of (A) the purchase by the
Master Servicer, the Special Servicer or the Majority Subordinate
Certificateholder of all Mortgage Loans and each REO Property remaining in the
ED Loan REMIC and REMIC I at a price equal to (1) the aggregate Purchase Price
of all the Mortgage Loans included in the ED Loan REMIC and REMIC I, plus (2)
the appraised value of each REO Property, if any, included in the ED Loan REMIC
and REMIC I, such appraisal to be conducted by an Independent Appraiser selected
by the Master Servicer and approved by the Trustee, minus (3) if the purchaser
is the Master Servicer, the aggregate amount of unreimbursed Advances made by
the Master Servicer, together with any interest accrued and payable to the
Master Servicer in respect of unreimbursed Advances in accordance with Sections
3.03(d) and 4.03(d) and any unpaid Master Servicing Fees remaining outstanding
(which items shall be deemed to have been paid or reimbursed to the Master
Servicer in connection with such purchase), and (B) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan or
REO Property remaining in the ED Loan REMIC and REMIC I, and (ii) to the
Trustee, the Master Servicer, the Special Servicer and the officers, directors,
employees and agents of each of them of all amounts which may have become due
and owing to any of them hereunder; provided, however, that in no event shall
the Trust Fund created hereby continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James, living on the date
hereof.

            The obligations and responsibilities under this Agreement of the
Depositor, the Master Servicer, the Special Servicer, the Trustee and the
Companion Paying Agent shall terminate with respect to any Companion Loan to the
extent (i) its related Co-Lender Loan has been paid in full or is no longer part
of the Trust Fund and (ii) no amounts payable by the related Companion Holder to
or for the benefit of the Trust Fund or any party hereto in accordance with the
related Intercreditor Agreement remain due and owing.

            The Master Servicer, the Special Servicer or the Majority
Subordinate Certificateholder may at its option elect to purchase all of the
Mortgage Loans and each REO Property remaining in the ED Loan REMIC and REMIC I
as contemplated by clause (i) of the preceding paragraph by giving written
notice to the other parties hereto no later than 60 days prior to the
anticipated date of purchase; provided, however, that (i) the aggregate Stated
Principal Balance of the Mortgage Pool at the time of such election is less than
1.0% of the aggregate Cut-off Date Balances of the Mortgage Loans, and (ii) the
Master Servicer shall not have the right to effect such a purchase if, within 30
days following the Master Servicer's delivery of a notice of election pursuant
to this paragraph, the Depositor, the Special Servicer or the Majority
Subordinate Certificateholder shall give notice of its election to purchase all
of the Mortgage Loans and each REO Property remaining in the ED Loan REMIC and
REMIC I and shall thereafter effect such purchase in accordance with the terms
hereof. The Master Servicer or the Majority Subordinate Certificateholder shall
not have the right to effect such a purchase if, within 30 days following the
Special Servicer's delivery of a notice of election pursuant to this paragraph,
the Special Servicer shall give notice of its election to purchase all of the
Mortgage Loans and each REO Property remaining in the ED Loan REMIC and REMIC I
and shall thereafter effect such purchase in accordance with the terms hereof.
If the Trust Fund is to be terminated in connection with the Master Servicer's,
the Special Servicer's or the Majority Subordinate Certificateholder's purchase
of all of the Mortgage Loans and each REO Property remaining in the ED Loan
REMIC and REMIC I, the Master Servicer, the Special Servicer or the Majority
Subordinate Certificateholder, as applicable, shall deliver to the Paying Agent
for deposit in the Distribution Account not later than the P&I Advance Date
relating to the Distribution Date on which the final distribution on the
Certificates is to occur an amount in immediately available funds equal to the
above-described purchase price. In addition, the Master Servicer shall transfer
to the Distribution Account all amounts required to be transferred thereto on
such P&I Advance Date from the Certificate Account pursuant to the first
paragraph of Section 3.04(b), together with any other amounts on deposit in the
Certificate Account that would otherwise be held for future distribution. Upon
confirmation that such final deposit has been made, the Trustee shall release or
cause to be released to the Master Servicer, the Special Servicer, the Majority
Subordinate Certificateholder, as applicable, the Mortgage Files for the
remaining Mortgage Loans and shall execute all assignments, endorsements and
other instruments furnished to it by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder, as applicable, as shall be
necessary to effectuate transfer of the Mortgage Loans and REO Properties to the
Master Servicer, the Special Servicer or the Majority Subordinate
Certificateholder (or their respective designees), as applicable. Any transfer
of Mortgage Loans to the Depositor pursuant to this paragraph shall be on a
servicing-released basis.

            Notice of any termination shall be given promptly by the Trustee by
letter to Certificateholders mailed (a) if such notice is given in connection
with the Master Servicer's, the Special Servicer's or the Majority Subordinate
Certificateholder's purchase of the Mortgage Loans and each REO Property
remaining in the ED Loan REMIC and REMIC I, not earlier than the 15th day and
not later than the 25th day of the month next preceding the month of the final
distribution on the Certificates or (b) otherwise during the month of such final
distribution on or before the Determination Date in such month, in each case
specifying (i) the Distribution Date upon which the Trust Fund will terminate
and final payment of the Certificates will be made, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the offices of the Certificate Registrar or
such other location therein designated. The Trustee shall give such notice to
the Master Servicer, the Special Servicer and the Depositor at the time such
notice is given to Certificateholders.

            Upon presentation and surrender of the Certificates by the
Certificateholders on the final Distribution Date, the Paying Agent shall
distribute to each Certificateholder so presenting and surrendering its
Certificates such Certificateholder's Percentage Interest of that portion of the
amounts then on deposit in the Distribution Account that are allocable to
payments on the Class of Certificates so presented and surrendered. Amounts on
deposit in the Distribution Account as of the final Distribution Date, exclusive
of any portion thereof that would be payable to any Person in accordance with
clauses (ii) through (vii) of Section 3.05(b), including any portion thereof
that represents Prepayment Premiums and Yield Maintenance Charges, shall be (i)
deemed distributed in respect of the ED Loan REMIC Regular Interest and
distributed to the Class R-I Certificates in respect of the ED Loan REMIC
Residual Interest in accordance with Section 4.01(k), (ii) deemed distributed in
respect of the REMIC I Regular Interests and distributed to the Class R-I
Certificates in accordance with Section 4.01(b) and Section 4.01(h) and (iii)
distributed to the REMIC II Certificates in the order of priority set forth in
Section 4.01(a) and Section 4.01(b), in each case, to the extent of remaining
available funds.

            On or after the Final Distribution Date, upon presentation and
surrender of the Class Certificates, the Paying Agent shall distribute to the
Class Z Certificateholders any amount then on deposit in the Additional Interest
Account that was paid on a Mortgage Loan.

            Any funds not distributed to any Holder or Holders of Certificates
of such Class on such Distribution Date because of the failure of such Holder or
Holders to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 9.01 shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Paying Agent shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Paying Agent, directly or through an agent, shall take such
reasonable steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, and
shall deal with all such unclaimed amounts in accordance with applicable law.
The costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder.

            After the Class A-1, Class A-1A, Class A-2, Class B and Class C
Certificates have been paid in full and the remaining outstanding Certificates
are held by a single Certificateholder, such Certificateholder shall have the
right to exchange all of the Certificates held thereby for all of the Mortgage
Loans and each REO Property remaining in the Trust Fund by giving written notice
to all the parties hereto no later than 30 days prior to the anticipated date of
exchange. In the event that such Certificateholder shall elect to exchange all
of the Certificates held thereby for all of the Mortgage Loans and each REO
Property remaining in the ED Loan REMIC or REMIC I in accordance with the
preceding sentence, such Certificateholder, not later than the date on which the
final distribution on the Certificates is to occur, shall deposit in the
Certificate Account an amount in immediately available funds equal to all
amounts then due and owing to the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent, the Certificate Registrar and/or the REMIC
Administrator hereunder. Upon confirmation that such final deposits have been
made and following the surrender of all the Certificates held by such
Certificateholder on the final Distribution Date, the Custodian, on behalf of
the Trustee, shall release or cause to be released to such Certificateholder the
Mortgage Files for the remaining Mortgage Loans, and the Trustee shall execute
all assignments, endorsements and other instruments furnished to it by such
Certificateholder as shall be necessary to effectuate transfer of the Mortgage
Loans and REO Properties remaining in the Trust Fund. Thereafter, the Trust Fund
and the respective obligations and responsibilities under this Agreement of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the REMIC
Administrator (other than annual tax returns and maintenance of books and
records and the preparation and filing of final tax returns) and the Paying
Agent shall terminate. Such transfers shall be subject to any rights of any
Sub-Servicers to primary service (or to perform select servicing functions with
respect to) the Mortgage Loans. For federal income tax purposes, the
Certificateholder shall be deemed to have purchased the assets of each of the ED
Loan REMIC or REMIC I for an amount equal to the unpaid principal balance, plus
accrued unpaid interest, of the Mortgage Loan(s) (other than the defaulted
Mortgage Loan(s) or REO Property) in such REMIC and the fair market value of any
defaulted Mortgage Loans or REO Property, without duplication of amounts
deposited pursuant to the fourth preceding sentence of this paragraph, and such
amounts shall be deemed to have been paid or distributed in accordance with
Section 4.01(a), Section 4.01(b) and Section 4.01(h).

            Section 9.02 Additional Termination Requirements.

            (a) If the Master Servicer, the Special Servicer or the Majority
Subordinate Certificateholders purchase all of the Mortgage Loans and each REO
Property remaining in the ED Loan REMIC and REMIC I as provided in Section 9.01,
the Trust Fund (and, accordingly, the ED Loan REMIC (unless earlier terminated),
REMIC I and REMIC II) shall be terminated in accordance with the following
additional requirements, unless the Person effecting the purchase obtains at its
own expense and delivers to the Trustee and in the case of the Depositor, to the
Trustee and the Master Servicer, an Opinion of Counsel, addressed to the Trustee
and the Master Servicer, to the effect that the failure of the Trust Fund to
comply with the requirements of this Section 9.02 will not result in the
imposition of taxes on "prohibited transactions" of the ED Loan REMIC, REMIC I
or REMIC II as defined in Section 860F of the Code or cause the ED Loan REMIC,
REMIC I or REMIC II to fail to qualify as a REMIC at any time that any
Certificates are outstanding:

            (i) the Trustee shall specify the first day in the 90-day
      liquidation period in a statement attached to the final Tax Return for the
      ED Loan REMIC, REMIC I and REMIC II pursuant to Treasury Regulations
      Section 1.860F-1;

            (ii) during such 90-day liquidation period and at or prior to the
      time of making of the final payment on the Certificates, the Trustee shall
      sell all of the assets of the ED Loan REMIC and REMIC I to the Master
      Servicer, the Special Servicer or the Majority Subordinate
      Certificateholders, as applicable, for cash; and

            (iii) at the time of the making of the final payment on the
      Certificates, the Paying Agent shall distribute or credit, or cause to be
      distributed or credited, to the Certificateholders in accordance with
      Section 9.01 all cash on hand (other than cash retained to meet claims),
      and the ED Loan REMIC, REMIC I and REMIC II shall terminate at that time.

            (b) By their acceptance of Certificates, the Holders thereof hereby
agree to authorize the Trustee to specify the 90-day liquidation period for the
ED Loan REMIC, REMIC I and REMIC II, which authorization shall be binding upon
all successor Certificateholders.

                                   ARTICLE X

                            ADDITIONAL TAX PROVISIONS

            Section 10.01 REMIC Administration.

            (a) The REMIC Administrator shall elect to treat each of the ED Loan
REMIC, REMIC I and REMIC II as a REMIC under the Code and, if necessary, under
applicable state law. Each such election will be made on Form 1066 or other
appropriate federal or state Tax Returns for the taxable year ending December
31, 2003, in the case of the ED Loan REMIC , REMIC I and REMIC II.

            (b) The REMIC I Regular Interests and the Regular Certificates are
hereby designated as "regular interests" (within the meaning of Section
860G(a)(1) of the Code) in REMIC I and REMIC II, respectively. The Class R-I
Certificates are hereby designated as the single class of "residual interests"
(within the meaning of Section 860G(a)(2) of the Code) in REMIC I, and the Class
R-II Certificates are hereby designated as the single class of "residual
interests" (within the meaning of Section 860G(a)(2) of the Code) in REMIC II.
The ED Loan shall constitute the sole asset of the ED Loan REMIC, and the ED
Loan REMIC Regular Interest and ED Loan REMIC Residual Interest shall be the
"regular interests" and the "residual interests" in the ED Loan REMIC. The ED
Loan REMIC Regular Interest (instead of the related Mortgage Loan) will be an
asset of REMIC I, and the Class R-I Certificates shall represent beneficial
ownership of the ED Loan REMIC Residual Interest. None of the Master Servicer,
the Special Servicer or the Trustee shall (to the extent within its control)
permit the creation of any other "interests" in the ED Loan REMIC, REMIC I or
REMIC II (within the meaning of Treasury regulation Section 1.860D-1(b)(1)).

            (c) The Closing Date is hereby designated as the "startup day" of
the ED Loan REMIC, REMIC I and REMIC II within the meaning of Section 860G(a)(9)
of the Code. The "latest possible maturity date" of REMIC I Regular Interests
and the Regular Certificates for purposes of the REMIC Provisions shall be the
Rated Final Distribution Date and the "latest possible maturity date" of the ED
Loan REMIC Regular Interest for purposes of the REMIC Provisions shall be the
Maturity Date of the ED Loan.

            (d) The related Plurality Residual Certificateholder as to the
applicable taxable year is hereby designated as the Tax Matters Person of the ED
Loan REMIC, REMIC I and REMIC II, and shall act on behalf of the related REMIC
in relation to any tax matter or controversy and shall represent the related
REMIC in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority; provided that the REMIC
Administrator is hereby irrevocably appointed to act and shall act as agent and
attorney-in-fact for the Tax Matters Person for the ED Loan REMIC, REMIC I and
REMIC II in the performance of its duties as such.

            (e) Except as otherwise provided in Section 3.17(a) and subsections
(i) and (j) below, the REMIC Administrator shall pay out of its own funds any
and all routine tax administration expenses of the Trust Fund incurred with
respect to the ED Loan REMIC, REMIC I and REMIC II (but not including any
professional fees or expenses related to audits or any administrative or
judicial proceedings with respect to the Trust Fund that involve the Internal
Revenue Service or state tax authorities, which extraordinary expenses shall be
payable or reimbursable to the Trustee from the Trust Fund unless otherwise
provided in Section 10.01(g) or 10.01(h)).

            (f) Within 30 days after the Closing Date, the REMIC Administrator
shall obtain taxpayer identification numbers for the ED Loan REMIC, REMIC I and
REMIC II by preparing and filing Internal Revenue Service Forms SS-4 and shall
prepare and file (if not previously prepared and filed) with the Internal
Revenue Service Form 8811, "Information Return for Real Estate Mortgage
Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations" for
the Trust Fund. In addition, the REMIC Administrator shall prepare, cause the
Trustee to sign and file all of the other Tax Returns in respect of the ED Loan
REMIC, REMIC I and REMIC II. The expenses of preparing and filing such returns
shall be borne by the REMIC Administrator without any right of reimbursement
therefor. The other parties hereto shall provide on a timely basis to the REMIC
Administrator or its designee such information with respect to the ED Loan
REMIC, REMIC I and REMIC II as is in its possession and reasonably requested by
the REMIC Administrator to enable it to perform its obligations under this
Article. Without limiting the generality of the foregoing, the Depositor, within
ten days following the REMIC Administrator's request therefor, shall provide in
writing to the REMIC Administrator such information as is reasonably requested
by the REMIC Administrator for tax purposes, as to the valuations and issue
prices of the Certificates, and the REMIC Administrator's duty to perform its
reporting and other tax compliance obligations under this Article X shall be
subject to the condition that it receives from the Depositor such information
possessed by the Depositor that is necessary to permit the REMIC Administrator
to perform such obligations.

            (g) The REMIC Administrator shall perform on behalf of the ED Loan
REMIC, REMIC I and REMIC II all reporting and other tax compliance duties that
are the responsibility of each such REMIC under the Code, the REMIC Provisions
or other compliance guidance issued by the Internal Revenue Service or, with
respect to State and Local Taxes, any state or local taxing authority. Included
among such duties, the REMIC Administrator shall provide to: (i) any Transferor
of a Residual Certificate or agent of a Non-Permitted Transferee, such
information as is necessary for the application of any tax relating to the
transfer of a Residual Certificate to any Person who is not a Permitted
Transferee; (ii) the Certificateholders, such information or reports as are
required by the Code or the REMIC Provisions, including, without limitation,
reports relating to interest, original issue discount and market discount or
premium (using the Prepayment Assumption as required hereunder); and (iii) the
Internal Revenue Service, the name, title, address and telephone number of the
Person who will serve as the representative of the ED Loan REMIC, REMIC I and
REMIC II.

            (h) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of the ED Loan REMIC, REMIC I and REMIC II as a REMIC
under the REMIC Provisions (and the Trustee, the Master Servicer and the Special
Servicer shall assist the REMIC Administrator to the extent reasonably requested
by the REMIC Administrator and to the extent of information within the
Trustee's, the Master Servicer's or the Special Servicer's possession or
control). None of the REMIC Administrator, Master Servicer, the Special
Servicer, or the Trustee shall knowingly take (or cause the ED Loan REMIC, REMIC
I or REMIC II to take) any action or fail to take (or fail to cause to be taken)
any action that, under the REMIC Provisions, if taken or not taken, as the case
may be, could (i) endanger the status of the ED Loan REMIC, REMIC I or REMIC II
as a REMIC, or (ii) except as provided in Section 3.17(a), result in the
imposition of a tax upon the ED Loan REMIC, REMIC I or REMIC II (including, but
not limited to, the tax on prohibited transactions as defined in Section
860F(a)(2) of the Code or the tax on contributions to a REMIC set forth in
Section 860G(d) of the Code (any such endangerment or imposition or, except as
provided in Section 3.17(a), imposition of a tax, an "Adverse REMIC Event")),
unless the REMIC Administrator has obtained or received an Opinion of Counsel
(at the expense of the party requesting such action or at the expense of the
Trust Fund if the REMIC Administrator seeks to take such action or to refrain
from acting for the benefit of the Certificateholders) to the effect that the
contemplated action will not result in an Adverse REMIC Event. The REMIC
Administrator shall not take any action or fail to take any action (whether or
not authorized hereunder) as to which the Master Servicer or the Special
Servicer has advised it in writing that either the Master Servicer or the
Special Servicer has received or obtained an Opinion of Counsel to the effect
that an Adverse REMIC Event could occur with respect to such action. In
addition, prior to taking any action with respect to the ED Loan REMIC, REMIC I
or REMIC II, or causing the ED Loan REMIC, REMIC I or REMIC II to take any
action that is not expressly permitted under the terms of this Agreement, the
Master Servicer and the Special Servicer shall consult with the REMIC
Administrator or its designee, in writing, with respect to whether such action
could cause an Adverse REMIC Event to occur. Neither the Master Servicer nor the
Special Servicer shall take any such action or cause the ED Loan REMIC, REMIC I
or REMIC II to take any such action as to which the REMIC Administrator has
advised it in writing that an Adverse REMIC Event could occur, and neither the
Master Servicer nor the Special Servicer shall have any liability hereunder for
any action taken by it in accordance with the written instructions of the REMIC
Administrator. The REMIC Administrator may consult with counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the action not expressly permitted by this Agreement, but in no event at the
cost or expense of the Trust Fund, the Trustee or the REMIC Administrator. At
all times as may be required by the Code, the REMIC Administrator shall make
reasonable efforts to ensure that substantially all of the assets of the ED Loan
REMIC, REMIC I and REMIC II will consist of "qualified mortgages" as defined in
Section 860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.

            (i) If any tax is imposed on the ED Loan REMIC, REMIC I or REMIC II,
including, without limitation, "prohibited transactions" taxes as defined in
Section 860F(a)(2) of the Code, any tax on "net income from foreclosure
property" as defined in Section 860G(c) of the Code, any taxes on contributions
to the ED Loan REMIC, REMIC I or REMIC II after the Startup Day pursuant to
Section 860G(d) of the Code, and any other tax imposed by the Code or any
applicable provisions of State or Local Tax laws (other than any tax permitted
to be incurred by the Special Servicer pursuant to Section 3.17(a)), such tax,
together with all incidental costs and expenses (including, without limitation,
penalties and reasonable attorneys' fees), shall be charged to and paid by: (i)
the REMIC Administrator, if such tax arises out of or results from a breach by
the REMIC Administrator of any of its obligations under this Article X provided
that no liability shall be imposed upon the REMIC Administrator under this
Clause if another party has responsibility for payment of such tax under Clauses
(iii) or (v) of this Section; (ii) the Special Servicer, if such tax arises out
of or results from a breach by the Special Servicer of any of its obligations
under Article III or this Article X; (iii) the Master Servicer, if such tax
arises out of or results from a breach by the Master Servicer of any of its
obligations under Article III or this Article X; (iv) the Trustee if such tax
arises out of or results from a breach by the Trustee of any of its respective
obligations under Article IV, Article VIII or this Article X; (v) the applicable
Mortgage Loan Seller, if such tax was imposed due to the fact that any of the
Mortgage Loans did not, at the time of their transfer to the ED Loan REMIC or
REMIC I, as applicable, constitute a "qualified mortgage" as defined in Section
860G(a)(3) of the Code; or (vi) the Trust Fund, excluding the portion thereof
constituting the Grantor Trust, in all other instances. Any tax permitted to be
incurred by the Special Servicer pursuant to Section 3.17(a) shall be charged to
and paid by the Trust Fund. Any such amounts payable by the Trust Fund shall be
paid by the Paying Agent upon the written direction of the REMIC Administrator
out of amounts on deposit in the Distribution Account in reduction of the
Available Distribution Amount pursuant to Section 3.05(b).

            (j) The REMIC Administrator shall, for federal income tax purposes,
maintain books and records with respect to the ED Loan REMIC, REMIC I and REMIC
II on a calendar year and on an accrual basis.

            (k) Following the Startup Day, none of the Trustee, the Master
Servicer or the Special Servicer shall accept any contributions of assets to the
ED Loan REMIC, REMIC I or REMIC II unless it shall have received an Opinion of
Counsel (at the expense of the party seeking to cause such contribution and in
no event at the expense of the Trust Fund or the Trustee) to the effect that the
inclusion of such assets in such REMIC will not cause: (i) such REMIC to fail to
qualify as a REMIC at any time that any Certificates are outstanding; or (ii)
the imposition of any tax on such REMIC under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.

            (l) None of the Trustee, the Master Servicer or the Special Servicer
shall consent to or, to the extent it is within the control of such Person,
permit: (i) the sale or disposition of any of the Mortgage Loans (except in
connection with (A) the default or foreclosure of a Mortgage Loan, including,
but not limited to, the sale or other disposition of a Mortgaged Property
acquired by deed in lieu of foreclosure, (B) the bankruptcy of the ED Loan
REMIC, REMIC I or REMIC II, (C) the termination of the ED Loan REMIC, REMIC I
and REMIC II pursuant to Article IX of this Agreement, or (D) a purchase of
Mortgage Loans pursuant to or as contemplated by Article II or III of this
Agreement); (ii) the sale or disposition of any investments in the Certificate
Account, the Distribution Account or the REO Account for gain; or (iii) the
acquisition of any assets on behalf of the ED Loan REMIC, REMIC I or REMIC II
(other than (1) a Mortgaged Property acquired through foreclosure, deed in lieu
of foreclosure or otherwise in respect of a Defaulted Mortgage Loan, (2) a
Qualified Substitute Mortgage Loan pursuant to Article II hereof and (3)
Permitted Investments acquired in connection with the investment of funds in the
Certificate Account, the Distribution Account or the REO Account); in any event
unless it has received an Opinion of Counsel (at the expense of the party
seeking to cause such sale, disposition, or acquisition but in no event at the
expense of the Trust Fund or the Trustee) to the effect that such sale,
disposition, or acquisition will not cause: (x) the ED Loan REMIC, REMIC I or
REMIC II to fail to qualify as a REMIC at any time that any Certificates are
outstanding; or (y) the imposition of any tax on the ED Loan REMIC, REMIC I or
REMIC II under the REMIC Provisions or other applicable provisions of federal,
state and local law or ordinances.

            (m) Except as permitted by Section 3.17(a), none of the Trustee, the
Master Servicer and the Special Servicer shall enter into any arrangement by
which the ED Loan REMIC, REMIC I or REMIC II will receive a fee or other
compensation for services nor permit the ED Loan REMIC, REMIC I or REMIC II to
receive any income from assets other than "qualified mortgages" as defined in
Section 860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.

            Section 10.02 Grantor Trust Administration.

            (a) The REMIC Administrator shall treat the Grantor Trust, for tax
return preparation purposes, as a grantor trust under the Code and shall treat
the Additional Interest, the Additional Interest Account and amounts held from
time to time in the Additional Interest Account that represent Additional
Interest as separate assets of the Grantor Trust, and not of the ED Loan REMIC,
REMIC I or REMIC II, as permitted by Treasury Regulations Section
1.860G-2(i)(1). The Class Z Certificates are hereby designated as representing
an undivided, beneficial interest in Additional Interest payable on the Mortgage
Loans and proceeds thereof.

            (b) The REMIC Administrator shall pay out of its own funds any and
all routine tax administration expenses of the Trust Fund incurred with respect
to the Grantor Trust (but not including any professional fees or expenses
related to audits or any administrative or judicial proceedings with respect to
the Trust Fund that involve the Internal Revenue Service or state tax
authorities which extraordinary expenses shall be payable or reimbursable to the
REMIC Administrator from the Trust Fund unless otherwise provided in Section
10.02(e) or 10.02(f)).

            (c) The REMIC Administrator shall prepare, cause the Trustee to sign
and file when due all of the Tax Returns in respect of the Grantor Trust. The
expenses of preparing and filing such returns shall be borne by the REMIC
Administrator without any right of reimbursement therefor. The other parties
hereto shall provide on a timely basis to the REMIC Administrator or its
designee such information with respect to the Grantor Trust as is in its
possession and reasonably requested by the REMIC Administrator to enable it to
perform its obligations under this Section 10.02. Without limiting the
generality of the foregoing, the Depositor, within ten days following the REMIC
Administrator's request therefor, shall provide in writing to the REMIC
Administrator such information as is reasonably requested by the REMIC
Administrator for tax purposes, and the REMIC Administrator's duty to perform
its reporting and other tax compliance obligations under this Section 10.02
shall be subject to the condition that it receives from the Depositor such
information possessed by the Depositor that is necessary to permit the REMIC
Administrator to perform such obligations.

            (d) The REMIC Administrator shall furnish or cause to be furnished
to the Class Z Certificateholders on the cash or accrual method of accounting,
as applicable, such information as to their respective portions of the income
and expenses of the Grantor Trust, at the time and in the manner required under
the Code, and shall perform on behalf of the Grantor Trust all reporting and
other tax compliance duties that are required in respect thereof under the Code,
the Grantor Trust Provisions or other compliance guidance issued by the Internal
Revenue Service or any state or local taxing authority.

            (e) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of the Grantor Trust as a grantor trust under the Grantor
Trust Provisions (and the Trustee, the Master Servicer and the Special Servicer
shall assist the REMIC Administrator to the extent reasonably requested by the
REMIC Administrator and to the extent of information within the Trustee's, the
Master Servicer's or the Special Servicer's possession or control). None of the
REMIC Administrator, Master Servicer, the Special Servicer or the Trustee shall
knowingly take (or cause the Grantor Trust to take) any action or fail to take
(or fail to cause to be taken) any action that, under the Grantor Trust
Provisions, if taken or not taken, as the case may be, could endanger the status
of the Grantor Trust as a grantor trust under the Grantor Trust Provisions (any
such endangerment of grantor trust status, an "Adverse Grantor Trust Event"),
unless the REMIC Administrator has obtained or received an Opinion of Counsel
(at the expense of the party requesting such action or at the expense of the
Trust Fund if the REMIC Administrator seeks to take such action or to refrain
from taking any action for the benefit of the Certificateholders) to the effect
that the contemplated action will not result in an Adverse Grantor Trust Event.
None of the other parties hereto shall take any action or fail to take any
action (whether or not authorized hereunder) as to which the REMIC Administrator
has advised it in writing that the REMIC Administrator has received or obtained
an Opinion of Counsel to the effect that an Adverse Grantor Trust Event could
result from such action or failure to act. In addition, prior to taking any
action with respect to the Grantor Trust, or causing the Trust Fund to take any
action, that is not expressly permitted under the terms of this Agreement, the
Master Servicer and the Special Servicer shall consult with the REMIC
Administrator or its designee, in writing, with respect to whether such action
could cause an Adverse Grantor Trust Event to occur. Neither the Master Servicer
nor the Special Servicer shall have any liability hereunder for any action taken
by it in accordance with the written instructions of the REMIC Administrator.
The REMIC Administrator may consult with counsel to make such written advice,
and the cost of same shall be borne by the party seeking to take the action not
expressly permitted by this Agreement, but in no event at the cost or expense of
the Trust Fund, the REMIC Administrator or the Trustee. Under no circumstances
may the REMIC Administrator vary the assets of the Grantor Trust so as to take
advantage of variations in the market so as to improve the rate of return of
Holders of the Class Z Certificates.

            (f) If any tax is imposed on the Grantor Trust, such tax, together
with all incidental costs and expenses (including, without limitation, penalties
and reasonable attorneys' fees), shall be charged to and paid by: (i) the REMIC
Administrator, if such tax arises out of or results from a breach by the REMIC
Administrator of any of its obligations under this Section 10.02; (ii) the
Special Servicer, if such tax arises out of or results from a breach by the
Special Servicer of any of its obligations under Article III or this Section
10.02; (iii) the Master Servicer, if such tax arises out of or results from a
breach by the Master Servicer of any of its obligations under Article III or
this Section 10.02; (iv) the Trustee if such tax arises out of or results from a
breach by the Trustee of any of its obligations under Article IV, Article VIII
or this Section 10.02; or (v) the portion of the Trust Fund constituting the
Grantor Trust in all other instances.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

            Section 11.01 Amendment.

            (a) This Agreement may be amended from time to time by the mutual
agreement of the Depositor, the Master Servicer, the Special Servicer and the
Trustee, without the consent of any of the Certificateholders or Companion
Holders, (i) to cure any ambiguity, (ii) to correct, modify or supplement any
provision herein which may be inconsistent with any other provision herein,
(iii) to add any other provisions with respect to matters or questions arising
hereunder which shall not be inconsistent with the provisions hereof, (iv) to
relax or eliminate any requirement hereunder imposed by the REMIC Provisions if
the REMIC Provisions are amended or clarified such that any such requirement may
be relaxed or eliminated, or (v) if such amendment, as evidenced by an Opinion
of Counsel (at the expense of the Trust Fund, in the case of any amendment
requested by the Master Servicer or Special Servicer that protects or is in
furtherance of the interests of the Certificateholders, and otherwise at the
expense of the party seeking such amendment) delivered to the Master Servicer,
the Special Servicer and the Trustee, is advisable or reasonably necessary to
comply with any requirements imposed by the Code or any successor or amendatory
statute or any temporary or final regulation, revenue ruling, revenue procedure
or other written official announcement or interpretation relating to federal
income tax laws or any such proposed action which, if made effective, would
apply retroactively to the ED Loan REMIC, REMIC I or REMIC II created hereunder
at least from the effective date of such amendment, or would be necessary to
avoid the occurrence of a prohibited transaction or to reduce the incidence of
any tax that would arise from any actions taken with respect to the operation of
any such REMIC; provided that such action (except any amendment described in
clause (v) above) shall not, as evidenced by an Opinion of Counsel (at the
expense of the Trust Fund, in the case of any amendment requested by the Master
Servicer or Special Servicer that protects or is in furtherance of the interests
of the Certificateholders, and otherwise at the expense of the party seeking
such amendment) obtained by or delivered to the Master Servicer, the Special
Servicer and the Trustee, adversely affect in any material respect the interests
of any Certificateholder; and provided, further, that the Master Servicer, the
Special Servicer and the Trustee shall have first obtained from each Rating
Agency written confirmation that such amendment will not result in the
qualification, downgrade or withdrawal of the rating on any Class of
Certificates.

            (b) This Agreement may also be amended from time to time by the
agreement of the Depositor, the Master Servicer, the Special Servicer and the
Trustee with the consent of the Holders of Certificates entitled to at least 51%
of the Voting Rights allocated to the affected Classes for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Holders of
Certificates; provided, however, that no such amendment shall (i) reduce in any
manner the amount of, or delay the timing of, payments received or advanced on
Mortgage Loans that are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, or which are required to be
distributed to a Companion Holder, without the consent of such Companion Holder,
(ii) as evidenced by an Opinion of Counsel obtained by or delivered to the
Master Servicer, the Special Servicer and the Trustee, adversely affect in any
material respect the interests of the Holders of any Class of Certificates or
the interests of a Companion Holder in a manner other than as described in (i)
without the consent of the Holders of all Certificates of such Class or the
consent of such Companion Holders, as the case may be, (iii) modify the
provisions of this Section 11.01 without the consent of the Holders of all
Certificates then outstanding and the consent of all Companion Holders, (iv)
modify the provisions of Section 3.20 or the definition of Servicing Standard
without the consent of the Holders of Certificates entitled to all of the Voting
Rights and the consent of all Companion Holders or (v) modify the specified
percentage of Voting Rights which are required to be held by Certificateholders
to consent or not to object to any particular action pursuant to any provision
of this Agreement without the consent of the Holders of all Certificates then
outstanding. Notwithstanding any other provision of this Agreement, for purposes
of the giving or withholding of consents pursuant to this Section 11.01,
Certificates registered in the name of the Depositor or any Affiliate of the
Depositor shall be entitled to the same Voting Rights with respect to matters
described above as they would if any other Person held such Certificates, so
long as neither the Depositor nor any of its Affiliates is performing servicing
duties with respect to any of the Mortgage Loans.

            (c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
first have obtained or been furnished with an Opinion of Counsel (at the expense
of the Trust Fund, in the case of any amendment requested by the Master Servicer
or Special Servicer that protects or is in furtherance of the interests of the
Certificateholders, and, otherwise, at the expense of the party seeking such
amendment) to the effect that (i) such amendment or the exercise of any power
granted to the Trustee, the Master Servicer or the Special Servicer in
accordance with such amendment will not result in the imposition of a tax on the
ED Loan REMIC, REMIC I or REMIC II pursuant to the REMIC Provisions or on the
Grantor Trust or cause the ED Loan REMIC, REMIC I or REMIC II to fail to qualify
as a REMIC or the Grantor Trust to fail to qualify as a grantor trust at any
time that any Certificates are outstanding and (ii) such amendment complies with
the provisions of this Section 11.01.

            (d) Promptly after the execution of any such amendment, the Trustee
shall send a copy thereof to each Certificateholder and Companion Holder.

            (e) It shall not be necessary for the consent of Certificateholders
under this Section 11.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

            (f) Each of the Master Servicer, the Special Servicer and the
Trustee may but shall not be obligated to enter into any amendment pursuant to
this Section that affects its rights, duties and immunities under this Agreement
or otherwise.

            (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a), (b) or (c) shall be borne by the Person seeking the related
amendment, except that if the Master Servicer, the Special Servicer or the
Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section 11.01(a)
or (c) shall be payable out of the Certificate Account or the Distribution
Account pursuant to Sections 3.05 and 4.01.

            Section 11.02 Recordation of Agreement; Counterparts.

            (a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer at the expense of the Trust Fund, but only upon
direction accompanied by an Opinion of Counsel (the cost of which may be paid
out of the Certificate Account pursuant to Section 3.05(a)) to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders; provided, however, that the Trustee shall have no obligation
or responsibility to determine whether any such recordation of this Agreement is
required.

            (b) For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.

            Section 11.03 Limitation on Rights of Certificateholders.

            (a) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

            (b) No Certificateholder shall have any right to vote (except as
expressly provided for herein) or in any manner otherwise control the operation
and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

            (c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement or any Mortgage
Loan, unless, with respect to any suit, action or proceeding upon or under or
with respect to this Agreement, such Holder previously shall have given to the
Trustee a written notice of default hereunder, and of the continuance thereof,
as hereinbefore provided, and unless also (except in the case of a default by
the Trustee) the Holders of Certificates entitled to at least 25% of the Voting
Rights shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding. It is understood and intended, and expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner
whatsoever by virtue of any provision of this Agreement to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement, except in the manner herein provided and for the
equal, ratable and common benefit of all Certificateholders. For the protection
and enforcement of the provisions of this Section, each and every
Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

            Section 11.04 Governing Law.

            This Agreement and the Certificates shall be construed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed in said State, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws.

            Section 11.05 Notices.

            Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given when delivered to: (i) in the case of the Depositor, Wachovia
Commercial Mortgage Securities, Inc., 301 South College Street, Charlotte, North
Carolina 28288, Attention: William J. Cohane, Vice President, facsimile number:
(704) 383-7639; (ii) in the case of the Master Servicer, Wachovia Bank, National
Association, NC 1075, 8739 Research Drive URP4, Charlotte, North Carolina
28262-1075, Attention: Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2003-C5, facsimile number: (704)
593-7735; (iii) in the case of the Special Servicer, Lennar Partners, Inc., 1601
Washington Avenue, Suite 800, Miami, Florida 33172, Attention: Randy Wolpert,
telecopy number (305) 226-3428; Lennar Partners, Inc.; (iv) in the case of the
Trustee, Wells Fargo Bank Minnesota, N.A., 9062 Old Annapolis Road, Columbia,
Maryland 21045-1951, Attention Corporate Trust Services (CMBS), Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2003-C5, facsimile number: (401) 715-2381, (v) in the case of the Underwriters
to each of Wachovia Capital Markets, LLC, 301 South College Street, Charlotte,
North Carolina 28288-1075, Attention: Mr. William J. Cohane, facsimile number:
(704) 383-7639, Citigroup Global Markets Inc., 388 Greenwich Street, 11th floor,
New York, New York 10013, Attention: Joseph Siragusa and Nomura Securities
International, Inc., 2 World Financial Center, Building B, New York, New York
10281-1198, Attention: Legal Dept., facsimile number: (646) 587-9480, and Lehman
Brothers Inc., 599 Park Avenue, 8th Floor, New York, New York 10022, Attention:
Justin Driscol, facsimile number (646) 758-3105; (vi) in the case of the initial
Controlling Class Representative, Allied Capital Corporation, 1919 Pennsylvania
Avenue, 3rd Floor, Washington, D.C. 20006 Attention: John Scheurer, facsimile
number (202) 466-1834; (vii) in the case of the Rating Agencies, (A) Moody's
Investors Services, Inc., 99 Church Street, 4th Floor, New York, New York 10041,
Attention: Commercial Mortgage Surveillance Group, telecopy number: (212)
553-0300, and (B) S&P Ratings Services, 55 Water Street, New York, New York
10041-0003, Attention: CMBS Surveillance Group, facsimile number (212) 438-2662;
and (viii) in the case of any Companion Holder, the address(es) for notice to
such Companion Holder as set forth in the related Intercreditor Agreement or as
to each such Person such other address as may hereafter be furnished by such
Person to the parties hereto in writing. Any communication required or permitted
to be delivered to a Certificateholder shall be deemed to have been duly given
when mailed first class, postage prepaid, to the address of such Holder as shown
in the Certificate Register.

            Section 11.06 Severability of Provisions.

            If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

            Section 11.07 Grant of a Security Interest.

            The Depositor intends that the conveyance of the Depositor's right,
title and interest in and to the Mortgage Loans pursuant to this Agreement shall
constitute a sale and not a pledge of security for a loan. If such conveyance is
deemed to be a pledge of security for a loan, however, the Depositor intends
that the rights and obligations of the parties to such loan shall be established
pursuant to the terms of this Agreement. The Depositor also intends and agrees
that, in such event, the Depositor shall be deemed to have granted to the
Trustee (in such capacity) a first priority security interest in the Depositor's
entire right, title and interest in and to the assets constituting the Trust
Fund.

            Section 11.08 Streit Act.

            Any provisions required to be contained in this Agreement by Section
126 of Article 4-A of the New York Real Property Law are hereby incorporated
herein, and such provisions shall be in addition to those conferred or imposed
by this Agreement; provided, however, that to the extent that such Section 126
shall not have any effect, and if said Section 126 should at any time be
repealed or cease to apply to this Agreement or be construed by judicial
decision to be inapplicable, said Section 126 shall cease to have any further
effect upon the provisions of this Agreement. In case of a conflict between the
provisions of this Agreement and any mandatory provisions of Article 4-A of the
New York Real Property Law, such mandatory provisions of said Article 4-A shall
prevail, provided that if said Article 4-A shall not apply to this Agreement,
should at any time be repealed or cease to apply to this Agreement or be
construed by judicial decision to be inapplicable, such mandatory provisions of
such Article 4-A shall cease to have any further effect upon the provisions of
this Agreement.

            Section 11.09 Successors and Assigns; Beneficiaries.

            The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders. This
Agreement may not be amended in any manner that would adversely affect the
rights of any third party beneficiary hereof without its consent. No other
person, including, without limitation, any Mortgagor, shall be entitled to any
benefit or equitable right, remedy or claim under this Agreement.

            Section 11.10 Article and Section Headings.

            The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

            Section 11.11 Notices to Rating Agencies.

            (a) The Trustee shall promptly provide notice to each Rating Agency
and the Controlling Class Representative with respect to each of the following
of which it has actual knowledge:

            (i) any material change or amendment to this Agreement;

            (ii) the occurrence of any Event of Default that has not been cured;

            (iii) the resignation or termination of the Trustee, the Master
      Servicer or the Special Servicer;

            (iv) the repurchase of Mortgage Loans by either of the Mortgage Loan
      Sellers pursuant to the Wachovia Mortgage Loan Purchase Agreement, the
      Citigroup Mortgage Loan Purchase Agreement, the Artesia Mortgage Loan
      Purchase Agreement or the Nomura Mortgage Loan Purchase Agreement;

            (v) any change in the location of the Distribution Account;

            (vi) the final payment to any Class of Certificateholders; and

            (vii) any sale or disposition of any Mortgage Loan or REO Property.

            (b) The Master Servicer shall promptly provide notice to each Rating
Agency with respect to each of the following of which it has actual knowledge:

            (i) the resignation or removal of the Trustee; and

            (ii) any change in the location of the Certificate Account.

            (c) The Special Servicer shall furnish each Rating Agency and the
Controlling Class Representative with respect to a non-performing or Defaulted
Mortgage Loan such information as the Rating Agency or Controlling Class
Representative shall reasonably request and which the Special Servicer can
reasonably provide in accordance with applicable law.

            (d) To the extent applicable, each of the Master Servicer and the
Special Servicer shall promptly furnish to each Rating Agency copies of the
following items:

            (i) each of its annual statements as to compliance described in
      Section 3.13;

            (ii) each of its annual independent public accountants' servicing
      reports described in Section 3.14;

            (iii) any Officers' Certificate delivered to the Trustee pursuant to
      Section 4.03(c) or 3.08; and

            (iv) each of the reports described in Section 3.12(a) and the
      statements and reports described in Sections 3.12(b), 3.12(c) and 3.12(d).

            (e) The Trustee shall (i) make available to each Rating Agency and
the Controlling Class Representative, upon reasonable notice, the items
described in Section 3.15(a) and (ii) promptly deliver to each Rating Agency and
the Controlling Class Representative a copy of any notices given pursuant to
Section 7.03(a) or Section 7.03(b).

            (f) Each of the Trustee, the Master Servicer and the Special
Servicer shall provide to each Rating Agency such other information with respect
to the Mortgage Loans and the Certificates, to the extent such party possesses
such information, as such Rating Agency shall reasonably request.

            (g) Notwithstanding any provision herein to the contrary each of the
Master Servicer, the Special Servicer or the Trustee shall deliver to any
Underwriter any report prepared by such party hereunder upon request.

            Section 11.12 Complete Agreement.

            This Agreement embodies the complete agreement among the parties and
may not be varied or terminated except by a written agreement conforming to the
provisions of Section 11.01. All prior negotiations or representations of the
parties are merged into this Agreement and shall have no force or effect unless
expressly stated herein.

<PAGE>

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

                                       WACHOVIA COMMERCIAL
                                          MORTGAGE SECURITIES, INC.,
                                          Depositor

                                       By:   /s/ William J. Cohane
                                          ------------------------------------
                                          Name:  William J. Cohane
                                          Title: Vice President

                                       WACHOVIA BANK, NATIONAL
                                          ASSOCIATION, Master
                                          Servicer

                                       By:   /s/ David F. Sisom
                                          ------------------------------------
                                          Name:  David F. Sisom
                                          Title: Vice President

                                       LENNAR PARTNERS, INC.,
                                          Special Servicer

                                       By:   /s/ Shelly L. Rubin
                                          ------------------------------------
                                          Name:  Shelly L. Rubin
                                          Title: Vice President

                                       WELLS FARGO BANK MINNESOTA,
                                          N.A.

                                       By:   /s/ Deborah Daniels
                                          ------------------------------------
                                          Name:  Deborah Daniels
                                          Title: Vice President

<PAGE>

                                   EXHIBIT A-1

                          FORM OF CLASS A-1 CERTIFICATE

             CLASS A-1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [___]% per annum      Class Principal Balance of the Class
                                         A-1 Certificates as of the Closing
                                         Date: $[_________]

Date of Pooling and Servicing Initial    Certificate Principal Balance
Agreement: as of [_______________]       of this Class A-1 Certificate as of
                                         the Closing Date: $[________________]

Closing Date: [_______________]          Aggregate Stated Principal Balance of
                                         the  Mortgage Loans as of the  Cut-Off
                                         Date: $[____________]

First Distribution Date:[___________]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [_____________]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [___________] OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN
INTEREST HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G,
CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE, THE CLASS A-1A CERTIFICATES AND THE CLASS A-2
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class A-1 Certificate (obtained by
dividing the principal amount of this Class A-1 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-1 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-1 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-1 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-1 Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-1 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class A-1 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Class A-1 Certificates are exchangeable for new Class A-1 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-1 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Class A-1 Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class A-1
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-1
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.
<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class A-1 Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-2

                          FORM OF CLASS A-2 CERTIFICATE

             CLASS A-2 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class
                                         A-1 Certificates as of the Closing
                                         Date: $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [____]                  of this Class A-1 Certificate as of
                                         the Closing Date: $[__]

Closing Date: [_____]                    Aggregate Stated Principal Balance of
                                         the  Mortgage Loans as of the  Cut-Off
                                         Date: $[__]

First Distribution Date:[____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION, OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G,
CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES AND THE CLASS A-1A
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class A-2 Certificate (obtained by
dividing the principal amount of this Class A-2 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-2 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-2 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-2 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-2 Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-2 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class A-2 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Class A-2 Certificates are exchangeable for new Class A-2 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-2 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Class A-2 Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class A-2
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-2
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated: [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class A-2 Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-3

                         FORM OF CLASS A-1A CERTIFICATE

            CLASS A-1A COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                   WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class
                                         A-1A Certificates as of the Closing
                                         Date: $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [____]                  of this Class A-1A Certificate as of
                                         the Closing Date: $[__]

Closing Date: [_____]                    Aggregate Stated Principal Balance of
                                         the  Mortgage Loans as of the  Cut-Off
                                         Date: $[__]

First Distribution Date:[____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G,
CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE, THE CLASS A-1 CERTIFICATES AND THE CLASS A-2
CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class A-1A Certificate (obtained by
dividing the principal amount of this Class A-1A Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-1A Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-1A Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class A-1A Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-1A Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class A-1A Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class A-1A Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Class A-1A Certificates are exchangeable for new Class A-1A Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-1A Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class A-1A Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class A-1A
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class A-1A Certificate without registration or qualification. Any Class A-1A
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class A-1A Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class A-1A Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
A-1A Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-1A
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class A-1A Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-4

                          FORM OF CLASS X-C CERTIFICATE

             CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                   WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]                  Aggregate Certificate  Notional Amount
                                         of all Class X-C Certificates as of
                                         the Closing Date: $[__]

Date of Pooling and Servicing            Certificate Notional Amount of this
Agreement:  as of [__]                   Class X-C Certificate as of the
                                         Closing Date: $[__]

Closing Date: [____]                     Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-C
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class X-C Certificate in that certain
beneficial ownership interest evidenced by all the Class X-C Certificates in the
Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
specified above (the "Agreement"), among Wachovia Commercial Mortgage
Securities, Inc. (herein called the "Depositor", which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-C Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-C Certificates for each Distribution Date is as provided in the
Agreement. All distributions made under the Agreement on the Class X-C
Certificates will be made by Wells Fargo Bank Minnesota, N.A., as paying agent
(the "Paying Agent"), by wire transfer of immediately available funds to the
account of the Person entitled thereto at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided
the Paying Agent with wiring instructions no less than five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a
standing order applicable to all subsequent distributions), or otherwise by
check mailed to the address of such Certificateholder as it appears in the
Certificate Register. Notwithstanding the foregoing, the final distribution on
this Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-C Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            The Class X-C Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Class X-C Certificates are exchangeable for new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class X-C Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class X-C
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class X-C Certificate without registration or qualification. Any Class X-C
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-C Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class X-C Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class X-C
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class X-C Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-5

                          FORM OF CLASS X-P CERTIFICATE

             CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]                  Aggregate Certificate Notional Amount
                                         of all Class X-P Certificates as of
                                         the Closing Date: $[__]

Date of Pooling and Servicing            Certificate Notional Amount of this
Agreement:  as of [__]                   Class  X-P Certificate as of the
                                         Closing Date: $[__]

Closing Date: [_____]                    Aggregate Stated Principal Balance of
                                         the  Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [_____]

Master Servicer:  Wachovia Bank,         Trustee:  Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer:  Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF INTEREST ONLY ON A NOTIONAL AMOUNT AS SET FORTH IN THE
AGREEMENT.

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

BECAUSE THE COMPONENTS COMPRISING THE NOTIONAL AMOUNT OF THE CLASS X-P
CERTIFICATES WILL BE REDUCED BY ANY DISTRIBUTIONS IN REDUCTION OF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CERTIFICATES RELATING TO SUCH COMPONENTS
AND BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND WHICH ARE
ALLOCATED TO SUCH CERTIFICATES RELATING TO SUCH COMPONENTS AS SET FORTH IN THE
AGREEMENT, THE OUTSTANDING NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class X-P Certificate in that certain
beneficial ownership interest evidenced by all the Class X-P Certificates in the
Trust Fund created pursuant to a Pooling and Servicing Agreement, dated as
specified above (the "Agreement"), among Wachovia Commercial Mortgage
Securities, Inc. (herein called the "Depositor", which term includes any
successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the respective meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class X-P Certificates on the applicable
Distribution Date pursuant to the Agreement. The Pass-Through Rate applicable to
the Class X-P Certificates for each Distribution Date will be as provided in the
Agreement. All distributions made under the Agreement on the Class X-P
Certificates will be made by Wells Fargo Bank Minnesota, N.A., as paying agent
(the "Paying Agent"), by wire transfer of immediately available funds to the
account of the Person entitled thereto at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided
the Paying Agent with wiring instructions no less than five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a
standing order applicable to all subsequent distributions), or otherwise by
check mailed to the address of such Certificateholder as it appears in the
Certificate Register. Notwithstanding the foregoing, the final distribution on
this Certificate will be made in like manner, but only upon presentation and
surrender of this Certificate at the offices of the Certificate Registrar or
such other location specified in the notice to the Holder hereof of such final
distribution.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class X-P Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            The Class X-P Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
X-P Certificates are exchangeable for new Class X-P Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class X-P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class X-P Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class X-P
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class X-P Certificate without registration or qualification. Any Class X-P
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class X-P Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class X-P Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class X-P
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class X-P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class X-P Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-6

                           FORM OF CLASS B CERTIFICATE

              CLASS B COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                   WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class B
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [__]                    of this Class B Certificate as of the
                                         Closing Date: $[__]

Closing Date: [____]                     Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES AND THE
CLASS X-P CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES AND THE CLASS A-1A CERTIFICATES OF THE SAME SERIES
ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE
CERTIFICATE PRINCIPAL BALANCE OF THE CLASS C, CLASS D, CLASS E, CLASS F, CLASS
G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES
EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class B Certificate (obtained by dividing
the principal amount of this Class B Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class B Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class B
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class B Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class B Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class B Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class B Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class B
Certificates are exchangeable for new Class B Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class B Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Class B Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class B
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class B
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class B Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-7

                           FORM OF CLASS C CERTIFICATE

              CLASS C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class C
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement:  as of [__]                   of this Class C Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,         Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer:  Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES AND THE CLASS B CERTIFICATES OF THE SAME SERIES TO THE EXTENT
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES AND THE CLASS B
CERTIFICATES OF THE SAME SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS D, CLASS
E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS
O AND CLASS P CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class C Certificate (obtained by dividing
the principal amount of this Class C Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class C Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class C
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class C Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class C Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class C Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class C Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class C
Certificates are exchangeable for new Class C Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class C Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Class C Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class C
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class C
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class C Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-8

                           FORM OF CLASS D CERTIFICATE

              CLASS D COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class D
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [__]                    of this Class D Certificate as of the
                                         Closing Date: $[__]

Closing Date:  [__]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES AND THE CLASS C CERTIFICATES OF THE
SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES AND THE CLASS C CERTIFICATES OF THE SAME SERIES ARE REDUCED TO
ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS E, CLASS F, CLASS G, CLASS H, CLASS J, CLASS K,
CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF THE SAME SERIES
IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class D Certificate (obtained by dividing
the principal amount of this Class D Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class D Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class D
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class D Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class D Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class D Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class D Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class D
Certificates are exchangeable for new Class D Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class D Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class D Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class D
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class D Certificate without registration or qualification. Any Class D
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class D Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class D Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class D
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, Special Servicer or
the Majority Subordinate Certificateholder at a price determined as provided in
the Agreement of all Mortgage Loans and each REO Property remaining in the Trust
Fund. The Agreement permits, but does not require, the Master Servicer, the
Special Servicer or the Majority Subordinate Certificateholder to purchase from
the Trust Fund all Mortgage Loans and each REO Property remaining therein. The
exercise of such right will effect early retirement of the Class D Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date
specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class D Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                   EXHIBIT A-9

                           FORM OF CLASS E CERTIFICATE

              CLASS E COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class E
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [____]                  of this Class E Certificate as of the
                                         Closing Date: $[__]

Closing Date: [____]                     Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES AND THE
CLASS D CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES AND THE CLASS D CERTIFICATES OF THE SAME
SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS F, CLASS G, CLASS H, CLASS
J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF THE
SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE
TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class E Certificate (obtained by dividing
the principal amount of this Class E Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class E Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class E
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class E Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class E Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class E Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class E Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class E
Certificates are exchangeable for new Class E Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class E Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class E Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class E
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class E Certificate without registration or qualification. Any Class E
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class E Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class E Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class E
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class E
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class E Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-10

                           FORM OF CLASS F CERTIFICATE

              CLASS F COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable              Class Principal Balance of the Class F
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [____]                  of this Class F Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated  Principal  Balance of
                                         the  Mortgage  Loans as of the  Cut-Off
                                         Date: $[__]

First Distribution Date: [____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, CLASS X-C CERTIFICATES, THE CLASS X-P
CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D
CERTIFICATES AND CLASS E CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C
CERTIFICATES, THE CLASS D CERTIFICATES AND THE CLASS E CERTIFICATES OF THE SAME
SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS G, CLASS H, CLASS J, CLASS
K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF THE SAME
SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE
MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class F Certificate (obtained by dividing
the principal amount of this Class F Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class F Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class F
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class F Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class F Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class F Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class F Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class F
Certificates are exchangeable for new Class F Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class F Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class F Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class F
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class F Certificate without registration or qualification. Any Class F
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class F Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class F Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class F
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class F
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class F Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-11

                           FORM OF CLASS G CERTIFICATE

              CLASS G COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable              Class Principal Balance of the Class G
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class G Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES AND THE CLASS F CERTIFICATES OF THE
SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES AND THE CLASS F CERTIFICATES OF THE SAME SERIES ARE REDUCED TO
ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS H, CLASS J, CLASS K, CLASS L, CLASS M, CLASS N,
CLASS O AND CLASS P CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class G Certificate (obtained by dividing
the principal amount of this Class G Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class G Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class G
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class G Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class G Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class G Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class G Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class G
Certificates are exchangeable for new Class G Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class G Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class G Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class G
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class G Certificate without registration or qualification. Any Class G
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class G Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class G Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class G
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class G
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class G Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-12

                           FORM OF CLASS H CERTIFICATE

              CLASS H COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable              Class Principal Balance of the Class H
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing Initial    Certificate Principal Balance
Agreement: as of [____]                  of this Class H Certificate as of the
                                         Closing Date: $[__]

Closing Date: [____]                     Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date[__]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES AND THE CLASS
G CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES AND THE CLASS G CERTIFICATES OF THE SAME
SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS J, CLASS K, CLASS L, CLASS
M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF THE SAME SERIES IS REDUCED TO
ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY
CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class H Certificate (obtained by dividing
the principal amount of this Class H Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class H Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class H
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class H Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class H Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class H Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class H Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class H
Certificates are exchangeable for new Class H Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class H Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class H Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class H
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class H Certificate without registration or qualification. Any Class H
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class H Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class H Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class H
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class H
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class H Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-13

                           FORM OF CLASS J CERTIFICATE

              CLASS J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class J
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class J Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [__]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, CERTIFICATES, THE CLASS F
CERTIFICATES, THE CLASS G CERTIFICATES AND THE CLASS H CERTIFICATES OF THE SAME
SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES AND THE CLASS H
CERTIFICATES OF THE SAME SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS K, CLASS
L, CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF THE SAME SERIES IS
REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY,
THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class J Certificate (obtained by dividing
the principal amount of this Class J Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class J Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class J
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class J Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class J Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class J Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class J Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class J
Certificates are exchangeable for new Class J Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class J Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class J Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class J
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class J Certificate without registration or qualification. Any Class J
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class J Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class J Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class J
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class J
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class J Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-14

                           FORM OF CLASS K CERTIFICATE

              CLASS K COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class K
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class K Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the  Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES AND THE CLASS J CERTIFICATES OF THE SAME
SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE, OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H
CERTIFICATES AND THE CLASS J CERTIFICATES OF THE SAME SERIES ARE REDUCED TO
ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE AGGREGATE CERTIFICATE
PRINCIPAL BALANCE OF THE CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P
CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL
BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES
EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class K Certificate (obtained by dividing
the principal amount of this Class K Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class K Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class K
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class K Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class K Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class K Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class K Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class K
Certificates are exchangeable for new Class K Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class K Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class K Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class K
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class K Certificate without registration or qualification. Any Class K
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class K Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class K Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class K
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class K
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class K Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-15

                           FORM OF CLASS L CERTIFICATE

              CLASS L COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class L
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class L Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated  Principal  Balance of
                                         the  Mortgage  Loans as of the  Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES AND THE CLASS K
CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H
CERTIFICATES, THE CLASS J CERTIFICATES AND THE CLASS K CERTIFICATES OF THE SAME
SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS M, CLASS N, CLASS O AND
CLASS P CERTIFICATES OF THE SAME SERIES IS REDUCED TO ZERO, THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL
BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class L Certificate (obtained by dividing
the principal amount of this Class L Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class L Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class L
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class L Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class L Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class L Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class L Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class L
Certificates are exchangeable for new Class L Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class L Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class L Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class L
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class L Certificate without registration or qualification. Any Class L
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class L Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class L Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class L
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class L
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class L Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-16

                           FORM OF CLASS M CERTIFICATE

              CLASS M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                                  WACHOVIA BANK
                            COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class M
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class M Certificate as of the
                                         Closing Date: $[__]

Closing Date: [____]                     Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
AND THE CLASS L CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H
CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES AND THE CLASS L
CERTIFICATES OF THE SAME SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF THE CLASS N, CLASS O
AND CLASS P CERTIFICATES IS REDUCED TO ZERO, THE CERTIFICATE PRINCIPAL BALANCE
OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY
THE TRUST FUND AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class M Certificate (obtained by dividing
the principal amount of this Class M Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class M Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class M
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class M Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class M Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class M Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class M Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class M
Certificates are exchangeable for new Class M Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class M Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class M Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class M
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class M Certificate without registration or qualification. Any Class M
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class M Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class M Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class M
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class M
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class M Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-17

                           FORM OF CLASS N CERTIFICATE

              CLASS N COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal  Balance of the Class N
                                         Certificates  as of the  Closing  Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class N Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES AND THE CLASS M CERTIFICATES OF THE SAME
SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H
CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L
CERTIFICATES AND THE CLASS M CERTIFICATES OF THE SAME SERIES ARE REDUCED TO
ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS
CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN. IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCE OF
THE CLASS O CERTIFICATES AND THE CLASS P CERTIFICATES IS REDUCED TO ZERO, THE
CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class N Certificate (obtained by dividing
the principal amount of this Class N Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class N Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class N
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class N Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class N Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class N Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class N Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class N
Certificates are exchangeable for new Class N Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class N Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class N Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class N
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class N Certificate without registration or qualification. Any Class N
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class N Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class N Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class N
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class N
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class N Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-18

                           FORM OF CLASS O CERTIFICATE

              CLASS O COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                   WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: [__]% per annum       Class Principal Balance of the Class O
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class O Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the  Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [__]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS N
CERTIFICATES OF THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H
CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L
CERTIFICATES, THE CLASS M CERTIFICATES AND THE CLASS N CERTIFICATES OF THE SAME
SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION OF THE CERTIFICATE
PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN ADDITION, IF THE
CERTIFICATE PRINCIPAL BALANCE OF THE CLASS P CERTIFICATES IS REDUCED TO ZERO,
THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED BY CERTAIN
LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class O Certificate (obtained by dividing
the principal amount of this Class O Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class O Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class O
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class O Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class O Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class O Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class O Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class O
Certificates are exchangeable for new Class O Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class O Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class O Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class O
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class O Certificate without registration or qualification. Any Class O
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class O Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class O Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class O
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class O
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class O Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-19

                           FORM OF CLASS P CERTIFICATE

              CLASS P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Pass-Through Rate: Variable              Class Principal Balance of the Class P
                                         Certificates as of the Closing Date:
                                         $[__]

Date of Pooling and Servicing            Initial Certificate Principal Balance
Agreement: as of [___]                   of this Class P Certificate as of the
                                         Closing Date: $[__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [__]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1                        CUSIP No. [__]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE MASTER SERVICER, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [________] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [________] OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [________], HAS AN INTEREST
HEREIN.]

