Document:

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                                                                     EXHIBIT 4.1
                                                                  EXECUTION COPY

                       ADVANTA BUSINESS CARD MASTER TRUST

                                     ISSUER

                                       AND

                      DEUTSCHE BANK TRUST COMPANY AMERICAS

                                INDENTURE TRUSTEE

                       SERIES 2003-D INDENTURE SUPPLEMENT

                          DATED AS OF DECEMBER 1, 2003

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                                TABLE OF CONTENTS

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ARTICLE I Creation of the Series 2003-D Notes...................................................    1
     Section 1.01     Designation...............................................................    1

ARTICLE II Definitions..........................................................................    1
     Section 2.01     Definitions...............................................................    1

ARTICLE III Servicing Fee and Interchange.......................................................   15
     Section 3.01     Servicing Compensation; Interchange.......................................   15

ARTICLE IV Rights of Series 2003-D Noteholders and Allocation and Application of
                      Collections...............................................................   16
     Section 4.01     Collections and Allocations...............................................   16
     Section 4.02     Determination of Monthly Interest.........................................   17
     Section 4.03     Determination of Monthly Principal........................................   20
     Section 4.04     Application of Available Finance Charge Collections and Available
                      Principal Collections.....................................................   20
     Section 4.05     Investor Charge-Offs......................................................   23
     Section 4.06     Reallocated Principal Collections.........................................   23
     Section 4.07     Excess Finance Charge Collections.........................................   23
     Section 4.08     Shared Principal Collections..............................................   24
     Section 4.09     Principal Funding Account.................................................   24
     Section 4.10     Reserve Account...........................................................   25
     Section 4.11     Cash Collateral Account...................................................   27
     Section 4.12     Determination of LIBOR....................................................   29
     Section 4.13     Investment Instructions...................................................   30

ARTICLE V Delivery of Series 2003-D Notes; Distributions; Reports to Series 2003-D
                      Noteholders...............................................................   30
     Section 5.01     Delivery and Payment for the Series 2003-D Notes; Form and
                      Denomination..............................................................   30
     Section 5.02     Distributions.............................................................   31
     Section 5.03     Reports and Statements to Series 2003-D Noteholders.......................   32

ARTICLE VI Series 2003 - D Pay Out Events.......................................................   33
     Section 6.01     Series 2003-D Pay Out Events..............................................   33

ARTICLE VII Redemption of Series 2003-D Notes; Final Distributions; Series
                      Termination...............................................................   34
     Section 7.01     Optional Redemption of Series 2003-D Notes; Final Distributions...........   34
     Section 7.02     Series Termination........................................................   35

ARTICLE VIII Miscellaneous Provisions...........................................................   36
     Section 8.01     Ratification of Indenture.................................................   36
     Section 8.02     Form of Delivery of the Series 2003-D Notes...............................   36
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     Section 8.03     Additional Requirements for Registration of and Limitations on
                      Transfer and Exchange of Class D Notes....................................   36
     Section 8.04     Amendment.................................................................   38
     Section 8.05     Counterparts..............................................................   38
     Section 8.06     GOVERNING LAW.............................................................   38
     Section 8.07     Limitation of Liability...................................................   38
     Section 8.08     Representations and Warranties of the Issuer..............................   38
     Section 8.09     Tax Disclosure and Investor List Requirements.............................   39
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EXHIBITS

EXHIBIT A-1               FORM OF CLASS A NOTE

EXHIBIT A-2               FORM OF CLASS B NOTE

EXHIBIT A-3               FORM OF CLASS C NOTE

EXHIBIT A-4               FORM OF CLASS D NOTE

EXHIBIT B                 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                          NOTIFICATION TO THE INDENTURE TRUSTEE

EXHIBIT C                 FORM OF MONTHLY STATEMENT

EXHIBIT D                 FORM OF MONTHLY SERVICER'S CERTIFICATE

EXHIBIT E                 FORM OF INVESTMENT LETTER

                                       ii

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         SERIES 2003-D INDENTURE SUPPLEMENT, dated as of December 1, 2003 (the
"INDENTURE SUPPLEMENT"), between WILMINGTON TRUST COMPANY, as Owner Trustee of
ADVANTA BUSINESS CARD MASTER TRUST, a common law trust organized and existing
under the laws of the State of Delaware (herein, the "ISSUER" or the "TRUST"),
and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as Bankers Trust
Company), a banking corporation organized and existing under the laws of the
State of New York, not in its individual capacity, but solely as indenture
trustee (herein, together with its successors in the trusts thereunder as
provided in the Master Indenture referred to below, the "INDENTURE TRUSTEE")
under the Master Indenture, dated as of August 1, 2000 (the "INDENTURE") between
the Issuer and the Indenture Trustee (the Indenture, together with this
Indenture Supplement, the "AGREEMENT").

         Pursuant to Section 2.12 of the Indenture, the Transferor may direct
the Issuer, to issue one or more Series of Notes. The Principal Terms of this
Series are set forth in this Indenture Supplement to the Indenture.

                                   ARTICLE I
                       Creation of the Series 2003-D Notes

         Section 1.01      Designation.

         (a)      There is hereby created and designated a Series of Notes to be
issued pursuant to the Indenture and this Indenture Supplement to be known as
"ADVANTA BUSINESS CARD MASTER TRUST, SERIES 2003-D ASSET BACKED NOTES" or the
"SERIES 2003-D NOTES." The Series 2003-D Notes shall be issued in four Classes,
the first of which shall be known as the "CLASS A SERIES 2003-D ASSET BACKED
NOTES," the second of which shall be known as the "CLASS B SERIES 2003-D ASSET
BACKED NOTES," the third of which shall be known as the "CLASS C SERIES 2003-D
ASSET BACKED NOTES," and the fourth of which shall be known as the "CLASS D
SERIES 2003-D ASSET BACKED NOTES."

         (b)      Series 2003-D shall be included in Group One and shall be a
Principal Sharing Series with respect to Group One only. Series 2003-D shall be
an Excess Allocation Series with respect to Group One only. Series 2003-D shall
not be subordinated to any other Series.

                                   ARTICLE II
                                   Definitions

         Section 2.01      Definitions.

         (a)      Whenever used in this Indenture Supplement, the following
words and phrases shall have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms
and the masculine as well as the feminine and neuter genders of such terms. All
capitalized terms not otherwise defined herein are defined in the Indenture, the
Transfer and Servicing Agreement or the Trust Agreement. Each capitalized term
defined herein shall relate only to the Series 2003-D Notes and no other Series
of Notes issued by the Issuer, unless the context otherwise requires. In the
event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision

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contained in the Indenture, the Transfer and Servicing Agreement or the Trust
Agreement, the terms and provisions of this Indenture Supplement shall be
controlling.

         "Accumulation Period Factor" shall mean, (i) for the purpose of
calculating the Accumulation Period Length, with respect to any Monthly Period,
a fraction, the numerator of which is equal to the sum of the initial invested
amounts of all outstanding Series, and the denominator of which is equal to the
sum of (a) the Initial Invested Amount, (b) the initial invested amounts of all
outstanding Series (other than Series 2003-D) which are not expected to be in
their revolving periods, and (c) the initial invested amounts of all other
outstanding Series which are not allocating Shared Principal Collections to
other Series and are in their revolving periods and (ii) for the purpose of
calculating the Controlled Accumulation Amount, the Required Accumulation Factor
Number divided by the Accumulation Period Length; provided, however, that this
definition may be changed at anytime if the Rating Agency Condition is
satisfied.

         "Accumulation Period Length" shall have the meaning assigned such term
in subsection 4.04(e).

         "Accumulation Shortfall" shall mean (a) on the first Payment Date
during the Controlled Accumulation Period, zero and (b) on each subsequent
Payment Date during the Controlled Accumulation Period, the excess, if any, of
the Controlled Deposit Amount for the previous Payment Date over the amount
deposited into the Principal Funding Account pursuant to subsection 4.04(c)(i)
for the previous Payment Date.

         "Additional Interest" shall mean, with respect to any Payment Date,
Class A Additional Interest, Class B Additional Interest, Class C Additional
Interest and Class D Additional Interest for such Payment Date.

         "Adjusted Invested Amount" shall mean, as of any date of determination,
an amount equal to the Invested Amount as of such date, minus the amount on
deposit in the Principal Funding Account on such date.

         "Available Cash Collateral Account Amount" shall mean, with respect to
any Payment Date, an amount equal to the lesser of (a) the amount on deposit in
the Cash Collateral Account, including, notwithstanding the last paragraph of
Section 4.11(b), Investment Earnings, on such date (before giving effect to any
deposit to, or withdrawal from, the Cash Collateral Account made or to be made
with respect to such date) and (b) the Required Cash Collateral Account Amount
for such Payment Date.

         "Available Finance Charge Collections" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge
Collections for such Monthly Period, plus (b) Principal Funding Investment
Proceeds, if any, with respect to the related Payment Date, plus (c) amounts, if
any, to be withdrawn from the Reserve Account which will be deposited into the
Collection Account on the related Payment Date to be treated as Available
Finance Charge Collections pursuant to subsection 4.10(b) and subsection
4.10(d), plus (d) any Excess Finance Charge Collections with respect to other
Series in Group One that are allocated to Series 2003-D pursuant to Section
4.07.

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         "Available Principal Collections" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) the Investor Principal
Collections for such Monthly Period, minus (b) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to
Section 4.06 are required to be applied on the related Payment Date, plus (c)
any Shared Principal Collections with respect to other Principal Sharing Series
in Group One (including any amounts on deposit in the Excess Funding Account or
any amounts held by the holders of the Trust Beneficial Interests or
Certificates pending allocation and distribution on any Payment Date) pursuant
to Section 8.05 of the Indenture and Section 4.08 hereof that are allocated to
Series 2003-D, plus (d) the aggregate amount to be treated as Available
Principal Collections pursuant to subsections 4.04(a)(v) and (vi) for the
related Payment Date.

         "Available Reserve Account Amount" shall mean, with respect to any
Payment Date, the lesser of (a) the amount on deposit in the Reserve Account on
such date (after taking into account any interest and earnings retained in the
Reserve Account pursuant to subsection 4.10(b) on such date, but before giving
effect to any deposit to, or withdrawal from the Reserve Account made or to be
made on such date), and (b) the Required Reserve Account Amount.

         "Base Rate" shall mean, with respect to any Monthly Period, the per
annum rate (calculated on the basis of a 360-day year consisting of twelve (12)
30-day months) equal to the product of (i) the percentage equivalent of a
fraction, the numerator of which is equal to the sum of the Monthly Interest and
the Monthly Servicing Fee, each with respect to the related Payment Date, and
the denominator of which is the Invested Amount as of the close of business on
the last day of the immediately preceding Monthly Period, multiplied by (ii)
twelve (12).

         "Cash Collateral Account" shall have the meaning specified in
subsection 4.11(a).

         "Cash Collateral Account Deficiency" shall mean the excess, if any, of
the Required Cash Collateral Account Amount over the Available Cash Collateral
Account Amount.

         "Cash Collateral Account Percentage" shall mean, (i) 2.25%, if the
Quarterly Excess Spread Percentage on such Payment Date is greater than or equal
to 4.50%, (ii) 3.25%, if the Quarterly Excess Spread Percentage on such Payment
Date is less than 4.50% and greater than or equal to 4.00%, (iii) 4.25%, if the
Quarterly Excess Spread Percentage on such Payment Date is less than 4.00% and
greater than or equal to 3.50%; (iv) 4.75%, if the Quarterly Excess Spread
Percentage on such Payment Date is less than 3.50% and greater than or equal to
3.00%, (v) 5.25%, if the Quarterly Excess Spread Percentage on such Payment Date
is less than 3.00% and greater than or equal to 2.00%, (vi) 6.25%, if the
Quarterly Excess Spread Percentage is less than 2.00% and greater than 0.00%,
and (vii) 10.75%, if the Quarterly Excess Spread Percentage is 0% or less;
provided, however, if the Cash Collateral Account Percentage for any Payment
Date is higher than the Cash Collateral Account Percentage for the immediately
preceding Payment Date, the Cash Collateral Account Percentage shall not be
subsequently decreased to a lower percentage until the first Payment Date (a)
that falls on or after the third Payment Date following the Payment Date on
which the Cash Collateral Account Percentage had been increased and (b) on which
the Quarterly Excess Spread Percentage has increased to a level above that for
the then-current Cash Collateral Account Percentage, in which case the Cash
Collateral Account Percentage shall be decreased to the appropriate percentage
specified in clauses (i) through (vii) of the definition thereof; and provided
further, that if a Pay Out Event with respect to Series

                                     - 3 -

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2003-D has occurred (other than a Pay Out Event described in Section 6.01(e)),
the Cash Collateral Account Percentage shall be 10.75% and shall no longer be
subject to reduction; and, provided, further, that the Cash Collateral Account
Percentage may be a lower amount designated by the Transferor, provided, that
the Transferor shall provide the Servicer and the Indenture Trustee with
evidence that the Rating Agency Condition with respect to such designation shall
have been satisfied.

         "Class A Additional Interest" shall have the meaning specified in
subsection 4.02(a).

         "Class A Interest Shortfall" shall have the meaning specified in
subsection 4.02(a).

         "Class A Monthly Interest" shall have the meaning specified in
subsection 4.02(a).

         "Class A Note Initial Principal Balance" shall mean $320,000,000.

         "Class A Note Interest Rate" shall mean a per annum rate of 0.27% in
excess of LIBOR as determined on the related LIBOR Determination Date.

         "Class A Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class A Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
A Noteholders on or prior to such date.

         "Class A Noteholder" shall mean the Person in whose name a Class A Note
is registered in the Note Register.

         "Class A Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-1.

         "Class A Required Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess of the amount described in subsection 4.04(a)(i)
over the Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a).

         "Class B Additional Interest" shall have the meaning specified in
subsection 4.02(b).

         "Class B Interest Shortfall" shall have the meaning specified in
subsection 4.02(b).

         "Class B Monthly Interest" shall have the meaning specified in
subsection 4.02(b).

         "Class B Note Initial Principal Balance" shall mean $37,000,000.

         "Class B Note Interest Rate" shall mean a per annum rate of 1.15% in
excess of LIBOR as determined on the related LIBOR Determination Date.

         "Class B Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class B Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
B Noteholders on or prior to such date.

         "Class B Noteholder" shall mean the Person in whose name a Class B Note
is registered in the Note Register.

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         "Class B Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-2.

         "Class B Required Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess of the amount described in subsection 4.04(a)(ii)
over the Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a).

         "Class C Additional Interest" shall have the meaning specified in
subsection 4.02(c).

         "Class C Interest Shortfall" shall have the meaning specified in
subsection 4.02(c).

         "Class C Monthly Interest" shall have the meaning specified in
subsection 4.02(c).

         "Class C Note Initial Principal Balance" shall mean $29,000,000.

         "Class C Note Interest Rate" shall mean a per annum rate equal to 2.90%
in excess of LIBOR as determined on the related LIBOR Determination Date.

         "Class C Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class C Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
C Noteholders on or prior to such date.

         "Class C Noteholder" shall mean the Person in whose name a Class C Note
is registered in the Note Register.

         "Class C Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-3.

         "Class C Required Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess of the amount described in subsection 4.04(a)(iv)
over the Available Finance Charge Collections and amounts withdrawn from the
Cash Collateral Account pursuant to Section 4.11(c) and, in each case, applied
to pay such amount pursuant to subsection 4.04(a).

         "Class D Additional Interest" shall have the meaning specified in
subsection 4.02(d).

         "Class D Note Assignee" shall have the meaning specified in subsection
8.03(a).

         "Class D Note Assignment" shall have the meaning specified in
subsection 8.03(a).

         "Class D Interest Shortfall" shall have the meaning specified in
subsection 4.02(d).

         "Class D Margin Percentage" shall mean 7.50%, unless another percentage
is selected by the Transferor in accordance with Section 4.02(f) of this
Indenture Supplement.

         "Class D Monthly Interest" shall have the meaning specified in
subsection 4.02(d).

         "Class D Note Initial Principal Balance" shall mean $14,000,000.

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         "Class D Note Interest Rate" shall mean a per annum rate equal to the
sum of (a) the Class D Margin Percentage and (b) LIBOR as determined on the
related LIBOR Determination Date.

         "Class D Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class D Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
D Noteholders on or prior to such date.

         "Class D Noteholder" shall mean the Person in whose name a Class D Note
is registered in the Note Register.

         "Class D Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-4.

         "Closing Date" shall mean December 4, 2003.

         "Controlled Accumulation Amount" shall mean, for any Payment Date
occurring during the Controlled Accumulation Period, $50,000,000; provided,
however, that if the Accumulation Period Length is determined to be less than 8
months pursuant to subsection 4.04(e), the Controlled Accumulation Amount for
each Payment Date with respect to the Controlled Accumulation Period will be
equal to (i) the product of (x) the Initial Invested Amount and (y) the
Accumulation Period Factor for such Monthly Period divided by (ii) the Required
Accumulation Factor Number.

         "Controlled Accumulation Period" shall mean, unless a Pay Out Event
shall have occurred prior thereto, the period commencing at the close of
business on February 28, 2006 or such later date as is determined in accordance
with subsection 4.04(e), and ending on the first to occur of (a) the
commencement of the Early Amortization Period, (b) the payment in full of the
Note Principal Balance and (c) the Series 2003-D Final Maturity Date.

         "Controlled Deposit Amount" shall mean, for any Payment Date occurring
during the Controlled Accumulation Period, an amount equal to the sum of the
Controlled Accumulation Amount for such Payment Date and any existing
Accumulation Shortfall.

         "Covered Amount" shall mean an amount, determined as of each Payment
Date with respect to any Interest Period, equal to the product of (i) a
fraction, the numerator of which is the actual number of days in such Interest
Period and the denominator of which is 360, times (ii) the weighted average of
the Class A Note Interest Rate, the Class B Note Interest Rate, the Class C Note
Interest Rate and the Class D Note Interest Rate in effect with respect to such
Interest Period, times (iii) the aggregate amount on deposit in the Principal
Funding Account.

         "Early Amortization Period" shall mean the period commencing on the
Business Day on which a Pay Out Event with respect to Series 2003-D is deemed to
have occurred, and ending on the first to occur of (i) the payment in full of
the Note Principal Balance and (ii) the Series 2003-D Final Maturity Date.

         "Eligible Institution" shall mean any depository institution (which may
be the Owner Trustee or the Indenture Trustee) organized under the laws of the
United States or any one of the

                                     - 6 -

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states thereof, or the District of Columbia (or any domestic branch of a foreign
bank), which depository institution at all times (a) has FDIC deposit insurance
and (b) has either (i) a long-term unsecured debt rating of "AA-" or better by
Standard & Poor's and "Aa2" or better by Moody's or (ii) a certificate of
deposit rating of "A-1+" by Standard & Poor's and "P-1" by Moody's.
Notwithstanding the previous sentence, any institution the appointment of which
satisfies the Rating Agency Condition shall be considered an Eligible
Institution. If so qualified, the Servicer may be considered an Eligible
Institution for the purposes of this definition.

         "Eligible Investments" shall mean the following securities,
instruments, security entitlement or other investment property, other than
securities issued by or obligations of the Seller:

         (a)      direct obligations of, or obligations fully guaranteed as to
timely payment of principal and interest by, the United States of America;

         (b)      demand deposits, time deposits or certificates of deposit
(having original maturities of no more than 365 days) of depository institutions
or trust companies incorporated under the laws of the United States of America
or any state thereof, or the District of Columbia (or domestic branches of
foreign banks) and subject to supervision and examination by federal or state
banking or depository institution authorities; provided that at the time of the
Trust's investment or contractual commitment to invest therein, the short-term
debt rating of such depository institution or trust company shall be "A-1+" by
Standard & Poor's and "P-1" by Moody's;

         (c)      commercial paper or other short-term obligations having
original or remaining maturities of no more than thirty (30) days, and having,
at the time of the Trust's investment or contractual commitment to invest
therein, a rating of "A-1+" by Standard & Poor's and "P-1" by Moody's;

         (d)      demand deposits, time deposits and certificates of deposit
which are fully insured by the FDIC having, at the time of the Trust's
investment therein, a rating of "A-1+" by Standard & Poor's and "P-1" by
Moody's;

         (e)      notes or bankers' acceptances (having original maturities of
no more than 365 days) issued by any depository institution or trust company
referred to in clause (b) above;

         (f)      money market funds having, at the time of the Trust's
investment therein, a rating of "A-1+" by Standard & Poor's and "P-1" by Moody's
(including funds for which the Indenture Trustee or any of its Affiliates is
investment manager or advisor);

         (g)      time deposits (having maturities not later than the succeeding
Payment Date) other than as referred to in clause (d) above, with a Person the
commercial paper of which has a credit rating of "A-1+" by Standard and Poor's
and "P-1" by Moody's; and

         (h)      any other investment of a type or rating that satisfies the
Rating Agency Condition.

                                     - 7 -

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         "Excess Spread Percentage" shall mean with respect to any Payment Date,
a percentage equal to the Net Portfolio Yield for the preceding Monthly Period
minus the Base Rate for the preceding Monthly Period.

         "Expected Final Principal Payment Date" shall mean the November 2006
Payment Date.

         "Finance Charge Shortfall" shall have the meaning specified in Section
4.07.

         "Finance Charge and Administrative Receivables" shall have the meaning
specified in the Transfer and Servicing Agreement.

         "Fixed Investor Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, (a) the numerator of which is the Invested Amount as of the close of
business on the last day of the Revolving Period and (b) the denominator of
which is the greater of (i) the sum of (A) the total amount of Principal
Receivables in the Trust as of the close of business on the last day of the
immediately preceding Monthly Period (or with respect to the first Monthly
Period, the total amount of Principal Receivables in the Trust as of the close
of business on the Closing Date) and (B) the principal amount on deposit in the
Excess Funding Account as of the close of business on such last day (or with
respect to the first Monthly Period, the Closing Date) and (ii) the sum of the
numerators used to calculate the investor percentages for allocations with
respect to Principal Receivables for all Series outstanding as of the date as to
which such determination is being made; provided, however, that with respect to
any Monthly Period in which a Reset Date occurs, the amount in clause (b)(i)(A)
above shall be (1) the aggregate amount of Principal Receivables in the Trust as
of the close of business on the last day of the prior Monthly Period, for the
period from and including the first day of the prior Monthly Period to but
excluding the related Reset Date, and (2) the aggregate amount of Principal
Receivables in the Trust as of the opening of business on the related Reset Date
after adjusting for the aggregate amount of Principal Receivables added to or
removed from the Trust on the related Reset Date, for the period from and
including the related Reset Date, to and including the last day of such Monthly
Period.

         "Floating Investor Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, (a) the numerator of which is the Adjusted Invested Amount as of the
close of business on the last day of the preceding Monthly Period (or with
respect to the first Monthly Period, the Initial Invested Amount) and (b) the
denominator of which is the greater of (i) the sum of (A) the total amount of
Principal Receivables in the Trust as of the close of business on the last day
of the immediately preceding Monthly Period (or with respect to the first
Monthly Period, the total amount of Principal Receivables in the Trust as of the
close of business on the Closing Date) and (B) the principal amount on deposit
in the Excess Funding Account as of the close of business on such last day (or
with respect to the first Monthly Period, as of the Closing Date) and (ii) the
sum of the numerators used to calculate the investor percentages for allocations
with respect to Finance Charge and Administrative Receivables, Defaulted Amounts
or Principal Receivables, as applicable, for all Series outstanding as of the
date as to which such determination is being made; provided, however, that with
respect to any Monthly Period in which a Reset Date occurs, the amount in clause
(b)(i)(A) above shall be (1) the aggregate amount of Principal Receivables in
the Trust as of the close of business on the last day of the prior Monthly
Period, for the period

                                     - 8 -

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from and including the first day of such Monthly Period to but excluding the
related Reset Date and (2) the aggregate amount of Principal Receivables in the
Trust as of the opening of business on the related Reset Date after adjusting
for the aggregate amount of Principal Receivables added to or removed from the
Trust on the related Reset Date, for the period from and including the related
Reset Date to and including the last day of such Monthly Period.

         "Group One" shall mean Series 1997-A, Series 2000-C, Series 2001-A,
Series 2002-A, Series 2003-A, Series 2003-B, Series 2003-C, Series 2003-D and
each other Series hereafter specified in the related indenture supplement to be
included in Group One.

         "Initial Cash Collateral Account Amount" shall mean $9,000,000.

         "Initial Invested Amount" shall mean $400,000,000.

         "Interest Period" shall mean, with respect to any Payment Date, the
period from and including the Payment Date immediately preceding such Payment
Date (or, in the case of the first Payment Date, from and including the Closing
Date) to but excluding such Payment Date.

         "Invested Amount" shall mean, as of any date of determination, an
amount equal to (i) the Initial Invested Amount, minus (ii) the amount of
principal previously paid to the Series 2003-D Noteholders, minus (iii) the
excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated
Principal Collections over the reimbursements of such amounts pursuant to
subsection 4.04(a)(vi) prior to such date.

         "Investment Earnings" shall mean, with respect to any Payment Date, all
interest and earnings on Eligible Investments included in the Cash Collateral
Account (net of losses and investment expenses) during the period commencing on
and including the Payment Date immediately preceding such Payment Date and
ending on but excluding such Payment Date.

         "Investment Letter" shall have the meaning specified in subsection
8.03(a).

         "Investor Charge-Off" shall have the meaning specified in Section 4.05.

         "Investor Default Amount" shall mean, with respect to any Payment Date,
an amount equal to the product of (a) the Defaulted Amount for the related
Monthly Period and (b) the Floating Investor Percentage for such Monthly Period.

         "Investor Finance Charge Collections" shall mean, with respect to any
Monthly Period, an amount equal to the Investor Percentage for such Monthly
Period of (a) Collections of Finance Charge and Administrative Receivables
(including Recoveries treated as Collections of Finance Charge and
Administrative Receivables) deposited in the Collection Account for such Monthly
Period and (b) Interchange treated as Investor Finance Charge Collections for
such Monthly Period pursuant to subsection 3.01(b).

         "Investor Percentage" shall mean, for any Monthly Period, (a) with
respect to Defaulted Amounts and Finance Charge and Administrative Receivables
at any time and Principal Receivables during the Revolving Period, the Floating
Investor Percentage and (b) with respect

                                     - 9 -

<PAGE>

to Principal Receivables during the Controlled Accumulation Period or the Early
Amortization Period, the Fixed Investor Percentage.

         "Investor Principal Collections" shall mean, with respect to any
Monthly Period, the aggregate amount retained in the Collection Account for
Series 2003-D pursuant to subsection 4.01(c)(ii) for such Monthly Period and any
amount treated as Investor Principal Collections for Series 2003-D pursuant to
Section 8.03(b) of the Indenture.

         "LIBOR" shall mean, the London interbank offered rate for one-month
United States dollar deposits determined by the Indenture Trustee for each such
Interest Period in accordance with the provisions of Section 4.12.

         "LIBOR Determination Date" shall mean (a) with respect to the first
Payment Date, (i) December 2, 2003 for the period from and including the Closing
Date through and including January 19, 2004 and (ii) January 15, 2004 for the
period from and including January 20, 2004 through and including February 19,
2004 and (b) with respect to any Payment Date after the first Payment Date, the
second London Business Day prior to the commencement of the second and each
subsequent Interest Period.

         "London Business Day" shall mean any Business Day on which dealings in
deposits in United States dollars are transacted in the London interbank market.

         "Monthly Interest" shall mean, with respect to any Payment Date, the
sum of the Class A Monthly Interest, the Class B Monthly Interest, the Class C
Monthly Interest and the Class D Monthly Interest for such Payment Date.

         "Monthly Principal" shall mean the monthly principal distributable in
respect of the Notes as calculated in accordance with Section 4.03.

         "Monthly Principal Reallocation Amount" shall mean, with respect to any
Monthly Period, an amount equal to the sum of:

                  (A)      the lower of (i) the Class A Required Amount and (ii)
the product of (a) 20.00% and (b) (x) the Initial Invested Amount minus (y) the
amount of unreimbursed Investor Charge-Offs (after giving effect to Investor
Charge-Offs for the related Monthly Period) and unreimbursed Reallocated
Principal Collections (as of the previous Payment Date); and

                  (B)      the lower of (i) the sum of the Class B Required
Amount and the Servicing Fee Required Amount and (ii) the product of (a) 10.75%
and (b) (x) the Initial Invested Amount minus (y) the amount of unreimbursed
Investor Charge-Offs (after giving effect to Investor Charge-Offs for the
related Monthly Period) and unreimbursed Reallocated Principal Collections (as
of the previous Payment Date and as required in (A) above); and

                  (C)      the lower of (i) the Class C Required Amount and (ii)
the product of (a) 3.50% and (b) (x) the Initial Invested Amount minus (y) the
amount of unreimbursed Investor Charge-Offs (after giving effect to Investor
Charge-Offs for the related Monthly Period) and unreimbursed Reallocated
Principal Collections (as of the previous Payment Date and as required in (A)
and (B) above).

                                     - 10 -

<PAGE>

         "Monthly Servicing Fee" shall have the meaning specified in subsection
3.01(a).

         "Moody's" shall mean Moody's Investors Service, Inc. and any successor
in interest thereto.

         "Net Portfolio Yield" shall mean, with respect to any Monthly Period,
the per annum rate (calculated on the basis of a 360-day year consisting of
twelve (12) 30-day months) equal to the product of (I) the percentage equivalent
of a fraction, (a) the numerator of which is equal to the sum of (i) Investor
Finance Charge Collections with respect to such Monthly Period, plus (ii) the
Principal Funding Investment Proceeds deposited into the Collection Account on
the Payment Date related to such Monthly Period, plus (iii) the amount of the
Reserve Draw Amount (up to the Available Reserve Account Amount) plus any
amounts of interest and earnings described in Section 4.10, each deposited into
the Collection Account on the Payment Date relating to such Monthly Period, such
sum to be calculated on a cash basis after subtracting the Investor Default
Amount for such Monthly Period, and (b) the denominator of which is the Invested
Amount as of the last day of the prior Monthly Period, multiplied by (II) twelve
(12); provided, however, that Excess Finance Charge Collections that are
allocated to Series 2003-D with respect to such Monthly Period may be added to
the numerator if the Transferor shall have provided ten (10) Business Days prior
written notice of such action to each Rating Agency and the Transferor, the
Servicer and the Indenture Trustee shall have received notification in writing
that such action will not result in any Rating Agency reducing or withdrawing
its then existing rating of the Notes of any outstanding Series or Class with
respect to which it is a Rating Agency.

         "Note Principal Balance" shall mean, on any date of determination, an
amount equal to the sum of the Class A Note Principal Balance, the Class B Note
Principal Balance, the Class C Note Principal Balance and the Class D Note
Principal Balance.

         "Payment Date" shall mean February 20, 2004 and the twentieth day of
each calendar month thereafter, or if such twentieth day is not a Business Day,
the next succeeding Business Day.

         "Percentage Allocation" shall have the meaning set forth in subsection
4.01(c).

         "Principal Funding Account" shall have the meaning set forth in
subsection 4.09(a).

         "Principal Funding Account Balance" shall mean, with respect to any
date of determination, the principal amount, if any, on deposit in the Principal
Funding Account on such date of determination.

         "Principal Funding Investment Proceeds" shall mean, with respect to
each Payment Date, the investment earnings on funds in the Principal Funding
Account (net of investment expenses and losses) for the period from and
including the immediately preceding Payment Date to but excluding such Payment
Date.

         "Private Holder" shall mean each holder of a right to receive interest
or principal in respect of any direct or indirect interest in the Trust,
including any financial instrument or contract the value of which is determined
in whole or in part by reference to the Trust (including the assets of the
Trust, income of the Trust or distributions made by the Trust), but excluding
any

                                     - 11 -

<PAGE>

interest in the Trust represented by any Series or Class of Notes or any other
interest as to which the Transferor has provided to the Indenture Trustee an
Opinion of Counsel to the effect that such Series, Class or other interest will
be treated as debt or otherwise not as an equity interest in either the Trust or
the Receivables for federal income tax purposes, in each case, provided such
interest is not convertible or exchangeable into an interest in the Trust or the
Trust's income or equivalent value. Notwithstanding the immediately preceding
sentence, (i) "Private Holder" shall also include any other Person that the
Transferor determines is, may be, or may become a "partner" within the meaning
of Section 1.7704-1(h)(1)(ii) (including by reason of Section 1.7704-1(h)(3)) of
the United States Treasury Regulations. "Private Holders" shall include the
Holders of the Trust Beneficial Interest or other ownership interest or any
interest in either, the Servicer and the Class D Noteholders. Any Person holding
more than one interest in the Trust each of which separately would cause such
Person to be a Private Holder shall be treated as a single Private Holder. Each
holder of an interest in a Private Holder which is a partnership, S corporation
or a grantor trust under the Code shall be treated as a Private Holder unless
excepted with the consent of the Transferor.

         "Quarterly Excess Spread Percentage" shall mean (a) with respect to the
February 2004 Payment Date, the Excess Spread Percentage for the February 2004
Payment Date, (b) with respect to the March 2004 Payment Date, the percentage
equivalent of a fraction the numerator of which is the sum of (i) the Excess
Spread Percentage for the February 2004 Payment Date and (ii) the Excess Spread
Percentage for the March 2004 Payment Date and the denominator of which is two,
(c) with respect to the April 2004 Payment Date, the percentage equivalent of a
fraction the numerator of which is the sum of (i) the Excess Spread Percentage
for the February 2004 Payment Date, (ii) the Excess Spread Percentage for the
March 2004 Payment Date and (iii) the Excess Spread Percentage for the April
2004 Payment Date and the denominator of which is three, (d) with respect to the
May 2004 Payment Date and each Payment Date thereafter, the percentage
equivalent of a fraction the numerator of which is the sum of the Excess Spread
Percentages for the then-current Payment Date and the immediately preceding two
Payment Dates and the denominator of which is three.

         "Rating Agency" shall mean each of Standard & Poor's and Moody's.

         "Reallocated Principal Collections" shall mean, with respect to any
Payment Date, Investor Principal Collections applied in accordance with Section
4.06 in an amount not to exceed the Monthly Principal Reallocation Amount for
the related Monthly Period.

         "Reassignment Amount" shall mean, with respect to any Payment Date,
after giving effect to any deposits and distributions otherwise to be made on
such Payment Date, the sum of (i) the Note Principal Balance on such Payment
Date, plus (ii) Monthly Interest for such Payment Date and any Monthly Interest
previously due but not distributed to the Series 2003-D Noteholders, plus (iii)
the amount of Additional Interest, if any, for such Payment Date and any
Additional Interest previously due but not distributed to the Series 2003-D
Noteholders on a prior Payment Date.

         "Reference Banks" shall mean three major banks in the London interbank
market selected by the Servicer.

                                     - 12 -

<PAGE>

         "Required Accumulation Factor Number" shall be equal to a fraction,
rounded upwards to the nearest whole number, the numerator of which is one and
the denominator of which is equal to the lowest monthly principal payment rate
on the Accounts, expressed as a decimal, for the 12 months preceding the date of
such calculation; provided, however, that this definition may be changed at any
time if the Rating Agency Condition is satisfied.

         "Required Cash Collateral Account Amount" shall mean, (a) prior to the
occurrence of an Event of Default with respect to Series 2003-D, with respect to
any date of determination, the product of (i) the Cash Collateral Account
Percentage in effect on such date and (ii) the Initial Invested Amount; provided
that the Required Cash Collateral Account Amount shall not exceed the sum of the
Class C Note Principal Balance and the Class D Note Principal Balance, minus the
excess, if any, of the Principal Funding Account Balance over the sum of the
Class A Note Principal Balance and the Class B Note Principal Balance on such
date of determination and (b) after the occurrence of an Event of Default with
respect to Series 2003-D, for any Payment Date, the sum of (i) the amount on
deposit in the Cash Collateral Account on such Payment Date (including any
amount transferred from the Reserve Account to the Cash Collateral Account
pursuant to Section 4.10(e)), plus (ii) Available Finance Charge Collections for
such Payment Date remaining after application of such amounts pursuant to
subsection 4.04(a)(vii); provided, however, that if after the occurrence of an
Event of Default with respect to Series 2003-D the maturity of the Series 2003-D
Notes is not accelerated, the Required Cash Collateral Account Amount shall not
exceed the Note Principal Balance.

         "Required Reserve Account Amount" shall mean, with respect to any
Payment Date on or after the Reserve Account Funding Date, an amount equal to
(a) the product of (i) 0.50% of the Note Principal Balance as of the preceding
Payment Date and (ii) a fraction the numerator of which is the number of Monthly
Periods scheduled to be included in the Controlled Accumulation Period as of
such date and the denominator of which is eight (except that if such numerator
is one, the Required Reserve Account Amount determined pursuant to this clause
(a) shall be $0), or (b) any other amount designated by the Transferor;
provided, however, that if such designation is of a lesser amount, the
Transferor shall (i) provide the Servicer and the Indenture Trustee with
evidence that the Rating Agency Condition with respect to such designation shall
have been satisfied and (ii) deliver to the Indenture Trustee a certificate of
an Authorized Officer to the effect that, based on the facts known to such
officer at such time, in the reasonable belief of the Transferor, such
designation will not cause a Pay Out Event or an event that, after the giving of
notice or the lapse of time, would cause a Pay Out Event to occur with respect
to Series 2003-D.

         "Required Transferor Interest" shall have the meaning specified in the
Indenture.

         "Reserve Account" shall have the meaning specified in subsection
4.10(a).

         "Reserve Account Funding Date" shall mean the date designated by the
Servicer which occurs not later than the earliest of (a) the Payment Date with
respect to the Monthly Period which commences 3 months prior to the commencement
of the Controlled Accumulation Period or (b) such other date designated by the
Servicer.

                                     - 13 -

<PAGE>

         "Reserve Account Surplus" shall mean, as of any Payment Date following
the Reserve Account Funding Date, the amount, if any, by which the amount on
deposit in the Reserve Account exceeds the Required Reserve Account Amount.

         "Reserve Draw Amount" shall mean, with respect to each Payment Date
during the Controlled Accumulation Period or the first Payment Date during the
Early Amortization Period, the amount, if any, by which the Principal Funding
Investment Proceeds for such Payment Date are less than the Covered Amount
determined as of such Payment Date.