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1 CERTIFICATES, THE CLASS A-2
CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS X-C CERTIFICATES, THE CLASS
X-P CERTIFICATES, THE CLASS B CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS
D CERTIFICATES, THE CLASS E CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G
CERTIFICATES, THE CLASS H CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K
CERTIFICATES, THE CLASS L CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N
CERTIFICATES AND THE CLASS O CERTIFICATES OF THE SAME SERIES TO THE EXTENT
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY
GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS
FOR, EXEMPTIVE RELIEF UNDER SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60. EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE, DEEMED) TO HAVE
CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT
TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

IF THE AGGREGATE CERTIFICATE PRINCIPAL BALANCES OF THE CLASS A-1 CERTIFICATES,
THE CLASS A-2 CERTIFICATES, THE CLASS A-1A CERTIFICATES, THE CLASS B
CERTIFICATES, THE CLASS C CERTIFICATES, THE CLASS D CERTIFICATES, THE CLASS E
CERTIFICATES, THE CLASS F CERTIFICATES, THE CLASS G CERTIFICATES, THE CLASS H
CERTIFICATES, THE CLASS J CERTIFICATES, THE CLASS K CERTIFICATES, THE CLASS L
CERTIFICATES, THE CLASS M CERTIFICATES, THE CLASS N CERTIFICATES AND THE CLASS O
CERTIFICATES OF THE SAME SERIES ARE REDUCED TO ZERO, DISTRIBUTIONS IN REDUCTION
OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE MADE MONTHLY AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. IN
ADDITION, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE REDUCED
BY CERTAIN LOSSES AND EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ABOVE.

            This certifies that [________] is the registered owner of the
Percentage Interest evidenced by this Class P Certificate (obtained by dividing
the principal amount of this Class P Certificate (its "Certificate Principal
Balance") as of the Closing Date by the aggregate principal amount of all the
Class P Certificates (their "Class Principal Balance") as of the Closing Date)
in that certain beneficial ownership interest evidenced by all the Class P
Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class P Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class P Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate (determined without regard
to any possible future reimbursement of any Realized Loss or Additional Trust
Fund Expense previously allocated to this Certificate) will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appears in the Certificate Register or to any
such other address of which the Paying Agent is subsequently notified in
writing.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            Interest accrued on this Certificate during an Interest Accrual
Period, plus any unpaid interest shortfall with respect to this Certificate for
any prior Distribution Date, if any, will be payable on the related Distribution
Date to the extent provided in the Agreement. The "Interest Accrual Period" with
respect to any Distribution Date and with respect to the Class P Certificates is
the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class P Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, Class P
Certificates are exchangeable for new Class P Certificates in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class P Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class P Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class P
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class P Certificate without registration or qualification. Any Class P
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class P Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class P Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class P
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class P
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class P Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-20

                          FORM OF CLASS R-I CERTIFICATE

             CLASS R-I COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Date of Pooling and Servicing            Percentage Interest evidenced by this
Agreement: as of [__]                    Class R-I Certificate: [__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [____]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS A-1A, CLASS
X-C, CLASS X-P, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H,
CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF
THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS
CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE,
DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.

            This certifies that [______________________] is the registered owner
of the Percentage Interest evidenced by this Class R-I Certificate (as specified
above) in that certain beneficial ownership interest evidenced by all the Class
R-I Certificates in the Trust Fund created pursuant to a Pooling and Servicing
Agreement, dated as specified above (the "Agreement"), among Wachovia Commercial
Mortgage Securities, Inc. (herein called the "Depositor", which term includes
any successor entity under the Agreement), Wachovia Bank, National Association
(herein called the "Master Servicer", which term includes any successor entity
under the Agreement), Lennar Partners, Inc. (herein called the "Special
Servicer", which term includes any successor entity under the Agreement) and
Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee", which term
includes any successor entity under the Agreement), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the respective meanings assigned
in the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount, if any,
required to be distributed to the Holders of the Class R-I Certificates on the
applicable Distribution Date pursuant to the Agreement. All distributions made
under the Agreement on this Class R-I Certificate will be made by check mailed
to the address of the Person entitled thereto, as such name and address appear
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to Certificateholders
of such final distribution.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            The Class R-I Certificates are issuable in fully registered form
only without coupons in minimum denominations representing Percentage Interests
specified in the Agreement. As provided in the Agreement and subject to certain
limitations therein set forth, Class R-I Certificates are exchangeable for new
Class R-I Certificates in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class R-I Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class R-I Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If a transfer of any R-I Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance thereof or the initial transfer thereof by the
Depositor, the Underwriters or their affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Certificate Registrar to the
effect that such transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Paying Agent or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such transfer from the Certificateholder desiring to effect such transfer and/or
such Certificateholder's prospective transferee on which such Opinion of Counsel
is based. None of the Depositor, the Trustee, Paying Agent or the Certificate
Registrar is obligated to register or qualify the Class R-I Certificates under
the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class R-I
Certificate without registration or qualification. Any Class R-I
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class R-I Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No transfer of this Class R-I Certificate or any interest therein
shall be made to (A) a Plan or (B) any Person who is directly or indirectly
purchasing the Class R-I Certificate or interest therein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan (including, without
limitation, any insurance company using assets in its general or separate
account that may constitute assets of a Plan). As a condition to its
registration of transfer of this Class R-I Certificate, the Certificate
Registrar shall have the right to require the prospective transferee of such
Certificate, if it is not a Plan or Person described in clause (B) of the
preceding sentence, to execute a certification to that effect substantially in
the form of Exhibit H to the Agreement.

            This Certificate represents an interest in the "residual interest"
in REMIC I as defined in the Agreement. Each Person who has or who acquires any
Ownership Interest in this Certificate shall be deemed by the acceptance or
acquisition of such Ownership Interest to have agreed to be bound by the
provisions of Section 5.02(d) of the Agreement and, if any purported Transferee
shall become a Holder of this Certificate in violation of the provisions of such
Section 5.02(d), to have irrevocably authorized Wells Fargo Bank Minnesota,
N.A., as Paying Agent (the "Paying Agent"), under clause (ii)(A) of such Section
5.02(d) to deliver payments to a Person other than such Person and to have
irrevocably authorized the Certificate Registrar under clause (ii)(B) of such
Section 5.02(d) to negotiate the terms of any mandatory sale and to execute all
instruments of Transfer and to do all other things necessary in connection with
any such sale. Each Person holding or acquiring any Ownership Interest in this
Certificate must be a Permitted Transferee and shall promptly notify the Master
Servicer, the Paying Agent and the Certificate Registrar of any change or
impending change in its status as a Permitted Transferee. In connection with any
proposed Transfer of any Ownership Interest in this Certificate, the Certificate
Registrar shall require delivery to it, and shall not register the Transfer of
this Certificate until its receipt of, an affidavit and agreement substantially
in the form attached as Exhibit I-1 to the Agreement (a "Transfer Affidavit and
Agreement") from the proposed Transferee, in form and substance satisfactory to
the Certificate Registrar, representing and warranting, among other things, that
such Transferee is a Permitted Transferee, that it is not acquiring its
Ownership Interest in this Certificate as a nominee, trustee or agent for any
Person that is not a Permitted Transferee, that for so long as it retains its
Ownership Interest in this Certificate, it will endeavor to remain a Permitted
Transferee, and that it has reviewed the provisions of Section 5.02(d) of the
Agreement and agrees to be bound by them. Notwithstanding the delivery of a
Transfer Affidavit and Agreement by a proposed Transferee, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
in this Certificate to such proposed Transferee shall be effected. The proposed
Transferor must also state in the Transfer Affidavit and Agreement that (A) it
has historically paid its debts as they have come due and intends to continue to
pay its debts as they come due in the future, (B) it understands that it may
incur tax liabilities with respect to this certificate in excess of cash flows
generated thereby, (C) it intends to pay any taxes associated with holding this
certificate as they become due, (D) it will not cause income from this
certificate to be attributable to a foreign permanent establishment or fixed
base (within the meaning of an applicable income tax treaty) of its own or of
any other person and (E) it will not transfer this certificate to any person or
entity that does not provide a similar affidavit. Any purported transfer to a
disqualified organization or other person that is not a permitted transferee or
otherwise in violation of these restrictions shall be absolutely null and void
and shall vest no rights in any purported transferee. If this certificate
represents a "non-economic residual interest", as defined in Treasury
Regulations Section 1.860E-1(c), transfers of this certificate may be
disregarded for federal income tax purposes. In order to satisfy a regulatory
safe harbor under which such transfers will not be disregarded, the transferor
may be required, among other things, to satisfy itself as to the financial
condition of the proposed transferee and either to transfer at a minimum price
or to an eligible transferee as specified in regulations.

            Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to transfer its Ownership Interest
herein and (y) not to transfer its Ownership Interest unless it provides to the
Certificate Registrar a certificate substantially in the form attached as
Exhibit I-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Master Servicer and the
Trustee written notice that it is a "pass-through interest holder" within the
meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A) immediately
upon acquiring such Ownership Interest, if it is, or is holding such Ownership
Interest on behalf of, a "pass-through interest holder".

            The provisions of Section 5.02(d) of the Agreement may be modified,
added to or eliminated, provided that there shall have been delivered to the
Certificate Registrar and the Master Servicer the following: (a) written
confirmation from each Rating Agency to the effect that the modification of,
addition to or elimination of such provisions will not cause such Rating Agency
to qualify, downgrade or withdraw its then-current ratings of any Class of
Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory
to the Certificate Registrar and the Master Servicer, obtained at the expense of
the party seeking such modification of, addition to or elimination of such
provisions (but in no event at the expense of the Trust Fund), to the effect
that such modification of, addition to or elimination of such provisions will
not cause the Trust Fund to (x) cease to qualify as two REMICs or (y) be subject
to an entity-level tax caused by the transfer of this Class R-I Certificate to a
Person which is not a Permitted Transferee, or cause a Person other than the
prospective Transferee to be subject to a REMIC-related tax caused by the
transfer of this Class R-I Certificate to a Person which is not a Permitted
Transferee.

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

            A "Non-United States Person" is any Person (i) other than a United
States Person or (ii) who is a United States Person with respect to whom income
on this Certificate is allocable to a foreign permanent establishment or fixed
base (within the meaning of an applicable income tax treaty) of such Person or
any other United States Person. A "United States Person" is a citizen or
resident of the United States, a corporation or partnership (including an entity
treated as a corporation or partnership for federal income tax purposes) created
or organized in, or under the laws of the United States, any State thereof or
the District of Columbia unless in the case of a partnership, Treasury
Regulations are adopted that provide otherwise, an estate whose income is
includable in gross income for United States federal income tax purposes
regardless of its source, or a trust if a court within the United States is able
to exercise primary supervision over the administration of the trust and one or
more United States Persons have the authority to control all substantial
decisions of the trust, all within the meaning of Section 7701(a) (30) of the
Code.

            No service charge will be imposed for any registration of transfer
or exchange of Class R-I Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class R-I
Certificates.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date
specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class R-I Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-21

                         FORM OF CLASS R-II CERTIFICATE

            CLASS R-II COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Date of Pooling and Servicing            Percentage Interest evidenced by this
Agreement:  as of [__]                   Class R-II Certificate: [__]

Closing Date: [___]                      Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS SUBORDINATE TO THE CLASS A-1, CLASS A-2, CLASS A-1A, CLASS
X-C, CLASS X-P, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F, CLASS G, CLASS H,
CLASS J, CLASS K, CLASS L, CLASS M, CLASS N, CLASS O AND CLASS P CERTIFICATES OF
THE SAME SERIES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS
CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE,
DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX
RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.

            This certifies that [__________________________] is the registered
owner of the Percentage Interest evidenced by this Class R-II Certificate (as
specified above) in that certain beneficial ownership interest evidenced by all
the Class R-II Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount, if any,
required to be distributed to the Holders of the Class R-II Certificates on the
applicable Distribution Date pursuant to the Agreement. All distributions made
under the Agreement on this Class R-II Certificate will be made by check mailed
to the address of the Person entitled thereto, as such name and address appear
in the Certificate Register. Notwithstanding the foregoing, the final
distribution on this Certificate will be made in like manner, but only upon
presentation and surrender of this Certificate at the offices of the Certificate
Registrar or such other location specified in the notice to Certificateholders
of such final distribution.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans and REO Loans, all as
more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Certificate Account, the Distribution Account
and, if established, the REO Account may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of Advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such Advances and expenses.

            The Class R-II Certificates are issuable in fully registered form
only without coupons in minimum denominations representing Percentage Interests
specified in the Agreement. As provided in the Agreement and subject to certain
limitations therein set forth, Class R-II Certificates are exchangeable for new
Class R-II Certificates in authorized denominations evidencing the same
aggregate Percentage Interest, as requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class R-II Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class R-II Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If a transfer of any R-II Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance thereof or the initial transfer thereof by the
Depositor, the Underwriters or their affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Certificate Registrar to the
effect that such transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Paying Agent or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such transfer from the Certificateholder desiring to effect such transfer and/or
such Certificateholder's prospective transferee on which such Opinion of Counsel
is based. None of the Depositor, the Trustee, Paying Agent or the Certificate
Registrar is obligated to register or qualify the Class R-II Certificates under
the Securities Act or any other securities law or to take any action not
otherwise required under the Agreement to permit the transfer of any Class R-II
Certificate without registration or qualification. Any Class R-II
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class R-II Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No transfer of this Class R-II Certificate or any interest therein
shall be made to (A) a Plan or (B) any Person who is directly or indirectly
purchasing the Class R-II Certificate or interest therein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan (including, without
limitation, any insurance company using assets in its general or separate
account that may constitute assets of a Plan). As a condition to its
registration of transfer of this Class R-II Certificate, the Certificate
Registrar shall have the right to require the prospective transferee of such
Certificate, if it is not a Plan or Person described in clause (B) of the
preceding sentence, to execute a certification to that effect substantially in
the form of Exhibit H to the Agreement.

            This Certificate represents the "residual interest" in REMIC II, as
defined in the Agreement. Each Person who has or who acquires any Ownership
Interest in this Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the provisions of Section
5.02(d) of the Agreement and, if any purported Transferee shall become a Holder
of this Certificate in violation of the provisions of such Section 5.02(d), to
have irrevocably authorized Wells Fargo Bank Minnesota, N.A., as Paying Agent
(the "Paying Agent"), under clause (ii)(A) of such Section 5.02(d) to deliver
payments to a Person other than such Person and to have irrevocably authorized
the Certificate Registrar under clause (ii)(B) of such Section 5.02(d) to
negotiate the terms of any mandatory sale and to execute all instruments of
Transfer and to do all other things necessary in connection with any such sale.
Each Person holding or acquiring any Ownership Interest in this Certificate must
be a Permitted Transferee and shall promptly notify the Master Servicer, the
Paying Agent and the Certificate Registrar of any change or impending change in
its status as a Permitted Transferee. In connection with any proposed Transfer
of any Ownership Interest in this Certificate, the Certificate Registrar shall
require delivery to it, and shall not register the Transfer of this Certificate
until its receipt of, an affidavit and agreement substantially in the form
attached as Exhibit I-1 to the Agreement (a "Transfer Affidavit and Agreement")
from the proposed Transferee, in form and substance satisfactory to the
Certificate Registrar, representing and warranting, among other things, that
such Transferee is a Permitted Transferee, that it is not acquiring its
Ownership Interest in this Certificate as a nominee, trustee or agent for any
Person that is not a Permitted Transferee, that for so long as it retains its
Ownership Interest in this Certificate, it will endeavor to remain a Permitted
Transferee, and that it has reviewed the provisions of Section 5.02(d) of the
Agreement and agrees to be bound by them. Notwithstanding the delivery of a
Transfer Affidavit and Agreement by a proposed Transferee, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
in this Certificate to such proposed Transferee shall be effected. The proposed
Transferor must also state in the Transfer Affidavit and Agreement that (A) it
has historically paid its debts as they have come due and intends to continue to
pay its debts as they come due in the future, (B) it understands that it may
incur tax liabilities with respect to this certificate in excess of cash flows
generated thereby, (C) it intends to pay any taxes associated with holding this
certificate as they become due, (D) it will not cause income from this
certificate to be attributable to a foreign permanent establishment or fixed
base (within the meaning of an applicable income tax treaty) of its own or of
any other person and (E) it will not transfer this certificate to any person or
entity that does not provide a similar affidavit. Any purported transfer to a
disqualified organization or other person that is not a permitted transferee or
otherwise in violation of these restrictions shall be absolutely null and void
and shall vest no rights in any purported transferee. If this certificate
represents a "non-economic residual interest", as defined in Treasury
Regulations Section 1.860E-1(c), transfers of this certificate may be
disregarded for federal income tax purposes. In order to satisfy a regulatory
safe harbor under which such transfers will not be disregarded, the transferor
may be required, among other things, to satisfy itself as to the financial
condition of the proposed transferee and either to transfer at a minimum price
or to an eligible transferee as specified in regulations.

            Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to transfer its Ownership Interest
herein and (y) not to transfer its Ownership Interest unless it provides to the
Certificate Registrar a certificate substantially in the form attached as
Exhibit I-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Master Servicer and the
Trustee written notice that it is a "pass-through interest holder" within the
meaning of temporary Treasury Regulation Section 1.67-3T(a)(2)(i)(A) immediately
upon acquiring such Ownership Interest, if it is, or is holding such Ownership
Interest on behalf of, a "pass-through interest holder".

            The provisions of Section 5.02(d) of the Agreement may be modified,
added to or eliminated, provided that there shall have been delivered to the
Certificate Registrar and the Master Servicer the following: (a) written
confirmation from each Rating Agency to the effect that the modification of,
addition to or elimination of such provisions will not cause such Rating Agency
to qualify, downgrade or withdraw its then-current ratings of any Class of
Certificates; and (b) an Opinion of Counsel, in form and substance satisfactory
to the Certificate Registrar and the Master Servicer, obtained at the expense of
the party seeking such modification of, addition to or elimination of such
provisions (but in no event at the expense of the Trust Fund), to the effect
that such modification of, addition to or elimination of such provisions will
not cause the Trust Fund to (x) cease to qualify as two REMICs or (y) be subject
to an entity-level tax caused by the Transfer of any Class R-II Certificate to a
Person which is not a Permitted Transferee, or cause a Person other than the
prospective Transferee to be subject to a REMIC-related tax caused by the
transfer of this Class R-II Certificate to a Person which is not a Permitted
Transferee.

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

            A "Non-United States Person" is any Person (i) other than a United
States Person or (ii) who is a United States Person with respect to whom income
on this Certificate is allocable to a foreign permanent establishment or fixed
base (within the meaning of an applicable income tax treaty) of such Person or
any other United States Person. A "United States Person" is a citizen or
resident of the United States, a corporation or partnership (including an entity
treated as a corporation or partnership for federal income tax purposes) created
or organized in, or under the laws of the United States, any State thereof or
the District of Columbia unless in the case of a partnership, Treasury
Regulations are adopted that provide otherwise, an estate whose income is
includable in gross income for United States federal income tax purposes
regardless of its source, or a trust if a court within the United States is able
to exercise primary supervision over the administration of the trust and one or
more United States Persons have the authority to control all substantial
decisions of the trust, all within the meaning of Section 7701(a) (30) of the
Code.

            No service charge will be imposed for any registration of transfer
or exchange of Class R-II Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Class
R-II Certificates.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Certificates;
however, such right to purchase is subject to the aggregate Stated Principal
Balance of the Mortgage Pool at the time of purchase being less than 1% of the
aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date
specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class R-II Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                  EXHIBIT A-22

                           FORM OF CLASS Z CERTIFICATE

              CLASS Z COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C5

evidencing a beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a pool of multifamily and commercial mortgage loans (the
"Mortgage Loans"), such pool being formed and sold by

                     WACHOVIA BANK COMMERCIAL MORTGAGE TRUST

Date of Pooling and Servicing            Percentage Interest evidenced by this
Agreement: as of [___]                   Class Z Certificate: [__]

Closing Date [__]                        Aggregate Stated Principal Balance of
                                         the Mortgage Loans as of the Cut-Off
                                         Date: $[__]

First Distribution Date: [___]

Master Servicer: Wachovia Bank,          Trustee: Wells Fargo Bank Minnesota,
National Association                     N.A.

Special Servicer: Lennar Partners, Inc.

Certificate No. 1

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT
ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL, BUT IS ENTITLED TO
RECEIVE DISTRIBUTIONS OF ADDITIONAL INTEREST AS SET FORTH IN THE AGREEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., WELLS FARGO BANK MINNESOTA, N.A., WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR
INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER PERSON.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933 (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR
QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I ERISA OR A "PLAN" DESCRIBED BY
SECTION 4975(E)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY
ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S
INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS
CERTIFICATE SHALL BE REQUIRED (OR, IN THE CASE OF A BOOK-ENTRY CERTIFICATE,
DEEMED) TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

            This certifies that [__________________________] is the registered
owner of the Percentage Interest evidenced by this Class Z Certificate (as
specified above) in that certain beneficial ownership interest evidenced by all
the Class Z Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), Lennar Partners, Inc. (herein called the
"Special Servicer", which term includes any successor entity under the
Agreement) and Wells Fargo Bank Minnesota, N.A. (herein called the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

            Pursuant to the terms of the Agreement, distributions will be made
on the 15th day of each month or, if such 15th day is not a Business Day, the
Business Day immediately following (each, a "Distribution Date"). With respect
to each Distribution Date, the Determination Date is the fourth Business Day
prior to such Distribution Date (each, a "Determination Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed to the Holders of the Class Z Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class Z Certificates will be made by Wells Fargo Bank
Minnesota, N.A., as paying agent (the "Paying Agent"), by wire transfer of
immediately available funds to the account of the Person entitled thereto at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided the Paying Agent with wiring instructions
no less than five Business Days prior to the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
distributions), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. Notwithstanding the
foregoing, the final distribution on this Certificate will be made in like
manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to the Holder hereof of such final distribution.

            The Certificates are limited in right of distribution to certain
collections and recoveries of Additional Interest payable on Wachovia Mortgage
Loans, all as more specifically set forth herein and in the Agreement.

            The Class Z Certificates are issuable in fully registered form only
without coupons in minimum denominations representing Percentage Interests
specified in the Agreement. As provided in the Agreement and subject to certain
limitations therein set forth, Class Z Certificates are exchangeable for new
Class Z Certificates in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

            Any distribution to the Holder of this Certificate is binding on
such Holder and all future Holders of this Certificate and any Certificate
issued upon the transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such distribution is made upon this Certificate.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class Z Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No transfer of any Class Z Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification. If such a transfer is to be made without
registration under the Securities Act (other than in connection with the initial
issuance thereof or the initial transfer thereof by the Depositor, the
Underwriters or their respective affiliates), then the Certificate Registrar
shall refuse to register such transfer unless it receives either: (i) a
certificate from the Certificateholder desiring to effect such transfer
substantially in the form attached as Exhibit G-1 to the Agreement, and a
certificate from such Certificateholder's prospective transferee substantially
in the form attached as either Exhibit G-2 or Exhibit G-3 to the Agreement; or
(ii) an Opinion of Counsel reasonably satisfactory to the Certificate Registrar
to the effect that such transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Paying Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such transfer from the Certificateholder desiring to effect such
transfer and/or such Certificateholder's prospective transferee on which such
Opinion of Counsel is based. None of the Depositor, the Trustee, Paying Agent or
the Certificate Registrar is obligated to register or qualify the Class Z
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under the Agreement to permit the transfer of any
Class Z Certificate without registration or qualification. Any Class Z
Certificateholder desiring to effect such a transfer shall, and by the
acceptance of its Class Z Certificate agrees to, indemnify the Trustee, the
Certificate Registrar, the Paying Agent and the Depositor against any liability
that may result if the transfer is not so exempt or is not made in accordance
with such federal and state laws.

            No service charge will be imposed for any registration of transfer
or exchange of Class Z Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class Z
Certificates.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class Z
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates for all of the Mortgage Loans and each REO
Property remaining in the Trust Fund may be made: (i) if the then outstanding
Certificates are held by a single Certificateholder and (ii) the Class A-1,
Class A-2, Class A-1A, Class B and Class C Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and a grantor trust, without the consent of
the Holders of any of the Certificates.

            Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Fund (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

<PAGE>

            IN WITNESS WHEREOF, the Certificate Registrar has caused this
Certificate to be duly executed.

Dated:  [DATE]

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Certificate Registrar

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class Z Certificates referred to in the
within-mentioned Agreement.

                                       WELLS FARGO BANK MINNESOTA, N.A., as
                                          Authenticating Agent

                                       By:____________________________________
                                          Authorized Representative

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto ________________________________________________________
(please print or typewrite name and address including postal zip code of
assignee) the beneficial ownership interest in the Trust Fund evidenced by the
within Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to assignee on the Certificate
Register of the Trust Fund.

            I (we) further direct the Certificate Registrar to issue a new
Commercial Mortgage Pass-Through Certificate of a like Percentage Interest and
Class to the above named assignee and deliver such Commercial Mortgage
Pass-Through Certificate to the following address:
__________________________________________________.

Dated:  _________________________

                                     -------------------------------------------
                                        Signature by or on behalf of Assignor

                                     -------------------------------------------
                                                Signature Guaranteed

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

            The Assignee should include the following for purposes of
distribution:

            Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to _____________________________ for
the account of _______________.

            Distributions made by check (such check to be made payable to
_____________________) and all applicable statements and notices should be
mailed to _________________________.

            This information is provided by ________________________________,
the Assignee named above, or ____________________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
 Mortgage Loan Number     Loan Group Number       Property Name              Address                   City                  State
-----------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>            <C>                    <C>                       <C>                            <C>
           1                      1           Lloyd Center            2201 Lloyd Center        Portland                       OR
           2                      1           One South Broad         One South Broad Street   Philadelphia                   PA
                                              Street
           3                      1           673 First Avenue        673 First Avenue         New York                       NY
           4                      2           Hamilton House          1255 New Hampshire       Washington                     DC
                                              Apartments              Avenue, NW
           5                      1           Irongate Apartments     3301 Arena Boulevard     Sacramento                     CA
           6                      1           Columbiana Station      234, 238, 240, 242,      Columbia                       SC
                                              Shopping Center         244, 246, 301
                                                                      Harbinson Boulevard
                                                                      and 1005, 1007, 1009,
                                                                      1110, 1120, 1230,
                                                                      1260 Bower Parkway
           7                      1           16 West 61st Street     16 West 61st Street      New York                       NY
           8                      2           Arrowhead Highlands     5901 West Behrend        Glendale                       AZ
                                              Apartments              Drive
           9                      1           AmCap - Union &         12031 - 12097 West       Lakewood                       CO
                                              Alameda                 Alameda Parkway
          10                      2           Plaza Gardens South     7100 West 141st Street   Overland Park                  KS
                                              Apartments
          11                      1           2175 K Street, N.W.     2175 K Street, N.W.      Washington DC                  DC
          12                      1           90 & 110 South          90-110 South Bedford     Mount Kisco                    NY
                                              Bedford Road            Road
          13                      1           Maryland Corporate      7401 & 7501 Forbes       Lanham                         MD
                                              Center                  Boulevard, 7375 &
                                                                      7404  Executive Place
          14                      1           Village on the Hill     9 School Street          Framingham                     MA
          15                      1           Anthem Village          2501-2591 Anthem         Henderson                      NV
                                                                      Village Drive
          16                      1           Riviera Plaza           1618 Southwest First     Portland                       OR
                                                                      Avenue
          17                      1           Georgetown Plaza        2233 Wisconsin Avenue    Washington                     DC
                                                                      Northwest
          18                      1           College Grove           3412 College Avenue      San Diego                      CA
                                              Shopping Center
          19                      1           Shoppes of Parkland     5901-5993 Hillsboro      Parkland                       FL
                                                                      Boulevard and
                                                                      7011-7171 North State
                                                                      Road 7
          20                      1           Lowell Street           205 & 207 Lowell         Wilmington                     MA
                                                                      Street
          21                      1           The Lassiter at         4401 Six Forks Road      Raleigh                        NC
                                              North Hills Shopping
                                              Center
          22                      2           Archstone Southpoint    1800 Southpoint          Durham                         NC
                                              Apartments              Crossing Drive
          23                      1           WOW - Chippewa &        Various                  Various                        WI
                                              Hobart
         23.1                                 WOW-Chippewa Falls      2521 & 2621 Olson        Chippewa Falls                 WI
                                                                      Drive
         23.2                                 WOW-Hobart              1120 O'Hare Boulevard    Hobart                         WI
          24                      1           Kearny Mesa             3750 & 3760 Convoy       San Diego                      CA
                                              Crossroads              Street
          25                      1           Point Plaza East        290, 310, & 322          Tumwater                       WA
                                              4-5-6                   Israel Road SE
          26                      2           Valley Stream           110 Valley Stream        Christiana                     DE
                                              Village I Apartments    Drive
          27                      1           Beacon Station          10350 NW 112th Avenue    Miami                          FL
                                              Business Park
          28                      1           Gardens Towne Square    4200 Northlake           Palm Beach Gardens             FL
                                                                      Boulevard
          29                      2           Forest Cove             2401 Repsdorph Road      Seabrook                       TX
                                              Apartments
          30                      1           Rio Vista Building      8885 Rio San Diego       San Diego                      CA
                                                                      Drive
          31                      2           Rio Nueces Apartments   600 West 26th Street     Austin                         TX
          32                      2           Bermuda Villas          7325 South West 82nd     Miami                          FL
                                              Apartments              Street
          33                      1           8989 Rio Vista Plaza    8989 Rio San Diego       San Diego                      CA
                                                                      Drive
          34                      1           Tapo Plaza              2196- 2358 Tapo Street   Simi Valley                    CA
          35                      1           Market Place            1-26 Plaza Drive         Fairview Heights               IL
                                              Shopping Center
          36                      1           Creekside Place         23500-23600 Valencia     Valencia                       CA
                                              Shopping Center         Boulevard
          37                      1           Village Shoppes of      5900 Spout Springs       Flowery Branch                 GA
                                              Flowery Branch          Road
          38                      1           Hilton Norfolk          1500 North Military      Norfolk                        VA
                                              Airport                 Highway
          39                      1           Two Northbrook Place    60 Revere Drive          Northbrook                     IL
          40                      1           10470 Old               10470 Old Placerville    Sacramento                     CA
                                              Placerville Road        Road
          41                      2           Mohawk Terrace          1350 & 1400              Halfmoon                       NY
                                              Apartments              Crescent-Vischers
                                                                      Ferry Road
          42                      1           Tudor Business Center   1011 East Tudor Road     Anchorage                      AK

          43                      2           Lexington on Central    10 West Minnezona        Phoenix                        AZ
                                              Apartments              Avenue
          44                      1           301 East Liberty        301 East Liberty         Ann Arbor                      MI
                                              Street                  Street
          45                      1           New Market              267 Highway 421          Boone                          NC
          46                      1           Bank of America Tower   500 Locust Street,       Des Moines                     IA
                                                                      317 Sixth Avenue
          47                      1           Mill Towne Center       101-235 East Baseline    Tempe                          AZ
                                                                      Road
          48                      1           Village Square          181-185 Main Street      Westport                       CT
          49                      1           Hunington Portfolio     Various                  Various                        TX
         49.1                                 Westfield Village       3154 North Fry Road      Katy                           TX
                                              Shopping Center
         49.2                                 The Shops on Memorial   5535 Memorial Drive      Houston                        TX
          50                      2           Mistwood Townhomes      2905-3075 40th Ave       Fargo                          ND
                                                                      Southwest
          51                      2           Calder Commons          520 East Calder Way      State College                  PA
          52                      2           Cypress Springs         3651 North Rancho        Las Vegas                      NV
                                                                      Drive
          53                      2           Otter Run Apartments    1025 Assisi Lane         Atlantic Beach                 FL
          54                      1           AmCap - 84th & Pecos    1407-1575 West 84th      Federal Heights                CO
                                                                      Avenue
          55                      2           Woodcreek Senior        1625 Woodcreek Drive     Fairfield                      CA
                                              Commons
          56                      1           Lincoln Road Plaza      825-845 Lincoln Road     Miami Beach                    FL
          57                      1           Route 6 Plaza           3580 Mohegan Avenue      Mohegan Lake                   NY
          58                      1           River Chase Office      4431 North Front         Harrisburg                     PA
                                              Center                  Street
          59                      1           Troutdale Commons       31301 Southwest 257th    Troutdale                      OR
                                                                      Avenue
          60                      1           AmCap - Jewell &        1927 South Wadsworth     Lakewood                       CO
                                              Wadsworth               Boulevard
          61                      2           Cherokee Mobile         10540 East Apache        Apache Junction                AZ
                                              Village                 Trail
          62                      2           Ashley Club             2101 Scenic Highway      Pensacola                      FL
                                              Apartments
          63                      1           L Street Self Storage   707 L Street             Chula Vista                    CA
          64                      1           Lakeside Office Park    4704 Harlan Street       Lakeside                       CO
          65                      2           Mallard Cove            2900 Mayport Road        Atlantic Beach                 FL
                                              Apartments
          66                      2           Kensington Apartments   23525 Arlington Avenue   Torrance                       CA
          67                      1           Mini U Storage-         10930 Clara Barton       Fairfax Station                VA
                                              Fairfax Station         Drive
          68                      1           Park Meadows Medical    9218 Kimmer Drive        Lone Tree                      CO
          69                      1           Bannockburn Mediplex    2151 Waukegan Road       Bannockburn                    IL
                                              Office Building
          70                      1           York Farm Estates       1870 Baldwin Road        Yorktown Heights               NY
          71                      2           Candle Park South       2728-2924 15th Street    Fargo                          ND
                                                                      South, and 1425-1502
                                                                      30th Avenue South,
                                                                      and 1501 31st Avenue
                                                                      South
          72                      1           2301 Glades             2301 Glades Road         Boca Raton                     FL
          73                      1           Methodist Medical       8120 Timberlake Way      Sacramento                     CA
                                              Building
          74                      2           Pleasant Grove          1441 North Jim Miller    Dallas                         TX
                                                                      Road
          75                      2           Valley Stream           110 Valley Stream        Christiana                     DE
                                              Village II Apartments   Drive
          76                      1           Springfield Self        7711 Loisdale Road       Springfield                    VA
                                              Storage
          77                      1           Mizner Place            12300 South Shore        Wellington                     FL
                                                                      Boulevard
          78                      2           Brandon Oaks            110 Summerfield Way      Brandon                        FL
          79                      2           Miller Lake             5400-5500 Southwest      Miami                          FL
                                              Apartments              77th Court
          80                      1           Walgreens - Elgin       1700 Larkin Avenue       Elgin                          IL
          81                      1           388 West Broadway       388 West Broadway        New York                       NY
          82                      1           Independence Park       3020 Legacy Drive        Plano                          TX
                                              Shopping Center
          83                      1           Walgreens - Colorado    1730 Platte Avenue       Colorado Springs               CO
                                              Springs                 East
          84                      1           Forest Hill Centre      140 Forest Hill Centre   Lexington                      NC
          85                      2           Arbor Club Apartments   700 East College         Pensacola                      FL
                                                                      Boulevard
          86                      1           Cordova Towne Center    1100, 1134-1138 North    Cordova                        TN
                                              Phases II & III         Germantown Parkway
          87                      1           North Denver            3857-3895 Steele         Denver                         CO
                                              Industrial              Street
          88                      1           Beachwalk Center        130 Scenic Highway       Destin                         FL
                                                                      (US Highway 98 East)
          89                      1           Walgreens -             4905 West Tropicana      Las Vegas                      NV
                                              Tropicana Avenue        Avenue
          90                      1           Rite Aid - Las Vegas    1815 East Flamingo       Las Vegas                      NV
                                                                      Road
          91                      2           Schooner Landing        7100 Shoreline Drive     Stockton                       CA
          92                      1           Palm Valley             1375-1475 North          Goodyear                       AZ
                                              Pavilions East          Litchfield Road
          93                      1           CRS Tower               8035 East R.L.           Dallas                         TX
                                                                      Thornton Freeway
          94                      1           Rancho Palomino         630 South Rancho Drive   Las Vegas                      NV
                                              Medical Center
          95                      1           Randhurst Crossings     1 West Rand Road         Mount Prospect                 IL
                                              Shopping Center
          96                      1           Walgreens - Omaha       8989 West Dodge Road     Omaha                          NE
          97                      2           Plaza Apartments        400 Ralph Street         White Settlement               TX
          98                      1           Walgreens -             20812 Bothell Everett    Bothell                        WA
                                              Thrasher's Corner, WA   Highway
          99                      2           Bit O Home MHP          5002 West McFadden       Santa Ana                      CA
                                                                      Avenue
          100                     2           Liberty MHP             329 South Harbor         Santa Ana                      CA
                                                                      Boulevard
          101                     1           Inwood Retail Center    5201 and 5211-5223       Dallas                         TX
                                                                      West Lovers Lane &
                                                                      7979 Inwood Road
          102                     2           Wilson Acres            1806 East First Street   Greenville                     NC
                                              Apartments
          103                     1           Walgreens - Dickinson   100 F.M. 646             Dickinson                      TX
          104                     2           Trails West MHP         1450 Avenida de          Las Cruces                     NM
                                                                      Mesilla
          105                     1           1230 48th Avenue        1230 48th Avenue         Menominee                      MI
          106                     1           17th Street Plaza       701-761 SE 17th          Ft. Lauderdale                 FL
                                                                      Street
          107                     1           Rite Aid - Colonie      1863 Central Avenue      Colonie                        NY
          108                     1           Shurgard - Brandon      1010 West Lumsden Road   Brandon                        FL
          109                     1           Morgan Country Square   6171-6199 Santa          San Jose                       CA
                                                                      Teresa Boulevard
          110                     2           Shockoe Place           1900 East Franklin       Richmond                       VA
                                                                      Street
          111                     2           Fairbrooke Senior       700 West Bel Air         Aberdeen                       MD
                                              Housing Apartments      Avenue
          112                     2           La Playa Apartments     1033-1053 2nd Street     Lafayette                      CA
          113                     1           Palmetto Plaza          17250-17264 Foothill     Fontana                        CA
                                                                      Boulevard
          114                     2           Hacienda MHP            115 East County 22nd     San Luis                       AZ
                                                                      Street
          115                     1           Village at Dana Park    3440 East Baseline       Mesa                           AZ
                                              II                      Road
          116                     1           Marshalls - Lodi        2449 West Kettleman      Lodi                           CA
                                                                      Lane
          117                     1           Wagon Wheel MHP         4641 Lasater Road        Mesquite                       TX
          118                     1           Northpoint Day Centre   4000 Northpoint          Alpharetta                     GA
                                                                      Parkway
          119                     1           Shurgard - Oldsmar      3657 Tampa Road          Oldsmar                        FL
          120                     2           Twin Palms MHP          3401 West Pecan          McAllen                        TX
                                                                      Boulevard
          121                     1           Mini U Storage-Maple    2481 Route 73 South      Maple Shade                    NJ
                                              Shade
          122                     1           AmCap - Gerbes Center   2801-2805 West Truman    Jefferson City                 MO
                                                                      Boulevard
          123                     1           Eckerds-Holly Springs   5329 Old Highway 5 at    Holly Springs                  GA
                                                                      Toonigh Road
          124                     1           Walgreens - Conroe,     1120 North Loop 336      Conroe                         TX
                                              TX                      West
          125                     1           Harwin Plaza            7111 Harwin Drive        Houston                        TX
          126                     2           Fort Stanton            1535 Morris Road SE      Washington                     DC
                                              Apartments
          127                     2           Pinebrook Apartments    2600-2614 Pinebrook      Landover                       MD
                                                                      Avenue
          128                     1           CVS - Shippensburg      701 East King Street     Shippensburg                   PA
          129                     1           South Florida -         2501-2525 West Sample    Deerfield Beach                FL
                                              Sample Turnpike         Road
          130                     1           5405-5407 Port Royal    5405-5407 Port Royal     Springfield                    VA
                                              Road                    Road
          131                     1           Montbello Plaza         4660 Peoria Street       Denver                         CO
          132                     1           Augusta Commons         2367 Augusta Road        West Columbia                  SC
          133                     2           McDonald Place          1318 North McDonald      Spokane Valley                 WA
                                              Apartments              Road
          134                     1           1407-1413 East Cary     1407-1413 East Cary      Richmond                       VA
                                              Street                  Street
          135                     1           La Posada Apartments    241 Lafayette Circle     Layfayette                     CA
          136                     1           Rite Aid - Baltimore    700 West Saratoga        Baltimore                      MD
                                                                      Street
          137                     1           Village Park            2220-2234 West Park      Pantego                        TX
                                              Shopping Center         Row
          138                     1           Antoine Crossing        2800 Antoine Drive       Houston                        TX
          139                     2           Laurel Pointe           100 Laurel Pointe        Salisbury                      NC
                                              Apartments              Circle
          140                     1           Meadowbrook Mobile      1331 West Danby Road     Newfield                       NY
                                              Home Park
          141                     2           Nob Hill Apartments     500 McIntire Road        Charlottesville                VA
          142                     2           Coachella MHP           49615 Park Lane          Coachella                      CA
          143                     1           Northcross Business     15806 Brookway Drive     Huntersville                   NC
                                              Center
          144                     2           Vermillion Homes        501-614 Laura Lane       Two Harbors                    MN
          145                     1           Bank of America Pad     896 North Route 59       Aurora                         IL
          146                     1           Bells Ferry Plaza       4311 & 4329 Bells        Kennesaw                       GA
                                              Shopping Center         Ferry Road
          147                     2           Del Mar Apartments      558 College Street       Hapeville                      GA
          148                     2           Timberlake Apartments   400 Timberlake View      Inman                          SC
                                                                      Circle
          149                     1           South Florida - West    23193 Sandlefoot         Boca Raton                     FL
                                              Boca                    Plaza Drive
          150                     1           South Florida - Red     5710-5730 Northwest      Hialeah                        FL
                                              Road                    176th Street
          151                     1           South Florida -         1000-1050 West           Fort Lauderdale                FL
                                              Baton II                Commercial Boulevard
          152                     1           South Florida -         2530 West Commercial     Tamarac                        FL
                                              Tamarac                 Boulevard

<CAPTION>

                                                                   Cut-Off Date Loan    Monthly P&I Payments                   e
 Mortgage Loan Number       Zip Code               County              Balance ($)               ($)                Grace Days
--------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>            <C>                        <C>                     <C>                       <C>
           1                 97232                Multnomah            69,922,221              393,946                   0
           2                 19107              Philadelphia           44,919,182              272,117                   0

           3                 10016                New York             35,000,000              218,498                   0
           4                 20036          District of Columbia       28,902,057              158,348                   0

           5                 95834               Sacramento            27,000,000              158,423                   0
           6                 29212                Lexington            25,900,000                (IO)                    0

           7                 10023                New York             24,953,568              148,764                   0
           8                 85308                Maricopa             24,200,000              136,647                   0

           9                 80228                Jefferson            20,726,538              118,964                   0

          10                 66223                 Johnson             20,649,186              119,934                   5

          11                 20037          District of Columbia       18,250,000              108,949                   0
          12                 10549               Westchester           17,965,895              106,074                   0

          13                 20706             Prince George's         17,120,000              102,345                   5

          14                 01701                Middlesex            17,000,000               96,204                   0
          15                 89052                  Clark              16,904,637               95,673                   5

          16                 97201                Multnomah            16,759,445               97,264                   5

          17                 20007          District of Columbia       16,482,871               96,604                   5

          18                 92115                San Diego            16,281,990               92,039                   0

          19                 33067                 Broward             15,968,669               92,763                   0

          20                 01887                Middlesex            15,403,980               96,953                   0

          21                 27609                  Wake               15,216,680               90,027                   5

          22                 27713                 Durham              15,000,000               83,855                   0

          23                Various                Various             14,971,010               87,536                   0

         23.1                54729                Chippewa

         23.2                54115                  Brown
          24                 92111                San Diego            14,967,091               81,996                   0

          25                 98501                Thurston             14,471,606               84,066                   0

          26                 19702               New Castle            14,220,416               80,196                   0

          27                 33178                  Dade               14,145,000               80,314                   0

          28                 33410               Palm Beach            13,959,816               83,398                   0

          29                 77586                 Harris              13,173,063               74,948                   0

          30                 92108                San Diego            12,971,419               70,983                   0

          31                 78705                 Travis              12,361,475               70,873                   5
          32                 33143               Miami-Dade            11,986,107               65,893                   0

          33                 92108                San Diego            11,976,036               68,889                   0

          34                 93063                 Ventura             10,940,994               63,565                   5
          35                 62208               Saint Clair           10,777,961               61,321                   0

          36                 91355               Los Angeles           10,529,296               61,099                   5

          37                 30542                  Hall               10,527,461               60,623                   0

          38                 23502                 Hampton             10,334,434               64,987                   0

          39                 60062                  Cook                9,939,006               56,183                   0
          40                 95827               Sacramento             9,825,000               56,713                   5

          41                 12065                Saratoga              9,465,567               59,068                   0

          42                 99503             Municipality of          8,861,749               50,198                   0
                                                  Anchorage
          43                 85013                Maricopa              8,750,000               46,972                   0

          44                 48104                Washtenaw             8,241,138               47,362                   0

          45                 28607                 Watauga              8,090,587               44,378                   0
          46                 50309                  Polk                7,885,098               46,656                   5

          47                 85283                Maricopa              7,457,062               41,694                   5

          48                 06880                Fairfield             7,411,727               44,141                   5
          49                Various                Harris               7,237,414               44,545                   0
         49.1                77449                 Harris

         49.2                77007                 Harris
          50                 58104                  Cass                7,234,884               40,711                   0

          51                 16801                 Centre               7,234,558               40,260                   0
          52                 89130                  Clark               7,176,884               40,430                   5

          53                 32233                  Duval               7,091,703               38,768                   0
          54                 80260                  Adams               7,027,145               40,334                   0

          55                 94534                 Solano               6,977,064               38,871                   5

          56                 33139               Miami-Dade             6,974,213               41,924                   0
          57                 10547               Westchester            6,960,287               42,782                   5
          58                 17110                 Dauphin              6,786,771               39,553                   0

          59                 97060                Multnomah             6,587,328               38,642                   5

          60                 80232                Jefferson             6,539,661               37,536                   0

          61                 85220                Maricopa              6,492,750               36,500                   0

          62                 32503                Escambia              6,479,471               36,825                   0

          63                 91911                San Diego             6,474,997               43,888                   0
          64                 80212                Jefferson             6,467,294               38,971                   0
          65                 32233                  Duval               6,392,521               34,946                   0

          66                 90501               Los Angeles            6,193,201               35,164                   0
          67                 22039                 Fairfax              6,055,668               37,535                   0

          68                 80124                 Douglas              6,043,189               33,784                   0
          69                 60015                  Lake                6,000,000               35,483                   0

          70                 10598               Westchester            5,986,529               32,393                   0
          71                 58103                  Cass                5,687,176               30,738                   0

          72                 33431               Palm Beach             5,625,000               33,472                   0
          73                 95823               Sacramento             5,432,597               37,232                   5

          74                 75217                 Dallas               5,427,749               31,013                   0

          75                 19702               New Castle             5,349,062               30,433                   0

          76                 22150                 Fairfax              5,327,132               34,046                   0

          77                 33414               Palm Beach             5,150,000               29,695                   0

          78                 33510              Hillsborough            4,990,000               37,623                   0
          79                 33155               Miami-Dade             4,835,281               26,195                   0

          80                 60123                  Kane                4,790,885               28,256                   0
          81                 10012                New York              4,787,693               31,961                   0
          82                 75023                 Collin               4,740,860               27,780                   0

          83                 80909                 El Paso              4,655,116               29,836                   0

          84                 27295                Davidson              4,490,028               31,722                   0
          85                 32503                Escambia              4,485,787               25,494                   0

          86                 38016                 Shelby               4,386,498               25,315                   0

          87                 80205                 Denver               4,300,000               25,641                   0

          88                 32550                 Walton               4,155,976               25,344                   0

          89                 89103                  Clark               4,095,918               24,582                   0

          90                 89119                  Clark               4,074,729               30,738                   0

          91                 95219               San Joaquin            3,995,149               21,351                   0
          92                 85338                Maricopa              3,975,279               23,343                   0

          93                 75228                 Dallas               3,948,884               24,140                   0

          94                 89106                  Clark               3,888,032               22,438                   0

          95                 60056                  Cook                3,869,709               23,382                   0

          96                 68114                 Douglas              3,778,860               22,721                   0
          97                 76108                 Tarrant              3,685,312               21,358                   0
          98                 98021                Snohomish             3,612,849               20,896                   0

          99                 92704                 Orange               3,596,126               20,644                   0

          100                92704                 Orange               3,596,126               20,644                   0

          101                75209                 Dallas               3,585,067               26,510                   0

          102                27858                  Pitt                3,476,176               23,977                   0

          103                77539                Galveston             3,426,246               19,475                   0
          104                88005                Dona Ana              3,288,877               18,039                   0

          105                49858                Menominee             3,273,206               24,121                   0
          106                33316                 Broward              3,190,541               18,776                   0

          107                12205                 Albany               3,109,158               24,756                   0
          108                33511              Hillsborough            3,096,620               17,640                   0
          109                95123               Santa Clara            3,095,457               19,784                   0

          110                23223              Richmond City           3,047,339               18,322                   0

          111                21001                 Harford              2,844,409               23,984                  10

          112                94549              Contra Costa            2,824,287               16,157                   0
          113                92336             San Bernardino           2,791,723               16,429                   0

          114                85349                  Yuma                2,743,531               18,592                   0

          115                85204                Maricopa              2,713,175               15,884                   0

          116                95242               San Joaquin            2,638,944               18,985                   0

          117                75181                 Dallas               2,572,068               14,283                   0
          118                30005                 Fulton               2,397,494               14,006                   0

          119                34677                Pinellas              2,347,437               13,373                   0
          120                78501                 Hidalgo              2,315,266               13,173                   0

          121                08052               Burlington             2,196,756               13,987                   0

          122                65109                  Cole                2,153,303               12,359                   0

          123                30188                Cherokee              2,095,399               15,276                   0

          124                77301               Montgomery             2,046,099               12,055                   0

          125                77036                 Harris               2,006,729               12,267                   0
          126                20020          District of Columbia        1,987,563               11,985                   0

          127                20785             Prince George's          1,987,563               11,985                   0

          128                17257               Cumberland             1,951,664               12,509                   0
          129                33073                 Broward              1,908,757               20,023                   0

          130                22151                 Fairfax              1,797,318               11,367                   7

          131                80239                 Denver               1,793,235               10,676                   0
          132                29169                Lexington             1,790,822               10,711                   0
          133                99216                 Spokane              1,698,086               9,493                    0

          134                23219              Richmond City           1,686,238               9,851                    0

          135                94549              Contra Costa            1,666,629               9,535                    0
          136                21201             Baltimore City           1,655,676       14,194.98 (steps) (2)            0

          137                76013                 Tarrant              1,642,946               10,812                   0

          138                77092                 Harris               1,619,291               9,899                    0
          139                39206                  Rowan               1,607,068               12,585                  15

          140                14867                Tompkins              1,599,407               11,786                   0

          141                22902          Charlottesville City        1,596,735               9,085                    0
          142                92236                Riverside             1,596,236               10,817                   0
          143                28078               Mecklenburg            1,568,246               8,806                    0

          144                55616                  Lake                1,563,776               12,939                   0
          145                60504                 Du Page              1,453,538               8,677                    0
          146                30144                  Cobb                1,436,163               9,393                    0

          147                30354                 Fulton               1,418,838               9,008                    0
          148                29349               Spartanburg            1,391,141               10,951                  10

          149                33428               Palm Beach             1,387,293               14,553                   0

          150                33015               Miami-Dade              806,794                8,463                    0

          151                33309                 Broward               608,640                6,855                    0

          152                33309                 Broward               505,564                5,694                    0

<CAPTION>

                                                                                  Original Term to
                            Mortgage Rate                                         Maturity or ARD     e
 Mortgage Loan Number             (%)         Number of Units   Unit of Measure        (Mos.)
-------------------------------------------------------------------------------------------------------
<S>                            <C>              <C>                 <C>                 <C>
           1                    5.4200%          1,229,140          Sq. Ft.              120
           2                    6.0800%           464,420           Sq. Ft.              120

           3                    5.6700%           426,596           Sq. Ft.              120
           4                    5.1500%             304              Units               120

           5                    5.8000%             280              Units               120
           6                    4.0400%           270,187           Sq. Ft.              84

           7                    5.9300%           112,080           Sq. Ft.              120
           8                    5.4500%             336              Units               120

           9                    5.5700%           239,636           Sq. Ft.              120

          10                    5.6400%             250              Units               120

          11                    5.9600%           100,837           Sq. Ft.              120
          12                    5.8400%           120,211           Sq. Ft.              120

          13                    5.7250%           223,521           Sq. Ft.              108

          14                    5.4700%             184              Units               120
          15                    5.4200%           115,719           Sq. Ft.              108

          16                    5.6500%           158,820           Sq. Ft.              108

          17                    5.7800%           140,495           Sq. Ft.              120

          18                    5.4500%           193,912           Sq. Ft.              120

          19                    5.6900%           145,652           Sq. Ft.              120

          20                    6.4000%           206,187           Sq. Ft.              120

          21                    5.8200%            78,116           Sq. Ft.              120

          22                    5.3600%             288              Units               120

          23                    5.7500%            753000           Sq. Ft.              120

         23.1                                      243000           Sq. Ft.

         23.2                                      510000           Sq. Ft.
          24                    5.1600%            126756           Sq. Ft.              84

          25                    5.6900%            93509            Sq. Ft.              108

          26                    5.4200%             243              Units               120

          27                    5.5000%            78634            Sq. Ft.              96

          28                    5.9400%            153067           Sq. Ft.              120

          29                    5.5000%             277              Units               120

          30                    5.1500%            108477           Sq. Ft.              84

          31                    5.5600%             267              Units               108
          32                    5.2000%             224              Units               84

          33                    5.6000%            78167            Sq. Ft.              120

          34                    5.6600%            149445           Sq. Ft.              60
          35                    5.5000%            210553           Sq. Ft.              120

          36                    5.6800%            47748            Sq. Ft.              120

          37                    5.6000%            92883            Sq. Ft.              120

          38                    5.7300%             249              Rooms               120

          39                    5.4500%            116000           Sq. Ft.              120
          40                    5.6500%            87854            Sq. Ft.              120

          41                    5.6500%             266              Units               120

          42                    5.4500%            80967            Sq. Ft.              72

          43                    5.0000%             131              Units               84

          44                    5.6000%            76,392           Sq. Ft.              120

          45                    5.1800%            134220           Sq. Ft.              120
          46                    5.8600%            168392           Sq. Ft.              120

          47                    5.3100%            83108            Sq. Ft.              60

          48                    5.8900%            14850            Sq. Ft.              120
          49                    6.2300%            40686            Sq. Ft.              120
         49.1                                      10660            Sq. Ft.

         49.2                                      30026            Sq. Ft.
          50                    5.4000%              91              Units               120

          51                    5.3000%              87              Units               120
          52                    5.4000%             144              Units               120

          53                    5.1500%             192              Units               120
          54                    5.5700%            96057            Sq. Ft.              120

          55                    5.3000%              96              Units               108

          56                    5.9900%            21213            Sq. Ft.              120
          57                    6.1800%            35660            Sq. Ft.              120
          58                    5.7200%            66664            Sq. Ft.              120

          59                    5.7800%            39596            Sq. Ft.              120

          60                    5.5700%            92759            Sq. Ft.              120

          61                    5.4000%             414              Pads                120

          62                    5.4800%             224              Units               120

          63                    6.5000%            88,552           Sq. Ft.              120
          64                    6.0000%           116,047           Sq. Ft.              120
          65                    5.1500%             160              Units               120

          66                    5.4900%              94              Units               120
          67                    5.5800%             828              Units               120

          68                    5.3500%            34685            Sq. Ft.              120
          69                    5.6200%            40849            Sq. Ft.              120

          70                    5.0500%              77              Units               120
          71                    5.0400%             115              Units               120

          72                    5.9300%            19998            Sq. Ft.              120
          73                    7.1500%            47035            Sq. Ft.              120

          74                    5.5200%             202              Units               120

          75                    5.5000%              81              Units               120

          76                    5.8700%             583              Units               120

          77                    5.6400%            36582            Sq. Ft.              120

          78                    5.4700%             160              Units               204
          79                    5.0500%             108              Units               84

          80                    5.8300%            14490            Sq. Ft.              120
          81                    6.3500%            3,659            Sq. Ft.              120
          82                    5.7700%            31950            Sq. Ft.              120

          83                    5.9000%            15120            Sq. Ft.              120

          84                    5.8000%            52923            Sq. Ft.              240
          85                    5.4800%             168              Units               120

          86                    5.6200%            37560            Sq. Ft.              120

          87                    5.2000%            274176           Sq. Ft.              84

          88                    6.1500%            52840            Sq. Ft.              120

          89                    6.0000%            15120            Sq. Ft.              120

          90                    6.9100%            16708            Sq. Ft.              297

          91                    4.9500%             114              Units               120
          92                    5.7500%            35188            Sq. Ft.              120

          93                    6.1200%            82301            Sq. Ft.              120

          94                    5.6200%            29306            Sq. Ft.              120

          95                    6.0000%            17207            Sq. Ft.              120

          96                    6.0000%            14560            Sq. Ft.              120
          97                    5.6500%             144              Units               120
          98                    5.6500%            14490            Sq. Ft.              120

          99                    5.5900%              80              Pads                120

          100                   5.5900%              95              Pads                120

          101                   6.2500%            48595            Sq. Ft.              240

          102                   5.4500%             146              Units               120

          103                   5.5000%            13650            Sq. Ft.              120
          104                   5.1600%             224              Pads                120

          105                   6.2500%            220631           Sq. Ft.              120
          106                   5.8000%            30910            Sq. Ft.              120

          107                   7.3500%            11180            Sq. Ft.              237
          108                   5.5200%             588              Units               120
          109                   5.9000%            24820            Sq. Ft.              120

          110                   6.0000%              46              Units               120

          111                   9.3100%             122              Units               311

          112                   5.5500%              43              Units               60
          113                   5.8000%            26558            Sq. Ft.              120

          114                   5.2900%             252              Pads                120

          115                   5.7700%            10413            Sq. Ft.              120

          116                   6.0000%            29000            Sq. Ft.              120

          117                   5.2900%             227              Pads                120
          118                   5.7500%            22000            Sq. Ft.              120

          119                   5.5200%             473              Units               120
          120                   5.5000%             213              Pads                60

          121                   5.8600%             429              Units               120

          122                   5.5700%            56266            Sq. Ft.              120

          123                   6.1000%            13824            Sq. Ft.              240

          124                   5.8200%            13650            Sq. Ft.              120

          125                   6.1200%            44872            Sq. Ft.              120
          126                   5.2500%              95              Units               120

          127                   5.2500%              50              Units               120

          128                   5.9000%            10880            Sq. Ft.              120
          129                   5.9100%            21002            Sq. Ft.              120

          130                   5.7900%            32057            Sq. Ft.              120

          131                   5.9000%            13000            Sq. Ft.              120
          132                   5.9300%            12000            Sq. Ft.              120
          133                   5.3500%              44              Units               120

          134                   5.7500%            23613            Sq. Ft.              120

          135                   5.5500%              20              Units               120
          136                   6.8500%            11180            Sq. Ft.              235

          137                   6.8500%            48730            Sq. Ft.              120

          138                   6.1200%            78479            Sq. Ft.              120
          139                   8.6250%             100              Units               180

          140                   6.2500%             209              Pads                120

          141                   5.5000%              24              Units               120
          142                   5.2900%             111              Pads                120
          143                   5.3900%            15599            Sq. Ft.              120

          144                   5.5000%              36              Units               180
          145                   5.9500%              1                Pad                120
          146                   6.1300%            13600            Sq. Ft.              120

          147                   5.8000%              64              Units               120
          148                   8.6250%              64              Units               216

          149                   5.9100%            12528            Sq. Ft.              120

          150                   5.9100%             9977            Sq. Ft.              120

          151                   5.9100%             7692            Sq. Ft.              120

          152                   5.9100%            11004            Sq. Ft.              120

<CAPTION>

                                Remaining Term to     Stated Maturity Date
 Mortgage Loan Number          Maturity or ARD (Mos.)        or ARD
--------------------------------------------------------------------------
<S>                                    <C>                <C>
           1                            119                11-Jun-2013
           2                            118                11-May-2013

           3                            115                11-Feb-2013
           4                            117                11-Apr-2013

           5                            117                11-Apr-2013
           6                             83                11-Jun-2010

           7                            118                11-May-2013
           8                            117                11-Apr-2013

           9                            117                11-Apr-2013

          10                            113                1-Dec-2012

          11                            118                11-May-2013
          12                            118                11-May-2013

          13                            103                1-Feb-2012

          14                            118                11-May-2013
          15                            103                1-Feb-2012

          16                            103                1-Feb-2012

          17                            119                1-Jun-2013

          18                            119                11-Jun-2013

          19                            118                11-May-2013

          20                            113                11-Dec-2012

          21                            114                1-Jan-2013

          22                            117                11-Apr-2013

          23                            118                11-May-2013

         23.1

         23.2
          24                             82                11-May-2010

          25                            106                11-May-2012

          26                            118                11-May-2013

          27                             94                11-May-2011

          28                            117                11-Apr-2013

          29                            118                11-May-2013

          30                             82                11-May-2010

          31                            105                1-Apr-2012
          32                             83                11-Jun-2010

          33                            118                11-May-2013

          34                             55                1-Feb-2008
          35                            118                11-May-2013

          36                            118                1-May-2013

          37                            117                11-Apr-2013

          38                            119                11-Jun-2013

          39                            119                11-Jun-2013
          40                            120                1-Jul-2013

          41                            119                11-Jun-2013

          42                             69                11-Apr-2009

          43                             83                11-Jun-2010

          44                            119                11-Jun-2013

          45                            119                11-Jun-2013
          46                            118                1-May-2013

          47                             55                1-Feb-2008

          48                            115                1-Feb-2013
          49                            118                11-May-2013
         49.1

         49.2
          50                            118                11-May-2013

          51                            118                11-May-2013
          52                            117                1-Apr-2013

          53                            119                11-Jun-2013
          54                            117                11-Apr-2013

          55                            105                1-Apr-2012

          56                            116                11-Mar-2013
          57                            114                1-Jan-2013
          58                            118                11-May-2013

          59                            118                1-May-2013

          60                            117                11-Apr-2013

          61                            119                11-Jun-2013

          62                            117                11-Apr-2013

          63                            117                11-Apr-2013
          64                            115                11-Feb-2013
          65                            119                11-Jun-2013

          66                            119                11-Jun-2013
          67                            119                11-Jun-2013

          68                            119                11-Jun-2013
          69                            118                11-May-2013

          70                            118                11-May-2013
          71                            118                11-May-2013

          72                            114                11-Jan-2013
          73                            101                1-Dec-2011

          74                            116                11-Mar-2013

          75                            118                11-May-2013

          76                            117                11-Apr-2013

          77                            118                11-May-2013

          78                            203                11-Jun-2020
          79                             81                11-Apr-2010

          80                            118                11-May-2013
          81                            118                11-May-2013
          82                            118                11-May-2013

          83                            117                11-Apr-2013

          84                            239                11-Jun-2023
          85                            117                11-Apr-2013

          86                            117                11-Apr-2013

          87                             84                11-Jul-2010

          88                            119                11-Jun-2013

          89                            119                11-Jun-2013

          90                            251                15-Jun-2024

          91                            119                11-Jun-2013
          92                            114                11-Jan-2013

          93                            113                11-Dec-2012

          94                            117                11-Apr-2013

          95                            112                11-Nov-2012

          96                            117                11-Apr-2013
          97                            116                11-Mar-2013
          98                            118                11-May-2013

          99                            119                11-Jun-2013

          100                           119                11-Jun-2013

          101                           238                11-May-2023

          102                           117                11-Apr-2013

          103                           119                11-Jun-2013
          104                           117                11-Apr-2013

          105                           116                11-Mar-2013
          106                           117                11-Apr-2013

          107                           187                15-Feb-2019
          108                           119                11-Jun-2013
          109                           119                11-Jun-2013

          110                           117                11-Apr-2013

          111                           278                1-Sep-2026

          112                            58                11-May-2008
          113                           117                11-Apr-2013

          114                           119                11-Jun-2013

          115                           119                11-Jun-2013

          116                           118                11-May-2013

          117                           119                11-Jun-2013
          118                           119                11-Jun-2013

          119                           119                11-Jun-2013
          120                            58                11-May-2008

          121                           119                11-Jun-2013

          122                           117                11-Apr-2013

          123                           239                11-Jun-2023

          124                           118                11-May-2013

          125                           113                11-Dec-2012
          126                           116                11-Mar-2013

          127                           116                11-Mar-2013

          128                           117                11-Apr-2013
          129                           117                11-Apr-2013

          130                           119                1-Jun-2013

          131                           116                11-Mar-2013
          132                           115                11-Feb-2013
          133                           119                11-Jun-2013

          134                           119                11-Jun-2013

          135                           118                11-May-2013
          136                           187                15-Feb-2019

          137                           115                11-Feb-2013

          138                           113                11-Dec-2012
          139                           167                1-Jun-2017

          140                           116                11-Mar-2013

          141                           118                11-May-2013
          142                           119                11-Jun-2013
          143                           119                11-Jun-2013

          144                           178                11-May-2018
          145                           119                11-Jun-2013
          146                           118                11-May-2013

          147                           117                11-Apr-2013
          148                           197                1-Dec-2019

          149                           117                11-Apr-2013

          150                           117                11-Apr-2013

          151                           117                11-Apr-2013

          152                           117                11-Apr-2013
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                Original
                                                 Amort    Remaining    Ground     Master               Anticipated
 Mortgage Loan    Loan Group                     Term    Amort Term    Lease     Servicing  ARD Loans   Repayment    Additional
    Number          Number     Property Name    (Mos.)     (Mos.)      (Y/N)     Fee Rate     (Y/N)        Date     Interest Rate
----------------------------------------------------------------------------------------------------------------------------------
<S>               <C>          <C>            <C>       <C>           <C>       <C>         <C>        <C>          <C>
       1              1        Lloyd Center      360         359         N       0.02000%       Y      11-Jun-2013  Greater of :
                                                                                                                    (i) the
                                                                                                                    Regular
                                                                                                                    Interest
                                                                                                                    Rate plus 5%
                                                                                                                    or (ii) the
                                                                                                                    Treasury
                                                                                                                    Rate plus 5%
       2              1        One South         360         358         N       0.02000%       Y      11-May-2013  Initial
                               Broad Street                                                                         interest
                                                                                                                    rate +2%
       3              1        673 First         300         300         Y       0.02000%       N
                               Avenue
       4              2        Hamilton          360         357         N       0.02000%       N
                               House
                               Apartments
       5              1        Irongate          360         360         N       0.02000%       N
                               Apartments
       6              1        Columbiana        (IO)        (IO)        N       0.02000%       N
                               Station
                               Shopping
                               Center
       7              1        16 West 61st      360         358         N       0.02000%       N
                               Street
       8              2        Arrowhead         360         360         N       0.02000%       N
                               Highlands
                               Apartments
       9              1        AmCap - Union     360         357         N       0.02000%       Y      11-Apr-2013  Greater of
                               & Alameda                                                                            Treasury
                                                                                                                    Rate + 2% or
                                                                                                                    Initial Rate
                                                                                                                    + 5%
      10              2        Plaza Gardens     360         353         N       0.02000%       N
                               South
                               Apartments
      11              1        2175 K            360         360         N       0.02000%       N
                               Street, N.W.
      12              1        90 & 110          360         358         N       0.02000%       N
                               South Bedford
                               Road
      13              1        Maryland          336         336         N       0.02000%       N
                               Corporate
                               Center
      14              1        Village on        360         360         N       0.02000%       N
                               the Hill
      15              1        Anthem Village    360         355         N       0.02000%       Y       1-Feb-2012  Initial Rate
                                                                                                                    plus 2%
      16              1        Riviera Plaza     360         355         N       0.02000%       N
      17              1        Georgetown        360         359         Y       0.02000%       N
                               Plaza
      18              1        College Grove     360         359         N       0.02000%       N
                               Shopping
                               Center
      19              1        Shoppes of        360         358         N       0.02000%       N
                               Parkland
      20              1        Lowell Street     360         353         N       0.02000%       Y      11-Dec-2012  Greater of
                                                                                                                    Initial Rate
                                                                                                                    + 2% or
                                                                                                                    Treasury
                                                                                                                    Rate + 5%
      21              1        The Lassiter      360         354         N       0.02000%       N
                               at North                                                                ><<<
                               Hills
                               Shopping
                               Center
      22              2        Archstone         360         360         N       0.02000%       N
                               Southpoint
                               Apartments
      23              1        WOW -             360         358         N       0.02000%       N
                               Chippewa &
                               Hobart
     23.1                      WOW-Chippewa
                               Falls
     23.2                      WOW-Hobart
      24              1        Kearny Mesa       360         358         N       0.02000%       Y      11-May-2010  Greater
                               Crossroads                                                                           Initial Rate
                                                                                                                    plus 3% or
                                                                                                                    Treasury
                                                                                                                    plus 3%
      25              1        Point Plaza       360         358      Fee and    0.02000%       Y      11-May-2012  Initial Rate
                               East 4-5-6                            Leasehold                                      + 2% (7.69%)
      26              2        Valley Stream     360         358         N       0.02000%       N
                               Village I
                               Apartments
      27              1        Beacon            360         360         N       0.02000%       Y      11-May-2011  Initial Rate
                               Station                                                                              + 2% (7.50%)
                               Business Park
      28              1        Gardens Towne     360         357         N       0.02000%       N
                               Square
      29              2        Forest Cove       360         358         N       0.02000%       N
                               Apartments
      30              1        Rio Vista         360         358         N       0.02000%       Y      11-May-2010  Greater
                               Building                                                                             Initial Rate
                                                                                                                    plus 3% or
                                                                                                                    Treasury
                                                                                                                    plus 3%
      31              2        Rio Nueces        360         357         N       0.02000%       N
                               Apartments
      32              2        Bermuda           360         359         N       0.02000%       N
                               Villas
                               Apartments
      33              1        8989 Rio          360         358         N       0.02000%       N
                               Vista Plaza
      34              1        Tapo Plaza        360         355         N       0.02000%       N
      35              1        Market Place      360         358         N       0.02000%       N
                               Shopping
                               Center
      36              1        Creekside         360         358         N       0.02000%       N
                               Place
                               Shopping
                               Center
      37              1        Village           360         357         N       0.02000%       N
                               Shoppes of
                               Flowery Branch
      38              1        Hilton            300         299         N       0.02000%       N
                               Norfolk
                               Airport
      39              1        Two               360         359         N       0.02000%       N
                               Northbrook
                               Place
      40              1        10470 Old         360         360         N       0.02000%       N
                               Placerville
                               Road
      41              2        Mohawk            300         299         N       0.02000%       N
                               Terrace
                               Apartments
      42              1        Tudor             360         357      Fee and    0.02000%       Y      11-Apr-2009  Initial Rate
                               Business                              Leasehold                                      + 2% (7.45%)
                               Center
      43              2        Lexington on      360         360         N       0.02000%       N
                               Central
                               Apartments
      44              1        301 East          360         359         N       0.02000%       N
                               Liberty Street
      45              1        New Market        360         359         N       0.02000%       N
      46              1        Bank of           360         358         N       0.02000%       N
                               America Tower
      47              1        Mill Towne        360         355         N       0.02000%       N
                               Center
      48              1        Village Square    360         355         N       0.02000%       N
      49              1        Hunington         360         358         N       0.02000%       N
                               Portfolio
     49.1                      Westfield
                               Village
                               Shopping
                               Center
     49.2                      The Shops on
                               Memorial
      50              2        Mistwood          360         358         N       0.02000%       N
                               Townhomes
      51              2        Calder Commons    360         358         N       0.02000%       Y      11-May-2013  Greater of
                                                                                                                    Note Rate +
                                                                                                                    3% or
                                                                                                                    Treasury
                                                                                                                    Constant
                                                                                                                    Maturity
                                                                                                                    Yield Index
                                                                                                                    + 3%
      52              2        Cypress           360         357         N       0.02000%       N
                               Springs
      53              2        Otter Run         360         359         N       0.02000%       N
                               Apartments

      54              1        AmCap - 84th      360         357         N       0.02000%       Y      11-Apr-2013  Greater of
                               & Pecos                                                                              Treasury
                                                                                                                    Rate + 2% or
                                                                                                                    Initial Rate
                                                                                                                    + 5%
      55              2        Woodcreek         360         357         N       0.02000%       N
                               Senior Commons
      56              1        Lincoln Road      360         356         N       0.02000%       N
                               Plaza
      57              1        Route 6 Plaza     360         354         N       0.02000%       N
      58              1        River Chase       360         358         N       0.02000%       N
                               Office Center
      59              1        Troutdale         360         358         N       0.02000%       N
                               Commons
      60              1        AmCap -           360         357         N       0.02000%       Y      11-Apr-2013  Greater of
                               Jewell &                                                                             Treasury
                               Wadsworth                                                                            Rate + 2% or
                                                                                                                    Initial Rate
                                                                                                                    + 5%
      61              2        Cherokee          360         359         N       0.02000%       N
                               Mobile Village
      62              2        Ashley Club       360         357         N       0.02000%       N
                               Apartments
      63              1        L Street Self     300         297         N       0.02000%       N
                               Storage
      64              1        Lakeside          360         355         N       0.02000%       N
                               Office Park
      65              2        Mallard Cove      360         359         N       0.02000%       N
                               Apartments

      66              2        Kensington        360         359         N       0.02000%       N
                               Apartments
      67              1        Mini U            300         299         N       0.02000%       N
                               Storage-
                               Fairfax
                               Station
      68              1        Park Meadows      360         359         N       0.02000%       N
                               Medical
      69              1        Bannockburn       336         336         N       0.02000%       N
                               Mediplex
                               Office
                               Building
      70              1        York Farm         360         358         N       0.02000%       N
                               Estates
      71              2        Candle Park       360         358         N       0.02000%       N
                               South
      72              1        2301 Glades       360         360         N       0.02000%       N
      73              1        Methodist         360         341         Y       0.02000%       N
                               Medical
                               Building
      74              2        Pleasant Grove    360         356         N       0.02000%       N
      75              2        Valley Stream     360         358         N       0.02000%       N
                               Village II
                               Apartments
      76              1        Springfield       300         297         N       0.02000%       N
                               Self Storage
      77              1        Mizner Place      360         360         N       0.02000%       N
      78              2        Brandon Oaks      204         204         N       0.02000%       N
      79              2        Miller Lake       360         357         N       0.02000%       N
                               Apartments
      80              1        Walgreens -       360         358         N       0.02000%       N
                               Elgin
      81              1        388 West          300         298         N       0.02000%       N
                               Broadway
      82              1        Independence      360         358         N       0.02000%       N
                               Park Shopping
                               Center
      83              1        Walgreens -       300         297         N       0.02000%       Y      11-Apr-2013  Greater of
                               Colorado                                                                             Initial Rate
                               Springs                                                                              plus 2.5% or
                                                                                                                    Treasury
                                                                                                                    Rate
                                                                                                                    plus
                                                                                                                    2.5%,
                                                                                                                    subject
                                                                                                                    to
                                                                                                                    an
                                                                                                                    annual
                                                                                                                    increase
                                                                                                                    of
                                                                                                                    .25%.
      84              1        Forest Hill       240         239         N       0.02000%       N
                               Centre
      85              2        Arbor Club        360         357         N       0.02000%       N
                               Apartments
      86              1        Cordova Towne     360         357         N       0.02000%       N
                               Center Phases
                               II & III
      87              1        North Denver      300         300         N       0.02000%       N
                               Industrial
      88              1        Beachwalk         360         359         N       0.02000%       N
                               Center
      89              1        Walgreens -       360         359         N       0.02000%       Y      11-Jun-2013  Greater of
                               Tropicana                                                                            Initial Rate
                               Avenue                                                                               plus 2.5% or
                                                                                                                    Treasury
                                                                                                                    Rate plus
                                                                                                                    2.5%,
                                                                                                                    subject to
                                                                                                                    an annual
                                                                                                                    increase of
                                                                                                                    0.25%
      90              1        Rite Aid -        297         251         N       0.02000%       N
                               Las Vegas
      91              2        Schooner          360         359         N       0.02000%       N
                               Landing
      92              1        Palm Valley       360         354         N       0.02000%       N
                               Pavilions East
      93              1        CRS Tower         360         353         N       0.02000%       N
      94              1        Rancho            360         357         N       0.02000%       N
                               Palomino
                               Medical Center
      95              1        Randhurst         360         352         N       0.02000%       N
                               Crossings
                               Shopping
                               Center
      96              1        Walgreens -       360         357         N       0.02000%       Y      11-Apr-2013  Greater of
                               Omaha                                                                                Initial Rate
                                                                                                                    plus
                                                                                                                    2.5%
                                                                                                                    or
                                                                                                                    Treasury
                                                                                                                    Rate
                                                                                                                    plus
                                                                                                                    2.5%,
                                                                                                                    subject
                                                                                                                    to
                                                                                                                    an
                                                                                                                    annual
                                                                                                                    increase
                                                                                                                    of
                                                                                                                    .25%.
      97              2        Plaza             360         356         N       0.02000%       N
                               Apartments
      98              1        Walgreens -       360         358         N       0.02000%       N
                               Thrasher's
                               Corner, WA
      99              2        Bit O Home MHP    360         359         N       0.02000%       N
      100             2        Liberty MHP       360         359         N       0.02000%       N
      101             1        Inwood Retail     240         238         N       0.02000%       N
                               Center
      102             2        Wilson Acres      240         237         N       0.02000%       N
                               Apartments
      103             1        Walgreens -       360         359         N       0.02000%       Y      11-Jun-2013  Greater of
                               Dickinson                                                                            Initial Rate
                                                                                                                    plus 2.0% or
                                                                                                                    Treasury
                                                                                                                    Rate plus
                                                                                                                    2.0%,
                                                                                                                    subject to
                                                                                                                    an annual
                                                                                                                    increase of
                                                                                                                    0.25%
      104             2        Trails West       360         357         N       0.02000%       N
                               MHP
      105             1        1230 48th         240         236         N       0.02000%       N
                               Avenue
      106             1        17th Street       360         357         N       0.02000%       N
                               Plaza
      107             1        Rite Aid -        291         241         N       0.02000%       N
                               Colonie
      108             1        Shurgard -        360         359         N       0.02000%       N
                               Brandon
      109             1        Morgan            300         299         N       0.02000%       N
                               Country Square
      110             2        Shockoe Place     360         357         N       0.02000%       N
      111             2        Fairbrooke        360         327         N       0.02000%       N
                               Senior
                               Housing
                               Apartments
      112             2        La Playa          360         358         N       0.02000%       N
                               Apartments
      113             1        Palmetto Plaza    360         357         N       0.02000%       N
      114             2        Hacienda MHP      240         239         N       0.02000%       N
      115             1        Village at        360         359         N       0.02000%       N
                               Dana Park II
      116             1        Marshalls -       240         238         N       0.02000%       Y      11-May-2013  Greater of
                               Lodi                                                                                 Initial Rate
                                                                                                                    plus 2.5% or
                                                                                                                    Treasury
                                                                                                                    Rate plus
                                                                                                                    2.5%,
                                                                                                                    subject to
                                                                                                                    an annual
                                                                                                                    increase of
                                                                                                                    .25%
      117             1        Wagon Wheel       360         359         N       0.02000%       N
                               MHP
      118             1        Northpoint        360         359         N       0.02000%       N
                               Day Centre
      119             1        Shurgard -        360         359         N       0.02000%       N
                               Oldsmar
      120             2        Twin Palms MHP    360         358         N       0.02000%       N
      121             1        Mini U            300         299         N       0.02000%       N
                               Storage-Maple
                               Shade
      122             1        AmCap -           360         357         N       0.02000%       Y      11-Apr-2013  Greater of
                               Gerbes Center                                                                        Treasury
                                                                                                                    Rate + 2% or
                                                                                                                    Initial Rate
                                                                                                                    + 5%
      123             1        Eckerds-Holly     240         239         N       0.02000%       N
                               Springs
      124             1        Walgreens -       360         358         N       0.02000%       N
                               Conroe, TX
      125             1        Harwin Plaza      360         353         N       0.02000%       N
      126             2        Fort Stanton      300         296         N       0.02000%       N
                               Apartments
      127             2        Pinebrook         300         296         N       0.02000%       N
                               Apartments
      128             1        CVS -             300         297         N       0.02000%       Y      11-Apr-2013  Greater of
                               Shippensburg                                                                         Initial Rate
                                                                                                                    plus 2.5% or
                                                                                                                    Treasury
                                                                                                                    Rate plus
                                                                                                                    2.5%,
                                                                                                                    subject to
                                                                                                                    an annual
                                                                                                                    increase of
                                                                                                                    .25%
      129             1        South Florida     132         129         N       0.02000%       N
                               - Sample
                               Turnpike
      130             1        5405-5407         300         299         N       0.02000%       N
                               Port Royal
                               Road
      131             1        Montbello         360         356         N       0.02000%       N
                               Plaza
      132             1        Augusta           360         355         N       0.02000%       N
                               Commons
      133             2        McDonald          360         359         N       0.02000%       N
                               Place
                               Apartments
      134             1        1407-1413         360         359         N       0.02000%       N
                               East Cary
                               Street
      135             1        La Posada         360         358         N       0.02000%       N
                               Apartments
      136             1        Rite Aid -        235         187         N       0.02000%       N
                               Baltimore
      137             1        Village Park      360         355         N       0.02000%       N
                               Shopping
                               Center
      138             1        Antoine           360         353         N       0.02000%       N
                               Crossing
      139             2        Laurel Pointe     360         347         N       0.02000%       N
                               Apartments
      140             1        Meadowbrook       240         236         N       0.02000%       N
                               Mobile Home
                               Park
      141             2        Nob Hill          360         358         N       0.02000%       N
                               Apartments
      142             2        Coachella MHP     240         239         N       0.02000%       N
      143             1        Northcross        360         359         N       0.02000%       N
                               Business
                               Center
      144             2        Vermillion        180         178         N       0.02000%       N
                               Homes
      145             1        Bank of           360         359         N       0.02000%       N
                               America Pad
      146             1        Bells Ferry       300         298         N       0.02000%       N
                               Plaza
                               Shopping
                               Center
      147             2        Del Mar           300         297         N       0.02000%       N
                               Apartments
      148             2        Timberlake        360         341         N       0.02000%       N
                               Apartments
      149             1        South Florida     132         129         N       0.02000%       N
                               - West Boca
      150             1        South Florida     132         129         N       0.02000%       N
                               - Red Road
      151             1        South Florida     120         117         N       0.02000%       N
                               - Baton II
      152             1        South Florida     120         117         N       0.02000%       N
                               - Tamarac

<CAPTION>

                                               Cross                                                             Initial
                                            Collateralized                                           Annual    Deposit to
                                             and Cross                      Interest               Deposit to    Capital     Initial
 Mortgage Loan        Loan     Environmental Defaulted   Defeasance Secured  Accrual              Replacement  Improvements  TI/LC
    Number         Originator   Insurance    Loan Flag      Loan    by LC    Method     Lockbox     Reserve      Reserve     Escrow
------------------------------------------------------------------------------------------------------------------------------------
<S>                <C>         <C>          <C>          <C>        <C>    <C>          <C>       <C>          <C>         <C>
       1            Wachovia        N                        Y             Actual/360    Day 1      120,000                 532,797

       2            Wachovia        N                        Y             Actual/360  Springing     46,442      23,438

       3            Wachovia        N                        Y             Actual/360  Springing     79,313                3,000,000

       4            Wachovia        N                        N             Actual/360                60,800      11,750

       5            Wachovia        N                        Y             Actual/360                36,960

       6            Wachovia        N                        N               30/360

       7            Wachovia        N                        Y             Actual/360  Springing     22,416

       8            Wachovia        N                    Defeasance        Actual/360                67,200
                                                           or YM

       9              NCCI          N                        Y             Actual/360  Springing     23,578                 200,000

      10               CGM          N                        Y             Actual/360                62,500

      11            Wachovia        N                    Defeasance        Actual/360  Springing     12,216                 535,000
                                                           or YM
      12            Wachovia        N                        Y             Actual/360                57,549      50,000

      13               CGM          N                        Y             Actual/360                44,704       4,013  835,281.27

      14            Wachovia        N                        Y             Actual/360  Springing     52,808      10,219

      15               CGM          N                        Y             Actual/360  Springing     11,572

      16               CGM          N                        Y             Actual/360                46,056     149,875
      17               CGM          N                        Y             Actual/360                28,099

      18            Wachovia        N                        Y             Actual/360                18,137      16,250

      19            Wachovia        N                        Y             Actual/360                14,565

      20              NCCI          N                        Y             Actual/360  Springing     30,325                 320,948

      21               CGM          Y                        Y             Actual/360   In-Place     15,824
                                                                                       Soft with
                                                                                         With
                                                                                       Springing
                                                                                          Hard
      22            Wachovia        N                        Y             Actual/360                             4,000

      23            Wachovia        N                        Y             Actual/360  Springing     37,650       4,825

     23.1           Wachovia        N

     23.2           Wachovia        N
      24            Wachovia        N                        Y             Actual/360  Springing     19,013      75,000

      25              AMCC          N                        Y        Y    Actual/360    Day 1       18,702

      26            Wachovia        N                        Y             Actual/360                60,750       5,625

      27              AMCC          N                        Y             Actual/360    Day 1       15,727

      28            Wachovia        N                        Y             Actual/360                22,960       6,625

      29            Wachovia        N                        N             Actual/360                55,400     280,938

      30            Wachovia        N                        Y             Actual/360  Springing     19,526     350,000

      31               CGM          N                        Y             Actual/360                66,750      35,725

      32            Wachovia        N                        Y             Actual/360                56,000      64,375

      33            Wachovia        N                        Y             Actual/360  Springing     17,742                 169,078

      34               CGM          N                        Y             Actual/360                22,914      15,459     150,000
      35            Wachovia        N                        Y             Actual/360                46,309

      36               CGM          N                        Y             Actual/360                 4,775      21,875

      37            Wachovia        N                        Y             Actual/360                9,289

      38            Wachovia        N                        Y             Actual/360               400,000

      39              NCCI          N                        Y             Actual/360                23,200     147,000     371,510

      40               CGM          N                        Y             Actual/360  Springing     13,178

      41              AMCC          N                        Y             Actual/360                72,352

      42              AMCC          N                        Y             Actual/360  Springing     24,290       1,000

      43              AMCC          N                        Y             Actual/360                26,200

      44              NCCI          N                        Y             Actual/360  Springing                            15,425

      45            Wachovia        N                        Y             Actual/360                34,897      16,125
      46               CGM          N                        Y             Actual/360                33,678      11,625

      47               CGM          N                        Y             Actual/360                16,622      74,955

      48               CGM          N                        Y             Actual/360                 3,044      11,608
      49              NCCI          N                        Y             Actual/360                 6,102

     49.1             NCCI                                                                            1,090

     49.2             NCCI                                                                           5,012

      50              AMCC          N                        Y             Actual/360                20,475

      51            Wachovia        N                        Y             Actual/360  Springing     28,275

      52               CGM          N                        Y             Actual/360                36,000

      53              AMCC          N         Atlantic       Y             Actual/360                48,000      211,375
                                               Beach
                                             Portfolio
      54              NCCI          N                        Y             Actual/360  Springing      6,750                 157,000

      55               CGM          N                        Y             Actual/360                21,600

      56            Wachovia        N                        Y             Actual/360                 4,030

      57               CGM          N                        Y             Actual/360                 5,349
      58            Wachovia        N                        Y             Actual/360                 6,666

      59               CGM          N                        Y             Actual/360                 5,939

      60              NCCI          N                        Y             Actual/360  Springing      6,984

      61              NCCI          N                        Y             Actual/360

      62              NCCI          N                        Y             Actual/360                61,824

      63              NCCI          N                        Y             Actual/360                13,319

      64              NCCI          N                        Y             Actual/360                23,118      18,138

      65              AMCC          N         Atlantic       Y             Actual/360                40,000     177,625
                                               Beach
                                             Portfolio
      66              NCCI          N                        Y             Actual/360                23,500      52,500

      67            Wachovia        N                        Y             Actual/360                            90,000

      68              AMCC          N                        Y             Actual/360                 6,937

      69            Wachovia        N                        Y             Actual/360  Springing      4,084

      70            Wachovia        N                        Y             Actual/360                19,250

      71              AMCC          N                        Y             Actual/360                25,875

      72            Wachovia        N                        Y             Actual/360                                       125,000
      73               CGM          N                        Y             Actual/360                10,497       1,463     100,000

      74             NCCI          N                        Y             Actual/360                 50,500      16,375
      75           Wachovia        N                        Y             Actual/360                 20,250

      76           Wachovia        N                        Y             Actual/360

      77             AMCC          N                        Y             Actual/360
      78             AMCC          N                        Y             Actual/360                 89,707      29,000
      79           Wachovia        N                        Y             Actual/360                 25,488      24,688

      80           Wachovia        N                        Y             Actual/360

      81             NCCI          N                        Y             Actual/360  Springing       1,000

      82             AMCC          N                        Y             Actual/360                  4,793

      83           Wachovia        N                        Y             Actual/360  Springing

      84             NCCI          N                        Y             Actual/360                             11,210

      85             NCCI          N                        Y             Actual/360                 42,000      56,875

      86             AMCC          N                        Y             Actual/360                  5,790

      87             AMCC          N                        Y             Actual/360                 41,126

      88             NCCI          N                        Y             Actual/360                  7,926       1,250

      89           Wachovia        N                        Y             Actual/360  Springing       1,361       2,284

      90           Wachovia        N                        N               30/360      Day 1

      91           Wachovia        N                        Y             Actual/360                 33,630      87,550

      92           Wachovia        N                        Y             Actual/360                  3,519

      93             NCCI          N          Boxer         Y             Actual/360  Springing      16,464       8,125
      94           Wachovia        N                        Y             Actual/360                  8,132       8,750      50,000

      95           Wachovia        N                        Y             Actual/360                  2,237

      96           Wachovia        N                        Y             Actual/360  Springing

      97             NCCI          N                        Y             Actual/360                 36,000       4,375

      98             AMCC          N                        Y             Actual/360                  2,174

      99             NCCI          N       Eggleston 1      Y             Actual/360                             10,250
      100            NCCI          N       Eggleston 1      Y             Actual/360                              1,600
      101            AMCC          N                        Y             Actual/360                  8,261                 100,000

      102          Wachovia        N                        Y             Actual/360                 36,500      28,704

      103          Wachovia        N                        Y             Actual/360  Springing

      104            NCCI          N                        Y             Actual/360

      105          Wachovia        N                        Y             Actual/360                 22,063      12,031

      106            AMCC          Y                        Y             Actual/360                  4,637                 150,000

      107          Wachovia        N                        Y               30/360      Day 1         2,795

      108          Wachovia        N                        Y             Actual/360

      109            AMCC          N                        N             Actual/360                  3,723                  50,000

      110          Wachovia        N                        Y             Actual/360                 11,500       7,313
      111          Wachovia        N                        N               30/360                   21,360

      112          Wachovia        N        LaFayette       Y             Actual/360                 13,932      73,781

      113            AMCC          N                        Y             Actual/360                  3,936
      114            NCCI          N       Eggleston 2      Y             Actual/360                             10,631
      115            NCCI          N                        Y             Actual/360

      116          Wachovia        N                        Y             Actual/360  Springing       4,060

      117            NCCI          N       Eggleston 2      Y             Actual/360

      118            NCCI          N                        Y             Actual/360                             16,750

      119          Wachovia        N                        Y             Actual/360

      120            NCCI          N                        Y             Actual/360
      121          Wachovia        N                        Y             Actual/360

      122            NCCI          N                        Y             Actual/360  Springing       1,628                  93,000

      123            AMCC          N                        Y             Actual/360                  2,074

      124            AMCC          N                        Y             Actual/360                  2,048

      125            NCCI          N          Boxer         Y             Actual/360  Springing       8,976      14,400
      126            AMCC          N                        Y             Actual/360                 28,500

      127            AMCC          N                        Y             Actual/360                 15,000      15,000

      128          Wachovia        N                        Y             Actual/360  Springing       1,088

      129            NCCI          N                        Y             Actual/360                  3,150       2,500

      130            NCCI          N                        Y             Actual/360                  4,812      12,500

      131            AMCC          N                        Y             Actual/360                  1,950

      132            AMCC          N                        Y             Actual/360                  1,800

      133            AMCC          N                        N             Actual/360                  9,900

      134          Wachovia        N                        Y             Actual/360                  5,250

      135          Wachovia        N        LaFayette       Y             Actual/360                  6,447     125,500

      136          Wachovia        N                        N               30/360      Day 1         2,795

      137            NCCI          N                        Y             Actual/360  Springing       9,746       4,938

      138            NCCI          N          Boxer         Y             Actual/360  Springing      15,696       2,688

      139          Wachovia        N                        N             Actual/360                 19,992

      140          Wachovia        N                        Y             Actual/360                 19,855        313

      141          Wachovia        N                        Y             Actual/360                 6,000

      142            NCCI          N                        Y             Actual/360                              4,813
      143            AMCC          N                        Y             Actual/360                  3,120

      144            AMCC          N                        Y             Actual/360                  8,100      17,500

      145            AMCC          N                        Y             Actual/360

      146            AMCC          N                        Y             Actual/360                  2,040                  25,000

      147            AMCC          N                        N             Actual/360                 16,000      47,900

      148          Wachovia        N                        N               30/360                   12,800

      149            NCCI          N                        Y             Actual/360                  1,880      12,188

      150            NCCI          N                        Y             Actual/360                  1,500         250

      151            NCCI          N                        Y             Actual/360                  1,154

      152            NCCI          N                        Y             Actual/360  Springing       1,650

<CAPTION>

                    Ongoing
 Mortgage Loan       TI/LC
    Number         Footnote
---------------------------------
<S>               <C>
       1              (1)

       2              (1)

       3              (1)

       4

       5

       6

       7

       8

       9              (1)

      10

      11              (1)

      12

      13              (1)

      14

      15

      16              (1)
      17              (1)

      18              (1)

      19              (1)

      20              (1)

      21              (1)

      22

      23              (1)

     23.1

     23.2
      24              (1)

      25

      26

      27

      28

      29

      30              (1)

      31

      32

      33

      34              (1)
      35              (1)

      36              (1)

      37

      38

      39              (1)

      40              (1)

      41

      42

      43

      44              (1)

      45              (1)
      46              (1)

      47              (1)

      48              (1)
      49              (1)

     49.1

     49.2

      50

      51

      52

      53

      54              (1)

      55

      56

      57              (1)
      58              (1)

      59              (1)

      60

      61

      62

      63

      64              (1)

      65

      66

      67

      68              (1)

      69

      70

      71

      72              (1)
      73              (1)

      74
      75

      76

      77              (1)
      78
      79

      80

      81              (1)

      82              (1)

      83

      84

      85

      86              (1)

      87              (1)

      88              (1)

      89

      90

      91

      92              (1)

      93              (1)
      94              (1)

      95              (1)

      96

      97

      98

      99
      100
      101             (1)

      102

      103

      104

      105             (1)

      106             (1)

      107

      108

      109             (1)

      110
      111

      112

      113             (1)
      114
      115             (1)

      116             (1)

      117

      118             (1)

      119

      120
      121

      122             (1)

      123             (1)

      124

      125             (1)
      126

      127

      128

      129             (1)

      130             (1)

      131             (1)

      132             (1)

      133

      134             (1)

      135

      136

      137             (1)

      138             (1)

      139

      140

      141

      142
      143             (1)

      144

      145

      146             (1)

      147

      148

      149             (1)

      150             (1)

      151             (1)

      152             (1)
</TABLE>

(1) In addition to any such escrows funded at loan closing for potential TI/LC,
   these loans require funds to be escrowed during some or all of the loan term
   for TI/LC expenses, which may be incurred during the loan term. In certain
   instances, escrowed funds may be released to the borrower upon satisfaction
   of certain leasing conditions.

(2) Refer to Annex A-6 in the Prospectus Supplement.

<PAGE>

                                   EXHIBIT C-1

                Schedule of Exceptions to Mortgage File Delivery

                  Wachovia Commercial Mortgage Securities Inc.
          Commercial Mortgage Pass Through Certificates Series 2003-C5

<TABLE>
<CAPTION>
                Borrower   Investor  Alternate
Collateral ID     Name        ID      Loan ID   Loan Amount  DocType  Exception    Exception Description        Notation
--------------------------------------------------------------------------------------------------------------------------

<S>             <C>             <C>                  <C>                      <C>    <C>                         <C>
     422003C5    Tudor           AMCC                 8,890,000.00 GRND        01    MISSING
                 Business
                 Center

     252003C5    Point Plaza     AMCC                 14,500,000.00LCRD        02    DOCUMENT IS COPY, NEED        LOC
                 East 4-5-6                                                          ORIGINAL                      #SLCSSEA01288

    1012003C5    Inwood          AMCC                 3,600,000.00 LCRD        02    DOCUMENT IS COPY, NEED        LOC #7411608
                 Retail                                                              ORIGINAL
                 Center

     412003C5    Mohawk          AMCC                 9,480,000.00 MORT        68    CERTIFIED TRUE COPY
                 Terrace
                 Apartments

     682003C5    Park            AMCC                 6,050,000.00 MORT        68    CERTIFIED TRUE COPY
                 Meadows
                 Medical

     822003C5    Independence    AMCC                 4,750,000.00 MORT        68    CERTIFIED TRUE COPY
                 Park
                 Shopping
                 Center

     872003C5    North           AMCC                 4,300,000.00 MORT        68    CERTIFIED TRUE COPY
                 Denver
                 Industrial

    1012003C5    Inwood          AMCC                 3,600,000.00 MORT        68    CERTIFIED TRUE COPY
                 Retail
                 Center

    1092003C5    Morgan          AMCC                 3,100,000.00 MORT        68    CERTIFIED TRUE COPY
                 Country
                 Square

    1232003C5    Eckerds-Holly   AMCC                 2,100,000.00 MORT        68    CERTIFIED TRUE COPY
                 Springs

    1272003C5    Pinebrook       AMCC                 2,000,000.00 MORT        68    CERTIFIED TRUE COPY
                 Apartments

    1442003C5    Vermillion      AMCC                 1,575,000.00 MORT        68    CERTIFIED TRUE COPY
                 Homes

    1452003C5    Bank of         AMCC                 1,455,000.00 MORT        68    CERTIFIED TRUE COPY
                 America Pad

     362003C5    Creekside       CGM                  10,550,000.00MORT        20    UNRECORDED ORIGINAL
                 Place
                 Shopping
                 Center

     402003C5    10470 Old       CGM                  9,825,000.00 MORT        20    UNRECORDED ORIGINAL
                 Placerville
                 Road

     522003C5    Cypress         CGM                  7,200,000.00 MORT        20    UNRECORDED ORIGINAL
                 Springs

     172003C5    Georgetown      CGM                  16,500,000.00MORT        68    CERTIFIED TRUE COPY
                 Plaza

     312003C5    Rio Nueces      CGM                  12,400,000.00MORT        68    CERTIFIED TRUE COPY
                 Apartments

     592003C5    Troutdale       CGM                  6,600,000.00 MORT        68    CERTIFIED TRUE COPY
                 Commons

      92003C5    ADLP - U&A,     NCCI      LN0023770  20,791,000.00MORT        20    UNRECORDED ORIGINAL
                 LLC

     392003C5    Two             NCCI      LN0025510  9,950,000.00 MORT        20    UNRECORDED ORIGINAL
                 Northbrook
                 Place

     442003C5    301 E.          NCCI      LN0020940  8,250,000.00 MORT        20    UNRECORDED ORIGINAL
                 Liberty

     542003C5    ADLP -          NCCI      LN0023720  7,049,000.00 MORT        20    UNRECORDED ORIGINAL
                 84th, LLC

     602003C5    ADLP - W&J,     NCCI      LN0022330  6,560,000.00 MORT        20    UNRECORDED ORIGINAL
                 LLC

     612003C5    Cherokee        NCCI      LN0025650  6,500,000.00 MORT        20    UNRECORDED ORIGINAL
                 Village MHP

     662003C5    Kensington      NCCI      LN0030370  6,200,000.00 MORT        20    UNRECORDED ORIGINAL
                 Apartments

     812003C5    388 West        NCCI      LN0025080  4,800,000.00 MORT        20    UNRECORDED ORIGINAL
                 Broadway

     842003C5    Forest Hill     NCCI      LN0028090  4,500,000.00 MORT        20    UNRECORDED ORIGINAL
                 Centre

    1142003C5    Hacienda        NCCI      LN0028480  2,750,000.00 MORT        20    UNRECORDED ORIGINAL
                 San Luis MHP

    1152003C5    Village         NCCI      LN0025090  2,716,000.00 MORT        20    UNRECORDED ORIGINAL
                 Square at
                 Dana Park II

    1172003C5    Wagon Wheel     NCCI      LN0028500  2,575,000.00 MORT        20    UNRECORDED ORIGINAL
                 MHP

    1182003C5    Northpoint      NCCI      LN0024370  2,400,000.00 MORT        20    UNRECORDED ORIGINAL
                 Day Centre

    1222003C5    ADLP -          NCCI      LN0022320  2,160,000.00 MORT        20    UNRECORDED ORIGINAL
                 Gerbes, LLC

    1422003C5    Coachella       NCCI      LN0028470  1,600,000.00 MORT        20    UNRECORDED ORIGINAL
                 MHP

     882003C5    Beachwalk       NCCI      LN0028600  4,160,000.00 MORT        68    CERTIFIED TRUE COPY           NOTE & mort
                 Centre                                                                                            MODF AGMT

     932003C5    Boxer - CRS     NCCI      LN0020010  3,975,000.00 MORT        68    CERTIFIED TRUE COPY
                 Tower

    1252003C5    Boxer -         NCCI      LN0022930  2,020,000.00 MORT        68    CERTIFIED TRUE COPY
                 Harwin Plaza

    1292003C5    Sample          NCCI      LN0024160  1,940,000.00 MORT        68    CERTIFIED TRUE COPY
                 Turnpike
                 Plaza

    1382003C5    Boxer -         NCCI      LN0022940  1,630,000.00 MORT        68    CERTIFIED TRUE COPY
                 Antoine
                 Crossing

    1502003C5    Auto Care       NCCI      LN0024150  820,000.00   MORT        68    CERTIFIED TRUE COPY
                 Center of
                 Red Road

    1512003C5    Baton II        NCCI      LN0020300  620,000.00   MORT        68    CERTIFIED TRUE COPY
                 Development

    1522003C5    Auto Care       NCCI      LN0024170  515,000.00   MORT        68    CERTIFIED TRUE COPY
                 Center of
                 Tamarac

    1362003C5    Rite Aid -      wach                 1,874,658.72 ALN1        01    MISSING                       HYPERION
                 Baltimore                                                                                         PARTNERS II TO
                                                                                                                   CLF LLC

    1072003C5    Rite Aid -      WACH                 3,354,563.37 ALN1        22    ENDORSEMENT(S) IS             HYPERION TO
                 Colonie                                                             MISSING/INCORRECT             BLANK(S/B CLF
                                                                                                                   LLC); NOTE
                                                                                                                   DATE REF S/B
                                                                                                                   05/04/1999

    1392003C5    Laurel          WACH                 1,618,000.00 ALNV        01    MISSING                       WACHOVIA TO
                 Pointe                                                                                            WELLS; AMENDED
                 Apartments                                                                                        RESTATED
                                                                                                                   FAMILY NOTE A

    1362003C5    Rite Aid -      WACH                 1,874,658.72 ALNV        22    ENDORSEMENT(S) IS             CLF LLC TO
                 Baltimore                                                           MISSING/INCORRECT             WELLS; NOTE
                                                                                                                   DATE REF S/B
                                                                                                                   07/02/1998

    1112003C5    Fairbrooke      WACH                 2,900,000.00 ALNV        46    LOAN REFERENCE                REF: NOTE DATE
                 Senior                                                              MISSING/INCORRECT             SEPTEMBER 3,
                 Housing                                                                                           1999; ALLONGE:
                 Apartments                                                                                        OCTOBER 1, 2000

      12003C5    Lloyd Center    WACH                 70,000,000.00MORT        20    UNRECORDED ORIGINAL

      22003C5    One South       WACH       2767418   45,000,000.00MORT        20    UNRECORDED ORIGINAL
                 Broad Street

      42003C5    Hamilton        WACH       2764101   29,000,000.00MORT        20    UNRECORDED ORIGINAL
                 House
                 Apartments

     112003C5    2175 K          WACH       2768323   18,250,000.00MORT        20    UNRECORDED ORIGINAL
                 Street, NW

     122003C5    90 & 110        WACH       2764302   18,000,000.00MORT        20    UNRECORDED ORIGINAL
                 South
                 Bedford Road

     142003C5    Village on      WACH       2762107   17,000,000.00MORT        20    UNRECORDED ORIGINAL
                 the Hill

     232003C5    WOW -           WACH       2720204   15,000,000.00MORT        20    UNRECORDED ORIGINAL
                 Chippewa &
                 Hobart

     292003C5    Forest Cove     WACH       2765717   13,200,000.00MORT        20    UNRECORDED ORIGINAL
                 Apartments

     322003C5    Bermuda         WACH       2769917   12,000,000.00MORT        20    UNRECORDED ORIGINAL
                 Villas
                 Apartments

     372003C5    Flowery         WACH       2757713   10,560,000.00MORT        20    UNRECORDED ORIGINAL
                 Branch
                 Publix

     382003C5    Hilton          WACH       2769502   10,350,000.00MORT        20    UNRECORDED ORIGINAL
                 Norfolk
                 Airport

     452003C5    New Market      WACH       2766015   8,100,000.00 MORT        20    UNRECORDED ORIGINAL

     512003C5    Calder          WACH       2755510   7,250,000.00 MORT        20    UNRECORDED ORIGINAL
                 Commons

     582003C5    River Chase     WACH       2741201   6,800,000.00 MORT        20    UNRECORDED ORIGINAL
                 Office
                 Center

     672003C5    Mini U          WACH       2772602   6,065,000.00 MORT        20    UNRECORDED ORIGINAL
                 Storage -
                 Fairfax
                 Station

     692003C5    Bannockburn     WACH       2754814   6,000,000.00 MORT        20    UNRECORDED ORIGINAL
                 Mediplex
                 Office
                 Building

     702003C5    York Farm       WACH       2759109   6,000,000.00 MORT        20    UNRECORDED ORIGINAL
                 Estates

     802003C5    Walgreens-Elg   WACH       2767415   4,800,000.00 MORT        20    UNRECORDED ORIGINAL
                 IL

     962003C5    Walgreens       WACH       2762508   3,789,600.00 MORT        20    UNRECORDED ORIGINAL
                 Omaha

    1082003C5    Shurgard -      WACH       2753022   3,100,000.00 MORT        20    UNRECORDED ORIGINAL
                 Brandon

    1122003C5    La Playa        WACH       2765330   2,830,000.00 MORT        20    UNRECORDED ORIGINAL
                 Apartments

    1192003C5    Shurgard -      WACH       2770502   2,350,000.00 MORT        20    UNRECORDED ORIGINAL
                 Oldsmar

    1212003C5    Mini U          WACH       2768321   2,200,000.00 MORT        20    UNRECORDED ORIGINAL
                 Storage-Maple
                 Shade

    1352003C5    La Posada       WACH       2765328   1,670,000.00 MORT        20    UNRECORDED ORIGINAL
                 Apartments

    1412003C5    Nob Hill        WACH       2763203   1,600,000.00 MORT        20    UNRECORDED ORIGINAL
                 Apartments

    1482003C5    Timberlake      WACH                 1,408,000.00 MORT        20    UNRECORDED ORIGINAL
                 Apartments

      72003C5    16 West         WACH       2768814   25,000,000.00MORT        96    DOCUMENT IS AN UNRECORDED     16 LINCOLN
                 61st Street                                                         COPY, NEED RECORDED COPY      SQUARE TO
                                                                                                                   WACHOVIA

     182003C5    College         WACH       2770417   16,300,000.00MORT        96    DOCUMENT IS AN UNRECORDED
                 Grove                                                               COPY, NEED RECORDED COPY
                 Shopping
                 Center

    1482003C5    Timberlake      WACH                 1,408,000.00 NOTE        13    DATE OF LAST PAYMENT DOES     NOTE: CAN NOT
                 Apartments                                                          NOT AGREE WITH SCHEDULE       VERIFY; SCHD:
                                                                                                                   12/01/19
</TABLE>

<PAGE>

                                   EXHIBIT C-2

                         FORM OF CUSTODIAL CERTIFICATION

                                                                          [Date]

Wachovia Bank,  National Association
301 South College Street
One Wachovia Center
Charlotte, North Carolina  28288

Nomura Credit & Capital, Inc.
2 World Financial Center
Building B
New York, New York  10281-1198

Artesia Mortgage Capital Corporation
1180 NW Maple Street
Suite 202
Issaquah, Washington  98027

Wachovia Commercial Mortgage Securities, Inc.
301 South College Street
One Wachovia Center
Charlotte, North Carolina  28288
Attention:  Barry Reiner

Wachovia Bank, National Association
8739 Research Drive - URP4, NC  1075
Charlotte, North Carolina  28262-1075
Attention:  Wachovia Bank Commercial Mortgage Trust
            Commercial Mortgage Pass-Through Certificates, Series 2003-C5

Re:         Wachovia Bank Commercial Mortgage Trust
            Commercial Mortgage Pass-Through Certificates, Series
            2003-C5

Ladies and Gentlemen:

            Wells Fargo Bank Minnesota, N.A., as Trustee, hereby certifies to
the above referenced parties that, with respect to each Mortgage Loan listed in
the Mortgage Loan Schedule, except as specifically identified in the schedule of
exceptions annexed hereto, (i) without regard to the proviso in the definition
of "Mortgage File," all documents specified in clauses (i), (ii), (iv)(a), (v)
and (vii), and to the extent provided in the related Mortgage File and actually
known by a Responsible Officer of the Trustee to be required, clauses (iii),
(iv)(b), (iv)(c), (vi), (viii), (ix)(a) and (xii) of the definition of "Mortgage
File" are in its possession, (ii) all documents delivered or caused to be
delivered by the applicable Mortgage Loan Seller constituting the related
Mortgage File have been reviewed by it and appear regular on their face and
appear to relate to such Mortgage Loan and (iii) based on such examination and
only as to the foregoing documents, the information set forth in the Mortgage
Loan Schedule for such Mortgage Loan with respect to the items specified in
clauses (v) and (vi)(C) of the definition of "Mortgage Loan Schedule" is
correct. Further, with respect to the documents described in clause (viii) of
the definition of Mortgage File, absent actual knowledge to the contrary or
copies of UCC Financing Statements delivered to the Trustee as part of the
Mortgage File indicating otherwise, the Trustee may assume, for purposes of the
certification delivered in Section 2.02(a) of the Pooling and Servicing
Agreement, that the related Mortgage File should include one state level UCC
Financing Statement filing in the state of incorporation of the Mortgagor for
each Mortgaged Property (or with respect to any Mortgage Loan that has two or
more Mortgagors, for each Mortgagor). The UCC Financing Statements to be
assigned to the Trust will be delivered by the related Mortgage Loan Seller to
the Trustee on the new national forms, in recordable form and completed pursuant
to Revised Article IX of the UCC. The Trustee will submit such UCC Financing
Statements for filing in the state of incorporation as so indicated on the
documents provided.