         "Reset Date" shall mean, any date that is (i) an Addition Date, (ii) a
date on which the issuance of additional Notes of an Outstanding Series occurs,
(iii) a date on which an increase or decrease in the Invested Amount of any
Series that is a variable principal funding Series occurs or (iv) a Removal
Date.

         "Revolving Period" shall mean the period beginning on the Closing Date
and ending on the earlier of the close of business on the day the Controlled
Accumulation Period commences or the Early Amortization Period commences.

         "Series 2003-D" shall mean the Series of Notes the terms of which are
specified in this Indenture Supplement.

         "Series 2003-D Final Maturity Date" shall mean the earlier to occur of
(a) the Payment Date on which the Note Principal Balance is paid in full and (b)
the October 2009 Payment Date.

         "Series 2003-D Note" shall mean a Class A Note, a Class B Note, a Class
C Note or a Class D Note.

         "Series 2003-D Noteholder" shall mean a Class A Noteholder, a Class B
Noteholder, a Class C Noteholder or a Class D Noteholder.

         "Series 2003-D Pay Out Event" shall have the meaning specified in
Section 6.01.

         "Series 2003-D Principal Shortfall" shall have the meaning specified in
subsection 4.08.

         "Servicing Fee Rate" shall mean 2% per annum, which may be changed
pursuant to subsection 3.01(c).

         "Servicing Fee Required Amount" shall mean, with respect to any Payment
Date, an amount equal to the excess of the amount described in subsection
4.04(a)(iii) over the Available Finance Charge Collections applied to pay such
amount pursuant to subsection 4.04(a).

         "Standard & Poor's" shall mean Standard & Poor's, a division of the
McGraw-Hill Companies, Inc. and any successor in interest thereto.

         "Telerate Page 3750" shall mean the display page currently so
designated on the Moneyline Telerate Service (or such other page as may replace
that page in that service for the purpose of displaying comparable rates or
prices).

                                     - 14 -

<PAGE>

         (b)      The words "HEREOF," "HEREIN," "HEREUNDER" and words of similar
import when used in this Indenture Supplement shall refer to this Indenture
Supplement as a whole and not to any particular provision of this Indenture
Supplement; references to any Article, subsection, Section or Exhibit are
references to Articles, subsections, Sections and Exhibits in or to this
Indenture Supplement unless otherwise specified; and the term "INCLUDING" means
"INCLUDING WITHOUT LIMITATION."

                                  ARTICLE III
                          Servicing Fee and Interchange

         Section 3.01      Servicing Compensation; Interchange.

         (a)      Servicing Fee. The Servicer shall determine the share of the
Servicing Fee allocable to Series 2003-D with respect to any Payment Date (the
"MONTHLY SERVICING FEE"), which shall be equal to one-twelfth of the product of
(a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the
last day of the Monthly Period preceding such Payment Date, minus (ii) the
product of the amount, if any, on deposit in the Excess Funding Account as of
the last day of the Monthly Period preceding such Payment Date and the Floating
Investor Percentage with respect to such Monthly Period; provided, however, that
with respect to the first Payment Date, the Monthly Servicing Fee shall be equal
to $666,667. The remainder of the Monthly Servicing Fee shall be paid by the
holder of the Trust Beneficial Interest or the noteholders of other Series (as
provided in the related Indenture Supplements) and in no event shall the Trust,
the Indenture Trustee or the Series 2003-D Noteholders be liable for the share
of the Servicing Fee to be paid by the holder of the Trust Beneficial Interest
or the Noteholders of any other Series. To the extent that the Monthly Servicing
Fee is not paid in full pursuant to the preceding provisions of this Section
3.01 and Section 4.04, it shall be paid by the holder of the Trust Beneficial
Interest.

         (b)      Interchange. On or before each Determination Date, the
Servicer shall notify the Transferor of the amount of Interchange to be included
as Investor Finance Charge Collections with respect to the preceding Monthly
Period as determined pursuant to this subsection 3.01(b). Such amount of
Interchange shall be equal to the product of (i) the amount of Interchange
attributable to the Accounts, as reasonably estimated by the Servicer, and (ii)
the Floating Investor Percentage. On each Payment Date, the Servicer shall
deposit into the Collection Account, in immediately available funds, the amount
of Interchange to be so included as Investor Finance Charge Collections with
respect to the preceding Monthly Period and such Interchange shall be treated as
a portion of Investor Finance Charge Collections for all purposes of this
Indenture Supplement, the Indenture and the Transfer and Servicing Agreement.

         (c)      The Servicing Fee Rate may be increased upon the written
direction of Series 2003-D Noteholders holding 66 2/3% or more of the
then-outstanding note principal balance of each Class of the Series 2003-D Notes
and upon the written confirmation from each rating agency then rating any Class
of the Series 2003-D Notes that the increase in the Servicing Fee Rate will not
cause a reduction or withdrawal of the rating of any outstanding Class.

                                     - 15 -

<PAGE>

                                   ARTICLE IV
                       Rights of Series 2003-D Noteholders
                  and Allocation and Application of Collections

         Section 4.01      Collections and Allocations.

         (a)      Allocations. Collections of Finance Charge and Administrative
Receivables and Principal Receivables and Defaulted Receivables allocated to
Series 2003-D pursuant to Article VIII of the Indenture shall be allocated and
distributed as set forth in this Article.

         (b)      Payments to the Transferor. The Servicer shall, on Deposit
Dates, withdraw from the Collection Account and pay to the holders of Trust
Beneficial Interests or Certificates the following amounts:

                  (i)      an amount equal to the Transferor Percentage of
Collections of Finance Charge and Administrative Receivables to the extent such
amount is deposited in the Collection Account; and

                  (ii)     an amount equal to the Transferor Percentage of
Collections of Principal Receivables deposited in the Collection Account, if the
Transferor Interest (determined after giving effect to any Principal Receivables
transferred to the Trust on such Deposit Date) exceeds zero and otherwise shall
be deposited in the Excess Funding Account.

         The withdrawals to be made from the Collection Account pursuant to this
subsection 4.01(b) do not apply to deposits into the Collection Account that do
not represent Collections, including payment of the purchase price for the
Receivables or the Notes pursuant to, respectively, Section 2.06 or Section 7.01
of the Transfer and Servicing Agreement and payment of the purchase price for
the Series 2003-D Notes pursuant to Section 7.01 of this Indenture Supplement.

         (c)      Allocations to the Series 2003-D Noteholders. The Servicer
shall, prior to the close of business on any Deposit Date, allocate to the
Series 2003-D Noteholders the following amounts as set forth below:

                  (i)      Allocations of Finance Charge Collections. The
Servicer shall, allocate to the Series 2003-D Noteholders and deposit in the
Collection Account for application as provided herein an amount equal to the
product of (A) the Investor Percentage and (B) the aggregate amount of
Collections of Finance Charge and Administrative Receivables for such Deposit
Date.

                  (ii)     Allocations of Principal Collections. The Servicer
shall allocate to the Series 2003-D Noteholders the following amounts as set
forth below:

                           (x)      Allocations During the Revolving Period.
         During the Revolving Period, an amount equal to the product of (I) the
         Investor Percentage and (II) the aggregate amount of Collections of
         Principal Receivables on such Deposit Date shall be allocated to the
         Series 2003-D Noteholders and, following allocation in accordance with
         Section 4.04(b) hereof and Section 8.05 of the Indenture, shall be paid
         to the holders of Trust Beneficial Interests or Certificates only if
         the Transferor Interest on such date is

                                     - 16 -

<PAGE>

         greater than the Required Transferor Interest (after giving effect to
         all Principal Receivables transferred to the Trust on such day) and
         otherwise shall be deposited in the Excess Funding Account.

                          (y)       Allocations During the Controlled
         Accumulation Period. During the Controlled Accumulation Period an
         amount equal to the product of (I) the Investor Percentage and (II) the
         aggregate amount of Collections of Principal Receivables deposited in
         the Collection Account on such Deposit Date (the product for any such
         date is hereinafter referred to as a "PERCENTAGE ALLOCATION") shall be
         allocated to the Series 2003-D Noteholders and retained in the
         Collection Account until deposited monthly in the Principal Funding
         Account as provided herein; provided, however, that if the sum of such
         Percentage Allocation and all preceding Percentage Allocations with
         respect to the same Monthly Period exceeds the Controlled Deposit
         Amount during the Controlled Accumulation Period for the related
         Payment Date, then such excess shall not be treated as a Percentage
         Allocation and, following allocation in accordance with Section 4.08
         hereof and Section 8.05 of the Indenture, shall be paid to the holders
         of Trust Beneficial Interests or Certificates only if the Transferor
         Interest on such date is greater than the Required Transferor Interest
         (after giving effect to all Principal Receivables transferred to the
         Trust on such day) and otherwise shall be deposited in the Excess
         Funding Account.

                          (z)       Allocations During the Early Amortization
         Period. During the Early Amortization Period, an amount equal to the
         product of (I) the Investor Percentage and (II) the aggregate amount of
         Collections of Principal Receivables deposited in the Collection
         Account on such Deposit Date, shall be allocated to the Series 2003-D
         Noteholders and retained in the Collection Account until applied as
         provided herein; provided, however, that after the date on which an
         amount of such Collections equal to the Adjusted Invested Amount has
         been deposited into the Collection Account and allocated to the Series
         2003-D Noteholders, such amount, following allocation in accordance
         with Section 4.08 hereof and Section 8.05 of the Indenture, shall be
         paid to the holders of Trust Beneficial Interests or Certificates only
         if the Transferor Interest on such date is greater than the Required
         Transferor Interest (after giving effect to all Principal Receivables
         transferred to the Trust on such day) and otherwise shall be deposited
         in the Excess Funding Account.

         Section 4.02      Determination of Monthly Interest.

         (a)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS A MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class A Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class A Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class A Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the first Payment Date,
the Class A Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine the excess, if any (the "CLASS A INTEREST SHORTFALL"), of (x)
the Class A Monthly Interest for such Payment Date over (y) the aggregate amount
of funds allocated and available to pay such

                                     - 17 -

<PAGE>

Class A Monthly Interest on such Payment Date. If the Class A Interest Shortfall
with respect to any Payment Date is greater than zero, on each subsequent
Payment Date until such Class A Interest Shortfall is fully paid, an additional
amount ("CLASS A ADDITIONAL INTEREST") equal to the product of (i) a fraction,
the numerator of which is the actual number of days in the related Interest
Period and the denominator of which is 360, times (ii) the Class A Note Interest
Rate in effect with respect to the related Interest Period, times (iii) such
Class A Interest Shortfall (or the portion thereof which has not been paid to
the Class A Noteholders) shall be payable as provided herein with respect to the
Class A Notes. Notwithstanding anything to the contrary herein, Class A
Additional Interest shall be payable or distributed to the Class A Noteholders
only to the extent permitted by applicable law.

         (b)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS B MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class B Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class B Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class B Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the first Payment Date,
the Class B Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine the excess, if any (the "CLASS B INTEREST SHORTFALL"), of (x)
the Class B Monthly Interest for such Payment Date over (y) the aggregate amount
of funds allocated and available to pay such Class B Monthly Interest on such
Payment Date. If the Class B Interest Shortfall with respect to any Payment Date
is greater than zero, on each subsequent Payment Date until such Class B
Interest Shortfall is fully paid, an additional amount ("CLASS B ADDITIONAL
INTEREST") equal to the product of (i) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of
which is 360, times (ii) the Class B Note Interest Rate in effect with respect
to the related Interest Period, times (iii) such Class B Interest Shortfall (or
the portion thereof which has not been paid to the Class B Noteholders) shall be
payable as provided herein with respect to the Class B Notes. Notwithstanding
anything to the contrary herein, Class B Additional Interest shall be payable or
distributed to the Class B Noteholders only to the extent permitted by
applicable law.

         (c)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS C MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class C Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class C Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class C Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the first Payment Date,
the Class C Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine an amount (the "CLASS C INTEREST SHORTFALL") equal to (x) the
aggregate Class C Monthly Interest for such Payment Date minus (y) the aggregate
amount of funds allocated and available to pay such Class C Monthly Interest,
including, but not limited to, the Available Cash Collateral Account Amount, on
such Payment Date. If the Class C Interest Shortfall with respect to any Payment
Date is greater than zero, on each subsequent Payment Date until such Class C
Interest

                                     - 18 -

<PAGE>

Shortfall is fully paid, an additional amount ("CLASS C ADDITIONAL INTEREST")
shall be payable as provided herein with respect to the Class C Notes equal to
the product of (i) a fraction, the numerator of which is the actual number of
days in the related Interest Period and the denominator of which is 360, times
(ii) the Class C Note Interest Rate in effect with respect to the related
Interest Period, times (iii) such Class C Interest Shortfall (or the portion
thereof which has not been paid to the Class C Noteholders (after giving effect
to the application of the proceeds of any draw made on the Cash Collateral
Account as provided in Section 4.04(a)(iv) and Section 4.11(c) for the purpose
of paying such amount with respect to such Payment Date)). Notwithstanding
anything to the contrary herein, Class C Additional Interest shall be payable or
distributed to the Class C Noteholders only to the extent permitted by
applicable law.

         (d)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS D MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class D Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class D Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class D Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the first Payment Date,
the Class D Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine an amount (the "CLASS D INTEREST SHORTFALL") equal to (x) the
aggregate Class D Monthly Interest for such Payment Date minus (y) the aggregate
amount of funds allocated and available to pay such Class D Monthly Interest,
including, but not limited to, the Available Cash Collateral Account Amount
(after giving effect to any reduction in such amount after application of funds
therefrom pursuant to Section 4.02(c)), on such Payment Date. If the Class D
Interest Shortfall with respect to any Payment Date is greater than zero, on
each subsequent Payment Date until such Class D Interest Shortfall is fully
paid, an additional amount ("CLASS D ADDITIONAL INTEREST") shall be payable as
provided herein with respect to the Class D Notes equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (ii) the Class D Note
Interest Rate in effect with respect to the related Interest Period, times (iii)
such Class D Interest Shortfall (or the portion thereof which has not been paid
to the Class D Noteholders (after giving effect to the application of the
proceeds of any draw made on the Cash Collateral Account as provided in Section
4.04(a)(viii) and Section 4.11(c) for the purpose of paying such amount with
respect to such Payment Date)). Notwithstanding anything to the contrary herein,
Class D Additional Interest shall be payable or distributed to the Class D
Noteholders only to the extent permitted by applicable law.

         (e)      The amount of Class A Monthly Interest, Class B Monthly
Interest, Class C Monthly Interest and Class D Monthly Interest distributable
pursuant to Section 4.02(a), (b), (c) and (d) above on the first Payment Date
will equal the sum of the interest accrued at the applicable note interest rate
from the Closing Date through and including January 19, 2004 based on LIBOR
determined on December 2, 2003 and the interest accrued from January 20, 2004
through and including February 19, 2004 based on LIBOR determined on January 15,
2004.

         (f)      The Transferor may change the Class D Margin Percentage with
the prior written consent of each Rating Agency and without the prior consent of
any Noteholder, so long as all of

                                     - 19 -

<PAGE>

the Class D Notes are held by the Transferor or an Affiliate of the Transferor;
provided, however, that the Class D Margin Percentage shall not exceed 7.50% at
any time.

         Section 4.03 Determination of Monthly Principal. The amount of monthly
principal distributable from the Collection Account with respect to the Notes on
each Payment Date (the "MONTHLY PRINCIPAL"), beginning with the Payment Date in
the month following the month in which the Controlled Accumulation Period or, if
earlier, the Early Amortization Period, begins, shall be equal to the least of
(i) the Available Principal Collections on deposit in the Collection Account
with respect to such Payment Date, (ii) for each Payment Date during the
Controlled Accumulation Period, the Controlled Deposit Amount for such Payment
Date and (iii) the Adjusted Invested Amount (after taking into account any
adjustments to be made on such Payment Date pursuant to Sections 4.05 and 4.06)
prior to any deposit into the Principal Funding Account on such Payment Date.

         Section 4.04 Application of Available Finance Charge Collections and
Available Principal Collections. The Servicer shall apply, or shall cause the
Indenture Trustee to apply, by written instruction to the Indenture Trustee, on
each Payment Date, Available Finance Charge Collections and Available Principal
Collections with respect to such Payment Date to make the following
distributions:

         (a)      On each Payment Date, an amount equal to the Available Finance
Charge Collections with respect to such Payment Date will be distributed or
deposited in the following priority:

                  (i)      an amount equal to Class A Monthly Interest for such
Payment Date, plus the amount of any Class A Interest Shortfall previously due
but not distributed to the Class A Noteholders on a prior Payment Date, plus the
amount of any Class A Additional Interest for such Payment Date, plus the amount
of any Class A Additional Interest previously due but not distributed to Class A
Noteholders on a prior Payment Date, shall be distributed to the Paying Agent
for payment to Class A Noteholders on such Payment Date;

                  (ii)     an amount equal to Class B Monthly Interest for such
Payment Date, plus the amount of any Class B Interest Shortfall previously due
but not distributed to the Class B Noteholders on a prior Payment Date, plus the
amount of any Class B Additional Interest for such Payment Date, plus the amount
of any Class B Additional Interest previously due but not distributed to Class B
Noteholders on a prior Payment Date, shall be distributed to the Paying Agent
for payment to Class B Noteholders on such Payment Date;

                  (iii)    an amount equal to the Monthly Servicing Fee for such
Payment Date, plus the amount of any Monthly Servicing Fee previously payable
pursuant to this clause (iii) for a prior Payment Date but not paid to the
Servicer, shall be paid to the Servicer unless such amount has been netted
against deposits to the Collection Account in accordance with Section 8.04 of
the Indenture;

                  (iv)     an amount equal to Class C Monthly Interest for such
Payment Date, plus the amount of any Class C Interest Shortfall previously due
but not distributed to the Class C Noteholders on a prior Payment Date, plus the
amount of any Class C Additional Interest for

                                     - 20 -

<PAGE>

such Payment Date, plus the amount of any Class C Additional Interest previously
due but not distributed to the Class C Noteholders on a prior Payment Date shall
be distributed to the Paying Agent for payment to the Class C Noteholders on
such Payment Date; provided, however, that, in the event that the sum of Class C
Monthly Interest exceeds the amount of Available Finance Charge Collections
available (after giving effect to subsections 4.04(a)(i) through (iii) above) to
fund such Class C Monthly Interest and Class C Additional Interest, a draw will
be made from amounts available for distribution in the Cash Collateral Account
(at the times and in the amounts specified in Section 4.11) and shall be
distributed to the Paying Agent for payment to the Class C Noteholders on such
Payment Date in accordance with this subsection 4.04(a)(iv);

                  (v)      an amount equal to the Investor Default Amount, if
any, for the related Monthly Period shall be treated as a portion of Available
Principal Collections for such Payment Date;

                  (vi)     an amount equal to the sum of the aggregate amount of
Investor Charge-Offs and the amount of Reallocated Principal Collections which
have not been previously reimbursed pursuant to this subparagraph (vi) shall be
treated as a portion of Available Principal Collections for such Payment Date;

                  (vii)    on each Payment Date from and after the Reserve
Account Funding Date, but prior to the date on which the Reserve Account
terminates as described in subsection 4.10(f), an amount up to the excess, if
any, of the Required Reserve Account Amount over the Available Reserve Account
Amount shall be deposited into the Reserve Account;

                  (viii)   an amount equal to Class D Monthly Interest for such
Payment Date, plus the amount of any Class D Interest Shortfall previously due
but not distributed to the Class D Noteholders on a prior Payment Date, plus the
amount of any Class D Additional Interest for such Payment Date, plus the amount
of any Class D Additional Interest previously due but not distributed to the
Class D Noteholders on a prior Payment Date shall be distributed to the Paying
Agent for payment to the Class D Noteholders on such Payment Date; provided,
however, that, in the event that the sum of Class D Monthly Interest exceeds the
amount of Available Finance Charge Collections available (after giving effect to
subsections 4.04(a)(i) through (vii) above) to fund such Class D Monthly
Interest and Class D Additional Interest, a draw will be made from amounts
available for distribution in the Cash Collateral Account (at the times and in
the amounts specified in Section 4.11) and shall be distributed to the Paying
Agent for payment to the Class D Noteholders on such Payment Date in accordance
with this subsection 4.04(a)(viii);

                  (ix)     an amount equal to the amounts required to be
deposited in the Cash Collateral Account pursuant to Section 4.11(f) shall be
deposited into the Cash Collateral Account as provided in Section 4.11(f);

                  (x)      the balance, if any, will constitute a portion of
Excess Finance Charge Collections for such Payment Date and will be available
for allocation to other Series in Group One as described in Section 8.08 of the
Indenture; and

                  (xi)     to the extent not applied as set forth in clause (x),
any remaining amounts will be paid to the holders of Trust Beneficial Interests
or Certificates.

                                     - 21 -

<PAGE>

         (b)      On each Payment Date with respect to the Revolving Period, an
amount equal to the Available Principal Collections for the related Monthly
Period shall be treated as Shared Principal Collections and applied in
accordance with Section 8.05 of the Indenture.

         (c)      On each Payment Date during the Controlled Accumulation Period
or the Early Amortization Period, an amount equal to the Available Principal
Collections for the related Monthly Period shall be distributed or deposited in
the following order of priority:

                  (i)      during the Controlled Accumulation Period, an amount
equal to the Monthly Principal for such Payment Date shall be deposited into the
Principal Funding Account;

                  (ii)     during the Early Amortization Period, an amount equal
to the Monthly Principal for such Payment Date shall be distributed to the
Paying Agent for payment to the Class A Noteholders on such Payment Date and on
each subsequent Payment Date until the Class A Note Principal Balance has been
paid in full;

                  (iii)    during the Early Amortization Period, after the Class
A Note Principal Balance has been paid in full, an amount equal to the Monthly
Principal remaining, if any, shall be distributed to the Paying Agent for
payment to the Class B Noteholders on such Payment Date and on each subsequent
Payment Date until the Class B Note Principal Balance has been paid in full;

                  (iv)     during the Early Amortization Period, after the Class
A Note Principal Balance and the Class B Note Principal Balance have been paid
in full, an amount equal to the Monthly Principal remaining, if any, shall be
distributed to the Paying Agent for payment to the Class C Noteholders on such
Payment Date and on each subsequent Payment Date until the Class C Note
Principal Balance has been paid in full;

                  (v)      during the Early Amortization Period, after the Class
A Note Principal Balance, the Class B Note Principal Balance and the Class C
Note Principal Balance have been paid in full, an amount equal to the Monthly
Principal remaining, if any, shall be distributed to the Paying Agent for
payment to the Class D Noteholders on such Payment Date and on each subsequent
Payment Date until the Class D Note Principal Balance has been paid in full; and

                  (vi)     in the case of each of the Controlled Accumulation
Period and the Early Amortization Period, the balance of such Available
Principal Collections remaining after application in accordance with clause (i)
or (v) above shall be treated as Shared Principal Collections and applied in
accordance with Section 8.05 of the Indenture.

         (d)      On the earlier to occur of (i) the first Payment Date during
the Early Amortization Period and (ii) the Expected Final Principal Payment
Date, the Indenture Trustee, acting in accordance with written instructions from
the Servicer, shall withdraw from the Principal Funding Account and distribute
to the Paying Agent for payment to the Class A Noteholders, the Class B
Noteholders, the Class C Noteholders and the Class D Noteholders, in that order
of priority, the amounts deposited into the Principal Funding Account pursuant
to subsection 4.04(c)(i).

                                     - 22 -

<PAGE>

         (e)      The Controlled Accumulation Period is scheduled to commence at
the close of business on February 28, 2006; provided, however, that, if the
Accumulation Period Length (determined as described below) is less than 8
months, the date on which the Controlled Accumulation Period actually commences
will be delayed to the first Business Day of the month that is the number of
whole months prior to the Expected Final Principal Payment Date at least equal
to the Accumulation Period Length and, as a result, the number of Monthly
Periods in the Controlled Accumulation Period will at least equal the
Accumulation Period Length. On the Determination Date immediately preceding the
Reserve Account Funding Date, and each Determination Date thereafter until the
Controlled Accumulation Period begins, the Servicer will determine the
"ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such
that the sum of the Accumulation Period Factors for each month during such
period will be equal to or greater than the Required Accumulation Factor Number;
provided, however, that the Accumulation Period Length will not be determined to
be less than one month; provided further, however, that the determination of the
Accumulation Period Length may be changed at any time if the Rating Agency
Condition is satisfied.

         Section 4.05 Investor Charge-Offs. On each Determination Date, the
Servicer shall calculate the Investor Default Amount, if any, for the related
Payment Date. If, on any Payment Date, the Investor Default Amount for such
Payment Date exceeds the amount of Available Finance Charge Collections
allocated with respect thereto pursuant to subsection 4.04(a)(v) with respect to
such Payment Date, the Invested Amount (after giving effect to any reductions
for any Reallocated Principal Collections on such Payment Date) will be reduced
by the amount of such excess, but not by more than the lesser of the Investor
Default Amount and the Invested Amount (after giving effect to any reductions
for any Reallocated Principal Collections on such Payment Date) for such Payment
Date (such reduction, an "INVESTOR CHARGE-OFF").

         Section 4.06 Reallocated Principal Collections. On each Payment Date,
the Servicer shall apply, or shall cause the Indenture Trustee to apply,
Reallocated Principal Collections with respect to such Payment Date, to fund any
deficiency pursuant to and in the priority set forth in subsections 4.04(a)(i),
(ii), (iii) and (iv). On each Payment Date, the Invested Amount shall be reduced
by the amount of Reallocated Principal Collections for such Payment Date.

         Section 4.07 Excess Finance Charge Collections. Series 2003-D shall be
an Excess Allocation Series with respect to Group One only. Subject to Section
8.08 of the Indenture, Excess Finance Charge Collections with respect to the
Excess Allocation Series in Group One for any Payment Date will be allocated to
Series 2003-D in an amount equal to the product of (x) the aggregate amount of
Excess Finance Charge Collections with respect to all the Excess Allocation
Series in Group One for such Payment Date and (y) a fraction, the numerator of
which is the Finance Charge Shortfall for Series 2003-D for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such Payment
Date. The "FINANCE CHARGE SHORTFALL" for Series 2003-D for any Payment Date will
be equal to the excess, if any, of (a) the full amount required to be paid,
without duplication, pursuant to subsections 4.04(a)(i) through (viii) on such
Payment Date over (b) the Available Finance Charge Collections with respect to
such Payment Date (excluding any portion thereof attributable to Excess Finance
Charge Collections).

                                     - 23 -
<PAGE>

         Section 4.08 Shared Principal Collections. Subject to Section 8.05 of
the Indenture, Shared Principal Collections with respect to the Series in Group
One for any Payment Date will be allocated to Series 2003-D in an amount equal
to the product of (x) the aggregate amount of Shared Principal Collections with
respect to all Principal Sharing Series in Group One for such Payment Date and
(y) a fraction, the numerator of which is the Series 2003-D Principal Shortfall
for such Payment Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Series which are Principal Sharing Series in
Group One for such Payment Date. The "SERIES 2003-D PRINCIPAL SHORTFALL" will be
equal to (a) for any Payment Date with respect to the Revolving Period or the
Early Amortization Period, zero; (b) for any Payment Date with respect to the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount with respect to such Payment Date over the amount of Available Principal
Collections for such Payment Date (excluding any portion thereof attributable to
Shared Principal Collections).

         Section 4.09 Principal Funding Account.

         (a)      The Indenture Trustee shall establish and maintain with an
Eligible Institution, which may be the Indenture Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Series 2003-D Noteholders,
a segregated trust account with the corporate trust department of such Eligible
Institution (the "PRINCIPAL FUNDING ACCOUNT"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2003-D Noteholders. The Indenture Trustee shall possess all right, title
and interest in all funds on deposit from time to time in the Principal Funding
Account and in all proceeds thereof. The Principal Funding Account shall be
under the sole dominion and control of the Indenture Trustee for the benefit of
the Series 2003-D Noteholders. If at any time the institution holding the
Principal Funding Account ceases to be an Eligible Institution, the Servicer
shall notify the Indenture Trustee in writing, and the Indenture Trustee upon
being so notified (or the Servicer on its behalf) shall, within ten (10)
Business Days, establish a new Principal Funding Account meeting the conditions
specified above with an Eligible Institution, and shall transfer any cash or any
investments to such new Principal Funding Account. The Indenture Trustee, at the
written direction of the Servicer, shall (i) make withdrawals from the Principal
Funding Account from time to time, in the amounts and for the purposes set forth
in this Indenture Supplement, and (ii) on each Payment Date (from and after the
commencement of the Controlled Accumulation Period) prior to the termination of
the Principal Funding Account, make deposits into the Principal Funding Account
in the amounts specified in, and otherwise in accordance with, subsection
4.04(c)(i).

         (b)      Funds on deposit in the Principal Funding Account shall be
invested at the written direction of the Servicer by the Indenture Trustee in
Eligible Investments. Funds on deposit in the Principal Funding Account on any
Payment Date, after giving effect to any deposits to or withdrawals from the
Principal Funding Account on such Payment Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal
on or prior to the following Payment Date.

         The Indenture Trustee shall hold such of the Eligible Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Eligible

                                     - 24 -

<PAGE>

Investments as constitutes investment property through a securities
intermediary, which securities intermediary shall agree with the Indenture
Trustee that (a) such investment property shall at all times be credited to a
securities account of the Indenture Trustee, (b) such securities intermediary
shall treat the Indenture Trustee as entitled to exercise the rights that
comprise each financial asset credited to such securities account, (c) all
property credited to such securities account shall be treated as a financial
asset, (d) such securities intermediary shall comply with entitlement orders
originated by the Indenture Trustee without the further consent of any other
person or entity, (e) such securities intermediary will not agree with any
person or entity other than the Indenture Trustee to comply with entitlement
orders originated by such other person or entity, (f) such securities accounts
and the property credited thereto shall not be subject to any lien, security
interest or right of set-off in favor of such securities intermediary or anyone
claiming through it (other than the Indenture Trustee), and (g) such agreement
shall be governed by the laws of the State of New York. Terms used in the
preceding sentence that are defined in the New York UCC and not otherwise
defined herein shall have the meaning set forth in the New York UCC.

         On each Payment Date during the Controlled Accumulation Period and on
the first Payment Date to occur during the Early Amortization Period, the
Indenture Trustee, acting at the Servicer's written direction given on or before
such Payment Date, shall transfer from the Principal Funding Account to the
Collection Account the Principal Funding Investment Proceeds on deposit in the
Principal Funding Account for application as Available Finance Charge
Collections in accordance with Section 4.04.

         Principal Funding Investment Proceeds (including reinvested interest)
shall not be considered part of the amounts on deposit in the Principal Funding
Account for purposes of this Indenture Supplement.

         Section 4.10 Reserve Account.

         (a)      The Indenture Trustee shall establish and maintain with an
Eligible Institution, which may be the Indenture Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Series 2003-D Noteholders,
a segregated trust account with the corporate trust department of such Eligible
Institution (the "RESERVE ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2003-D
Noteholders. The Indenture Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Reserve Account and in all
proceeds thereof. The Reserve Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Series 2003-D
Noteholders. If at any time the institution holding the Reserve Account ceases
to be an Eligible Institution, the Servicer shall notify the Indenture Trustee
in writing, and the Indenture Trustee upon being so notified (or the Servicer on
its behalf) shall, within ten (10) Business Days, establish a new Reserve
Account meeting the conditions specified above with an Eligible Institution, and
shall transfer any cash or any investments to such new Reserve Account. The
Indenture Trustee, at the written direction of the Servicer, shall (i) make
withdrawals from the Reserve Account from time to time in an amount up to the
Available Reserve Account Amount at such time, for the purposes set forth in
this Indenture Supplement, and (ii) on each Payment Date (from and after the
Reserve Account Funding Date) prior to termination of the

                                     - 25 -

<PAGE>

Reserve Account, make a deposit into the Reserve Account in the amount specified
in, and otherwise in accordance with, subsection 4.04(a)(vii).

         (b)      Funds on deposit in the Reserve Account shall be invested at
the written direction of the Servicer by the Indenture Trustee in Eligible
Investments. Funds on deposit in the Reserve Account on any Payment Date, after
giving effect to any deposits to or withdrawals from the Reserve Account on such
Payment Date, shall be invested in such investments that will mature so that
such funds will be available for withdrawal on or prior to the following Payment
Date.

         The Indenture Trustee shall hold such of the Eligible Investments as
consist of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Eligible Investments as constitute investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.

         On each Payment Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Payment Date on funds on
deposit in the Reserve Account shall be retained in the Reserve Account (to the
extent that the Available Reserve Account Amount is less than the Required
Reserve Account Amount) and the balance, if any, shall be deposited into the
Collection Account and included in Available Finance Charge Collections for such
Payment Date. For purposes of determining the availability of funds or the
balance in the Reserve Account for any reason under this Indenture Supplement,
except as otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit.

         (c)      On or before each Payment Date during the Controlled
Accumulation Period and on or before the first Payment Date to occur during the
Early Amortization Period, the Servicer shall calculate the Reserve Draw Amount;
provided, however, that such amount will be reduced to the extent that funds
otherwise would be available for deposit in the Reserve Account under Section
4.04(a)(vii) with respect to such Payment Date.

         (d)      In the event that for any Payment Date the Reserve Draw Amount
is greater than zero, the Reserve Draw Amount, up to the Available Reserve
Account Amount, shall be withdrawn from the Reserve Account on such Payment Date
by the Indenture Trustee (acting in

                                     - 26 -

<PAGE>

accordance with the written instructions of the Servicer) and deposited into the
Collection Account for application as Available Finance Charge Collections for
such Payment Date.

         (e)      In the event that the Reserve Account Surplus on any Payment
Date, after giving effect to all deposits to and withdrawals from the Reserve
Account with respect to such Payment Date, is greater than zero, the Indenture
Trustee, acting in accordance with the written instructions of the Servicer,
shall withdraw from the Reserve Account an amount equal to such Reserve Account
Surplus and (i) deposit such amounts in the Cash Collateral Account, to the
extent that funds on deposit in the Cash Collateral Account are less than the
Required Cash Collateral Account Amount, and (ii) distribute any such amounts
remaining after application pursuant to subsection 4.10(e)(i) to the holders of
Trust Beneficial Interests or Certificates.

         (f)      Upon the earliest to occur of (i) the termination of the Trust
pursuant to Article VIII of the Trust Agreement, (ii) the first Payment Date to
occur during the Early Amortization Period and (iii) the Expected Final
Principal Payment Date, the Indenture Trustee, acting in accordance with the
written instructions of the Servicer, after the prior payment of all amounts
owing to the Series 2003-D Noteholders that are payable from the Reserve Account
as provided herein, shall withdraw from the Reserve Account all amounts, if any,
on deposit in the Reserve Account and (x) deposit such amounts in the Cash
Collateral Account, to the extent that funds on deposit in the Cash Collateral
Account are less than the Required Cash Collateral Account Amount, and (y)
distribute any such amounts remaining after application pursuant to subsection
4.10(f)(x) to the holders of the Trust Beneficial Interests or Certificates. The
Reserve Account shall thereafter be deemed to have terminated for purposes of
this Indenture Supplement.

         Section 4.11 Cash Collateral Account.

         (a)      On or prior to the Closing Date, the Servicer shall establish
and maintain with an Eligible Institution, which may be the Indenture Trustee in
the name of the Trust, on behalf of the Trust, for the benefit of the Class C
Noteholders and the Class D Noteholders, a segregated account with the corporate
trust department of such Eligible Institution (the "CASH COLLATERAL ACCOUNT"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Class C Noteholders and the Class D Noteholders.
Except as otherwise provided in this Section 4.11, the Indenture Trustee shall
possess all right, title and interest in all funds on deposit from time to time
in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral
Account shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Class C Noteholders and the Class D Noteholders. If at
any time the institution holding the Cash Collateral Account ceases to be an
Eligible Institution, the Servicer shall notify the Indenture Trustee in
writing, and the Indenture Trustee upon being so notified (or the Servicer on
its behalf) shall, within ten (10) Business Days (or such longer period as to
which the Rating Agencies may consent) establish a new Cash Collateral Account
meeting the conditions specified above with an Eligible Institution and shall
transfer any cash or any investments to such new Cash Collateral Account. The
Indenture Trustee, at the written direction of the Servicer, shall (i) make
withdrawals from the Cash Collateral Account from time to time in an amount up
to the Available Cash Collateral Account Amount at such time, for the purposes
set forth in this Indenture Supplement, and (ii) on each Payment Date prior to
termination of the Cash Collateral Account, make a deposit into the Cash
Collateral Account in the amount specified in, and otherwise in accordance with,
subsection 4.11(f).

                                     - 27 -

<PAGE>

         On the Closing Date, the Transferor shall deposit the Initial Cash
Collateral Account Amount in the Cash Collateral Account.

         (b)      Funds on deposit in the Cash Collateral Account shall be
invested at the written direction of the Servicer by the Indenture Trustee in
Eligible Investments. Funds on deposit in the Cash Collateral Account on any
Payment Date, after giving effect to any withdrawals from and deposits to the
Cash Collateral Account on such Payment Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal
on or prior to the following Payment Date.

         The Indenture Trustee shall hold such of the Eligible Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Eligible Investments as constitutes investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC. Except as permitted by this subsection 4.11(b), the Indenture Trustee shall
not hold Eligible Investments through an agent or a nominee.

         On each Payment Date (but subject to subsections 4.11(c) and 4.11(d)),
the Investment Earnings, if any, accrued since the preceding Payment Date on
funds on deposit in the Cash Collateral Account shall be retained in the Cash
Collateral Account and applied as other funds therein are applied. For purposes
of determining the availability of funds or the balance in the Cash Collateral
Account for any reason under this Indenture Supplement (subject to subsections
4.11(c) and 4.11(d)), all Investment Earnings shall be deemed not to be
available or on deposit.

         (c)      If, on any Payment Date, the aggregate amount available for
distribution pursuant to subsections 4.04(a)(iv) and 4.04(a)(viii), including,
but not limited to, any amount available pursuant to Section 4.07, is less than
the aggregate amount required to be distributed pursuant to subsections
4.04(a)(iv) and 4.04(a)(viii) (without giving effect to any limitation based on
Available Finance Charge Collections), the Indenture Trustee, at the written
direction of the Servicer, shall withdraw from the Cash Collateral Account the
amount of such deficiency up to the Available Cash Collateral Account Amount
and, if the Available Cash Collateral Account Amount is less than such
deficiency, Investment Earnings credited to the Cash Collateral Account, and
deposit such amount in the Collection Account for payment first to the Class C
Noteholders in respect of interest on the Class C Notes to the extent of any
deficiency in amounts

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otherwise available under subsection 4.04(a)(iv) and then to the Class D
Noteholders in respect of interest on the Class D Notes in accordance with
Section 4.04.

         (d)      On the Series 2003-D Final Maturity Date, the Indenture
Trustee at the written direction of the Servicer shall withdraw from the Cash
Collateral Account an amount equal to the lesser of (i) the sum of the Class C
Note Principal Balance and the Class D Note Principal Balance (after any
payments to be made pursuant to subsection 4.04(c) on such date) and (ii) the
Available Cash Collateral Account Amount and, if the Available Cash Collateral
Account Amount is not sufficient to reduce first, the Class C Note Principal
Balance and then, the Class D Note Principal Balance to zero, Investment
Earnings credited to the Cash Collateral Account up to the amount required to
reduce each of the Class C Note Principal Balance and the Class D Note Principal
Balance to zero, and the Indenture Trustee or the Servicer shall deposit such
amounts into the Collection Account for distribution first, to the Class C
Noteholders and then, to the Class D Noteholders in accordance with subsections
5.02(f) and 5.02(h).

         (e)      On any day following the occurrence of an Event of Default
with respect to Series 2003-D and acceleration of the maturity of the Series
2003-D Notes pursuant to Section 5.03 of the Indenture, the Servicer shall
withdraw from the Cash Collateral Account an amount equal to the Available Cash
Collateral Account Amount and the Indenture Trustee or the Servicer shall
deposit such amounts into the Collection Account for distribution to the Class C
Noteholders and the Class D Noteholders, in that order of priority, in
accordance with Section 5.02, to fund any shortfalls in amounts owed to such
Noteholders.

         (f)      If on any Payment Date, after giving effect to all withdrawals
from the Cash Collateral Account, the Available Cash Collateral Account Amount
is less than the Required Cash Collateral Account Amount then in effect,
Available Finance Charge Collections, minus the amount described in clause (d)
of the definition of Available Finance Charge Collections, shall be deposited
into the Cash Collateral Account under the circumstances set forth in subsection
4.04(a)(ix) up to the amount of the Cash Collateral Account Deficiency.

         (g)      If on any Payment Date, after giving effect to all withdrawals
from and deposits to the Cash Collateral Account, the amount on deposit in the
Cash Collateral Account would exceed the Required Cash Collateral Account Amount
then in effect, the Indenture Trustee shall, at the written direction of the
Servicer, release such excess to the Transferor. On the date on which each of
the Class C Note Principal Balance and the Class D Note Principal Balance has
been paid in full (including amounts to be paid to the Class C Noteholders and
the Class D Noteholders pursuant to subsection 4.11(d) above), the Indenture
Trustee, at the written direction of the Servicer, shall withdraw from the Cash
Collateral Account all amounts then remaining in the Cash Collateral Account and
pay such amounts to the Transferor.

         Section 4.12 Determination of LIBOR.

         (a)      On each LIBOR Determination Date, the Indenture Trustee shall
determine LIBOR on the basis of the rate for deposits in United States dollars
having a maturity of one month commencing on such LIBOR Determination Date which
appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If
such rate does not appear on Telerate Page 3750, LIBOR for that LIBOR
Determination Date shall be determined on the basis of the rates at which

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deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the London
interbank market for a one-month period and in an amount of not less than U.S.
$1,000,000. The Indenture Trustee shall request the principal London office of
each of the Reference Banks to provide a quotation of its rate. If at least two
(2) such quotations are provided, LIBOR for that LIBOR Determination Date shall
be the arithmetic mean of the quotations. If fewer than two (2) quotations are
provided as requested, LIBOR for that LIBOR Determination Date will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the Servicer, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period
and in an amount of not less than U.S. $1,000,000; provided, that, if the banks
selected by the Servicer are not quoting such rates, LIBOR for that LIBOR
Determination Date will be the same as LIBOR for the immediately preceding LIBOR
Determination Date.

         (b)      The Class A Note Interest Rate, the Class B Note Interest
Rate, the Class C Note Interest Rate and the Class D Note Interest Rate
applicable to the then current and the immediately preceding Interest Periods
may be obtained by telephoning the Indenture Trustee at its corporate trust
office at (800) 735-7777 or such other telephone number as shall be designated
by the Indenture Trustee for such purpose by prior written notice by the
Indenture Trustee to each Series 2003-D Noteholder from time to time.

         (c)      On each LIBOR Determination Date, the Indenture Trustee shall
send to the Transferor by facsimile transmission, notification of LIBOR for the
following Interest Period.

         Section 4.13 Investment Instructions. Any investment instructions
required to be given to the Indenture Trustee pursuant to the terms hereof must
be given to the Indenture Trustee no later than 11:00 a.m., New York City time,
on the date such investment is to be made. In the event the Indenture Trustee
receives such investment instruction later than such time, the Indenture Trustee
may, but shall have no obligation to, make such investment. In the event the
Indenture Trustee is unable to make an investment required in an investment
instruction received by the Indenture Trustee after 11:00 a.m., New York City
time, on such day, such investment shall be made by the Indenture Trustee on the
next succeeding Business Day. In no event shall the Indenture Trustee be liable
for any investment not made pursuant to investment instructions received after
11:00 a.m., New York City time, on the day such investment is requested to be
made.

                                    ARTICLE V
                        Delivery of Series 2003-D Notes;
               Distributions; Reports to Series 2003-D Noteholders

         Section 5.01 Delivery and Payment for the Series 2003-D Notes; Form and
Denomination. The Issuer shall execute and issue, and the Indenture Trustee
shall authenticate, the Series 2003-D Notes in accordance with Section 2.03 of
the Indenture. The Indenture Trustee shall deliver the Series 2003-D Notes to or
upon the order of the Trust when so authenticated. The Class A Notes, the Class
B Notes and the Class C Notes shall be Book-Entry Notes. The Class D Notes shall
be delivered as Definitive Notes, and not as Book-Entry Notes. The Class D Notes
shall not be registered in the name of the nominee of the Clearing Agency or

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Foreign Clearing Agency. The Class D Notes shall be available in denominations
of $500,000 and integral multiples thereof.

         Section 5.02 Distributions.

         (a)      On each Payment Date, the Paying Agent shall distribute to
each Class A Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class A Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay interest on the Class A Notes pursuant to this
Indenture Supplement.

         (b)      On each Payment Date, the Paying Agent shall distribute to
each Class A Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class A Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay principal of the Class A Notes pursuant to this
Indenture Supplement.

         (c)      On each Payment Date, the Paying Agent shall distribute to
each Class B Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class B Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay interest on the Class B Notes pursuant to this
Indenture Supplement.

         (d)      On each Payment Date, the Paying Agent shall distribute to
each Class B Noteholder of record on the related Record Date (other that as
provided in Section 11.02 of the Indenture) such Class B Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay principal of the Class B Notes pursuant to this
Indenture Supplement.

         (e)      On each Payment Date, the Paying Agent shall distribute to
each Class C Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class C Noteholder's pro rata
share of the amounts held by the Paying Agent (including amounts held by the
Paying Agent with respect to amounts withdrawn from the Cash Collateral Account
(at the times and in the amounts specified in Section 4.11(c) and Section
4.11(e))) that are allocated and available on such Payment Date to pay interest
on the Class C Notes pursuant to this Indenture Supplement.

         (f)      On each Payment Date, the Paying Agent shall distribute to
each Class C Noteholder of record on the related Record Date (other that as
provided in Section 11.02 of the Indenture) such Class C Noteholder's pro rata
share of the amounts held by the Paying Agent (including amounts held by the
Paying Agent with respect to amounts withdrawn from the Cash Collateral Account
(at the times and in the amounts specified in Section 4.11(d) and Section
4.11(e))) that are allocated and available on such Payment Date to pay principal
of the Class C Notes pursuant to this Indenture Supplement.

         (g)      On each Payment Date, the Paying Agent shall distribute to
each Class D Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class D Noteholder's pro rata
share of the amounts held by the Paying Agent

                                     - 31 -

<PAGE>

(including amounts held by the Paying Agent with respect to amounts withdrawn
from the Cash Collateral Account (at the times and in the amounts specified in
Section 4.11(c) and Section 4.11(e))) that are allocated and available on such
Payment Date to pay interest on the Class D Notes pursuant to this Indenture
Supplement.

         (h)      On each Payment Date, the Paying Agent shall distribute to
each Class D Noteholder of record on the related Record Date (other that as
provided in Section 11.02 of the Indenture) such Class D Noteholder's pro rata
share of the amounts held by the Paying Agent (including amounts held by the
Paying Agent with respect to amounts withdrawn from the Cash Collateral Account
(at the times and in the amounts specified in Section 4.11(d) and Section
4.11(e))) that are allocated and available on such Payment Date to pay principal
of the Class D Notes pursuant to this Indenture Supplement.

         (i)      The distributions to be made pursuant to this Section 5.02 are
subject to the provisions of Sections 2.06, 6.01 and 7.01 of the Transfer and
Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this
Indenture Supplement.

         (j)      Except as provided in Section 11.02 of the Indenture with
respect to a final distribution, distributions to Series 2003-D Noteholders
hereunder shall be made by (i) check mailed to each Series 2003-D Noteholder (at
such Noteholder's address as it appears in the Note Register), except that with
respect to any Series 2003-D Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made in immediately available funds
and (ii) without presentation or surrender of any Series 2003-D Note or the
making of any notation thereon.

         Section 5.03 Reports and Statements to Series 2003-D Noteholders.

         (a)      On each Payment Date, the Paying Agent, on behalf of the
Indenture Trustee, shall forward to each Series 2003-D Noteholder a statement
substantially in the form of EXHIBIT C prepared by the Servicer.

         (b)      Not later than the second Business Day preceding each Payment
Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee,
the Paying Agent and each Rating Agency (i) a statement substantially in the
form of EXHIBIT C prepared by the Servicer and (ii) a certificate of an
Authorized Officer substantially in the form of EXHIBIT D; provided that the
Servicer may amend the form of EXHIBIT C and EXHIBIT D, from time to time, with
the consent of the Indenture Trustee, which consent shall not be unreasonably
withheld.

         (c)      A copy of each statement or certificate provided pursuant to
paragraph (a) or (b) may be obtained by any Series 2003-D Noteholder by a
request in writing to the Servicer.

         (d)      On or before January 31 of each calendar year, beginning with
calendar year 2005, the Paying Agent, on behalf of the Indenture Trustee, shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2003-D Noteholder, a statement prepared by
the Servicer containing the information which is required to be contained in the
statement to Series 2003-D Noteholders, as set forth in paragraph (a) above,
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Series 2003-D Noteholder, together with other information as
is required to be provided by

                                     - 32 -

<PAGE>

an issuer of indebtedness under the Code. Such obligation of the Paying Agent
shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Paying Agent pursuant to any
requirements of the Code as from time to time in effect.

                                   ARTICLE VI
                         Series 2003 - D Pay Out Events

         Section 6.01 Series 2003-D Pay Out Events. If any one of the following
events shall occur with respect to the Series 2003-D Notes:

         (a)      failure on the part of the Transferor (i) to make any payment
or deposit required to be made by the Transferor by the terms of the Transfer
and Servicing Agreement, the Indenture or this Indenture Supplement on or before
the date occurring five (5) Business Days after the date such payment or deposit
is required to be made therein or herein or (ii) duly to observe or perform any
other covenants or agreements of the Transferor set forth in the Transfer and
Servicing Agreement, the Indenture or this Indenture Supplement, which failure
has a material adverse effect on the Series 2003-D Noteholders and which
continues unremedied for a period of sixty (60) days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Transferor by the Indenture Trustee, or to the Transferor and
the Indenture Trustee by any Holder of the Series 2003-D Notes and continues to
materially and adversely affect the interests of the noteholders during such
60-day period;

         (b)      any representation or warranty made by the Transferor in the
Transfer and Servicing Agreement, the Indenture or this Indenture Supplement, or
any information contained in a computer file or microfiche list required to be
delivered by the Transferor pursuant to Section 2.01 or subsection 2.09(h) of
the Transfer and Servicing Agreement shall prove to have been incorrect in any
material respect when made or when delivered, which continues to be incorrect in
any material respect for a period of sixty (60) days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Transferor by the Indenture Trustee, or to the Transferor and
the Indenture Trustee by any Holder of the Series 2003-D Notes and as a result
of which the interests of the Series 2003-D Noteholders are materially and
adversely affected for such period; provided, however, that a Series 2003-D Pay
Out Event pursuant to this subsection 6.01(b) shall not be deemed to have
occurred hereunder if the Transferor has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period in
accordance with the provisions of the Transfer and Servicing Agreement;

         (c)      the average of the Net Portfolio Yields for any three
consecutive Monthly Periods is reduced to a rate which is less than the average
of the Base Rates for such period;

         (d)      the Class A Note Principal Balance, the Class B Note Principal
Balance, the Class C Note Principal Balance or the Class D Note Principal
Balance shall not be paid in full on the Expected Final Principal Payment Date;
or

         (e)      without limiting the foregoing, the occurrence of an Event of
Default with respect to Series 2003-D.

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<PAGE>

then, in the case of any event described in subparagraph (a) or (b) or any Trust
Pay Out Event described in Section 5.01(a) of the Indenture, after the
applicable grace period, if any, set forth in such subparagraphs or in Section
5.01 of the Indenture, either the Indenture Trustee or the Holders of Series
2003-D Notes evidencing not less than 50% of the aggregate unpaid principal
amount of Series 2003-D Notes by notice then given in writing to the Transferor
and the Servicer (and to the Indenture Trustee if given by the Series 2003-D
Noteholders) may declare that a "Series Pay Out Event" with respect to Series
2003-D (a "SERIES 2003-D PAY OUT EVENT") has occurred as of the date of such
notice, and, in the case of any event described in subparagraph (c), (d) or (e)
or any Trust Pay Out Event described in Sections 5.01(b), (c) or (d) of the
Indenture, a Series 2003-D Pay Out Event shall occur without any notice or other
action on the part of the Indenture Trustee or the Series 2003-D Noteholders
immediately upon the occurrence of such event.

                                   ARTICLE VII
                       Redemption of Series 2003-D Notes;
                     Final Distributions; Series Termination

         Section 7.01 Optional Redemption of Series 2003-D Notes; Final
Distributions.

         (a)      On any day occurring on or after the date on which the Note
Principal Balance is reduced to 10% or less of the Note Principal Balance as of
the Closing Date, the Servicer shall have the option to redeem the Series 2003-D
Notes, at a purchase price equal to (i) if such day is a Payment Date, the
Reassignment Amount for such Payment Date or (ii) if such day is not a Payment
Date, the Reassignment Amount for the Payment Date following such day.

         (b)      The Servicer shall give the Issuer and the Indenture Trustee
at least thirty (30) days prior written notice of the date on which the Servicer
intends to exercise such optional redemption. Not later than 12:00 noon, New
York City time, on such day the Servicer shall deposit into the Collection
Account in immediately available funds the excess of the Reassignment Amount
over the amount, if any, on deposit in the Principal Funding Account. Such
redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the
foregoing, the Invested Amount for Series 2003-D shall be reduced to zero and
the Series 2003-D Noteholders shall have no further security interest in the
Receivables. The Reassignment Amount shall be distributed as set forth in
subsection 7.01(d).

         (c)      (i)      The amount to be paid by the Transferor with respect
to Series 2003-D in connection with a reassignment of Receivables to the
Transferor pursuant to Section 2.06 of the Transfer and Servicing Agreement
shall equal the Reassignment Amount for the first Payment Date following the
Monthly Period in which the reassignment obligation arises under the Transfer
and Servicing Agreement.

                  (ii)     The amount to be paid by the Transferor with respect
to Series 2003-D in connection with a repurchase of the Notes pursuant to
Section 7.01 of the Transfer and Servicing Agreement shall equal the
Reassignment Amount for the Payment Date of such repurchase.

                                     - 34 -

<PAGE>

         (d)      With respect to the Reassignment Amount deposited into the
Collection Account pursuant to this Section 7.01, the Indenture Trustee shall,
in accordance with the written direction of the Servicer, not later than 12:00
noon, New York City time, on the related Payment Date, make deposits or
distributions of the following amounts (in the priority set forth below and, in
each case, after giving effect to any deposits and distributions otherwise to be
made on such date) in immediately available funds: (i) (x) the Class A Note
Principal Balance on such Payment Date will be distributed to the Paying Agent
for payment to the Class A Noteholders and (y) an amount equal to the sum of (A)
Class A Monthly Interest for such Payment Date, (B) any Class A Monthly Interest
previously due but not distributed to the Class A Noteholders on a prior Payment
Date and (C) the amount of Class A Additional Interest, if any, for such Payment
Date and any Class A Additional Interest previously due but not distributed to
the Class A Noteholders on any prior Payment Date, will be distributed to the
Paying Agent for payment to the Class A Noteholders, (i) (x) the Class B Note
Principal Balance on such Payment Date will be distributed to the Paying Agent
for payment to the Class B Noteholders and (y) an amount equal to the sum of (A)
Class B Monthly Interest for such Payment Date, (B) any Class B Monthly Interest
previously due but not distributed to the Class B Noteholders on a prior Payment
Date and (C) the amount of Class B Additional Interest, if any, for such Payment
Date and any Class B Additional Interest previously due but not distributed to
the Class B Noteholders on any prior Payment Date, will be distributed to the
Paying Agent for payment to the Class B Noteholders, (ii) (x) the Class C Note
Principal Balance on such Payment Date will be distributed to the Paying Agent
for payment to the Class C Noteholders and (y) an amount equal to the sum of (A)
Class C Monthly Interest for such Payment Date, (B) any Class C Monthly Interest
previously due but not distributed to the Class C Noteholders on a prior Payment
Date and (C) the amount of Class C Additional Interest, if any, for such Payment
Date and any Class C Additional Interest previously due but not distributed to
the Class C Noteholders on any prior Payment Date, will be distributed to the
Paying Agent for payment to the Class C Noteholders, (iii) (x) the Class D Note
Principal Balance on such Payment Date will be distributed to the Paying Agent
for payment to the Class D Noteholders and (y) an amount equal to the sum of (A)
Class D Monthly Interest for such Payment Date, (B) any Class D Monthly Interest
previously due but not distributed to the Class D Noteholders on a prior Payment
Date and (C) the amount of Class D Additional Interest, if any, for such Payment
Date and any Class D Additional Interest previously due but not distributed to
the Class D Noteholders on any prior Payment Date, will be distributed to the
Paying Agent for payment to the Class D Noteholders and (iv) any excess shall be
released to the Issuer.

         (e)      Notwithstanding anything to the contrary in this Indenture
Supplement, the Indenture or the Transfer and Servicing Agreement, if the Paying
Agent is not also the Indenture Trustee, all amounts distributed to the Paying
Agent pursuant to subsection 7.01(d) for payment to the Series 2003-D
Noteholders shall be deemed distributed in full to the Series 2003-D Noteholders
on the date on which such funds are distributed to the Paying Agent pursuant to
this Section 7.01 and shall be deemed to be a final distribution pursuant to
Section 11.02 of the Indenture.

         Section 7.02 Series Termination. On the Series 2003-D Final Maturity
Date, the right of the Series 2003-D Noteholders to receive payments from the
Issuer will be limited solely to the right to receive payments pursuant to
Section 5.05 of the Indenture.

                                     - 35 -

<PAGE>

                                  ARTICLE VIII
                            Miscellaneous Provisions

         Section 8.01 Ratification of Indenture. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read,
taken and construed as one and the same instrument.

         Section 8.02 Form of Delivery of the Series 2003-D Notes. The Class A
Notes, the Class B Notes and the Class C Notes shall be Book-Entry Notes and
shall be delivered as Registered Notes as provided in Section 2.01 of the
Indenture in substantially the form of Exhibit A hereto.

         Section 8.03 Additional Requirements for Registration of and
Limitations on Transfer and Exchange of Class D Notes.

         (a)      No Holder of a Class D Note may sell, convey, assign,
hypothecate, pledge, participate or otherwise transfer any interest in the Class
D Notes (each, a "CLASS D NOTE ASSIGNMENT"), to any Person (upon such Class D
Note Assignment, a "CLASS D NOTE ASSIGNEE"), unless (i) the Class D Note
Assignment consists of the entirety of such assignor Holder's Class D Note and
no Class D Note Assignments of a partial interest in such Class D Notes will be
made, and (ii) the Transferor shall have granted its prior written consent
(which consent shall not be granted if, among other things, the Transferor
determines in its sole and absolute discretion that such Class D Note Assignment
would create or increase a risk that the Trust would be classified for Federal
or any applicable state tax purposes as an association or publicly traded
partnership taxable as a corporation); provided, however, that any Class D Note
Assignment shall be void unless (i) such proposed Class D Note Assignee, other
than ABC or an Affiliate of ABC, shall comply with this Section 8.03 and shall
have delivered to the Indenture Trustee, the Servicer and the Transferor an
investment representation letter substantially in the form of Exhibit E attached
hereto (an "INVESTMENT LETTER"), or such other form as the Transferor in its
sole and absolute discretion deems acceptable, prior to the effectiveness of
such Class D Note Assignment; (ii) the number of Private Holders would not
exceed, as of the date of the proposed Class D Note Assignment, eighty (80), and
(iii) the number of Private Holders owning interests in the Class D Notes would
not exceed, as of the date of the proposed Class D Note Assignment, four (4) or
such greater number as may be consented to by the Transferor in its sole and
absolute discretion. In connection with any Class D Note Assignment, the
assignor Class D Note Holder shall request in writing to the Indenture Trustee
(who shall promptly deliver it to the Transferor) for the consent of the
Transferor, and the Transferor shall respond to any such request within ten
Business Days after its receipt; it being understood that the obtaining of such
consent is a condition to the effectiveness of the Class D Note Assignment. Each
Class D Note Assignee is subject to the terms and conditions of this Section
8.03 and its Investment Letter on an ongoing basis and shall make the
certifications, representations and warranties contained in its Investment
Letter. Any transfer, resale, pledge or other transfer of a Class D Note (or any
interest therein) contrary to the restriction set forth above in this Section
8.03 or made in reliance upon any false representation or warranty made by a
transferee in its Investment Letter shall be deemed void ab initio by the
Indenture Trustee.

                                     - 36 -

<PAGE>

         (b)      Registration of transfer of the Class D Notes shall be
effected only if such transfer is exempt from the registration requirements
under the Securities Act. The transferor or the transferee, other than ABC or an
Affiliate of ABC, shall deliver, at its expense, to the Transferor, the Servicer
and the Indenture Trustee, an investment letter from the transferee,
substantially in the form of the investment representation letter attached
hereto as Exhibit E. None of the Issuer, the Transferor, the Servicer, the
Seller, the Indenture Trustee or the Transfer Agent and Registrar is obligated
to register or qualify the Class D Notes under the Securities Act or any other
securities law or to take any action not otherwise required under this Indenture
Supplement or the Indenture to permit the transfer of the Class D Notes without
registration or qualification. Any Class D Noteholder desiring to effect a
transfer of unregistered Class D Notes shall, and does hereby agree to,
indemnify the Issuer, the Transferor (unless the transferor of the Class D Notes
is the Transferor), the Servicer, the Seller, the Indenture Trustee and the
Transfer Agent and Registrar against any liability that may result if the
transfer is not exempt from such registration or qualification or is not made in
accordance with such federal and state laws and no registration of transfer
shall be made until such letter is so delivered.

         (c)      The Class D Notes may not be acquired or held by or on behalf
of or with "plan assets" of (a) an employee benefit plan (as defined in Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), whether or not subject to Title I of ERISA, (b) a plan described in
Section 4975(e)(1) of the Code, (c) an entity whose underlying assets include
"plan assets" by reason of a plan's investment in the purchaser or (d) a
"benefit plan investor" (as defined in U.S. Department of Labor ("DOL")
Regulation Section 2510.3-101) ("BENEFIT PLAN INVESTOR"), unless (i) the
investor is acquiring or holding the Class D Notes with assets of an "insurance
company general account" (within the meaning of DOL Prohibited Transaction Class
Exemption ("PTCE") 95-60 (a "GENERAL ACCOUNT")), (ii) the purchase and holding
of the Class D Notes are eligible for the exemptive relief afforded under
Section I of PTCE 95-60, (iii) less than 25% of the assets of such General
Account constitute "plan assets" of Benefit Plan Investors, and (iv) after
giving effect to the purchase of the Class D Notes and all other purchases
occurring simultaneously therewith, less than 25% of the Class D Notes
(excluding Class D Notes held by the Servicer or any Affiliate of the Servicer)
will constitute "plan assets" of Benefit Plan Investors.

         (d)      Each Class D Noteholder, other than ABC or an Affiliate of
ABC, agrees with the Transferor and the Indenture Trustee that: (i) such Class D
Noteholder will deliver to the Transferor, the Servicer and the Indenture
Trustee on or before the acquisition of the Class D Notes and on or before the
effective date of any Class D Note Assignment, as applicable, a letter in the
form annexed hereto as Exhibit E, executed by the Class D Noteholder, or such
Class D Note Assignee, in the case of a Class D Note Assignment, with respect to
the purchase by such Class D Noteholder or Class D Note Assignee, as the case
may be, of a Class D Note and (ii) all of the statements made by such Class D
Noteholder in its Investment Letter shall be true and correct as of the date
made.

         (e)      Class D Notes issued upon registration or transfer of, or
Class D Notes issued in exchange for Class D Notes shall bear the restrictive
legends regarding securities laws, tax and ERISA matters contained in the form
of the Class D Note attached as Exhibit A-4 hereto, unless the Transferor, the
Servicer, the Indenture Trustee and the Transfer Agent and Registrar receive

                                     - 37 -

<PAGE>

an Opinion of Counsel, satisfactory to each of them, to the effect that such
legend may be removed or modified.

         (f)      If so requested by the Transferor, the Indenture Trustee will
make available to any prospective purchaser of Class D Notes who so requests, a
copy of a letter provided to the Indenture Trustee by or on behalf of the
Transferor relating to the transferability of any Series or Class.

         Section 8.04 Amendment. This Indenture Supplement may be amended only
in accordance with the provisions set forth in Sections 10.01 and 10.02 of the
Indenture.

         Section 8.05 Counterparts. This Indenture Supplement may be executed in
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

         Section 8.06 GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

         Section 8.07 Limitation of Liability. Notwithstanding any other
provision herein or elsewhere, this Agreement has been executed and delivered by
Wilmington Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall (i) Wilmington Trust
Company in its individual capacity, (ii) any owner of a beneficial interest in
the Trust or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Trust, the Owner Trustee or of any successor or
assign of the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed (it being understood that the Owner Trustee has
no such obligations in its individual capacity), have any liability in respect
of the representations, warranties, or obligations of the Trust hereunder or
under any other document, as to all of which recourse shall be had solely to the
assets of the Trust, and for all purposes of this Agreement and each other
document, the Owner Trustee (as such or in its individual capacity) shall be
subject to, and entitled to the benefits of, the terms and provisions of the
Trust Agreement.

         Section 8.08 Representations and Warranties of the Issuer. The Issuer
hereby represents and warrants to the Indenture Trustee that:

         (a)      Valid and Enforceable Security Interest. The Indenture creates
a valid and continuing security interest (as defined in the applicable UCC) in
the Collateral in favor of the Indenture Trustee, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of and
purchasers from the Issuer;

         (b)      No Liens. The Issuer owns and has good and marketable title to
the Collateral free and clear of any Lien;

                                     - 38 -

<PAGE>

         (c)      Filings. The Issuer has caused the delivery for filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in
the Collateral granted to the Indenture Trustee under the Indenture;

         (d)      Accounts. The Receivables constitute "accounts" within the
meaning of the applicable UCC;

         (e)      Conveyance of Collateral; Judgments and Tax Liens. Other than
the security interest granted to the Indenture Trustee pursuant to the
Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Collateral. The Issuer has not
authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Collateral,
other than any financing statement relating to the security interest granted to
the Indenture Trustee under the Indenture or that has been terminated. The
Issuer is not aware of any judgment or tax lien filings against the Collateral;
and

         (f)      Survival of Representations and Warranties. All
representations, warranties and agreements contained in this Section 8.08 shall
remain operative and in full force and effect and shall survive the consummation
of the transactions contemplated hereby.

         Section 8.09 Tax Disclosure and Investor List Requirements. The
Transferor, the Servicer, the Owner Trustee and the Indenture Trustee agree, and
the underwriters and each recipient of this prospectus are deemed to agree, that
each of them and each of their employees, representatives, and other agents may
disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of any transaction relating to the Trust or the
Notes or Trust Beneficial Interest or Certificates and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them
relating to such tax treatment and tax structure. For this purpose, the phrase
"tax treatment" refers to the Federal income tax treatment of the Trust, the
Notes and the Trust Beneficial Interest or Certificates, and the phrase "tax
structure" refers to any fact that may be relevant to the understanding of such
tax treatment.

                                     - 39 -

<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Indenture
Supplement to be duly executed and delivered by their respective duly authorized
officers on the day and year first above written.

                                        WILMINGTON TRUST COMPANY,
                                             as Owner Trustee of
                                        ADVANTA BUSINESS CARD MASTER TRUST

                                        By: /s/ Janel R. Havrilla
                                            ------------------------------------
                                        Name: Janel R. Havrilla
                                        Title: Financial Services Officer

                                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                             as Indenture Trustee

                                        By: /s/ Peter T. Becker
                                            ------------------------------------
                                        Name: Peter T. Becker
                                        Title: Vice President

Acknowledged and Accepted:

ADVANTA BANK CORP.,
     as Servicer

By: /s/ Michael Coco
    ---------------------------
Name: Michael Coco
Title: Vice President

ADVANTA BUSINESS RECEIVABLES CORP.,
     as Transferor

By: /s/ Michael Coco
    ---------------------------
Name: Michael Coco
Title: Vice President

             [Signature Page to Series 2003-D Indenture Supplement]

<PAGE>

                                                                     EXHIBIT A-1

                        FORM OF CLASS A ASSET BACKED NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                                 Exhibit A-1-1

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                    $__________*
No. A-_________                                            CUSIP NO. 00761H BC 4

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS A ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________________, or
registered assigns, subject to the following provisions, the principal sum of
__________ DOLLARS, or such greater or lesser amount as determined in accordance
with the Indenture, on the Series 2003-D Final Maturity Date (which is the
earlier to occur of (a) the Payment Date on which the Note Principal Balance is
paid in full and (b) the October 2009 Payment Date), except as otherwise
provided below or in the Indenture. The Issuer will pay interest on the unpaid
principal amount of this Note at the Class A Note Interest Rate on each Payment
Date until the principal amount of this Note is paid in full. Interest on this
Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date
or, for the first Payment Date, from and including the Closing Date to but
excluding such Payment Date. Interest will be computed on the basis of a 360-day
year and the actual number of days elapsed. Principal of this Note shall be paid
in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

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

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

----------

*        Denominations of $1,000 and integral multiples of $1,000 in excess
         thereof.

                                 Exhibit A-1-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly
executed.

                                            WILMINGTON TRUST COMPANY,
                                                as Owner Trustee of
                                            ADVANTA BUSINESS CARD MASTER TRUST

                                            By: ________________________________
                                            Name:
                                            Title:

Dated:

                                 Exhibit A-1-3

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         not in its individual capacity,
                                         but solely as Indenture Trustee

                                         By:____________________________________
                                                     Authorized Signatory

Dated:

                                 Exhibit A-1-4

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS A ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class A Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-D (the
"SERIES 2003-D NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of December 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class B Notes, the Class C Notes and the Class D Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class A Note Initial Principal Balance is $320,000,000. The Class A
Note Principal Balance on any date of determination will be an amount equal to
(a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount
of principal payments made to the Class A Noteholders on or prior to such date.

         The Expected Final Principal Payment Date is the November 20, 2006
Payment Date, but principal with respect to the Class A Notes may be paid
earlier or later under certain circumstances described in the Indenture. If for
one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit the Controlled Deposit Amount into the Principal
Funding Account, then to the extent that excess funds are not available on
subsequent Payment Dates with respect to the Controlled Accumulation Period to
make up for such shortfalls, the final payment of principal of the Notes will
occur later than the Expected Final Principal Payment Date. Payments of
principal of the Notes shall be payable in accordance with the provisions of the
Indenture.

                                 Exhibit A-1-5

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class A
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class A Note) such Class A Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class A Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-D Noteholders shall be made by (i) check
mailed to each Series 2003-D Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-D
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-D Note or the making of any notation thereon. Final
payment of this Class A Note will be made only upon presentation and surrender
of this Class A Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-D Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-D Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-D Notes, the Servicer
shall have the option to redeem the Series 2003-D Notes, at a purchase price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class A
Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class A Note shall be registered in
the Note Register upon surrender of this Class A Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class A Noteholder or such Class A Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class A
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class A Notes are exchangeable for new Class A Notes in any
authorized denominations and of like

                                 Exhibit A-1-6

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class A Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

         THIS CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                 Exhibit A-1-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                    _________________________**
                                                       Signature Guaranteed

__________

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

                                 Exhibit A-1-8

<PAGE>

                                                                     EXHIBIT A-2

                        FORM OF CLASS B ASSET BACKED NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                                 Exhibit A-2-1

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                   $__________*
No. B-_________                                           CUSIP NO. 00761H BD 2

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS B ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________, or registered
assigns, subject to the following provisions, the principal sum of
__________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the Series 2003-D Final Maturity Date (which
is the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full and (b) the October 2009 Payment Date), except as
otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the Class B Note Interest Rate on
each Payment Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the first Payment Date, from and including the Closing Date
to but excluding such Payment Date. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed. Principal of this Note shall
be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

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

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

         THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

__________

*        Denominations of $1,000 and integral multiples of $1,000 in excess
thereof.

                                 Exhibit A-2-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly
executed.

                                            WILMINGTON TRUST COMPANY,
                                                as Owner Trustee of
                                            ADVANTA BUSINESS CARD MASTER TRUST

                                            By: ________________________________
                                            Name:
                                            Title:

Dated:

                                 Exhibit A-2-3

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         not in its individual capacity,
                                         but solely as Indenture Trustee

                                         By:____________________________________
                                                     Authorized Signatory

Dated:

                                 Exhibit A-2-4

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS B ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class B Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-D (the
"SERIES 2003-D NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of December 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes, the Class C Notes and the Class D Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class B Note Initial Principal Balance is $37,000,000.

         The Class B Note Principal Balance on any date of determination will be
an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class B Noteholders on or
prior to such date.

         The Expected Final Principal Payment Date is the November 20, 2006
Payment Date, but principal with respect to the Class B Notes may be paid
earlier or later under certain circumstances described in the Indenture. If for
one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit the Controlled Deposit Amount into the Principal
Funding Account, then to the extent that excess funds are not available on
subsequent Payment Dates with respect to the Controlled Accumulation Period to
make up for such shortfalls, the final payment of principal of the Notes will
occur later than the Expected Final Principal Payment Date. Payments of
principal of the Notes shall be payable in accordance with the provisions of the
Indenture.

                                 Exhibit A-2-5

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class B
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class B Note) such Class B Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class B Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-D Noteholders shall be made by (i) check
mailed to each Series 2003-D Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-D
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-D Note or the making of any notation thereon. Final
payment of this Class B Note will be made only upon presentation and surrender
of this Class B Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-D Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-D Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-D Notes, the Servicer
shall have the option to redeem the Series 2003-D Notes, at a purchase price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class B
Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class B Note shall be registered in
the Note Register upon surrender of this Class B Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class B Noteholder or such Class B Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class B
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class B Notes are exchangeable for new Class B Notes in any
authorized denominations and of like

                                 Exhibit A-2-6

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class B Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

         THIS CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                 Exhibit A-2-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee _______________________.

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated: __________                                   _________________________**
                                                      Signature Guaranteed

__________

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

                                 Exhibit A-2-8

<PAGE>

                                                                     EXHIBIT A-3

                        FORM OF CLASS C ASSET BACKED NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                                 Exhibit A-3-1

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                    $__________*
No. C-_________                                            CUSIP NO. 00761H BE 0

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS C ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________, or registered
assigns, subject to the following provisions, the principal sum of
__________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the Series 2003-D Final Maturity Date (which
is the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full and (b) the October 2009 Payment Date), except as
otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the Class C Note Interest Rate on
each Payment Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the first Payment Date, from and including the Closing Date
to but excluding such Payment Date. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed. Principal of this Note shall
be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

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

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

         THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A AND THE CLASS B NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT.

__________

*        Denominations of $1,000 and integral multiples of $1,000 in excess
thereof.

                                 Exhibit A-3-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be duly
executed.

                                            WILMINGTON TRUST COMPANY,
                                                as Owner Trustee of
                                            ADVANTA BUSINESS CARD MASTER TRUST

                                            By: ________________________________
                                            Name:
                                            Title:

Dated:

                                 Exhibit A-3-3

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         not in its individual capacity,
                                         but solely as Indenture Trustee

                                         By:____________________________________
                                                     Authorized Signatory

Dated:

                                 Exhibit A-3-4

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS C ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class C Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-D (the
"SERIES 2003-D NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of December 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes, the Class B Notes and the Class D Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class C Note Initial Principal Balance is $29,000,000.

         The Class C Note Principal Balance on any date of determination will be
an amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class C Noteholders on or
prior to such date.

         The Expected Final Principal Payment Date is the November 20, 2006
Payment Date, but principal with respect to the Class C Notes may be paid
earlier or later under certain circumstances described in the Indenture. If for
one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit the Controlled Deposit Amount into the Principal
Funding Account, then to the extent that excess funds are not available on
subsequent Payment Dates with respect to the Controlled Accumulation Period to
make up for such shortfalls, the final payment of principal of the Notes will
occur later than the Expected Final Principal Payment Date. Payments of
principal of the Notes shall be payable in accordance with the provisions of the
Indenture.