            None of the Trustee, the Master Servicer, the Special Servicer, or
any Custodian is under any duty or obligation to inspect, review or examine any
of the documents, instruments, certificates or other papers relating to the
Mortgage Loans delivered to it to determine that the same are valid, legal,
effective, genuine, enforceable, in recordable form, sufficient or appropriate
for the represented purpose or that they are other than what they purport to be
on their face. Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to them under the Pooling and Servicing
Agreement.

                                       Respectfully,

                                          ------------------------------------
                                          Name:_______________________________
                                          Title: _____________________________

<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
1015 10th Avenue S.E.
Minneapolis, Minnesota  55414
Attn:  Corporate Trust Services (CMBS)-Mortgage Document Custody

      Re:   Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2003-C5

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Trustee under a certain Pooling and Servicing Agreement dated as of July
1, 2003 (the "Pooling and Servicing Agreement"), by and among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Lennar Partners, Inc., as Special Servicer and
you, as Trustee, the undersigned hereby requests a release of the Mortgage File
(or the portion thereof specified below) held by you with respect to the
following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

            The Mortgage File should be delivered to the following:

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

                                       Attn: _________________________________
                                       Phone:_________________________________

<PAGE>

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

_____      1.    Mortgage Loan paid in full.

                 The Master Servicer hereby certifies that all amounts received
                 in connection with the Mortgage Loan that are required to be
                 credited to the Certificate Account pursuant to the Pooling and
                 Servicing Agreement have been or will be so credited.

_____      2.    Other.  (Describe)

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

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan has been paid in full, in which case the Mortgage File (or such
portion thereof) will be retained by us permanently.

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

                                       WACHOVIA BANK, NATIONAL ASSOCIATION,
                                          as Master Servicer

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
1015 10th Avenue S.E.
Minneapolis, Minnesota  55414
Attn:  Corporate Trust Services (CMBS)-Mortgage Document Custody
     Re:    Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates, Series
            2003-C5

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Trustee under a certain Pooling and Servicing Agreement dated as of July
1, 2003 (the "Pooling and Servicing Agreement"), by and among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Lennar Partners, Inc., as Special Servicer and
you, as Trustee, the undersigned hereby requests a release of the Mortgage File
(or the portion thereof specified below) held by you with respect to the
following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

             The Mortgage File should be delivered to the following:

                                          ------------------------------------
                                          ------------------------------------
                                          ------------------------------------
                                          Attn: ______________________________
                                          Phone:______________________________

If only particular documents in the Mortgage File are requested, please specify
which:

<PAGE>

Reason for requesting file (or portion thereof):

_____      1.    The Mortgage Loan is being foreclosed.

_____      2.    Other.  (Describe)

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

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan is being foreclosed, in which case the Mortgage File (or such
portion thereof) will be returned when no longer required by us for such
purpose.

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

                                       LENNAR PARTNERS, INC.,
                                          as Special Servicer

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                    EXHIBIT E

                 CALCULATION OF NOI/DEBT SERVICE COVERAGE RATIOS

            "Net Cash Flow" shall mean the revenue derived from the use and
operation of a Mortgaged Property less operating expenses (such as utilities,
administrative expenses, repairs and maintenance, tenant improvement costs,
leasing commissions, management fees and advertising), fixed expenses (such as
insurance, real estate taxes and, if applicable, ground lease payments) and
replacement reserves and an allowance for vacancies and credit losses. Net Cash
Flow does not reflect interest expenses and non-cash items such as depreciation
and amortization, and generally does not reflect capital expenditures, but does
reflect reserves for replacements and an allowance for vacancies and credit
losses.

            In determining vacancy for the "revenue" component of Net Cash Flow
for each Rental Property, the Special Servicer shall rely on the most recent
rent roll supplied by the related borrower and where the actual vacancy shown
thereon and the market vacancy is less than 1%, the Special Servicer shall
assume a 1% vacancy in determining revenue from rents, except that in the case
of certain anchored shopping centers, space occupied by anchor or single tenants
or other large tenants shall be disregarded in performing the vacancy adjustment
due to the length of the related leases or creditworthiness of such tenants, in
accordance with the respective Mortgage Loan Seller's underwriting standards.
Where the actual or market vacancy was not less than 5.0%, the Special Servicer
shall determine revenue from rents by generally relying on the most recent roll
supplied and the greater of (a) actual historical vacancy at the related
Mortgaged Property, and (b) historical vacancy at comparable properties in the
same market as the related Mortgaged Property. In determining rental revenue for
multifamily, self-storage and mobile home park properties, the Special Servicer
shall either review rental revenue shown on the certified rolling 12-month
operating statements or annualized the rental revenue and reimbursement of
expenses shown on rent rolls or operating statements with respect to the prior
one to twelve month periods. For the other Rental Properties, the Special
Servicer shall annualize rental revenue shown on the most recent certified rent
roll, after applying the vacancy factor, without further regard to the terms
(including expiration dates) of the leases shown thereon. In the case of
hospitality properties, gross receipts shall be determined on the basis of
adjusted average occupancy not to exceed 75.0% and daily rates achieved during
the prior two to three year annual reporting period. In the case of residential
health care facilities, receipts shall be based on historical occupancy levels,
historical operating revenues and the then current occupancy rates. Occupancy
rates for private health care facilities shall be within current market ranges
and vacancy levels shall be at a minimum of 1%. In general, any non-recurring
items and non-property related revenue shall be eliminated from the calculation
except in the case of residential health care facilities.

            In determining the "expense" component of Net Cash Flow for each
Mortgaged Property, the Special Servicer shall rely on the rolling 12-month
operating statements and/or full-year or year-to-date financial statements
supplied by the related borrower, except that (a) if tax or insurance expense
information more current than that reflected in the financial statements is
available, the newer information shall be used, (b) with respect to each
Mortgaged Property, property management fees shall be assumed to be 3% to 7% of
effective gross revenue (except with respect to hospitality properties, where a
minimum of 3.1% of gross receipts shall be assumed, and with respect to limited
service hospitality properties, where a minimum of 4.0% of gross receipts shall
be assumed and, with respect to single tenant properties, where fees as low as
3% of effective gross receipts shall be assumed), (c) assumptions shall be made
with respect to reserves for leasing commission, tenant improvement expenses and
capital expenditures and (d) expenses shall be assumed to include annual
replacement reserves. In addition, in some instances, the Special Servicer may
recharacterize as capital expenditures those items reported by borrowers as
operating expenses (thus increasing "net cash flow") where determined
appropriate.

<PAGE>

                                    EXHIBIT F

                            UPDATED COLLECTION REPORT

Servicer
Wachovia 2003-C5

For the Collection Period Ending:
Master Servicer Remittance Date
Updated Collection Report

<TABLE>
<CAPTION>
              Prospectus  Primary    Scheduled   Scheduled   Current     Current     Paid To     Updated     Primary      Sub
  Primary       Loan       Loan      Principal   Interest   Principal   Interest     Date at     Paid To     Servicer   Servicer
Servicer ID     Number     Number      Amount     Amount     Advance     Advance   Determination   Date        Fees       Fees
------------- ---------- ---------- ----------- ---------- ----------- ---------- ------------- ----------- ---------- ----------

<S>             <C>        <C>         <C>        <C>        <C>        <C>          <C>            <C>       <C>         <C>

<CAPTION>

  Master
 Servicer   Retained      Net
   Fees       Fees      Advance
---------- ---------- ----------
<S>          <C>        <C>

</TABLE>

<PAGE>

                                   EXHIBIT G-1

                         FORM OF TRANSFEROR CERTIFICATE

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth and Marquette
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2003-C5

     Re:    Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2003-C5 (the "Certificates")

Ladies and Gentlemen:

      This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of July 8, 2003 (the "Closing Date") of
$_____________ evidencing a __% interest in the Class to which it belongs. The
Certificates were issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of July 1, 2003, among Wachovia
Commercial Mortgage Securities, Inc., as depositor, Wachovia Bank, National
Association, as master servicer, Lennar Partners, Inc., as special servicer and
Wells Fargo Bank Minnesota, N.A., as trustee All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

      1. The Transferor is the lawful owner of the Transferred Certificate with
the full right to transfer such Certificate free from any and all claims and
encumbrances whatsoever.

      2. Neither the Transferor nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) solicited any offer to buy or accepted a transfer, pledge or other
disposition of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) made any general
solicitation by means of general advertising or in any other manner, or (e)
taken any other action, which (in the case of any of the acts described in
clauses (a) through (e) hereof) would constitute a distribution of any
Certificate under the Securities Act of 1933, as amended (the "Securities Act"),
or would render the disposition of any --------------- Certificate a violation
of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of any Certificate pursuant to the
Securities Act or any state securities laws.

                                       Very truly yours,

                                       ---------------------------------------
                                                    (Transferor)

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEREE CERTIFICATE
                                    FOR QIBs

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth and Marquette
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series 2003-C5

     Re:    Wachovia Bank Commercial  Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2003-C5 (the "Certificates")

Ladies and Gentlemen:

      This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of July 8, 2003 (the "Closing Date") of
$_____________ evidencing a __% interest in the Class to which it belongs. The
Certificates were issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of July 1, 2003, among Wachovia
Commercial Mortgage Securities, Inc., as depositor, Wachovia Bank, National
Association, as master servicer, Lennar Partners, Inc., as special servicer and
Wells Fargo Bank Minnesota, N.A., as trustee. All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

            1. The Transferee is a "qualified institutional buyer" as that term
      is defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as
      amended (the "Securities Act") and has completed one of the forms of
      certification to that effect attached hereto as Annex 1 and Annex 2. The
      Transferee is aware that the sale to it is being made in reliance on Rule
      144A. The Transferee is acquiring the Transferred Certificate for its own
      account or for the account of a qualified institutional buyer, and
      understands that such Certificate may be resold, pledged or transferred
      only (i) to a person reasonably believed to be a qualified institutional
      buyer that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or
      transfer is being made in reliance on Rule 144A, or (ii) pursuant to
      another exemption from registration under the Securities Act.

            2. In the case of a Class A-1, Class A-2, Class A-1A, Class B, Class
      C, Class D, Class E, Class F, Class G, Class H, Class X-C, or Class X-P
      Certificates, the Transferee either (A) is not an "employee benefit plan"
      subject to ERISA or a "plan" described by Section 4975(e)(1) of the Code
      or any other retirement plan or other employee benefit plan or arrangement
      subject to any federal, state or local law materially similar to the
      foregoing provisions of ERISA and the Code, or any entity deemed to hold
      plan assets of the foregoing by reason of a plan's investment in such
      entity (each, a "Plan") or (B) (1) qualifies as an accredited investor as
      defined in Rule 501(a)(1) of Regulation D under the Securities Act and
      satisfies all the requirements of the Exemptions as in effect at the time
      of such transfer or (2) is an insurance company general account that is
      eligible for, and satisfies all of the requirements of, Sections I and III
      of Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTE
      95-60").

            In the case of a Class J, Class K, Class L, Class M, Class N, Class
      O or Class P Certificate, the Transferee either (A) is not an "employee
      benefit plan" subject to Title I of ERISA or a "plan" described by Section
      4975(e)(1) of the Code or any other retirement plan or other employee
      benefit plan or arrangement subject to any federal, state or local law
      materially similar to the foregoing provisions of ERISA and the Code, or
      any entity deemed to hold plan assets of the foregoing by reason of a
      plan's investment in such entity (each, a "Plan") or (B) is an insurance
      company general account which is eligible for, and satisfies all of the
      requirements for, exemptive relief under Sections I and III of Department
      of Labor Prohibited Transaction Class Exemption 95-60 ("PTE 95-60").

            3. The Transferee has been furnished with all information regarding
      (a) the Certificates and distributions thereon, (b) the nature,
      performance and servicing of the Mortgage Loans, (c) the Pooling and
      Servicing Agreement, and (d) any credit enhancement mechanism associated
      with the Certificates, that it has requested.

            4. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear legends substantially to the
      following effect:

      [In the case of the Unregistered Certificates]: THE CERTIFICATE HAS NOT
      BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY
      STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE
      WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
      TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND
      IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
      SERVICING AGREEMENT REFERRED TO HEREIN.

      -AND-

      [In the case of Class R-I, Class R-II, or Class Z Certificates]: NO
      TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
      "EMPLOYEE BENEFIT PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY SECTION
      4975(e)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE
      BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
      MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR
      ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A
      PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "PLAN"). EACH PERSON WHO
      ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO HAVE CERTIFIED THAT THE
      FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL NOT TRANSFER THIS
      CERTIFICATE IN VIOLATION OF THE FOREGOING.

      [In the case of Class J, Class K, Class L, Class M, Class N, Class O or
      Class P Certificates]: NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST
      THEREIN SHALL BE MADE TO ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF
      THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")
      OR A "PLAN" DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE
      OF 1986, AS AMENDED (THE "CODE"), OR ANY OTHER RETIREMENT PLAN OR OTHER
      EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR
      LOCAL LAW MATERIALLY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE
      CODE, OR ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON
      OF A PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "PLAN") UNLESS IT IS AN
      INSURANCE COMPANY GENERAL ACCOUNT WHICH IS ELIGIBLE FOR, AND SATISFIES ALL
      OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF UNDER SECTION SECTIONS I AND III
      OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 ("PTE
      95-60"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE DEEMED TO HAVE
      CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT IT WILL
      NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

            5. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

6.    Check one of the following:

___    The Transferee is a U.S. Person (as defined below) and it has attached
       hereto an Internal Revenue Service ("IRS") Form W-9 (or successor form).

___    *The Transferee is not a U.S. Person and under applicable law in effect
       on the date hereof, no taxes will be required to be withheld by the
       Trustee (or its agent) with respect to distributions to be made on the
       Transferred Certificate. The Transferee has attached hereto (i) a duly
       executed IRS Form W-8BEN (or successor form), which identifies such
       Transferee as the beneficial owner of the Transferred Certificate and
       states that such Transferee is not a U.S. Person, (ii) two duly executed
       copies of IRS Form W-8IMY (with all the appropriate attachments), or
       (iii) two duly executed copies of IRS Form W-8ECI (or successor form),
       which identify such Transferee as the beneficial owner of the Transferred
       Certificate and state that interest and original issue discount on the
       Transferred Certificate and Permitted Investments is, or is expected to
       be, effectively connected with a U.S. trade or business. The Transferee
       agrees to provide to the Certificate Registrar updated IRS Form W-8BEN,
       IRS Form W-8IMY or IRS Form W-8ECI, as the case may be, any applicable
       successor IRS forms, or such other certifications as the Certificate
       Registrar may reasonably request, on or before the date that any such IRS
       form or certification expires or becomes obsolete, or promptly after the
       occurrence of any event requiring a change in the most recent IRS form of
       certification furnished by it to the Certificate Registrar.

For this purpose, "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more United States
Persons have the authority to control all substantial decisions of the trust,
all within the meaning of Section 7701(a)(30) of the Code.

                                       Very truly yours,

                                       -----------------------------------------
                                                    (Transferee)

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

-----------------
* Does not apply to Class R-I or Class R-II Certificates.

<PAGE>

                                                        ANNEX 1 TO EXHIBIT G-2

           QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

         [For Transferees Other Than Registered Investment Companies]

            The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Wells Fargo Bank Minnesota, N.A., as Certificate
Registrar, with respect to the mortgage pass-through certificate being
transferred (the "Transferred Certificate") as described in the Transferee
Certificate to which this certification relates and to which this certification
is an Annex:

            1. As indicated below, the undersigned is the chief financial
      officer, a person fulfilling an equivalent function, or other executive
      officer of the entity purchasing the Transferred Certificate (the
      "Transferee").

            2. The Transferee is a "qualified institutional buyer" as that term
      is defined in Rule 144A under the Securities Act of 1933, as amended
      ("Rule 144A") because (i) the Transferee owned and/or invested on a
      discretionary basis $____________ / _____________ in securities (other
      than the excluded securities referred to below) as of the end of the
      Transferee's most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) [Transferee must own and/or invest on a
      discretionary basis at least $100,000,000 in securities unless Transferee
      is a dealer, and, in that case, Transferee must own and/or invest on, a
      discretionary basis at least $10,000,000 in securities.] and (ii) the
      Transferee satisfies the criteria in the category marked below.

      ____      Corporation, etc. The Transferee is a corporation (other than a
                bank, savings and loan association or similar institution),
                business trust, partnership, or any organization described in
                Section 501(c)(3) of the Internal Revenue Code of 1986, as
                amended.

      ____      Bank. The Transferee (a) is a national bank or a banking
                institution organized under the laws of any State, U.S.
                territory or the District of Columbia, the business of which is
                substantially confined to banking and is supervised by the State
                or territorial banking commission or similar official or is a
                foreign bank or equivalent institution, and (b) has an audited
                net worth of at least $25,000,000 as demonstrated in its latest
                annual financial statements, a copy of which is attached hereto,
                as of a date not more than 16 months preceding the date of sale
                of the Certificate in the case of a U.S. bank, and not more than
                18 months preceding such date of sale for a foreign bank or
                equivalent institution.

      ____      Savings and Loan. The Transferee (a) is a savings and loan
                association, building and loan association, cooperative bank,
                homestead association or similar institution, which is
                supervised and examined by a State or Federal authority having
                supervision over any such institutions or is a foreign savings
                and loan association or equivalent institution and (b) has an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest annual financial statements, a copy of which is attached
                hereto, as of a date not more than 16 months preceding the date
                of sale of the Certificate in the case of a U.S. savings and
                loan association, and not more than 18 months preceding such
                date of sale for a foreign savings and loan association or
                equivalent institution.

      ____      Broker-dealer. The Transferee is a dealer registered pursuant to
                Section 15 of the Securities Exchange Act of 1934.

      ____      Insurance Company. The Transferee is an insurance company whose
                primary and predominant business activity is the writing of
                insurance or the reinsuring of risks underwritten by insurance
                companies and which is subject to supervision by the insurance
                commissioner or a similar official or agency of a State, U.S.
                territory or the District of Columbia.

      ____      State or Local Plan. The Transferee is a plan established and
                maintained by a State, its political subdivisions, or any agency
                or instrumentality of the State or its political subdivisions,
                for the benefit of its employees.

      ____      ERISA Plan. The Transferee is an employee benefit plan within
                the meaning of Title I of the Employee Retirement Income
                Security Act of 1974, as amended.

      ____      Investment Advisor. The Transferee is an investment advisor
                registered under the Investment Advisers Act of 1940.

      ____      Other. (Please supply a brief description of the entity and a
                cross-reference to the paragraph and subparagraph under
                subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                Note that registered investment companies should complete Annex
                2 rather than this Annex 1.)

            3. The term "securities" as used herein does not include (i)
      securities of issuers that are affiliated with the Transferee, (ii)
      securities that are part of an unsold allotment to or subscription by the
      Transferee, if the Transferee is a dealer, (iii) bank deposit notes and
      certificates of deposit, (iv) loan participations, (v) repurchase
      agreements, (vi) securities owned but subject to a repurchase agreement
      and (vii) currency, interest rate and commodity swaps. For purposes of
      determining the aggregate amount of securities owned and/or invested on a
      discretionary basis by the Transferee, the Transferee did not include any
      of the securities referred to in this paragraph.

            4. For purposes of determining the aggregate amount of securities
      owned and/or invested on a discretionary basis by the Transferee, the
      Transferee used the cost of such securities to the Transferee, unless the
      Transferee reports its securities holdings in its financial statements on
      the basis of their market value, and no current information with respect
      to the cost of those securities has been published, in which case the
      securities were valued at market. Further, in determining such aggregate
      amount, the Transferee may have included securities owned by subsidiaries
      of the Transferee, but only if such subsidiaries are consolidated with the
      Transferee in its financial statements prepared in accordance with
      generally accepted accounting principles and if the investments of such
      subsidiaries are managed under the Transferee's direction. However, such
      securities were not included if the Transferee is a majority-owned,
      consolidated subsidiary of another enterprise and the Transferee is not
      itself a reporting company under the Securities Exchange Act of 1934.

            5. The Transferee acknowledges that it is familiar with Rule 144A
      and understands that the parties to which this certification is being made
      are relying and will continue to rely on the statements made herein
      because one or more sales to the Transferee may be in reliance on Rule
      144A.

          ________         ________     Will the  Transferee be purchasing  the
             Yes              No        Transferred  Certificate  only  for the
                                        Transferee's own account?

            6. If the answer to the foregoing question is "no", then in each
      case where the Transferee is purchasing for an account other than its own,
      such account belongs to a third party that is itself a "qualified
      institutional buyer" within the meaning of Rule 144A, and the "qualified
      institutional buyer" status of such third party has been established by
      the Transferee through one or more of the appropriate methods contemplated
      by Rule 144A.

            7. The Transferee will notify each of the parties to which this
      certification is made of any changes in the information and conclusions
      herein. Until such notice is given, the Transferee's purchase of the
      Transferred Certificate will constitute a reaffirmation of this
      certification as of the date of such purchase. In addition, if the
      Transferee is a bank or savings and loan as provided above, the Transferee
      agrees that it will furnish to such parties any updated annual financial
      statements that become available on or before the date of such purchase,
      promptly after they become available.

                                       Print Name of Transferee

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________
                                          Date:_______________________________

<PAGE>

                                                        ANNEX 2 TO EXHIBIT G-2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That Are Registered Investment Companies]

            The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Wells Fargo Bank Minnesota, N.A., as Certificate
Registrar, with respect to the mortgage pass-through certificate being
transferred (the "Transferred Certificate") as described in the Transferee
Certificate to which this certification relates and to which this certification
is an Annex:

            1. As indicated below, the undersigned is the chief financial
      officer, a person fulfilling an equivalent function, or other executive
      officer of the entity purchasing the Transferred Certificate (the
      "Transferee") or, if the Transferee is a "qualified institutional buyer"
      as that term is defined in Rule 144A under the Securities Act of 1933
      ("Rule 144A") because the Transferee is part of a Family of Investment
      Companies (as defined below), is an executive officer of the investment
      adviser (the "Adviser").

            2. The Transferee is a "qualified institutional buyer" as defined in
      Rule 144A because (i) the Transferee is an investment company registered
      under the Investment Company Act of 1940, and (ii) as marked below, the
      Transferee alone owned and/or invested on a discretionary basis, or the
      Transferee's Family of Investment Companies owned, at least $100,000,000
      in securities (other than the excluded securities referred to below) as of
      the end of the Transferee's most recent fiscal year. For purposes of
      determining the amount of securities owned by the Transferee or the
      Transferee's Family of Investment Companies, the cost of such securities
      was used, unless the Transferee or any member of the Transferee's Family
      of Investment Companies, as the case may be, reports its securities
      holdings in its financial statements on the basis of their market value,
      and no current information with respect to the cost of those securities
      has been published, in which case the securities of such entity were
      valued at market.

      ____  The Transferee owned and/or invested on a discretionary basis $ in
            securities (other than the excluded securities referred to below) as
            of the end of the Transferee's most recent fiscal year (such amount
            being calculated in accordance with Rule 144A).

      ____  The Transferee is part of a Family of Investment Companies which
            owned in the aggregate $ in securities (other than the excluded
            securities referred to below) as of the end of the Transferee's most
            recent fiscal year (such amount being calculated in accordance with
            Rule 144A).

            In the case of a Class R-I, Class R-II, or Class Z Certificate, the
Transferee is not an "employee benefit plan" subject to Title I of ERISA or a
"plan" described by Section 4975(e)(1) of the Code or any other retirement plan
or other employee benefit plan or arrangement subject to any federal, state or
local law materially similar to the foregoing provisions of ERISA and the Code,
or any entity deemed to hold plan assets of the foregoing by reason of a plan's
investment in such entity (each, a "Plan").

            3. The term "Family of Investment Companies" as used herein means
      two or more registered investment companies (or series thereof) that have
      the same investment adviser or investment advisers that are affiliated (by
      virtue of being majority owned subsidiaries of the same parent or because
      one investment adviser is a majority owned subsidiary of the other).

            4. The term "securities" as used herein does not include (i)
      securities of issuers that are affiliated with the Transferee or are part
      of the Transferee's Family of Investment Companies, (ii) bank deposit
      notes and certificates of deposit, (iii) loan participations, (iv)
      repurchase agreements, (v) securities owned but subject to a repurchase
      agreement and (vi) currency, interest rate and commodity swaps. For
      purposes of determining the aggregate amount of securities owned and/or
      invested on a discretionary basis by the Transferee, or owned by the
      Transferee's Family of Investment Companies, the securities referred to in
      this paragraph were excluded.

            5. The Transferee is familiar with Rule 144A and understands that
      the parties to which this certification is being made are relying and will
      continue to rely on the statements made herein because one or more sales
      to the Transferee will be in reliance on Rule 144A.

              ________       ________     Will the  Transferee  be  purchasing
                Yes             No        the  Transferred Certificate only for
                                          the Transferee's own account?

            6. If the answer to the foregoing question is "no", then in each
      case where the Transferee is purchasing for an account other than its own,
      such account belongs to a third party that is itself a "qualified
      institutional buyer" within the meaning of Rule 144A, and the "qualified
      institutional buyer" status of such third party has been established by
      the Transferee through one or more of the appropriate methods contemplated
      by Rule 144A.

            7. The undersigned will notify the parties to which this
      certification is made of any changes in the information and conclusions
      herein. Until such notice, the Transferee's purchase of the Transferred
      Certificate will constitute a reaffirmation of this certification by the
      undersigned as of the date of such purchase.

                                     Print Name of Transferee or Adviser

                                    By: ________________________________________
                                       Name:____________________________________
                                       Title:___________________________________

<PAGE>

                                   EXHIBIT G-3

                         FORM OF TRANSFEREE CERTIFICATE

                                  FOR NON-QIBs

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth and Marquette
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial
      Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
      Series 2003-C5

     Re:   Wachovia Bank Commercial Mortgage Trust,
           Commercial Mortgage Pass-Through Certificates,
           Series 2003-C5 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of a Certificate (the "Transferred Certificate") having an initial
[principal balance] [notional amount] as of July 8, 2003 (the "Closing Date") of
$_____________ evidencing a __% interest in the Class to which it belongs. The
Certificates were issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of July 1, 2003, among Wachovia
Commercial Mortgage Securities, Inc., as depositor (the "Depositor"), Wachovia
Bank, National Association, as master servicer, Lennar Partners, Inc., as
special servicer and Wells Fargo Bank Minnesota, N.A., as trustee. All terms
used herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to you, as Certificate Registrar, that:

            1. The Transferee is acquiring the Transferred Certificate for its
      own account for investment and not with a view to or for sale or transfer
      in connection with any distribution thereof, in whole or in part, in any
      manner which would violate the Securities Act of 1933, as amended (the
      "Securities Act"), or any applicable state securities laws.

            2. The Transferee understands that (a) the Certificates have not
      been and will not be registered under the Securities Act or registered or
      qualified under any applicable state securities laws, (b) neither the
      Depositor nor the Trustee or the Certificate Registrar is obligated so to
      register or qualify the Certificates and (c) the Certificates may not be
      resold or transferred unless they are (i) registered pursuant to the
      Securities Act and registered or qualified pursuant to any applicable
      state securities laws or (ii) sold or transferred in transactions which
      are exempt from such registration and qualification and the Certificate
      Registrar has received either (A) certifications from both the transferor
      and the transferee (substantially in the forms attached to the Pooling and
      Servicing Agreement) setting forth the facts surrounding the transfer or
      (B) an opinion of counsel satisfactory to the Certificate Registrar with
      respect to the availability of such exemption (which Opinion of Counsel
      shall not be an expense of the Trust Fund or of the Depositor, the Master
      Servicer, the Special Servicer, the Trustee or the Certificate Registrar
      in their respective capacities as such), together with copies of the
      certification(s) from the Transferor and/or Transferee setting forth the
      facts surrounding the transfer upon which such opinion is based. Any
      holder of a Certificate desiring to effect such a transfer shall, and upon
      acquisition of such Certificate shall be deemed to have agreed to,
      indemnify the Trustee, the Certificate Registrar and the Depositor against
      any liability that may result if the transfer is not so exempt or is not
      made in accordance with such federal and state laws.

            3. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear legends substantially to the
      following effect:

            [In the case of Unregistered Certificates]: THE CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE. ANY
RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

            -AND-

            [In the case of Class R-I, Class R-II, or Class Z Certificates]: NO
TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY
"EMPLOYEE BENEFIT PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY SECTION
4975(e)(1) OF THE CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW MATERIALLY
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY ENTITY DEEMED
TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S INVESTMENT IN SUCH
ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL BE
DEEMED TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED, AND THAT
IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

            [In the case of Class J, Class K, Class L, Class M, Class N, Class O
or Class P Certificates]: NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST
THEREIN SHALL BE MADE TO ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR A
"PLAN" DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE"), OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW MATERIALLY
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY ENTITY DEEMED
TO HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S INVESTMENT IN SUCH
ENTITY (EACH, A "PLAN") UNLESS IT IS AN INSURANCE COMPANY GENERAL ACCOUNT WHICH
IS ELIGIBLE FOR, AND SATISFIES ALL OF THE REQUIREMENTS FOR, EXEMPTIVE RELIEF
UNDER SECTION SECTIONS I AND III OF DEPARTMENT OF LABOR PROHIBITED TRANSACTION
CLASS EXEMPTION 95-60 ("PTE 95-60"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED,
AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING.

            4. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

            5. The Transferee has been furnished with all information regarding
      (a) the Depositor, (b) the Certificates and distributions thereon, (c) the
      Pooling and Servicing Agreement, and (d) all related matters, that it has
      requested.

            6. The Transferee has been furnished a copy of the Private Placement
      Memorandum dated June 24, 2003 and has read such Private Placement
      Memorandum.

            7. The Transferee is an "accredited investor" as defined in Rule
      501(a)(1), (2), (3) or (7) under the Securities Act and has such knowledge
      and experience in financial and business matters as to be capable of
      evaluating the merits and risks of an investment in the Certificates; the
      Transferee has sought such accounting, legal and tax advice as it has
      considered necessary to make an informed investment decision; and the
      Transferee is able to bear the economic risks of such an investment and
      can afford a complete loss of such investment.

            8. In the case of Class A-1A, Class D, Class E, Class F, Class G,
      Class H, Class X-C, or Class X-P Certificates, the Transferee either (A)
      is not an "employee benefit plan" subject to ERISA or a "plan" described
      by Section 4975(e)(1) of the Code or any other retirement plan or other
      employee benefit plan or arrangement subject to any federal, state or
      local law materially similar to the foregoing provisions of ERISA and the
      Code, or any entity deemed to hold plan assets of the foregoing by reason
      of a plan's investment in such entity (each, a "Plan") or (B) (1)
      qualifies as an accredited investor as defined in Rule 501(a)(1) of
      Regulation D under the Securities Act and satisfies all the requirements
      of the Exemptions as in effect at the time of such transfer or (2) is an
      insurance company general account that is eligible for, and satisfies all
      of the requirements for, Sections I and III of Department of Labor
      Prohibited Transaction Class Exemption 95-60 ("PTE 95-60"). In the case of
      Class J, Class K, Class L, Class M, Class N, Class O and Class P
      Certificates, the Transferee either (A) is not an "employee benefit plan"
      subject to Title I of ERISA or a "plan" described by Section 4975(e)(1) of
      the Code, or any other retirement plan or other employee benefit plan or
      arrangement subject to any federal, state or local law materially similar
      to the foregoing provisions of ERISA and the Code, or any entity deemed to
      hold plan assets of the foregoing by reason of a plan's investment in such
      entity (each, a "Plan") or (B) is an insurance company general account
      which is eligible for, and satisfies all of the requirements for,
      exemptive relief under Sections I and III of Department of Labor
      Prohibited Transaction Class Exemption ("PTE 95-60").

            9. Check one of the following:

___         The Transferee is a U.S. Person (as defined below) and it has
            attached hereto an Internal Revenue Service ("IRS") Form W-9 (or
            successor form).

___         *The Transferee is not a U.S. Person and under applicable law in
            effect on the date hereof, no taxes will be required to be withheld
            by the Trustee (or its agent) with respect to distributions to be
            made on the Transferred Certificate. The Transferee has attached
            hereto (i) a duly executed IRS Form W-8BEN (or successor form),
            which identifies such Transferee as the beneficial owner of the
            Transferred Certificate and states that such Transferee is not a
            U.S. Person, (ii) two duly executed copies of IRS Form W-8IMY (with
            all the appropriate attachments), or (iii) two duly executed copies
            of IRS Form W-8ECI (or successor form), which identify such
            Transferee as the beneficial owner of the Transferred Certificate
            and state that interest and original issue discount on the
            Transferred Certificate and Permitted Investments is, or is expected
            to be, effectively connected with a U.S. trade or business. The
            Transferee agrees to provide to the Certificate Registrar updated
            IRS Form W-8BEN, IRS Form W-8IMY or IRS Form W-8ECI, as the case may
            be, any applicable successor IRS forms, or such other certifications
            as the Certificate Registrar may reasonably request, on or before
            the date that any such IRS form or certification expires or becomes
            obsolete, or promptly after the occurrence of any event requiring a
            change in the most recent IRS form of certification furnished by it
            to the Certificate Registrar.

--------------
* Does not apply to Class R-I or Class R-II Certificates.

For this purpose, "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (including an entity treated as a
corporation or partnership for federal income tax purposes) created or organized
in, or under the laws of, the United States, any State thereof or the District
of Columbia unless in the case of a partnership, Treasury Regulations are
adopted that provide otherwise, an estate whose income is includable in gross
income for United States federal income tax purposes regardless of its source or
a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust, and one or more United States
Persons have the authority to control all substantial decisions of the trust,
all within the meaning of Section 7701(a)(30) of the Code.

                                       Very truly yours,

                                        --------------------------------------
                                                    (Transferee)

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                    EXHIBIT H

                   FORM OF PROSPECTIVE TRANSFEREE CERTIFICATE

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth and Marquette
Minneapolis, Minnesota  55479-0113
Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial
      Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
      Series 2003-C5

     Re:  Wachovia Bank Commercial Mortgage Trust,
          Commercial Mortgage Pass-Through Certificates,
          Series 2003-C5 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
____________________ (the "Transferor") to _______________________ (the
"Transferee") of the Class ______________ Certificates (the "Transferred
Certificate") having an initial [principal balance] [notional amount] as of July
8, 2003 (the "Closing Date") of $_____________ evidencing a __% interest in the
Classes to which they belong. The Certificates were issued pursuant to a Pooling
and Servicing Agreement, dated as of July 1, 2003 (the "Pooling and Servicing
Agreement"), among Wachovia Commercial Mortgage Securities, Inc., as depositor,
Wachovia Bank, National Association, as master servicer, Lennar Partners, Inc.,
as special servicer and Wells Fargo Bank Minnesota, N.A., as trustee (the
"Trustee"). Capitalized terms used but not defined herein shall have the
meanings set forth in the Pooling and Servicing Agreement. The Transferee hereby
certifies, represents and warrants to you that:

            In the case of a Class A-1, Class A-2, Class A-1A, Class B, Class C,
Class D, Class E, Class F, Class G, Class H, Class X-C or Class X-P Certificate,
the Transferee either (A) is not an "employee benefit plan" subject to ERISA or
a "plan" described by Section 4975(e)(1) of the Code or any other retirement
plan or other employee benefit plan or arrangement subject to any federal, state
or local law materially similar to the foregoing provisions of ERISA and the
Code, or any entity deemed to hold plan assets of the foregoing by reason of a
plan's investment in such entity (each, a "Plan") or (B) (1) qualifies as an
accredited investor as defined in Rule 501(a)(1) of Regulation D under the
Securities Act and satisfies all the requirements of the Exemptions as in effect
at the time of such transfer or (2) is an insurance company general account that
is eligible for, and satisfies all of the requirements for, Sections I and III
of Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTE
95-60").

            In the case of a Class J, Class K, Class L, Class M, Class N, Class
O or Class P Certificate, the Transferee either (A) is not an "employee benefit
plan" subject to Title I of ERISA or a "plan" described by Section 4975(e)(1) of
the Code, or any other retirement plan or other employee benefit plan or
arrangement subject to any federal, state or local law materially similar to the
foregoing provisions of ERISA and the Code, or any entity deemed to hold plan
assets of the foregoing by reason of a plan's investment in such entity (each, a
"Plan") or (B) is an insurance company general account which is eligible for,
and satisfies all of the requirements for, exemptive relief under Sections I and
III of Department of Labor Prohibited Transaction Class Exemption 95-60 ("PTE
95-60").

            In the case of a Class R-I, Class R-II, or Class Z Certificate, the
Transferee is not an "employee benefit plan" subject to Title I of ERISA or a
"plan" described by Section 4975(e)(1) of the Code or any other retirement plan
or other employee benefit plan or arrangement subject to any federal, state or
local law materially similar to the foregoing provisions of ERISA and the Code,
or any entity deemed to hold plan assets of the foregoing by reason of a plan's
investment in such entity (each, a "Plan").

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                                       ---------------------------------------
                                                [Name of Transferee]

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT I-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

                        PURSUANT TO SECTION 5.02(d)(i)(2)

STATE OF NEW YORK       )
                        ) ss.:
COUNTY OF NEW YORK      )

            [NAME OF OFFICER], being first duly sworn, deposes, and represents
and warrants:

            1. That he is a [Title of Officer] of [Name of Owner] (the "Owner"),
      a corporation duly organized and existing under the laws of the [State of
      ___________] [the United States], and the owner of the Wachovia Commercial
      Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates,
      Series 2003-C5, Class [R-I] [R-II] evidencing a ___% Interest in the Class
      to which its belongs (the "Class [R-I] [R-II]"). Capitalized terms used
      but not defined herein have the meanings assigned to such terms in the
      Pooling and Servicing Agreement dated as of July 1, 2003, among Wachovia
      Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank,
      National Association, as Master Servicer, Lennar Partners, Inc., as
      Special Servicer and Wells Fargo Bank Minnesota, N.A., as Trustee.

            2. That the Owner (i) is and will be a "Permitted Transferee" as of
      ________, _______ and (ii) is acquiring the Class [R-I] [R-II]
      Certificates for its own account or for the account of another Owner from
      which it has received an affidavit in substantially the same form as this
      affidavit. A "Permitted Transferee" is any person other than a
      Disqualified Organization", a Plan or a Non-United States Person. For this
      purpose, a "Disqualified Organization" means any of the following: (i) the
      United States or a possession thereof, any State or any political
      subdivision thereof, or any agency or instrumentality of any of the
      foregoing (other than an instrumentality which is a corporation if all of
      its activities are subject to tax and, except for FHLMC, a majority of its
      board of directors is not selected by any such governmental unit), (ii) a
      foreign government, international organization, or any agency or
      instrumentality of either of the foregoing, (iii) any organization (except
      certain farmers' cooperatives described in Section 521 of the Internal
      Revenue Code of 1986, as amended (the "Code")) which is exempt from the
      tax imposed by Chapter 1 of the Code (unless such organization is subject
      to the tax imposed by Section 511 of the Code on unrelated business
      taxable income), (iv) rural electric and telephone cooperatives described
      in Section 1381 of the Code or (v) any other Person so designated by the
      Trustee or the Certificate Registrar based upon an Opinion of Counsel that
      the holding of an Ownership Interest in a Class [R-I] [R-II] Certificate
      by such Person may cause the Trust Fund or any Person having an Ownership
      Interest in any Class of Certificates, other than such Person, to incur a
      liability for any federal tax imposed under the Code that would not
      otherwise be imposed but for the Transfer of an Ownership Interest in a
      Class [R-I] [R-II] Certificate to such Person. The terms "United States",
      "State" and "international organization" shall have the meanings set forth
      in Section 7701 of the Code or successor provisions.

            3. A "Non-United States Person" is any Person (i) other than a
      United States Person or (ii) who is a United States Person with respect to
      whom income on the Class [R-I] [R-II] Certificate is allocable to a
      foreign permanent establishment or fixed base (within the meaning of an
      applicable income tax treaty) of such Person or any other United States
      Person. A "United States Person" is a citizen or resident of the United
      States, a corporation or partnership (including an entity treated as a
      corporation or partnership for federal income tax purposes) created or
      organized in, or under the laws of the United States, any State thereof or
      the District of Columbia unless, in the case of a partnership, Treasury
      Regulations are adopted that provide otherwise, an estate whose income is
      includable in gross income for United States federal tax income purposes
      regardless of its source, or a trust if a court within the United States
      is able to exercise primary supervision over the administration of the
      trust and one or more United States Persons have the authority to control
      all substantial decisions of the trust, all within the meaning of Section
      7701(a)(30) of the Code.

            4. That the Owner is aware (i) of the tax that would be imposed on
      transfers of the Class [R-I] [R-II] Certificates to Disqualified
      Organizations under the Code that applies to all transfers of the Class
      [R-I] [R-II] Certificates after March 31, 1988; (ii) that such tax would
      be on the transferor, or, if such transfer is through an agent (which
      person includes a broker, nominee or middleman) for a Disqualified
      Organization Transferee, on the agent; (iii) that the person otherwise
      liable for the tax shall be relieved of liability for the tax if the
      transferee furnishes to such person an affidavit that the transferee is
      not a Disqualified Organization and, at the time of transfer, such person
      does not have actual knowledge that the affidavit is false; and (iv) that
      the Class [R-I] [R-II] Certificates may be "non-economic residual
      interests" within the meaning of Treasury regulation section
      1.860E-1(c)(2) and that the transferor of a "non-economic residual
      interest" will remain liable for any taxes due with respect to the income
      on such residual interest, unless no significant purpose of the transfer
      is to enable the transferor to impede the assessment or collection of tax.

            5. That the Owner is aware of the tax imposed on a "pass-through
      entity" holding the Class [R-I] [R-II] Certificates if at any time during
      the taxable year of the pass-through entity a non-Permitted Transferee is
      the record holder of an interest in such entity. For this purpose, a "pass
      through entity" includes a regulated investment company, a real estate
      investment trust or common trust fund, a partnership, trust or estate, and
      certain cooperatives.

            6. That the Owner is aware that the Certificate Registrar will not
      register the transfer of any Class [R-I] [R-II] Certificate unless the
      transferee, or the transferee's agent, delivers to the Trustee, among
      other things, an affidavit in substantially the same form as this
      affidavit. The Owner expressly agrees that it will not consummate any such
      transfer if it knows or believes that any of the representations contained
      in such affidavit and agreement are false.

            7. That the Owner consents to any additional restrictions or
      arrangements that shall be deemed necessary upon advice of counsel to
      constitute a reasonable arrangement to ensure that the Class [R-I] [R-II]
      Certificates will only be owned, directly or indirectly, by Permitted
      Transferees.

            8. That the Owner's taxpayer identification number is _____________.

            9. That the Owner has reviewed the restrictions set forth on the
      face of the Class [R-I] [R-II] Certificates and the provisions of Section
      5.02 of the Pooling and Servicing Agreement under which the Class [R-I]
      [R-II] Certificates were issued (and, in particular, the Owner is aware
      that such Section authorizes the Trustee to deliver payments to a person
      other than the Owner and negotiate a mandatory sale by the Trustee in the
      event that the Owner holds such Certificate in violation of Section 5.02);
      and that the Owner expressly agrees to be bound by and to comply with such
      restrictions and provisions.

            10. That the Owner is not acquiring and will not transfer the Class
      [R-I] [R-II] Certificates in order to impede the assessment or collection
      of any tax.

            11. That the Owner has historically paid its debts as they have come
      due, intends to continue to pay its debts as they come due in the future,
      and anticipates that it will, so long as it holds any of the Class [R-I]
      [R-II] Certificates, have sufficient assets to pay any taxes owed by the
      holder of such Class [R-I] [R-II] Certificates.

            12. That the Owner has no present knowledge that it may become
      insolvent or subject to a bankruptcy proceeding for so long as it holds
      any of the Class [R-I] [R-II] Certificates.

            13. That the Owner has no present knowledge or expectation that it
      will be unable to pay any United States taxes owed by it so long as any of
      the Certificates remain outstanding. In this regard, the Owner hereby
      represents to and for the benefit of the Person from whom it acquired the
      Class [R-I] [R-II] Certificates that the Owner intends to pay taxes
      associated with holding the Class [R-I] [R-II] Certificates as they become
      due, fully understanding that it may incur tax liabilities in excess of
      any cash flows generated by the Class [R-I] [R-II] Certificates.

            14. That the Owner is not acquiring the Class [R-I] [R-II]
      Certificates with the intent to transfer any of the Class [R-I] [R-II]
      Certificates to any person or entity that will not have sufficient assets
      to pay any taxes owed by the holder of such Class [R-I] [R-II]
      Certificates, or that may become insolvent or subject to a bankruptcy
      proceeding, for so long as the Class [R-I] [R-II] Certificates remain
      outstanding.

            15. That the Owner will, in connection with any transfer that it
      makes of the Class [R-I] [R-II] Certificates, obtain from its transferee
      the representations required by Section 5.02(d) of the Pooling and
      Servicing Agreement under which the Class [R-I] [R-II] Certificates were
      issued and will not consummate any such transfer if it knows, or knows
      facts that should lead it to believe, that any such representations are
      false.

            16. That the Owner will, in connection with any transfer that it
      makes of any Class [R-I] [R-II] Certificate, deliver to the Certificate
      Registrar an affidavit, which represents and warrants that it is not
      transferring such Class [R-I] [R-II] Certificate to impede the assessment
      or collection of any tax and that it has no actual knowledge that the
      proposed transferee: (i) has insufficient assets to pay any taxes owed by
      such transferee as holder of such Class [R-I] [R-II] Certificate; (ii) may
      become insolvent or subject to a bankruptcy proceeding, for so long as the
      Class [R-I] [R-II] Certificates remain outstanding; and (iii) is not a
      "Permitted Transferee".

            17. Check the applicable paragraph:

            o The present value of the anticipated tax liabilities associated
with holding the [R-I] [R-II] Certificate, as applicable, does not exceed the
sum of:

            (i)   the present value of any consideration given to the Owner to
                  acquire such [R-I] [R-II] Certificate;

            (ii)  the present value of the expected future distributions on such
                  [R-I] [R-II] Certificate; and

            (iii) the present value of the anticipated tax savings associated
                  with holding such [R-I] [R-II] Certificate as the related
                  REMIC generates losses.

            For purposes of this calculation, (i) the Owner is assumed to pay
tax at the highest rate currently specified in Section 11(b) of the Code (but
the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the
highest rate specified in Section 11(b) of the Code if the Owner has been
subject to the alternative minimum tax under Section 55 of the Code in the
preceding two years and will compute its taxable income in the current taxable
year using the alternative minimum tax rate) and (ii) present values are
computed using a discount rate equal to the short-term Federal rate prescribed
by Section 1274(d) of the Code for the month of the transfer and the compounding
period used by the Owner.

            o The transfer of the [R-I] [R-II] Certificate complies with U.S.
Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

            (i)   the Owner is an "eligible corporation," as defined in U.S.
                  Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
                  income from the [R-I] [R-II] Certificate will only be taxed in
                  the United States;

            (ii)  at the time of the transfer, and at the close of the Owner's
                  two fiscal years preceding the year of the transfer, the Owner
                  had gross assets for financial reporting purposes (excluding
                  any obligation of a person related to the Owner within the
                  meaning of U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in excess of $10 million;

            (iii) the Owner will transfer the [R-I] [R-II] Certificate only to
                  another "eligible corporation," as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), in a transaction that
                  satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii)
                  and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury
                  Regulations; and

            (iv)  the Owner determined the consideration paid to it to acquire
                  the [R-I] [R-II] Certificate based on reasonable market
                  assumptions (including, but not limited to, borrowing and
                  investment rates, prepayment and loss assumptions, expense and
                  reinvestment assumptions, tax rates and other factors specific
                  to the Owner) that it has determined in good faith.

            o None of the above.

<PAGE>

            IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, by its [Title of Officer] and Authorized Signatory,
attested by its Assistant Secretary, this ____ day of _____, ___.

                                       [NAME OF OWNER]

                                       By:____________________________________
                                          [Name of Officer]
                                          [Title of Officer]

---------------------------------------
         [Assistant] Secretary

            Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be [Title of Officer], and acknowledged to me that he executed
the same as his free act and deed and the free act and deed of the Owner.

            Subscribed and sworn before me this ____ day of _____, _____.

                                       ---------------------------------------
                                                    NOTARY PUBLIC

                                       COUNTY OF _____________________________

                                       STATE OF ______________________________

                                       My Commission expires the
                                          ____ day of ___________, ____.

<PAGE>

                                   EXHIBIT I-2

                         FORM OF TRANSFEROR CERTIFICATE

                        PURSUANT TO SECTION 5.02(d)(i)(4)

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth and Marquette
Minneapolis, Minnesota  55479-0113
Attn:  Corporate Trust Services (CMBS), Wachovia Bank Commercial
       Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
       Series 2003-C5

     Re:   Wachovia Bank Commercial Mortgage Trust,
           Commercial Mortgage Pass-Through Certificates,
           Series 2003-C5, Class  [R-I] [R-II], evidencing a ____%
           percentage interest in the Class to which they belong

Dear Sirs:

            This letter is delivered to you in connection with the transfer by
_________ (the "Transferor") to ______________________ (the "Transferee") of the
captioned Class [R-I] [R-II] Certificates (the "Class [R-I] [R-II]
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of July 1, 2003, among
Wachovia Commercial Mortgage Securities, Inc., as depositor, Wachovia Bank,
National Association, as master servicer, Lennar Partners, Inc., as special
servicer and Wells Fargo Bank Minnesota, N.A., as trustee. All terms used herein
and not otherwise defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Transferor hereby represents and warrants to you, as
Certificate Registrar, that:

            1. No purpose of the Transferor relating to the transfer of the
      Class [R-I] [R-II] Certificates by the Transferor to the Transferee is or
      will be to impede the assessment or collection of any tax.

            2. The Transferor understands that the Transferee has delivered to
      you a Transfer Affidavit and Agreement in the form attached to the Pooling
      and Servicing Agreement as Exhibit I-1. The Transferor does not know or
      believe that any representation contained therein is false.

            3. The Transferor at the time of this transfer has conducted a
      reasonable investigation of the financial condition of the Transferee as
      contemplated by Treasury regulation section 1.860E-1(c)(4)(i) and, as a
      result of that investigation, the Transferor has determined that the
      Transferee has historically paid its debts as they became due and has
      found no significant evidence to indicate that the Transferee will not
      continue to pay its debts as they become due in the future.