                                 Exhibit A-3-5

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class C
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class C Note) such Class C Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class C Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-D Noteholders shall be made by (i) check
mailed to each Series 2003-D Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-D
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-D Note or the making of any notation thereon. Final
payment of this Class C Note will be made only upon presentation and surrender
of this Class C Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-D Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-D Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-D Notes, the Servicer
shall have the option to redeem the Series 2003-D Notes, at a purchase price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class C
Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class C Note shall be registered in
the Note Register upon surrender of this Class C Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class C Noteholder or such Class C Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class C
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class C Notes are exchangeable for new Class C Notes in any
authorized denominations and of like

                                 Exhibit A-3-6

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class C Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

         THIS CLASS C NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                 Exhibit A-3-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                    _________________________**
                                                       Signature Guaranteed

__________

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

                                 Exhibit A-3-8

<PAGE>

                                                                     EXHIBIT A-4

                        FORM OF CLASS D ASSET BACKED NOTE

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS D NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS D NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

         THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS
NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR ITS AFFILIATES OR (2) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT (A "QIB") PURCHASING FOR ITS OWN ACCOUNT OR A QIB
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A UNDER THE SECURITIES ACT. THIS SECURITY WILL NOT BE ACCEPTED FOR
REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE SATISFACTORY TO
THE TRANSFER AGENT AND REGISTRAR THAT THE RESTRICTIONS ON TRANSFER SET FORTH IN
THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT HAVE BEEN COMPLIED WITH. THIS
NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE
PRIOR WRITTEN CONSENT OF THE TRANSFEROR AND UNLESS AND UNTIL THE INDENTURE
TRUSTEE, THE TRANSFEROR AND THE SERVICER SHALL HAVE RECEIVED THE CERTIFICATIONS
REQUIRED BY THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT.

         THE CLASS D NOTES ARE ALSO SUBJECT TO RESTRICTIONS ON THE PURCHASE,
OWNERSHIP AND DISPOSITION OF SUCH SECURITIES, INCLUDING THE CONSENT OF THE
TRANSFEROR AND THE DELIVERY OF AN INVESTMENT LETTER. SUCH RESTRICTIONS ARE SET
FORTH IN THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT, COPIES OF WHICH ARE
AVAILABLE FROM THE INDENTURE TRUSTEE.

                                 Exhibit A-4-1

<PAGE>

         THIS CLASS D NOTE MAY NOT BE SOLD OR TRANSFERRED TO ANY PLAN THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA") OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), TO ANY PERSON ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF ANY SUCH
PLAN, OR TO ANY OTHER "BENEFIT PLAN INVESTOR" (AS DEFINED IN UNITED STATES
DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101(f)(2)), INCLUDING AN INSURANCE
COMPANY GENERAL ACCOUNT, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE SUPPLEMENT.

         THIS CLASS D NOTE MAY NOT BE ACQUIRED, SOLD, TRADED OR TRANSFERRED, NOR
MAY AN INTEREST IN THIS CLASS D NOTE BE MARKETED, ON OR THROUGH (I) AN
"ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING, WITHOUT LIMITATION, AN
OVER THE-COUNTER-MARKET OR AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS OR (II) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF SECTION 7704(b)(2) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING A MARKET WHEREIN
INTERESTS IN THE CLASS D NOTES ARE REGULARLY QUOTED BY ANY PERSON MAKING A
MARKET IN SUCH INTERESTS AND A MARKET WHEREIN ANY PERSON REGULARLY MAKES
AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO INTERESTS IN THE CLASS D NOTES AND
STANDS READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR ITSELF
OR ON BEHALF OF OTHERS.

         BEFORE PURCHASING THIS NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH
RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON
RESALE OR TRANSFER. NEITHER THE ISSUER NOR THE SELLER OF THIS NOTE HAS AGREED TO
REGISTER THIS NOTE UNDER THE SECURITIES ACT, TO QUALIFY THIS NOTE UNDER THE
SECURITIES LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS
TO ANY PURCHASER.

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

                                 Exhibit A-4-2

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                    $__________*
No. D-_________                                            CUSIP NO. 00761H BF 7

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS D ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________, or registered
assigns, subject to the following provisions, the principal sum of
__________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the Series 2003-D Final Maturity Date (which
is the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full and (b) the October 2009 Payment Date), except as
otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the Class D Note Interest Rate on
each Payment Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the first Payment Date, from and including the Closing Date
to but excluding such Payment Date. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed. Principal of this Note shall
be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

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

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

         THIS CLASS D NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES TO THE
EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

__________

*        Denominations of $500,000 and integral multiples of $500,000 in excess
thereof.

                                 Exhibit A-4-3

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class D Note to be duly
executed.

                                            WILMINGTON TRUST COMPANY,
                                                as Owner Trustee of
                                            ADVANTA BUSINESS CARD MASTER TRUST

                                            By: ________________________________
                                            Name:
                                            Title:

Dated:

                                 Exhibit A-4-4

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                         not in its individual capacity,
                                         but solely as Indenture Trustee

                                         By:____________________________________
                                                     Authorized Signatory

Dated:

                                 Exhibit A-4-5

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D

                            CLASS D ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class D Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-D (the
"SERIES 2003-D NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of December 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes, the Class B Notes and the Class C Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class D Note Initial Principal Balance is $14,000,000.

         The Class D Note Principal Balance on any date of determination will be
an amount equal to (a) the Class D Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class D Noteholders on or
prior to such date.

         The Expected Final Principal Payment Date is the November 20, 2006
Payment Date, but principal with respect to the Class D Notes may be paid
earlier or later under certain circumstances described in the Indenture. If for
one or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit the Controlled Deposit Amount into the Principal
Funding Account, then to the extent that excess funds are not available on
subsequent Payment Dates with respect to the Controlled Accumulation Period to
make up for such shortfalls, the final payment of principal of the Notes will
occur later than the Expected Final Principal Payment Date. Payments of
principal of the Notes shall be payable in accordance with the provisions of the
Indenture.

                                 Exhibit A-4-6

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class D
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class D Note) such Class D Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class D Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-D Noteholders shall be made by (i) check
mailed to each Series 2003-D Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-D
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-D Note or the making of any notation thereon. Final
payment of this Class D Note will be made only upon presentation and surrender
of this Class D Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-D Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-D Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-D Notes, the Servicer
shall have the option to redeem the Series 2003-D Notes, at a purchase price
equal to (i) f such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS D NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class D
Notes are issuable only in minimum denominations of $500,000 and integral
multiples of $500,000. The transfer of this Class D Note shall be registered in
the Note Register upon surrender of this Class D Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class D Noteholder or such Class D Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class D
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class D Notes are exchangeable for new Class D Notes in any
authorized denominations and of like

                                 Exhibit A-4-7

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         Registration of transfer of Class D Notes shall be effected only if the
Transferor has given its consent to the transfer and the transferee has executed
and delivered an investment letter in the form and substance attached to the
Indenture Supplement as Exhibit E with respect to certain matters under the
Securities Act of 1933, as amended, the Employee Retirement Income Security Act
of 1974, as amended, and the Internal Revenue Code of 1986, as amended.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class D Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

         THIS CLASS D NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                 Exhibit A-4-8

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                     _________________________**
                                                        Signature Guaranteed

__________

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

                                 Exhibit A-4-9

<PAGE>

                                                                       EXHIBIT B

 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO THE INDENTURE TRUSTEE
                               ADVANTA BANK CORP.
                       ADVANTA BUSINESS RECEIVABLES CORP.
                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-D
                              MONTHLY PERIOD ENDING

Capitalized terms used in this notice have their respective meanings set forth
in the Master Indenture and the Transfer and Servicing Agreement. References to
certain sections and subsections are references to the respective sections and
subsections of the Master Indenture as supplemented by the Series 2003-D
Indenture Supplement. This notice is delivered pursuant to Section 4.04

         A) Advanta Bank Corp. is the Servicer under the Master Indenture.

         B) The undersigned is an Authorized Officer.

         C) The date of this notice is on or before the second Business Day
         preceding the related Payment Date.

I.  INSTRUCTION TO MAKE A WITHDRAWAL

Pursuant to Section 4.04, the Servicer does hereby instruct the Indenture
Trustee to apply Available Finance Charge Collections and Available Principal
Collections in a manner set forth below:

<TABLE>
<S>      <C>                                                                                           <C>
A.       Pursuant to section 4.04 (a)(i):

         1.   Class A Monthly Interest for such Payment  Date.....................................     $ _______________
         2.   Any Class A Interest Shortfall previously due but not distributed to the Class A
              Noteholders.........................................................................       _______________
         3.   Class A Additional Interest for such Payment Date...................................     $ _______________
         4.   Any Class A Additional Interest previously due but not distributed to Class A
              Noteholder..........................................................................     $ _______________

B.       Pursuant to section 4.04 (a)(ii)

         1.   Class B Monthly Interest for such Payment Date......................................     $ _______________
         2.   Any Class B Interest Shortfall previously due but not distributed to the Class B
              Noteholders.........................................................................       _______________
         2.   Class B Additional Interest for such Payment Date...................................     $ _______________
         3.   Any Class B Additional Interest previously due but not distributed to Class B
              Noteholder..........................................................................     $ _______________

C.       Pursuant to section 4.04 (a)(iii)

         Monthly Servicing Fee for such Payment Date plus the amount of any Monthly Servicing Fee
         previously due but not distributed to the Servicer on a prior Payment Date...............     $ _______________

D.       Pursuant to section 4.04 (a)(iv)

         1.   The amount withdrawn from Cash Collateral Account to cover distributions pursuant to
              subsection 4.04 (a)(iv).............................................................       _______________
         2.   Class C Monthly Interest for such Payment Date......................................     $ _______________
         3.   Any Class C Interest Shortfall previously due but not distributed to the Class C
              Noteholders.........................................................................       _______________
         4.   Class C Additional Interest for such Payment Date...................................     $ _______________
         5.   Any Class C Additional Interest previously due but not distributed to Class C
              Noteholder..........................................................................     $ _______________

E.       Pursuant to section 4.04 (a) (v)
</TABLE>

                                  Exhibit B-1

<PAGE>

<TABLE>
<S>      <C>                                                                                           <C>
         Investor Default Amount for the related Monthly Period to be treated as Available
         Principal Collections...................................................................      $ _______________

F.       Pursuant to section 4.04(a)(vi)

         1.   Investor Charge-Offs which have not been previously reimbursed.....................      $ _______________
         2.   Reallocated Principal Collections which have not been previously reimbursed .......      $ _______________

G.       Pursuant to section 4.04 (a)(vii)

         On each Payment Date from and after the Reserve Account Funding Date, to the Reserve
         Account an amount up to the excess, if any, of the Required Reserve Account Amount over
         the Available Reserve Account...........................................................      $ _______________

H.       Pursuant to section 4.04 (a)(viii)

         1.   The amount withdrawn from Cash Collateral Account to cover distributions pursuant
              to subsection 4.04 (a)(viii).......................................................      $ _______________
         2.   Class D Monthly Interest for such Payment Date.....................................      $ _______________
         3.   Any Class D Interest Shortfall previously due but not distributed to the Class D
              Noteholders........................................................................        _______________
         4.   Class D Additional Interest for such Payment Date..................................      $ _______________
         5.   Any Class D Additional Interest previously due but not distributed to Class D
              Noteholder.........................................................................      $ _______________

I.       Pursuant to section 4.04 (a)(ix)

         Amount required to be deposited in the Cash Collateral Account pursuant to subsection
         4.11 (f)................................................................................      $ _______________

J.       Pursuant to section 4.04 (a)(x)

         Amount, if any, to be treated as Excess Finance Charge Collections for such Payment
         Date allocated to other Series in Group One.............................................      $ _______________

K.       Pursuant to section 4..04 (a)(xi)

         Remaining amounts paid to the holders of Trust Beneficial Interests or Certificates.....      $ _______________

                                                                             Total                     $
                                                                                                         ===============

L.       Pursuant to section 4.04 (b)

         On each Payment Date with respect to the Revolving Period, the amount of Available
         Principal Collections for the related Monthly Period to be treated as Shared Principal
         Collections.............................................................................      $ _______________

M.       Pursuant to section 4.04 (c)

         On each Payment Date with respect to the Controlled Accumulation Period or the Early
         Amortization Period, Available Principal Collections shall be distributed as follows:

         1.   The Monthly Principal for such Payment Date deposited into the Principal Funding
              Account............................................................................      $ _______________
</TABLE>

                                   Exhibit B-2

<PAGE>

<TABLE>
<S>      <C>                                                                                           <C>
         2.   Monthly Principal to the Class A Noteholder........................................      $ _______________
         3.   Monthly Principal to the Class B Noteholder .......................................      $ _______________
         4.   Monthly Principal to the Class C Noteholder .......................................      $ _______________
         5.   Monthly Principal to the Class D Noteholder .......................................      $ _______________
         6.   Monthly Principal to be treated as Shared Principal Collections ...................      $ _______________

N.       Pursuant to section 4.04 (d)

         On the earlier to occur of (a) the first Payment Date during the early Amortization
         Period and (b) the Expected Final Principal Payment Date, withdraw from the Principal
         Funding Account and distribute as follows:

         1.   Monthly Principal to the Class A Noteholder .......................................      $ _______________
         2.   Monthly Principal to the Class B Noteholder .......................................      $ _______________
         3.   Monthly Principal to the Class C Noteholder .......................................      $ _______________
         4.   Monthly Principal to the Class D Noteholder .......................................      $ _______________

II.      REALLOCATED PRINCIPAL COLLECTIONS

         Pursuant to Section 4.06, the Servicer does hereby instruct the Indenture Trustee to
         apply Reallocated Principal Collections with respect to such Payment Date, to fund any
         deficiency pursuant to subsections 4.04 (a)(i), (ii), (iii), and (iv)...................      $ _______________

III.     SHARED PRINCIPAL COLLECTIONS

         Pursuant to Section 8.05 of the Master indentures, Available Principal Collections for
         the related Monthly Period treated as Shared Principal Collections paid to the Trust
         Beneficial Interests or Certificates....................................................      $ _______________

IV.      ACCRUED AND UNPAID AMOUNTS

         After giving effect to the withdrawals and transfers to be made in accordance with this
         notice, the following amounts will be accrued and unpaid with respect to all Monthly
         Periods preceding the current calendar month:

         1.   Aggregate Class A Interest Shortfall...............................................      $ _______________
         2.   Aggregate Class B Interest Shortfall...............................................      $ _______________
         3.   Aggregate Class C Interest Shortfall...............................................      $ _______________
         4.   Aggregate Class D Interest Shortfall...............................................      $ _______________
         5.   Aggregate amount of all accrued and unpaid Monthly Servicing Fee...................      $ _______________
         6.   Aggregate amount of all unreimbursed Investor Charge-Offs..........................      $ _______________

V.       CASH COLLATERAL ACCOUNT

         1.   Beginning Balance .................................................................      $ _______________
         2.   Investment Earnings since the preceding Payment Date...............................      $ _______________
         3.   Amount withdrawn to cover payments pursuant to subsections 4.04(a)(iv) and
              4.04(a)(viii) .....................................................................      $ _______________
         4.   On the Series 2003-D Final Maturity Date, amount withdrawn pursuant to subsection
              4.11(d)............................................................................      $ _______________
</TABLE>

                                  Exhibit B-3

<PAGE>

<TABLE>
<S>      <C>                                                                                           <C>
         5.   On the day following the occurrence of an Event of Default, amount withdrawn
              pursuant to subsection 4.11 (e)....................................................      $ _______________
         6.   Amount deposited to cover any Cash Collateral Account Deficiency...................      $ _______________
         7.   Excess over the Required Cash Collateral Account Amount paid to the Transferor.....      $ _______________
         8.   Ending Balance.....................................................................      $ _______________

VI.      RESERVE ACCOUNT

         1.   Beginning Balance..................................................................      $ _______________
         2.   Interest and earnings for the related Payment Date.................................      $ _______________
         3.   Interest earnings withdrawn to be included in Available Finance Charge
              Collections........................................................................      $ _______________
         4.   On each Payment Date from and after the Reserve Account Funding Date, amount
              deposited pursuant to subsection 4.04(a)(vii)......................................      $ _______________
         5.   The Reserve Draw Amount to be deposited into the Collection Account to be treated
              as Available Finance Charge Collections............................................      $ _______________
         6.   The Reserve Account Surplus to be paid to the holders of Trust Beneficial
              Interests .........................................................................      $ _______________
         7.   Amount withdrawn pursuant to subsection 4.10(f)....................................      $ _______________
         8.   Ending Balance.....................................................................      $ _______________

VII.     PRINCIPAL FUNDING ACCOUNT

         1.   Beginning Balance..................................................................      $ _______________
         2.   Principal Funding Account Investment Proceeds for the related Payment Date.........      $ _______________
         3.   Principal Funding Account Investment Proceeds to be deposited into the Collection
              Account included as Available Finance Charge Collections...........................      $ _______________
         4.   During the Controlled Accumulation Period, the amount of Monthly Principal for
              such Payment Date deposited into the Principal Funding Account.....................      $ _______________
         5.   On the earliest to occur of (a) first Payment Date during the Early Amortization
              Period and (b) the Expected Final Principal Payment Date, the amount withdrawn for
              payment to the Noteholders.........................................................      $ _______________
         6.   Ending Balance.....................................................................      $ _______________

VIII.    EXCESS FUNDING ACCOUNT

         1.   Beginning Balance..................................................................      $ _______________
         2.   Interest income from investments in the related Monthly Period pursuant to
              subsection 8.03 (b) of the Master Indenture........................................      $ _______________
         3.   Deposits made pursuant to subsections 4.01(b)(ii), 4.01(c)(ii)(x), 4.01(c)(ii)(y)
              and 4.01(c)(ii)(z) of the Series 2000-C Indenture Supplement.......................      $ _______________
         4.   Interest income withdrawn to be included as Available Finance Charge Collections...      $ _______________
         5.   Amount withdrawn to be treated as Shared Principal Collections pursuant to subsection
              8.03 (b) of the Master Indenture...................................................      $ _______________
         6.   Amount withdrawn and paid to the holders of the Trust Beneficial Interest or
              Certificates pursuant to subsection 8.03 (b) of the Master Indenture...............      $ _______________
         7.   Ending Balance.....................................................................      $ _______________
</TABLE>

                                   Exhibit B-4

<PAGE>

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this _____ day of ___________ .

                                         Advanta Bank Corp,
                                             as Servicer

                                         By:____________________________________
                                         Name:
                                         Title:

                                  Exhibit B-5

<PAGE>

                                                                       EXHIBIT C

CLASS A CUSIP # 00761H BC 4
CLASS B CUSIP # 00761H BD 2
CLASS C CUSIP # 00761H BE 09

                     FORM OF MONTHLY NOTEHOLDER'S STATEMENT
                               ADVANTA BANK CORP.
                       ADVANTA BUSINESS CARD MASTER TRUST
                                  SERIES 2003-D
                                  PERIOD ENDING
                                 [____________]

The information which is required to be prepared with respect to the Payment
Date of __________, 200__ and with respect to the performance of the Trust
during the period of __________ , 20___ through __________, 20___ is set forth
below.

Capitalized terms used in this statement have their respective meanings set
forth in the Master Indenture and the Transfer and Servicing Agreement.
References to certain sections and subsections are references to the respective
sections and subsections of the Master Indenture as supplemented by the Series
2003-D Indenture Supplement.

<TABLE>
<S>       <C>                                                                                               <C>
I.        INFORMATION REGARDING THE CURRENT MONTHLY PRINCIPAL DISTRIBUTION TO THE NOTEHOLDERS (STATED
          ON THE BASIS OF $1,000 ORIGINAL PRINCIPAL BALANCE)

          1.     The amount of distribution in respect to principal payment to the Class A Noteholders..    $_________
          2.     The amount of distribution in respect to principal payment to the Class B Noteholders..    $_________
          3.     The amount of distribution in respect to principal payment to the Class C Noteholders..    $_________
          4.     The amount of distribution in respect to principal payment to the Class D Noteholders..    $_________

II.       INFORMATION REGARDING THE CURRENT MONTHLY INTEREST DISTRIBUTION TO THE NOTEHOLDERS (STATED
          ON THE BASIS OF $1,000 ORIGINAL NOTE PRINCIPAL BALANCE)

          1.     The amount of distribution in respect to the Class A Monthly Interest..................    $_________
          2.     The amount of distribution in respect to the Class B Monthly Interest..................    $_________
          3.     The amount of distribution in respect to the Class C Monthly Interest..................    $_________
          4.     The amount of distribution in respect to the Class D Monthly Interest..................    $_________

III.      INFORMATION REGARDING THE TOTAL MONTHLY DISTRIBUTION TO THE NOTEHOLDER (STATED ON THE BASIS
          OF $1,000 ORIGINAL NOTE PRINCIPAL BALANCE)

          1.     The total amount of distribution in respect to the Class A Noteholders.................    $_________
          2.     The total amount of distribution in respect to the Class B Noteholders.................    $_________
          3.     The total amount of distribution in respect to the Class C Noteholders.................    $_________
          4.     The total amount of distribution in respect to the Class D Noteholders.................    $_________

IV.       INFORMATION REGARDING THE PERFORMANCE OF THE ADVANTA BUSINESS CARD MASTER TRUST

          1.     The aggregate amount of such Collections with respect to Principal Receivables for
                 the Monthly Period preceding such Payment Date.........................................    $_________
</TABLE>

                                  Exhibit C-1

<PAGE>

<TABLE>
<S>       <C>                                                                                           <C>
          2.     The aggregate amount of such Collections with respect to Finance
                 Charge and Administrative Receivables for the Monthly Period preceding such
                 Payment Date.........................................................................  $_________
          3.     Recoveries for the preceding Monthly Period..........................................  $_________
          4.     The Defaulted Amount for the preceding Monthly Period................................  $_________
          5.     The total amount of Principal Receivables in the trust at the beginning of the
                 preceding Monthly Period.............................................................  $_________
          6.     The total amount of Principal Receivables in the trust as of the last day of the
                 preceding Monthly Period.............................................................  $_________
          7.     The total amount of Finance Charge and Administrative Receivables in the Trust as of
                 the last day of the preceding Monthly Period is......................................  $_________
          8.     The aggregated Adjusted Invested Amounts of all Series of Notes outstanding as of
                 the last day of the preceding Monthly Period.........................................  $_________
          9.     The Transferor Interest as of the last day of the preceding Monthly Period...........  $_________
          10.    The Transferor Percentage as of the last day of the preceding Monthly Period.........   _________%
          11.    The Required Transferor Percentage...................................................   _________%
          12.    The monthly principal payment rate for the preceding Monthly Period..................   _________%
          13.    The balance in the Excess Funding Account as of the last day of the preceding
                 Monthly Period.......................................................................  $_________
          14.    The aggregate outstanding balance of the Accounts which were delinquent as of the
                 close of business on the last day of the Monthly Period preceding such Payment Date
</TABLE>

<TABLE>
<CAPTION>
                                                    Percentage of              Aggregate
                                                        Total                   Account
                                                     Receivables                Balance
                                                    -------------             ----------
<S>                                                 <C>                       <C>
(a) Delinquent between 30 days and 59 days             _____%                  $

(b) Delinquent between 60 days and 89 days             _____%                  $

(c) Delinquent between 90 days and 119 days            _____%                  $

(d) Delinquent between 120 days and 149 days           _____%                  $

(e) Delinquent between 150 days and 179 days           _____%                  $

(f) Delinquent 180 days or greater                     _____%                  $
                                                    -------------              ---------
(e) Aggregate                                          _____%                  $
                                                    -------------              ---------
</TABLE>

<TABLE>
<S>       <C>                                                                                           <C>
V.        INFORMATION REGARDING SERIES 2003-D

          1.     The amount of Principal Receivables in the Trust represented by the Invested Amount
                 of Series 2003-D as of the last day of the related Monthly Period....................  $_________
          2.     The amount of Principal Receivables in the Trust represented by the Adjusted Invested
                 Amount of Series 2003-D on the last day of the related Monthly Period................  $_________
                                                                                     NOTE FACTORS
          3.     The amount of Principal Receivables in the Trust represented by the Class A Note
                 Principal Balance on the last day of the related Monthly Period......................  $_________
          4.     The amount of Principal Receivables in the Trust represented by the Class B Note
                 Principal Balance on the last day of the related Monthly Period......................  $_________
          5.     The amount of Principal Receivables in the Trust represented by the Class C Note
                 Principal Balance on the last day of the related Monthly Period .....................  $_________
</TABLE>

                                  Exhibit C-2

<PAGE>

<TABLE>
<S>       <C>                                                                                           <C>
          6.     The amount of Principal Receivables in the trust represented by the Class D Note
                 Principal Balance on the last day of the related Monthly Period......................  $_________
          7.     The Floating Investor Percentage with respect to the period:

                         _________, 20___ through __________, 20___...................................  _________%
                         _________, 20___ through __________, 20___...................................  _________%
                         _________, 20___ through __________, 20___...................................  _________%
          8.     The Fixed Investor Percentage with respect to the period:

                         _________, 20___ through __________, 20___...................................  __________
                         _________, 20___ through __________, 20___...................................  __________
                         _________, 20___ through __________, 20___...................................  __________
          9.     The amount of Available Finance Charge Collections on deposit in the Collection
                 Account on related Payment Date......................................................  $_________
          10.    The Investor Default Amount for the related Monthly Period...........................  $_________
          11.    The Monthly Servicing Fee for the related Monthly Period.............................  $_________
          12.    Trust yields for the related Monthly Period:

                 a.      The cash yield for the related Monthly Period................................  _________%
                 b.      The default rate for the related Monthly Period..............................  _________%
                 c.      The Net Portfolio Yield for the related Monthly Period.......................  _________%
                 d.      The Base Rate for the related Monthly Period.................................  _________%
                 e.      The Excess Spread Percentage for the related Monthly Period..................  _________%
                 f.      The Quarterly Excess Spread percentage.......................................  _________%

                         (i)   Excess Spread Percentage related to       MM-YY                          _________%
                         (ii)  Excess Spread Percentage related to       MM-YY                          _________%
                         (iii) Excess Spread Percentage related to       MM-YY                          _________%

          13.     Floating Rate Determinations:

                 LIBOR for the Interest Period from _____ through and including _____, 20___..........  _________%
                 LIBOR for the Interest Period from _____ through and including _____, 20___..........  _________%

          14.    Principal Funding Account............................................................
                 a.      The amount on deposit in the Principal Funding Account on the related Payment
                         Date (after taking into consideration deposits and withdraws for the
                         related Payment Date)........................................................  $_________
                 b.      The Accumulation Shortfall with respect to the related Monthly Period........  $_________
                 c.      The Principal Funding Investment Proceeds deposited in the Collection
                         Account to be treated as Available Finance Charge Collections................  $_________
          15.    Reserve Account
                 a.      The amount on deposit in the Reserve Account on the related Payment Date
                         (after taking into consideration deposits and withdraws for the related
                         Payment Date)................................................................  $_________
                 b.      The Reserve Draw Amount for the related Monthly Period deposited into the
                         Collection Account to be treated as Available Finance Charge Collections.....  $_________
                 c.      Interest earnings on the Reserve Account deposited into the Collection
                         Account to be treated as Available Finance Charge Collections................  $_________
          16.    Cash Collateral Account
                 a.      The Required Cash Collateral Account Amount on the related Payment Date......  $_________
                 b.      The Available Cash Collateral Account Amount on the related Payment Date.....  $_________
          17.    Investor Charge-Offs
                 a.      The aggregate amount of Investor Charge-Offs for the related Monthly Period..  $_________
                 b.      The aggregate amount of Investor Charge-Offs reimbursed on the Payment Date..  $_________
</TABLE>

                                  Exhibit C-3

<PAGE>

<TABLE>
<S>       <C>                                                                                           <C>
          18.    The Monthly Principal Reallocation Amount for the related Monthly Period.............  $_________
</TABLE>

                                                    Advanta Bank Corp.
                                                        as Servicer

                                                    By:_________________________
                                                    Name:
                                                    Title:

                                  Exhibit C-4

<PAGE>

                                                                       EXHIBIT D

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

                     ADVANTA BANK CORP. OFFICERS CERTIFICATE

         I, [name], [title] of Advanta Bank Corp. ("ABC") hereby certify that
Advanta Bank Corp. ("ABRC"), as Servicer pursuant to the Advanta Business Card
Master Series 2003-D Indenture Supplement (the "Agreement") dated as of December
1, 2003 by and among Advanta Business Card Master Trust, as issuer (the
"Issuer") and Deutsche Bank Trust Company Americas, as trustee (the "Trustee").
Any terms not defined herein will have their respective meanings as defined in
the Agreement.

         (a)      In compliance with Section 5.03 of the Agreement, ABC hereby
states that no Pay Out Event has occurred during the preceding Monthly Period.

         IN WITNESS WHEREOF, I have hereunto set my hand this ____ day of
_______, 20__.

                                            ADVANTA BANK CORP.

                                            By: ________________________________
                                            Name:
                                            Title:

                                  Exhibit D-1

<PAGE>

                                                                       EXHIBIT E

                            FORM OF INVESTMENT LETTER

                                INVESTMENT LETTER

                                     [Date]

[Indenture Trustee]

[Transferor]

[Servicer]

              Re: Purchase of Advanta Business Card Master Trust,
                  Series 2003-D, Class D Asset Backed Notes

Dear Sirs:

         The undersigned proposes to purchase the Class D Notes identified below
issued by Advanta Business Card Master Trust (the "Issuer"), pursuant to the
Series 2003-D Indenture Supplement, dated as of December 1, 2003 (the "Indenture
Supplement"), among the Issuer, Advanta Business Receivables Corp., as
transferor (the "Transferor"), and Advanta Bank Corp., as servicer (the
"Servicer") and Deutsche Bank Trust Company Americas (formerly known as Bankers
Trust Company), as indenture trustee (the "Indenture Trustee"). In connection
with our proposed purchase of such notes we acknowledge, represent, warrant and
covenant that:

         1.       the Class D Notes will be offered and may be resold only to
"qualified institutional buyers" ("QIBs") pursuant to Rule 144A of the
Securities Act of 1933, as amended (the "Securities Act");

         2.       the Class D Notes have not been and will not be registered
under the Securities Act or any state or other applicable securities law and the
Class D Notes, or any interest or participation therein, may not be offered,
sold, pledged or otherwise transferred unless registered pursuant to, or exempt
from registration under, the Securities Act and any other applicable securities
law;

         3.       none of the Owner Trustee, the Indenture Trustee, the
Transferor or the Servicer or any person representing the Owner Trustee, the
Indenture Trustee, the Transferor or the Servicer has made any representation to
us with respect to the Issuer or the offering or sale of any of the Class D
Notes, other than the information contained in the accompanying Private
Placement Memorandum, which has been delivered to us and upon which we are
relying in making our investment decision with respect to the Class D Notes. We
have had access to such financial and other information concerning the Issuer
and the Class D Notes as we have deemed necessary in connection with our
decision to purchase such notes;

                                  Exhibit E-1

<PAGE>

         4.       we have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an
investment in the Class D Notes, and we (and any account for which we are
purchasing under paragraph (8) below) are able to bear the economic risk of an
investment in the Class D Notes;

         5.       the Class D Notes will bear a legend to the following effect:

         "THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS
NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR ITS AFFILIATES OR (2) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT (A "QIB") PURCHASING FOR ITS OWN ACCOUNT OR A QIB
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A UNDER THE SECURITIES ACT. THIS SECURITY WILL NOT BE ACCEPTED FOR
REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE SATISFACTORY TO
THE TRANSFER AGENT AND REGISTRAR THAT THE RESTRICTIONS ON TRANSFER SET FORTH IN
THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT HAVE BEEN COMPLIED WITH. THIS
NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE
PRIOR WRITTEN CONSENT OF THE TRANSFEROR AND UNLESS AND UNTIL THE INDENTURE
TRUSTEE, THE TRANSFEROR AND THE SERVICER SHALL HAVE RECEIVED THE CERTIFICATIONS
REQUIRED BY THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT. THE CLASS D NOTES
ARE ALSO SUBJECT TO RESTRICTIONS ON THE PURCHASE, OWNERSHIP AND DISPOSITION OF
SUCH SECURITIES, INCLUDING THE CONSENT OF THE TRANSFEROR AND THE DELIVERY OF AN
INVESTMENT LETTER. SUCH RESTRICTIONS ARE SET FORTH IN THE MASTER INDENTURE AND
THE INDENTURE SUPPLEMENT, COPIES OF WHICH ARE AVAILABLE FROM THE INDENTURE
TRUSTEE.

         THIS CLASS D NOTE MAY NOT BE SOLD OR TRANSFERRED TO ANY PLAN THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA") OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), TO ANY PERSON ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF ANY SUCH
PLAN, OR TO ANY OTHER "BENEFIT PLAN INVESTOR" (AS DEFINED IN UNITED STATES
DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101(f)(2)), INCLUDING AN INSURANCE
COMPANY GENERAL ACCOUNT, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE SUPPLEMENT.

                                  Exhibit E-2

<PAGE>

         THIS CLASS D NOTE MAY NOT BE ACQUIRED, SOLD, TRADED OR TRANSFERRED, NOR
MAY AN INTEREST IN THIS CLASS D NOTE BE MARKETED, ON OR THROUGH (I) AN
"ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING, WITHOUT LIMITATION, AN
OVER THE-COUNTER-MARKET OR AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS OR (II) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF SECTION 7704(b)(2) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING A MARKET WHEREIN
INTERESTS IN THE CLASS D NOTES ARE REGULARLY QUOTED BY ANY PERSON MAKING A
MARKET IN SUCH INTERESTS AND A MARKET WHEREIN ANY PERSON REGULARLY MAKES
AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO INTERESTS IN THE CLASS D NOTES AND
STANDS READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR ITSELF
OR ON BEHALF OF OTHERS.

         BEFORE PURCHASING THIS NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH
RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON
RESALE OR TRANSFER. NEITHER THE ISSUER NOR THE SELLER OF THIS NOTE HAS AGREED TO
REGISTER THIS NOTE UNDER THE SECURITIES ACT, TO QUALIFY THIS NOTE UNDER THE
SECURITIES LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS
TO ANY PURCHASER.

         AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF."

         Any portion of this legend may be removed or modified if the
Transferor, the Servicer and the Indenture Trustee and the Transfer Agent and
Registrar have received an Opinion of Counsel, in form and substance
satisfactory to them, to the effect that such paragraph may be removed or
modified;

         6.       if we are acquiring any Class D note, or any interest or
participation therein, as a fiduciary or agent for one or more investor
accounts, we have sole investment discretion with respect to that account and we
have full power to make the acknowledgements, representations and agreements
contained herein on behalf of each of those accounts;

         7.       we (1) are a QIB, (2) are aware that the sale to us is being
made in reliance on Rule 144A and if we are acquiring those Class D notes or any
interest or participation therein for the account of another QIB, that such
other QIB is aware that the sale is being made in reliance on Rule 144A and (3)
are acquiring those Class D notes or any interest or participation therein for
our own account or for the account of a QIB;

         8.       we are purchasing the Class D notes for our own account, or
for one or more investor accounts for which we are acting as fiduciary or agent,
in each case for investment, and not with a view to, or for offer or sale in
connection with, any distribution thereof in violation of

                                  Exhibit E-3

<PAGE>

the Securities Act, subject to any requirements of law that the disposition of
our property or the property of that investor account or accounts be at all
times within our or their control and subject to our or their ability to resell
those Class D notes, or any interest or participation therein, as described
herein and as provided in the Master Indenture or the Indenture Supplement
relating to the Series 2003-D Notes;

         9.       we agree that if in the future we should offer, sell or
otherwise transfer that Class D note or any interest or participation therein,
we will do so only (A) to the Transferor or an affiliate of the Transferor, or
(B) pursuant to Rule 144A to a person whom we reasonably believe is a QIB in a
transaction meeting the requirements of Rule 144A, purchasing for its own
account or for the account of a QIB, whom we have informed that such offer, sale
or other transfer is being made in reliance on Rule 144A;

         10.      the Transferor, the Issuer, the Servicer, the Owner Trustee,
the Indenture Trustee and others will rely on the truth and accuracy of the
foregoing representations, warranties and covenants and we agree that if any of
the foregoing representations, warranties and covenants deemed to have been made
by us are no longer accurate, we shall promptly notify the Transferor, the
Issuer, the Servicer, the Owner Trustee and the Indenture Trustee. We further
agree to use reasonable efforts to produce a replacement investor which is
acceptable to the Transferor to replace us in the event of any such breach
(understanding also that the Transferor shall also have the right to procure a
replacement investor), and agree to take all actions necessary to permit a
replacement investor to succeed to our rights and obligations with respect to
the related Class D note. We acknowledge that the portion of the Tax Opinion to
the effect that the Trust will not be treated as a publicly traded partnership
taxable as a corporation is dependent in part on the accuracy of the
certifications described herein;

         11.      we are the beneficial owner for United States federal income
tax purposes and, unless otherwise consented to by the Transferor in its sole
discretion in writing, we are and will remain a "United States person" for such
purposes for so long as we hold any interest in a Class D Note;

         12.      by our acceptance of an interest in the Class D Notes, we
agree to treat the Class D Notes for federal, state and local income and
franchise tax purposes as indebtedness of the Transferor;

         13.      unless otherwise consented to by the Transferor in its sole
discretion in writing, we are properly classified as, and shall remain
classified as, a "corporation" as described in Section 7701(a)(3) of the
Internal Revenue Code of 1986 (the "Code") and are not, and so long as we shall
be an owner of Class D Notes will not become, an "S Corporation" (within the
meaning of Section 1361(a) of the Code) for U.S. federal income tax purposes;

         14.      we have not acquired, and shall not sell, trade or transfer
any interest in the Class D Notes, nor cause any interest in the Class D Notes
to be marketed on or through either (i) an "established securities market"
within the meaning of Section 7704(b)(1) of the Code (including an interdealer
quotation system that regularly disseminates firm buy or sell quotations by
identified brokers or dealers by electronic means or otherwise) or (ii) a
"secondary market (or the substantial equivalent thereof)" within the meaning of
Code Section 7704(b)(2) (including a

                                  Exhibit E-4

<PAGE>

market wherein interests in the Class D Notes are regularly quoted by any person
making a market in such interests and a market wherein any person regularly
makes available bid or offer quotes with respect to interests in the Class D
Notes and stands ready to effect, buy or sell transactions at the quoted prices
for itself or on behalf of others);

         15.      either [check one]:

                  [ ]      we are not, and we are not acquiring the Class D
                           Notes by or on behalf of, or with "plan assets" of,
                           (i) an employee benefit plan (as defined in Section
                           3(3) of The Employment Retirement Income Security Act
                           of 1974, as amended (" ERISA"), whether or not
                           subject to Title I of ERISA, (ii) a plan described in
                           Section 4975(e)(1) of the Code, (iii) an entity whose
                           underlying assets include "plan assets" by reason of
                           a Plan's investment in us; or (a) a person who is
                           otherwise a "benefit plan investor," as defined in
                           U.S. Department of Labor ("DOL") Regulation Section
                           2510.3-101 (a "Benefit Plan Investor"), including any
                           insurance company general account or a governmental
                           or foreign plan that is generally not subject to
                           ERISA or Section 4975 of the Code; OR

                  [ ]      we are acquiring the Class D Notes and the Class D
                           Notes will be held by or on behalf of, or with "plan
                           assets" of, a Plan or other Benefit Plan Investor and

                           (a)      (1) we are purchasing the Class D Notes with
                           assets of an "insurance company general account"
                           (within the meaning of DOL Prohibited Transaction
                           Class Exemption ("PTCE") 95-60 (a "General Account");
                           (2) our purchase of the Class D Notes is eligible for
                           the exemptive relief afforded under Section I of PTCE
                           95-60; and (3) less than ____% (enter a percentage
                           not in excess of 25%) of the assets of the such
                           General Account constitute "plan assets" of Benefit
                           Plan Investors; and

                           (b)      after giving effect to our purchase and all
                           other purchases occurring simultaneously therewith,
                           less than 25% of the Class D Notes (excluding Class D
                           Notes held by the servicer or any of its affiliates)
                           will constitute "plan assets" of Benefit Plan
                           Investors;

         16.      we represent and warrant and agree with you that (i) our
purchase and holding of Class D Notes will satisfy the ERISA requirements
described in paragraph 15 above and (ii) we will not assign or transfer Class D
Notes unless (a) the proposed assignee or transferee delivers a letter to you
evidencing its agreement to the ERISA representations and covenants in Paragraph

                                  Exhibit E-5

<PAGE>

15 above with respect to its purchase, holding and transfer of Class D Notes and
(b) if we (x) are not (and are not acting on behalf of ) a Benefit Plan
Investor, the assignee or transferee will also not be a Benefit Plan Investor,
or (y) are (or are acting on behalf of) a General Account, the assignee or
transferee will be accurately identified in such letter as either another
General Account or a person who is not (and is not acting on behalf of) a
Benefit Plan Investor;

         17.      registration of transfer of any Class D Note or any interest
therein will require delivery of such certificates and other requirements as are
required by the Indenture Supplement, as more specifically set forth therein;
and

         18.      transfers of the Class D Notes or any interest or
participation therein shall otherwise be subject in all respects to the
restrictions applicable thereto contained in the Master Indenture or the
Indenture Supplement.