            4. The Transferor understands that the transfer of the Class [R-I]
      [R-II] Certificates may not be respected for United States income tax
      purposes (and the Transferor may continue to be liable for United States
      income taxes associated therewith) unless the test described above in
      Paragraph 3 has been met as to any transfer.

                                       Very truly yours,

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT J-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                                                          [Date]

Standard & Poor's Rating Services
55 Water Street
New York, New York  10041

Moody's Investors Service, Inc.
99 Church Street, 8th Floor
New York, New York  10007

Ladies and Gentlemen:

            This notice is being delivered pursuant to Section 6.09 of the
Pooling and Servicing Agreement dated as of July 1, 2003 relating to Wachovia
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2003-C5 (the "Agreement"). Any term with initial capital letters not otherwise
defined in this notice has the meaning given such term in the Agreement.

            Notice is hereby given that the Holders of Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class have designated
___________________ to serve as the Special Servicer under the Agreement.

            The designation of ____________________ as Special Servicer will
become final if certain conditions are met and on the date you will deliver to
Wells Fargo Bank Minnesota, N.A., the trustee under the Agreement (the
"Trustee"), a written confirmation stating that the appointment of the person
designated to become the Special Servicer will not result in the qualification,
downgrading or withdrawal of the rating or ratings assigned to one or more
Classes of the Certificates.

<PAGE>

            Please acknowledge receipt of this notice by signing the enclosed
copy of this notice where indicated below and returning it to the Trustee, in
the enclosed stamped self-addressed envelope.

                                       Very truly yours,

                                       WELLS FARGO BANK MINNESOTA, N.A.

                                       By:____________________________________
                                          Name:
                                          Title:

Receipt and acknowledged:

Standard & Poor's Rating Services        Moody's Investors Service, Inc.

  By:__________________________________     By:_________________________________
  Title:_______________________________     Title:______________________________
  Date:________________________________     Date:_______________________________

<PAGE>

                                   EXHIBIT J-2

             FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland  21045-1951
Attn: Wachovia Bank, National Association, Series 2003-C5

Ladies & Gentlemen:

            Pursuant to Section 6.09 of the Pooling and Servicing Agreement
dated as of July 1, 2003 relating to Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2003-C5 (the "Agreement"),
the undersigned hereby agrees with all the other parties to the Agreement that
the undersigned shall serve as Special Servicer under, and as defined in, the
Agreement. The undersigned hereby acknowledges that, as of the date hereof, it
is and shall be a party to the Agreement and bound thereby to the full extent
indicated therein in the capacity of Special Servicer. The undersigned hereby
makes, as of the date hereof, the representations and warranties set forth in
Section 3.23(b) of the Agreement as if it were the Special Servicer thereunder.

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________

<PAGE>

                                   EXHIBIT K-1

              FORM OF CERTIFICATEHOLDER CONFIRMATION CERTIFICATE

                          REQUEST BY BENEFICIAL HOLDER

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
9602 Old Annapolis Road
Columbia, Maryland  21045-1951

Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial Mortgage
      Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C5

Wachovia Bank, National Association
8739 Research Drive - URP4
Charlotte, North Carolina  28288

Lennar Partners, Inc.
760 NW 107th Avenue
Miami, Florida  33172

Re:   Wachovia Bank Commercial Mortgage Trust,
      Commercial Mortgage Pass-Through Certificates, Series
      2003-C5

            In accordance with Section 3.15 of the Pooling and Servicing
Agreement dated as of July 1, 2003 (the "Pooling and Servicing Agreement"),
among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer, Lennar
Partners, Inc., as special servicer and Wells Fargo Bank Minnesota, N.A., as
trustee, with respect to the Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2003-C5 (the "Certificates"), the
undersigned hereby certifies and agrees as follows:

            1. The undersigned is a beneficial owner of the Class ____
      Certificates.

            2. The undersigned is requesting access to the information posted to
      the Trustee's Internet Website pursuant to Section 4.02 of the Pooling and
      Servicing Agreement, or the information identified on the schedule
      attached hereto pursuant to Section 3.15 of the Pooling and Servicing
      Agreement (the "Information").

            3. In consideration of the [Trustee's] [Master Servicer's] [Special
      Servicer's] disclosure to the undersigned of the Information, the
      undersigned will keep the Information confidential (except from its agents
      and auditors), and such Information will not, without the prior written
      consent of the [Trustee] [Master Servicer] [Special Servicer], be
      disclosed by the undersigned or by its officers, directors, partners,
      employees, agents or representatives (collectively, the "Representatives")
      in any manner whatsoever, in whole or in part; provided that the
      undersigned may provide all or any part of the Information to any other
      person or entity that holds or is contemplating the purchase of any
      Certificate or interest therein, but only if such person or entity
      confirms in writing such ownership interest or prospective ownership
      interest and agrees to keep it confidential.

            4. The undersigned will not use or disclose the Information in any
      manner which could result in a violation of any provision of the
      Securities Act of 1933, as amended, (the "Securities Act"), or the
      Securities Exchange Act of 1934, as amended, or would require registration
      of any Certificate pursuant to Section 5 of the Securities Act.

            5. The undersigned shall be fully liable for any breach of this
      agreement by itself or any of its Representatives and shall indemnify the
      Depositor, the Trustee, the Master Servicer, the Special Servicer and the
      Trust for any loss, liability or expense incurred thereby with respect to
      any such breach by the undersigned or any of its Representatives.

            IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                        ----------------------------------------
                                               BENEFICIAL HOLDER OF A
                                                     CERTIFICATE

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________
                                          Phone:______________________________

<PAGE>

                                   EXHIBIT K-2

                    FORM OF PROSPECTIVE PURCHASER CERTIFICATE

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland  21045-1951

Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial Mortgage
      Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C5

Wachovia Bank, National Association
8739 Research Drive - URP4
Charlotte, North Carolina  28288

Attention:  Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
            Through Certificates, Series 2003-C5

Lennar Partners, Inc.
760 NW 107th Avenue
Miami, Florida  33172

Attention:  Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
            Through Certificates, Series 2003-C5

     Re:    Wachovia Bank Commercial Mortgage Trust
            Commercial Mortgage Pass-Through Certificates,
            Series 2003-C5 (the "Certificates")

            In accordance with Section 3.15 of the Pooling and Servicing
Agreement, dated as of July 1, 2003 (the "Pooling and Servicing Agreement"),
among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer, Lennar
Partners, Inc., as special servicer and Wells Fargo Bank Minnesota, N.A., as
trustee, with respect to the Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2003-C5 (the "Certificates"), the
undersigned hereby certifies and agrees as follows:

            1. The undersigned is contemplating an investment in the Class __
      Certificates.

            2. The undersigned is requesting access to the information posted to
      the Trustee's Internet Website pursuant to Section 4.02 of the Pooling and
      Servicing Agreement, or the information identified on the schedule
      attached hereto pursuant to Section 3.15 of the Pooling and Servicing
      Agreement (the "Information") for use in evaluating such possible
      investment.

            3. In consideration of the [Trustee's] [Master Servicer's] [Special
      Servicer's] disclosure to the undersigned of the Information, the
      undersigned will keep the Information confidential (except from its agents
      and auditors), and such Information will not, without the prior written
      consent of the [Trustee] [Master Servicer] [Special Servicer], be
      disclosed by the undersigned or by its officers, directors, partners
      employees, agents or representatives (collectively, the "Representatives")
      in any manner whatsoever, in whole or in part.

The undersigned will not use or disclose the Information in any manner which
could result in a violation of any provision of the Securities Act of 1933, as
amended (the "Securities Act"), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate pursuant to Section 5
of the Securities Act.

            4. The undersigned shall be fully liable for any breach of this
      agreement by itself or any of its Representatives and shall indemnify the
      Depositor, the Trustee, the Master Servicer, the Special Servicer and the
      Trust for any loss, liability or expense incurred thereby with respect to
      any such breach by the undersigned or any of its Representatives.

            IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

                                       ---------------------------------------
                                               [PROSPECTIVE PURCHASER]

                                       By:____________________________________
                                          Name:_______________________________
                                          Title:______________________________
                                          Phone:______________________________

<PAGE>

                                    EXHIBIT L

                            INITIAL COMPANION HOLDERS

            Wachovia Bank, National Association shall be the Initial Companion
Holder of the Lloyd Center Companion Loan, the Timberlake Apartments Companion
Loan and the Laurel Point Apartments Companion Loan. CBA Mezzanine Capital
Finance, LLC, shall be the Initial Companion Holder of the Shoppes of Parkland
Companion Loan and the Hilton Norfolk Companion Loan.

<PAGE>

                                    EXHIBIT M

                        CLASS X-P REFERENCE RATE SCHEDULE

Interest                   Class X-P     Interest                  Class X-P
Accrual   Distribution     Reference     Accrual  Distribution     Reference
 Period       Date           Rate         Period      Date           Rate
--------------------------------------------------------------------------------

    1       08/15/03        5.76183%        49      08/15/07        5.75940%

    2       09/15/03        5.76179%        50      09/15/07        5.75934%

    3       10/15/03        5.57984%        51      10/15/07        5.57753%

    4       11/15/03        5.76170%        52      11/15/07        5.75921%

    5       12/15/03        5.57976%        53      12/15/07        5.57740%

    6       01/15/04        5.76163%        54      01/15/08        5.75908%

    7       02/15/04        5.57969%        55      02/15/08        5.57728%

    8       03/15/04        5.57982%        56      03/15/08        5.57942%

    9       04/15/04        5.76150%        57      04/15/08        5.76078%

   10       05/15/04        5.57957%        58      05/15/08        5.57902%

   11       06/15/04        5.76142%        59      06/15/08        5.76103%

   12       07/15/04        5.57949%        60      07/15/08        5.57930%

   13       08/15/04        5.76133%        61      08/15/08        5.76089%

   14       09/15/04        5.76129%        62      09/15/08        5.76082%

   15       10/15/04        5.57936%        63      10/15/08        5.57910%

   16       11/15/04        5.76120%        64      11/15/08        5.76067%

   17       12/15/04        5.57928%        65      12/15/08        5.57896%

   18       01/15/05        5.57923%        66      01/15/09        5.57888%

   19       02/15/05        5.57919%        67      02/15/09        5.57881%

   20       03/15/05        5.57969%        68      03/15/09        5.57958%

   21       04/15/05        5.76095%        69      04/15/09        5.76027%

   22       05/15/05        5.57904%        70      05/15/09        5.57987%

   23       06/15/05        5.76085%        71      06/15/09        5.76140%

   24       07/15/05        5.57895%        72      07/15/09        5.57972%

   25       08/15/05        5.76076%        73      08/15/09        5.76124%

   26       09/15/05        5.76071%        74      09/15/09        5.76116%

   27       10/15/05        5.57882%        75      10/15/09        5.57948%

   28       11/15/05        5.76062%        76      11/15/09        5.76098%

   29       12/15/05        5.57873%        77      12/15/09        5.57932%

   30       01/15/06        5.57868%        78      01/15/10        5.57923%

   31       02/15/06        5.57864%        79      02/15/10        5.57915%

   32       03/15/06        5.57923%        80      03/15/10        5.57998%

   33       04/15/06        5.76035%        81      04/15/10        5.76053%

   34       05/15/06        5.57848%        82      05/15/10        5.58124%

   35       06/15/06        5.76025%        83      06/15/10        5.77442%

   36       07/15/06        5.57838%        84      07/15/10        5.64503%

   37       08/15/06        5.76013%        85      08/15/10        5.83379%

   38       09/15/06        5.76008%        86      09/15/10        5.83377%

   39       10/15/06        5.57822%        87      10/15/10        5.64679%

   40       11/15/06        5.75996%        88      11/15/10        5.83374%

   41       12/15/06        5.57811%        89      12/15/10        5.64675%

   42       01/15/07        5.57806%        90      01/15/11        5.64673%

   43       02/15/07        5.57800%        91      02/15/11        5.64671%

   44       03/15/07        5.57866%        92      03/15/11        5.64771%

   45       04/15/07        5.75965%        93      04/15/11        5.83364%

   46       05/15/07        5.57782%        94      05/15/11        5.64664%

   47       06/15/07        5.75953%        95      06/15/11        5.83638%

   48       07/15/07        5.57771%        96      07/15/11        5.64932%

<PAGE>

                                    EXHIBIT N

                         FORM OF PURCHASE OPTION NOTICE
                            PURSUANT TO SECTION 3.18

                                     [Date]

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland  21045-1951

Attn: Corporate Trust Services (CMBS), Wachovia Bank Commercial Mortgage
      Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C5

Wachovia Bank, National Association
NC 1075
8739 Research Drive URP4
Charlotte, North Carolina  28262-1075
Attention:  Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
            Through Certificates, Series 2003-C5

     Re:   Wachovia Bank Commercial Mortgage Trust,
           Commercial Mortgage Pass-Through Certificates, Series
           2003-C5

Ladies and Gentlemen:

            The undersigned hereby acknowledges that it is the holder of an
assignable option (the "Purchase Option") to purchase Mortgage Loan number ____
from the Trust Fund, pursuant to Section 3.18 of the pooling and servicing
agreement (the "Pooling and Servicing Agreement") dated as of July 1, 2003, by
and among Wachovia Commercial Mortgage Securities, Inc., as depositor, Wells
Fargo Bank Minnesota, N.A., as trustee, Lennar Partners, Inc., as special
servicer and Wachovia Bank, National Association, as master servicer.
Capitalized terms used herein and not otherwise defined shall have the meaning
set forth in the Pooling and Servicing Agreement.

            The  undersigned  Option Holder [is the Special  Servicer] [is the
Majority  Subordinate  Certificateholder]  [acquired its Purchase  Option from
the [Special Servicer] [Majority Subordinate Certificateholder] on _________].

            The undersigned Option Holder is exercising its Purchase Option at
the cash price of $______________, which amount equals or exceeds the Option
Price, as defined in Section 3.18(c) of the Pooling and Servicing Agreement.
Within ten (10) Business Days of the date hereof, [the undersigned Option
Holder] [______________, an Affiliate of the undersigned Option Holder] will
deliver the Option Price to or at the direction of the Special Servicer in
exchange for the release of the Mortgage Loan, the related Mortgaged Property
and delivery of the related Mortgage Loan File.

            The undersigned Option Holder agrees that it shall prepare and
provide the Special Servicer with such instruments of transfer or assignment, in
each case without recourse, as shall be reasonably necessary to vest in it or
its designee the ownership of Mortgage Loan ____, together with such other
documents or instruments as the Special Servicer shall reasonably require to
consummate the purchase contemplated hereby.

            The undersigned Option Holder acknowledges and agrees that its
exercise of its Purchase Option Notice may not be revoked and that the
undersigned Option Holder, or its designee, shall be obligated to close its
purchase of Mortgage Loan ___ in accordance with the terms and conditions of
this letter and Section 3.18 of the Pooling and Servicing Agreement.

                                       Very truly yours,

                                       [Option Holder]

                                       By:____________________________________
                                          Name:
                                          Title:

            [By signing this letter in the space provided below,  the [Special
Servicer]  [Majority  Subordinate  Certificateholder]  hereby acknowledges and
affirms  that  it  transferred  its  Purchase  Option  to  the  Option  Holder
identified above on [_________].

[__________________________]

By:
Name:
Title:

<PAGE>

                                    EXHIBIT O

                                     FORM OF
                            NOTICE AND CERTIFICATION
                      REGARDING DEFEASANCE OF MORTGAGE LOAN

            To:   Standard & Poor's Ratings Services
                  55 Water Street
                  New York, New York  10041
                  Attn:  Commercial Mortgage Surveillance

            From: Wachovia Bank, National Association, in its capacity
                  as Master Servicer (the "Master Servicer") under the
                  Pooling and
                  Servicing Agreement dated as of
                  July 1, 2003 (the "Pooling and Servicing Agreement"), among
                  the Master Servicer,
                  Wells Fargo Bank Minnesota, N.A., as Trustee, and others.

            Date:__________, 20___

            Re:   Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                  Series 2003-C5

                  Mortgage Loan (the "Mortgage Loan") identified by loan
                  number _____ on the Mortgage Loan Schedule attached to the
                  Pooling and Servicing Agreement and heretofore secured by
                  the Mortgaged Properties identified on the Mortgage Loan
                  Schedule by the following
                  names: _______________________
                       _________________________

            Reference is made to the Pooling and Servicing Agreement described
above. Capitalized terms used but not defined herein have the meanings assigned
to such terms in the Pooling and Servicing Agreement.

            As Master Servicer under the Pooling and Servicing Agreement, we
hereby:

            (a) Notify you that the Mortgagor has consummated a defeasance of
the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

            ____  a full  defeasance  of the entire  principal  balance of the
            Mortgage Loan; or

            ____ a partial defeasance of a portion of the principal balance of
            the Mortgage Loan that represents and, an allocated loan amount of
            $____________ or _______% of the entire principal balance of the
            Mortgage Loan;

            (b) Certify that each of the following is true, subject to those
exceptions set forth with explanatory notes on Exhibit A hereto, which
exceptions the Master Servicer has determined, consistent with the Servicing
Standard, will have no material adverse effect on the Mortgage Loan or the
defeasance transaction:

            (ii)  The Mortgage Loan documents permit the defeasance, and the
                  terms and conditions for defeasance specified therein were
                  satisfied in all material respects in completing the
                  defeasance.

            (iii) The defeasance was consummated on __________, 20__.

            (iv)  The defeasance collateral consists of securities that (i)
                  constitute "government securities" as defined in Section
                  2(a)(16) of the Investment Company Act of 1940 as amended (15
                  U.S.C. 80A1), (ii) are listed as "Qualified Investments for
                  `AAA' Financings" under Paragraphs 1, 2 or 3 of "Cash Flow
                  Approach" in Standard & Poor's Public Finance Criteria 2000,
                  as amended to the date of the defeasance, (iii) are rated
                  `AAA' by S&P, (iv) if they include a principal obligation, the
                  principal due at maturity cannot vary or change, and (v) are
                  not subject to prepayment, call or early redemption.

            (v)   The Master Servicer received an opinion of counsel (from
                  counsel approved by Master Servicer in accordance with the
                  Servicing Standard) that the defeasance will not result in an
                  Adverse REMIC Event.

            (vi)  The Master Servicer determined that the defeasance collateral
                  will be owned by an entity (the "Defeasance Obligor") that is
                  a Single-Purpose Entity (as defined in Standard & Poor's
                  Structured Finance Ratings Real Estate Finance Criteria, as
                  amended to the date of the defeasance (the "S&P Criteria")) as
                  of the date of the defeasance, and after the defeasance owns
                  no assets other than the defeasance collateral and real
                  property securing Mortgage Loans included in the pool.

            (vii) The Master Servicer received written confirmation of the
                  crediting of the defeasance collateral to an Eligible Account
                  (as defined in the S&P Criteria) in the name of the Defeasance
                  Obligor, which account is maintained as a securities account
                  by a securities intermediary and has been pledged to the
                  Trustee.

            (viii) The agreements executed in connection with the defeasance (i)
                  grant control of the pledged securities account to Trustee,
                  (ii) require the securities intermediary to make the scheduled
                  payments on the Mortgage Loan from the proceeds of the
                  defeasance collateral directly to the Servicer's collection
                  account in the amounts and on the dates specified in the
                  Mortgage Loan documents or, in a partial defeasance, the
                  portion of such scheduled payments attributed to the allocated
                  loan amount for the real property defeased, increased by any
                  defeasance premium specified in the Mortgage Loan documents
                  (the "Scheduled Payments"), (iii) permit reinvestment of
                  proceeds of the defeasance collateral only in Permitted
                  Investments (as defined in the S&P Criteria), (iv) permit
                  release of surplus defeasance collateral and earnings on
                  reinvestment from the pledged securities account only after
                  the Mortgage Loan has been paid in full, if any such release
                  is permitted, (v) prohibit transfers by the Defeasance Obligor
                  of the defeasance collateral and subordinate liens against the
                  defeasance collateral, and (vi) provide for payment from
                  sources other than the defeasance collateral or other assets
                  of the Defeasance Obligor of all fees and expenses of the
                  securities intermediary for administering the defeasance and
                  the securities account and all fees and expenses of
                  maintaining the existence of the Defeasance Obligor.

            (ix)  The Master Servicer received written confirmation from a firm
                  of independent certified public accountants, who were approved
                  by Master Servicer in accordance with the Servicing Standard
                  stating that (i) revenues from the defeasance collateral
                  (without taking into account any earnings on reinvestment of
                  such revenues) will be sufficient to timely pay each of the
                  Scheduled Payments after the defeasance including the payment
                  in full of the Mortgage Loan (or the allocated portion thereof
                  in connection with a partial defeasance) on its Maturity Date
                  (or, in the case of an ARD Loan, on its Anticipated Repayment
                  Date), (ii) the revenues received in any month from the
                  defeasance collateral will be applied to make Scheduled
                  Payments within four (4) months after the date of receipt, and
                  (iii) interest income from the defeasance collateral to the
                  Defeasance Obligor in any calendar or fiscal year will not
                  exceed such Defeasance Obligor's interest expense for the
                  Mortgage Loan (or the allocated portion thereof in a partial
                  defeasance) for such year.

            (x)   The Mortgage Loan is not among the ten (10) largest loans in
                  the pool. The entire principal balance of the Mortgage Loan as
                  of the date of defeasance was less than both $[______] and
                  five percent of pool balance, which is less than [__]% of the
                  aggregate Certificate Balance of the Certificates as of the
                  date of the most recent Trustee's Distribution Date Statement
                  received by us (the "Current Report").

            (xi)  The defeasance described herein, together with all prior and
                  simultaneous defeasances of Mortgage Loans, brings the total
                  of all fully and partially defeased Mortgage Loans to
                  $__________________, which is _____% of the aggregate
                  Certificate Balance of the Certificates as of the date of the
                  Current Report.

            (c) Certify that Exhibit B hereto is a list of the material
agreements, instruments, organizational documents for the Defeasance Obligor,
and opinions of counsel and independent accountants executed and delivered in
connection with the defeasance.

            (d) Certify that the individual under whose hand the Master Servicer
has caused this Notice and Certification to be executed did constitute a
Servicing Officer as of the date of the defeasance described above.

            (e) Agree to provide copies of all items listed in Exhibit B to you
upon request.

<PAGE>

            IN WITNESS WHEREOF, the Master Servicer has caused this Notice and
Certification to be executed as of the date captioned above.

                                       WACHOVIA BANK, NATIONAL ASSOCIATION

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                    EXHIBIT P

                      FORM OF DEPOSITOR CERTIFICATION TO BE
                             PROVIDED WITH FORM 10-K

                    Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                          Series 2003-C5 (the "Trust")

            I, [identify the certifying individual], a [title] of Wachovia
Commercial Mortgage Securities, Inc., the depositor into the above-referenced
Trust, certify that:

            1. I have reviewed this annual report on Form 10-K, and all reports
      on Form 8-K containing distribution date reports filed in respect of
      periods included in the year covered by this annual report, of the Trust;

            2. Based on my knowledge, the information in these reports, taken as
      a whole, does not contain any untrue statement of a material fact or omit
      to state a material fact necessary to make the statements made, in light
      of the circumstances under which such statements were made, not misleading
      as of the last day of the period covered by this annual report;

            3. Based on my knowledge, the servicing information required to be
      provided to the trustee by the master servicer and the special servicer
      under the pooling and servicing agreement for inclusion in these reports
      is included in these reports;

            4. Based on my knowledge and upon the annual compliance statement
      included in this annual report and required to be delivered to the trustee
      in accordance with the terms of the pooling and servicing agreement, and
      except as disclosed in this annual report, the master servicer and the
      special servicer have fulfilled their obligations under the pooling and
      servicing agreement; and

            5. This annual report discloses all significant deficiencies
      relating to the master servicer's or special servicer's compliance with
      the minimum servicing standards based upon the report provided by an
      independent public accountant, after conducting a review in compliance
      with the Uniform Single Attestation Program for Mortgage Bankers or
      similar procedure, as set forth in the pooling and servicing agreement,
      that is included in this annual report.

<PAGE>

In giving the  certifications  above, I have reasonably  relied on information
provided to me by the following  unaffiliated parties:  Lennar Partners,  Inc.
and Wells Fargo Bank Minnesota, N.A.

Date:______________________________

___________________________________
President and Chief Executive Officer
Wachovia Commercial Mortgage Securities, Inc.

<PAGE>

                                    EXHIBIT Q

                FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR
                                 BY THE TRUSTEE

                    Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                          Series 2003-C5 (the "Trust")

            I, [identify the certifying individual], a [title] of Wells Fargo
Bank Minnesota, N.A., certify to Wachovia Commercial Mortgage Securities, Inc.
and their officers, directors and affiliates, and with the knowledge and intent
that they will rely upon this certification in delivering the Certification
required by the pooling and servicing agreement relating to the Certificates
(capitalized terms used herein without definition shall have the meanings
assigned to such terms in the pooling and servicing agreement), that:

            1. I have reviewed this annual report on Form 10-K, and all reports
      on Form 8-K containing distribution date reports filed in respect of
      periods included in the year covered by this annual report, of the Trust;

            2. Based on my knowledge, the distribution information in these
      reports, taken as a whole, does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading as of the last day of the period covered by this
      annual report;

            3. Based on my knowledge, the distribution and servicing information
      required to be provided to the trustee by the master servicer under the
      pooling and servicing agreement is included in the reports delivered by
      the master servicer to the trustee;

Date:___________________________

________________________________
[Title]
Wells Fargo Bank Minnesota, N.A.

<PAGE>

                                   EXHIBIT R-1

                   FORM OF MASTER SERVICER CERTIFICATION TO BE
                             PROVIDED WITH FORM 10-K

                    Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                          Series 2003-C5 (the "Trust")

            I, [identify the certifying individual], a [title] of Wachovia Bank,
National Association, certify to Wachovia Commercial Mortgage Securities, Inc.
and their officers, directors and affiliates, and with the knowledge and intent
that they will rely upon this certification (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the pooling
and servicing agreement), that:

            1. I have reviewed the servicing reports relating to the Trust
      delivered by the master servicer to the trustee pursuant to the pooling
      and servicing agreement covering the fiscal year [_____];

            2. Based on my knowledge, and (a) assuming the accuracy of the
      statements required to be made in the corresponding certificate of the
      special servicer pursuant to Section 8.17(c) of the pooling and servicing
      agreement and (b) assuming that the information regarding the mortgage
      loans, the mortgagors or the mortgaged properties in the prospectus (the
      "Mortgage Information") does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statement made, in the light of the circumstances under which such
      statements were made, not misleading (but only to the extent that such
      Mortgage Information is or shall be used by the master servicer to prepare
      the servicing reports), the servicing information in these reports, taken
      as a whole, does not contain any untrue statement of a material fact or
      omit to state a material fact necessary to make the statements made, in
      light of the circumstances under which such statements were made, not
      misleading as of the last day of the period covered by each such servicing
      report;

            3. Based on my knowledge, and assuming that the special servicer
      timely delivered to the master servicer all servicing information required
      to be provided to the master servicer by the special servicer under the
      pooling and servicing agreement, the servicing information required to be
      provided to the trustee by the master servicer under the pooling and
      servicing agreement is included in the servicing reports delivered by the
      master servicer to the trustee;

            4. I am responsible for reviewing the activities performed by the
      master servicer under the pooling and servicing agreement and based upon
      my knowledge and the annual compliance review required under section 3.13
      of the pooling and servicing agreement with respect to the master
      servicer, and except as disclosed in the compliance certificate delivered
      by the master servicer under section 3.13 of the pooling and servicing
      agreement, the master servicer has fulfilled its obligations under the
      pooling and servicing agreement; and

            5. The accountant's statement delivered pursuant to section 3.14 of
      the pooling and servicing agreement discloses all significant deficiencies
      relating to the master servicer's compliance with the minimum servicing
      standards based upon the report provided by an independent public
      accountant, after conducting a review in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar procedure, as
      set forth in the pooling and servicing agreement.

            In giving the certification above, I have reasonably relied on
information provided to me by the following unaffiliated parties: [names of
sub-servicers].

            Notwithstanding the assumption made in clause 2(b) of this
certification, the master servicer is not entitled to make such assumption with
respect to Mortgage Information that, on or before five days prior to the
Determination Date for the related servicing report, (a) the master servicer has
been notified in writing by a party to the pooling and servicing agreement, any
mortgage loan seller (as defined in the pooling and servicing agreement), or any
affiliate thereof, was incorrect or (b) the master servicer would have known was
incorrect in performing its servicing obligations under the pooling and
servicing agreement in accordance with the servicing standards (as defined in
the pooling and servicing agreement).

Date:___________________________

________________________________
[Title]
Wachovia Bank, National Association

<PAGE>

                                   EXHIBIT R-2

                FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR
                             BY THE SPECIAL SERVICER

                    Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                          Series 2003-C5 (the "Trust")

            I, [identify the certifying individual], a [title] of Lennar
Partners, Inc., certify to Wachovia Commercial Mortgage Securities, Inc. and
their officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification in delivering the Certification required
by the pooling and servicing agreement relating to the Certificates (capitalized
terms used herein without definition shall have the meanings assigned to such
terms in the pooling and servicing agreement), that:

            1. I have reviewed the servicing reports relating to the Trust
      delivered by the special servicer to the master servicer and/or the
      trustee pursuant to the pooling and servicing agreement covering the
      fiscal year [____];

            2. Based on my knowledge, the servicing information in these reports
      delivered by the special servicer, taken as a whole, does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading as of the last day of the
      period covered by each servicing report;

            3. Based on my knowledge, the servicing information required to be
      provided to the master servicer by the special servicer under the pooling
      and servicing agreement is included in the servicing reports delivered by
      the special servicer to the master servicer;

            4. I am responsible for reviewing the activities performed by the
      special servicer under the pooling and servicing agreement and based upon
      my knowledge and the annual compliance review required under section 3.13
      of the pooling and servicing agreement with respect to the special
      servicer, and except as disclosed in the compliance certificate delivered
      by the special servicer under section 3.13 of the pooling and servicing
      agreement, the special servicer has fulfilled its obligations under the
      pooling and servicing agreement in all material respects; and

            5. The accountant's statement delivered pursuant to section 3.14 of
      the pooling and servicing agreement discloses all significant deficiencies
      relating to the special servicer's compliance with the minimum servicing
      standards based upon the report provided by an independent public
      accountant, after conducting a review in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar procedure, as
      set forth in the pooling and servicing agreement.

Date:___________________________

________________________________
[Title] Lennar Partners, Inc.<PAGE>

                                                                  CONFORMED COPY

                            ASSET PURCHASE AGREEMENT

                                      AMONG

                                 INTELSAT, LTD.,

                            INTELSAT (BERMUDA), LTD.,

                    LORAL SPACE & COMMUNICATIONS CORPORATION,
                       AS DEBTOR AND DEBTOR IN POSSESSION

                           LORAL SPACECOM CORPORATION,
                       AS DEBTOR AND DEBTOR IN POSSESSION

                                       AND

                              LORAL SATELLITE, INC.
                       AS DEBTOR AND DEBTOR IN POSSESSION

                            DATED AS OF JULY 15, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                       Page
                                                                                                                       ----
<S>                                                                                                                    <C>
                                                     ARTICLE I
                                               DEFINITIONS AND TERMS

Section 1.1       Specific Definitions...........................................................................        2
Section 1.2       Other Definitional Provisions..................................................................       15

                                                    ARTICLE II
                                     PURCHASE AND SALE OF THE PURCHASED ASSETS

Section 2.1       Purchase and Sale of Purchased Assets..........................................................       15
Section 2.2       Excluded Assets................................................................................       16
Section 2.3       Assumed Liabilities............................................................................       16
Section 2.4       Excluded Liabilities...........................................................................       16
Section 2.5       Purchase Price.................................................................................       17
Section 2.6       Closing........................................................................................       21
Section 2.7       Deliveries by Purchaser........................................................................       22
Section 2.8       Deliveries by Sellers..........................................................................       23

                                                    ARTICLE III
                                     REPRESENTATIONS AND WARRANTIES OF SELLERS

Section 3.1       Organization and Qualification.................................................................       23
Section 3.2       Purchased Assets...............................................................................       23
Section 3.3       Corporate Authorization........................................................................       24
Section 3.4       Consents and Approvals.........................................................................       24
Section 3.5       Non-Contravention..............................................................................       24
Section 3.6       Binding Effect.................................................................................       24
Section 3.7       Litigation and Claims..........................................................................       25
Section 3.8       Property, Equipment and Other Purchased Assets.................................................       25
Section 3.9       Intellectual Property..........................................................................       26
Section 3.10      Certain Contracts..............................................................................       27
Section 3.11      Government Contracts...........................................................................       29
Section 3.12      Taxes..........................................................................................       31
Section 3.13      Compliance with Laws...........................................................................       31
Section 3.14      SEC Reports....................................................................................       31
Section 3.15      Governmental Authorizations....................................................................       32
Section 3.16      Orbital Locations, etc.........................................................................       33
Section 3.17      Intersystem Coordination.......................................................................       33
Section 3.18      Collective Bargaining Agreements...............................................................       34
Section 3.19      Absence of Change..............................................................................       34
Section 3.20      Insurance......................................................................................       34
Section 3.21      Related Party Transactions.....................................................................       35
Section 3.22      Accuracy of Copies.............................................................................       35
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
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Section 3.23      Financial and Business Information.............................................................       35

                                                    ARTICLE IV
                              REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER

Section 4.1       Organization and Qualification.................................................................       36
Section 4.2       Corporate Authorization........................................................................       36
Section 4.3       Consents and Approvals.........................................................................       36
Section 4.4       Non-Contravention..............................................................................       37
Section 4.5       Binding Effect.................................................................................       37
Section 4.6       Certificate of Incorporation, Memorandum of Association and Bye-Laws...........................       37

                                                     ARTICLE V
                                   COVENANTS AND AGREEMENTS REGARDING BANKRUPTCY

Section 5.1       Bankruptcy Actions.............................................................................       37

                                                    ARTICLE VI
                                                 CERTAIN COVENANTS

Section 6.1       Access.........................................................................................       39
Section 6.2       Conduct of Business............................................................................       40
Section 6.3       Books and Records..............................................................................       44
Section 6.4       Best Reasonable Efforts........................................................................       45
Section 6.5       Certain Filings; Consents......................................................................       45
Section 6.6       Insurance......................................................................................       47
Section 6.7       Financial Statements and Access................................................................       48
Section 6.8       Compliance with Property Transfer Laws; State and Local Governmental Authorizations............       49
Section 6.9       Further Assurances.............................................................................       50
Section 6.10      Certain Matters Involving the Transferred Intellectual Property and
                  Licensed Intellectual Property.................................................................       50
Section 6.11      Obligation to Update...........................................................................       50
Section 6.12      Additional Intellectual Property Matters.......................................................       51
Section 6.13      Limitations on Solicitation, etc...............................................................       51
Section 6.14      ITU Matters....................................................................................       52
Section 6.15      PANGTEL Matters................................................................................       52
Section 6.16      Orbital Incentive Payments.....................................................................       53
Section 6.17      Lease Contract.................................................................................       53

                                                    ARTICLE VII
                                        PURCHASER'S AND PARENT'S COVENANTS

Section 7.1       Best Reasonable Efforts........................................................................       54
Section 7.2       Shareholder Approval...........................................................................       54
Section 7.3       Further Assurances.............................................................................       54
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<CAPTION>
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                                                                                                                       ----
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Section 7.4       Compliance with Property Transfer Laws; Governmental Authorizations............................       54
Section 7.5       Obligation to Update...........................................................................       55
Section 7.6       Collection of Accounts Receivable..............................................................       55

                                                   ARTICLE VIII
                                             EMPLOYEE AND TAX MATTERS

Section 8.1       Tax Matters....................................................................................       55
Section 8.2       Employees and Employee Benefits................................................................       56

                                                    ARTICLE IX
                                               CONDITIONS TO CLOSING

Section 9.1       Conditions to the Obligations of Parent and Purchaser..........................................       58
Section 9.2       Conditions to the Obligations of the Sellers...................................................       63

                                                     ARTICLE X
                                               INTENTIONALLY OMITTED

                                                    ARTICLE XI
                                                    TERMINATION

Section 11.1      Termination....................................................................................       65
Section 11.2      Effect of Termination..........................................................................       67

                                                    ARTICLE XII
                                                   MISCELLANEOUS

Section 12.1      Notices........................................................................................       68
Section 12.2      Amendment; Waiver..............................................................................       69
Section 12.3      Assignment.....................................................................................       69
Section 12.4      Entire Agreement; Severability.................................................................       70
Section 12.5      Fulfillment of Obligations.....................................................................       70
Section 12.6      Parties in Interest............................................................................       70
Section 12.7      Guaranty.......................................................................................       70
Section 12.8      Public Disclosure..............................................................................       70
Section 12.9      Return of Information..........................................................................       71
Section 12.10     Expenses.......................................................................................       71
Section 12.11     Governing Law; Submission To Jurisdiction; Selection Of Forum..................................       71
Section 12.12     Counterparts...................................................................................       72
Section 12.13     Headings.......................................................................................       72
Section 12.14     Time is of the Essence.........................................................................       72
Section 12.15     Mutual Drafting................................................................................       72
Section 12.16     No Survival....................................................................................       72
</TABLE>

                                      -iii-

<PAGE>

                                     ANNEXES

Annex A               Purchased Assets
Annex B               Excluded Assets
Annex C               Form of Intellectual Property Agreement
Annex D               Form of Noncompetition Agreement
Annex E-1             Business Transition Services Agreement
Annex E-2             TT&C Transition Services Agreement
Annex F               Sale Procedures Order and Sale Order
Annex G               SS/L Agreement
Annex H               Terms of Revised Procurement Agreements
Annex I               Terms of New Procurement Agreement
Annex J               Terms of Deposit and Security Agreement

                                    SCHEDULES

Schedule 1.1(a)       Persons with Knowledge of Sellers
Schedule 1.1(b)       Persons with Knowledge of Parent or Purchaser
Schedule 1.1(c)       Other Filing Entities
Schedule 2.3          Additional Assumed Liabilities
Schedule 2.5          Certain Purchase Price Adjustments
Schedule 3.2          Certain Assets for the Conduct of the Transferred Business
Schedule 3.4          Governmental Approvals
Schedule 3.5          Non-Contravention
Schedule 3.7          Litigation and Claims
Schedule 3.8          Property, Equipment and Other Purchased Assets
Schedule 3.9          Intellectual Property
Schedule 3.10         Certain Contracts
Schedule 3.11         Government Contracts
Schedule 3.13         Compliance with Laws
Schedule 3.15         Governmental Authorizations
Schedule 3.16         Orbital Locations
Schedule 3.17         Intersystem Coordination
Schedule 3.18         Collective Bargaining Agreements
Schedule 3.19         Absence of Change
Schedule 3.20         Insurance Policies
Schedule 3.21         Related Party Transactions
Schedule 4.3          Consents and Approvals
Schedule 4.4          Non-Contravention
Schedule 4.5          Binding Effect
Schedule 5.1(f)       Certain Additional Agreements
Schedule 6.2          Conduct of Business
Schedule 6.6          Insurance Renewal
Schedule 8.2          Severance and WARN Act Obligations

                                      -iv-

<PAGE>

Schedule 9.1(j)       Governmental and Other Approvals
Schedule 9.1(o)       Backlog Amount
Schedule 9.1(p)       Recurring Revenues
Schedule 9.1(q)       Certain Customer Service Contracts
Schedule 9.1(s)       Form of Legal Opinion of Sellers' FCC Counsel

                                       -v-

<PAGE>

                  ASSET PURCHASE AGREEMENT, dated as of July 15, 2003 (the
"Agreement"), among Intelsat, Ltd., a Bermuda company ("Parent"), Intelsat
(Bermuda), Ltd., a Bermuda company ("Purchaser"), Loral Space & Communications
Corporation, a Delaware corporation, as debtor and debtor in possession ("Loral
Space"), Loral SpaceCom Corporation, a Delaware corporation, as debtor and
debtor in possession ("Loral SpaceCom"), and Loral Satellite, Inc., a Delaware
corporation, as debtor and debtor in possession (together with Loral Space and
Loral SpaceCom, the "Sellers").

                              W I T N E S S E T H:

                  WHEREAS, the Sellers, among other things, own and operate
geostationary earth orbit satellites ("GEO Satellites") on which transponder
capacity is leased or sold to customers for various applications;

                  WHEREAS, each of the Sellers and the Other Filing Entities (as
defined herein) has filed with the United States Bankruptcy Court for the
Southern District of New York (the "Bankruptcy Court") a voluntary petition (the
"Chapter 11 Cases") for relief under Chapter 11 of Title 11 of the United States
Code (the "Bankruptcy Code");

                  WHEREAS, the Sellers have advised Parent and Purchaser that
the Sellers intend to dispose of certain of their assets and liabilities
(including the Purchased Assets referred to in Section 2.1) through a sale or
sales to be effected under the supervision of the Bankruptcy Court in the
Chapter 11 Cases under the Bankruptcy Code;

                  WHEREAS, the parties hereto desire that, on the terms and
subject to the conditions set forth herein, the Sellers sell to Purchaser, and
Purchaser purchase from the Sellers, certain of such GEO Satellites, which are
referred to as Telstar 4, Telstar 5, Telstar 6 and Telstar 7, as well as those
GEO Satellites, which are referred to as Telstar 8 and Telstar 13 (to the extent
of the Sellers' ownership of Telstar 13, as set forth in Section 3.8(c)), which
are currently under construction (collectively, the "Purchased Satellites"),
together with the Purchased Assets referred to in Section 2.1, each of which
assets is used or useful in the operation of that portion of Sellers' Skynet
satellite services business Related to the Purchased Satellites;

                  WHEREAS, simultaneously herewith, the Sellers shall cause
Space Systems/Loral, Inc. ("SS/L") to enter into an agreement with Parent and
Purchaser relating to certain obligations of SS/L relating to the transactions
contemplated under this Agreement in the form of Annex G hereto (the "SS/L
Agreement");

                  WHEREAS, simultaneously with the Closing, the Sellers shall
cause SS/L to enter into amendments to the procurement agreements related to
Telstar 8 and Telstar 13 on the terms set forth in Annex H hereto (the "Revised
Procurement Agreements") and the Sellers shall cause SS/L to enter into the New
Procurement Agreement (as defined below);

<PAGE>

                  WHEREAS, simultaneously with Closing hereunder, Intelsat LLC,
an Affiliate of Purchaser ("Intelsat LLC"), shall place an order with respect to
one new GEO Satellite, on the terms set forth on Annex I hereto (the "New
Procurement Agreement"); and

                  WHEREAS, simultaneously with Closing hereunder, SS/L and
Intelsat LLC will enter into a security agreement on the terms set forth in
Annex J hereto (the "Deposit and Security Agreement", and together with the
Revised Procurement Agreements and the New Procurement Agreement, the "Related
Agreements");

                  NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and subject to and on the terms and conditions
herein set forth, the parties hereto agree as follows:

                                    ARTICLE I
                              DEFINITIONS AND TERMS

                  Section 1.1 Specific Definitions. As used in this Agreement,
the following terms shall have the meanings set forth or as referenced below:

"Affiliates" shall mean, with respect to any Person, any Persons directly or
         indirectly controlling, controlled by, or under common control with,
         such other Person as of the date on which, or at any time during the
         period for which, the determination of affiliation is being made. The
         term "control" (including, with correlative meaning, the terms
         "controlled by" and "under common control with"), as used with respect
         to any Person, means the possession, directly or indirectly, of the
         power to direct or cause the direction of the management and policies
         of such Person, whether through the ownership of voting securities, by
         contract or otherwise.

"Agreement" shall mean this Agreement, including the schedules and annexes
         hereto, as the same may be amended or supplemented, from time to time,
         in accordance with the terms hereof.

"Ancillary Agreements" shall mean: (i) the Intellectual Property Agreement; (ii)
         the Noncompetition Agreement; (iii) the Transition Services Agreement;
         (iv) the SS/L Agreement; (v) the Related Agreements; and (vi) any other
         agreement or any certificate, license or other document required to be
         delivered pursuant to the terms of this Agreement (other than
         agreements, certificates, licenses or other documents to which a Person
         other than one or more parties hereto, SS/L or Loral Parent or their
         Affiliates, is a party).

"Assumed Contract" shall mean the following to the extent in existence on the
         Closing Date: (a) all Contracts identified on Schedule 3.10(a), without
         giving effect to the cross-reference to Schedule 3.20, provided, that
         the Satellite Agreement, dated as of December 16, 1996 with PANGTEL
         shall constitute an Assumed Contract only

                                      -2-

<PAGE>

         in the circumstances set forth in Section 9.1(n); (b) all Customer
         Service Contracts entered into after the date hereof in accordance with
         Section 6.2 (but without giving effect to Section 6.2(b)); (c)
         insurance policies identified on Annex A hereto as Purchased Assets;
         (d) non-disclosure agreements identified on Schedule 3.10(a) Related to
         the Purchased Assets that the Purchaser elects in writing to assume
         within thirty (30) days of the date hereof; (e) the Revised Procurement
         Agreements, (f) a legally binding underwriting commitment meeting the
         requirement of Section 2.5(c) and (g) any other Contract the
         Purchaser elects to assume within seven (7) Business Days after
         receiving a written notice from the Sellers (which Sellers may or may
         not send in their sole discretion) identifying such Contract (and
         providing a copy thereof if not previously provided to the Purchaser)
         and requesting Purchaser's election whether to assume such Contract.

"Backlog"shall mean the aggregate amount of Revenues that Sellers are entitled
         to recognize in accordance with GAAP and consistent with past practice
         for services to be rendered under the terms of each Customer Service
         Contract during the period commencing as of a specified date and
         continuing until the remainder of the then current term of such
         Contract, but excluding any accounts receivable outstanding as of such
         specified date. As used herein with respect to a specified date, the
         term "Backlog" does not include any revenues that are not attributable
         to Contracts that would have been Assumed Contracts if the Closing had
         occurred on such date.

"Best Reasonable Efforts" shall mean the diligent, good faith efforts that a
         reasonably prudent Person desirous of achieving a result in an
         economically reasonable manner would use in similar circumstances to
         achieve the desired result. The obligation of a Person under this
         Agreement to use Best Reasonable Efforts to achieve a result that
         benefits another party to this Agreement requires such Person to use
         the same resources that such Person would have reasonably used in
         achieving a similar result that would have benefited such Person. The
         fact that a result is not actually achieved shall not create a
         presumption that the obligated party did not in fact utilize its Best
         Reasonable Efforts in attempting to accomplish the result.

"Books and Records" shall mean originals or copies of all books, ledgers, files,
         reports, plans and operating records (including electronic files, data,
         spreadsheets, etc.) related to the Transferred Business or the
         Purchased Assets, as the case may be, containing information that is or
         would be needed by a Person purchasing or owning the Transferred
         Business or the Purchased Assets.

"Business Day" shall mean any day other than a Saturday, a Sunday or a day on
         which banks in New York City are authorized or obligated by law or
         executive order to close.

                                      -3-

<PAGE>

"Closing" shall mean the closing of the transactions contemplated by this
         Agreement.

"COBRA" shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

"Communications Act" shall mean the Communications Act of 1934, as amended.

"Contracts" shall mean the agreements, contracts, leases, purchase orders,
         service orders, arrangements, commitments and non-governmental
         licenses, whether written or oral, that are Related to the Transferred
         Business or the Purchased Satellites (including the Customer Service
         Contracts and any agreement referred to in Schedule 9.1(j)(ii)) except
         to the extent included in the Excluded Assets or Excluded Liabilities.

"Customer Service Contracts" shall mean Contracts to provide services to
         customers of the Transferred Business, other than Portability-In
         Contracts.

"Deposit Collateral" shall mean the collateral described in Annex J.

"Encumbrances" shall mean liens, charges, encumbrances, security interests,
         options, rights of way, written agreements, mortgages or deeds of
         trust, rights of first refusal, easements, restrictive covenants,
         encroachments, survey defects or any other restrictions or third party
         rights.

"Environmental Law" shall mean any Laws relating to the protection of the
         environment (including air, water, soil and natural resources) or the
         use, storage, handling, release or disposal of any hazardous or toxic
         substance or pollutant or protection of human health as it relates to
         the environment.

"Environmental Permits" shall mean all Governmental Authorizations issued under
         or pursuant, or relating, to any Environmental Law.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as
         amended.

"ERISA Affiliate" shall mean any entity which is considered one employer with a
         Seller under Section 4001 of ERISA or Section 414 of the Code.

"Excluded Liabilities" shall mean the Liabilities that are not "Assumed
         Liabilities" referred to in Section 2.3, and shall include without
         limitation the "Excluded Liabilities" expressly listed in Section 2.4.

"Excluded Payments" shall mean all prepayments received in respect of (a) the
         transponders sold by AT&T prior to Seller's acquisition of Skynet, (b)
         the contract between one or more Sellers and The Church of Jesus Christ
         of Latter

                                      -4-

<PAGE>

         Day Saints, dated August 17, 1999, and (c) the option termination fee
         paid by CBS under the Contract, dated February 1, 2002, which for
         accounting purposes is being amortized over the remaining life of the
         contract.

"Exon-Florio" shall mean Section 721 of Title VII of the Defense Production Act
         of 1950, as amended by the Omnibus Trade and Competitiveness Act of
         1988.

"FCC" shall mean the Federal Communications Commission and any successor
         thereto.

"FCC Authorizations" shall mean Governmental Authorizations of the FCC.

"Federal Bankruptcy Rules" shall mean the Federal Rules of Bankruptcy Procedure
         and all rules, regulations and relevant interpretations issued under
         the Bankruptcy Code.

"Final Date" shall mean April 12, 2004.

"GAAP" shall mean United States generally accepted accounting principles, as
         consistently applied by Sellers during the relevant period.

"Government Contracts" shall mean those Contracts Related to the Purchased
         Assets between a Seller and the U.S. federal government or any agency
         thereof or a Seller and another party which is party to a contract with
         the U.S. federal government or any agency thereof under which such
         Seller acts as subcontractor to such other party and is obligated
         pursuant to any contractual flow-down provisions to abide by any
         government contracting regulations, including the Federal Acquisition
         Regulations, that are applicable to the principal contractor.

"Governmental Approval" shall mean any license, permit, certificate, consent,
         validation or other authorization, approval or action of any
         Governmental Authority required in connection with the transfer or
         assignment of the Purchased Assets or otherwise in connection with the
         execution, delivery or performance by any Seller of this Agreement or
         any of the Ancillary Agreements.

"Governmental Authority" shall mean any domestic or foreign supranational,
         national, federal, state or local judicial, legislative, executive or
         regulatory authority.

"Governmental Authorization" shall mean any license, permit, certificate,
         consent, validation, frequency registration or other authorization,
         approval or action of any Governmental Authority required to own and
         operate the Purchased Assets as currently operated by the Sellers under
         applicable Laws prior to the Closing.

"HSR Act" shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
         as amended.

                                      -5-

<PAGE>

"Intellectual Property" shall mean intellectual property rights including:
         trademarks, service marks, brand names, certification marks, trade
         dress, assumed names, trade names and other indications of origin, the
         goodwill associated with the foregoing and registrations in any
         jurisdiction of, and applications in any jurisdiction to register, the
         foregoing, including any extension, modification or renewal of any such
         registration or application and any intent to use applications with
         respect to the foregoing; patents, applications for patents (including,
         without limitation, divisions, continuations, continuations in-part,
         provisional applications and reissue applications), and any renewals,
         extensions or reissues thereof, in any jurisdiction; computer software
         (including software, data, source code and related documentation) other
         than software that is generally available on non-discriminatory pricing
         terms, software programs that purport to bind the purchaser of such
         programs such as shrink-wrap and click-wrap, commercial off-the-shelf
         software and software that is distributed as free software, open source
         software or under similar licensing or distribution model; inventions,
         discoveries and ideas, whether patentable or not in any jurisdiction,
         trade secrets, know-how (including, without limitation, research and
         development, formulas, compositions, manufacturing and production
         processes and techniques, technical data, designs, drawings and product
         and equipment specifications) and confidential information and rights
         in any jurisdiction to limit the use or disclosure thereof by any
         Person; writings, data bases, compilations and other works, whether
         copyrightable or not in any jurisdiction; registrations or applications
         for registration of copyrights in any jurisdiction, and any renewals or
         extensions thereof; any similar intellectual property or proprietary
         rights; any and all exclusive licenses to use any of the foregoing; and
         any claims or causes of action arising out of or related to any
         infringement or misappropriation of any of the foregoing.

"Intellectual Property Agreement" shall mean the intellectual property agreement
         to be entered into between Loral SpaceCom and Purchaser on or prior to
         the Closing Date substantially in the form of Annex C hereto.

"ITU" shall mean the International Telecommunication Union.

"ITU Authorizations" shall mean Governmental Authorizations of the ITU.

"Knowledge" of a Seller as to a matter that is the subject of a representation,
         warranty or condition shall mean (a) the actual knowledge as to any
         such matter of any of the Persons listed in Schedule 1.1(a) (or any
         successor with similar authority and responsibilities) and (b) the
         actual knowledge that a prudent business person in such position would
         reasonably be expected to have in light of such Person's title and
         responsibilities, and after reasonable inquiry of subordinates.

"Law" shall include any law, statute, ordinance, rule, regulation, permit,
         license, authorization, order, judgment, injunction or decree of any
         Governmental

                                      -6-

<PAGE>

         Authority and, without limiting the generality of the foregoing, any
         Governmental Authorization.

"Liability" shall mean any debt, liability, guarantee, commitment or other
         obligation (contingent or otherwise), known or unknown, matured or
         unmatured, due or to become due, accrued or unaccrued.

"Licensed Intellectual Property" shall mean the Intellectual Property listed as
         such on Schedule 3.9.

"Loral Parent" shall mean Loral Space & Communications Ltd., a Bermuda company.

"Material Adverse Change" shall mean an event that has had, or is reasonably
         likely to have, a Material Adverse Effect.

"Material Adverse Effect" shall mean an effect that is materially adverse to the
         value of the Transferred Business or the Purchased Assets, taken as a
         whole, or materially adverse to the business, financial condition or
         results of operations of the Transferred Business, taken as a whole;
         provided that the following shall be excluded from any determination as
         to whether a Material Adverse Effect has occurred: (a) any changes or
         effects attributable to the expiration or non-renewal of any Customer
         Service Contracts in accordance with the respective terms of such
         contracts (other than an expiration resulting from a party's exercise
         of an early termination or buy-out right); (b) any changes or effects
         attributable to general economic or political conditions (but only if
         the Transferred Business and the Purchased Assets are not
         disproportionately affected); and (c) any changes or effects that are
         generally applicable to Persons engaged in the satellite communications
         operator business (but only if the Transferred Business and the
         Purchased Assets are not disproportionately affected). In addition,
         solely for purposes of determining whether there has been a Material
         Adverse Change under Section 3.19, there shall be excluded from such
         determination any changes or effects that are directly attributable to
         the filing of the Chapter 11 Cases. The filing of the Chapter 11 Cases
         shall not, taken alone, be deemed to represent a Material Adverse
         Effect.

"Noncompetition Agreement" shall mean the noncompetition agreement to be entered
         into among Parent, Purchaser, Sellers and the Affiliates of Sellers
         specified therein, on or prior to the Closing Date substantially in the
         form of Annex D hereto.

"Non-Disclosure Agreement" shall mean the Non-Disclosure Agreement, dated
         January 27, 2002, between Parent and Loral Parent, as amended.

"Other Filing Entities" shall include entities referred to in Schedule 1.1(c)
         hereto.

                                      -7-

<PAGE>

"Out-of-Pocket Expenses" shall mean payments by a Person to a third party and
         shall not include compensation paid to such Person's employees.

"Person" shall mean an individual, a company, a corporation, a partnership, an
         association, a trust or other entity or organization or any
         Governmental Authority.

"Pro Rata Fraction" shall mean a fraction of which (a) the denominator is the
         total cancellation payment divided by the monthly rate specified in the
         contract and (b) the numerator is the denominator minus the number of
         months from the cancellation date to the Closing.