         Capitalized terms used but not defined herein shall have the meanings
set forth in the Indenture Supplement.

                                      Very truly yours,

                                      [NAME OF INVESTOR]

                                      By: ___________________________________
                                      Name:
                                      Title:

CLASS D NOTES TO BE PURCHASED

U.S.$__________ aggregate principal amount of Series 2003-D Class D Asset Backed
Notes

                                  Exhibit E-6EXHIBIT 4.1

                        Pooling and Servicing Agreement

<PAGE>

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

                  WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC.
                                    Depositor

                                       and

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                 Master Servicer

                                       and

                              CLARION PARTNERS, LLC
                                Special Servicer

                                       and

                        WELLS FARGO BANK MINNESOTA, N.A.
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                          Dated as of November 1, 2003

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

                                  $974,238,293

                  Commercial Mortgage Pass-Through Certificates

                                 Series 2003-C8

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                                   DEFINITIONS

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

                                   ARTICLE II

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

Section 2.01  Conveyance of Mortgage Loans.................................

Section 2.02  Acceptance of the Trust Fund by Trustee......................

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

Section 2.04  Representations and Warranties of Depositor..................

Section 2.05  Conveyance of Mortgage Loan; 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,
               the Gain-on-Sale Reserve 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

                         PAYMENTS 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>

                                    EXHIBITS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Form of Class R-II Certificate         A-22          Section 1.01 Definition
                                                     of "Class R-II Certificate"

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

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

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

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

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

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

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

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

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

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

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

Form of Transferee Certificate           H           Section 5.02(c)

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

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

Form of Notice and                      J-1          Section 6.09
Acknowledgment

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

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

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

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                  R           Section 8.17(c)
Certification

Form of Special Servicer                 S           Section 8.17(c)
Certification

Form of Interim Delinquent               T           Section 3.12(b) and
Status Report                                        Section 3.12(c)

<PAGE>

                         POOLING AND SERVICING AGREEMENT

            This Pooling and Servicing Agreement (this "Agreement") is dated and
effective as of November 1, 2003, among WACHOVIA COMMERCIAL MORTGAGE SECURITIES,
INC., as Depositor, WACHOVIA BANK, NATIONAL ASSOCIATION, as Master Servicer,
CLARION PARTNERS, LLC, 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 Mortgage Loans (exclusive of that portion of
the interest payments thereon that constitutes Additional Interest) and certain
other related assets subject to this Agreement as a REMIC for federal income tax
purposes, and such segregated pool of assets will be designated as "REMIC I."
The Class R-I Residual Interest will represent the sole class of "residual
interests" 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 interest" in
REMIC II for purposes of the REMIC Provisions under federal income tax law.

            The following table sets forth the Class or Component designation,
the corresponding REMIC I Regular Interest (the "Corresponding REMIC I Regular
Interest"), the Corresponding Components of the Class X Certificates 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        $164,790,000        LA-1-1          $5,230,000     X-A-1-1

                                     LA-1-2          $6,369,000     X-A-1-2

                                     LA-1-3         $22,282,000     X-A-1-3

                                     LA-1-4         $24,753,000     X-A-1-4

                                     LA-1-5         $24,860,000     X-A-1-5

                                     LA-1-6         $24,092,000     X-A-1-6

                                     LA-1-7         $30,379,000     X-A-1-7

                                     LA-1-8         $23,442,000     X-A-1-8

                                     LA-1-9          $3,383,000     X-A-1-9

Class A-2        $186,550,000        LA-2-1         $18,590,000     X-A-2-1

                                     LA-2-2        $167,960,000     X-A-2-2

Class A-3        $241,738,000        LA-3-1         $63,350,000     X-A-3-1

                                     LA-3-2         $14,384,000     X-A-3-2

                                     LA-3-3         $38,780,000     X-A-3-3

                                     LA-3-4         $45,139,000     X-A-3-4

                                     LA-3-5         $80,085,000     X-A-3-5

Class A-4        $213,104,000        LA-4-1         $14,389,000     X-A-4-1

                                     LA-4-2        $198,715,000     X-A-4-2

Class B           $29,227,000          LB           $29,227,000       X-B

Class C           $13,396,000          LC           $13,396,000       X-C

Class D           $28,009,000          LD           $28,009,000       X-D

Class E           $13,396,000          LE           $13,396,000       X-E

Class F           $15,831,000          LF           $15,831,000       X-F

Class G           $12,178,000          LG           $12,178,000       X-G

Class H           $15,831,000          LH           $15,831,000       X-H

Class J            $7,307,000          LJ            $7,307,000       X-J

Class K            $6,089,000          LK            $6,089,000       X-K

Class L            $4,871,000          LL            $4,871,000       X-L

Class M            $2,436,000          LM            $2,436,000       X-M

Class N            $4,871,000          LN            $4,871,000       X-N

Class O            $2,436,000          LO            $2,436,000       X-O

Class P           $12,178,293          LP           $12,178,293       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: (i) the Additional
Interest and the Additional Interest Account and (ii) 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 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 seven (7) mortgage loans referred to in this Agreement
as the Meridian Mall Companion Loan, the Chelsea Market Companion Loan, the Park
City Center Companion Loans, the Regency Square Mall Companion Loan, the
CVS-Rockingham Companion Loan and the CVS-Rutherford College 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
Meridian Mall Mortgage Loan (loan number 2) the Chelsea Market Mortgage Loan
(loan number 3), the Park City Center Mortgage Loan (loan number 4), the Regency
Square Mall Mortgage Loan (loan number 7), the CVS-Rockingham Mortgage Loan
(loan number 46) and the CVS-Rutherford College Mortgage Loan (loan number 51)
(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 AB Companion
Loans and the Park City Center Pari Passu Mortgage Loan will be serviced and
administered in accordance with this Agreement. The Chelsea Market Loan Pair and
the Regency Square Mall Loan Pair will be serviced and administered in
accordance with the Pooling and Servicing Agreement (the "2003-C7 Pooling and
Servicing Agreement") dated as of October 1, 2003, by and among Wachovia
Commercial Mortgage Securities, Inc., as depositor (the "2003-C7 Depositor"),
Wachovia Bank, National Association, as master servicer (the "2003-C7 Master
Servicer"), Clarion Partners, LLC, as special servicer (the "2003-C7 Special
Servicer"), and Wells Fargo Bank Minnesota, N.A., as trustee (the "2003-C7
Trustee"), pursuant to which the Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2003-C7 were issued.
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.

            "2003-C7 Depositor": As defined in the Preliminary Statement.

            "2003-C7 Majority Subordinate Certificateholder": The "Majority
Subordinate Certificateholder" as defined in the 2003-C7 Pooling and Servicing
Agreement.

            "2003-C7 Master Servicer": As defined in the Preliminary Statement.

            "2003-C7 Mortgage Loan Purchase Agreement": "Mortgage Loan Purchase
Agreement" as defined in the 2003-C7 Pooling and Servicing Agreement.

            "2003-C7 Pooling and Servicing Agreement": As defined in the
Preliminary Statement.

            "2003-C7 Special Servicer": As defined in the Preliminary Statement.

            "2003-C7 Trustee": As defined in the Preliminary Statement.

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

            "AB Companion Holder": Each of the Meridian Mall Companion Holder,
the Park City Center AB Companion Holder, the CVS-Rockingham Companion Holder
and the CVS-Rutherford College Companion Holder.

            "AB Companion Loan": Each of the Meridian Mall Companion Loan, the
Park City Center AB Companion Loan, the CVS-Rockingham Companion Loan and the
CVS-Rutherford College Companion Loan.

            "AB Intercreditor Agreement": Each of the Meridian Mall
Intercreditor Agreement, the Park City Center Intercreditor Agreement, the
CVS-Rockingham Intercreditor Agreement and the CVS-Rutherford College
Intercreditor Agreement.

            "AB Mortgage Loan": Each of the Meridian Mall Mortgage Loan, the
Park City Center Mortgage Loan, the CVS-Rockingham Mortgage Loan and the
CVS-Rutherford College 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-C8, Additional
Interest Account." The Additional Interest Account shall not be an asset of
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, Principal Recovery 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) 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
(xx) 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": 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 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 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) and the
denominator of which is equal to the Principal Distribution Amount for such
Distribution Date.

            "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 the Park City Center Pari Passu Mortgage 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 or the trustee under any pooling and servicing
agreement pursuant to which certificates or other securities backed by the Park
City Center Pari Passu Mortgage Loan are issued, all unpaid interest on the
Required Appraisal Mortgage Loan or the Park City Center Pari Passu Mortgage
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 the Park City Center Pari
Passu Mortgage Loan plus, with respect to the Park City Center Pari Passu
Mortgage 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 the Park City Center Pari Passu
Mortgage Loan) and (v) all (or, with respect to a Pari Passu Mortgage Loan or
related Pari Passu 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 Park City Center Mortgage Loan or the Park City Center Pari
Passu Mortgage 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
Mortgagor fails to make a Balloon Payment on a scheduled maturity date and no
Appraisal has been received within 120 days of such failure, the Appraisal
Reduction Amount for the related Mortgage Loan (or the Park City Center Pari
Passu Mortgage Loan) will equal 25% of the Stated Principal Balance of such
Mortgage Loan (or the Park City Center Pari Passu Mortgage 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 Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of November 1, 2003, between the Depositor and
Artesia and relating to the transfer of the Artesia Mortgage Loans to the
Depositor.

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

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

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

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

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

            "Available Distribution Amount": With respect to any Distribution
Date, an amount equal to (a) the sum (including, with respect to the Chelsea
Market Mortgage Loan and the Regency Square Mall Mortgage Loan, as the case may
be, any amounts remitted by or advanced by the 2003-C7 Master Servicer) 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) and (vi) any
amounts deposited in the Certificate Account or the Distribution Account in
error.

            "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.

            "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-C8, 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-C8." 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 Park City Center Pari Passu Mortgage Loan is pari passu
with the Park City 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 Companion Loan.

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

            "Chelsea Market Companion Holder": The holder of the Chelsea Market
Companion Loan.

            "Chelsea Market 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 Chelsea Market Mortgage Loan.

            "Chelsea Market Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of August 18, 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 Chelsea Market
Loan Pair.

            "Chelsea Market Loan Pair": The Chelsea Market Mortgage Loan,
together with the Chelsea Market Companion Loan.

            "Chelsea Market Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 3.

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

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

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

            "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, Class A-3 and
Class A-4 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-2 Certificate": Any one of the Certificates with a "Class
A-2" designation on the face thereof, substantially in the form of Exhibit A-2
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

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

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

            "Class B Certificate": Any one of the Certificates with a "Class B"
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 C Certificate": Any one of the Certificates with a "Class C"
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 D Certificate": Any one of the Certificates with a "Class D"
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 E Certificate": Any one of the Certificates with a "Class E"
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 F Certificate": Any one of the Certificates with a "Class F"
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 G Certificate": Any one of the Certificates with a "Class G"
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 H Certificate": Any one of the Certificates with a "Class H"
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 J Certificate": Any one of the Certificates with a "Class J"
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 K Certificate": Any one of the Certificates with a "Class K"
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 L Certificate": Any one of the Certificates with a "Class L"
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 M Certificate": Any one of the Certificates with a "Class M"
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 N Certificate": Any one of the Certificates with a "Class N"
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 O Certificate": Any one of the Certificates with a "Class O"
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 P Certificate": Any one of the Certificates with a "Class P"
designation on the face thereof, substantially in the form of Exhibit A-20
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class 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-21
attached hereto, and evidencing the sole class of "residual interests" in REMIC
I for purposes of the REMIC Provisions.

            "Class R-II Certificate": Any one of the Certificates with a "Class
R-II" designation on the face thereof, substantially in the form of Exhibit A-22
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-5
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-6
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, the Distribution Date occurring in May 2004, (ii) with respect to
Component X-A-1-3, the Distribution Date occurring in November 2004, (iii) with
respect to Component X-A-1-4, the Distribution Date occurring in May 2005, (iv)
with respect to Component X-A-1-5, the Distribution Date occurring in November
2005, (v) with respect to Component X-A-1-6, the Distribution Date occurring in
May 2006, (vi) with respect to Component X-A-1-7, the Distribution Date
occurring in November 2006, (vii) with respect to Component X-A-1-8, the
Distribution Date occurring in May 2007, (viii) with respect to Component
X-A-1-9 and Component X-A-2-1, the Distribution Date occurring in November 2007,
(ix) with respect to Component X-A-2-2 and Component X-A-3-1, the Distribution
Date in May 2008, (x) with respect to Component X-A-3-2, the Distribution Date
in November 2008, (xi) with respect to Component X-A-3-3, the Distribution Date
in May 2009, (xii) with respect to Component X-A-3-4, the Distribution Date in
November 2009, (xiii) with respect to Component X-A-3-5 and Component X-A-4-1,
the Distribution Date in May 2010 and (xiv) with respect to Component X-A-4-2,
the Distribution Date in November 2010.

            "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-2-1, Component
X-A-2-2, Component X-A-3-1, Component X-A-3-2, Component X-A-3-3, Component
X-A-3-4, Component X-A-3-5, Component X-A-4-1 and Component X-A-4-2.

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

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

            "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-23
attached hereto, and evidencing a proportionate interest in the Additional
Interest that is described in Section 4.01(b).

            "CLF Companion Loan": Each of the CVS-Rockingham Companion Loan and
the CVS-Rutherford College Companion Loan.

            "CLF Mortgage Loan": Each of the CVS-Rockingham Mortgage Loan and
the CVS-Rutherford College Mortgage Loan.

            "Closing Date": November 25, 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 "CMSA
Bond Level File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CMSA for
commercial mortgage securities transactions generally.

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

            "CMSA Comparative Financial Status Report": The report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Comparative Financial Status Report" available as of the Closing
Date on the CMSA Website, or such other form for the presentation of such
information as may from time to time be approved by the CMSA for commercial
mortgage securities transactions generally. In connection with preparing the
CMSA Comparative Financial Status Report, the Master Servicer shall process (a)
interim financial statements beginning with interim financial statements for the
fiscal quarter ending March 31, 2004 and (b) annual financial statements
beginning with annual financial statements for the 2004 fiscal year.

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

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

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

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

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

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

            "CMSA Operating Statement Analysis": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Operating Statement Analysis Report" available as of the Closing Date on
the CMSA Website or in such other form for the presentation of such information
and containing such additional information as may from time to time be approved
by the CMSA for commercial mortgage-backed securities transactions generally. In
connection with preparing the CMSA Operating Statement Analysis, the Master
Servicer shall process (a) interim financial statements beginning with interim
financial statements for the fiscal quarter ending March 31, 2004 and (b) annual
financial statements beginning with annual financial statements for the 2004
fiscal year.

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

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

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

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

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

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

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

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

            "Companion Distribution Account": With respect to the Companion
Loans, the separate account or subaccount 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-C8." The Companion Distribution Accounts
shall not be assets of the Trust Fund, but instead each Companion Distribution
Account shall be held by the Companion Paying Agent on behalf of the applicable
Companion Holder. Any such account shall be an Eligible Account or a subaccount
of an Eligible Account. Notwithstanding the foregoing, if the Master Servicer
and the Companion Paying Agent are the same entity, the Companion Distribution
Account may be the related subaccount or subaccounts of the Certificate Account
referenced in the second to the last paragraph of Section 3.04(a).

            "Companion Holder": With respect to any Companion Loan, the owner of
the Mortgage Note representing such Companion Loan. As of the Closing Date, the
Companion Holders of the Companion Loans are (i) the trust created under the
2003-C7 Pooling and Servicing Agreement with respect to the Chelsea Market
Companion Loan and the Regency Square Mall Companion Loan, (ii) Capital Lease
Funding, LLC with respect to the CVS-Rockingham Companion Loan and the
CVS-Rutherford College Companion Loan, (iii) Wachovia with respect to the
Meridian Mall Companion Loan and (iv) Eurohypo with respect to the Park City
Center Companion Loans.

            "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-2-1, Component
X-A-2-2, Component X-A-3-1, Component X-A-3-2, Component X-A-3-3, Component
X-A-3-4, Component X-A-3-5, Component X-A-4-1, Component X-A-4-2, Component X-B,
Component X-C, Component X-D, Component X-E, Component X-F, Component X-G,
Component X-H, Component X-J, Component X-K, 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 thirty-two 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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-2-1": One of thirty-two components of the Class X-C
Certificates and one of seventeen 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 thirty-two components of the Class X-C
Certificates and one of seventeen 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-3-1": One of thirty-two components of the Class X-C
Certificates and one of seventeen components of the Class X-P Certificates
having a Component Notional Amount equal to the then current REMIC I Principal
Balance of REMIC I Regular Interest LA-3-1 as of any date of determination.

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

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

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

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

            "Component X-A-4-1": One of thirty-two components of the Class X-C
Certificates and one of seventeen 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-4-1 as of any date of determination.

            "Component X-A-4-2": One of thirty-two components of the Class X-C
Certificates and one of seventeen 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-4-2 as of any date of determination.

            "Component X-B": One of thirty-two 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 LB as of any date of
determination.

            "Component X-C": One of thirty-two 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 LC as of any date of
determination.

            "Component X-D": One of thirty-two 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 LD as of any date of
determination.

            "Component X-E": One of thirty-two 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 LE as of any date of
determination.

            "Component X-F": One of thirty-two 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 LF as of any date of
determination.

            "Component X-G": One of thirty-two 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 LG as of any date of
determination.

            "Component X-H": One of thirty-two 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 LH as of any date of
determination.

            "Component X-J": One of thirty-two 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 LJ as of any date of
determination.

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

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

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

            "Component 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.

            "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 Class Z
Certificates, 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, Class A-3 and Class A-4
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-C8 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-C8.

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

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

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

            "Corresponding REMIC I Regular Interest": As defined in the
Preliminary Statement with respect to any Class of Corresponding Certificates or
any 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 November, 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.

            "CVS-Rockingham Companion Holder": The holder of the CVS-Rockingham
Companion Loan.

            "CVS-Rockingham 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 CVS-Rockingham Mortgage Loan.

            "CVS-Rockingham Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of April 1, 2002, by and between Wachovia
Bank, National Association, and Capital Lease Funding, LLC in connection with
the CVS-Rockingham Loan Pair together the intercreditor agreement supplement,
dated as of September 22, 2003.

            "CVS-Rockingham Loan Pair": The CVS-Rockingham Mortgage Loan,
together with the CVS-Rockingham Companion Loan.

            "CVS-Rockingham Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 46.

            "CVS-Rutherford College Companion Holder": The holder of the
CVS-Rutherford College Companion Loan.

            "CVS-Rutherford College 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 CVS-Rutherford College Mortgage Loan.

            "CVS-Rutherford College Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of April 1, 2002, by and between Wachovia
Bank, National Association, and Capital Lease Funding, LLC in connection with
the CVS-Rutherford College Loan Pair together with the intercreditor agreement
supplement, dated as of September 22, 2003.

            "CVS-Rutherford College Loan Pair": The CVS-Rutherford College
Mortgage Loan, together with the CVS-Rutherford College Companion Loan.

            "CVS-Rutherford College Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 51.

            "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 60 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": The eleventh day of each month, or if such
eleventh day is not a Business Day, the Business Day immediately succeeding,
commencing on December 11, 2003.

            "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-C8."

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

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

            "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.

            "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.

            "Eurohypo": Eurohypo AG, New York Branch or its successor in
interest.

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

            "Eurohypo Mortgage Loans": The Mortgage Loans transferred and
assigned to the Depositor pursuant to the Eurohypo Mortgage Loan Purchase
Agreement.

            "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-3 Certificates,
Class A-4 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 and PTE 89-89 as each may be 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 Eurohypo 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 Certificateholder
pursuant to Section 9.01) that there has been a recovery of all Insurance
Proceeds, Liquidation Proceeds and other payments or recoveries that the Special
Servicer has determined, in accordance with the Servicing Standard, will be
ultimately recoverable (or in the case of the Chelsea Market Mortgage Loan or
the Regency Square Mall Mortgage Loan, a "Final Recovery Determination" as
defined in the 2003-C7 Pooling and Servicing Agreement with respect to such
Mortgage Loans).

            "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 custodial account or
accounts created and maintained by the Trustee 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-C8."
Any such account shall be 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
(i) any Additional Interest with respect to the ARD Loans after their respective
Anticipated Repayment Dates and (ii) amounts held from time to time in the
Additional Interest Account that represent Additional Interest.

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

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

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

            "Holder": A Certificateholder.

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

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

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

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

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

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

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

            "Intercreditor Agreement": Each of the Chelsea Market Intercreditor
Agreement, the CVS-Rockingham Intercreditor Agreement, the CVS-Rutherford
College Intercreditor Agreement, the Meridian Mall Intercreditor Agreement, the
Park City Center Intercreditor Agreement and the Regency Square Mall
Intercreditor Agreement.

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

            "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-C8."

            "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.

            "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, the Citigroup Mortgage Loan Purchase Agreement, the
Artesia Mortgage Loan Purchase Agreement or the Eurohypo 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; (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 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 Eurohypo Mortgage Loan Purchase Agreement, as applicable; or (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, or (vii) the sale of an REO Property
pursuant to Section 3.18(d), 3.18(h) or otherwise.

            "Loan Pair": Collectively, a Companion Loan and the related
Co-Lender 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 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, Class A-2 Certificates, Class A-3 Certificates and the Class A-4
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.

            "Meridian Mall Companion Holder": The holder of the Meridian Mall
Companion Loan.

            "Meridian Mall 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 Meridian Mall Mortgage Loan.

            "Meridian Mall Intercreditor Agreement": The Intercreditor and
Servicing Agreement Among Note Holders, dated as of September 11, 2003, by and
between Wachovia, as A Note Holder, and Wachovia, as B Note Holder, in
connection with the Meridian Mall Loan Pair.

            "Meridian Mall Loan Pair": The Meridian Mall Mortgage Loan, together
with the Meridian Mall Companion Loan.

            "Meridian Mall Mortgage Loan": That certain Mortgage Loan identified
on the Mortgage Loan Schedule as loan number 2.

            "Meridian Mall Threshold Event": "Threshold Event" as defined in the
Meridian Mall Intercreditor Agreement.

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

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

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

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

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

            (i) the original executed Mortgage Note including any power of
attorney related to the execution thereof, together with any and all intervening
endorsements thereon, endorsed on its face or by allonge attached thereto
(without recourse, representation or warranty, express or implied) to the order
of Wells Fargo Bank Minnesota, N.A., as trustee for the registered holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2003-C8, 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-C8, 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-C8, or in blank;

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

            (vii) the original or a copy of the policy or certificate of
lender's title insurance or, if such policy has not been issued or located, an
original or copy of an irrevocable, binding commitment (which may be a marked
version of the policy that has been executed by an authorized representative of
the title company 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-C8, 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 or environmental insurance policy;

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

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

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

            (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;

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 Eurohypo Mortgage Loan Purchase Agreement, the
Citigroup Mortgage Loan Purchase Agreement and the Artesia Mortgage Loan
Purchase Agreement.

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

            (i) the Mortgage Loan number;

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

            (iii) the Cut-off Date Balance;

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

            (v) the original Mortgage Rate;

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

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

            (viii) the original and remaining amortization term;

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

            (x) the Master Servicing Fee Rate;

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

            (xii) the related Mortgage Loan Seller;

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

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

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

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

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

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

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

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

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

            "Mortgage Loan Seller": Wachovia, Eurohypo, Citigroup, Artesia 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
Rate, 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. For
purposes of calculating the Prepayment Interest Shortfall with respect to the
Park City Center Mortgage Loan, such Prepayment Interest Shortfall shall be
allocated first to the Park City Center AB Companion Loan and second, pro rata
between the Park City Center Mortgage Loan and the Park City Center Pari Passu
Mortgage Loan based upon the outstanding principal balances of such 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 and 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 and 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 REMIC I, including any lease renewed,
modified or extended on behalf of such REMIC if the Special Servicer has the
right to renegotiate the terms of such lease.

            "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, the Park City Center Pari
Passu Mortgage Loan or REO Loan by the Master Servicer or the Trustee, as the
case may be, or, in the case of the Chelsea Market Mortgage Loan and the Regency
Square Mall Mortgage Loan, as the case may be, made by the 2003-C7 Master
Servicer, that, as determined by the Master Servicer, the Trustee, the 2003-C7
Master Servicer or the 2003-C7 Trustee, as applicable, in accordance with the
Servicing Standard or the "Servicing Standard" as defined in the 2003-C7 Pooling
and Servicing Agreement, as applicable, with respect to such P&I Advance will
not be ultimately recoverable from Late Collections, Insurance Proceeds or
Liquidation Proceeds, or any other recovery on or in respect of such Mortgage
Loan, REO Loan or Pari Passu 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, or, in the case
of the Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan,
as the case may be, made by the 2003-C7 Master Servicer or the 2003-C7 Trustee,
that, as determined by the Master Servicer, the Special Servicer, the Trustee,
the 2003-C7 Master Servicer or the 2003-C7 Trustee, in accordance with the
Servicing Standard or the "Servicing Standard" as defined in the 2003-C7 Pooling
and Servicing Agreement, as applicable, will not be ultimately recoverable from
Late Collections, Insurance Proceeds, Liquidation Proceeds, or any other
recovery on or in respect of such Mortgage Loan, Companion Loan or REO Property.

            "Non-Registered Certificate": Unless and until registered under the
Securities Act, any Class X, 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
Certificates.

            "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.

            "Operating Advisor": The "Operating Advisor" as defined in the Park
City Center Intercreditor Agreement.

            "Opinion of Counsel": A written opinion of counsel (which counsel
may be a salaried counsel for the Depositor, the Master Servicer or the Special
Servicer) acceptable to and delivered to the Trustee or the Master Servicer, as
the case may be, except that any opinion of counsel relating to (a) the
qualification of REMIC I or REMIC II as a REMIC; (b) the qualification of the
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": $974,238,293.

            "Original Class X-P Notional Amount": $800,952,000.

            "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.

            "Pari Passu Companion Loans": The Chelsea Market Companion Loan, the
Park City Center Pari Passu Mortgage Loan and the Regency Square Mall Companion
Loan.

            "Pari Passu Mortgage  Loans":  The Chelsea  Market  Mortgage Loan,
the Park City Center Mortgage Loan and the Regency Square Mall Mortgage Loan.

            "Park City Center AB Companion Holder": The holder of the Park City
Center AB Companion Loan.

            "Park City Center AB 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 Park City Center Mortgage Loan and which is subordinate in
right of payment to (a) the Park City Center Mortgage Loan and (b) the Park City
Center Pari Passu Mortgage Loan.

            "Park City Center Companion Holders": The holders of the Park City
Center Pari Passu Mortgage Loan and the Park City Center AB Companion Loan.

            "Park City Center Companion Loans": The Park City Center AB
Companion Loan, together with the Park City Center Pari Passu Mortgage Loan.

            "Park City Center Intercreditor Agreement": The Intercreditor and
Servicing Agreement Among Note Holders, dated as of November 24, 2003, by and
between Eurohypo, AG New York Branch, as A-1 Note Holder, Eurohypo AG, New York
Branch, as A-2 Note Holder and Eurohypo, AG New York Branch, as B Note Holder,
in connection with the Park City Center Loan Pair.

            "Park City Center Loan Pair": The Park City Center Mortgage Loan,
together with the Park City Center Companion Loans.

            "Park City Center Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 4.

            "Park City Center Pari Passu Mortgage Holder": The holder of the
Park City Center Pari Passu Mortgage Loan.

            "Park City Center Pari Passu Mortgage Loan": That certain loan
evidenced by a note, which is not an asset of the Trust Fund, secured by the
Mortgaged Property securing the Park City Center Mortgage Loan and which is pari
passu in right of payment to the Park City Center Mortgage Loan.

            "Park City Center Threshold Event": The "Threshold Event" as defined
in the Park City Center Intercreditor Agreement.

            "Pass-Through Rate": With respect to:

            (i) the Class A-1 Certificates for any Distribution Date, 3.444% per
annum;

            (ii) the Class A-2 Certificates for any Distribution Date, 3.894%
per annum;

            (iii) the Class A-3 Certificates for any Distribution Date, 4.445%
per annum;

            (iv) the Class A-4 Certificates for any Distribution Date, the
lesser of (1) 4.964% per annum and (2) the Weighted Average Net Mortgage Rate
for such date;

            (v) the Class B Certificates for any Distribution Date, the lesser
of (1) 5.030% per annum and (2) the Weighted Average Net Mortgage Rate for such
date;

            (vi) the Class C Certificates for any Distribution Date, the
Weighted Average Net Mortgage Rate for such date less 0.25% per annum;

            (vii) the Class D Certificates for any Distribution Date, the
Weighted Average Net Mortgage Rate for such date less 0.21% per annum;

            (viii) the Class E Certificates for any Distribution Date, the
Weighted Average Net Mortgage Rate for such date less 0.13% per annum;

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

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

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

            (xii) the Class J Certificates for any Distribution Date, the lesser
of (1) 5.238% per annum and (2) the Weighted Average Net Mortgage Rate for such
date;

            (xiii) the Class K Certificates for any Distribution Date, the
lesser of (1) 5.238% per annum and (2) the Weighted Average Net Mortgage Rate
for such date;

            (xiv) the Class L Certificates for any Distribution Date, the lesser
of (1) 5.238% per annum and (2) the Weighted Average Net Mortgage Rate for such
date;

            (xv) the Class M Certificates for any Distribution Date, the lesser
of (1) 5.238% per annum and (2) the Weighted Average Net Mortgage Rate for such
date;

            (xvi) the Class N Certificates for any Distribution Date, the lesser
of (1) 5.238% per annum and (2) the Weighted Average Net Mortgage Rate for such
date;

            (xvii) the Class O Certificates for any Distribution Date, the
lesser of (1) 5.238% per annum and (2) the Weighted Average Net Mortgage Rate
for such date;

            (xviii) the Class P Certificates for any Distribution Date, the
lesser of (1) 5.357% per annum and (2) the Weighted Average Net Mortgage Rate
for such date;

            (xix) the Class X-C Certificates, for the initial Distribution Date,
0.0445% 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

            (xx) the Class X-P Certificates for the initial Distribution Date,
0.7455% 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+" 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
REMIC I or REMIC II, the Holder of Certificates holding the largest Percentage
Interest of the related Class of Residual Certificates.

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

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

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

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

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

            "Prime 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 (i) 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;

            (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; and

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

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

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

            "Principal Recovery 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).

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

            "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 Underwriter, any designee
of the Depositor or any party hereto; 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 V-1 or Exhibit V-2, as applicable.

            "Prospectus": The prospectus dated November 14, 2003, as
supplemented by the Prospectus Supplement, relating to the Registered
Certificates.

            "Prospectus Supplement": The final prospectus supplement dated
November 14, 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 Eurohypo 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 (including any Additional
Trust Fund Expenses previously reimbursed or paid by the Trust Fund but not so
reimbursed by the related Mortgagor or other party or from Insurance Proceeds or
condemnation proceeds or otherwise), or in the case of any Loan Pair, the
purchase price specified in the related Intercreditor Agreement; provided that
the Purchase Price shall not be reduced by any outstanding P&I Advance.

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

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

            "Qualified Insurer": An insurance company or security or bonding
company qualified to write the related Insurance Policy in the relevant
jurisdiction (i) with a minimum claims paying ability rating of at least "A3" 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 "A3" by Moody's (or, if not rated by
Moody's, then at least "A" by two other nationally recognized statistical rating
organizations (which may include S&P)), or, 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 Eurohypo 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), which approval may not be
unreasonably withheld or delayed; and (xv) not be substituted for a deleted
Mortgage Loan if it would result in the termination of the REMIC status of REMIC
I or REMIC II or the imposition of tax on any 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). 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 November
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 and any unreimbursed interest on any
Advances as of the commencement of the Collection Period in which the Final
Recovery Determination was made, together with any new related Servicing
Advances made during such Collection Period, minus (d) all payments and
proceeds, if any, received in respect of such Mortgage Loan or the REO Property
that relates to such REO Loan, as the case may be, during the Collection Period
in which such Final Recovery Determination was made; (2) each defaulted Mortgage
Loan as to which any portion of the principal or previously accrued interest
(other than Additional Interest and Penalty Interest) payable thereunder was
canceled in connection with a bankruptcy or similar proceeding involving the
related Mortgagor or a modification, waiver or amendment of such Mortgage Loan
granted or agreed to by the Special Servicer pursuant to Section 3.20, the
amount of such principal and/or interest so canceled; (3) each Mortgage Loan as
to which the Mortgage Rate thereon has been permanently reduced and not
recaptured for any period in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section
3.20, the amount of the consequent reduction in the interest portion of each
successive Periodic Payment due thereon (each such Realized Loss shall be deemed
to have been incurred on the Due Date for each affected Periodic Payment); and
(4) each Mortgage Loan for which a Final Recovery Determination has been made,
to the extent not included in clause (1) above, Nonrecoverable Advances
(including interest on such Nonrecoverable Advance) to the extent amounts have
been paid from the Principal Distribution Amount pursuant to Section 3.05(a)
hereof.

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

            "Registered Certificate": Any Class A-1, Class A-2, Class A-3, Class
A-4, Class B, Class C, Class D or Class E Certificate.

            "Regency Square Mall Companion Holder": The holder of the Regency
Square Mall Companion Loan.

            "Regency Square Mall 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 Regency Square Mall Mortgage Loan.

            "Regency Square Mall Intercreditor Agreement": The Intercreditor
Agreement Among Note Holders, dated as of October 6, 2003, by and between
Eurohypo, as A-1 Note Holder, and Eurohypo, as A-2 Note Holder, in connection
with the Regency Square Mall Loan Pair.

            "Regency Square Mall Loan Pair": The Regency Square Mall Mortgage
Loan, together with the Regency Square Mall Companion Loan.

            "Regency Square Mall Mortgage Loan": That certain Mortgage Loan
identified on the Mortgage Loan Schedule as loan number 7.

            "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.

            "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 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 and, to the extent related to REMIC I,
the Certificate Account, the Distribution Account, the Gain-on-Sale Reserve
Account and any REO Account; (iii) any REO Property acquired in respect of a
Mortgage Loan; (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 Eurohypo Mortgage Loan Purchase Agreement with
respect to such Mortgage Loans and (v) the rights of the mortgagee under all
Insurance Policies with respect to such Mortgage Loans, in each case exclusive
of the interest of the holder of a Companion Loan therein.

            "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-3, Class
A-4, 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-II, Class X-C or
Class X-P 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 "Clarion
Partners, LLC, as Special Servicer, in trust for registered holders of Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2003-C8."

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

            "REO Property": A Mortgaged Property acquired on behalf and in the
name of the Trustee for the benefit of the Certificateholders (subject to the
related Intercreditor Agreement with respect to a Mortgaged Property securing a
Loan Pair) through foreclosure, acceptance of a deed-in-lieu of foreclosure or
otherwise in accordance with applicable law in connection with the default or
imminent default of a Mortgage Loan.

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

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

            "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 (excluding
the Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan, but
including the Park City Center Pari Passu 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 (excluding the Chelsea Market Mortgage Loan and the Regency Square
Mall Mortgage Loan, but including the Park City Center Pari Passu Mortgage 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 60 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 (excluding the Chelsea
Market Mortgage Loan and the Regency Square Mall Mortgage Loan, but including
the Park City Center Pari Passu Mortgage Loan) will immediately become a
Required Appraisal Mortgage Loan) or (vii) that is outstanding 60 days after the
third anniversary of an extension of its Stated Maturity Date; provided,
however, 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 (excluding the
Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan, but
including the Park City Center Pari Passu Mortgage Loan) (as such terms may be
changed or modified in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or by reason of a modification, waiver or
amendment granted or agreed to by the Special Servicer pursuant to Section
3.20); and

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

so long as at that time no circumstance identified in clauses (i) through (vi)
above exists that would cause the Mortgage Loan (excluding the Chelsea Market
Mortgage Loan and the Regency Square Mall Mortgage Loan, but including the Park
City Center Pari Passu Mortgage Loan) to continue to be characterized as a
Required Appraisal Mortgage Loan.