"Purchased Satellite Procurement Contracts" or "Purchased Satellite Procurement
         Agreements" shall mean the following:

                           (a)      Telstar 4: Contract, dated August 2, 1989,
                  between Loral SpaceCom (as successor to AT&T) and Lockheed
                  Martin (as successor to General Electric Company);

                           (b)      Telstar 5, Telstar 6 and Telstar 7:
                  Contract, dated March 17, 1995 between Loral SpaceCom (as
                  successor to AT&T) and SS/L, as amended by Amendment No. 1,
                  dated June 25, 1996, Amendment No. 2, dated August 1, 1997,
                  and Amendment No. 3, dated September 1, 1998;

                           (c)      Telstar 8: Contract, dated June 24, 1998,
                  between Loral SpaceCom and SS/L, as amended by Contract
                  Amendment No. 1, effective as of February 12, 2001 and
                  Contract Amendment No. 2, effective as of March 15, 2002 and
                  as amended in accordance with the terms of Annex H; and

                           (d)      Telstar 13: Agreement, dated February 22,
                  2000, between Echostar Orbital Corporation and Loral SpaceCom,
                  the Amended and Restated Echostar 9 Agreement, effective as of
                  November 16, 2001, between Loral SpaceCom and SS/L, as amended
                  in accordance with the terms of Annex H, and the Contract,
                  dated February 22, 2000, between Loral SpaceCom and Echostar
                  Orbital Corporation.

"Recurring Revenues" shall mean Revenues earned in the ordinary course of the
         Transferred Business, consistent with past practice, but shall exclude
         the portion of each termination fee payable by a customer upon early
         termination of its contract commitment equal to the Pro Rata Fraction
         multiplied by the aggregate of such termination fees, any fees related
         to termination of options or any similar non-recurring Revenue items;
         provided that the Revenues from occasional, month-to-month and
         part-time use shall be deemed to be Recurring Revenues.

                                      -8-

<PAGE>

"Regulatory Requirements" means all applicable requirements of the Federal
         Communications Act of 1934, as amended, and the published policies,
         rules, decisions and regulations of the FCC as amended from time to
         time.

"Related to" shall mean primarily related to, or used or intended to be used or
         held for use primarily in connection with.

"Related to the Purchased Assets" shall mean primarily related to, or used or
         intended to be used or held prior to the Closing for use primarily in
         connection with, the Purchased Assets.

"Revenues" shall mean the revenues recognized by Sellers in accordance with
         GAAP, consistently applied, for services rendered under the Customer
         Service Contracts (including any Customer Service Contracts with Loral
         Skynet Network Services, Inc.) and Portability-In Contracts (but only
         to the extent attributable to Purchased Satellites) and including
         revenues derived from the transponders sold by AT&T prior to Sellers'
         acquisition of Skynet to the extent consistent with past practices. As
         used herein with respect to a specified date, the term "Revenues" does
         not include any revenues that are not attributable to Contracts that
         would have been Assumed Contracts if the Closing had occurred on the
         date such revenues accrued.

"Subsidiary" shall mean any Person 50% or more of the equity interests in which
         are beneficially owned directly or indirectly by a Seller.

"Successor" or "successor" shall mean the legal successor to any Person in
         connection with any amalgamation, merger, reorganization or equivalent
         thereof and shall include, without limitation, the purchaser of all or
         substantially all of the assets of such Person; provided that Purchaser
         will not be Successor to the Sellers.

"Taxes" shall mean taxes, fees, duties or other charges imposed by any
         Governmental Authority, including, but not limited to income,
         franchise, gross receipts, gains, capital, value added, ad valorem,
         respective severance, property, production, sales, use, transfer,
         stamp, documentary, recording, registration, license, excise,
         employment, occupation, pension plan, withholding, payroll, minimum
         taxes, windfall profit taxes or similar taxes, fees, duty or other
         charges together with any interest, additions or penalties with respect
         thereto and any interest in respect of such additions or penalties.

"Total Loss" shall mean, with respect to any Purchased Satellite, any of the
         following: (a) the complete loss, destruction or permanent failure of
         the satellite; (b) the satellite suffers or is expected to suffer
         Transponder Failure(s) resulting in an accumulated loss of more than
         fifty (50) percent of its Remaining Transponder Years from the date the
         failure occurs through the Remaining Mission Life; or (c) the
         revocation, non-renewal or other loss of the applicable ITU
         Authorization or FCC Authorization required in order to operate such
         satellite at its intended orbital

                                       -9-

<PAGE>

         location. In addition, solely with respect to Telstar 13, the term
         "Total Loss" shall also include any event or condition that would
         constitute a "Total Loss" as defined in Section 4B of the Amended and
         Restated Echostar 9 Contract between Loral Skynet and SS/L, effective
         as Novemeber 16, 2001, as amended through June 30, 2003.

                  As used in the foregoing definition, the terms:

                  "Remaining Transponder Years" shall mean the product of (i)
                  the number of transponders operating for one year in a manner
                  that is not a Transponder Failure and (ii) the number of years
                  included in the satellite's Remaining Mission Life. As of
                  August 1, 2003, the Remaining Transponder Years for each
                  Purchased Satellite are as follows:

                           (a)      Telstar 4: (24 C-band + 24 Ku-band) x 2.148
                                    years = 103.104 years

                           (b)      Telstar 5: (24 C-band + 28 Ku-band) x 5.816
                                    years = (-35.2 years due to partial
                                    transponder loss) = 267.232 years

                           (c)      Telstar 6: (24 C-band + 28 Ku-band) x 7.548
                                    years = 392.496 years

                           (d)      Telstar 7: (24 C-band + 24 Ku-band) x 8.156
                                    years = 391.488 years

                  "Remaining Mission Life" shall mean the time period in years
                  until the satellite reaches its completion of orbital design
                  life. As of August 1, 2003, the Remaining Mission Life for
                  each operational Purchased Satellite is as follows:

                           (a)      Telstar 4: 2.148 years

                           (b)      Telstar 5: 5.816 years

                           (c)      Telstar 6: 7.548 years

                           (d)      Telstar 7: 8.156 years

                  "Satellite Performance Specifications" shall mean the relevant
                  Performance Specifications set forth in the Purchased
                  Satellite Procurement Agreements for each of Telstar 4,
                  Telstar 5, Telstar 6, Telstar 7 and Telstar 13.

                                      -10-

<PAGE>

                  "Transponder Failure" shall mean that the transponder
                  permanently (including permanently intermittently) fails to
                  operate in accordance with the Satellite Performance
                  Specifications or will fail to operate in accordance with the
                  Satellite Performance Specifications throughout all periods
                  including eclipse, loss of on-board propellant or available
                  power resulting in the reduction in the Remaining Mission
                  Life.

"Transferred Business" shall mean the portion of Sellers' Skynet satellite
         services business operations Relating to and conducted with the
         Purchased Satellites, excluding Sellers' Network Services Business of
         providing end-to-end data solutions on networks comprised of earth
         terminals, space segment, and where appropriate, networking hubs and
         Sellers' Professional Services Business of providing (a) technical
         support and monitoring in the construction and launch of satellites,
         (b) telemetry, tracking and control services and (c) technical and
         operational support in the design, implementation and operation of data
         networks over satellites.

"Transferred Intellectual Property" shall mean Intellectual Property that is
         listed as such on Schedule 3.9.

"Transition Services Agreement" shall mean, collectively, the Business
         Transition Services Agreement and the TT&C Transition Services
         Agreement entered into among Sellers and Purchaser on the date hereof
         and attached hereto as Annex E-1 and E-2, respectively.

                                      -11-

<PAGE>

                  Each of the following terms is defined in the section of this
Agreement set forth opposite such term:

<TABLE>
<CAPTION>
          Term                                                       Section
          ----                                                       -------
<S>                                                                  <C>
363/365 Orders                                                       5.1(b)
Accounting Requirements                                              6.7(a)
Adjustments                                                          2.5(b)
Agreement                                                            Preamble
Alternate Transaction                                                5.1(c)
Applicable Employees                                                 8.2(d)
Arbiter                                                              2.5(g)
Arbiter Report                                                       2.5(g)
Assumed Liabilities                                                  2.3
Average Transponder Price                                            9.1(q)
Backlog Threshold                                                    2.5(b)
Bankruptcy Code                                                      Recitals
Bankruptcy Court                                                     Recitals
Base Price                                                           2.5(a)
Benefit Plans                                                        8.2(e)
Break-Up Fee                                                         5.1(c)
Chapter 11 Cases                                                     Recitals
Chosen Courts                                                        12.11
Closing Date                                                         2.6
Commingled Books and Records                                         6.3
Consideration                                                        8.1(a)
Contracts With Warranty                                              3.10(j)
D&T                                                                  6.7(a)
Deposit                                                              2.7(a)(v)
Deposit and Security Agreement                                       Recitals
DOJ                                                                  6.5(c)
Echostar                                                             9.1(l)
Employees                                                            8.2(b)
Entitlement Party                                                    2.1(a)
Estimated Adjustment Report                                          2.5(b)
Excluded Assets                                                      2.2
Expense Reimbursement                                                5.1(c)
Final Report                                                         2.5(e)
FTC                                                                  6.5(c)
GEO Satellites                                                       Recitals
Intelsat LLC                                                         Recitals
Lease Agreement                                                      6.17 (b)
Lease Notice                                                         6.17(a)
Listed Employees                                                     8.2(b)
Loral Space                                                          Preamble
</TABLE>

                                      -12-

<PAGE>

<TABLE>
<CAPTION>
          Term                                                       Section
          ----                                                       -------
<S>                                                                  <C>
Loral SpaceCom                                                       Preamble
New Lease                                                            6.17(a)
New Procurement Agreement                                            Recitals
Objection Notice                                                     2.5(f)
Open Source                                                          3.9(e)
Other Employees                                                      8.2(b)
Other Intellectual Property                                          3.9(a)
Parent                                                               Preamble
Parent Shareholder Approval                                          4.2
Parent Shareholder Approval Date                                     11.1(b)
Parent Shareholders Meeting                                          7.2
PNG Agreement                                                        6.15
Portability-In Contract                                              3.10(g)
Portability-Out Contract                                             3.10(g)
Postponement Notice                                                  2.6
Proposal                                                             6.13
Purchase Price                                                       2.5(a)
Purchased Assets                                                     2.1(a)
Purchased Satellites                                                 Recitals
Purchaser                                                            Preamble
Purchaser Obligations                                                12.7
Receiving Party                                                      2.1(a)
Related Agreements                                                   Recitals
Restricted Persons                                                   6.13
Retained Accountants                                                 6.7(a)
Revenue Threshold                                                    2.5(b)
Revised Procurement Agreements                                       Recitals
Sale Order                                                           5.1(b)
Sale Procedures Order                                                5.1(b)
Sales and Marketing Employees                                        8.2(b)
SEC                                                                  3.14(a)
Sellers                                                              Preamble
Sellers' FCC Application                                             6.5(a)
Selling Activities                                                   6.13
Solicit                                                              8.2(g)
SS/L                                                                 Recitals
SS/L Agreement                                                       Recitals
Superior Proposal                                                    6.13
Three-Month Period                                                   2.5(b)(iv)(A)
Transaction                                                          6.13
Transfer Taxes                                                       8.1(b)
Upgrade Software                                                     Annex A
WARN Act                                                             2.4(j)
</TABLE>

                                      -13-

<PAGE>

<TABLE>
<CAPTION>
          Term                                                       Section
          ----                                                       -------
<S>                                                                  <C>
Warranty Claims                                                      2.3
</TABLE>

                                      -14-

<PAGE>

                  Section 1.2 Other Definitional Provisions.

                  (a)      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.

                  (b)      The terms defined in the singular shall have a
         comparable meaning when used in the plural, and vice versa.

                  (c)      The terms "dollars" and "$" shall mean United States
         dollars.

                                   ARTICLE II
                    PURCHASE AND SALE OF THE PURCHASED ASSETS

                  Section 2.1 Purchase and Sale of Purchased Assets.

                  (a)      On the terms and subject to the conditions set forth
         herein, at the Closing, the Sellers agree to sell, convey, transfer,
         assign and deliver, or cause to be sold, conveyed, transferred,
         assigned or delivered, to Purchaser, and Purchaser agrees to purchase
         from the Sellers, good title to all right, title and interest of the
         Sellers in and to the assets set forth on Annex A hereto, whether
         tangible or intangible, except for the Excluded Assets, free and clear
         of any Encumbrances (other than Encumbrances that constitute Assumed
         Liabilities) to which Purchaser would be subject following the Closing
         Date (the "Purchased Assets"). In the event it is determined following
         the Closing that any asset that is uniquely related to a Purchased
         Satellite should have been transferred to Purchaser in order for the
         representations and warranties of Sellers in Section 3.2 to be true but
         were not, such assets shall also constitute Purchased Assets and shall
         be transferred, without charge, to Purchaser. Subject to the provisions
         of Section 7.6, if after the Closing Date, Sellers, on the one hand, or
         Purchaser and Parent, on the other hand (the "Receiving Party") ,
         receive any funds which, pursuant to the terms of this Agreement,
         belong to the other party (the "Entitlement Party"), the Receiving
         Party shall hold such funds in trust for, and immediately pay over such
         funds to, the Entitlement Party.

                  (b)      On the Closing Date, Sellers shall (i) cure, at
         Sellers' sole expense, any and all defaults existing under each Assumed
         Contract to the extent required for Sellers to assume such Assumed
         Contract in the Chapter 11 Cases, (ii) pay, or to the extent permitted
         by the Sale Order segregate funds sufficient to pay, any and all cure
         amounts due with respect to each Assumed Contract, (iii) assume each
         Assumed Contract in the Chapter 11 Cases, and (iv) subject to Purchaser
         providing adequate assurance of performance to the counterparty thereto
         to the extent required by the Bankruptcy Court, assign such Assumed
         Contract to Purchaser pursuant to an order of the Bankruptcy Court
         (which may be the Sale Order or one or more other orders that are no
         less favorable to Parent and Purchaser than the provisions of the Sale
         Order). Effective upon and concurrently

                                      -15-

<PAGE>

         with such assignment, Purchaser shall assume each Assumed Contract
         assigned to it pursuant to this Section 2.1.

                  Section 2.2 Excluded Assets. Notwithstanding any provision
herein to the contrary, the Purchased Assets shall exclude all assets and
properties of the Sellers and any Affiliate of the Sellers other than those
assets and properties included in the definition of Purchased Assets (all such
assets herein referred to as the "Excluded Assets"), including, without
limitation, the assets listed on Annex B hereto.

                  Section 2.3 Assumed Liabilities. On the terms and subject to
the conditions set forth herein, on the Closing Date, Purchaser or its
designated Affiliate (whose performance has been guaranteed as provided in
Section 12.7) shall deliver to the Sellers an instrument of assumption in form
and substance reasonably satisfactory to Sellers pursuant to which Purchaser or
such designated Affiliate shall assume and agree to discharge (a) all
Liabilities under the Assumed Contracts that arise and become due with respect
to periods on or after the Closing Date in accordance with the respective terms
and subject to the respective conditions thereof; (b) Liability for any claims
first made on or after the Closing Date with respect to warranty or similar
claims under Assumed Contracts that are Contracts With Warranty to the extent
that the claim relates to performance problems after the Closing regardless of
whether the underlying event or condition giving rise to the warranty or similar
claim existed or arose on, prior, or after Closing ("Warranty Claims"); (c)
Liabilities set forth on Schedule 2.3; and (d) any Liability arising on or after
the Closing Date in connection with the operation of the Transferred Business or
ownership of the Purchased Assets by Purchaser or its Affiliates on or after the
Closing Date (the "Assumed Liabilities").

                  Section 2.4 Excluded Liabilities. The only Liabilities which
Purchaser shall assume and to which the Purchased Assets shall be subject are
the Assumed Liabilities and all other Liabilities shall be retained by the
Sellers. For the avoidance of doubt, the Liabilities listed below are excluded
and shall not be assumed or discharged by Parent or its Affiliates and instead
shall be retained by the Sellers:

                  (a)      All Liabilities arising out of or relating to the
         Excluded Assets;

                  (b)      All Liabilities for Transfer Taxes imposed or
         assessed as a result of the transactions effected pursuant to this
         Agreement;

                  (c)      All Liabilities of the Sellers with respect to any
         indebtedness for borrowed money;

                  (d)      All Liabilities relating to claims for overcharges
         made or billed prior to the Closing;

                  (e)      Any Liabilities or obligations of any Seller under
         any Contract related to breaches by a Seller of its obligations
         thereunder occurring prior to the Closing Date;

                                      -16-

<PAGE>

                  (f)      Any payment obligations of any Seller for goods
         delivered or services rendered prior to the Closing (other than (i)
         Warranty Claims, and (ii) "orbital payments" and similar payments
         arising out of the operation of the Purchased Satellites, including
         those to become due pursuant to the terms of the Purchased Satellite
         Procurement Contracts, Revised Procurement Contract and New Procurement
         Contract);

                  (g)      Any Liabilities, obligations or responsibilities
         whatsoever relating to any "employee benefit plan" (as defined in
         Section 3(3) of ERISA) maintained by any Seller, any ERISA Affiliate,
         any Subsidiary or any Affiliate of any Seller whether or not relating
         to employees associated with the Purchased Assets, including any
         multiemployer plan, maintained by or contributed to by any Seller or
         any ERISA Affiliate, or as to which any Seller, Subsidiary, ERISA
         Affiliate or Affiliate of any Seller is obligated to contribute to, at
         any time, including any such Liability (i) to the Pension Benefit
         Guaranty Corporation under Title IV of ERISA; (ii) relating to a
         multiemployer plan; (iii) with respect to non-compliance with the
         notice or benefit continuation requirements of COBRA; or (iv) with
         respect to any non-compliance with ERISA or any other applicable laws;

                  (h)      Except as provided in Section 8.2(c), all Liabilities
         with respect to any Persons at any time employed by any Seller or its
         Affiliates in connection with the operation or ownership of the
         Transferred Business or the Purchased Assets, whether known or unknown,
         fixed or contingent which arise out of events occurring prior to
         employment of any of such Persons, if at all, by Purchaser;

                  (i)      All Liabilities arising from the ownership or
         operation of the Purchased Assets prior to the Closing;

                  (j)      Except as provided in Section 8.2(c), any Liabilities
         arising under the Worker Adjustment and Retraining Notification Act
         (the "WARN Act") in connection with the Sellers' termination of any
         employees; and

                  (k)      All Liabilities assessed by the FCC for violations of
         statutes, rules and policies with respect to Sellers' operation of the
         Purchased Assets and the Transferred Business prior to the Closing.

                  Section 2.5 Purchase Price. (a) On the terms and subject to
the conditions set forth herein, at the Closing, Purchaser agrees to pay to the
Sellers $1.0 billion (the "Base Price"), subject to increase or decrease
pursuant to Sections 2.5(b), (c) and (d) (the Base Price, as so adjusted, the
"Purchase Price").

                  (b)      The Base Price shall be adjusted by the amounts set
         forth in clauses (i) through (v) below (the "Adjustments"). At least
         three (3) Business Days prior to the Closing, Sellers shall deliver to
         Purchaser a report (the "Estimated Adjustment Report") certified as to
         completeness and accuracy by the chief financial officer of each
         Seller, which shall set forth a reasonable good faith

                                      -17-

<PAGE>

         estimate (together with reasonable supporting detail) of the
         Adjustments set forth in clauses (i), (ii), (iii) and (v) below.

                           (i)      The Base Price shall be decreased by the sum
                  of all amounts received by the Sellers prior to the Closing
                  with respect to customer deposits, prepayments and accounts
                  receivable generated by the Transferred Business to the extent
                  related to the period after the Closing Date (other than (A)
                  the Excluded Payments and (B) the remaining balance of the
                  amounts prepaid as of the date hereof under the Contracts set
                  forth on Schedule 2.5(b)(i)).

                           (ii)     The Base Price shall be decreased by an
                  amount equal to the Pro Rata Fraction multiplied by each
                  cancellation payment received by Sellers with respect to
                  periods prior to the Closing with respect to Customer Service
                  Contracts which would not have terminated prior to Closing but
                  for the cancellation occurring after the date of this
                  Agreement and which would have been Assumed Contracts if they
                  had not been terminated.

                           (iii)    The Base Price shall be decreased by any
                  insurance payments received by Sellers, net of any payments by
                  Sellers to parties under Contracts With Warranty with respect
                  to the insured loss, prior to the Closing in respect of (i) a
                  loss suffered by the Transferred Business or the Purchased
                  Assets (or assets that would have been Purchased Assets but
                  for such loss) subsequent to the date hereof and prior to the
                  Closing Date, or (ii) a new proof of loss first filed after
                  the date hereof other than with respect to matters described
                  on Schedule 3.20(b).

                           (iv)     There shall be a Final Report as of a
                  month-end no more than sixty (60) days prior to the Closing.
                  The Base Price shall be decreased by the greater of the
                  following decreases:

                                             (A)      if Recurring Revenues for
                                    the three (3) calendar month period (the
                                    "Three-Month Period") in the Final Report
                                    are below the revenue threshold set forth in
                                    Schedule 2.5(b)(iv)(A) (the "Revenue
                                    Threshold"), then the Base Price shall be
                                    decreased $10 for every $1 that such
                                    Recurring Revenues are below the Revenue
                                    Threshold, but not more than a $100 million
                                    decrease in the aggregate under this Section
                                    2.5(b)(iv)(A).

                                             (B)      if Backlog, as set forth
                                    in the Final Report, is less than the
                                    backlog threshold set forth on Schedule
                                    2.5(b)(iv)(B) (the "Backlog Threshold"),
                                    then the Base Price shall be decreased by
                                    the difference between the Backlog Threshold
                                    and such Backlog amount, but not more

                                      -18-

<PAGE>

                                    than a $25 million decrease in the aggregate
                                    under this Section 2.5(b)(iv)(B).

                  (v)      The Base Price shall be increased by the sum of: (A)
                  all security and similar deposits paid by any Seller to the
                  Contract counterparty under any of the Assumed Contracts (but
                  only to the extent of the economic benefit that Purchaser
                  receives from such deposits), (B) pre-paid expenses that are
                  Purchased Assets (provided that no Adjustment shall be made
                  with respect to launch risk management insurance for Telstar 8
                  and Telstar 13) and (C) to the extent related to the Purchased
                  Assets, personal property taxes and FCC regulatory fees, in
                  each case under clauses (A), (B) and (C) to the extent that
                  they relate to the Transferred Business for any period
                  following the Closing. The Base Price shall be decreased by
                  the amount of any FCC regulatory fees that will be payable by
                  Purchaser (or its designated Affiliate) following the Closing
                  with respect to the Purchased Assets, to the extent such fees
                  relate to the Transferred Business for any period prior to the
                  Closing.

                  (c)      The Base Price shall be decreased by $25 million if
         at Closing Sellers or SS/L have not delivered to Purchaser under the
         terms of the Telstar 8 Procurement Contract a legally binding
         underwriting commitment to Purchaser as the named insured or the valid
         assignment of Sellers' or SS/L's rights as the named insured to such a
         commitment for launch risk management insurance with coverage limits of
         $250 million (which policy coverage limits may be decreased as provided
         in the Revised Procurement Agreement related to Telstar 8) and on the
         terms set forth in Schedule 2.5(c).

                  (d)      If on or prior to the Closing Date, Sellers, in
         compliance with Section 6.17, shall have entered into a New Lease and
         Purchaser shall have elected under Section 6.17(c) for the New Lease to
         be the Lease Agreement for purposes of this Section 2.5(d), and the
         Lease Agreement is a valid and binding Contract (which is an Assumed
         Contract, all rights under which are legally and validly assigned to
         Purchaser at Closing) then: (A) the Base Price shall be increased by
         $100 million and (B) provided that SS/L executes and delivers at
         Closing amendments to the Purchased Satellite Procurement Agreements
         eliminating all obligations to make orbital incentive payments,
         Purchaser shall pay SS/L on the Closing Date $25 million, whereupon the
         covenant of Sellers in Section 6.16 hereof and the closing condition in
         Section 9.1(r) hereof shall cease to be effective.

                  (e)      Commencing with November 30, 2003 (or such earlier
         month-end as the parties may agree) and on and as of each subsequent
         month end, Ernst & Young or, if it is unable or unwilling to serve,
         another mutually acceptable accounting firm or, if the parties are
         unable to agree, such a firm selected by the Bankruptcy Court (Ernst &
         Young or such other firm, the "Accountants") shall perform an agreed
         upon procedures review of the Backlog as of, and the Recurring Revenues
         for the Three Month Period ending on such month end and shall report,
         as part of such review, on their computation of such amount (the
         "Monthly Report"). The Monthly Report shall also set forth a
         calculation the

                                      -19-

<PAGE>

         Average Transponder Price for the period from the date of this
         Agreement through the last day of the last full calendar month covered
         by the Monthly Report. Sellers shall deliver to the Accountants
         promptly after November 30, 2003 and after the end of each month
         thereafter a calculation (with appropriate supporting detail) of
         Recurring Revenues for the Three Month Period ending at such month end,
         Average Transponder Price through such month end and Backlog as of such
         month end. The Accountants shall deliver each of their Monthly Reports
         to Sellers and the Parent and Purchaser as soon as practicable after
         its completion. Sellers and Parent and Purchaser shall consult in good
         faith with respect to each Monthly Report to reach an agreement on all
         computational and other issues with a view towards minimizing the
         likelihood of a dispute with respect to the Final Report referred to
         below. On the Closing Date, the Base Price shall be adjusted to reflect
         the Adjustment required under Section 2.5(b)(iv) solely on the basis of
         the Recurring Revenues and Backlog shown on the most recent Monthly
         Report delivered by the Accountants (that Monthly Report, and the
         amounts set forth therein, used to establish these Adjustments is
         referred to as the "Final Report"). Sellers shall provide the
         Accountants their full cooperation (including executing and delivering
         appropriate management representation letters and all necessary
         information including, without limitation an accounts receivable aging
         schedule).

                  (f)      Within sixty (60) days after the Closing: (i)
         Purchaser may, by written notice to Sellers, object to all or any
         portion of the Estimated Adjustment Report, (ii) Sellers may notify
         Purchaser that they believe that the actual amounts in clauses (i),
         (ii), (iii) and (v) of Section 2.5(b) at Closing vary from the amounts
         in the Estimated Adjustment Report and (iii) either party may object to
         the computation of Recurring Revenues for the Three Month Period or
         Backlog in the Final Report. Upon reasonable prior notice, Sellers
         shall provide Purchaser with reasonable access during normal business
         hours during such sixty (60) day period to the books and records used
         in connection with the preparation of the Estimated Adjustment Report
         or to any other information in any Seller's possession that relates to
         the amounts in the Final Report. If any party makes an objection or
         provides a notice under this Section 2.5(f), it shall within such sixty
         (60) day period deliver to the other parties written notice (the
         "Objection Notice") of its: (i) objection or its notice relating to the
         Estimated Adjustment Report and the calculation of the Adjustments or
         the computations in the Final Report, as the case may be, (ii) setting
         forth the items being disputed and the reasons therefore and (iii)
         specifying the party's calculation of each of the Adjustments or the
         computations in the Final Report, as the case may be, and the amount
         payable in accordance with this Section 2.5.

                  (g)      For fifteen (15) days after delivery of the Objection
         Notice, Purchaser and Sellers shall attempt to resolve all disputes. If
         Purchaser and Sellers cannot resolve all such disputes within such
         fifteen (15) day period, Purchaser or Sellers may submit the matters in
         dispute for determination by a

                                      -20-

<PAGE>

         nationally recognized public accounting firm that is mutually
         acceptable to the parties or, if the parties are unable to agree, such
         a firm selected by the Bankruptcy Court (such a firm, the "Arbiter").
         Promptly, but not later than thirty (30) days after the acceptance of
         its appointment, the Arbiter shall determine (based solely on
         presentations to the Arbiter by or on behalf of Sellers and Purchaser
         and not by independent review) only those items in dispute and shall
         render a report (the "Arbiter Report") as to the matters in dispute and
         the resulting payment pursuant to Section 2.5. Such determination shall
         be done as of the Closing or the date of the Final Report, as the case
         may be. For purposes of the Arbiter's calculation, the amounts to be
         included shall be the appropriate amounts from the Estimated Adjustment
         Report and the Final Report as to items that are not in dispute and for
         those items in dispute the amounts determined by the Arbiter. In
         resolving any disputed item, the Arbiter may not assign a value to such
         item greater than the greatest value for such item claimed by either
         party or less than the lowest value for such item claimed by either
         party. Purchaser and Sellers shall cooperate with the Arbiter in making
         its determination and such determination shall be conclusive and
         binding upon Purchaser and Sellers.

                  (h)      Purchaser and Sellers shall each bear one-half of the
         fees and expenses of the Accountants and the Arbiter. Sellers, Parent
         and Purchaser shall enter into customary engagement letters with the
         Accountants and the Arbiter.

                  (i)      Any payment owed by a party as a result of the
         Arbiter's determination shall be paid within ten (10) days after
         delivery of the Arbiter Report.

                  (j)      If there is an amount owed by Sellers to Purchaser
         under Section 2.5(i) and Sellers have failed to make payment to
         Purchaser of such amount on the date provided therein, Purchaser may,
         in lieu of having a continuing claim against Sellers for such unpaid
         amount, elect, by written notice to Sellers and SS/L, to reduce the
         purchase price under the New Procurement Agreement by an amount equal
         to such unpaid amount and SS/L shall have a claim only against the
         Seller (and not against Purchaser) with respect to such reductions.

                  Section 2.6 Closing. The Closing shall take place at the
offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, N.Y., 10004 at
10:00 a.m. local time, on the fifth (5th) Business Day following: the later of
(a) the receipt of the Government Approvals referred to in Section 9.1(h), (i)
and (j) (other than any Governmental Approval the receipt of which has been
waived by Purchaser and Sellers) and (b) the expiration date of any applicable
waiting period under the HSR Act. If on such fifth (5th) Business Day there are
other conditions that would not be satisfied if the Closing occurred on such
date, the Closing may be postponed by either Sellers or Purchaser to a later
date (but not later than the Final Date) by a delivery of written notice (the
"Postponement Notice") to the other party not later than the close of business
on such fifth (5th) Business Day unless (i) the party seeking such postponement
is in

                                      -21-

<PAGE>

material breach of its obligations under this Agreement or (ii) the other party
has reasonably and in good faith concluded that it is unlikely that all the
conditions to its obligation to effect the Closing will be satisfied by the
Final Date and has provided written notice of such conclusion to the party
seeking postponement within five (5) Business Days of receipt of the
Postponement Notice. Purchaser may elect to defer the Closing until the last
Business Day in the calendar month in which the Closing would have otherwise
occurred pursuant to the terms of the preceding two sentences. The date on which
the Closing occurs is called the "Closing Date". The Closing shall be effective
as of 12:01 a.m. on the Closing Date.

                  Section 2.7 Deliveries by Purchaser.

                  (a)      At the Closing, Purchaser shall deliver the following
         to the Sellers:

                           (i)      The Purchase Price in immediately available
                  funds by wire transfer to the accounts designated, in writing,
                  by the Sellers not less than three Business Days prior to the
                  Closing;

                           (ii)     Such instruments of assumption and other
                  instruments or documents, in form and substance reasonably
                  acceptable to the Sellers, as may be necessary to effect
                  Purchaser's assumption of the Assumed Liabilities;

                           (iii)    A copy of each of the applicable Ancillary
                  Agreements and any documents required to be delivered by such
                  agreements, in each case duly executed by Purchaser or such of
                  its Affiliates as are party thereto;

                           (iv)     The certificates, opinions and other
                  documents referred to in Section 9.2 to be delivered by
                  Purchaser; and

                           (v)      A deposit of $100 million with respect to
                  the New Procurement Agreement (the "Deposit") in immediately
                  available funds by wire transfer to the accounts designated,
                  in writing, by the Sellers not less than three (3) Business
                  Days prior to the Closing; provided that if Sellers are unable
                  to deliver a valid, perfected, first priority security
                  interest in the Deposit Collateral, as provided in the Deposit
                  and Security Agreement, the Deposit shall not be a condition
                  to Closing and shall only be required to be made when the
                  required security interest in the Deposit Collateral, together
                  with all appropriate documentation, is so delivered.

                  (b)      Purchaser may designate, in a written notice
         delivered to the Sellers not less than thirty (30) days prior to the
         Closing Date, one or more of its Affiliates to accept title to or
         assignment of any portion of the Purchased Assets and assume any
         portion of the Assumed Liabilities directly from the Sellers at the
         Closing; subject to Parent's compliance with Section 12.7 and such
         assignment not hindering, delaying, or materially increasing the cost
         of Closing; and provided

                                      -22-

<PAGE>

         that no such assignment shall relieve Purchaser or Parent of their
         obligations hereunder.

                  Section 2.8 Deliveries by Sellers. At the Closing, the Sellers
shall deliver to Purchaser the following:

                  (a)      Bills of sale, assignments and any other customary
         instruments of sale and conveyance, in form and substance reasonably
         acceptable to Purchaser, transferring to Purchaser all Purchased
         Assets;

                  (b)      A copy of each of the Ancillary Agreements and any
         documents required to be delivered by such agreements, in each case
         duly executed by Sellers or such of their Affiliates as are party
         thereto; provided that if Sellers fail to deliver the documentation as
         is necessary to grant to Purchaser the security interest referenced in
         Section 2.7(a)(v) above, such failure shall only constitute a condition
         to Purchaser extending the Deposit, and Purchaser's sole remedy under
         this Agreement for the failure to deliver such documentation shall be
         that it is relieved from its obligation to extend the Deposit until
         such time as Sellers deliver such documentation;

                  (c)      The Books and Records other than Commingled Books and
         Records that are subject to Section 6.3;

                  (d)      The certificates, opinions and other documents
         referred to in Section 9.1 to be delivered by Sellers; and

                  (e)      Such other instruments or documents, in form and
         substance reasonably acceptable to Purchaser, as may be necessary to
         effect the Closing.

                                   ARTICLE III
                    REPRESENTATIONS AND WARRANTIES OF SELLERS

                  Each Seller jointly and severally represents and warrants to
Parent and Purchaser as follows:

                  Section 3.1 Organization and Qualification. Each Seller is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware and has all requisite corporate power and authority to
own and operate the Purchased Assets as currently owned and operated by it. Each
Seller is duly qualified to do business and is in good standing as a foreign
corporation in each jurisdiction where the ownership or operation of the
Purchased Assets by it requires such qualification except where the failure to
be so qualified would not, individually or in the aggregate, have a Material
Adverse Effect.

                  Section 3.2 Purchased Assets. Except as set forth in Schedule
3.2, the Purchased Assets together with the services to be received pursuant to
the Transition

                                      -23-

<PAGE>

Services Agreement and the Licensed Intellectual Property licensed pursuant to
the Intellectual Property Agreement are sufficient to enable Purchaser
immediately following the Closing to conduct the Transferred Business in
substantially the same manner as the Transferred Business has been operated by
the Sellers in the past.

                  Section 3.3 Corporate Authorization. Subject to obtaining
approval by the Bankruptcy Court, each Seller has the necessary corporate power
and authority to execute and deliver this Agreement and each of the Ancillary
Agreements to which it is a party and to perform each of its obligations
hereunder and thereunder. Except for approval by the Bankruptcy Court, the
execution, delivery and performance by each Seller of this Agreement and each of
the Ancillary Agreements to which it is a party have been duly and validly
authorized, and no additional corporate authorization or consent (including,
without limitation, any action by such Seller's shareholders) is required in
connection with the execution, delivery and performance by such Seller of this
Agreement or the Ancillary Agreements.

                  Section 3.4 Consents and Approvals. Except for the
Governmental Approvals listed in Schedule 3.4, and subject to obtaining approval
by the Bankruptcy Court, no Governmental Approvals are required to be obtained
by any Seller, and no notice or filing is required to be given by any Seller to,
or made by any Seller with, any Governmental Authority or other Person in
connection with the execution, delivery or performance by the Sellers of this
Agreement or any of the Ancillary Agreements.

                  Section 3.5 Non-Contravention. Subject to obtaining approval
by the Bankruptcy Court, the execution, delivery and performance by each Seller
of this Agreement and each of the Ancillary Agreements to which such Seller is a
party, and the consummation of the transactions contemplated hereby and thereby,
do not and will not: (a) violate any provision of the certificate of
incorporation, by-laws or other organizational documents of such Seller, (b)
conflict with, or result in the breach of, or constitute a default under, or
result in the termination, cancellation or acceleration (whether after the
filing of notice or the lapse of time or both) of any right or obligation of
such Seller under, or to a loss of any benefit to which such Seller is entitled
under, any Contract, except as listed in Schedule 3.5, or result in the creation
of any Encumbrance upon any of the Purchased Assets that will not be discharged
in full on or prior to the Closing or (c) assuming the consents, approvals,
waivers, authorizations, notices and filings set forth in Sections 3.4 and 4.3
are obtained or given or made, violate or result in a breach of or constitute a
default under any Law.

                  Section 3.6 Binding Effect. This Agreement, upon approval by
the Bankruptcy Court, constitutes, and each of the Ancillary Agreements to which
a Seller is a party when executed and delivered by the parties thereto, upon
approval by the Bankruptcy Court, will constitute, a valid and legally binding
obligation of each Seller enforceable in accordance with its terms, subject in
the case of each Seller's obligation to transfer the Purchased Assets, to
obtaining, giving or making the consents, approvals, waivers, authorizations,
notices and filings set forth in Sections 3.4 and 4.3.

                                      -24-

<PAGE>

                  Section 3.7 Litigation and Claims.

                  (a)      Except as set forth in Schedule 3.7 hereof and except
         for the Chapter 11 Cases and the matters and proceeding arising
         thereunder, there is no civil, criminal or administrative action, suit,
         demand, claim, hearing, arbitration proceeding, investigation, pending
         or, to the Knowledge of any Seller threatened, involving any Seller or
         the Purchased Assets, before any arbitration tribunal, domestic or
         foreign, or before any Governmental Authority which (i) challenges, or
         that would have the effect of preventing or delaying the consummation
         of the transactions contemplated hereby, (ii) would have the effect of
         subjecting any Seller to a material cease and desist order with respect
         to the Purchased Assets or (iii) has had or would reasonably be
         expected to have, a Material Adverse Effect.

                  (b)      Except as set forth in Schedule 3.7 hereof, no Seller
         has been charged with, nor to the Knowledge of the Sellers, is any
         Seller under investigation with respect to, any violation of any
         provision of any Law with respect to the Purchased Assets or the
         conduct of the Transferred Business.

                  (c)      Except as set forth in Schedule 3.7 hereof, none of
         the Purchased Assets or (except for Governmental Authorizations and
         such orders, writs, judgments, awards, injunctions and decrees as do
         not, and subsequent to the Closing will not, in the aggregate have a
         Material Adverse Effect) any Seller is subject to any order, writ,
         judgment, award, injunction or decree of any court or Governmental
         Authority of competent jurisdiction or any arbitrator or arbitrators,
         other than those arising in the Chapter 11 Cases.

                  Section 3.8 Property, Equipment and Other Purchased Assets.

                  (a)      Except for this Agreement or as set forth in Schedule
         3.8, no Seller is obligated under or a party to, any option, right of
         first refusal or other contractual right to sell, lease or dispose of
         (other than pursuant to Customer Service Contracts) of the Purchased
         Assets or any portion thereof or interest therein.

                  (b)      Except as set forth in Schedule 3.8, each Seller has
         good title to the Purchased Satellites and the other Purchased Assets
         purported to be owned by it, which in the aggregate for the Sellers,
         constitute all the Purchased Assets, free and clear of any Encumbrances
         (other than Encumbrances that would constitute Assumed Liabilities) to
         which Purchaser or such Purchased Assets would be subject following the
         Closing Date. Subject to ordinary course wear and tear, and except as
         set forth in Schedule 3.8, all material assets included in the
         Purchased Assets, including, without limitation, the in-orbit Purchased
         Satellites, are in good and working condition for use in the ordinary
         course consistent with the Sellers' past practice, and each Seller has
         performed regular maintenance on the Purchased Assets owned by it in
         accordance with such Seller's past practice.

                                      -25-

<PAGE>

                  (c)      Upon transfer of title to Telstar 13 from SS/L to
         Echostar, Seller will own (i) 100% of the C-band payload of Telstar 13
         and (ii) as a tenant in common, 41.5% of the elements of the Telstar 13
         that are common to and/or shared by the Ka-Band, Ku-Band and C-Band
         payloads.

                  Section 3.9 Intellectual Property.

                  (a)      Schedule 3.9 sets forth a list and description
         (including the country of registration) of (i) all Transferred
         Intellectual Property and all Licensed Intellectual Property and (ii)
         any other intellectual property for which any Seller has paid or is
         obligated to pay $100,000 or more ("Other Intellectual Property") used
         in the conduct of the Transferred Business or in connection with the
         Purchased Assets. Transferred Intellectual Property and Licensed
         Intellectual Property include all material Intellectual Property used
         in the Transferred Business, except to the extent designated as Other
         Intellectual Property on Schedule 3.9.

                  (b)      Subject to the entry of the Sale Order, no Seller is,
         nor will it be as a result of the execution, delivery or performance of
         this Agreement and the Ancillary Agreements to which it is a party, in
         violation of any licenses, sublicenses or other agreements as to which
         such Seller is a party or pursuant to which such Seller is authorized
         to use any material third-party Intellectual Property and all such
         material third-party Intellectual Property is assignable, to Parent and
         Purchaser without causing any breach to occur, except as set forth on
         Schedule 3.9; and the transfer of the Purchased Assets and the transfer
         and licensing of the Transferred Intellectual Property and the Licensed
         Intellectual Property to Parent and Purchaser, will not cause Parent or
         Purchaser to incur any obligation to license any third party due to any
         preexisting agreement between such Seller and the third party, or
         otherwise, except as set forth on Schedule 3.9.

                  (c)      No claims with respect to the Transferred
         Intellectual Property or Licensed Intellectual Property owned by any
         Seller are currently pending or, to the Knowledge of any Seller,
         threatened by any Person which would have a Material Adverse Effect.

                  (d)      Except as set forth on Schedule 3.9, to the actual
         knowledge of the Persons listed on Schedule 1.1(a), as of the date
         hereof, there are no valid grounds for any bona fide claims: (i) to the
         effect that the use or operation of the Purchased Assets, infringes on
         any third-party Intellectual Property rights; (ii) against the use by
         such Seller of any Transferred Intellectual Property or Licensed
         Intellectual Property; (iii) challenging the ownership of any of the
         Transferred Intellectual Property or Licensed Intellectual Property; or
         (iv) challenging any license or legally enforceable right to use the
         material third-party Intellectual Property by such Seller, except in
         each case as would not reasonably be expected to have a Material
         Adverse Effect.

                                      -26

<PAGE>

                  (e)      To the Knowledge of each Seller, there is no
         unauthorized use, infringement or misappropriation of any of the
         Transferred Intellectual Property or Licensed Intellectual Property
         that does not constitute open source code or other similar software not
         developed by one of the Sellers ("Open Source") by any third party,
         including any employee or former employee of such Seller which would
         have a Material Adverse Effect.

                  (f)      To the Knowledge of each Seller, the ownership,
         manufacture, use, operation or sale of Purchased Assets or the transfer
         of such Purchased Assets to Purchaser does not infringe or violate any
         Intellectual Property rights of such Seller, including patent rights,
         that are not transferred or otherwise licensed to Purchaser through
         this Agreement or the Ancillary Agreements. Therefore, no additional
         license, including a patent license, from such Seller to Purchaser
         (other than those contained in the Ancillary Agreements) is required
         for Purchaser to lawfully own, use and operate any Purchased Asset with
         respect to any Intellectual Property right owned or assigned to such
         Seller as of the Closing.

                  (g)      The Sellers, in the aggregate, own or are licensed or
         otherwise possess legally enforceable rights to use all of the
         Transferred Intellectual Property and Licensed Intellectual Property
         (other than any Open Source embedded in either).

                  Section 3.10 Certain Contracts.

                  (a)      Schedule 3.10 contains a list of all Contracts in
         existence as of the date hereof (other than Government Contracts)
         including, without limitation, the following: (i) non-competition
         agreements, (ii) partnership or joint venture agreements, (iii)
         distributorship, franchise, or brokerage agreements and (iv) Contracts
         between any Seller and its suppliers or customers.

                  (b)      Except as set forth in Schedule 3.10, each of the
         Contracts listed in Schedule 3.10 is valid, binding and enforceable
         against Sellers and, to each of the Sellers' Knowledge, the other
         parties thereto in accordance with its terms, and in full force and
         effect, subject, in the case of enforceability against the other
         parties thereto, to bankruptcy, reorganization, insolvency, moratorium
         or similar Laws relating to such other parties which affect creditors'
         rights generally and by legal and equitable limitations on the
         enforceability of equitable remedies as might apply to the other
         parties thereto. Except as set forth in Schedule 3.10, each of the
         Sellers has performed all material obligations required to be performed
         by such Seller under each Contract listed on Schedule 3.10, other than
         the commencement of the Chapter 11 Cases and monetary defaults that
         would be cured by such Seller by payment of the "cure amount" as
         provided in the Bankruptcy Code. Except as set forth in Schedule 3.10,
         neither any Seller nor, to Sellers' Knowledge, any other party thereto
         is in material default under any Contract listed on Schedule 3.10 (and
         no event has occurred which, with due notice or lapse of time or both,

                                      -27-

<PAGE>

         would constitute such a lapse or default by Sellers, or to Sellers'
         Knowledge, any other party thereto) and no event has occurred or failed
         to occur that would adversely affect a Seller's material rights
         thereunder, other than in the case of Sellers the commencement of the
         Chapter 11 Cases and defaults that would be cured by Sellers by payment
         of the "cure amount" as provided in the Bankruptcy Code.

                  (c)      The Sellers have previously delivered to Parent and
         Purchaser true and complete schedules of Backlog as of December 31,
         2002 and as of the final day of each month during 2003, through June
         30, 2003. Such schedule accurately reflects the aggregate amount of
         Backlog as of each such date. Attached as Schedule 3.10 is a true and
         complete Schedule of Backlog as of June 30, 2003, which accurately sets
         forth the amount of Backlog attributable to each customer of the
         Transferred Business as of such date. Each Customer Service Contract
         reflecting such Backlog is listed on such schedule. The Backlog
         represents Revenue that would be recognized under each Contract from
         bona fide sales and delivery of goods, performance of services and
         other business transactions, for the remaining term of the Contract,
         assuming no termination thereof. Except as set forth on Schedule 3.10,
         as of the date hereof, no Seller is, or has received any notice or has
         any Knowledge that any other party is, in default in any material
         respect under any Contract representing any material portion of the
         Backlog, other than payment defaults under transponder lease agreements
         which are not more than sixty (60) days past due.

                  (d)      Schedule 3.10(d) includes a true and complete list of
         amounts of deposits under Customer Service Contracts as of the date set
         forth in such schedule. True and complete copies of all Contracts,
         including all amendments thereto and modifications thereof, listed in
         Schedule 3.10 have been provided or made available to Parent and
         Purchaser.

                  (e)      Except as set forth in Schedule 3.10, none of the
         Contracts bind or purport to bind any Affiliate of a Seller or of a
         party having an ownership interest in a Purchased Satellite, other than
         the Sellers and their subsidiaries.

                  (f)      Except for those Customer Service Contracts that are
         indicated on Schedule 3.10, no Seller is a party to any Contract
         limiting the freedom of any of the Sellers or any of their Affiliates
         or of any Person having an ownership interest in a Purchased Satellite
         or any of such Person's Affiliates to engage in any line of business or
         to compete with any Person.

                  (g)      Except as specifically noted on Schedule 3.10, no
         Seller is a party to any agreement that permits a customer to transfer
         all or a portion of their traffic from a satellite other than a
         Purchased Satellite to a Purchased Satellite (a "Portability-In
         Contract") or from a Purchased Satellite to a satellite other than a
         Purchased Satellite (a "Portability-Out Contract").

                                      -28-

<PAGE>

                  (h)      Schedule 3.10 includes a separate list of all
         "sales-type" leases, "condosat" agreements and other Contracts as of
         the date hereof, pursuant to which, in the case of sales-type leases,
         customers have prepaid for the services offered by the Sellers and
         Related to the Purchased Assets and lists the number of transponders
         that are subject to such agreements.

                  (i)      Schedule 3.10 sets forth a complete and accurate
         summary of the current status of SS/L's performance, as of the date
         hereof, under the Telstar 8 spacecraft contract and the Telstar 13
         satellite procurement contract, including a description of the program
         status, milestone completion and deliverables, payment profile,
         waivers, modifications and other deviations from specifications.

                  (j)      Schedule 3.10 includes a separate list of Contracts
         under which any Seller provides an express or implied warranty
         ("Contracts With Warranty"). As of the date hereof, the maximum
         Liability that Sellers could have under such warranties assuming
         Sellers failed to meet all applicable performance standards relating to
         these warranties does not exceed $53.5 million. Except as set forth in
         Schedule 3.10, no Seller has received any written notice to terminate
         or any written intention to terminate any Customer Service Contract.

                  (k)      Except as specifically noted on Schedule 3.10, there
         are no orbital incentive or similar payments provided for under any
         Contract related to a Purchased Satellite.

                  Section 3.11 Government Contracts.

                  (a)      Schedule 3.11 contains a list of all Government
         Contracts existing as of the date hereof, true, complete and correct
         copies of which have been provided or made available to Parent and
         Purchaser.

                  (b)      Except as set forth in Schedule 3.11 and for the
         commencement of the Chapter 11 Cases, no Seller has taken any action or
         omitted to take any action required under the terms of a Government
         Contract which would cause a material breach or default under such
         Government Contract or cause a Seller to be subject to disqualification
         or removal from any capacity which a Seller now occupies with respect
         to, or as a result of the Government Contracts, either directly or as a
         subcontractor, consultant or otherwise, nor has any Seller been
         disqualified or removed from any such capacity.

                  (c)      No Seller has received notice of any default under,
         or notice of any violation of the terms of, any Government Contract,
         other than those relating to the commencement of the Chapter 11 Cases,
         that is reasonably likely to result in a Material Adverse Effect.

                  (d)      No Seller is participating in, or to the Knowledge of
         the Sellers, the subject of, any investigation by any Governmental
         Authority relating to the

                                      -29-

<PAGE>

         Government Contracts, billings, claims or business practices that is
         reasonably likely to lead to criminal or material civil penalties or
         the cancellation of any Government Contract, and, to the Knowledge of
         the Sellers, no such investigation has been threatened or is actively
         being considered.

                  (e)      No Seller is debarred or suspended under the Federal
         Acquisition Regulations or other similar applicable federal or state
         laws or regulations by any Governmental Authority from bidding for, or
         obtaining any Government Contract for services provided by, Sellers,
         and to the Knowledge of Sellers, no such proceeding is pending or
         threatened.

                  (f)      To the Knowledge of Sellers, each Seller has complied
         in all material respects with all applicable requirements, if any,
         under the Federal Truth in Negotiations Act (codified at 10 U.S.C.
         Sections 2306 and 2306a; 41 U.S.C. Section 254b) with respect to
         Government Contracts for services provided by Sellers. No Government
         Contract is subject to the U.S. Government Cost Accounting Standards,
         as set forth in 48 C.F.R. Part 30. No Seller has engaged in any
         fraudulent act, bribery or other act of dishonesty or made any
         misrepresentation of material fact in connection with soliciting,
         negotiating, obtaining or maintaining any Government Contract which
         could serve as the basis of the termination of any such Government
         Contract or otherwise have a Material Adverse Effect.

                  (g)      Except as would not have a Material Adverse Effect:
         (i) the operation of the Purchased Assets has conformed, and is
         expected to conform, with the delivery schedule requirements of each
         Government Contract except as otherwise agreed by the applicable
         Governmental Authority; (ii) there has not been, nor is there expected
         to be, any cost overrun Liability or spending in excess of any
         limitation of cost and fund provisions under any cost reimbursement
         type Government Contracts; and (iii) no Governmental Authority has, in
         writing or, to the Knowledge of a Seller, orally communicated, asserted
         or filed any actual or potential material price reduction, adverse
         contract adjustment, disallowance of costs or claims in respect of any
         Government Contract.

                  (h)      As of the date hereof, no Seller has received, with
         respect to any Government Contract, notice of: (i) any cure notice
         pursuant to applicable contract default provisions or notice of
         default, however termed; (ii) any contract termination, whether for
         default, convenience, cancellation or a lack of funding or other
         reasons; (iii) any final decision or unilateral modification assessing
         a price reduction, penalty or claim for damages or other remedy,
         however termed; (iv) any claim, based on assertions of defective
         pricing or asserted violations of government cost accounting standards
         or cost principles; (v) any claim for indemnification by any
         Governmental Authority; (vi) other than in the ordinary course of
         business and in amounts less than $50,000, an equitable adjustment of
         or claim concerning such Government Contract submitted by or brought by
         any

                                      -30-

<PAGE>

         Seller or brought by any subcontractors or suppliers against a Seller;
         or (vii) any disallowance of costs (direct or indirect) or related
         claims, in each case referred to in one of the preceding clauses of
         this Section 3.11, except as in each case is not reasonably likely to
         have a Material Adverse Effect.

                  Section 3.12 Taxes. There are no agreements or arrangements
with any taxing authority with respect to the taxation of the Purchased Assets
or the income from the Purchased Assets.

                  Section 3.13 Compliance with Laws.

                  (a)      The Purchased Assets have been at all relevant times,
         and are being, operated in compliance in all material respects with all
         applicable Laws, except where the failure to be in compliance would
         not, individually or in the aggregate, result in a Material Adverse
         Change to the Transferred Business following the Closing Date. Without
         limiting the generality of the foregoing, each of the Sellers has been
         and currently is in compliance in all material respects with the U.S.
         Export Administration Act of 1979, as amended, and all regulations
         promulgated thereunder with respect to the Transferred Business, except
         where the failure to be in compliance would not, individually or in the
         aggregate, result in a Material Adverse Change.

                  (b)      Except as set forth in Schedule 3.13, each of the
         Sellers has complied in all material respects with all Regulatory
         Requirements applicable to, and with the terms and conditions of, the
         Governmental Authorizations.

                  (c)      Except as set forth on Schedule 3.13, the Purchased
         Satellites have been designed and constructed to comply with, and are
         in all material respects in full compliance with, all obligations
         required under the FCC Authorizations and the Regulatory Requirements
         and, in the case of Telstar 8 and Telstar 13, all construction
         milestone requirements set forth in the authorizations applicable
         thereto.

                  Section 3.14 SEC Reports.

                  (a)      As of the date of filing, the Annual Report on Form
         10-K of Loral Parent for the year ended December 31, 2002 and the
         Quarterly Report on Form 10-Q of Loral Parent for the fiscal quarter
         ended March 31, 2003 filed with the Securities and Exchange Commission
         (the "SEC") did not contain any untrue statement of a material fact or
         omit to state any material fact --- required to be stated therein or
         necessary in order to make the statements therein, in light of the
         circumstances in which they were made, not misleading. The foregoing
         representation shall not apply to any assets of, or aspects of, the
         business of Loral Parent and its subsidiaries that is not included in
         the Transferred Business or the Purchased Assets. In addition, the
         materiality of any fact shall be determined

                                      -31-

<PAGE>

         with respect to the business and assets of Loral Parent and its
         subsidiaries, taken as a whole.

                  (b)      The financial statements contained in the filings set
         forth in clause (a) above (including the related notes, where
         applicable) fairly present in all material respects the consolidated
         financial position of Loral Parent and its consolidated Subsidiaries
         for the respective fiscal periods or as of the respective dates therein
         set forth (subject, in the case of unaudited statements, to recurring
         audit adjustments normal in nature and amount) and the results of the
         consolidated operations and changes in shareholders' equity and
         consolidated cash flows of Loral Parent and its Subsidiaries for the
         respective fiscal periods or as of the respective dates therein set
         forth; each of such statements (including the related notes, where
         applicable), comply in all material respects with the Accounting
         Requirements (as applicable at the date of the filing); and each of
         such statements (including the related notes, where applicable) has
         been prepared in all material respects in accordance with GAAP,
         consistently applied during the periods involved, except, in each case,
         as indicated in such statements or in the notes thereto.