            "Required Appraisal Value": An amount equal to 90% of the Appraised
Value (net of any prior liens and estimated liquidation expenses and any other
downward adjustments the Special Servicer may deem appropriate (without implying
any obligation to do so) based upon its review of the Appraisal and such other
information as the Special Servicer may deem appropriate) of the Mortgaged
Property related to the subject Required Appraisal Mortgage Loan as determined
by a Required Appraisal or letter update or internal valuation, if applicable,
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 Servicer Watchlist,
CMSA Operating Statement Analysis, CMSA NOI Adjustment Worksheet and CMSA
Comparative Financial Status Report. If a Restricted Servicer Report is filed
with the Commission, it shall thereafter be an Unrestricted Servicer Report.

            "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 Certificate or Class X
Certificate.

            "Sequential Pay Certificates": Any Class A-1, Class A-2, Class A-3,
Class A-4, 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 and the CMSA Property File.

            "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 each AB Companion Loan is subordinate
to, and with respect to the Park City Center Mortgage Loan, that the Park City
Center Pari Passu Mortgage Loan is pari passu to, the related AB Mortgage Loan
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 (g) of the
definition of "Specially Serviced Mortgage Loan".

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

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

            "Special Reserve Account": As used herein, the Trustee may create a
segregated custodial account or accounts pursuant to Section 2.02(d) in trust
for the Certificateholders, which shall be entitled "Wells Fargo Bank Minnesota,
N.A., as Trustee, in trust for the registered holders of Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
2003-C8." Any such account will be an Eligible Account.

            "Special Servicer": Clarion Partners, LLC, 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, 0.35% 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, 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,
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 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 (g)
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 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;

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

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

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

            (vi) 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

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

A Mortgage Loan or an REO Loan shall be deemed to be part of the Trust Fund and
to have an outstanding Stated Principal Balance until the Distribution Date on
which the payments or other proceeds, if any, received in connection with a
Liquidation Event in respect thereof are to be (or, if no such payments or other
proceeds are received in connection with such Liquidation Event, would have
been) distributed to Certificateholders. In addition, to the extent that
principal from general collections is used to reimburse Nonrecoverable Advances
pursuant to Section 3.05(a) hereof, and such amount has not been included as
part of the Principal Distribution Amount, such amount shall continue to be
deemed to be distributable for purposes of calculating the Stated Principal
Balance. Notwithstanding the foregoing, if any Mortgage Loan is paid in full,
liquidated or otherwise removed from the Trust Fund, commencing as of the first
Distribution Date following the Collection Period during which such event
occurred, the Stated Principal Balance of such Mortgage Loan will be zero.

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

            "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 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 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.

            "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 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": 0.0025% 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., ABN AMRO Incorporated, Goldman, Sachs & Co. or Morgan
Stanley & Co. Incorporated 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, CMSA Historical Loan Modification
and Corrected Mortgage Loan Report, CMSA Loan Level Reserve/LOC 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-3, Class A-4,
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 November 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.

            "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.

            (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 Eurohypo
Mortgage Loan Purchase Agreement, and (iii) all other assets included or to be
included in the Trust Fund. Such assignment includes all interest and principal
received or receivable on or with respect to the Mortgage Loans and due after
the Cut-off Date. The transfer of the Mortgage Loans and the related rights and
property accomplished hereby is absolute and, notwithstanding Section 11.07, is
intended by the parties to constitute a sale.

            (b) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above the Depositor shall direct, and hereby represents and
warrants that it has directed, 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 Eurohypo
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; provided that, with respect to
the Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan, only
the documents and instruments described in clauses (i) and clause (xiii) of the
definition of Mortgage File shall be delivered to the Trustee and the remaining
documents and instruments in the related Mortgage File are held by the 2003-C7
Trustee pursuant to the 2003-C7 Pooling and Servicing Agreement; provided that,
photocopies of such other documents held by the 2003-C7 Trustee shall be held by
the Trustee. 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 Eurohypo 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 (and with respect to the Chelsea Market Mortgage Loan and the
Regency Square Mall Mortgage Loan, solely those items required in Section
2.01(b)) 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 Eurohypo Mortgage Loan Purchase
Agreement, the Citigroup Mortgage Loan Purchase Agreement or the Artesia
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 (and with respect to
the Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan,
solely those items required in Section 2.01(b)) 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
Eurohypo Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase
Agreement or the Artesia 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 (other than the
Chelsea Market Mortgage Loan or the Regency Square Mall 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 Eurohypo Mortgage Loan Purchase Agreement,
Citigroup Mortgage Loan Purchase Agreement or the Artesia 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 (other than the Chelsea
Market Mortgage Loan or the Regency Square Mall 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 Eurohypo Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement or the Artesia 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 Eurohypo Mortgage Loan Purchase
Agreement, the Citigroup Mortgage Loan Purchase Agreement and the Artesia
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 with respect to the Chelsea Market
Mortgage Loan and the Regency Square Mall Mortgage Loan only those items
described in Section 2.01(b)) and (ii) a copy of a fully executed counterpart of
each of the Wachovia Mortgage Loan Purchase Agreement, the Eurohypo Mortgage
Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase Agreement and the
Artesia 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), as described in clauses (i), (ii), (vii),
(ix)(a) and (xii), respectively, of the definition of Mortgage File are in its
possession.

            With respect to the schedule of exceptions described in the
preceding paragraph, within 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) and (xii) of the definition
of Mortgage File, the related Mortgage Loan Seller shall cure any material
exception listed therein (for the avoidance of doubt, any deficiencies with
respect to the documents specified in clause (ii) resulting solely from a delay
in the return of the related documents from the applicable recording office,
shall be cured in the time and manner described in Section 2.01(c)). If such
exception is not so cured, the related Mortgage Loan Seller shall either (1)
repurchase the related Mortgage Loan, (2) with respect to exceptions relating to
clause (xii) of the definition of "Mortgage File", deposit with the 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 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 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 and
with respect to the Chelsea Market Mortgage Loan or the Regency Square Mall
Mortgage Loan only those items described in Section 2.01(b)) listed in the
Mortgage Loan Schedule, except as specifically identified in the schedule of
exceptions annexed thereto, (i) without regard to the proviso in the definition
of "Mortgage File," all documents specified in clauses (i), (ii), (iv)(a), (v)
and (vii), and to the extent provided in the related Mortgage File and actually
known by a Responsible Officer of the Trustee to be required, clauses (iii),
(iv)(b), (iv)(c), (vi), (viii), (ix)(a) and (xii) of the definition of "Mortgage
File" are in its possession, (ii) all documents delivered or caused to be
delivered by the applicable Mortgage Loan Seller constituting the related
Mortgage File have been reviewed by it and appear regular on their face and
appear to relate to such Mortgage Loan, (iii) based on such examination and only
as to the foregoing documents, the information set forth in the Mortgage Loan
Schedule for such Mortgage Loan with respect to the items specified in clauses
(v) and (vi)(C) of the definition of "Mortgage Loan Schedule" is correct and
(iv) solely with respect to the Companion Loans, all documents specified in
clause (xiii) of the definition of Mortgage File are in its possession. Further,
with respect to the documents described in clause (viii) of the definition of
Mortgage File, the Trustee may assume, for purposes of the certification
delivered in this Section 2.02(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 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 (including that
part of the Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage
Loan to be held by the 2003-C7 Trustee) has not been properly executed, is
missing (beyond the time period required for its delivery hereunder), contains
information that does not conform in any material respect with the corresponding
information set forth in the Mortgage Loan Schedule, or does not appear to be
regular on its face (each, a "Document Defect"), or discovers or receives notice
of a breach of any representation or warranty relating to any Mortgage Loan set
forth in the Wachovia Mortgage Loan Purchase Agreement, the Eurohypo Mortgage
Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase Agreement or the
Artesia Mortgage Loan Purchase Agreement (and, with respect to the Chelsea
Market Mortgage Loan or the Regency Square Mall Mortgage Loan, a breach under
the applicable 2003-C7 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 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 Eurohypo Mortgage Loan Purchase
Agreement, the Citigroup Mortgage Loan Purchase Agreement or the Artesia
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 Eurohypo Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement or the Artesia 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 Eurohypo Mortgage Loan Purchase
Agreement, the Citigroup Mortgage Loan Purchase Agreement or the Artesia
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 or
any letter of credit) shall be considered to materially and adversely affect the
interests of any Certificateholder 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. 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 Eurohypo Mortgage Loan Purchase Agreement,
the Citigroup Mortgage Loan Purchase Agreement or the Artesia 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.

            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. Periodic
Payments due with respect to any Qualified Substitute Mortgage Loan on or prior
to the related date of substitution shall not be part of the Trust Fund or REMIC
I and will (to the extent received by the Master Servicer) be remitted by the
Master Servicer to the applicable Mortgage Loan Seller promptly following
receipt.

            (d) The Wachovia Mortgage Loan Purchase Agreement, the Eurohypo
Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase Agreement
and the Artesia 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 Eurohypo
Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase Agreement
and the Artesia 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 Mortgage Loan Purchase Agreement, the Eurohypo Mortgage Loan
Purchase Agreement, the Citigroup 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.

            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 Loan; 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 Mortgage
Loans (other than the Additional 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 (b)
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 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 Mortgage Loans (other
than the Additional 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 Trustee, as
Certificate Registrar, has executed, and the Trustee, as Authenticating Agent,
has authenticated and delivered to or upon the order of the Depositor, the REMIC
II Certificates in authorized denominations evidencing the entire beneficial
ownership of REMIC II. The rights of the holders of the respective Classes of
REMIC II Certificates to receive distributions from the proceeds of REMIC II in
respect of their REMIC II Certificates, and all ownership interests evidenced or
constituted by the respective Classes of REMIC II Certificates in such
distributions, shall be as set forth in this Agreement.

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

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

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

            Section 3.01 Administration of the Mortgage Loans.

            (a) Each of the Master Servicer and the Special Servicer shall
service and administer the Mortgage Loans 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 related Companion Holder, in accordance with any and all
applicable laws, the terms of this Agreement (and, with respect to a Loan Pair,
the related Intercreditor Agreement), the terms of the respective Mortgage
Loans, and, if applicable, the Companion Loans and, to the extent consistent
with the foregoing, in accordance with the Servicing Standard. With respect to
any Loan Pair, in the event of a conflict between this Agreement and the related
Intercreditor Agreement, the Intercreditor Agreement will control; 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.

            The parties hereto acknowledge that the Chelsea Market Loan Pair and
the Regency Square Mall Loan Pair are being serviced and administered under the
2003-C7 Pooling and Servicing Agreement. The Master Servicer, the Special
Servicer and the Trustee shall have no obligation or authority (i) to service
and administer the Chelsea Market Loan Pair and the Regency Square Mall Loan
Pair (except for the limited duties with respect to the Chelsea Market Mortgage
Loan and the Regency Square Mall Mortgage Loan, as applicable, expressly
provided herein), (ii) to supervise the 2003-C7 Master Servicer, the 2003-C7
Special Servicer or the 2003-C7 Trustee or (iii) to make Servicing Advances or
P&I Advances (except to the limited extent described in Section 4.03 with
respect to P&I Advances to be made by the Master Servicer or the Trustee on the
Chelsea Market Mortgage Loan or the Regency Square Mall Mortgage Loan). In
addition to any other obligations expressly set forth herein, the Master
Servicer, the Special Servicer and the Trustee shall have the following
obligations with respect to the Chelsea Market Mortgage Loan and the Regency
Square Mall Mortgage Loan, as the case may be:

            (i) The Trustee shall have the obligations described under Section
      2.02 with respect to the Mortgage File for the Chelsea Market Mortgage
      Loan and the Regency Square Mall Mortgage Loan;

            (ii) Each of the Master Servicer, the Special Servicer and the
      Trustee shall have the obligations applicable to such party under Section
      2.03 with respect to the Chelsea Market Mortgage Loan and the Regency
      Square Mall Mortgage Loan;

            (iii) The Master Servicer shall have the obligations described under
      Sections 3.04 and 3.05 with respect to all amounts received from the
      2003-C7 Master Servicer with respect to the Chelsea Market Mortgage Loan
      or the Regency Square Mall Mortgage Loan, as applicable;

            (iv) The Trustee shall have the obligations described under Section
      3.10 with respect to the Mortgage File for the Chelsea Market Mortgage
      Loan and the Regency Square Mall Mortgage Loan;

            (v) Upon receipt of information and reports on the Chelsea Market
      Mortgage Loan or the Regency Square Mall Mortgage Loan, as applicable,
      from the 2003-C7 Master Servicer, the Master Servicer shall include such
      information in the reports and notices required under Section 3.12;

            (vi) Each of the Master Servicer and the Trustee shall have the
      obligations applicable to such party under Section 3.15 with respect to
      information and reports it has received regarding the Chelsea Market
      Mortgage Loan or the Regency Square Mall Mortgage Loan, as applicable;

            (vii) Each of the Master Servicer, the Special Servicer and the
      Trustee shall have the obligations applicable to such party under Section
      3.18 with respect to the Chelsea Market Mortgage Loan and the Regency
      Square Mall Mortgage Loan; and

            (viii) The Master Servicer shall have the obligations described
      under Section 3.19(a) with respect to any Prepayment Interest Shortfall on
      the Chelsea Market Mortgage Loan or the Regency Square Mall Mortgage Loan,
      as applicable.

            The obligation of the Master Servicer to provide information and
collections to the Trustee and the Certificateholders with respect to the
Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan, as the
case may be, shall be dependent on its receipt of the corresponding information
and collections from the 2003-C7 Master Servicer, the 2003-C7 Special Servicer
or the 2003-C7 Trustee.

            (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 AB
Companion Loan or the Park City Center Pari Passu Mortgage Loan to the extent
the related Co-Lender Loan has been paid in full or is no longer included in the
Trust Fund.

            (e) Servicing and administration of each AB Companion Loan and the
Park City Center Pari Passu Mortgage 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.

            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
Nonrecoverable Advances (including interest on such Nonrecoverable Advance) that
were paid from collections on the Mortgage Loans and resulted in principal
distributed to the Certificateholders being reduced pursuant to Section 3.05(a)
hereof; third, as a recovery of accrued and unpaid interest at the related
Mortgage Rate on such Mortgage Loan, to the extent such amounts have not been
previously advanced, and exclusive of any portion thereof that constitutes
Additional Interest; fourth, as a recovery of principal of such Mortgage Loan
then due and owing, to the extent such amounts have not been previously
advanced, including, without limitation, by reason of acceleration of the
Mortgage Loan following a default thereunder; fifth, in accordance with the
normal servicing practices of the Master Servicer or the Special Servicer, as a
recovery of any other amounts then due and owing under such Mortgage Loan (other
than Additional Interest), including, without limitation, Prepayment Premiums,
Yield Maintenance Charges and Penalty Interest; sixth, as a recovery of any
remaining principal of such Mortgage Loan to the extent of its entire remaining
unpaid principal balance; and seventh, with respect to any ARD Loan after its
Anticipated Repayment Date, as a recovery of any unpaid Additional Interest. All
amounts collected on any Mortgage Loan in the form of Liquidation Proceeds of
the nature described in clauses (iv) through (vi) of the definition thereof
shall be deemed to be applied: first, as a recovery of any related and
unreimbursed Advances plus interest accrued thereon; second, as a recovery of
accrued and unpaid interest at the related Mortgage Rate on such Mortgage Loan
to but not including the Due Date in the Collection Period of receipt, to the
extent such amounts have not been previously advanced, and exclusive of any
portion thereof that constitutes Additional Interest; third, as a recovery of
principal, to the extent such amounts have not been previously advanced, of such
Mortgage Loan to the extent of its entire unpaid principal balance; and fourth,
with respect to any ARD Loan after its Anticipated Repayment Date, as a recovery
of any unpaid Additional Interest. No such amounts shall be applied to the items
constituting additional servicing compensation as described in the first
sentence of 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.

            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 REMIC I, REMIC II or the Grantor
Trust.

            (b) The Master Servicer (for the Mortgage Loans other than Specially
Serviced Mortgage Loans) and 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 Meridian Mall Mortgage Loan or Park City Center
Mortgage Loan or the Meridian Mall Companion Loan or Park City Center Companion
Loans, as applicable, the Master Servicer or the Trustee shall be entitled to
recovery of such amounts without duplication from the holder of the respective
Companion Loan pursuant to the terms of the related Intercreditor Agreement.

            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 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 rights with respect to the Co-Lender Loans. The Certificate Account
shall be an Eligible Account. The Master Servicer shall deposit or cause to be
deposited in the Certificate Account, within one Business Day of receipt of
available funds (in the case of payments by Mortgagors or other collections on
the Mortgage Loans or the Companion Loans) or as otherwise required hereunder,
the following payments and collections received or made by the Master Servicer
or on its behalf subsequent to the Cut-off Date (other than in respect of
principal and interest on the Mortgage Loans or the Companion Loans 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
      (including, without limitation, any amounts representing recoveries of
      Nonrecoverable Advances, including interest on such Nonrecoverable
      Advances);

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

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

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

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

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

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

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

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

            (xiii) all amounts remitted or advanced by the 2003-C7 Master
      Servicer in respect of the Chelsea Market Mortgage Loan and the Regency
      Square Mall Mortgage Loan, as the case may be, pursuant to the 2003-C7
      Pooling and Servicing Agreement and the Chelsea Market Intercreditor
      Agreement and Regency Square Mall Intercreditor Agreement, respectively.

            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 AB Companion Loan and/or the Park City Center
Pari Passu Mortgage Loan on behalf of and in trust for the benefit of the
related Companion Holder, into which subaccount the Master Servicer shall
deposit or cause to be deposited all amounts described in the first paragraph of
this Section 3.04(a) to the extent allocable to the related Companion Loan in
accordance with this Agreement and the related Intercreditor Agreement, and out
of which subaccount the Master Servicer may make withdrawals to the extent
withdrawals of such funds are provided for in Section 3.05(a) of this Agreement
or in the related Intercreditor Agreement. Each such subaccount shall be an
Eligible Account or a subaccount of an Eligible Account and shall be entitled
"Wachovia Bank, National Association, as Master Servicer, on behalf of and in
trust for the related Companion Holder."

            Upon receipt of any of the amounts described in clauses (i) through
(iv) 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 Companion Paying Agent shall establish and maintain a trust
account for distributions to the Companion Loans (the "Companion Distribution
Account"). The Trustee and the Master Servicer authorize the Companion Paying
Agent to make deposits in and withdrawals from the Companion Distribution
Account in accordance with the terms of this Agreement.

            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.

            (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 in trust for the benefit of the Class Z Certificateholders. The
Additional Interest Account shall be established and maintained as an Eligible
Account. Prior to the applicable Distribution Date, the Master Servicer shall
remit to the Trustee for deposit in the Additional Interest Account an amount
equal to the Additional Interest received during the applicable Collection
Period.

            Following the distribution of Additional Interest to 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.

            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 of interest (net of the related Servicing Fees) and principal
      (net of any related Workout Fee or Principal Recovery 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 an AB
      Mortgage Loan or the Park City Center Pari Passu Mortgage 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 Principal Recovery
      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 Principal Recovery 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 Eurohypo Mortgage Loan Purchase Agreement, the Citigroup
      Mortgage Loan Purchase Agreement or the Artesia 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);

            (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, and to reimburse the 2003-C7 Trustee and the 2003-C7
      Master Servicer, in that order, for unreimbursed advances (including
      interest on such advances) made by any such party pursuant to the 2003-C7
      Pooling and Servicing Agreement in respect of the Chelsea Market Loan Pair
      or the Regency Square Mall Loan Pair, as the case may be (other than
      principal and interest advances made on the Chelsea Market Companion Loan
      or the Regency Square Mall Companion Loan), that have been or are
      determined to be nonrecoverable advances pursuant to the terms of the
      2003-C7 Pooling and Servicing Agreement (up to, with respect to a
      servicing advance, the Chelsea Market Mortgage Loan's or the Regency
      Square Mall Mortgage Loan's, as applicable, pro rata share of such
      advance, or if the amount of such pro rata share, together with amounts
      available from collections in the certificate account created under the
      2003-C7 Pooling and Servicing Agreement, is insufficient to reimburse the
      party that made such advance, then up to the full amount of such advance
      and interest thereon);

            (viii) at such time as it reimburses the Trustee, itself, the
      2003-C7 Trustee or the 2003-C7 Master Servicer, in that order, for any
      unreimbursed Advance pursuant to clause (ii), (vi) or (vii) above, to pay
      the Trustee, itself, the 2003-C7 Trustee or the 2003-C7 Master Servicer,
      as the case may be, in that order, any interest accrued and payable
      thereon in accordance with Section 3.03(d) or 4.03(d) (or with respect to
      the Chelsea Market Loan Pair or the Regency Square Mall Loan Pair pursuant
      to the 2003-C7 Pooling and Servicing Agreement), as applicable; provided,
      that the Trustee's, the Master Servicer's, the 2003-C7 Trustee's and the
      2003-C7 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 REO 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, pursuant to Section
      3.12, 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)-(xxii) 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 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. With respect to any
reimbursement to be made hereunder to the 2003-C7 Master Servicer, the 2003-C7
Special Servicer or the 2003-C7 Trustee in respect of any "Advance" (as defined
in the 2003-C7 Pooling and Servicing Agreement) made by such parties
subsequently determined to be a Nonrecoverable Advance pursuant to the terms of
the 2003-C7 Pooling and Servicing Agreement, the Master Servicer may
conclusively rely on a written statement from such party delivered to the Master
Servicer that such "Advance" (as defined in the 2003-C7 Pooling and Servicing
Agreement) is a Nonrecoverable Advance under the terms of the 2003-C7 Pooling
and Servicing Agreement. The Special Servicer shall keep and maintain separate
accounting for each Specially Serviced Mortgage Loan and REO Property, on a
loan-by-loan and property-by-property basis, for the purpose of justifying any
request for withdrawal from the Certificate Account. With respect to each
Mortgage Loan or Companion Loan for which it makes an Advance, the Trustee shall
similarly keep and maintain separate accounting for each Mortgage Loan or
Companion Loan, on a loan-by-loan and property-by-property basis, for the
purpose of justifying any request for withdrawal from the Certificate Account
for reimbursements of Advances or interest thereon.

            Upon the determination that a previously made Advance is a
Nonrecoverable Advance, instead of obtaining reimbursement out of general
collections immediately, the Master Servicer, or the Trustee, as applicable,
may, in its sole discretion, elect to obtain reimbursement for such
Nonrecoverable Advance over time (not to exceed 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.

            If the Master Servicer or the Trustee, as applicable, is reimbursed
out of general collections for any unreimbursed Advances that are determined to
be Nonrecoverable Advances (together with any interest accrued and payable
thereon), then (for purposes of calculating distributions on the Certificates)
such reimbursement and payment of interest shall be deemed to have been made:
first, out of the Principal Distribution Amount, which, but for its application
to reimburse a Nonrecoverable Advance and/or to pay interest thereon, would be
included in the Available Distribution Amount for any subsequent Distribution
Date, and second, out of other amounts which, but for their application to
reimburse a Nonrecoverable Advance and/or to pay interest thereon, would be
included in the Available Distribution Amount for any subsequent Distribution
Date. If and to the extent that any payment is deemed to be applied in
accordance with clause first above to reimburse a Nonrecoverable Advance or to
pay interest thereon, then the Principal Distribution Amount for such
Distribution Date shall be reduced, to not less than zero, by the amount of such
reimbursement. If and to the extent (i) any Advance is determined to be a
Nonrecoverable Advance, (ii) such Advance and/or interest thereon is reimbursed
out of the Principal Distribution Amount as contemplated by clause first above
and (iii) the particular item for which such Advance was originally made is
subsequently collected out of payments or other collections in respect of the
related Mortgage Loan, then the Principal Distribution Amount for the
Distribution Date that corresponds to the Collection Period in which such item
was recovered shall be increased by an amount equal to the lesser of (A) the
amount of such item and (B) any previous reduction in the Principal Distribution
Amount for a prior Distribution Date pursuant to clause first above resulting
from the reimbursement of the subject Advance and/or the payment of interest
thereon.

            (b) The Trustee may, from time to time, make withdrawals from the
Distribution Account for any of the following purposes (in no particular order
of priority):

            (i) to make deemed distributions to itself as holder of the REMIC I
      Regular Interests, and to make distributions to Certificateholders on each
      Distribution Date, pursuant to Sections 4.01 and 9.01, as applicable;

            (ii) to pay the Trustee or any of its directors, officers, employees
      and agents, as the case may be, any amounts payable or reimbursable to any
      such Person pursuant to Section 8.05;

            (iii) to pay the Trustee the Trustee Fee as contemplated by Section
      8.05(a) hereof with respect to each Mortgage Loan and REO Loan and to pay
      the Trustee, as additional compensation, interest and investment income,
      if any, earned in respect of amounts held in the Distribution Account as
      provided in Section 3.06, but only to the extent of the Net Investment
      Earnings with respect to such account for the related Distribution Date;

            (iv) to pay for the cost of the Opinions of Counsel sought by the
      Trustee (A) as provided in clause (v) of the definition of "Disqualified
      Organization," (B) as contemplated by Section 3.20(d), 9.02(a) and
      10.01(h), or (C) as contemplated by Section 11.01(a) or 11.01(c) in
      connection with any amendment to this Agreement requested by the Trustee
      which amendment is in furtherance of the rights and interests of
      Certificateholders;

            (v) to pay any and all federal, state and local taxes imposed on
      REMIC I or REMIC II or on the assets or transactions of either such REMIC,
      together with all incidental costs and expenses, to the extent none of the
      Trustee, the REMIC Administrator, the Master Servicer or the Special
      Servicer is liable therefor pursuant to Section 10.01(i);

            (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 REMIC I or REMIC II shall be allocated to the
related REMIC.

            (c) The Companion Paying Agent may, from time to time, make
withdrawals from the Companion Distribution Account as contemplated by Section
4.01(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).

            (f) In the event that servicing advances or principal and interest
advances have been made with respect to the Chelsea Market Loan Pair or the
Regency Square Mall Loan Pair, as the case may be, under the 2003-C7 Pooling and
Servicing Agreement by the 2003-C7 Master Servicer or 2003-C7 Trustee, and in
accordance with the 2003-C7 Pooling and Servicing Agreement, if a subsequent
determination has been made that such advance constitutes a nonrecoverable
advance, the party that made such advance shall be entitled to a reimbursement
of such advance with interest thereon as set forth in the 2003-C7 Pooling and
Servicing Agreement, from general collections on all Mortgage Loans in the
Certificate Account (up to, with respect to a servicing advance, the Chelsea
Market Mortgage Loan's or the Regency Square Mall Mortgage Loan's, as
applicable, pro rata share of such advance, or if the amount of such pro rata
share, together with amounts available from collections in the certificate
account created under the 2003-C7 Pooling and Servicing Agreement, is
insufficient to reimburse the party that made such advance, then up to the full
amount of such advance and interest thereon).

            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, the Gain-on-Sale Reserve 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 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 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, 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, in consultation with the Controlling Class Representative and, with
respect to the Meridian Mall Mortgage Loan unless a Meridian Mall Threshold
Event has occurred and is continuing, the Meridian Mall Companion Holder, and
with respect to the Park City Center Mortgage Loan unless a Park City Center
Threshold Event has occurred and is continuing, the Park City Center Companion
Holders, 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;
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 or Meridian Mall
Companion Holder, if applicable, 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, or in the
case of the Meridian Mall Loan Pair, unless a Meridian Mall Threshold Event has
occurred and is continuing, the Meridian Mall Companion Holder's, or in the case
of the Park City Center Loan Pair, unless a Park City Center Threshold Event has
occurred and is continuing, the Park City Center Companion Holders', 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, or in the case of the Meridian Mall Loan Pair, unless a
Meridian Mall Threshold Event has occurred and is continuing, the Meridian Mall
Companion Holder, or in the case of the Park City Center Loan Pair, unless a
Park City Center Threshold Event has occurred and is continuing, the Park City
Center Companion Holders, 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 (or, with respect to Moody's, $25,000,000), (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% (or, with respect
to Moody's, 5%) of the aggregate Stated Principal Balance of all Mortgage Loans,
(c) such Mortgage Loan is one of the ten largest Mortgage Loans as of the date
of the waiver (by Stated Principal Balance) or (d) such Mortgage Loan has a
Loan-to-Value Ratio (calculated to include the additional indebtedness secured
by any encumbrance) that is equal to or greater than 85% and a Debt Service
Coverage Ratio (calculated to include the additional debt from any encumbrance)
of 1.2x or less, without receiving a prior written confirmation from S&P that
such action would not result in a downgrading, qualification or withdrawal of
the ratings then assigned to the Certificates. With respect to a waiver of a
due-on-sale provision, neither the Master Servicer nor the Special Servicer
shall waive any such restriction without receiving prior written confirmation
from 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 (a) does not have an aggregate Stated
Principal Balance (including the Stated Principal Balance of all other Mortgage
Loans that are cross-collateralized, cross-defaulted or have been made to
Mortgagors affiliated with the Mortgagor on such Mortgage Loan) equal to or in
excess of $35,000,000 (or, with respect to Moody's, $25,000,000), (b) does not
have an aggregate Stated Principal Balance (including the Stated Principal
Balance of all other Mortgage Loans that are cross-collateralized,
cross-defaulted or have been made to Mortgagors affiliated with the Mortgagor on
such Mortgage Loan) greater than 5% of the aggregate Stated Principal Balance of
all Mortgage Loans or (c) such Mortgage Loan is not one of the ten largest
Mortgage Loans as of the date of the waiver (by Stated Principal Balance), the
Master Servicer or the Special Servicer, as applicable, may waive such
requirement without confirmation by S&P in accordance with the Servicing
Standard; and provided, further, that, if the Mortgage Loan meets the criteria
set forth in clauses (a) and (b) of this sentence, the Master Servicer or
Special Servicer, as applicable, may waive such requirement without approval by
Moody's in accordance with the Servicing Standard.

            (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 Park City Center Mortgage Loan shall also apply to the Park
City Center Pari Passu Mortgage 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, other than the
Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage Loan, 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 REMIC I or
      REMIC II under the REMIC Provisions or cause the 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 (other than the Chelsea Market Mortgage Loan or the
Regency Square Mall Mortgage Loan, as the case may be) and there is no breach of
a representation or warranty requiring repurchase under the Wachovia Mortgage
Loan Purchase Agreement, the Eurohypo Mortgage Loan Purchase Agreement, the
Citigroup Mortgage Loan Purchase Agreement or the Artesia 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 securing a Mortgage Loan,
other than the Chelsea Market Mortgage Loan and the Regency Square Mall Mortgage
Loan, and, if applicable, Companion Loan 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, 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 any assumption
fees 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 Principal Recovery 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 Principal Recovery 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 Principal Recovery 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); provided, however, such
Special Servicing Fee shall equal at least $4,000 per Specially Serviced
Mortgage Loan per month. 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 Principal Recovery Fee
payable out of, and calculated by application of the Principal Recovery 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 Principal Recovery
Fee shall be payable in connection with, or out of (i) Insurance Proceeds and
(ii) Liquidation Proceeds resulting from the purchase of any Mortgage Loan or
REO Property by a Mortgage Loan Seller pursuant to the Wachovia Mortgage Loan
Purchase Agreement, the Eurohypo Mortgage Loan Purchase Agreement, the Citigroup
Mortgage Loan Purchase Agreement or the Artesia Mortgage Loan Purchase
Agreement, by the Majority Subordinate Certificateholder, the Companion Holder,
or the Special Servicer pursuant to Section 3.18(c), 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 provided, further, that no Principal Recovery 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 Principal Recovery 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 any assumption fees
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 Principal Recovery 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 Principal Recovery 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
Principal Recovery Fees) related to such Mortgage Loan since the Closing Date
and not previously reimbursed to the Trust Fund. To the extent that the Special
Servicer is not entitled to late payment charges or Penalty Interest pursuant to
the immediately preceding sentence, the Special Servicer shall promptly transfer
such late payment charges and Penalty Interest to the Master Servicer who shall
deposit such late payment charges and Penalty Interest in the Certificate
Account. The Special Servicer shall also be entitled to additional servicing
compensation in the form of: (i) interest or other income earned on deposits in
the REO Account, if established, in accordance with Section 3.06(b) (but only to
the extent of the Net Investment Earnings, if any, with respect to the REO
Account for each Collection Period); and (ii) to the extent not required to be
paid to any Mortgagor under applicable law, any interest or other income earned
on deposits in the Servicing Accounts maintained by the Special Servicer. The
Special Servicer shall be required to pay out of its own funds all general and
administrative expenses incurred by it in connection with its servicing
activities hereunder, and the Special Servicer shall not be entitled to
reimbursement therefor except as expressly provided in Section 3.05(a) if and to
the extent such expenses are not payable directly out of the Certificate Account
or the REO Account.

            Section 3.12 Property Inspections; Collection of Financial
Statements; Delivery of Certain Reports.

            (a) (i) The Special Servicer shall perform or cause to be performed
a physical inspection of a Mortgaged Property as soon as practicable after a
related Mortgage Loan becomes a Specially Serviced Mortgage Loan and (ii) the
Master Servicer (in the case of non-Specially Serviced Mortgage Loans) 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) a 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 Loan Level Reserve/LOC
Report and 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 Servicer
Watchlist 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, a CMSA NOI Adjustment Worksheet for such Mortgaged Property or
REO Property (with the annual operating statements attached thereto as an
exhibit).

            The Special Servicer with respect to each Specially Serviced
Mortgage Loan and REO Loan, and the Master Servicer with respect to each other
Mortgage Loan, 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 CMSA
Operating Statement Analyses and CMSA NOI Adjustment Worksheets are to be made
available by the Master Servicer to the Trustee, the Special Servicer or the
Controlling Class Representative in each case upon request.

            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 either 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 has actual knowledge of 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, 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.

            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) (other than Distribution Date
Statements), (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) to
the extent such items are in its possession and the Trustee (with respect to the
items in clauses (b) and (i) below and any other items, to the extent in its
possession) shall make available at their respective offices primarily
responsible for administration of the Mortgage Loans (or in 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 permitted pursuant to the
terms of this Agreement, as applicable, or has previously been filed with the
Commission, and the Trustee, the Master Servicer or the Special Servicer, as
applicable, shall not require either of the certifications contemplated by the
second preceding sentence in connection with providing any information pursuant
to this Section 3.15 that has previously been made available via the Trustee's,
the Master Servicer's or Special Servicer's Internet Website without restriction
as to access in compliance with the terms of this Agreement, as applicable, or
has previously been filed with the Commission.

            Each of the Master Servicer and the Special Servicer shall afford to
the Trustee, the Rating Agencies and the Depositor, and to the OTS, the FDIC,
the Federal Reserve Board and any other banking or insurance regulatory
authority that may exercise authority over any Certificateholder, 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, this Agreement, the Prospectus and the Prospectus
Supplement on its Internet Website and (iii) any other items at the request of
the Depositor on 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 Master Servicer's
Internet Website, the Master Servicer 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. 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 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 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 REMIC I or
REMIC II or cause 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 an AB Mortgage Loan or the Park City
Center Pari Passu Mortgage Loan, the Certificateholders and the related
Companion Holder (as a collective whole in accordance with the Servicing
Standard)) 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 an AB Mortgage Loan or the Park City Center Pari Passu Mortgage 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 REMIC I of any
"income from non-permitted assets" within the meaning of Section 860F(a)(2)(B)
of the Code or result in an Adverse REMIC Event. Subject to the foregoing,
however, the Special Servicer shall have full power and authority to do any and
all things in connection therewith as are consistent with the Servicing Standard
and, consistent therewith, shall withdraw from the REO Account, to the extent of
amounts on deposit therein with respect to any 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, and
subject to Section 3.18(d) of this Agreement, the Majority Subordinate
Certificateholder shall have the right to exercise its Purchase Option prior to
any exercise of the Purchase Option by any other holder of a Purchase Option;
provided, however, if the Purchase Option is not exercised by the Majority
Subordinate Certificateholder or any assignee thereof within 60 days of 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. Notwithstanding the foregoing, any person exercising the Purchase
Option with respect to (i) the Regency Square Mall Mortgage Loan, as set forth
in this Section 3.18(c), shall also be required to purchase the Regency Square
Mall Companion Loan at the price for such Companion Loan set forth in the
Regency Square Mall Intercreditor Agreement and (ii) the Park City Center
Mortgage Loan, as set forth in this Section 3.18(c), shall also be required to
purchase the Park City Center Pari Passu Mortgage Loan and the Park City Center
AB Companion Loan at the price for such Companion Loans set forth in the Park
City Center Intercreditor Agreement.

            (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 and the Regency Square Mall Mortgage Loan, any related Companion
Holder will have the right to purchase the related Mortgage Loan or related REO
Property. Such right of any such 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 an AB Mortgage Loan, the Regency Square Mall Mortgage Loan or REO
Property is purchased by any such related Companion Holder, repurchased by the
applicable Mortgage Loan Seller or otherwise ceases to be subject to this
Agreement, any 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 CLF Companion Loans or the Meridian Mall Companion Loan.

            (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.

            (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(m) 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
      $35,000,000 (or with respect to Moody's $25,000,000), or is one of the ten
      largest Mortgage Loans by Stated Principal Balance as of such date, permit
      the transfer or transfers of (A) the related Mortgaged Property or any
      interest therein or (B) equity interests in the borrower or any equity
      owner of the borrower that would result, in the aggregate during the term
      of the related Mortgage Loan, in a transfer greater than 49% of the total
      interest in the borrower and/or any equity owner of the borrower or a
      transfer of voting control in the borrower or an equity owner of the
      borrower without the prior written confirmation from each Rating Agency
      that such changes will not result in the qualification, downgrade or
      withdrawal to the ratings then assigned to the Certificates;

            (v) allow any additional lien on the related Mortgaged Property if
      such Mortgage Loan is equal to or in excess of 2% of the then aggregate
      current principal balances of the Mortgage Loans or $20,000,000, is one of
      the ten largest Mortgage Loans by Stated Principal Balance as of such
      date, or, with respect to S&P only, has an aggregate Loan-to-Value Ratio
      that is equal to or greater than 85% or has an aggregate Debt Service
      Coverage Ratio that is less than 1.2x without the prior written
      confirmation from each Rating Agency (as applicable) that such change will
      not result in the qualification, downgrade or withdrawal of the ratings
      then assigned to the Certificates; or

            (vi) in the reasonable, good faith judgment of the Special Servicer,
      otherwise materially impair the security for such Mortgage Loan or reduce
      the likelihood of timely payment of amounts due thereon.