                  (c)      Each Seller maintains accurate books and records
         reflecting the Purchased Assets and Assumed Liabilities and maintains
         proper and adequate internal accounting controls which provide
         assurance that: (i) transactions are executed with management's
         authorization, (ii) transactions are recorded as necessary to permit
         the preparation of the financial statements and to maintain
         accountability for the assets, (iii) access to their assets is
         permitted only in accordance with management's authorization and (iv)
         accounts receivables are recorded accurately and properly and adequate
         procedures are implemented to effect the collection thereof on a
         current and timely basis.

                  (d)      The chief executive officer and the chief financial
         officer of Loral Parent have signed and Loral Parent has furnished to
         the SEC all certifications required by Section 906 of the
         Sarbanes-Oxley Act of 2002; such certifications comply with the
         requirements thereof and have not been modified or withdrawn; and
         neither Loral Parent nor any of its officers has received any notice
         from any Governmental Authority questioning or challenging the
         accuracy, completeness or form of such certifications.

                  Section 3.15 Governmental Authorizations. Schedule 3.15 to
this Agreement lists all material Governmental Authorizations (including,
without limitation, all FCC Authorizations, ITU Authorizations and Environmental
Permits) Related to the Purchased Assets or to the current use of the Purchased
Assets that any Seller has obtained from any Governmental Authority. Except as
set forth in Schedule 3.15, all such material Governmental Authorizations are
validly existing authorizations, each Seller has all Governmental Authorizations
necessary for the lawful operation of the Transferred Business and the Purchased
Assets as currently operated and there is no

                                      -32-

<PAGE>

action pending, nor to the Sellers' Knowledge, threatened, before any
Governmental Authority to revoke, refuse to renew, suspend or modify any of the
Governmental Authorizations, or any action which is reasonably likely to result
in the denial of any pending applications of any Seller. Except as set forth on
Schedule 3.15, the Sellers have not received notice from any Governmental
Authority to the effect that any additional Governmental Authorizations are
required for such operation, and no Governmental Authorizations are required but
which have not been obtained. Except as set forth in Schedule 3.15, by reason of
the consummation of the transactions contemplated by this Agreement, subject to
the receipt of Governmental Approvals and entry of the Sale Order: (a) none of
the rights of the Sellers under such Governmental Authorizations will be
impaired and (b) all of the rights of the Sellers under such Governmental
Authorizations will be enforceable by Parent or Purchaser without the consent or
agreement of any party other than those obtained by the Sellers prior to the
Closing. No Seller provides common carrier services to its customers under the
Contracts as regulated under Title II of the Communications Act.

                  Section 3.16 Orbital Locations, etc. Schedule 3.16 hereto sets
forth complete and accurate copies of: (a) a list, as of the date of this
Agreement, by orbital location, of each Purchased Satellite, including the
proposed orbital locations of Telstar 8 and Telstar 13, (b) a satellite loading
chart, dated as of the date set forth in Schedule 3.16, listing each transponder
on each Purchased Satellite (other than Telstar 8 and Telstar 13), together with
the customer or group of related customers that have purchased services
utilizing capacity on such transponder and the amount of capacity allocated to
such customer(s) and (c) a list as of the date of this Agreement of the most
recent health status report for each Purchased Satellite (other than Telstar 8
and Telstar 13), which report summarizes all spacecraft related incidents and
anomalies of which any Seller has Knowledge as of the date of the report, and
the current status of the subsystems on the Purchased Satellites as of the date
of the report. As of the date hereof, Sellers have no Knowledge of any
spacecraft related incidents or anomalies that are not disclosed in the reports
in the list referred to in clause (c) of the immediately preceding sentence.

                  Section 3.17 Intersystem Coordination.

                  (a)      Schedule 3.17 contains a complete and accurate
         description of the current status, as of the date of this Agreement, of
         the frequency registration at the ITU for each Purchased Satellite
         operating at its current orbital location, and in the case of Telstar
         4, Telstar 8 and Telstar 13, as they are proposed to be operated at
         77(degree) W, 89(degree) W and 121(degree) W, respectively, by the
         Sellers. Schedule 3.17 includes the ITU coordination request reference
         numbers and publication dates (or equivalent information for advance
         publication whenever coordination requests are still unpublished),
         identity of the filing administration, frequency bands covered and
         geographical coverage area. Schedule 3.17 also includes the ITU
         required dates for bringing the satellite network into use, submission
         of due diligence information to the ITU and ITU filing notification.
         Schedule 3.17 also details the relative priority of the filing
         administration's rights under applicable

                                      -33-

<PAGE>

         ITU regulations to use the frequency assignments described in its ITU
         filings at each such orbital location vis-a-vis any other foreign
         administration's rights to use the frequency assignments described in
         its ITU filings at and adjacent to each such orbital location.

                  (b)      Schedule 3.17 contains a list, as of the date of this
         Agreement, of all satellite intersystem coordination agreements to
         which any Seller is a party with respect to the Purchased Satellites.
         Schedule 3.17 also contains a detailed description, as of the date of
         this Agreement, by orbital location, of the status of all remaining
         intersystem coordination required by the ITU for notification of the
         respective ITU filings, indicating the administrations with which
         coordination needs to be achieved and their relevant ITU filings.

                  (c)      Except as disclosed on Schedule 3.17, as of the date
         of this Agreement no Person or entity has priority rights in accordance
         with the ITU regulations, or has, to the Knowledge of the Sellers,
         asserted that it has rights to operate a spacecraft in a manner that
         would result in interference to any Purchased Satellite now operated by
         a Seller or proposed to be operated by a Seller as per any FCC
         Authorization or any application for an FCC Authorization.

                  Section 3.18 Collective Bargaining Agreements. Except as
disclosed on Schedule 3.18, no Seller is a party to or bound by any labor
agreement or collective bargaining agreement respecting its employees, and there
is not any pending, or, to the Knowledge of the Sellers, threatened, strike,
walkout or other work stoppage or any union organizing effort by or respecting
its employees.

                  Section 3.19 Absence of Change. Except as set forth in
Schedule 3.19 and to the extent arising out of or relating to the transactions
contemplated by this Agreement, since December 31, 2002, the Purchased Assets
have been operated in the ordinary course in a manner consistent with past
practice and there has not been any Material Adverse Change.

                  Section 3.20 Insurance.

                  (a)      Schedule 3.20 sets forth a list of all insurance
         policies or binders, which list shall contain a general description of
         the coverage, deductible and term of each policy or binder, which are
         currently in effect insuring the Purchased Satellites, and true and
         complete copies thereof have been delivered to Parent and Purchaser.

                  (b)      With respect to policies listed in Schedule 3.20, (i)
         the Sellers have paid all premiums due and have not received any notice
         of cancellation, and (ii) as of the date hereof: (A) except as set
         forth in Schedule 3.20, there are no pending or asserted claims against
         such insurance by any Seller and (B) no Seller has received any notice
         of any pending or threatened termination of any of such

                                      -34-

<PAGE>

         policies or any premium increases for the current policy period with
         respect to any of such policies.

                  Section 3.21 Related Party Transactions. Schedule 3.21 sets
forth all transactions Related to the Purchased Assets between or among any
Seller on the one hand and any Affiliate of any Seller on the other hand since
January 1, 2002 or that remain in place as of the date hereof.

                  Section 3.22 Accuracy of Copies. The copies of documents
delivered or made available by any of the Sellers to Parent and Purchaser
pursuant to the terms of this Agreement are complete and accurate in all
material respects.

                  Section 3.23 Financial and Business Information.

                  (a)      The Sellers have previously delivered to Parent and
         Purchaser the following schedules, each of which is true and complete
         as of the relevant dates indicated:

                           (i)      Schedule of prepaid commitments as of April
                  30, 2003, which includes the option termination fee paid by
                  CBS and schedule of off-balance sheet warranty liabilities as
                  of April 30, 2003;

                           (ii)     Statements for the years ended December 31,
                  2001 and 2002 and for the six-month period ending June 30,
                  2003, of Revenues reported in each case by satellite;

                           (iii)    Non-satellite capital expense schedule of
                  the entire fixed satellite services business, dated June 6,
                  2003, of Loral Parent;

                           (iv)     The accounts receivable aging schedule of
                  the Transferred Business, dated June 29, 2003 (which schedule
                  includes the accounts receivables arising out of Loral
                  SpaceCom's San Francisco International Gateway business in
                  amounts that do not exceed $100,000 per month); and

                           (v)      Loral Skynet 2002 cost and expense schedule
                  of Loral Parent's entire fixed satellite services business,
                  dated June 19, 2003.

                           (vi)     A schedule of billings by customer for the
                  five months ended May 31, 2003.

                  (b)      Each of the schedules referenced in (i), (ii) and
         (iv) above: (i) is expressed in U.S. dollars and, except as otherwise
         expressly described in Schedule 3.23 hereto, has been prepared in
         accordance with GAAP; (ii) has been prepared on the basis of the books
         and records of Sellers in accordance with

                                      -35-

<PAGE>

         accounting principles consistently applied and maintained throughout
         the periods indicated; and (iii) accurately reflects the books, records
         and accounts of Sellers.

                  (c)      The appraisals of the Purchased Satellites, dated
         April 2003, with respect to Telstar 4 and Telstar 5 and May 2003 with
         respect to Telstar 6, Telstar 7, Telstar 8 and Telstar 13, are the most
         current appraisals available.

                                   ARTICLE IV
             REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER

                  Parent and Purchaser, jointly and severally, represent and
warrant to the Sellers as follows:

                  Section 4.1 Organization and Qualification. Each of Parent and
Purchaser is a company duly incorporated and existing under the laws of Bermuda
in good standing (meaning solely that it has not failed to make any filing with
any Bermuda governmental authority or to pay any Bermuda government fees or tax,
which would make it liable to be struck off the Registry of Companies in Bermuda
and thereby cease to exist under the laws of Bermuda) and has all requisite
power and authority to own and operate and to carry on its business as currently
conducted.

                  Section 4.2 Corporate Authorization. Each of Purchaser and,
subject to the receipt of approval of this Agreement and the transactions
contemplated hereby by holders of sixty (60) percent or more of its total issued
and outstanding ordinary shares ("Parent Shareholder Approval"), Parent, has the
necessary corporate power and authority to execute and deliver this Agreement
and each of the Ancillary Agreements to which it is a party, and to perform each
of its obligations hereunder and thereunder. Except for obtaining Parent
Shareholder Approval, the execution, delivery and performance by Parent and
Purchaser of this Agreement and each of the Ancillary Agreements to which it is
a party have been duly and validly authorized, and no additional corporate
authorization or consent is required in connection with the execution, delivery
and performance by Parent or Purchaser of this Agreement or the Ancillary
Agreements. The board of directors of Parent (at a meeting duly called and held
or otherwise in accordance with applicable Law and Parent's bye-laws) has: (a)
approved the execution, delivery and performance by Parent of this Agreement and
the transactions contemplated hereby, (b) subject to their fiduciary duties
under applicable Law, authorized the solicitation of Parent's shareholders'
approval of this Agreement and the transactions contemplated hereby, and (c)
directed that this Agreement and the transactions contemplated hereby be
submitted to Parent's shareholders for consideration and approval at the Parent
Shareholder Meeting.

                  Section 4.3 Consents and Approvals. Except as set forth in
Schedule 4.3 and except for such Governmental Approvals where the failure to
obtain such Governmental Approval or to provide such notice to or make such
filing with a Governmental Authority would not, individually or in the
aggregate, have a material adverse effect on Parent and Purchaser's ability to
consummate the transactions

                                      -36-

<PAGE>

contemplated hereby, no Governmental Approval is required to be obtained by
Parent or Purchaser to, or made by Parent from, and no notice or filing is
required to be given by Parent or Purchaser to, or made by Parent, Purchaser
with, any Governmental Authority or other Person in connection with the
execution, delivery or performance by Parent or Purchaser of this Agreement or
any of the Ancillary Agreements.

                  Section 4.4 Non-Contravention. Except as set forth in Schedule
4.4, the execution, delivery and performance by Parent and Purchaser of this
Agreement and each of the Ancillary Agreements to which it is a party, and the
consummation of the transactions contemplated hereby and thereby do not and will
not (a) violate any provision of the bye-laws, certificate of incorporation or
memorandum of association of Parent or Purchaser, respectively or (b) assuming
the consents, approvals, waivers, authorizations, notices and filings set forth
in Sections 3.4 and 4.3 are obtained or given or made, violate or result in a
breach of or constitute a default under any Law or any contract, arrangement or
agreement to which Parent or Purchaser is subject, except for such violations,
conflicts and breaches as in the aggregate will not have a material adverse
effect on Parent's and Purchaser's ability to close the transactions
contemplated hereby.

                  Section 4.5 Binding Effect. Except as set forth in Schedule
4.5, this Agreement constitutes, and each of the Ancillary Agreements (to the
extent either Parent or Purchaser is a party thereto) when executed and
delivered by the parties thereto will constitute, valid and binding obligations
of Parent and Purchaser enforceable in accordance with their respective terms,
subject to bankruptcy, insolvency, liquidation, amalgamation, fraudulent
transfer, reorganization, moratorium and similar Laws of general applicability
relating to or affecting creditors' rights and to general equity principles.

                  Section 4.6 Certificate of Incorporation, Memorandum of
Association and Bye-Laws. True and correct copies of the certificate of
incorporation, memorandum of association and bye-laws of Parent and Purchaser
have previously been made available to the Sellers.

                                   ARTICLE V
                  COVENANTS AND AGREEMENTS REGARDING BANKRUPTCY

                  Section 5.1 Bankruptcy Actions.

                  (a)      Chapter 11 Filing. Each of the Sellers and the Other
         Filing Entities has filed the Chapter 11 Cases with the Bankruptcy
         Court and true and complete copies of the petitions have been delivered
         by Sellers to Purchaser.

                  (b)      Cooperation; Efforts. Each of the Sellers and Parent
         and Purchaser shall use its Best Reasonable Efforts to cooperate,
         assist and consult with each other to procure the entry of a sales
         procedures order (the "Sale Procedures Order") promptly following
         receipt of the Parent Shareholder Approval and a sale

                                      -37-

<PAGE>

         order (the "Sale Order" and together with the Sale Procedures Order,
         the "363/365 Orders") as promptly thereafter as practicable, in each
         case in the form attached hereto as Annex F. Without limiting the
         generality of the foregoing, the Sellers shall (i) each comply with all
         requirements under the Bankruptcy Code and Federal Bankruptcy Rules in
         connection with obtaining the 363/365 Orders, (ii) agree to proceed
         with their Chapter 11 Cases pursuant to and in accordance with the
         terms and provisions contemplated by the 363/365 Orders, in each case
         after the order has been entered by the Bankruptcy Court and (iii)
         comply or cause the compliance with the notice requirements of the
         363/365 Orders, in each case after the order has been entered by the
         Bankruptcy Court, and any other applicable order of the Bankruptcy
         Court as they relate to the Chapter 11 Cases, the Federal Bankruptcy
         Rules (including, without limitation, Rules 2002, 6004, 6006 and 9014
         of the Federal Rules of Bankruptcy Procedure) and any applicable rules
         of the Bankruptcy Court with respect to the transactions contemplated
         by this Agreement. In the event that the 363/365 Orders or any other
         orders of the Bankruptcy Court relating to this Agreement shall be
         appealed by any party (or a petition for certiorari or motion for
         reconsideration, amendment, clarification, modification, vacation,
         stay, rehearing or reargument shall be filed with respect to any such
         order), each of the Sellers and Parent and Purchaser will cooperate in
         taking such steps diligently to defend against such appeal, petition or
         motion and each of the Sellers and Parent and Purchaser shall use its
         Best Reasonable Efforts to obtain an expedited resolution of any such
         appeal, petition or motion. Neither Parent, Purchaser nor any of the
         Sellers shall make any filing in the Bankruptcy Court with respect to
         the 363/365 Orders (or otherwise take any position in the Bankruptcy
         Court proceedings with respect thereto) without the express written
         consent of the other party, which may not be unreasonably withheld,
         conditioned or delayed, or otherwise that would be reasonably likely to
         result in the failure of the transactions contemplated hereby.
         Notwithstanding anything to the contrary herein, however, nothing shall
         be deemed to prohibit or otherwise restrain either Parent or Purchaser
         from making any filing in the Bankruptcy Court to challenge or object
         to the entry of an order by the Bankruptcy Court approving the entry by
         one or more Sellers into an Alternate Transaction. To the extent that
         it is necessary for any Other Filing Entity to take actions comparable
         to those required of Sellers under this Section 5.1 in order for the
         transactions contemplated hereby to be consummated, Sellers shall cause
         the Other Filing Entities to take such action or, if Sellers are unable
         to cause an Other Filing Entity to do so, Sellers shall be deemed to be
         in breach of this Section 5.1.

                  (c)      Break-Up Fee. Each of the Sellers hereby agrees, in
         the event that a Bankruptcy Court enters an order that becomes final
         and non-appealable approving a Transaction with a party other than
         Parent and Purchaser (an "Alternate Transaction"), Sellers shall pay to
         Purchaser a break-up fee (the "Break-Up Fee") in the amount of $20
         million together with an amount equal to all of the Out-of-Pocket
         expenses, up to a total of $8 million, incurred by Parent and Purchaser
         in connection with the transactions contemplated by this

                                      -38-

<PAGE>

         Agreement (the "Expense Reimbursement"). These amounts are intended to
         compensate Parent and Purchaser for the time and expense dedicated to
         this transaction and the value added by Parent and Purchaser in (i)
         establishing a bid standard or minimum for other bidders, (ii) placing
         the Sellers' estate property in a sales configuration mode attracting
         other bidders to the auction and (iii) for serving, by its name and its
         expressed interest, as a catalyst for other potential or actual
         bidders. The Break-Up Fee and Expense Reimbursement shall constitute an
         administrative priority claim against the Sellers' estates under
         Sections 503(b) and 507(a)(1) of the Bankruptcy Code and shall be paid
         immediately, without further order of the Bankruptcy Court, at such
         time as the order of the Bankruptcy Court approving an Alternate
         Transaction becomes final and non-appealable.

                  (d)      Notification. Sellers shall keep Purchaser informed
         on a current basis of all proposals or offers from any Person for a
         possible transaction involving the Transferred Business, some or all of
         the Purchased Assets, or the stock of Sellers or any other Person that
         owns, directly or indirectly, any interest in the Purchased Assets.
         Sellers shall provide Purchaser with written copies of any such
         proposals or offers (including all material terms and the identity of
         the proponent of such proposal or offer) within one (1) Business Day
         after receipt thereof.

                  (e)      Assignment of Rights. If, in connection with the
         auction or sale referred to in the Sale Procedures Order, any of the
         Sellers or any of their Affiliates enter into confidentiality or
         similar agreements with any Person, such Sellers shall assign all
         rights under those agreements to the extent relating to the Transferred
         Business to Purchaser at the Closing.

                  (f)      Certain Contracts. Sellers shall cause: (i) SS/L to
         assume, under Section 365 of the Bankruptcy Code, in connection with
         the Chapter 11 Cases the Revised Procurement Agreements, the remaining
         Purchased Satellite Procurement Contracts, the Contract, dated as of
         February 22, 2000, with EchoStar Orbital Corporation and the additional
         agreements set forth on Schedule 5.1(f), as amended and (ii) Loral
         Cyberstar Inc. to enter into with Loral SpaceCom, and assume, under
         Section 365 of the Bankruptcy Code, in connection with the Chapter 11
         Cases, that certain Master Service Agreement in the form previously
         delivered to Purchaser (and included in the Section 2.3.4.m file of the
         data room). Nothing contained in any Chapter 11 plan confirmed in
         Sellers' bankruptcy cases or in the confirmation order confirming any
         such plan shall conflict with, derogate from or reject any provisions
         of this Agreement.

                                   ARTICLE VI
                                CERTAIN COVENANTS

                  Section 6.1 Access. Prior to the Closing, the Sellers shall
permit Parent and Purchaser and their representatives to have reasonable access,
during regular business

                                      -39-

<PAGE>

hours and upon reasonable advance notice, to the Purchased Assets and personnel
who work with the Purchased Assets, and shall furnish, or cause to be furnished,
to Parent and Purchaser, any data and other information that is reasonably
available with respect to the Purchased Assets as Parent and Purchaser shall
from time to time reasonably request. The Sellers shall instruct their
accountants and advisers to cooperate with Parent and Purchaser and to provide
Parent and Purchaser with reasonable access to such accountants (including their
work papers, subject to Parent and Purchaser complying with any confidentiality,
limitation of liability, and other requirements of the accountants with respect
to access to their work papers) and advisers. Sellers shall use Best Reasonable
Efforts to facilitate meetings among Parent, Purchaser and customers of Seller
designated by Purchaser. All information obtained by Purchaser or Parent with
respect to Sellers or the Purchased Assets shall be subject to the terms of the
Non-Disclosure Agreement.

                  Section 6.2 Conduct of Business.

                  (a)      During the period from the date hereof to the
         Closing, except as otherwise contemplated by this Agreement or as
         Purchaser shall otherwise agree in writing in advance, each Seller
         shall use its Best Reasonable Efforts to conduct the Transferred
         Business and operate the Purchased Assets in the ordinary and usual
         course, to preserve intact all business and relationships with third
         parties Related to the Transferred Business and keep available their
         present employees whose primary responsibilities are Related to the
         Transferred Business. During the period from the date hereof to the
         Closing, except as set forth on Schedule 6.2, as otherwise provided for
         in this Agreement or as Purchaser shall otherwise consent, each Seller
         covenants and agrees that, with respect to the operation of the
         Purchased Assets, it shall use its Best Reasonable Efforts to:

                           (i)      maintain the Purchased Assets in accordance
                  with such Seller's past practice and not remove any equipment
                  included in the Purchased Assets, except for replacements,
                  modifications or maintenance in the ordinary course of
                  business;

                           (ii)     operate the Purchased Assets in accordance
                  with applicable Law, including applicable Regulatory
                  Requirements;

                           (iii)    deliver to Purchaser, promptly after filing,
                  copies of any reports, applications or responses to the FCC or
                  any communications from the FCC or any other party directed to
                  the FCC Related to the Purchased Assets which are filed
                  between the date of this Agreement and the Closing Date;

                           (iv)     furnish to Purchaser (x) within twenty (20)
                  days after the end of each month ending between the date of
                  this Agreement and the Closing Date: (A) a statement setting
                  forth the Revenues of the Transferred Business (by customer
                  and by satellite) for the month just ended and the Backlog of
                  the Transferred Business as of the last day of

                                      -40-

<PAGE>

                  such month, (B) cost and expense schedule for Loral SpaceCom's
                  entire "Skynet" business for the month just ended, (C) copies
                  of any new or amended Customer Service Contracts (provided
                  that a Seller shall also notify Purchaser promptly after
                  entering into such Customer Service Contracts) and report of
                  any Customer Service Contract terminations for the month just
                  ended, (D) progress reports on the construction of Telstar 8
                  and Telstar 13 for the month just ended and (E) a report
                  summarizing all spacecraft related anomalies during such month
                  of which Sellers have Knowledge and (y) within twenty (20)
                  days after the end of each calendar quarter health status
                  reports for each satellite as of the last day of such quarter,
                  summarizing all spacecraft related incidents and anomalies
                  known to the Seller and the status of the subsystems on the
                  satellites;

                           (v)      keep Purchaser informed as to any necessary
                  or relevant information related to its satellite intersystem
                  coordination efforts insofar as they relate to the Transferred
                  Business, and Seller shall not enter into any new or modify
                  any existing intersystem coordination agreement that relates
                  to the Transferred Business without Purchaser's prior written
                  consent, which shall not be unreasonably withheld or delayed;
                  provided that the foregoing shall not relate to informal
                  satellite loading arrangements for periods prior to the
                  Closing Date or other agreements that, in each case, are not
                  binding on Purchaser following the Closing Date;

                           (vi)     at least ten (10) days prior to Closing,
                  deliver to Purchaser complete and accurate copies, as of a
                  date within thirty (30) days of the Closing Date, of (A) a
                  list, by orbital location, of each Purchased Satellite (which,
                  in the case of Telstar 8 and Telstar 13 shall be the proposed
                  orbital locations), (B) a satellite loading chart listing each
                  transponder on the Purchased Satellite, together with the
                  customer or group of related customers that have purchased
                  services utilizing capacity on such transponder and the amount
                  of capacity allocated to such customer(s) and (C) the most
                  recent health status report for each satellite, summarizing
                  all spacecraft related incidents and anomalies known to the
                  Seller and the current status of the subsystems on the
                  satellites as of the date of such report;

                           (vii)    promptly and fully cure all violations of
                  Law and Regulatory Requirements that relate to the Transferred
                  Business and shall pay any fines which may be assessed by any
                  Governmental Authority for any such violation when such fines
                  are ultimately due, which if not cured or paid would have an
                  adverse effect on the Transferred Business following the
                  Closing;

                                      -41-

<PAGE>

                           (viii)   perform on a timely basis all obligations
                  required to be performed by them under all Contracts according
                  to their respective terms and provide prior notice of renewal
                  or a decision not to renew such agreement;

                           (ix)     pay to SS/L all remaining milestone payments
                  that are set forth in the milestone payment schedules
                  contained in the Purchased Satellite Procurement Contracts as
                  well as any other payments that are or may subsequently become
                  due under such contracts, other than the payments due under
                  the Telstar 8 Contract, dated June 24, 1998, between Loral
                  SpaceCom and SS/L, in an amount not to exceed $130 million;

                           (x)      cause SS/L to perform in a timely manner all
                  of its obligations under the Purchased Satellite Procurement
                  Contracts (other than Purchased Satellite Procurement Contract
                  with respect to Telstar 4) in accordance with the terms and
                  conditions thereof, including, without limitation, the
                  completion of all work associated with the remaining
                  milestones under the Purchased Satellite Procurement Contracts
                  related to the construction and launch of Telstar 8 and
                  Telstar 13; provided, however, that at the Purchaser's request
                  Loral SpaceCom shall exercise the ground storage option under
                  Article 33 of the Telstar 8 Procurement Agreement and pay all
                  amounts associated with exercising such option;

                           (xi)     cause SS/L to allow the Purchaser (and
                  employees and contractors of its Affiliates) reasonable access
                  to all work and work-in-progress performed under the Purchased
                  Satellite Procurement Agreements related to the construction
                  and launch of Telstar 8 and Telstar 13, all data and
                  information related thereto (including the design and test
                  data), and all facilities therefor, for purposes of
                  observation, inspection, examination and evaluation at any
                  reasonable time prior to final acceptance of the satellite(s)
                  thereunder and thereafter to the extent Purchaser or its
                  Affiliates are customarily provided such access in connection
                  with their satellite procurement contracts with SS/L, subject,
                  however, to the condition that the Purchaser or its
                  Affiliate(s), as the case may be, shall provide SS/L with
                  reasonable advance notice of its intent to obtain such access
                  and that access to data shall be subject to the limitations
                  and restrictions contained in the U.S. Federal International
                  Traffic in Arms Regulations;

                           (xii)    continue pricing, marketing and sales
                  practices consistent with past practices and applicable market
                  conditions; and

                           (xiii)   comply with all applicable requirements of
                  the WARN Act;

         and it shall not with respect to the Purchased Assets:

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<PAGE>

                           (xiv)    other than as provided in Section 6.17,
                  enter into, or become obligated under: (A) any service
                  agreement or commitment, except for customer service
                  commitments at usual and customary rates with the
                  consideration to be paid solely in cash, that are entered into
                  in the ordinary and regular course of business and consistent
                  with past business practice, or (B) without Purchaser's
                  consent not to be unreasonably withheld or delayed, any
                  transponder lease or service contract that will be an Assumed
                  Contract and that provides for aggregate payments to Sellers
                  in excess of $15 million in net present value (determined
                  using a six (6) percent per annum discount rate);

                           (xv)     other than with respect to Telstar 8 in
                  accordance with the terms of its procurement agreement,
                  approve or incur any Liability for any new capital
                  expenditures except pursuant to existing obligations set forth
                  in Schedule 6.2;

                           (xvi)    dispose of or incur, create or assume any
                  Encumbrance that will not be discharged on or prior to the
                  Closing Date (other than pursuant to rights of first refusal
                  or renewal options on satellite capacity, in each case as that
                  are in existence on the date hereof) on, any Purchased Assets;

                           (xvii)   enter into any "condosat" arrangements,
                  "sales-type" leases or other prepaid lease agreements;

                           (xviii)  divert or migrate any existing customer
                  traffic on the Purchased Satellites to other satellites of the
                  Sellers or their Affiliates that are not included in the
                  Purchased Satellites except pursuant to the Portability-Out
                  Contracts;

                           (xix)    amend any procurement contract relating to
                  Purchased Satellites in any manner that would adversely affect
                  Purchaser's performance of and rights under such agreements
                  following the Closing;

                           (xx)     incur any indebtedness for money borrowed
                  which would be an Assumed Liability;

                           (xxi)    take any action or enter into any
                  transaction that would adversely affect in any material
                  respect Purchaser's ability to operate the Purchased Assets as
                  presently operated;

                           (xxii)   enter into any material transaction Related
                  to the Purchased Assets, except in the ordinary course of
                  business consistent with the past practice of the Transferred
                  Business;

                           (xxiii)  modify, terminate, amend or grant any waiver
                  in respect of any Contract in any material respect;

                                      -43-

<PAGE>

                           (xxiv)   take any action that would cause any of the
                  representations and warranties made by any Seller in this
                  Agreement not to be true and correct; provided that the
                  failure to cure a breach of representation or warranty not
                  caused by Sellers shall not be deemed to be a breach of this
                  Section 6.2(a)(xxiv);

                           (xxv)    grant to any Person any interests or rights
                  in any Transferred Intellectual Property except in the
                  ordinary course of business consistent with past practice;

                           (xxvi)   permit any transactions between the
                  Purchased Assets and any other operations of any Seller or any
                  Affiliate of a Seller except transactions that (A) are, or
                  have been, entered into in the ordinary course of business
                  consistent with past practice and (B) are on terms no less
                  favorable to the Transferred Business than those that could be
                  obtained in a comparable arm's-length transaction between two
                  entities that are not Affiliates;

                           (xxvii)  enter into any new intercompany agreements
                  that would be assumed by the Purchaser at Closing;

                           (xxviii) enter into any Contract that contains (A) a
                  restriction on any of the Sellers' ability to assign or
                  otherwise transfer such agreement to Parent or Purchaser or
                  any of their Affiliates and (B) any provision that provides
                  for a change in any material term as a result of the
                  assignment or other transfer of such agreement by any of the
                  Sellers to Parent or Purchaser or any of their Affiliates; or

                           (xxix)   agree, in writing or otherwise, to do any of
                  the foregoing.

                  (b)      Without limiting the effect of the condition to
         Closing set forth in Section 9.1(b) or the termination right set forth
         in Section 11.1(d), no Seller shall be deemed to have breached (other
         than for purposes of Sections 9.1(b) and 11.1(d)) any covenant set
         forth in Section 6.2(a) above if it takes or fails to take any action
         in order to comply with an order of the Bankruptcy Court. Any action or
         failure to take action which would have been a breach but for the prior
         sentence shall be deemed to be a breach of a covenant for purposes of
         Section 9.1(b) or 11.1(d).

                  Section 6.3 Books and Records. The Sellers shall provide
Purchaser with access to any commingled books and records that relate to the
Purchased Assets which are not delivered to Purchaser on the Closing Date
("Commingled Books and Records") at any time and from time to time upon
reasonable notice by Purchaser to the Sellers and Purchaser agreeing to keep all
information included in the Commingled Books and Records relating to matters
other than Purchased Assets confidential, and Sellers shall, at Purchaser's
request, extract therefrom and deliver to Purchaser in electronic format a

                                      -44-

<PAGE>

copy of all electronic files, data and spreadsheets that constitute Books and
Records. Purchaser shall reimburse Sellers for one-half of the cost of such
extraction. If any of the Sellers desires at any time to destroy any Commingled
Books and Records, it shall first notify Purchaser and offer to Purchaser the
right for thirty (30) Business Days to receive copies of the portions of such
Commingled Books and Records that are related to Purchased Assets, at
Purchaser's sole expense. If Purchaser does not elect to receive copies of such
portions of Commingled Books and Records, Sellers shall be free to destroy such
books and records.

                  Section 6.4 Best Reasonable Efforts. During the period from
the date hereof to the Closing, the Sellers shall cooperate with Purchaser and
Parent and use their Best Reasonable Efforts to satisfy, or cause to be
satisfied, the conditions precedent to Purchaser's or Parent's obligations
hereunder. Without limiting the generality of the foregoing, each Seller shall
cooperate with Purchaser and Parent and use its Best Reasonable Efforts (a) to
obtain the Governmental Approvals, and to give or make the notices and filings,
set forth in Schedules 3.4 and 4.3, (b) to obtain the approvals and consents and
give the notices required in respect of the Contracts designated in Schedule
3.10 as requiring such action (except to the extent such approvals and consents
are not required because of the effect of the Sale Order) and (c) to obtain
approval for a novation from a Seller to Purchaser of any Government Contracts
listed in Schedule 3.11 if such novation is required, notwithstanding the Sale
Order.

                  Section 6.5 Certain Filings; Consents.

                  (a)      During the period from the date hereof to the
         Closing, the Sellers, Parent and Purchaser shall use their Best
         Reasonable Efforts to assist in obtaining the approval of the FCC for
         the assignment of the FCC Authorizations listed on Schedule 3.15 to
         Purchaser or its designated Affiliate and any other action or
         transaction contemplated by this Agreement for which such approval is
         required and, specifically and without limitation, Sellers shall
         prepare, sign and file with the FCC the assignor's and licensee's
         portions of the assignment applications. Within five (5) Business Days
         after the execution of this Agreement, the Sellers shall deliver to
         Purchaser their respective portions of the assignment application
         ("Sellers' FCC Application") and Purchaser shall make such filings as
         promptly as practicable. During the period from the date hereof to the
         Closing, Purchaser and the Sellers shall diligently comply with any
         request from the FCC for additional information, documents, or other
         materials. During the period from the date hereof to the Closing,
         Purchaser and the Sellers shall diligently take, or cooperate in the
         taking of, all steps that are necessary, proper or desirable to
         expedite the prosecution of the assignment applications to a favorable
         conclusion. During the period from the date hereof to the Closing, if
         any administrative or judicial action or proceeding is initiated (or
         threatened to be initiated) challenging the transactions contemplated
         hereby as violative of Law, Purchaser and the Sellers shall contest and
         resist any such action, and use their Best Reasonable Efforts to have
         vacated, lifted, reversed or overturned any decree, judgment,

                                      -45-

<PAGE>

         injunction, ruling, decision, finding or other order (whether
         temporary, preliminary or permanent) until such time as a final,
         non-appealable order has been entered. During the period from the date
         hereof to the Closing, the Sellers shall cooperate in good faith with
         Purchaser in Purchaser's efforts to contest such action or proceeding
         referenced in the preceding sentence.

                  (b)      During the period from the date hereof to the
         Closing, the Sellers, Parent and Purchaser shall cooperate with one
         another (i) in determining whether any action by or in respect of, or
         filing with, any Governmental Authority (other than approval of the
         assignment applications by the FCC and the HSR Act notification) is
         required, and (ii) subject to the terms and conditions of this
         Agreement, in taking any such actions and making any such filings,
         furnishing information required in connection therewith and seeking
         timely to complete any such actions, consents, approvals or waivers.

                  (c)      During the period from the date hereof to the
         Closing, the Sellers, Parent and Purchaser and their respective
         Affiliates promptly shall make the filings required under the HSR Act
         and any other antitrust Laws. During the period from the date hereof to
         the Closing, the Sellers, Parent and Purchaser shall request early
         termination of the waiting period under the HSR Act. During the period
         from the date hereof to the Closing, the Sellers, Parent and Purchaser
         shall also substantially comply at the earliest practicable date with
         any request for additional information, documents, or other materials,
         or investigative interviews or depositions, received from the Federal
         Trade Commission ("FTC") or the Antitrust Division of the Department of
         Justice ("DOJ") or any other Governmental Authority, including other
         national or supra-national competition authorities. During the period
         from the date hereof to the Closing, Parent, Purchaser and the Sellers
         shall use their Best Reasonable Efforts to resolve objections, if any,
         which may be asserted by any Governmental Authority with respect to the
         transactions contemplated hereby under any antitrust Laws. During the
         period from the date hereof to the Closing, each of Parent, Purchaser
         and the Sellers shall furnish to the other such necessary information
         and reasonable assistance as the other may request in connection with
         its preparation of any filing or submission which is necessary under
         the HSR Act. During the period from the date hereof to the Closing,
         Parent, Purchaser and the Sellers shall keep each other apprised of the
         status of any communications with, and inquiries or requests for
         additional information from, any Governmental Authority, including the
         FTC or the DOJ. During the period from the date hereof to the Closing,
         Parent, Purchaser and the Sellers shall use their Best Reasonable
         Efforts to obtain any clearance required under the HSR Act for the
         purchase and sale of the Purchased Assets in accordance with the terms
         and conditions hereof. Nothing contained in this Agreement will (i)
         require or obligate Parent, Purchaser, any of the Sellers or any of
         their respective Affiliates to initiate, pursue or defend any
         litigation to which any Governmental Authority (including the FTC or
         the DOJ) is a party or (ii) require or obligate Parent, Purchaser or
         their Affiliates to (A) agree to

                                      -46-

<PAGE>

         otherwise become subject to any limitations on their respective rights
         effectively to acquire, control or operate the Purchased Assets, or to
         exercise full rights of ownership of the Transferred Business and all
         or any portion of the Purchased Assets (excluding any immaterial
         limitations) or (B) agree or otherwise be required to sell or otherwise
         dispose of, hold separate (through the establishment of a trust or
         otherwise), or divest itself of all or any portion of the Purchased
         Assets or any assets of its own or its Affiliates. The parties agree
         that (x) no representation, warranty or covenant of Parent or Purchaser
         contained in this Agreement shall be breached or deemed breached as a
         result of the failure by any party hereto or any of its Affiliates to
         take any of the actions specified in the preceding sentence and (y) no
         representation, warranty or covenant of any Seller contained in this
         Agreement shall be breached or deemed breached as a result of the
         failure by any party hereto or any of its Affiliates to take any of the
         actions specified in clause (i) of the preceding sentence.

                  (d)      During the period from the date hereof to the
         Closing, Purchaser and Sellers shall cooperate and promptly make all
         voluntary filings and other disclosures in respect of the transactions
         contemplated hereby with the Committee on Foreign Investment in the
         United States under Exon-Florio, if Purchaser provides written notice
         to Sellers within one hundred and twenty (120) days of this Agreement
         of its intention to make such voluntary filing.

                  (e)      Purchaser and Sellers shall share equally the cost of
         all filing fees associated with the Parties' filings with Governmental
         Authorities (except for any filings required under the HSR Act, which
         filing fees shall be paid by the party responsible for such filing
         fees, in accordance with the HSR Act).

                  (f)      In any circumstance in which Loral Parent must make,
         initiate or participate in the process of seeking, requesting or making
         any of the applications, approvals or filings (including without
         limitation HSR Act filings) referred to in this Section 6.5, Sellers
         shall cause Loral Parent to take all necessary actions, but subject to
         the limitations in the last two sentences of Section 6.5(c).

                  Section 6.6 Insurance.

                  (a)      Each Seller shall, until the Closing, maintain
         insurance coverage with respect to the Purchased Assets at the coverage
         levels set forth on Schedule 6.6, including continuing an in-orbit
         policy for Telstar 4 for a one (1) year period following the expiration
         of the current policy.

                  (b)      With respect to property insurance, during the period
         from the date hereof through the Closing, each Seller will promptly
         file and diligently prosecute all claims relating to any loss suffered
         by the Transferred Business or the Purchased Assets, after the date of
         this Agreement and prior to the Closing Date, that is covered by such
         insurance. At Closing, each Seller shall either (i) to the extent
         permissible under the terms of such insurance policies, the Assumed

                                      -47-

<PAGE>

         Contracts and applicable Law, cause Purchaser to be the named
         beneficiary under such insurance policies or (ii) assign to Purchaser
         its rights as the named insured under such insurance policies pursuant
         to the Sale Order.

                  (c)      On or prior to Closing, the Sellers shall, to the
         extent not otherwise effected pursuant to the Sale Order, make
         appropriate arrangements with all present loss payees who are not
         counterparties to the Assumed Contracts to effect the foregoing
         provisions and eliminate such parties as loss payees.

                  Section 6.7 Financial Statements and Access.

                  (a)      Sellers shall prepare, and (subject to Purchaser
         executing and delivering a customary engagement letter) retain Deloitte
         & Touche LLP ("D&T") or another nationally recognized public accounting
         firm that is acceptable to Parent and Purchaser (D&T or such other
         firm, the "Retained Accountants") to audit, balance sheets for the
         Transferred Business as at December 31, 2001, December 31, 2002 and
         each December 31 thereafter occurring on or prior to the Closing Date,
         together with statements of operations and cash flows and notes thereto
         in accordance with GAAP, Articles 3-01 and 3-02 of Regulation S-X as
         well as any other applicable rules and regulations of the SEC
         (together, the "Accounting Requirements") for the year then ended.
         Sellers shall cause the Retained Accountants promptly to provide to
         Purchaser such information (including copies of all work papers,
         subject to Parent and Purchaser complying with any confidentiality,
         limitation of liability and other requirements of the accountants with
         respect to access to their work papers) related to such balance sheets
         and statements as may be reasonably requested by Purchaser. Each of the
         Sellers shall use its Best Reasonable Efforts to take, or cause to be
         taken, all action, and to do, or cause to be done, all things
         necessary, proper or advisable to prepare and to assist and otherwise
         cause the Retained Accountants to complete the audit of the financial
         statements and deliver to Purchaser such financial statements and the
         Retained Accountants' audit report relating thereto (i) for the
         financial statements as at and for the year ended December 31, 2001 and
         December 31, 2002, as promptly as reasonably practicable, but in no
         event later than September 1, 2003 and (ii) for the financial
         statements as at and for the year ended on any December 31 thereafter
         occurring prior to the Closing Date, no later than seventy-four (74)
         days after such year end (regardless of whether the Closing has
         occurred prior to such date).

                  (b)      Each of the Sellers shall use its Best Reasonable
         Efforts to take, or cause to be taken, all action, and to do, or cause
         to be done, all things necessary, proper or advisable to prepare, and
         to assist and otherwise cause the Retained Accountants to conduct a SAS
         71 or a similar type of review or audit of, the unaudited balance
         sheets as of the dates set forth below and statements of operations and
         cash flows and notes thereto for the periods set forth below in
         accordance with the Accounting Requirements:

                                      -48-

<PAGE>

                           (i)      as at June 30, 2003 and for the three (3)
                  and six (6) months ended June 30, 2002 and June 30, 2003;

                           (ii)     as at September 30, 2003 and for the three
                  (3) and nine (9) months ended September 30, 2002 and September
                  30, 2003;

                           (iii)    as at the end of each fiscal quarter (other
                  than the fourth fiscal quarter) thereafter and prior to the
                  Closing Date and for the three (3) months ended on each such
                  date and for the elapsed portion of the fiscal year ended on
                  such date, and for the corresponding periods of the prior
                  fiscal year.

         The financial statements for the foregoing periods, and the report of
         the Retained Accountants with respect to its SAS 71 or a similar type
         of review or its audit report, as the case may be, shall be delivered
         to Purchaser, in accordance with the first sentence of this clause (b),
         (A) for the financial statements required by clause (i), as promptly as
         reasonably practicable, but in no event later than September 1, 2003,
         (B) for the financial statements required by clause (ii) and clause
         (iii), ending no later than the fifty-fifth (55th) day after the end of
         the relevant fiscal quarter (regardless of whether the Closing has
         occurred prior to such date).

                  (c)      Purchaser shall reimburse Sellers for Sellers'
         Out-of-Pocket Expenses for the Retained Accountants for auditing or
         reviewing, as the case may be, the financial statements and for any
         additional accounting firm or personnel retained to assist in the
         preparation of such financial statements.

                  (d)      Commencing on the date hereof and for a period of
         three (3) years from the Closing Date, each Seller shall provide Parent
         and Purchaser with reasonable access to its personnel and independent
         accountants and advisors, and to the data and work papers (subject to
         Parent and Purchaser complying with any confidentiality, limitation of
         liability and other requirements of the accountants with respect to
         access to their work papers) that are Related to the Purchased Assets,
         but are not otherwise available to Purchaser, which are reasonably
         required to enable Purchaser to comply with any applicable Laws.
         Purchaser or Parent shall reimburse each Seller for all Out-of-Pocket
         Expenses it incurs in connection with the fulfillment of its
         obligations under this Section 6.7(d).

                  Section 6.8 Compliance with Property Transfer Laws; State and
Local Governmental Authorizations.

                  (a)      During the period from the date hereof to the
         Closing, the Sellers shall use their Best Reasonable Efforts to comply
         with all requirements of applicable property transfer Laws to the
         extent not superseded by the Sale Order in order to consummate the
         transactions contemplated by this Agreement. During the period from the
         date hereof to the Closing, each Seller agrees to provide Parent and
         Purchaser with any documents to be submitted to the relevant

                                      -49-

<PAGE>

         Governmental Authorities prior to submission, and no Seller shall take
         any action to comply with such Laws without Parent's and Purchaser's
         prior consent, which consent shall not be unreasonably withheld or
         delayed.

                  (b)      During the period from the date hereof to the
         Closing, each Seller shall cooperate with Purchaser and shall assist
         Purchaser with identifying the state and local Governmental
         Authorizations, if any, required by Purchaser to operate the Purchased
         Assets from and after the Closing Date (other than Governmental
         Approvals).

                  Section 6.9 Further Assurances. At any time after the Closing
Date, each Seller shall promptly execute, acknowledge and deliver any other
assurances or documents reasonably requested by Purchaser or Parent necessary to
evidence the transfer of the Purchased Assets or the other transactions
contemplated hereby.

                  Section 6.10 Certain Matters Involving the Transferred
Intellectual Property and Licensed Intellectual Property. On or promptly after
the Closing Date, each Seller shall use Best Reasonable Efforts to assist
Purchaser with all necessary steps to record with the appropriate Governmental
Authorities, including any discretionary filings requested by Purchaser, the
transfer from, or license by, such Seller to Purchaser of all Transferred
Intellectual Property and Licensed Intellectual Property previously registered
or patented in or outside the United States; provided that Purchaser shall
reimburse such Seller for such Seller's Out-of-Pocket Expenses incurred by
Seller in such recordings.

                  Section 6.11 Obligation to Update. Between the date of this
Agreement and the Closing Date, each Seller shall notify Purchaser and Parent in
writing within a reasonable period of time if any Person listed in Schedule
1.1(a) or any successor with similar authority and responsibilities gains actual
knowledge of any fact or condition that causes or constitutes a breach of any of
such Seller's representations and warranties as of the date of this Agreement,
or if any Person listed in Schedule 1.1(a) or any successor with similar
authority and responsibilities gains actual knowledge of the occurrence after
the date of this Agreement of any fact or condition that could reasonably be
expected to cause or constitute a breach of any such representation or warranty
had such representation or warranty been made as of the time of occurrence or
discovery of such fact or condition. Within three (3) Business Days prior to the
Closing Date, Sellers shall provide Purchaser with a list of any changes that
would be required to Schedule 3.10 if such Schedule were being prepared in
response to Section 3.10(a) as of the third Business Day prior to the Closing.
Any breach of this Section 6.11 shall for purposes of Article IX be deemed to be
a breach of a representation or warranty and not a breach of a covenant. The
providing of notice under this Section shall not relieve Sellers of any
responsibility for a breach of the relevant representation or warranty nor shall
such notice be deemed to update any Schedule to this Agreement.

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<PAGE>

                  Section 6.12 Additional Intellectual Property Matters.

                  (a)      Except in connection with a breach of the
         Intellectual Property Agreement, the terms of which shall be unaffected
         by this provision, no Seller shall bring any claim, litigation or
         proceeding against Purchaser or its Affiliates (including any of
         Purchaser's Successors or assigns to any significant portion of the
         Purchased Assets) for infringement of any Intellectual Property rights,
         including patents and trademarks, owned by or assigned to a Seller as
         of the Closing, based on the operation of the Purchased Assets, the
         existence of which would have been or was a breach of any
         representation or warranty under this Agreement.

                  (b)      At any time within six (6) months of the Closing, if
         it is determined that a license of any additional Intellectual Property
         rights of any Seller (excluding Other Intellectual Property), including
         patent rights which were omitted from the list of Licensed Intellectual
         Properties on Schedule 3.9 but are not specifically listed as Excluded
         Assets, is necessary for Purchaser (including any of Purchaser's
         Successors or assigns to any significant portion of the Purchased
         Assets) to use, operate, sell, offer for sale or import any Purchased
         Asset lawfully or operate the Purchased Assets lawfully, such Seller
         (including its Successors and assigns to such rights) shall provide
         such license without any additional charge to, or royalty, from
         Purchaser (other than Global Alliance Information Network (GAIN)) and,
         in each case, pursuant to the terms of the Intellectual Property
         Agreement.

                  Section 6.13 Limitations on Solicitation, etc. Except as
provided in the Sale Procedures Order with respect to the period prior to the
entry of the Sale Order, neither Sellers nor their Affiliates, officers,
directors, employees, agents or representatives (including attorneys, investment
bankers, brokers and accountants) ("Restricted Persons") shall, directly or
indirectly, (a) solicit, initiate, encourage or entertain the submission of
proposals or offers from any Person (other than Purchaser) for, or enter into
any agreement or arrangement (whether or not binding) relating to, any possible
transaction involving the Transferred Business, some or all of the assets that
will constitute Purchased Assets (other than such assets that are disposed of in
the ordinary course of business in compliance with Section 6.2 hereof), or the
stock of any of the Sellers or any other Person that owns, directly or
indirectly, a greater than five (5) percent interest in the Sellers or the
Purchased Assets (a "Transaction") or (b) participate in any substantive
discussions or negotiations or provide any confidential information regarding,
or furnish to any other Person any information with respect to or in
contemplation of, a possible Transaction. Sellers shall notify Purchaser in
writing as soon as possible, but in any event within one (1) Business Day, of
the receipt of any inquiry or proposal (including all material terms and the
identity of the proponent of the inquiry or proposal) covered by this Section
6.13. Notwithstanding the foregoing, at any time prior to the entry of the Sale
Procedures Order, the Restricted Persons may furnish information to, and
negotiate or otherwise engage in substantive discussions with, any Person who

                                      -51-

<PAGE>

delivers a bona fide written proposal (a "Proposal") for a Transaction which was
not solicited or encouraged by a Restricted Person after the date of this
Agreement, if and so long as the Board of Directors (or a duly authorized
committee thereof) of each Seller determines in good faith by resolutions duly
adopted, after consultation with its outside counsel, that the failure to
provide such information or engage in such negotiations or discussions is or
would be a breach of the directors' fiduciary duties under applicable law and
determines in good faith that such a Proposal is a Superior Proposal. Sellers
shall notify Purchaser in writing within one (1) Business Day of such inquiries,
proposals or offers received by, or any such discussions or negotiations sought
to be initiated or continued with, any of the Restricted Persons, indicating the
name of such Person and providing to Purchaser a copy of such written proposal
or offer for an Alternative Transaction. Prior to providing any information or
data to, or engaging in any discussions with, any Person in connection with a
Proposal, Sellers shall notify Purchaser in writing if Sellers or the Restricted
Persons intend to engage in any such activities with any such Person other than
providing written notice to such Person that an auction of the Purchased Assets
is expected to occur under the Sale Procedures Order and that Sellers will
provide the Person with a copy of the Sale Procedures Order when it has been
entered by the Court ("Selling Activities"). Sellers shall keep Purchaser
advised of the status of any Selling Activities and, without limiting Parent's
and Purchaser's rights under this Agreement or the 363/365 Orders, provide
Purchaser a reasonable opportunity to submit its own proposal in response to any
proposals or offers received by Sellers. "Superior Proposal" means a Proposal
made by a Person other than Purchaser, and which is on terms which Sellers'
Boards of Directors determine in good faith would result in a Transaction that
is materially more favorable (a) to Sellers than the transaction contemplated by
this Agreement (after consultation with a nationally recognized investment
banking firm) taking into account all the terms and conditions of such proposal
and this Agreement and the transactions contemplated hereby, and (b) is
reasonably capable of being completed on the terms proposed, taking into account
all financial, regulatory, legal and other aspects of such Proposal; provided,
however, that no Proposal shall be deemed to be a Superior Proposal if the
Proposal is subject to a financing contingency.

                  Section 6.14 ITU Matters. Sellers will request the FCC to make
available to Purchaser copies of the intersystem coordination agreements that
the FCC entered into with Argentina and Brazil related to their ITU filings at
the 77(degree) W and 77.5(degree) W orbital locations, respectively. Sellers
will not take any actions that are inconsistent with the draft intersystem
coordination agreement with Brazil related to its ITU filing at the 90(degree) W
orbital location (which draft agreement has been previously delivered by Sellers
to Purchaser).

                  Section 6.15 PANGTEL Matters. During the period from the date
hereof to the Closing, Sellers shall use their Best Reasonable Efforts to cause
PANGTEL to enter into on behalf of the Independent State of Papua New Guinea an
amended and restated satellite agreement in the form previously delivered to
Purchaser (the "PNG Agreement"), and to cause

                                      -52-

<PAGE>

PANGTEL to acknowledge the assignment of the rights and obligations of Loral
Parent under the PNG Agreement to a Seller and to the partial assignment by such
Seller to Purchaser of the rights and obligations of Loral Parent (or of a
Seller as the valid assignee of Loral Parent) under such agreement related to
the use of the 121(Degree) W orbital position, subject to Purchaser agreeing to
make the annual payment owed under such agreement in connection with the use of
the 121(Degree) W orbital position, and to seek PANGTEL's consent to the
novation thereof to the effect that any breach by Sellers or their Affiliates
under the PANGTEL agreement following the Closing shall not be deemed a breach
by the Purchaser under its separate agreement with PANGTEL.

                  Section 6.16 Orbital Incentive Payments. Sellers shall cause
SS/L to amend the Purchased Satellite Procurement Agreements as provided in the
SS/L Agreement.

                  Section 6.17 Lease Contract.

                  (a)      Notwithstanding anything contained in Section 6.2 to
         the contrary, at any time prior to the Closing Date, Sellers may enter
         into an agreement with a single lessee (which may include such lessee's
         Affiliates) providing for the lease of a substantial number of
         transponders on one or more of the Purchased Satellites (the "New
         Lease"); provided that prior to entering into the New Lease and not
         less than thirty (30) days prior to the Closing Date, such Seller shall
         have provided written notice to Purchaser of its intention to enter
         into the Lease together with copy of the proposed New Lease requesting
         Purchaser to designate the New Lease as the Lease Agreement for
         purposes of Section 2.5(d) (the "Lease Notice"). Purchaser may in its
         sole and absolute discretion decide whether to designate the New Lease
         as the Lease Agreement for purposes of Section 2.5(d).

                  (b)      If on or within seven (7) days of receipt of the
         Lease Notice, Purchase fails to make an election or elects that the New
         Lease shall not be a "Lease Agreement," the New Lease (i) shall be
         deemed an Excluded Asset for all purposes under this Agreement (and,
         for avoidance of doubt, any revenues recognized by Sellers from the New
         Lease shall not constitute Revenue for any purpose under this
         Agreement) and (ii) the counterparty to the New Lease shall be required
         to acknowledge in the New Lease or in a writing contemporaneous with
         the execution of the New Lease, that the transponder capacity leased
         thereunder shall not be provided on a Purchased Satellite for periods
         subsequent to the Closing Date.

                  (c)      If on or within seven (7) days of receipt of the
         Lease Notice, Purchaser shall provide written notice to Sellers that it
         elects to designate the New Lease as the "Lease Agreement" and the
         applicable Seller and the counterparty thereto shall enter into the New
         Lease on valid and binding terms, in the form provided in the Lease
         Notice, the New Lease (i) shall constitute the Lease Agreement for
         purposes of Section 2.5(d) and (ii) shall be deemed an Assumed

                                      -53-

<PAGE>

         Contract for all purposes of this Agreement (and, for avoidance of
         doubt, any revenues recognized by Sellers from the Lease Agreement
         shall constitute Revenue for all purposes under this Agreement).