            (d) Notwithstanding Section 3.20(c), but subject to the third
paragraph of this Section 3.20(d), and the rights of the Controlling Class
Representative and the rights (if any) of a Companion Holder 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 either 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 any Co-Lender Loan, the related 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 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 the Meridian Mall Mortgage Loan or
the Park City Center Mortgage Loan, the Master Servicer shall provide written
notice of such modification, waiver or amendment to the related Companion
Holders; 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 (or, with respect to Moody's, $25,000,000), 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) For the avoidance of doubt, any servicing obligations set forth
in this Section 3.20, of the Master Servicer or the Special Servicer, as
applicable, that applies to the Park City Center Mortgage Loan shall apply to
the Park City Center Pari Passu Mortgage 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 the Meridian Mall Loan Pair and unless a
Meridian Mall Threshold Event has occurred and is continuing, the Meridian Mall
Companion Holder, or with respect to the Park City Center Loan Pair and unless a
Park City Center Threshold Event has occurred and is continuing, the Park City
Center Companion Holders) is entitled to object under Section 6.11, the
Controlling Class Representative (or Meridian Mall Companion Holder or Park City
Center Companion Holders, as 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
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 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 shall each deliver to the Trustee and to each other copies of all
Sub-Servicing Agreements, and any amendments thereto and modifications thereof,
entered into by it promptly upon its execution and delivery of such documents.
References in this Agreement to actions taken or to be taken by the Master
Servicer or the Special Servicer include actions taken or to be taken by a
Sub-Servicer on behalf of the Master Servicer or the Special Servicer, as the
case may be; and, in connection therewith, all amounts advanced by any
Sub-Servicer to satisfy the obligations of the Master Servicer or the Special
Servicer hereunder to make P&I Advances or Servicing Advances shall be deemed to
have been advanced by the Master Servicer or the Special Servicer, as the case
may be, out of its own funds and, accordingly, such P&I Advances or Servicing
Advances shall be recoverable by such Sub-Servicer in the same manner and out of
the same funds as if such Sub-Servicer were the Master Servicer or the Special
Servicer, as the case may be. For so long as they are outstanding, Advances
shall accrue interest in accordance with Sections 3.03(d) and 4.03(d), such
interest to be allocable between the Master Servicer or the Special Servicer, as
the case may be, and such Sub-Servicer as they may agree. For purposes of this
Agreement, the Master Servicer and the Special Servicer each shall be deemed to
have received any payment when a Sub-Servicer retained by it receives such
payment. The Master Servicer and the Special Servicer each shall notify the
other, the Trustee and the Depositor in writing promptly of the appointment by
it of any Sub-Servicer.

            (b) Each Sub-Servicer shall be authorized to transact business in
the state or states in which the related Mortgaged Properties it is to service
are situated, if and to the extent required by applicable law.

            (c) The Master Servicer and the Special Servicer, for the benefit of
the Trustee and the Certificateholders, shall (at no expense to the Trustee, the
Certificateholders or the Trust Fund) monitor the performance and enforce the
obligations of their respective Sub-Servicers under the related Sub-Servicing
Agreements. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Sub-Servicing Agreements in accordance
with their respective terms and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer or the Special Servicer, as applicable, in its good faith business
judgment, would require were it the owner of the Mortgage Loans. Subject to the
terms of the related Sub-Servicing Agreement, the Master Servicer and the
Special Servicer may each have the right to remove a Sub-Servicer at any time it
considers such removal to be in the best interests of Certificateholders.

            (d) In the event of the resignation, removal or other termination of
Wachovia Bank, National Association or any successor Master Servicer hereunder
for any reason, the Trustee or other Person succeeding such resigning, removed
or terminated party as Master Servicer, shall elect, with respect to any
Sub-Servicing Agreement in effect as of the date of this Agreement: (i) to
assume the rights and obligations of the Master Servicer under such
Sub-Servicing Agreement and continue the sub-servicing arrangements thereunder
on the same terms (including without limitation the obligation to pay the same
sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with such
Sub-Servicer on such terms as the Trustee or other successor Master Servicer and
such Sub-Servicer shall mutually agree (it being understood that such
Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer in which case the existing Sub-Servicing Agreement
shall remain in effect); or (iii) to terminate the Sub-Servicing Agreement if an
Event of Default (as defined in such Sub-Servicing Agreement) has occurred and
is continuing or otherwise in accordance with the Sub-Servicing Agreement, in
each case without paying any sub-servicer termination fee.

            Each Sub-Servicing Agreement will provide, among other things, that
the Master Servicer and its successors may at its sole option, terminate any
rights the Sub-Servicer may have thereunder with respect to any or all Mortgage
Loans if 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 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 limited liability company duly
      organized under the laws of the State of New York, 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). Clarion Capital LLC 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 to information relating to the related
Co-Lender Loan (but, in the case of information relating to an AB Mortgage Loan
other than the Park City Center Mortgage Loan, excluding the fair value
determination thereof).

            Section 3.26 Companion Paying Agent.

            (a) The Master Servicer shall be the initial Companion Paying Agent
hereunder. The Companion Paying Agent undertakes to perform such duties and only
such duties as are specifically set forth herein. The Companion Paying Agent
shall promptly make available to the Companion Holders 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 addresses 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

                         PAYMENTS 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) 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) to distributions of interest to the Holders of the Senior
      Certificates in an amount equal to, and pro rata in accordance with, all
      Distributable Certificate Interest in respect of each Class of Senior
      Certificates for such Distribution Date and, to the extent not previously
      paid, for all prior Distribution Dates;

            (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 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 Principal
      Distribution Amount for such Distribution Date (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) after the Class Principal Balances of the Class A-1
      Certificates and Class A-2 Certificates have been reduced to zero, to
      distributions of principal to the Holders of the Class A-3 Certificates,
      in an amount (not to exceed the Class Principal Balance of the Class A-3
      Certificates outstanding immediately prior to such Distribution Date)
      equal to the entire Principal Distribution Amount for such Distribution
      Date (net of any portion thereof distributed on such Distribution Date to
      the Holders of the Class A-2 Certificates pursuant to clause (iii) above);

            (v) after the Class Principal Balances of the Class A-1
      Certificates, Class A-2 Certificates and Class A-3 Certificates have been
      reduced to zero, to distributions of principal to the Holders of the Class
      A-4 Certificates, in an amount (not to exceed the Class Principal Balance
      of the Class A-4 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 the Class A-3 Certificates pursuant to
      clause (iv) above);

            (vi) to distributions to the Holders of the Class A-1 Certificates,
      Class A-2 Certificates, Class A-3 Certificates and Class A-4 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;

            (vii) 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;

            (viii) after the Class Principal Balances of the Class A-1
      Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4
      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));

            (ix) 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;

            (x) 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;

            (xi) 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));

            (xii) 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;

            (xiii) 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;

            (xiv) 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));

            (xv) 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;

            (xvi) 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;

            (xvii) 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));

            (xviii) 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;

            (xix) 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;

            (xx) 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));

            (xxi) 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;

            (xxii) 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;

            (xxiii) 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));

            (xxiv) 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;

            (xxv) 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;

            (xxvi) 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));

            (xxvii) 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;

            (xxviii) 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;

            (xxix) 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));

            (xxx) 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;

            (xxxi) 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;

            (xxxii) 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));

            (xxxiii) 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;

            (xxxiv) 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;

            (xxxv) 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));

            (xxxvi) 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;

            (xxxvii) 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;

            (xxxviii) 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));

            (xxxix) 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;

            (xl) 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;

            (xli) 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));

            (xlii) 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;

            (xliii) 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;

            (xliv) 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));

            (xlv) 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;

            (xlvi) 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;

            (xlvii) 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));

            (xlviii) 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

            (xlix) 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, Class A-2
Certificates, Class A-3 Certificates and/or the Class A-4 Certificates remain
outstanding, the payments of principal to be made as contemplated by clauses
(ii), (iii), (iv) and (v) 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, (A) on or before the Distribution Date in October 2010,
      85% of such Yield Maintenance Charges and/or Prepayment Premiums to the
      Holders of the Class X-C Certificates and 15% of such Yield Maintenance
      Charges and/or Prepayment Premiums to the Holders of the Class X-P
      Certificates and (B) after the Distribution Date in October 2010, 100% to
      the Holders of the Class X-C Certificates, in each case, to the extent of
      any remaining portion of such Yield Maintenance Charges and/or Prepayment
      Premiums.

            On each Distribution Date, the Paying Agent shall withdraw from the
Additional Interest Account any amounts that represent (A) Additional Interest
actually collected during the related Collection Period on the ARD Loans and any
related REO Loans and shall distribute such amounts among the Holders of the
Class Z Certificates pro rata in accordance with 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) Notwithstanding any other provision of this Agreement, the
Paying Agent shall comply with all federal withholding requirements respecting
payments to Certificateholders of interest or original issue discount that the
Paying Agent reasonably believes are applicable under the Code. The Certificate
Registrar shall promptly provide the Paying Agent with any IRS Forms W-8BEN,
W-8IMY (and all appropriate attachments) or W-8ECI upon its receipt thereof. The
consent of Certificateholders shall not be required for such withholding. If the
Paying Agent does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Paying Agent shall indicate the amount withheld to
such Certificateholders.

            (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; and ninth to REMIC I Regular
      Interest LA-1-9; in each case, until their respective REMIC I Principal
      Balances are reduced to zero;

            (ii) 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; and second, to REMIC I Regular Interest LA-2-2;
      in each case, until their respective REMIC I Principal Balances are
      reduced to zero;

            (iii) with respect to the Class A-3 Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest LA-3-1; second, to REMIC I Regular Interest LA-3-2;
      third, to REMIC I Regular Interest LA-3-3; fourth, to REMIC I Regular
      Interest LA-3-4; and fifth, to REMIC I Regular Interest LA-3-5; in each
      case, until their respective REMIC I Principal Balances are reduced to
      zero; and

            (iv) with respect to the Class A-4 Certificates, shall be deemed to
      have first been distributed from REMIC I to REMIC II in respect of REMIC I
      Regular Interest LA-4-1; and second, to REMIC I Regular Interest LA-4-2;
      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 an AB Companion
Loan or the Park City Center Pari Passu Mortgage Loan on each P&I Advance Date
if an AB Companion Loan or the Park City Center Pari Passu Mortgage 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) 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) in accordance with the terms of the related Intercreditor
      Agreement, 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.

            (j) 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.

            (k) 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.

            Section 4.02 Statements to Certificateholders; CMSA Loan Periodic
Update File.

            (a) On each Distribution Date, the Trustee shall make available or
forward by mail (or by electronic transmission acceptable to the recipient) to
each Certificateholder, each initial Certificate Owner and (upon written request
made to the Trustee) each subsequent Certificate Owner (as identified to the
reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the
Special Servicer, the Companion 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 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 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
      outstanding as of the close of business on the related Determination Date;

            (viii) the aggregate Stated Principal Balance of the Mortgage Pool
      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 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 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 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);

            (xxiv) the aggregate amount of (i) Servicing Fees paid to the Master
      Servicer and the Special Servicer and (ii) Trustee Fees paid to the
      Trustee 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 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, the CMSA Financial File, CMSA Property 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
therefor. 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, any Mortgage Loan Seller, the
Depositor or any other 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 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 Park City Center Pari Passu Mortgage 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, (i) in each case other than
with respect to the Chelsea Market Mortgage Loan or the Regency Square Mall
Mortgage Loan, as the case may be, 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 the
P&I Advance Date or (ii) in the case of the Chelsea Market Mortgage Loan or the
Regency Square Mall Mortgage Loan, as the case may be, to the extent such amount
was required to be advanced by the 2003-C7 Master Servicer, pursuant to the
2003-C7 Pooling and Servicing Agreement and the 2003-C7 Master Servicer failed
to make such advance (the Master Servicer shall be required to make such P&I
Advance on the Chelsea Market Mortgage Loan or the Regency Square Mall Mortgage
Loan, as the case may be, only to the extent the Master Servicer has received
all information necessary to determine whether or not such P&I Advance is a
Nonrecoverable Advance); provided, that, (x) if the Periodic Payment on any
Mortgage Loan or Pari Passu 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 Pari
Passu 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 Pari Passu 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 Pari Passu Companion Loan, if applicable) 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 a Pari Passu 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 a Pari Passu Companion Loan, applicable to the class certificates or
other securities which are backed in whole or in part by such related 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 (y). The holder of a Pari
Passu Companion Loan (or its designee) shall provide to the Master Servicer any
information that the Master Servicer may request in order to fulfill its
advancing obligations with respect to such Pari Passu 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, no such interest shall accrue during any grace period under a Mortgage
Loan) to but not including the date of reimbursement such interest to be
payable, subject to the terms of the 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 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 Park City Center Pari Passu Mortgage 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
pursuant to the terms of the related Intercreditor Agreement. With respect to
any P&I Advance made on the related 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
related Companion Loan.

            Section 4.04 Allocation of Realized Losses and Additional Trust Fund
Expenses; Allocation of Certificate Deferred Interest; Allocation of Appraisal
Reduction Amounts.

            (a) On each Distribution Date, following all distributions to be
made on such date pursuant to Section 4.01, the Paying Agent shall allocate to
the respective Classes of Sequential Pay Certificates 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, Class A-2 Certificates, Class A-3 Certificates and Class A-4
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-3 and Class A-4 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; 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; and ninth, in
      respect of REMIC Regular Interest LA-1-9; in each case, until their
      respective REMIC I Principal Balances are reduced to zero;

            (ii) with respect to the Class A-2 Certificates, first, in respect
      of REMIC I Regular Interest LA-2-1 and second, in respect of REMIC I
      Regular Interest LA-2-2; in each case, until their respective REMIC I
      Principal Balances are reduced to zero;

            (iii) with respect to the Class A-3 Certificates, first, in respect
      of REMIC I Regular Interest LA-3-1; second, in respect of REMIC I Regular
      Interest LA-3-2; third, in respect of REMIC I Regular Interest LA-3-3;
      fourth, in respect of REMIC Regular Interest LA-3-4; and fifth, in respect
      of REMIC I Regular Interest LA-3-5; in each case, until their respective
      REMIC I Principal Balances are reduced to zero; and

            (iv) with respect to the Class A-4 Certificates, first, in respect
      of REMIC I Regular Interest LA-4-1 and second, in respect of REMIC I
      Regular Interest LA-4-2; 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-2, Class A-3 and Class A-4 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-2, Class A-3 and Class A-4
Certificates, allocations to the related REMIC I Regular Interests shall be made
on a pro rata basis.

            (d) Any Appraisal Reduction Amounts shall be allocated only for
purposes of determining the amount of P&I Advances with respect to the related
Mortgage Loan, as follows: to the Class Principal Balance of the Class 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 the Trustee resigns or is removed in accordance
with the terms hereof, the successor trustee shall immediately succeed to its
duties as Certificate Registrar. The Depositor, the Trustee (if it is no longer
the Certificate Registrar), the Master Servicer and the Special Servicer shall
have the right to inspect the Certificate Register or to obtain a copy thereof
at all reasonable times, and to rely conclusively upon a certificate of the
Certificate Registrar as to the information set forth in the Certificate
Register. Upon written request of any Certificateholder made for purposes of
communicating with other Certificateholders with respect to their rights under
this Agreement, the Certificate Registrar shall promptly furnish such
Certificateholder with a list of the other Certificateholders of record
identified in the Certificate Register at the time of the request.

            (b) No transfer of any Non-Registered Certificate shall be made
unless that transfer is made pursuant to an effective registration statement
under the Securities Act, and effective registration or qualification under
applicable state securities laws, or is made in a transaction that does not
require such registration or qualification. If such a transfer is to be made
without registration under the Securities Act (other than in connection with the
initial issuance thereof or the initial transfer thereof by the Depositor, the
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. In addition, if such prospective
transferee is an Institutional Accredited Investor (but not also a Qualified
Institutional Buyer), such prospective transferee shall be deemed to have
acknowledged that any beneficial interest in a Book-Entry Certificate that is
transferred to it is required to be delivered in the form of a Definitive
Certificate and shall cease to be an interest in such Book-Entry Certificate
and, thereafter, shall be subject to all transfer restrictions and other
procedures applicable to Certificates in definitive form.

            (c) No transfer of a Certificate or any interest therein shall be
made to any "employee benefit plan" subject to Title I of ERISA, 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:

                  (A) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall be a Permitted Transferee and shall
            promptly notify the Master Servicer, the Paying Agent and the
            Certificate Registrar of any change or impending change in its
            status as a Permitted Transferee.

                  (B) In connection with any proposed Transfer of any Ownership
            Interest in a Residual Certificate, the Certificate Registrar shall
            require delivery to it, and shall not register the Transfer of any
            Residual Certificate until its receipt of an affidavit and agreement
            substantially in the form attached hereto as Exhibit 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.

                  (C) Notwithstanding the delivery of a Transfer Affidavit and
            Agreement by a proposed Transferee under clause (B) above, if a
            Responsible Officer of the Certificate Registrar has actual
            knowledge that the proposed Transferee is not a Permitted
            Transferee, no Transfer of an Ownership Interest in a Residual
            Certificate to such proposed Transferee shall be effected.

                  (D) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall agree (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.

                  (E) Each Person holding or acquiring an Ownership Interest in
            a Residual Certificate, by purchasing an Ownership Interest in such
            Certificate, agrees to give the Master Servicer and the Trustee
            written notice that it is a "pass-through interest holder" within
            the meaning of temporary Treasury regulation Section
            1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest
            in a Residual Certificate, if it is, or is holding an Ownership
            Interest in a Residual Certificate on behalf of, a "pass-through
            interest holder."

            (ii) (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:

                  (A) written confirmation from each Rating Agency to the effect
            that the modification of, addition to or elimination of such
            provisions will not cause such Rating Agency to qualify, downgrade
            or withdraw its then-current rating of any Class of Certificates;
            and

                  (B) an Opinion of Counsel, in form and substance satisfactory
            to the Certificate Registrar and the Master Servicer, obtained at
            the expense of the party seeking such modification of, addition to
            or elimination of such provisions (but in no event at the expense of
            the Trust Fund), to the effect that doing so will not cause 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.

            (k) Each Person who has or who acquires any Ownership Interest in a
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of the Intercreditor
Agreements.

            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 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 or any
Subordinated 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, Master Servicer
and the Special Servicer shall each keep in full effect its existence, rights
and franchises as a corporation, limited liability company or national banking
association 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, limited liability company or national banking
association 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,
or any director, officer, employee or agent of any of them, shall be under any
liability to the Trust Fund, the Trustee or the Certificateholders or the
Companion Holders for any action taken, or not taken, in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Depositor, the Master Servicer or the Special
Servicer, or any such person, against any liability to the Trust Fund, the
Trustee or 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(d) in the case of the Meridian Mall
Mortgage Loan and Section 6.11(e) in the case of the Park City Center 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; and

            (viii) any acceptance of an assumption agreement releasing a
      borrower from liability under a 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 does not have any duties or liability to the Holders of any Class
of Certificates other than the Controlling Class 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 or anything
contained in this Agreement, the Chelsea Market Companion Holder and the Regency
Square Mall Companion Holder shall share all of the rights and responsibilities
of the Controlling Class Representative as set forth in the related
Intercreditor Agreement. With respect to the Regency Square Mall Mortgage Loan
and the Regency Square Mall Companion Loan, in the event that the related
borrower requests lender approval as set forth in the related loan documents,
the Master Servicer and Special Servicer, as applicable and as necessary, shall
follow the procedures set forth in section 3.1(b) of the Regency Square Mall
Intercreditor Agreement.

            (d) Notwithstanding anything in this Section 6.11 and subject to the
Meridian Mall Intercreditor Agreement, with respect to actions to be taken
related to the Meridian Mall Loan Pair:

            (i) Subject to clause (d)(ii) below, prior to the Special Servicer
      taking any action specified in Section 6.11(a), the Special Servicer shall
      provide written notice of its proposed action to the Meridian Mall
      Companion Holder, and the Meridian Mall 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, then the Meridian Mall Companion Holder's approval will be deemed
      to have been given); provided, however, the Meridian Mall Companion Holder
      hereby agrees that, in the event the Meridian Mall 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 the Meridian Mall Companion Holder (as a collective
      whole), the Special Servicer may take any such action without waiting for
      the Meridian Mall Companion Holder's response;

            (ii) If a Meridian Mall 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 and powers provided for in
      Section 6.11(a) with respect to the Meridian Mall Loan Pair, and (B) the
      Meridian Mall Companion Holder will have the rights and obligations of the
      Controlling Class Representative specified in Sections 6.11(a) and
      6.11(d)(i) with respect to the Meridian Mall Loan Pair to direct the
      Special Servicer.

            Notwithstanding anything to the contrary in this Section 6.11(d),
the Special Servicer shall not be obligated to seek approval from the Meridian
Mall Companion Holder for any actions to be taken by the Special Servicer with
respect to the Meridian Mall Loan Pair if: (A) the Special Servicer has, as
provided herein, notified the Meridian Mall Companion Holder in writing of
various actions the Special Servicer proposes to take with respect to the
workout or liquidation of the Meridian Mall Loan Pair; and (B) for 60 days
following the first such notice, the Meridian Mall 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.

            (e) Notwithstanding anything in this Section 6.11 and subject to the
Park City Center Intercreditor Agreement, with respect to actions to be taken
related to the Park City Center Loan Pair:

            (i) If a Park City Center Threshold Event shall not have occurred
      and be continuing with respect to the Park City Center AB Companion Loan,
      then (A) the Controlling Class Representative shall not be authorized to
      exercise any of its rights and powers provided for in Section 6.11(a) with
      respect to the Park City Center Loan Pair, (B) the Park City Center AB
      Companion Holder shall have the right to appoint an Operating Advisor and
      (C) the Park City Center AB Companion Holder or Operating Advisor, as
      applicable, will have the rights and obligations as specified in this
      Section 6.11(e) with respect to the Park City Center Loan Pair to direct
      the Special Servicer;

            (ii) Subject to clause (e)(i) above, prior to the Special Servicer
      taking any action specified in Section 6.11(a), the Special Servicer shall
      provide written notice of its proposed action to the holder of the Park
      City Center AB Companion Loan or Operating Advisor, as applicable, and
      such party 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, then the Park City Center AB
      Companion Holder's or Operating Advisor's approval, as applicable, will be
      deemed to have been given); provided, however, the Park City Center AB
      Companion Holder or Operating Advisor, as applicable, hereby agrees that,
      in the event the Park City Center 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 the Park
      City Center Companion Holders (as a collective whole), the Special
      Servicer may take any such action without waiting for the Park City Center
      AB Companion Holder's or Operating Advisor's response, as applicable;

            (iii) The Park City Center AB Companion Holder or the Operating
      Advisor, as applicable, will be entitled to advise the Special Servicer in
      connection with the following actions of the Special Servicer with respect
      to the Park City Center Loan Pair and/or the Mortgaged Property securing
      the Park City Center Loan Pair:

                  (A) any actual or proposed foreclosure upon or comparable
            conversion (which may include acquisitions of an REO Property) of
            the ownership of properties securing the Park City Center Loan Pair
            as come into and continue in default;

                  (B) any modification of a Money Term of the Park City Center
            Mortgage Loan or a material non-monetary term;

                  (C) any actual or proposed sale of the related REO Property
            (other than in connection with the termination of the Trust Fund or
            pursuant to Section 3.18) for less than the outstanding principal
            balance of the Park City Center Loan Pair, plus accrued interest
            (exclusive of default interest) plus all unreimbursed Advances;

                  (D) any determination to bring the related REO Property into
            compliance with applicable environmental laws or to otherwise
            address Hazardous Materials located at such REO Property;

                  (E) any acceptance of substitute or additional collateral or
            release of any collateral for the Park City Center Mortgage Loan (to
            the extent lender's consent is required under the related underlying
            loan documents);

                  (F) any waiver of a "due-on-sale" clause or
            "due-on-encumbrance" clause; any waiver of any restrictions on
            direct or indirect transfers of interests in the Mortgagor;

                  (G) any release of any performance or "earn-out" reserves,
            escrows or letters of credit;

                  (H) any acceptance of an assumption agreement releasing the
            Mortgagor or any other related obligor or guarantor from liability
            under the Park City Center Mortgage Loan other than in accordance
            with the related underlying loan documents;

                  (I) any material modification or waiver with respect to any
            (x) lockbox process (including, reporting requirements or access to
            account information), cash management process or reserves, (y)
            financial tests or hurdles contained in the underlying loan
            documents or (z) conditions for extension of the maturity date of
            the Park City Center Mortgage Loan or any related Companion Loans;

                  (J) to the extent not covered by clause (F) above, any
            mezzanine or other subordinate financing, if applicable, with
            respect to the direct or indirect equity holders of the related
            Mortgagor (to the extent lender's consent is required under the
            related underlying loan documents);

                  (K) any consent to a proposed budget presented by the
            Mortgagor for approval (to the extent lender's consent is required
            under the related underlying loan documents);

                  (L) any approval of a material capital expenditure (to the
            extent lender's consent is required under the related underlying
            loan documents);

                  (M) any waiver of default interest or any late payment
            charges; and

                  (N) any renewal or replacement of the then existing insurance
            policies with respect to the Park City Center Mortgage Loan and any
            applicable Companion Loans (to the extent lender's consent is
            required under the related underlying loan documents), or any
            waiver, modification or amendment of any insurance requirements
            under the related underlying loan documents (to the extent lender's
            consent is required under the related underlying loan documents).

            Notwithstanding anything to the contrary in this Section 6.11 or
anything contained in this Agreement, if a Park City Center Threshold Event
shall have occurred and be continuing with respect to the Park City Center AB
Companion Loan, then the Controlling Class Representative and the Park City
Center Pari Passu Mortgage Holder (or, if the Park City Center Pari Passu
Mortgage Loan has been included in another securitization, the controlling class
representative of such securitization) shall jointly select an Operating Advisor
pursuant to the terms of the Park City Center Intercreditor Agreement. The
Controlling Class Representative and the Park City Center Pari Passu Mortgage
Holder (or, if the Park City Center Pari Passu Mortgage Loan has been included
in another securitization, the controlling class representative of such
securitization) shall share all of the rights and responsibilities of the Park
City Center AB Companion Holder or the Operating Advisor, as applicable, as set
forth in this Section 6.11(e) and the Park City 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 Trustee 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 that are specifically required to be furnished pursuant to any
provision of this Agreement (other than the Mortgage Files, the review of which
is specifically governed by the terms of Article II), shall examine them to
determine whether they conform to the requirements of this Agreement to the
extent specifically set forth herein. If any such instrument is found not to
conform to the requirements of this Agreement in a material manner, the Trustee
shall take such action as it deems appropriate to have the instrument corrected.
The Trustee shall not be responsible for the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Depositor or the Master Servicer or the Special
Servicer, and accepted by the Trustee in good faith, pursuant to this Agreement.

            (c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own misconduct; provided, however, 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 be under no obligation to exercise any of the
trusts or powers vested in it by this Agreement or to make any investigation of
matters arising hereunder or, except as provided in Section 10.01 or 10.02, to
institute, conduct or defend any litigation hereunder or in relation hereto at
the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby; the Trustee
shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it; provided, however, 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, in the case of the Trustee,
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 the Trustee nor any of the other above specified Persons shall be
entitled to indemnification pursuant to this Section 8.05(b) for (1) any
liability specifically required to be borne thereby pursuant to the terms
hereof, or (2) any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of the Trustee's
obligations and duties hereunder, or by reason of its negligent disregard of
such obligations and duties, or as may arise from a breach of any
representation, warranty or covenant of the Trustee, as applicable, made herein.
The provisions of this Section 8.05(b) shall survive any resignation or removal
of the Trustee and appointment of a successor trustee.

            Section 8.06 Eligibility Requirements for Trustee.

            The Trustee hereunder shall at all times be an association or a
corporation organized and doing business under the laws of the United States of
America or any State thereof or the District of Columbia, authorized under such
laws to exercise trust powers, having a combined capital and surplus of at least
$100,000,000 and subject to supervision or examination by a federal or state
banking authority. If such association or corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such association or corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Trustee shall also be an entity
with a long term unsecured debt rating of at least "A+" 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 Underwriters, the Depositor, or any
obligor with respect to Mortgage Loans constituting more than 5.0% of the
aggregate authorized principal balance of the Mortgage Loans as of the date of
the initial issuances of the Certificates or any "Affiliate" (as such term is
defined in Section III of PTE 2000-58) of any such Person.

            Section 8.07 Resignation and Removal of Trustee.

            (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicer, the Special Servicer and to all Certificateholders at their
respective addresses set forth in the Certificate Register. Upon receiving such
notice of resignation, the Master Servicer shall promptly appoint a successor
trustee meeting the requirements in Section 8.06 and acceptable to the Depositor
and the Rating Agencies by written instrument, in duplicate, which instrument
shall be delivered to the resigning Trustee and to the successor trustee. A copy
of such instrument shall be delivered to the Depositor, the Special Servicer and
the Certificateholders by the Master Servicer. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee.

            (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Depositor or the Master Servicer, or if at any
time the Trustee shall become incapable of acting, or shall be adjudged bankrupt
or insolvent, or a receiver of the Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, or if the Trustee or Paying Agent (if different from the Trustee)
shall fail (other than by reason of the failure of either the Master Servicer or
the Special Servicer to timely perform its obligations hereunder or as a result
of other circumstances beyond the Trustee's reasonable control), to timely
deliver any report to be delivered by the Trustee pursuant to Section 4.02 and
such failure shall continue unremedied for a period of 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 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
Commission thereunder, and the Trustee shall sign and file (via EDGAR) such
Forms 8-K and 10-K 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 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, the Master Servicer or the
Special 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) 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 S) for the benefit of the Depositor and
the Trustee 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). In addition, with respect to the Park
City Center Pari Passu Mortgage Loan, on or before March 15th of each year with
respect to which a Form 10-K is filed by the trustee for the commercial mortgage
securitization through which the Park City Center Pari Passu Mortgage Loan has
been securitized, the Master Servicer and the Special Servicer, shall provide to
the Person who signs the Sarbanes-Oxley certification with respect to such
commercial mortgage securitization a certification substantially in the form
attached hereto as Exhibit R and Exhibit S, respectively (which shall address
the matters contained in such form, but solely with respect to the Park City
Center Pari Passu Mortgage Loan) on which such Person and such Person's partner,
representative, Affiliate, member, manager, director, officer, employee or agent
can rely. 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 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, 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 in such proportion as is appropriate to
reflect the relative fault of the Depositor 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 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 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 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 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 REMIC
I at a price equal to (1) the aggregate Purchase Price of all the Mortgage Loans
included in REMIC I, plus (2) the appraised value of each REO Property, if any,
included in REMIC I, such appraisal to be conducted by an Independent Appraiser
selected by the Master Servicer and approved by the Trustee, 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 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 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 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 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 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 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
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-2, Class A-3, Class A-4, Class B, Class
C, Class D and Class E 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 REMIC I in
accordance with the preceding sentence, such Certificateholder, not later than
the date on which the final distribution on the Certificates is to occur, shall
deposit in the Certificate Account an amount in immediately available funds
equal to all amounts then due and owing to the Master Servicer, the Special
Servicer, the Trustee, the Paying Agent, the Certificate Registrar and/or the
REMIC Administrator hereunder. Upon confirmation that such final deposits have
been made and following the surrender of all the Certificates held by such
Certificateholder on the final Distribution Date, the Custodian, on behalf of
the Trustee, shall release or cause to be released to such Certificateholder the
Mortgage Files for the remaining Mortgage Loans, and the Trustee shall execute
all assignments, endorsements and other instruments furnished to it by such
Certificateholder as shall be necessary to effectuate transfer of the Mortgage
Loans and REO Properties remaining in the Trust Fund. Thereafter, the Trust Fund
and the respective obligations and responsibilities under this Agreement of the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the REMIC
Administrator (other than annual tax returns and maintenance of books and
records and the preparation and filing of final tax returns) and the Paying
Agent shall terminate. Such transfers shall be subject to any rights of any
Sub-Servicers to primary service (or to perform select servicing functions with
respect to) the Mortgage Loans. For federal income tax purposes, the
Certificateholder shall be deemed to have purchased the assets of REMIC I for an
amount equal to the unpaid principal balance, plus accrued unpaid interest, of
the Mortgage Loans (other than the defaulted Mortgage Loans or REO Loans) 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 REMIC I as provided in Section 9.01, the Trust Fund (and,
accordingly, 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 REMIC I or
REMIC II as defined in Section 860F of the Code or cause REMIC I or REMIC II to
fail to qualify as a REMIC at any time that any Certificates are outstanding:

            (i) the Trustee shall specify the first day in the 90-day
      liquidation period in a statement attached to the final Tax Return for
      REMIC I and REMIC II pursuant to Treasury Regulations Section 1.860F-1;

            (ii) during such 90-day liquidation period and at or prior to the
      time of making of the final payment on the Certificates, the Trustee shall
      sell all of the assets of REMIC I to the Master Servicer, the Special
      Servicer or the Majority Subordinate Certificateholders, as applicable,
      for cash; and

            (iii) at the time of the making of the final payment on the
      Certificates, the 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 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
REMIC I and REMIC II, which authorization shall be binding upon all successor
Certificateholders.

                                   ARTICLE X

                            ADDITIONAL TAX PROVISIONS

            Section 10.01 REMIC Administration.

            (a) The REMIC Administrator shall elect to treat each of REMIC I and
REMIC II as a REMIC under the Code and, if necessary, under applicable state
law. Each such election will be made on Form 1066 or other appropriate federal
or state Tax Returns for the taxable year ending December 31, 2003, in the case
of REMIC I and REMIC II.

            (b) The REMIC I Regular Interests and the Regular Certificates are
hereby designated as "regular interests" (within the meaning of Section
860G(a)(1) of the Code) in REMIC I and REMIC II, respectively. The Class R-I
Certificates are hereby designated as the single class of "residual interests"
(within the meaning of Section 860G(a)(2) of the Code) in REMIC I, and the Class
R-II Certificates are hereby designated as the single class of "residual
interests" (within the meaning of Section 860G(a)(2) of the Code) in REMIC II.
None of the Master Servicer, the Special Servicer or the Trustee shall (to the
extent within its control) permit the creation of any other "interests" in 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
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.

            (d) The related Plurality Residual Certificateholder as to the
applicable taxable year is hereby designated as the Tax Matters Person of REMIC
I and REMIC II, and shall act on behalf of the related REMIC in relation to any
tax matter or controversy and shall represent the related REMIC in any
administrative or judicial proceeding relating to an examination or audit by any
governmental taxing authority; provided that the REMIC Administrator is hereby
irrevocably appointed to act and shall act as agent and attorney-in-fact for the
Tax Matters Person for REMIC I and REMIC II in the performance of its duties as
such.

            (e) Except as otherwise provided in Section 3.17(a) and subsections
(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 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 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 REMIC I and REMIC II. The
expenses of preparing and filing such returns shall be borne by the REMIC
Administrator without any right of reimbursement therefor. The other parties
hereto shall provide on a timely basis to the REMIC Administrator or its
designee such information with respect to REMIC I and REMIC II as is in its
possession and reasonably requested by the REMIC Administrator to enable it to
perform its obligations under this Article. Without limiting the generality of
the foregoing, the Depositor, within ten days following the REMIC
Administrator's request therefor, shall provide in writing to the REMIC
Administrator such information as is reasonably requested by the REMIC
Administrator for tax purposes, as to the valuations and issue prices of the
Certificates, and the REMIC Administrator's duty to perform its reporting and
other tax compliance obligations under this Article X shall be subject to the
condition that it receives from the Depositor such information possessed by the
Depositor that is necessary to permit the REMIC Administrator to perform such
obligations.

            (g) The REMIC Administrator shall perform on behalf of 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 REMIC I and REMIC II.

            (h) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of each 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 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 REMIC I
or REMIC II as a REMIC, or (ii) except as provided in Section 3.17(a), result in
the imposition of a tax upon either 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 REMIC I or REMIC II, or causing 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 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 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 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 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 REMIC I 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 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
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 REMIC I or REMIC
II, (C) the termination of either 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 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) 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 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 REMIC I or REMIC II will receive a fee or other compensation for services
nor permit 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 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 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
REMIC I or REMIC II pursuant to the REMIC Provisions or on the Grantor Trust or
cause 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, Director, 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-C8, facsimile number:
704-593-7735; (iii) in the case of the Special Servicer, Clarion Partners, LLC,
230 Park Avenue, 12th Floor, New York, New York 10169, Attention: Michael
O'Brien, facsimile 212-883-2877; (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-C8, 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
28288-0166, 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: Mr. David Tibbals, facsimile number: 212-816-8307; ABN
AMRO Incorporated, 55 East 52nd Street, New York, New York 10055, Attention:
Frank Forelle, facsimile number: 212-409-7849; Goldman, Sachs & Co., 85 Broad
Street, New York, New York 10004, Attention: Rolf Edwards, facsimile number:
212-346-3594; and Morgan Stanley & Co. Incorporated, 1585 Broadway, New York,
New York 10036, Attention: Andrew Berman, facsimile number: 212-761-3286; (vii)
in the case of the initial Controlling Class Representative, Clarion Capital,
LLC, 230 Park Avenue, 12th Floor, New York, New York 10169, Attention: Stephen
Baines, facsimile number: 212-883-2851; and (viii) in the case of the Rating
Agencies, (A) Moody's Investors Service, Inc., 99 Church Street, New York, New
York 10007, Attention: CMBS Surveillance Group; 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. The 2003-C7
Master Servicer and the 2003-C7 Trustee shall be third party beneficiaries to
this Agreement solely with respect to the reimbursement of nonrecoverable
advances made by such party under the 2003-C7 Pooling and Servicing Agreement as
provided in Section 3.05. No other person, including, without limitation, any
Mortgagor, shall be entitled to any benefit or equitable right, remedy or claim
under this Agreement; provided, that the Companion Holders are intended third
party beneficiaries hereunder.