                  (d)      Sellers may only exercise their right under this
         Section 6.17 once.

                                  ARTICLE VII
                       PURCHASER'S AND PARENT'S COVENANTS

                  Section 7.1 Best Reasonable Efforts. During the period from
the date hereof to the Closing, Purchaser and Parent shall cooperate with the
Sellers and use their Best Reasonable Efforts to satisfy, or cause to be
satisfied, the conditions precedent to Purchaser's and Parent's obligations
hereunder. Without limiting the generality of the foregoing, during the period
from the date hereof to the Closing, Purchaser shall cooperate with the Sellers
and use its Best Reasonable Efforts (a) to obtain the Governmental Approvals and
to give or make the notices or filings set forth in Schedules 3.4 and 4.3, and
(b) to the extent required notwithstanding the Sale Order, to obtain approval
for the novation from the Sellers to Purchaser of the PANGTEL agreement as
provided in Section 6.15 and of the Government Contracts listed in Schedule 3.11
(including entering into customary agreements necessary to obtain the
assignments or novations contemplated by Section 9.1(e) and having one or more
employees with a "secret" security clearance).

                  Section 7.2 Shareholder Approval. Parent will take, in
accordance with applicable Law and its bye-laws, all action necessary to convene
a meeting of the holders of its ordinary shares ("Parent Shareholders Meeting")
on or before September 8, 2003 to consider and vote upon the approval of this
Agreement and the transactions contemplated hereby. Subject to their fiduciary
duties under applicable Law, Parent's board of directors shall use Best
Reasonable Efforts to solicit such approval.

                  Section 7.3 Further Assurances. At any time after the Closing
Date, each of Purchaser and Parent shall promptly execute, acknowledge and
deliver any other assurances or documents reasonably requested by any Seller
necessary to evidence the transfer of the Purchased Assets, the assumption of
the Assumed Liabilities and the other transactions contemplated hereby.

                  Section 7.4 Compliance with Property Transfer Laws;
Governmental Authorizations. During the period from the date hereof to the
Closing, Parent and Purchaser shall use their Best Reasonable Efforts to comply
with all requirements of applicable property transfer Laws to the extent not
superseded by the Sale Order in order to consummate the transactions
contemplated by this Agreement. During the period from the date hereof to the
Closing, Parent and Purchaser agree to provide Sellers with copies of any
documents submitted to the relevant Governmental Authorities in connection with
such compliance, and neither Parent nor Purchaser shall take any action to
comply with such Laws without Sellers' consent which shall not be unreasonably
withheld.

                                      -54-

<PAGE>

                  Section 7.5 Obligation to Update. During the period from the
date hereof to the Closing, each of Parent or Purchaser, as applicable, shall
notify Sellers in writing within a reasonable period of time if any Person
listed in Schedule 1.1(b) or any successor with similar authority and
responsibilities gains actual knowledge of any fact or condition that causes or
constitutes a breach of any of Parent's or Purchaser's representations and
warranties as of the date of this Agreement, or if any Person listed in Schedule
1.1(b) or any successor with similar authority and responsibilities gains actual
knowledge (in the ordinary course of performing his or her duties) of the
occurrence after the date of this Agreement of any fact or condition that would
reasonably be expected to cause or constitute a breach of any such
representation or warranty had such representation or warranty been made as of
the time of occurrence or discovery of such fact or condition. The providing of
notice under this Section 7.5 shall not relieve Parent or Purchaser of any
responsibility for a breach of the relevant representation or warranty.

                  Section 7.6 Collection of Accounts Receivable. All accounts
receivable arising in connection with the operation of the Transferred Business
prior to the Closing Date shall remain the property of Sellers. Purchaser agrees
to use Best Reasonable Efforts to assist Sellers in collection of such accounts
receivable in the normal and ordinary course of business for a period of ninety
(90) days following the Closing. Purchaser shall apply all collections to the
debtor's oldest account receivable first (except that any such accounts
collected by Purchaser from persons who are also indebted to Purchaser may be
applied to Purchaser's account where such account debtor specifies that a
payment is to be applied to Purchaser's account), and shall remit all amounts
collected on Sellers' behalf during any month within the first ten (10) Business
Days of the following month. Purchaser's obligation and authority shall not
extend to the institution of litigation, employment of counsel or a collection
agency or any other extraordinary means of collection. At the end of the ninety
(90) day collection period, any remaining accounts receivable shall be returned
to Sellers for collection, and all obligations of Purchaser with respect thereto
shall cease.

                                  ARTICLE VIII
                            EMPLOYEE AND TAX MATTERS

                  Section 8.1 Tax Matters.

                  (a)      Determination and Allocation of Consideration.
         Purchaser shall initially propose the amount and allocation of the
         total consideration (the "Consideration") for the Purchased Assets.
         Within one hundred and twenty (120) days after the Closing Date,
         Purchaser shall provide the Sellers with one or more schedules setting
         out its proposal. If the Sellers disagree with any items reflected on
         the schedules so provided, Sellers may notify Purchaser of such
         disagreement and their reasons for so disagreeing, in which case the
         Sellers and Purchaser shall attempt to resolve the disagreement. If
         Purchaser and Sellers are unable to resolve their disagreement, the
         matter or matters in dispute shall be submitted for

                                      -55-

<PAGE>

         resolution to a mutually acceptable appraisal firm. The parties shall
         equally bear the costs of such appraisal firm. Any determination and
         allocation of the Consideration pursuant to this subsection shall be
         binding on the Sellers and Purchaser for all tax reporting purposes.

                  (b)      Transfer Taxes. All excise, sales, use, transfer
         (including real property transfer), stamp, registration, documentary,
         filing, recordation and other similar Taxes which may be imposed or
         assessed as a result of the transactions effected pursuant to this
         Agreement (the "Transfer Taxes"), together with any interest, additions
         or penalties with respect thereto and any interest in respect of such
         additions or penalties shall be borne by the Sellers, and each Seller
         shall indemnify Purchaser for any Liabilities for such Transfer Taxes;
         provided that Sellers shall use Best Reasonable Efforts to have all
         Transfer Taxes exempted pursuant to the Sale Order. Any returns or
         reports with respect to Transfer Taxes that are required to be filed
         shall be prepared and, to the extent a Seller is permitted by law or
         administrative practice, filed by such Seller when due.

                  Section 8.2 Employees and Employee Benefits.

                  (a)      Purchaser shall have no requirement to offer
         employment to any of the employees of the Sellers. Any offer Purchaser
         determines to make shall be for employment at-will by Purchaser as new
         employees of Purchaser (subject to any applicable probation period not
         prohibited by Law) to occupy positions designated by Purchaser and
         pursuant to the terms and conditions determined by Purchaser in its
         sole discretion, unless Purchaser otherwise agrees in writing with any
         such employee.

                  (b)      Within thirty (30) days from the date hereof, the
         Sellers shall deliver to Purchaser a true and complete list of the
         names and positions of those of Sellers' then current employees who
         work in positions Related to the Transferred Business and whose primary
         job responsibilities are Related to sales or marketing ("Sales and
         Marketing Employees") or other functions Related to the Transferred
         Business ("Other Employees" and, together with the Sales and Marketing
         Employees, the "Employees"). At Purchaser's request, the Sellers shall
         deliver, with respect to any Employee designated by the Purchaser, the
         following compensation information for fiscal year 2002 and as of the
         date of Purchaser's request: (i) annual base salary; (ii) annual bonus;
         (iii) commissions; (iv) perquisites; (v) benefits; (vi) severance; and
         (vii) all other material items of compensation. Purchaser shall have
         the right to hire any Sales and Marketing Employees in compliance with
         this Section 8.2(b). Not later than one hundred and twenty (120) days
         from the date hereof, Purchaser shall provide the Sellers with a list
         identifying each of the Sales and Marketing Employees to whom Purchaser
         may wish to make offers of employment at the Closing ("Listed
         Employees"). Not later than ninety (90) days from the date hereof,
         Purchaser may notify Sellers of any then current Other Employees to
         whom it wishes to

                                      -56-

<PAGE>

         offer employment. Sellers will have the right, in their sole
         discretion, to determine whether Purchaser will be permitted to offer
         employment to such Other Employee prior to the Closing. Purchaser may
         employ any Other Employee who requests employment with Purchaser
         without any prior solicitation, if the Employee, once hired by
         Purchaser, represents that he was not solicited by Purchaser and agrees
         not to solicit any other Employees during the period and to the extent
         Purchaser is prohibited from soliciting Employees under Section 8.2(c).
         Not later than sixty (60) days prior to the anticipated Closing Date,
         Purchaser shall notify Seller of all Employees to which it has made, as
         of such date, offers of employment and a good faith estimate of those
         additional Employees to whom it may make offers of employment.

                  (c)      Notwithstanding the provisions of Section 8.2(b),
         Purchaser agrees that during the twelve (12) month period following the
         Closing Date it will not solicit any Employee, other than an Applicable
         Employee (as defined below), unless Purchaser has first obtained the
         written consent of the Sellers. If, during the twelve (12) month period
         following the Closing, Purchaser hires any Employee other than an
         Applicable Employee and other than with the consent of Sellers,
         Purchaser shall certify to Sellers that such Employee was not solicited
         by Purchaser and shall cause such former Employee to make a similar
         representation and to agree with Sellers that such former Employee will
         not solicit any other Employee, other than an Applicable Employee,
         during the twelve (12) month period following the Closing. In addition,
         in the event that Purchaser hires any Employee other than an Applicable
         Employee during such twelve (12) month period, the Purchaser shall
         reimburse the Sellers for any severance payments made in accordance
         with Seller's applicable severance policy, including any payments under
         the WARN Act, made to any such Employee as a result of such employee's
         termination of employment with the Sellers. Seller's severance and WARN
         Act obligation are set forth on Schedule 8.2.

                  (d)      The Sellers shall make available to Purchaser, to the
         fullest extent permitted by Law, all information and materials
         reasonably requested by Purchaser from the personnel files of each of
         the Employees who, with the consent of the Sellers if required, shall
         have elected to accept employment with Purchaser ("Applicable
         Employees").

                  (e)      Each Seller shall remain responsible for the payment
         of all benefits that accrue under each of such Seller's or its
         Affiliates' compensation plans, "employee benefit plans" (as defined in
         Section 3(3) of ERISA) and stock plans (collectively "Benefit Plans").
         Purchaser shall not at any time assume any Liability under any of the
         Sellers' Benefit Plans for the payment of any benefits to any active or
         any terminated, vested or retired participants (or any of their
         beneficiaries) in any of the Benefit Plans. Purchaser assumes no
         obligation to continue or assume any Benefit Plans or Liabilities of
         the Sellers under any Benefit Plans.

                                      -57-

<PAGE>

                  (f)      With respect to any Applicable Employee (and any
         dependent or beneficiary of any such Applicable Employee), the Sellers
         shall retain all liabilities and obligations arising under any group
         life, accident, medical, dental or disability plan or similar
         arrangement (whether or not insured) and any other "employee welfare
         benefit plan" (as defined in Section 3(1) of ERISA) maintained for the
         benefit of the Sellers' employees and their dependents and other
         beneficiaries under each such plan or similar arrangement, and such
         liabilities and obligations shall constitute Excluded Liabilities.
         Purchaser shall be responsible only for liabilities and obligations
         with respect to claims incurred by any Applicable Employee (and any
         dependent or beneficiary of any such Applicable Employee) on or after
         the Closing Date which are covered under any life, accident, medical,
         dental or disability plan or similar arrangement (whether or not
         insured) established or made available by Purchaser for the benefit of
         Applicable Employees and their dependents and beneficiaries after the
         Closing Date. For this purpose claims under any medical, dental,
         vision, or prescription drug plan, a claim generally will be deemed to
         be incurred on the date that the service giving rise to such claim is
         performed and not when such claim is made.

                  (g)      For purposes of this Section 8.2, the term "solicit"
         means a communication with an Employee in which Purchaser, or an agent
         acting on its behalf, invites, advises, encourages or requests an
         Employee to accept employment with Purchaser. "Solicit" does not
         include: (i) the publication (in any form of media) of a general
         advertisement or employment listing, or (ii) a circumstance in which an
         Employee initiates contact with Purchaser without any previous
         solicitation by Purchaser.

                                   ARTICLE IX
                              CONDITIONS TO CLOSING

                  Section 9.1 Conditions to the Obligations of Parent and
Purchaser. The obligation of Parent and Purchaser to effect the Closing is
subject to the satisfaction (or waiver) on or prior to the Closing of the
following conditions:

                  (a)      Representations and Warranties True When Made. The
         representations and warranties of the Sellers contained herein shall
         have been true and correct when made, except where the failure of such
         representations and warranties to be true and correct would not
         constitute a Material Adverse Change. Each of Parent and Purchaser
         shall have received a certificate to such effect dated the Closing Date
         and executed by a duly authorized officer of each Seller. For purposes
         of this Section 9.1(a), the representations and warranties of the
         Sellers shall be read without giving effect to the terms "material",
         "Material Adverse Change", "Material Adverse Effect" or words with a
         similar meaning, except for the representations and warranties of the
         Sellers set forth in Section 3.19.

                                      -58-

<PAGE>

                  (b)      Covenants. The covenants and agreements of each
         Seller to be performed on or prior to the Closing shall have been duly
         performed in all material respects, and Parent and Purchaser shall have
         received a certificate to such effect dated the Closing Date and
         executed by a duly authorized officer of each Seller; provided that if
         Sellers have failed to comply with Section 6.2 because complying
         therewith would constitute a violation of an order of the Bankruptcy
         Court and such noncompliance has no effect on the Transferred Business,
         the Purchased Assets, Parent or Purchaser, other than a de minimis
         effect, such noncompliance shall not represent the failure of this
         Closing condition.

                  (c)      Shareholder Approval. Parent shall have received the
         Parent Shareholder Approval.

                  (d)      Representations and Warranties True as of Closing.
         The representations and warranties of each Seller contained herein
         shall be true and correct as of the Closing Date and shall be deemed to
         be remade by Sellers on that date (except that representations made as
         of a specific date need be only true and correct as of such date),
         except where the failure of such representations and warranties to be
         true and correct would not constitute a Material Adverse Change. Each
         of Parent and Purchaser shall have received a certificate to such
         effect dated the Closing Date and executed by a duly authorized officer
         of each Seller. For the purposes of this Section 9.1(d), the
         representations and warranties of the Sellers, except for the
         representations and warranties of the Sellers set forth in Section
         3.19, shall be read without giving effect to the terms "material",
         "Material Adverse Change", "Material Adverse Effect" or words with a
         similar meaning.

                  (e)      Assignments and Novations. Purchaser shall have
         received an assignment or novation (including any necessary third-party
         consents and approvals) reasonably satisfactory to Purchaser to each of
         the Contracts listed in Schedule 3.10, except where the Sale Order
         makes such assignment or novation unnecessary or where the failure to
         obtain such assignment or novation would not, in the aggregate and
         after taking into consideration any alternative measures used
         effectively to transfer the economic benefit of any such Contract to
         Purchaser, be reasonably likely to have a Material Adverse Effect
         subsequent to the Closing.

                  (f)      No Injunctions or Proceedings. No temporary
         restraining order, preliminary or permanent injunction or other order
         of any court of competent jurisdiction or other legal restraint or
         prohibition preventing, restricting or conditioning the consummation of
         the transactions contemplated by this Agreement shall be in effect. No
         litigation, investigation or administrative proceeding, in each case
         brought or initiated by a U.S. Governmental Authority, shall be pending
         or threatened that would enjoin, restrain, condition or prohibit
         consummation of the transactions contemplated by this Agreement. No
         Governmental Authority of competent jurisdiction shall have enacted,
         issued,

                                      -59-

<PAGE>

         promulgated, enforced or entered any statute, rule, regulation,
         sanction, judgment, decree, injunction or other order which would be
         reasonably likely to have a Material Adverse Effect prior or subsequent
         to the Closing.

                  (g)      Antitrust Compliance. (i) Any applicable waiting
         period under the HSR Act shall have expired or been terminated, (ii) to
         the extent requested by Parent pursuant to, and within the time period
         specified in Section 6.5, all notices and reports under Exon-Florio
         shall have been made, (iii) any requests for information or documents
         made by the European Commission shall have been fulfilled and (iv) no
         Governmental Authority shall have instituted, or announced an intention
         to institute, any proceeding against Parent, Purchaser or any Seller
         arising out of or based upon an antitrust, competition or similar Law
         applicable to such party or to the Transferred Business or the
         Purchased Assets.

                  (h)      FCC Approval. The FCC or relevant FCC staff official
         pursuant to delegated authority shall have granted the assignment
         applications referred to in Section 6.5(a), without the imposition of
         any condition that would constitute a Material Adverse Change (provided
         that Purchaser shall be deemed to have waived this condition with
         respect to any condition in the grant of the assignment application, if
         Purchaser shall not have objected to such condition by the tenth (10th)
         day after Sellers deliver a written copy of the grant of the assignment
         application to Purchaser and ask the Purchaser whether or not it
         objects to any condition in the grant), there shall be no outstanding
         petition for reconsideration, application for review or judicial appeal
         of such consent which is reasonably likely to result in a reversal of
         such consent or the imposition of a condition that would constitute a
         Material Adverse Change and the time for filing any such petition,
         application or appeal shall have expired; provided that the expiration
         of the time for such filing will not be a condition to Parent's and
         Purchaser's obligations to effect the Closing if no petition to deny or
         objection was filed at the FCC against the FCC applications prior to
         the granting of such applications by the FCC or relevant FCC staff
         official pursuant to delegated authority.

                  (i)      Sale Order. The Bankruptcy Court shall have entered
         the Sale Order substantially in the forms attached hereto as Annex F
         (together with any related findings of fact or conclusions of Law)
         without modification or the imposition of any conditions or limitations
         with respect thereto, except for such immaterial modifications,
         conditions or limitations which do not individually or in the aggregate
         adversely affect Parent and Purchaser and the Sale Order shall not have
         been violated, vacated, withdrawn, overruled, resolved or stayed,
         amended, reversed and/or modified and shall have become final and
         nonappealable.

                  (j)      Other Approvals. The other Governmental Approvals,
         notices and filings set forth in Schedule 9.1(j)(i) shall have been
         obtained, given or made and shall not contain any condition or
         provision that would constitute a Material

                                      -60-

<PAGE>

         Adverse Change. The condition described in Schedule 9.1(j)(ii) shall
         have been satisfied.

                  (k)      Other FCC Actions. The FCC or relevant FCC staff
         official pursuant to delegated authority shall have granted: (i) Loral
         SpaceCom's March 15, 2002 Petition for Declaratory Ruling to add the
         Telstar 13 C-band payload to FCC's Permitted Space Station List without
         the imposition of any condition(s) (other than standard FCC conditions,
         which the Parties acknowledge for purposes of this Agreement do not
         include any condition requiring Loral SpaceCom (or its successor) to
         give any form of notice to customers) that could materially adversely
         affect Purchaser's commercial operation of the C-band capacity on
         Telstar 13 at the 121(degree)W orbital location following the Closing
         (provided that Purchaser shall be deemed to have waived this condition
         with respect to any condition in the FCC declaratory ruling, if
         Purchaser shall not have objected to such condition within ten (10)
         days after Sellers deliver a written copy of the Petition to Purchaser
         and requested Purchaser's consent), and there shall be no outstanding
         petition for reconsideration, application for review or judicial appeal
         of such grant which is reasonably likely to result in a reversal of
         such grant or the imposition of a condition that would materially
         adversely affect Purchaser's commercial operation of the C-band
         capacity on Telstar 13 at the 121(degree)W orbital location following
         the Closing, and the time for filing any such petition, application or
         appeal shall have expired; provided, that the expiration of the time
         for such filing will not be a condition to Parent's and Purchaser's
         obligations to effect the Closing if no petition to deny or objection
         was filed at the FCC against the FCC applications prior to the granting
         of such applications by the FCC or relevant FCC staff official pursuant
         to delegated authority, and (ii) Loral SpaceCom's May 1, 2003
         application to the FCC to extend the construction completion and launch
         milestones for Telstar 8 to the second and third quarters,
         respectively, of 2004 as well as granting authority to use the South
         American beam notwithstanding any failure to provide full frequency
         reuse and there shall be no outstanding petition for reconsideration,
         application for review or judicial appeal of such grant which is
         reasonably likely to result in a reversal of such consent or the
         imposition of a condition that would constitute a Material Adverse
         Change and the time for filing any such petition, application or appeal
         shall have expired; provided that the expiration of the time for such
         filing will not be a condition to Parent's and Purchaser's obligations
         to effect the Closing if no petition to deny or objection was filed at
         the FCC against the FCC applications prior to the granting of such
         applications by the FCC or relevant FCC staff official pursuant to
         delegated authority.

                  (l)      Telstar 13. Unless the launch of Telstar 13 is
         delayed solely as a result of technical malfunction of either the
         launch vehicle or the spacecraft, and such delay is not attributable to
         any other cause, and the Purchaser, in its sole discretion, believes
         that such delay will not exceed the period of six (6) months, Telstar
         13 shall have been successfully launched and shall be operating at the

                                      -61-

<PAGE>

         121(degree)W orbital location without a Total Loss having occurred, and
         Loral SpaceCom shall own title to the C-band payload on the Telstar 13
         satellite, as contemplated by that certain agreement, dated February
         22, 2000, between Loral SpaceCom and Echostar Orbital Corporation
         ("Echostar") and the Amended and Restated Agreement, as of November 16,
         2001, between Loral Skynet and SS/L, shall be valid and in full force
         and effect without any outstanding default thereunder by either party.

                  (m)      Total Loss. No Total Loss shall have occurred with
         respect to any of Telstar 5, Telstar 6 or Telstar 7, or with respect to
         Telstar 4 (unless, in the case of Telstar 4, Sellers were in compliance
         with their obligations under Section 6.6 hereof as they related to
         Telstar 4 at the time of the Total Loss). The provisions of this
         Section 9.1(m) are not intended to create an implication, one way or
         the other, as to whether (i) less than Total Losses with respect to the
         Purchased Satellites would not constitute a Material Adverse Change or
         (ii) a Total Loss (other than in the circumstances described in the
         parenthetical clause in the prior sentence) or less than Total Loss(es)
         with respect to Telstar 4 would constitute a Material Adverse Change.

                  (n)      PNG Agreement. PANGTEL, on behalf of the Independent
         State of Papua, New Guinea, shall have entered into an amended and
         restated PNG Agreement, substantially in the form previously delivered
         to Purchaser. The rights and obligations of Loral Parent under the PNG
         Agreement shall have been validly and effectively assigned to Purchaser
         (either directly by Loral Parent or by a Seller as the valid assignee
         of Loral Parent), including all applicable approvals of the Bankruptcy
         Court. PANGTEL shall have (i) acknowledged in writing the assignment to
         Purchaser of the rights and obligations of Loral Parent, or such
         Seller, as the case may be, under such agreement or (ii) consented to
         the partial assignment to Purchaser of the rights and obligations of
         Loral Parent under such agreement related to the use of the
         121(degree)W orbital position, subject to Purchaser agreeing to make
         the annual payments due after the Closing required under such agreement
         with respect to such orbital slot; provided that if PANGTEL has not
         consented to the novation in favor of the Purchaser of such partially
         assigned rights and obligations under the agreement, Purchaser may
         elect to assume all rights and obligations under the agreement.

                  (o)      Backlog. Backlog as set forth in the Final Report
         shall not be less than the amount set forth in Schedule 9.1(o).

                  (p)      Recurring Revenues. Recurring Revenues for the Three
         Month Period set forth in the Final Report shall not be less than the
         amount set forth in Schedule 9.1(p).

                  (q)      Customer Service Contracts. Unless Purchaser shall
         have otherwise consented in writing, except as set forth as Schedule
         9.l (q), the average

                                      -62-

<PAGE>

         annual price per transponder unit (36MHz equivalent) charged by Sellers
         under new Contracts that are Assumed Contracts (including any renewal
         of an existing Contract that is an Assumed Contract) that are entered
         into or renewals that take place after the date hereof ("Average
         Transponder Price") and prior to the Closing for transponders on the
         Purchased Satellites shall not be less than the amount set forth on
         Schedule 9.1(q).

                  (r)      Orbital Incentive Payments. SS/L shall have amended
         the Purchased Satellite Procurement Agreements as provided in Section
         6.16 hereof.

                  (s)      Legal Opinions. Parent and Purchaser shall have
         received the opinion of Sellers' FCC counsel, dated as of the Closing
         Date, addressed to Parent and Purchaser substantially in the form
         attached as Schedule 9.1(s), and the opinion of Sellers' Bermuda
         counsel, dated as of the Closing Date, addressed to Parent and
         Purchaser in the form to be mutually agreed upon by the parties, each
         of which opinions shall expressly permit lenders to Parent or Purchaser
         to rely thereon.

                  (t)      Ancillary Agreements. The Ancillary Agreements shall
         be in full force and effect and all actions thereunder which are
         contemplated to occur simultaneously with the Closing shall so occur.

                  (u)      Certain Contracts. (i) SS/L shall have assumed under
         Section 365 of the Bankruptcy Code, in connection with the Chapter 11
         Cases, the Revised Procurement Agreements and the remaining Purchased
         Satellite Procurement Contracts, and the Contract, dated as of February
         22, 2000, with EchoStar Orbital Corporation (and there shall have been
         no material default thereunder by SS/L) and the contract listed on
         Schedule 5.1(f) and (ii) Loral Skynet Network Services Inc. shall have
         entered into with Loral SpaceCom, and shall have assumed under Section
         365 of the Bankruptcy Code, in connection with the Chapter 11 Cases,
         that certain Master Service Agreement in the form previously delivered
         to the Purchaser (and included in the Section 2.3.4.m file of the data
         room).

                  (v)      Transition Services Agreement. Each Seller shall have
         performed in all material respect its obligations under the Transition
         Services Agreement.

                  (w)      Delivery of Other Closing Documents. Each Seller
         shall have executed and delivered all of the documents required to be
         delivered pursuant to Section 2.8.

                  Section 9.2 Conditions to the Obligations of the Sellers. The
obligation of the Sellers to effect the Closing is subject to the satisfaction
(or waiver) on or prior to the Closing of the following conditions:

                  (a)      Representations and Warranties True When Made. The
         representations and warranties of Parent and Purchaser contained herein
         shall

                                      -63-

<PAGE>

         have been true and correct when made except where the failure of such
         representations and warranties to be true and correct would not
         constitute a material adverse effect on Parent's and Purchaser's
         performance of their obligations hereunder. The Sellers shall have
         received a certificate to such effect dated the Closing Date and
         executed by duly authorized officers of Parent and Purchaser. For
         purposes of this Section 9.2(a), the representations and warranties of
         Purchaser and Parent shall be read without giving effect to the terms
         "material", "material adverse change", "material adverse effect" or
         words with a similar meaning.

                  (b)      Covenants. The covenants and agreements of Parent and
         Purchaser to be performed on or prior to the Closing shall have been
         duly performed in all material respects and the Sellers shall have
         received a certificate to such effect dated the Closing Date and
         executed by duly authorized officers of Parent and Purchaser.

                  (c)      Shareholder Approval. Parent shall have received the
         Parent Shareholder Approval.

                  (d)      Representations and Warranties True as of Closing.
         The representations and warranties of Parent and Purchaser contained
         herein shall be true and correct as of the Closing Date and shall be
         deemed to be remade by Parent and Purchaser on that date (except that
         representations and warranties that are made as of a specific date need
         be true only as of such date), except where the failure of such
         representations and warranties to be true and correct would not
         constitute a material adverse effect on Parent's and Purchaser's
         performance of their obligations hereunder. The Sellers shall have
         received a certificate to such effect dated the Closing Date and
         executed by duly authorized officers of Parent and Purchaser. For
         purposes of this Section 9.2(d), the representations and warranties of
         Purchaser and Parent shall be read without giving effect to the terms
         "material", "material adverse change", "material adverse effect" or
         words with a similar meaning.

                  (e)      No Injunctions or Proceedings. No temporary
         restraining order, preliminary or permanent injunction or other order
         of any court of competent jurisdiction or other legal restraint or
         prohibition preventing, restricting or conditioning the consummation of
         the transactions contemplated by this Agreement shall be in effect. No
         litigation, investigation or administrative proceeding, in each case
         brought or initiated by a U.S. Governmental Authority, shall be pending
         or threatened that would enjoin, restrain, condition or prohibit
         consummation of the transactions contemplated by this Agreement.

                  (f)      Antitrust Compliance. (i) Any applicable waiting
         period under the HSR Act shall have expired or been terminated, (ii)
         all notices and reports under Exon-Florio shall have been made, (iii)
         any requests for information or documents

                                      -64-

<PAGE>

         made by the European Commission shall have been fulfilled and (iv) no
         Governmental Authority shall have instituted, or announced an intention
         to institute, any proceeding against Parent, Purchaser or any Seller
         arising out of or based upon an antitrust, competition or similar Law
         applicable to such party or to the Transferred Business or the
         Purchased Assets.

                  (g)      FCC Approval. The FCC shall have granted the
         assignment applications referred to in Section 6.5(a).

                  (h)      Bankruptcy Court Approval. The Bankruptcy Court shall
         have entered the Sale Order substantially in the form attached hereto
         as Annex F, without modification or the imposition of conditions or
         limitations with respect thereto, except for such immaterial
         modifications, conditions or limitations which do not, individually or
         in the aggregate, adversely affect Sellers, and the Sale Order shall
         not have been vacated, stayed, amended, reversed or modified.

                  (i)      Other Approvals. The other Governmental Approvals,
         notices and filings set forth in Schedule 9.1(j)(i) shall have been
         obtained, given or made.

                  (j)      Legal Opinions. The Sellers shall have received the
         opinion of Parent's and Purchaser's Bermuda counsel, dated as of the
         Closing Date, addressed to the Sellers in the form to be mutually
         agreed upon by the parties.

                  (k)      Ancillary Agreements. The Ancillary Agreements shall
         be in full force and effect and all actions thereunder that are
         contemplated to occur simultaneously with the Closing shall so occur.

                  (l)      Business Transition Services Agreement. Parent and
         Purchaser shall have paid all amounts due and owing prior to the
         Closing Date under the Business Transition Services Agreement.

                  (m)      Delivery of Other Closing Documents. Parent and
         Purchaser shall have executed and delivered all of the documents
         required to be delivered pursuant to Section 2.7.

                                   ARTICLE X
                              INTENTIONALLY OMITTED

                                   ARTICLE XI
                                   TERMINATION

                  Section 11.1 Termination. This Agreement may be terminated at
any time prior to the Closing:

                  (a)      By agreement of the parties hereto.

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<PAGE>

                  (b)      By Parent and Purchaser if the Sale Procedures Order
         shall not have been entered by the Bankruptcy Court in substantially
         the form attached hereto as Annex F without modification or the
         imposition of any conditions or limitations with respect thereto
         (except for such immaterial modifications, conditions or limitations
         which do not individually or in the aggregate adversely affect Parent
         and Purchaser) on or prior to the later of (i) the fifth (5th) Business
         Day after date on which Parent Shareholder Approval is obtained
         ("Parent Shareholder Approval Date") and (ii) the twenty-fifth (25th)
         day after written notice from Parent that the Parent Shareholder
         Meeting has been scheduled; provided that this right must be exercised
         not later than the thirtieth (30th) Business Day after the later of the
         two periods referred to in this Section 11.1(b).

                  (c)      By Parent and Purchaser if the Sale Order shall not
         have been entered by the Bankruptcy Court in substantially the form
         attached hereto as Annex F approving this Agreement and the
         transactions contemplated hereby without modification or the imposition
         of any conditions or limitations with respect thereto (except for such
         immaterial modifications, conditions or limitations which do not
         individually or in the aggregate adversely affect Parent and Purchaser)
         on or prior to the forty-fifth (45th) calendar day after the entry of
         the Sale Procedures Order; provided that this right must be exercised
         not later than the thirtieth (30th) day after the expiration of such
         forty-five (45) day period.

                  (d)      By Parent or Purchaser upon written notice to the
         Sellers, if (i) any Seller is in breach or default of its covenants,
         agreements or other obligations herein, or if any of its
         representations and warranties herein are not true and accurate in all
         material respects when made or when otherwise required by this
         Agreement to be true and accurate, (ii) such breach, default, untruth
         or inaccuracy is incapable of being cured, or if such breach, default,
         untruth or inaccuracy is capable of being cured, it is not cured within
         thirty (30) days of receipt of notice that such breach, default or
         failure exists or has occurred (for purposes of this clause (ii) and
         without limiting its applicability to any other breach, a breach of
         Section 6.13 (other than the notice provisions) shall be deemed to be
         not curable) and (iii) such breach, default, untruth or inaccuracy
         would constitute a failure to satisfy a Closing condition hereunder if
         the Closing were to occur at the time Parent or Purchaser seeks to
         terminate this Agreement under this Section 11.1(d).

                  (e)      By Parent and Purchaser, by giving written notice of
         such termination to the Sellers, if the Closing shall not have occurred
         on or prior to the Final Date; provided that neither Parent nor
         Purchaser is in material breach of its obligations under this
         Agreement.

                  (f)      By Sellers upon written notice to the Parent and
         Purchaser, if (i) either Parent and Purchaser is in material breach or
         default of its covenants, agreements, or other obligations herein, or
         if any of its representations and warranties herein were not true and
         accurate in all material respects when made or

                                      -66-

<PAGE>

         when otherwise required by this Agreement to be true and accurate, (ii)
         such breach, default, untruth or inaccuracy is incapable of being
         cured, or if such breach, default, untruth or inaccuracy is capable of
         being cured, it is not cured within thirty (30) days of receipt of
         notice that such breach, default, untruth or inaccuracy exists or has
         occurred and (iii) such breach, default, untruth or inaccuracy would
         constitute a failure to satisfy a Closing condition hereunder if the
         Closing were to occur at the time Sellers seek to terminate this
         Agreement under this Section 11.1(f).

                  (g)      By Sellers, by giving written notice of such
         termination to Purchaser, if the Closing shall not have occurred on or
         prior to the Final Date; provided that no Seller is in material breach
         of its obligations under this Agreement.

                  (h)      By Parent and Purchaser or by Sellers if Parent
         Shareholder Approval has not been obtained by September 8, 2003;
         provided that this right must be exercised by Parent and Purchaser or
         by Sellers not later than October 8, 2003; and provided, further, that
         Parent and Purchaser may not terminate this Agreement under this
         Section 11.1(h) if they are in material breach of their obligations
         under Section 7.2.

                  (i)      By Parent and Purchaser if the Sellers have not
         delivered the financial statements referred to in Sections 6.7(a)(i) or
         6.7(b)(i) on or prior to September 1, 2003; provided that such right
         may only be exercised on or prior to the later of (A) the date such
         financial statements are delivered or (B) five (5) days after Sellers
         provide notice that such financial statements will be available for
         delivery.

                  (j)      By Parent, Purchaser or Sellers if the Bankruptcy
         Court shall have approved a Transaction with a Person other than Parent
         or Purchaser; provided that this right may be exercised by Parent or
         Purchaser upon such approval (and without any requirement to wait for
         such approval to become final and non-appealable).

                  (k)      By Parent or Purchaser if Sellers do not deliver
         Sellers' FCC Application to Purchaser or do not make the HSR
         notification filing contemplated by Section 6.5(c), in each case by the
         fifteenth (15th) Business Day after the date hereof; provided that this
         right must be exercised not later than the forty-fifth (45th) Business
         Day after the date hereof.

Any notice given pursuant to clause (d) or (f) shall specify the condition or
conditions that constitute the breach, default, untruth or inaccuracy.

                  Section 11.2 Effect of Termination. In the event of the
termination of this Agreement in accordance with Section 11.1 hereof, this
Agreement shall thereafter become void and have no effect, and no party hereto
shall have any Liability to any other

                                      -67-

<PAGE>

party hereto or their respective Affiliates, directors, officers or employees,
except that (i) the parties shall perform their obligations contained in this
Section 11.2 and in the last sentence of Section 6.1 and Sections 12.3, 12.5,
12.6, 12.8, 12.9, 12.10, 12.11 and 12.13; provided that nothing in this Article
XI shall relieve any party of its Liability for a breach of its obligations
under this Agreement, (ii) Purchaser's right to the Break-Up Fee and Expense
Reimbursement under Section 5.1(c) shall remain in effect notwithstanding a
termination of this Agreement under Section 11.1(j); and (iii) if the Break-Up
Fee and Expense Reimbursement are paid pursuant to, and under the circumstances
contemplated by, Section 5.1(c), such amount shall be in lieu of and full
satisfaction for any claims of Parent or Purchaser based upon the Sellers'
breach of this Agreement or failure to consummate the transactions contemplated
hereby.

                                   ARTICLE XII
                                  MISCELLANEOUS

                  Section 12.1 Notices. All notices or other communications
hereunder shall be deemed to have been duly given and made upon receipt if made
in writing and if (a) served by personal delivery upon the party for whom it is
intended, (b) delivered by a national courier service or (c) sent by telecopier,
provided that the telecopy is promptly confirmed by telephone confirmation
thereof, to the person at the address set forth below, or such other address as
may be designated in writing hereafter, in the same manner, by such person.

                  To Parent or Purchaser:

                           Intelsat (Bermuda), Ltd.
                           Dundonald House
                           14 Dundonald Street West, Suite 201
                           Hamilton HM 09, Bermuda
                           Telecopy: +441-292-8300
                           Attention: President

                           with a copy (which shall not constitute notice) to:

                           Intelsat Global Service Corporation
                           3400 International Drive, N.W.
                           Washington, DC 20008-3006
                           Telecopy: (202) 944-7529
                           Attention: General Counsel and Senior Vice President
                                      for Regulatory Affairs

                           with a copy (which shall not constitute notice) to:

                           Sullivan & Cromwell LLP
                           1701 Pennsylvania Avenue, N.W.
                           Washington, D.C. 20006

                                      -68-

<PAGE>

                           Telephone: (202) 956-7500
                           Telecopy: (202) 293-6330
                           Attention: Janet T. Geldzahler, Esq.

                  To Sellers:

                           Loral Space & Communication Corporation
                           600 Third Avenue
                           New York, NY 10016
                           Attention: General Counsel
                           Telephone: (212) 697-1105
                           Telecopy: (212) 338-5320

                           with a copy (which shall not constitute notice) to:

                           Willkie Farr & Gallagher
                           787 Seventh Avenue
                           New York, NY 10019
                           Telephone: (212) 728-8000
                           Telecopy: (212) 728-8111
                           Attention: Maurice M. Lefkort, Esq.

                  Section 12.2 Amendment; Waiver. Any provision of this
Agreement may be amended or waived if, and only if, such amendment or waiver is
in writing and signed, in the case of an amendment, by the parties hereto, or,
in the case of a waiver, by the party against whom the waiver is to be
effective. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by Law.

                  Section 12.3 Assignment. No party to this Agreement may assign
any of its rights or obligations under this Agreement without the prior written
consent of the other parties hereto; provided that (a) Parent and Purchaser may:
(i) assign their rights hereunder to any direct or indirect wholly-owned
Subsidiary, and (ii) assign, pledge and grant a security interest in their
right, title and interest, in, to and under this Agreement and their rights
thereunder as collateral security for any present or future indebtedness, which
assignment, in either case, shall not relieve Parent or Purchaser of any
obligations hereunder, (b) Sellers may assign their right to receive the
Purchase Price to lenders under a debtor-in-possession financing agreement,
which assignment shall be subject to the provisions of Section 2.5 and shall not
relieve Sellers of any obligation hereunder and (c) Parent, Purchaser and
Sellers may assign their rights and obligations to a person who acquires all or
substantially all of that party's assets (or, in the case of Parent and
Purchaser, after the Closing, all or substantially all of the assets acquired by
them under

                                      -69-

<PAGE>

this Agreement) and assumes all of such Party's obligations hereunder. Any
attempted assignment in contravention hereof shall be null and void.

                  Section 12.4 Entire Agreement; Severability. This Agreement,
the Non-Disclosure Agreement and the Ancillary Agreements contain the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersede all prior agreements and understandings, oral or written, with
respect to such matters. If any provision of this Agreement is held to be
invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Agreement will remain in full force and effect. Any provision
of this Agreement that is held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or
unenforceable.

                  Section 12.5 Fulfillment of Obligations. Any obligation of any
party to any other party under this Agreement or any of the Ancillary
Agreements, which obligation is performed, satisfied or fulfilled by an
Affiliate of such party, shall be deemed to have been performed, satisfied or
fulfilled by such party.

                  Section 12.6 Parties in Interest. This Agreement shall inure
to the benefit of and be binding upon the parties hereto and their respective
Successors and permitted assigns. Nothing in this Agreement, express or implied,
is intended to confer upon any Person other than the parties hereto or their
Successors and permitted assigns any rights or remedies under or by reason of
this Agreement.

                  Section 12.7 Guaranty. Parent hereby irrevocably and
unconditionally guarantees to the Sellers the agreements to be performed
hereunder by Purchaser or by any designated Affiliate of Purchaser that has
assumed and agreed to discharge any Liability under any Assumed Contract
pursuant to Section 2.3 hereof ("Purchaser Obligations"). Except as provided
below, the guaranty provided hereby is a guaranty of payment and performance,
not merely of collection. If Purchaser shall fail timely to perform or pay any
Purchaser Obligation hereunder, Parent shall pay or perform such Purchaser
Obligation as and when due. Except as provided below, Parent hereby waives (a)
promptness, diligence, notice, disclosure, demand for, presentment, protest and
dishonor and (b) any right to force any Seller to proceed first, concurrently or
jointly against Purchaser, any other guarantor, surety or other co-obligor.
Sellers hereby agree that prior to enforcing their rights of payment and
performance against Parent pursuant to this Section 12.7 with respect to any
Purchaser Obligation, Sellers shall have (i) made demand on Purchaser to perform
such Purchaser Obligation, (ii) given Purchaser a reasonable opportunity to
comply with such Purchaser Obligation and (iii) determined in its reasonable
discretion that Purchaser has not or will not comply with such Purchaser
Obligation.

                  Section 12.8 Public Disclosure. Notwithstanding anything
herein to the contrary, each of the parties to this Agreement hereby agrees with
the other parties hereto that, except as may be required to comply with the
requirements of any applicable Laws,

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<PAGE>

and the rules and regulations of each stock exchange upon which the securities
of one of the parties is listed, no press release or similar public announcement
or communication shall ever, whether prior to or subsequent to the Closing, be
made or caused to be made concerning the execution or performance of this
Agreement unless specifically approved in advance by the parties hereto (which
approval shall not be unreasonably withheld or delayed).

                  Section 12.9 Return of Information. If for any reason
whatsoever the transactions contemplated by this Agreement are not consummated,
Parent and Purchaser shall promptly return to Sellers all Books and Records
furnished by Sellers or any of their respective agents, employees, or
representatives (including all copies, if any, thereof).

                  Section 12.10 Expenses. Except as otherwise expressly provided
in this Agreement, whether or not the transactions contemplated by this
Agreement are consummated, all costs and expenses incurred in connection with
this Agreement and the transactions contemplated hereby shall be borne by the
party incurring such expenses.

                  Section 12.11 GOVERNING LAW; SUBMISSION TO JURISDICTION;
SELECTION OF FORUM. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO AGREES
THAT IT SHALL BRING ANY ACTION OR PROCEEDING IN RESPECT OF ANY CLAIM ARISING OUT
OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTAINED IN OR CONTEMPLATED
BY THIS AGREEMENT, WHETHER IN TORT OR CONTRACT OR AT LAW OR IN EQUITY,
EXCLUSIVELY (A) IN THE BANKRUPTCY COURT TO THE EXTENT THAT THE BANKRUPTCY COURT
HAS JURISDICTION OVER SUCH ACTION OR PROCEEDING, AND (B) IN ALL OTHER CASES IN
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (THE
"CHOSEN COURTS") AND (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE CHOSEN COURTS, (II) WAIVES ANY OBJECTION TO LAYING VENUE IN ANY SUCH ACTION
OR PROCEEDING IN THE CHOSEN COURTS, (III) WAIVES ANY OBJECTION THAT THE CHOSEN
COURTS ARE AN INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY PARTY
HERETO, (IV) AGREES THAT SERVICE OF PROCESS UPON SUCH PARTY IN ANY SUCH ACTION
OR PROCEEDING SHALL BE EFFECTIVE IF NOTICE IS GIVEN IN ACCORDANCE WITH SECTION
12.1 OF THIS AGREEMENT AND (V) ACKNOWLEDGES THAT THE OTHER PARTIES WOULD BE
IRREPARABLY DAMAGED IF ANY OF THE PROVISIONS OF THIS AGREEMENT ARE NOT PERFORMED
IN ACCORDANCE WITH THEIR SPECIFIC TERMS AND THAT ANY BREACH OF THIS AGREEMENT
COULD NOT BE ADEQUATELY COMPENSATED IN ALL CASES BY MONETARY DAMAGES ALONE AND
THAT, IN ADDITION TO ANY OTHER RIGHT OR REMEDY TO WHICH A PARTY MAY BE ENTITLED,
AT LAW OR IN EQUITY, IT SHALL

                                      -71-

<PAGE>

BE ENTITLED TO ENFORCE ANY PROVISION OF THIS AGREEMENT BY A DECREE OF SPECIFIC
PERFORMANCE AND TO TEMPORARY, PRELIMINARY AND PERMANENT INJUNCTIVE RELIEF TO
PREVENT BREACHES OR THREATENED BREACHES OF ANY OF THE PROVISIONS OF THIS
AGREEMENT, WITHOUT POSTING ANY BOND OR OTHER UNDERTAKING.

                  Section 12.12 Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, and all of
which shall constitute one and the same Agreement.

                  Section 12.13 Headings. The heading references herein and the
table of contents hereto are for convenience purposes only, do not constitute a
part of this Agreement and shall not be deemed to limit or affect any of the
provisions hereof.

                  Section 12.14 Time is of the Essence. With regard to all dates
and time periods set forth or referred to in Section 2.6, 11.1(b), 11.1(c),
11.1(e), 11.1(g), 11.1(h), 11.1.(i) and 11.1(k), time is of the essence.

                  Section 12.15 Mutual Drafting. This Agreement is the product
of joint drafting and negotiation among the parties and no provision hereof
shall be construed for or against any party based upon such party having been
responsible or primarily responsible for the drafting thereof.

                  Section 12.16 No Survival. The representations and warranties
of the parties hereto, and the covenants in Articles VI and VII which by their
terms are to be fully performed on or prior to the Closing Date (in case of the
representations and warranties, after being made on the Closing Date) shall not
survive, and shall terminate immediately following, the Closing. The provisions
of this Section 12.16 shall not apply to any cause of action based on fraud.

                                      -72-

<PAGE>

                  IN WITNESS WHEREOF, the parties have executed or caused this
Agreement to be executed as of the date first written above.

                                       LORAL SPACE & COMMUNICATIONS
                                           CORPORATION,
                                           as debtor and debtor in possession

                                       By: /s/ Bernard L. Schwartz
                                           ----------------------------------
                                           Name:  Bernard L. Schwartz
                                           Title: Chairman of the Board and
                                                  Chief Executive Officer

                                       LORAL SPACECOM CORPORATION,
                                           as debtor and debtor in possession

                                       By: /s/ Bernard L. Schwartz
                                           ----------------------------------
                                           Name:  Bernard L. Schwartz
                                           Title: Chairman of the Board and
                                                  Chief Executive Officer

                                       LORAL SATELLITE INC.,
                                           as debtor and debtor in possession

                                       By: /s/ Bernard L. Schwartz
                                           ----------------------------------
                                           Name:  Bernard L. Schwartz
                                           Title: Chairman of the Board and
                                                  Chief Executive Officer

                                       INTELSAT, LTD.

                                       By: /s/ Conny Kullman
                                           ----------------------------------
                                           Name:  Conny Kullman
                                           Title: Chief Executive Officer

                                       INTELSAT (BERMUDA), LTD.

                                       By: /s/ Ramu Potarazu
                                           ----------------------------------
                                           Name:  Ramu Potarazu
                                           Title: President

                                      -73-

<PAGE>

                                                                         ANNEX A

                                PURCHASED ASSETS

1.       Telstar 4, Telstar 5, Telstar 6, Telstar 7 and all of Sellers' right,
         title and interest in Telstar 8 and Telstar 13;

2.       All right, title and interest of Sellers in the Revised Procurement
         Agreements, together with all works-in-progress and other deliverables
         thereunder;

3.       All handbooks, manuals, design review materials, ground test data and
         documentation (including, to the extent available, Non-Conformance
         Reports and Waivers), payload data (antenna patterns and repeater data)
         (in electronic format to the extent available), command and telemetry
         database (in electronic format, to the extent available), historical
         telemetry data of in-orbit Purchased Satellites (in electronic format
         to the extent available), engineering and technical drawings,
         processes, methodologies and technology, reports, analyses,
         specifications, plans, procedures and other documentation Related to
         the operation of the Purchased Satellites;

4.       Four (4) RCA 3P ground encryption units (operating the KI-23 algorithm
         and to be used with Telstar 4, Telstar 5, Telstar 6, and Telstar 7),
         one (1) Mykotronix ground encryption unit (operating the Caribou
         algorithm and to be used with Telstar 8), three (3) Command Encryption
         Units to be used with Telstar 13 (purchased from SS/L pursuant to
         letter 2001-ECHO-0322LZ dated August 21, 2001)], three (3) dynamic
         simulators for Telstar 4, Telstar 6 and Telstar 8, and all other
         deliverables, including encryption keys (that are able to be
         transferred to Purchaser's key Custodian) received by Sellers (or their
         predecessors in interest) from SS/L or Lockheed Martin (or their
         predecessors in interest) pursuant to the Purchased Satellite
         Procurement Contracts and in existence as of the date of the Agreement;

5.       Software updates and upgrades to the satellite resident (i.e.,
         on-board) code of the Purchased Satellites written and delivered by the
         satellite manufacturer for normal on-orbit delivery and operations (T&C
         Database) subsequent to initiation of service for the purpose of
         resolving anomalies or to improve satellite performance on the
         Purchased Satellites (the "Upgrade Software"), including to the extent
         available all associated data, source code, if any, and design
         documentation, upload and operational procedures, updated command and
         telemetry database (in electronic format, to the extent available) and
         other documentation, and all agreements related thereto (which are set
         forth on Schedule 3.10 hereto);

6.       One (1) Lockheed Martin supplied ground control system for Telstar 4 in
         "as-is" condition (which consists of one (1) primary ground-control
         system including two (2) DEC 4300 mini Vax computers with realtime
         software, six (6) DEC Vax

                                       A-1

<PAGE>

         Station 4000-90 workstation computers with DSS and GloC software, one
         (1) Lockheed DSS rack, one (1) CRT rack, and two (2) DEC 3900 mini Vax
         computers with realtime software, six (6) DEC Vax Station 3100
         workstation computers, and three (3) racks of CRT spare parts).

7.       Copies of all satellite restoration plans for the Purchased Satellites;

8.       All Assumed Contracts, together with all (a) prepaid expenses under
         Assumed Contracts that are the subject of an Adjustment under Section
         2.5(b)(v), (b) customer deposits and collateral Related thereto under
         Customer Service Contracts to the extent not subject to an Adjustment
         under Section 2.5(b)(v), in the case of (a) and (b) to the extent the
         Base Price is increased with respect thereto and (c) accounts
         receivable under Assumed Contracts generated by the Transferred
         Business to the extent related to the period on or after the Closing
         Date;

9.       The five (5) promissory notes issued by ABC under the Amended and
         Restated Agreement, dated September 1, 1997.

10.      All vendor advances, to the extent subject to an Adjustment under
         Section 2.5(b)(v), performance bonds and similar assets Related to the
         Purchased Assets;

11.      All of Seller's rights, claims, credits, causes of action or rights of
         set-off against other persons or entities that relate to the Purchased
         Assets, including, without limitation, rights under manufacturers' and
         vendors' warranties;

12.      (a) All launch and in-orbit insurance policies related to the Purchased
         Satellites, and (b) all rights and claims of Seller thereunder
         (including cash proceeds received on or after the Closing Date);

13.      Subject to the prior consent of FCC, all FCC Authorizations and to the
         extent legally assignable, all other Governmental Authorizations
         related to the Purchased Satellites, and all rights related to use of
         satellite orbital arc locations as set forth in Schedule 3.16 hereto;
         and

14.      All Books and Records relating to the Purchased Assets, including,
         without limitation, inventory, maintenance and asset history records,
         customer and supplier lists and records related thereto, customer
         meeting minutes, pricing and cost information, billing and accounts
         receivable data and history reports, customer credit evaluation and
         scoring reports, bad debt reserve analyses and analysis histories,
         business and marketing plans and proposals, data files, archive files
         and other data processing information and records except, subject to
         section 6.3, in each case for such Books and Records that are
         commingled with other data regarding assets that are excluded from the
         sale as Excluded Assets.

                                       A-2

<PAGE>

                                                                         ANNEX B

                                 EXCLUDED ASSETS

1.       SS/L's interest in Telstar 8 and Telstar 13 and in the Revised
         Procurement Agreements;

2.       All satellites that are not Purchased Satellites;

3.       Trademarks, service marks, logos and other rights to the names
         "Cyberstar," "Loral", "Skynet," "Skyreach," and "Telstar";

4.       The communication simulators for Telstar 4, Telstar 5, Telstar 6,
         Telstar 7, and Telstar 8 and Telstar 13 (provided that Purchaser shall
         be entitled to use the communication simulator for Telstar 13 in the
         event of an emergency, and then only at Sellers' premises and upon
         notice that is reasonable under the circumstances);

5.       The following shall constitute Excluded Assets only with respect to
         Purchased Assets listed in paragraphs 8, 10 and 11:

         (a)      All network infrastructure and ground segment facilities,
                  including TT&C and satellite operations facilities, network
                  operations control facilities, teleports, gateways, points of
                  presence and fiber optic cable transmission facilities;

         (b)      Loral SpaceCom's Skynet Network Services business of providing
                  end-to-end data solutions on networks comprised of earth
                  terminals, space segment and where appropriate, networking
                  hubs;

         (c)      Loral SpaceCom's Skynet Professional Services business of
                  providing (i) technical support and monitoring in the
                  construction and launch of satellites, (ii) telemetry,
                  tracking and control services and (iii) technical operational
                  support in the design, implementation and operation of data
                  networks over satellites;

         (d)      All computer systems, facilities and software that are not
                  expressly listed as Purchased Assets; and

         (e)      All hardware, software and intellectual property rights
                  associated with satellites that are not Purchased Satellites;

6.       All business and operational processes and know-how related to the
         Transferred Business, and all Licensed Intellectual Property and Other
         Intellectual Property;

                                       B-1

<PAGE>

7.       Lease agreement with Satmex for the lease of two (2) Ku-band
         transponders on Satmex 5;

8.       All cash and cash equivalents of Sellers (including for this purpose
         all collected funds and items in the process of collection received in
         bank accounts of Sellers through 11:59 p.m. local time on the day prior
         to the Closing Date);

9.       Accounts receivable generated by the Transferred Business to the extent
         (a) related to the period prior to the Closing Date or (b) the Base
         Price was reduced pursuant to Section 2.5(b)(i) with respect thereto;

10.      All Excluded Payments and customer prepayments under Contracts listed
         on Schedule 2.5(b)(i);

11.      Any proceeds received by Seller pursuant to claims under launch and
         in-orbit insurance policies related to losses (a) either (i) for which
         a proof of claim was filed prior to the date of this Agreement or (ii)
         described on Schedule 3.20(b) or (b) with respect to which the Base
         Price was reduced pursuant to Section 2.5(b)(iii);

12.      Sellers' investments in SatMex, XTAR and Europe*Star;

13.      Assets related to any employee benefit plan;

14.      All rights to receive refunds or credits with respect to the Taxes of
         any Seller, except for refunds with respect to Taxes with respect to
         which the Purchase Price was increased pursuant to Section 2.5(b)(v);

15.      Cancellation payments with respect to periods prior to the Closing; and

16.      The New Lease to the extent provided in Section 6.17(b).

                                      B-2

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