            Section 11.10 Article and Section Headings.

            The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

            Section 11.11 Notices to Rating Agencies.

            (a) The Trustee shall promptly provide notice to each Rating Agency
and the Controlling Class Representative with respect to each of the following
of which it has actual knowledge:

            (i) any material change or amendment to this Agreement;

            (ii) the occurrence of any Event of Default that has not been cured;

            (iii) the resignation or termination of the Trustee, the Master
      Servicer or the Special Servicer;

            (iv) the repurchase of Mortgage Loans by the Mortgage Loan Sellers
      pursuant to the Wachovia Mortgage Loan Purchase Agreement, the Eurohypo
      Mortgage Loan Purchase Agreement, the Citigroup Mortgage Loan Purchase
      Agreement or the Artesia Mortgage Loan Purchase Agreement, as applicable;

            (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.

            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: Managing Director

                                       WACHOVIA BANK, NATIONAL
                                          ASSOCIATION,
                                          Master Servicer

                                       By:   /s/ David F. Sisom
                                          -------------------------------------
                                          Name:  David F. Sisom
                                          Title: Vice President

                                       CLARION PARTNERS, LLC,
                                          Special Servicer

                                       By:   /s/ Michael O'Brien
                                          -------------------------------------
                                          Name:  Michael O'Brien
                                          Title: Authorized Person

                                       WELLS FARGO BANK MINNESOTA, N.A.,
                                          Trustee

                                       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-C8

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: Clarion Partners, LLC
--------------------------------------------------------------------------------

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-2 CERTIFICATES, THE CLASS A-3
CERTIFICATES AND THE CLASS A-4 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), Clarion Partners, LLC (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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-C8

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-2  Certificates  as  of  the  Closing
                                         Date:  $[____]
--------------------------------------------------------------------------------

Date of Pooling and Servicing            Initial  Certificate  Principal Balance
Agreement:  as of [____]                 of this  Class  A-2  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: Clarion Partners, LLC
--------------------------------------------------------------------------------

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, THE CLASS A-3
CERTIFICATES AND THE CLASS A-4 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), Clarion Partners, LLC (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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-3 CERTIFICATE

           CLASS A-3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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-3  Certificates  as  of  the  Closing
                                         Date:  $[____]
--------------------------------------------------------------------------------

Date of Pooling and Servicing            Initial  Certificate  Principal Balance
Agreement: as of [____]                  of this  Class  A-3  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: Clarion Partners, LLC
--------------------------------------------------------------------------------

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, THE CLASS A-2
CERTIFICATES AND THE CLASS A-4 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-3 Certificate (obtained by
dividing the principal amount of this Class A-3 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-3 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-3 Certificates in the Trust Fund created pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among Wachovia
Commercial Mortgage Securities, Inc. (herein called the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association (herein called the "Master Servicer", which term includes any
successor entity under the Agreement), Clarion Partners, LLC (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-3 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-3 Certificates will be made by Wells Fargo Bank
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-3 Certificates
is the calendar month preceding the month in which such Distribution Date occurs
and is assumed to consist of 30 days.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Class A-3 Certificates are issuable in fully registered form
only without coupons in minimum denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Class A-3 Certificates are exchangeable for new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Class A-3 Certificates in
authorized denominations evidencing the same aggregate Percentage Interest will
be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Class A-3 Certificates, but the Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Class A-3
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of [________] or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

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

            The Trust Fund and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier to occur of (i) the final payment (or any advance with respect thereto)
or other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust Fund, and (ii) the purchase by the Master Servicer, the Special Servicer
or the Majority Subordinate Certificateholder at a price determined as provided
in the Agreement of all Mortgage Loans and each REO Property remaining in the
Trust Fund. The Agreement permits, but does not require, the Master Servicer,
the Special Servicer or the Majority Subordinate Certificateholder to purchase
from the Trust Fund all Mortgage Loans and each REO Property remaining therein.
The exercise of such right will effect early retirement of the Class A-3
Certificates; however, such right to purchase is subject to the aggregate Stated
Principal Balance of the Mortgage Pool at the time of purchase being less than
1% of the aggregate Stated Principal Balance of the Mortgage Loans as of the
Cut-off Date specified on the face hereof.

            In addition, any exchange by any Certificateholder of all of the
then outstanding Certificates 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-3 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 A-4 CERTIFICATE

           CLASS A-4 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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-4  Certificates  as  of  the  Closing
                                         Date:  $[____]
--------------------------------------------------------------------------------

Date of Pooling and Servicing            Initial  Certificate  Principal Balance
Agreement:  as of [____]                 of this  Class  A-4  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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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, THE CLASS A-2
CERTIFICATES AND THE CLASS A-3 CERTIFICATES MAY BE REDUCED BY CERTAIN LOSSES AND
EXPENSES EXPERIENCED BY THE TRUST FUND AS SET FORTH IN THE 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-4 Certificate (obtained by
dividing the principal amount of this Class A-4 Certificate (its "Certificate
Principal Balance") as of the Closing Date by the aggregate principal amount of
all the Class A-4 Certificates (their "Class Principal Balance") as of the
Closing Date) in that certain beneficial ownership interest evidenced by all the
Class A-4 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), Clarion Partners, LLC (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-4 Certificates on the applicable
Distribution Date pursuant to the Agreement. All distributions made under the
Agreement on the Class A-4 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-4 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-4 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-4 Certificates are exchangeable for new Class A-4 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-4 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-4 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-4
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-4
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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-4 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-C CERTIFICATE

           CLASS X-C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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: Clarion Partners, LLC
--------------------------------------------------------------------------------

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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-6

                          FORM OF CLASS X-P CERTIFICATE

           CLASS X-P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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), Clarion Partners, LLC (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-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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-7

                           FORM OF CLASS B CERTIFICATE

            CLASS B COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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, THE CLASS A-3 CERTIFICATES AND THE CLASS A-4
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), Clarion Partners, LLC (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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-8

                           FORM OF CLASS C CERTIFICATE

            CLASS C COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-9

                           FORM OF CLASS D CERTIFICATE

            CLASS D COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-10

                           FORM OF CLASS E CERTIFICATE

            CLASS E COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-11

                           FORM OF CLASS F CERTIFICATE

            CLASS F COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4 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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-12

                           FORM OF CLASS G CERTIFICATE

            CLASS G COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-13

                           FORM OF CLASS H CERTIFICATE

            CLASS H COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-14

                           FORM OF CLASS J CERTIFICATE

            CLASS J COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-15

                           FORM OF CLASS K CERTIFICATE

            CLASS K COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-16

                           FORM OF CLASS L CERTIFICATE

            CLASS L COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-17

                           FORM OF CLASS M CERTIFICATE

            CLASS M COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-18

                           FORM OF CLASS N CERTIFICATE

            CLASS N COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-19

                           FORM OF CLASS O CERTIFICATE

            CLASS O COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-20

                           FORM OF CLASS P CERTIFICATE

            CLASS P COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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 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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3 CERTIFICATES, THE CLASS A-4 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-3 CERTIFICATES, THE CLASS A-4
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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-21

                          FORM OF CLASS R-I CERTIFICATE

           CLASS R-I COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3, CLASS
A-4, 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), Clarion Partners, LLC (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 Initial Purchasers 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 U.S. 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-22

                         FORM OF CLASS R-II CERTIFICATE

           CLASS R-II COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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-3, CLASS
A-4, 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), Clarion Partners, LLC (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 Initial Purchasers 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 U.S. 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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-23

                           FORM OF CLASS Z CERTIFICATE

            CLASS Z COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2003-C8

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:  Clarion Partners, LLC
--------------------------------------------------------------------------------

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), Clarion Partners, LLC (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 Initial
Purchasers or their respective affiliates), then the Certificate Registrar shall
refuse to register such transfer unless it receives either: (i) a certificate
from the Certificateholder desiring to effect such transfer substantially in the
form attached as Exhibit 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-3, Class A-4, Class B, Class C, Class D and Class E
Certificates have been paid in full.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Master Servicer, the Special Servicer and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the
Depositor, the Master Servicer, the Special Servicer and the Trustee with the
consent of the Holders of Certificates entitled to at least 51% of the Voting
Rights allocated to the affected Classes. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, including any amendment necessary to
maintain the status of the Trust Fund (or designated portions thereof) as
consisting of two separate REMICs and 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

                             M0RTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
 Mortgage Loan
     Number            Property Name            Address            City          State      Zip Code         County
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
<S>                <C>                      <C>              <C>                 <C>         <C>         <C>
       1           Tucson Mall              4500 North        Tucson               AZ         85705      Pima
                                            Oracle Road
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
       2           Meridian Mall            River Avenue      Okemos               MI         48864      Ingham
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
       3           Chelsea Market           75 Ninth Avenue   New York             NY         10011      New York
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            142 Park City
       4           Park City Center (2)     Center            Lancaster            PA         17601      Lancaster
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Four Seasons Hotel -     120 East
       5           Chicago (2)              Delaware Place    Chicago              IL         60611      Cook
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            6155 Eastex
       6           Parkdale Mall            Freeway           Beaumont             TX         77706      Jefferson
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Regency Square Mall      9501 Arlington
       7           (2)                      Expressway        Jacksonville         FL         32225      Duval
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            6235 Oxon Hill
       8           Rivertowne Commons       Road              Oxon Hill            MD         20745      Prince George's
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            200 & 300
       9           Arco Center              Oceangate         Long Beach           CA         90802      Los Angeles
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            2660 West
                                            Chandler
       10          Chandler Festival (2)    Boulevard         Chandler             AZ         85224      Maricopa
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
       11          The Ansonia              2109 Broadway     New York             NY         10023      New York
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            10801-10816
                                            Executive
                                            Center Drive;
                   WestLake Corporate       1701 Center
       12          Park                     View Drive        Little Rock          AR         72211      Pulaski
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            27261-27271
       13          Cendant Building         Las Ramblas       Mission Viejo        CA         92691      Orange
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   FBI
                   Headquarters-Richmond,   1970 East
       14          VA                       Parham Road       Richmond             VA         23228      Henrico
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            1249 & 1387
                   Natural Resource         South Vinnell
       15          Center-Boise, ID         Way               Boise                ID         83709      Ada
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Shiloh Square            3895 Cherokee
       16          Shopping Center          Street            Kennesaw             GA         30144      Cobb
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Chino Spectrum Towne     3801-4097
       17          Center, Phase B          Grand Avenue      Chino                CA         91710      San Bernardino
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Washington State
       18          Portfolio                Various           Various              WA        Various     Various
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            421 and 405
                                            Black Lake
                                            Boulevard SW;
                   Black Lake I , II,       and 2000 4th
      18.1         and III                  Avenue West       Olympia              WA         98502      Thurston
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   DSHS                     4101 Meridian
      18.2         Building-Bellingham      Street            Bellingham           WA         98226      Whatcom
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            2021 - 2173
       19          East Town Plaza          Zeier Road        Madison              WI         53704      Dane
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            9300 SW 137th
       20          Pepper Cove Apartments   Avenue            Miami                FL         33186      Miami-Dade
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   St. Vincent's
       21          Hospital-POB II & III    Various           Birmingham           AL         35205      Jefferson
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            833 St.
      21.1         St. Vincent POB III      Vincent's Drive   Birmingham           AL         35205      Jefferson
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            2700 10th
      21.2         St. Vincent POB II       Avenue South      Birmingham           AL         35205      Jefferson
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            14301-14459
                                            North Dale
       22          Grand Plaza              Mabry Highway     Tampa                FL         33618      Hillsborough
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            23 Christopher
       23          23 Christopher Way       Way               Eatontown            NJ         07724      Monmouth
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            4155 Dowlen
       24          Parkdale Crossing        Road              Beaumont             TX         77706      Jefferson
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            4454 Van Nuys
       25          Sherman Oaks Square      Boulevard         Sherman Oaks         CA         91403      Los Angeles
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            251-492 Grand
       26          Nogales Plaza            Avenue            Nogales              AZ         85621      Santa Cruz
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            3825, 3845,
                   Park West at Gateway     3984 Gateway
       27          Centre                   Boulevard         Pinellas Park        FL         33782      Pinellas
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            3300 16th                                                    District of
       28          Park Monroe Apartments   Street NW         Washington           DC         20010      Columbia
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            5320 Northeast
       29          33rd & Killingsworth     33rd Avenue       Portland             OR         97211      Multnomah
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            NEC of US
                   Shoppes at Paradise      Highway 98 &      Ft. Walton
       30          Pointe                   Perry Avenue      Beach                FL         32548      Okaloosa
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Eufaula Square           1009 South
       31          Shopping Center          Eufaula Avenue    Eufaula              AL         36027      Barbour
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Space Plus Self          17231 Dona
       32          Storage                  Michelle Drive    Tampa                FL         33647      Hillsborough
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            NEC of
                                            Middlebelt
                   Walgreens - Livonia,     Road &
       33          MI                       Plymouth Road     Livonia              MI         48150      Wayne
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            1500 - 1510
                                            Walnut Street
                                            and 2110 -
                                            2124 Vine
       34          Walnut Square            Street            Berkeley             CA         94709      Alameda
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens - North        1771 Holton
       35          Muskegon, MI             Road              North Muskegon       MI         49445      Muskegon
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens - Berkeley,    2801 Adeline
       36          CA                       Street            Berkeley             CA         94703      Alameda
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens - Longmont,    835 East 17th
       37          CO                       Avenue            Longmont             CO         80501      Boulder
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            5916 West Loop
       38          Best Buy - Lubbock, TX   289               Lubbock              TX         79424      Lubbock
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens - Newberg,     1840 E
       39          OR                       Portland Road     Newberg              OR         97132      Yamhill
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens - Leander,     905 Crystal
       40          TX                       Falls Parkway     Leander              TX         78641      Williamson
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Linens 'n Things -       1574 Boston
       41          Milford, CT              Post Road         Milford              CT         06460      New Haven
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens -              2410 Reidville
       42          Spartanburg, SC          Road              Spartanburg          SC         29301      Spartanburg
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            1990 McCulloch    Lake Havasu
       43          McCulloch Center         Boulevard N       City                 AZ         86403      Mohave
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Walgreens -              2900 Stockton
       44          Sacramento, CA           Boulevard         Sacramento           CA         95817      Sacramento
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            375 Pinewood
       45          Eckerd - Sumter, SC      Road              Sumter               SC         29150      Sumter
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            1208 East
       46          CVS - Rockingham, NC     Broad Street      Rockingham           NC         28379      Richmond
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            4701 North
       47          Harwood Commons Site     Harlem Avenue     Harwood Heights      IL         60706      Cook
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            1140 N.
                   Cordova Towne Center     Germantown
       48          Phase I                  Parkway           Cordova              TN         38016      Shelby
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            6866-6891
                                            Shady Brook
       49          Shadybrook Square        Lane              Dallas               TX         75231      Dallas
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            1320 Santa Fe
       50          Eckerd - Moore, OK       Avenue            Moore                OK         73160      Cleveland
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   CVS - Rutherford         301 U.S.          Rutherford
       51          College, NC              Highway 70        College              NC         28671      Burke
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            21 Second
                   Brackenridge Skyway      Street
       52          Plaza                    Southwest         Rochester            MN         55903      Olmsted
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                                            151-221 North
       53          North Eton Plaza         Eton Street       Birmingham           MI         48009      Oakland
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------
                   Wherehouse
                   Music/Blockbuster        2107 South 700
       54          Video                    East              Salt Lake City       UT         84106      Salt Lake
-----------------  -----------------------  ----------------  ----------------  ---------  ------------  ----------------

<CAPTION>

-----------------   -------------------  ---------------  ------------  --------------  --------------
 Mortgage Loan      Cut-Off Date Loan     Monthly P&I                     Mortgage       Number of
     Number            Balance ($)        Payments ($)    Grace Days      Rate (%)         Units
-----------------   -------------------  ---------------  ------------  --------------  -------------
<S>                   <C>                  <C>            <C>             <C>           <C>
       1              129,836,600.19       640,283.14          0           4.2600%       1,304,759
-----------------   -------------------  ---------------  ------------  --------------  -------------
                                                            2 (late
                                                           charge);
                                                              10
       2              88,180,265.17        492,916.94      (default)       4.5200%        814,677
-----------------   -------------------  ---------------  ------------  --------------  -------------
       3              85,500,000.00        485,459.60          0           5.5000%       1,153,752
-----------------   -------------------  ---------------  ------------  --------------  -------------
       4              65,925,438.98        343,746.42          5           4.7364%       1,367,529
-----------------   -------------------  ---------------  ------------  --------------  -------------
       5              58,000,000.00        345,923.15          5           5.2020%          343
-----------------   -------------------  ---------------  ------------  --------------  -------------
                                                            2 (late
                                                           charge);
                                                              10
       6              56,808,453.14        333,548.50      (default)       5.0100%        587,629
-----------------   -------------------  ---------------  ------------  --------------  -------------
       7              52,686,250.75        240,783.38          5           3.5940%        938,031
-----------------   -------------------  ---------------  ------------  --------------  -------------
       8              42,964,640.82        258,636.68          5           6.0300%        387,339
-----------------   -------------------  ---------------  ------------  --------------  -------------
       9              38,000,000.00        238,937.68          0           6.4500%        459,636
-----------------   -------------------  ---------------  ------------  --------------  -------------
       10             31,960,740.86        159,676.92          0           4.3700%        364,649
-----------------   -------------------  ---------------  ------------  --------------  -------------
       11             28,100,000.00            IO              5           4.5200%        118,382
-----------------   -------------------  ---------------  ------------  --------------  -------------
       12             20,180,786.73        114186.94           0           5.4600%        384,436
-----------------   -------------------  ---------------  ------------  --------------  -------------
       13             18,185,309.51        110,291.05          5           6.1000%        131,123
-----------------   -------------------  ---------------  ------------  --------------  -------------
       14             18,000,000.00        100,178.51          0           5.3200%         96,607
-----------------   -------------------  ---------------  ------------  --------------  -------------
       15             17,887,500.00        99,552.40           0           5.3200%        131,453
-----------------   -------------------  ---------------  ------------  --------------  -------------
       16             14,466,404.66        76,955.37           0           4.9000%        139,720
-----------------   -------------------  ---------------  ------------  --------------  -------------
       17             13,988,243.00        83,487.56           0           5.9500%         77,762
-----------------   -------------------  ---------------  ------------  --------------  -------------
       18             13,915,884.29        76,491.15           0           5.2000%        121,442
-----------------   -------------------  ---------------  ------------  --------------  -------------
      18.1                                                                                 92,053
-----------------   -------------------  ---------------  ------------  --------------  -------------
      18.2                                                                                 29,389
-----------------   -------------------  ---------------  ------------  --------------  -------------
       19             12,051,687.67        68,323.36           5           5.4500%        208,959
-----------------   -------------------  ---------------  ------------  --------------  -------------
       20             12,000,000.00        70,662.74           0           5.8330%          208
-----------------   -------------------  ---------------  ------------  --------------  -------------
       21             11,408,329.84        67,416.23           5           5.8400%        139,070
-----------------   -------------------  ---------------  ------------  --------------  -------------
      21.1                                                                                 81,716
-----------------   -------------------  ---------------  ------------  --------------  -------------
      21.2                                                                                 57,354
-----------------   -------------------  ---------------  ------------  --------------  -------------
       22             11,400,000.00        67,471.74           0           5.8800%        105,585
-----------------   -------------------  ---------------  ------------  --------------  -------------
       23              8,992,696.68        54,423.32           5           6.0800%         78,539
-----------------   -------------------  ---------------  ------------  --------------  -------------
                                                            2 (late
                                                           charge);
                                                              10
       24              8,969,755.31        52,665.55       (default)       5.0100%         88,109
-----------------   -------------------  ---------------  ------------  --------------  -------------
       25              8,250,000.00            IO              0           5.5500%         64,216
-----------------   -------------------  ---------------  ------------  --------------  -------------
       26              8,240,000.00        47,981.76           0           5.7300%        139,124
-----------------   -------------------  ---------------  ------------  --------------  -------------
       27              8,200,000.00        51,983.88           0           5.8300%        133,094
-----------------   -------------------  ---------------  ------------  --------------  -------------
       28              8,000,000.00        46,533.48           0           5.7200%          164
-----------------   -------------------  ---------------  ------------  --------------  -------------
       29              7,691,208.47        39,888.84           5           4.6900%         48,324
-----------------   -------------------  ---------------  ------------  --------------  -------------
       30              6,420,000.00        27,392.00           0           5.1200%         83,870
-----------------   -------------------  ---------------  ------------  --------------  -------------
       31              5,275,000.00        34,019.15           0           6.0100%        105,975
-----------------   -------------------  ---------------  ------------  --------------  -------------
       32              4,746,735.34        30,587.72           0           6.6800%          786
-----------------   -------------------  ---------------  ------------  --------------  -------------
       33              4,515,000.00        26,664.66           0           5.8600%         13,650
-----------------   -------------------  ---------------  ------------  --------------  -------------
       34              4,482,135.32        25,479.97           5           5.4750%         24,524
-----------------   -------------------  ---------------  ------------  --------------  -------------
       35              4,160,000.00        24,568.10           0           5.8600%         14,560
-----------------   -------------------  ---------------  ------------  --------------  -------------
       36              3,629,647.23        21,074.87           5           5.6400%         24,640
-----------------   -------------------  ---------------  ------------  --------------  -------------
       37              3,496,983.32        20,647.93           0           5.8500%         14,490
-----------------   -------------------  ---------------  ------------  --------------  -------------
       38              3,295,416.37        20,383.30           0           5.5600%         30,000
-----------------   -------------------  ---------------  ------------  --------------  -------------
       39              3,184,654.63        22,429.71           0           5.4500%         14,490
-----------------   -------------------  ---------------  ------------  --------------  -------------
       40              3,018,000.00        17,478.25           0           5.6800%         14,560
-----------------   -------------------  ---------------  ------------  --------------  -------------
       41              3,000,000.00        17,794.10           0           5.9000%         34,660
-----------------   -------------------  ---------------  ------------  --------------  -------------
       42              3,000,000.00        22,426.39           0           6.4400%         14,560
-----------------   -------------------  ---------------  ------------  --------------  -------------
       43              2,996,282.45        19,605.05           0           6.1500%         49,997
-----------------   -------------------  ---------------  ------------  --------------  -------------
       44              2,843,405.54        19,037.09           0           5.0700%         15,120
-----------------   -------------------  ---------------  ------------  --------------  -------------
       45              2,627,164.95        17,465.08           5           6.2000%         12,728
-----------------   -------------------  ---------------  ------------  --------------  -------------
       46              2,176,783.11        14,202.86           0           6.1200%         10,125
-----------------   -------------------  ---------------  ------------  --------------  -------------
       47              2,100,000.00        17,647.19           0           5.8500%        481,345
-----------------   -------------------  ---------------  ------------  --------------  -------------
       48              2,000,000.00        12,106.98           0           6.0900%         16,058
-----------------   -------------------  ---------------  ------------  --------------  -------------
       49              1,895,317.51        11,797.66           5           6.3300%         15,879
-----------------   -------------------  ---------------  ------------  --------------  -------------
       50              1,835,000.00        15,722.93           0           6.1500%         11,347
-----------------   -------------------  ---------------  ------------  --------------  -------------
       51              1,570,040.40        10,244.04           0           6.1200%         10,125
-----------------   -------------------  ---------------  ------------  --------------  -------------
       52               914,639.45          7,652.03          10           7.9000%         38,223
-----------------   -------------------  ---------------  ------------  --------------  -------------
       53               718,306.27          6,453.64          10           7.1000%         10,460
-----------------   -------------------  ---------------  ------------  --------------  -------------
       54               547,585.89          4,145.47          10           6.7500%         14,798
-----------------   -------------------  ---------------  ------------  --------------  -------------

<CAPTION>

-----------------  ------------- ------------------------ ------------------------- -----------------
 Mortgage Loan       Unit of        Original Term to         Remaining Term to      Stated Maturity
     Number          Measure     Maturity or ARD (Mos.)    Maturity or ARD (Mos.)     Date or ARD
-----------------  ------------- ------------------------ ------------------------- -----------------
<S>                 <C>                   <C>                       <C>               <C>
       1             Sq. Ft.               60                        59               11-Oct-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       2             Sq. Ft.               60                        58               11-Sep-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       3             Sq. Ft.               120                      118               11-Sep-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       4             Sq. Ft.               84                        83                1-Oct-2010
-----------------  ------------- ------------------------ ------------------------- -----------------
       5              Rooms                120                      120                1-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       6             Sq. Ft.               84                        82               11-Sep-2010
-----------------  ------------- ------------------------ ------------------------- -----------------
       7             Sq. Ft.               84                        80                1-Jul-2010
-----------------  ------------- ------------------------ ------------------------- -----------------
       8             Sq. Ft.               120                      119                1-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       9             Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       10            Sq. Ft.               60                        59                1-Oct-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       11            Sq. Ft.               60                        57                1-Aug-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       12            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       13            Sq. Ft.               119                      118                1-Sep-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       14            Sq. Ft.               72                        72               11-Nov-2009
-----------------  ------------- ------------------------ ------------------------- -----------------
       15            Sq. Ft.               72                        72               11-Nov-2009
-----------------  ------------- ------------------------ ------------------------- -----------------
       16            Sq. Ft.               120                      118               11-Sep-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       17            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       18            Sq. Ft.               60                        59               11-Oct-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       18.1          Sq. Ft.
-----------------  ------------- ------------------------ ------------------------- -----------------
       18.2          Sq. Ft.
-----------------  ------------- ------------------------ ------------------------- -----------------
       19            Sq. Ft.               120                      116                1-Jul-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       20             Units                120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       21            Sq. Ft.               120                      117                1-Aug-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       21.1          Sq. Ft.
-----------------  ------------- ------------------------ ------------------------- -----------------
       21.2          Sq. Ft.
-----------------  ------------- ------------------------ ------------------------- -----------------
       22            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       23            Sq. Ft.               120                      119                1-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       24            Sq. Ft.               84                        82               11-Sep-2010
-----------------  ------------- ------------------------ ------------------------- -----------------
       25            Sq. Ft.               60                        59               11-Oct-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       26            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       27            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       28             Units                120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       29            Sq. Ft.               120                      119                1-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       30            Sq. Ft.               84                        83               11-Oct-2010
-----------------  ------------- ------------------------ ------------------------- -----------------
       31            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       32             Units                120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       33            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       34            Sq. Ft.               120                      116                1-Jul-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       35            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       36            Sq. Ft.               120                      113                1-Apr-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       37            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       38            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       39            Sq. Ft.               233                      231               11-Feb-2023
-----------------  ------------- ------------------------ ------------------------- -----------------
       40            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       41            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       42            Sq. Ft.               240                      240               11-Nov-2023
-----------------  ------------- ------------------------ ------------------------- -----------------
       43            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       44            Sq. Ft.               240                      239               11-Oct-2023
-----------------  ------------- ------------------------ ------------------------- -----------------
       45            Sq. Ft.               120                      111                1-Feb-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       46            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       47            Sq. Ft.               180                      180               11-Nov-2018
-----------------  ------------- ------------------------ ------------------------- -----------------
       48            Sq. Ft.               120                      120               11-Nov-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       49            Sq. Ft.               120                      117                1-Aug-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       50            Sq. Ft.               180                      180               11-Nov-2018
-----------------  ------------- ------------------------ ------------------------- -----------------
       51            Sq. Ft.               120                      119               11-Oct-2013
-----------------  ------------- ------------------------ ------------------------- -----------------
       52            Sq. Ft.               120                       51                1-Feb-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       53            Sq. Ft.               120                       60                1-Nov-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
       54            Sq. Ft.               120                       59                1-Oct-2008
-----------------  ------------- ------------------------ ------------------------- -----------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------
                                                  Original         Remaining                         Master
   Mortgage Loan                                 Amort Term       Amort Term        Ground       Servicing Fee    ARD Loans
       Number              Property Name           (Mos.)           (Mos.)        Lease (Y/N)         Rate          (Y/N)
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------
<S>                  <C>                            <C>              <C>              <C>          <C>               <C>
    Actual/360       Tucson Mall                    360              359              Y            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        2            Meridian Mall                  300              298              Y            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        3            Chelsea Market                 360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        4            Park City Center (2)           360              359              N            0.05000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Four Seasons Hotel -
        5            Chicago (2)                    300              300              Y            0.05000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        6            Parkdale Mall                  300              298              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        7            Regency Square Mall (2)        360              356              N            0.05000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        8            Rivertowne Commons             360              359              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        9            Arco Center                    360              360              N            0.08000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        10           Chandler Festival (2)          360              359              N            0.05000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        11           The Ansonia                    IO               IO               N            0.07000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        12           WestLake Corporate Park        360              359              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        13           Cendant Building               360              359              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     FBI
                     Headquarters-Richmond,
        14           VA                             360              360              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Natural Resource
        15           Center-Boise, ID               360              360              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Shiloh Square Shopping
        16           Center                         360              358              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Chino Spectrum Towne
        17           Center, Phase B                360              359              N            0.05000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Washington State
        18           Portfolio                      360              359              Y            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Black Lake I , II, and
       18.1          III                                                              Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     DSHS
       18.2          Building-Bellingham                                              N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        19           East Town Plaza                360              356              N            0.07000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        20           Pepper Cove Apartments         360              360              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     St. Vincent's
        21           Hospital-POB II & III          360              357              N            0.08000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

       21.1          St. Vincent POB III                                              N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

       21.2          St. Vincent POB II                                               N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        22           Grand Plaza                    360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        23           23 Christopher Way             360              359              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        24           Parkdale Crossing              300              298              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        25           Sherman Oaks Square            IO               IO               N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        26           Nogales Plaza                  360              360              N            0.08000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Park West at Gateway
        27           Centre                         300              300              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        28           Park Monroe Apartments         360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        29           33rd & Killingsworth           360              359              N            0.06000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Shoppes at Paradise
        30           Pointe                         IO               IO               N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Eufaula Square
        31           Shopping Center                300              300              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        32           Space Plus Self Storage        360              359              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        33           Walgreens - Livonia, MI        360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        34           Walnut Square                  360              356              N            0.10000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Walgreens - North
        35           Muskegon, MI                   360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Walgreens - Berkeley,
        36           CA                             360              353              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Walgreens - Longmont,
        37           CO                             360              359              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        38           Best Buy - Lubbock, TX         300              299              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        39           Walgreens - Newberg, OR        233              231              Y            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        40           Walgreens - Leander, TX        360              360              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Linens 'n Things -
        41           Milford, CT                    360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Walgreens -
        42           Spartanburg, SC                240              240              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        43           McCulloch Center               300              299              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Walgreens -
        44           Sacramento, CA                 240              239              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        45           Eckerd - Sumter, SC            300              291              N            0.10000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        46           CVS - Rockingham, NC           300              299              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        47           Harwood Commons Site           180              180              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Cordova Towne Center
        48           Phase I                        360              360              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        49           Shadybrook Square              360              357              N            0.10000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        50           Eckerd - Moore, OK             180              180              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     CVS - Rutherford
        51           College, NC                    300              299              N            0.04000%          Y
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Brackenridge Skyway
        52           Plaza                          300              231              Y            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

        53           North Eton Plaza               240              180              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

                     Wherehouse
        54           Music/Blockbuster Video        300              239              N            0.04000%          N
-------------------  ------------------------  --------------  ----------------  -------------  ---------------  -----------

<CAPTION>

-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------
                                                                                                            Cross
                                                                                                       Collateralized and
   Mortgage Loan        Anticipated          Additional            Loan           Environmental         Cross Defaulted
       Number          Repayment Date      Interest Rate        Originator          Insurance              Loan Flag
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------
<S>                    <C>              <C>                     <C>           <C>                    <C>
                                        Greater of note
                                        rate plus 5% or
    Actual/360         11-Oct-2008      Treasury plus 5%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        2                                                       Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        3                                                       Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        4                                                         EHY
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        5                                                         EHY
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        6                                                       Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        7                                                         EHY
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        8               1-Oct-2013      11.030%                   CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of Rate +
                                        2.5% or Treasury
                                        + 2.5%, subject
                                        to an annual
        9              11-Nov-2013      increase of .25%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        10                                                        EHY
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        11                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of note
                                        rate plus 3% or
        12             11-Oct-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Initial rate plus
        13              1-Sep-2013      2%                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Initial Rate + 2%
        14             11-Nov-2009      (7.32%)                   AMCC                                  Hai Portfolio
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Initial Rate + 2%
        15             11-Nov-2009      (7.32%)                   AMCC                                  Hai Portfolio
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of note
                                        rate plus 3% or
        16             11-Sep-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        17                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Initial Rate + 2%
        18             11-Oct-2008      (7.20%)                   AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

       18.1                                                       AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

       18.2                                                       AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        19                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of note
                                        rate plus 3% or
        20             11-Nov-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        21                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

       21.1                                                       CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

       21.2                                                       CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        22                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        23                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        24                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of Rate +
                                        2.5% or Treasury
                                        + 2.5%, subject
                                        to an annual
        25             11-Oct-2008      increase of .25%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------
                                        Greater of note
                                        rate plus 3% or
        26             11-Nov-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of note
                                        rate plus 3% or
        27             11-Nov-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        28                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        29                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        30                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        31                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of note
                                        rate plus 3% or
        32             11-Oct-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        33                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        34                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        35                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        36                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of Rate +
                                        2.5% or Treasury
                                        + 2.5%, subject
                                        to an annual
        37             11-Oct-2013      increase of .25%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of Rate +
                                        2.5% or Treasury
                                        + 2.5%, subject
                                        to an annual
        38             11-Oct-2013      increase of .25%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        39                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of note
                                        rate plus 3% or
        40             11-Nov-2013      Treasury plus 3%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        41                                                      Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        42                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        43                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        44                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        45                                                        CGM                  Y
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of Rate +
                                        2.5% or Treasury
                                        + 2.5%, subject
                                        to an annual
        46             11-Oct-2013      increase of .25%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        47                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        48                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        49                                                        CGM
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        50                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

                                        Greater of Rate +
                                        2.5% or Treasury
                                        + 2.5%, subject
                                        to an annual
        51             11-Oct-2013      increase of .25%        Wachovia
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        52                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        53                                                        AMCC
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

        54                                                        AMCC                 Y
-------------------  -----------------  -------------------  ---------------  ---------------------  ---------------------

<CAPTION>

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

                                                                                       Annual Deposit to    Initial Deposit to
   Mortgage Loan                        Secured by       Interest                         Replacement            Capital
       Number         Defeasance Loan       LC        Accrual Method      Lockbox           Reserve        Improvements Reserve
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------
<S>                         <C>             <C>        <C>                <C>         <C>                 <C>
    Actual/360              Y               N          Actual/360         Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        2                   Y               N            30/360           Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        3                   Y               N          Actual/360         Day 1            173,063              205,500
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        4                   Y               N          Actual/360         Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        5                   Y               N          Actual/360       Springing
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        6                   Y               N            30/360           Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        7                   Y               N          Actual/360         Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        8                   Y               N          Actual/360       Springing           77,468             1,330,000
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        9                   Y               N          Actual/360         Day 1             84,264
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        10                  Y               N          Actual/360         Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        11                  Y               N          Actual/360         Day 1             21,600
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        12                  Y               N          Actual/360       Springing          129,918               9,375
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        13                  Y               N          Actual/360       Springing           26,225
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        14                  Y               N          Actual/360         Day 1             19,381
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        15                  Y               N          Actual/360         Day 1             26,291
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        16                  Y               N          Actual/360       Springing           16,286
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        17                  Y               N          Actual/360       Springing           8,400
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        18                  Y               N          Actual/360         Day 1             24,288              107,558
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

       18.1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

       18.2
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        19                  Y               N          Actual/360       Springing           39,696
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        20                  Y               N          Actual/360       Springing           48,672               8,563
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        21                  Y               N          Actual/360                           27,814               44,575
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

       21.1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

       21.2                                                                                                      44,575
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        22                  Y               N          Actual/360                           15,838
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        23                  Y               N          Actual/360                           15,708
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        24                  Y               N            30/360           Day 1
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        25                  N               N          Actual/360       Springing
-------------------  ----------------  ------------  ----------------  -------------  ------------------- ---------------------

        26                  Y               N          Actual/360       Springing           25,049                52,500
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        27                  Y               N          Actual/360       Springing
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        28                  N               N          Actual/360                           24,764                17,688
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        29                  Y               N          Actual/360                           7,249
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        30                  N               N            30/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        31                  Y               N          Actual/360                           15,896
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        32                  Y               N          Actual/360       Springing           2,753
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        33                  Y               N          Actual/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        34                  Y               N          Actual/360                           4,908                 36,375
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        35                  Y               N          Actual/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        36                  N               N          Actual/360                                                 8,125
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        37                  Y               N          Actual/360       Springing
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        38                  Y               N          Actual/360       Springing
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        39                  Y               N          Actual/360         Day 1
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        40                  Y               N          Actual/360       Springing
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        41                  Y               N          Actual/360         Day 1
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        42                  Y               N          Actual/360                           2,184
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        43                  Y               N          Actual/360                           9,000
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        44                  Y               N          Actual/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        45                  Y               N          Actual/360                           1,909
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        46                  Y               N          Actual/360         Day 1             1,013
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        47                  Y               N          Actual/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        48                  Y               N          Actual/360                           2,409
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        49                  Y               N          Actual/360                           2,388                 95,525
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        50                  Y               N          Actual/360                           2,042
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        51                  Y               N          Actual/360         Day 1             1,013
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        52                  N               N          Actual/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        53                  N               N          Actual/360                                                 21,000
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

        54                  N               N          Actual/360
-------------------  ----------------  ------------  ----------------  -------------  -------------------  ---------------------

<CAPTION>

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

                                       Ongoing
   Mortgage Loan        Initial         TI/LC
       Number         TI/LC Escrow     Footnote
-------------------  -------------  --------------
<S>                  <C>            <C>
    Actual/360
-------------------  -------------  --------------

        2
-------------------  -------------  --------------

        3                                (1)
-------------------  -------------  --------------

        4
-------------------  -------------  --------------

        5
-------------------  -------------  --------------

        6
-------------------  -------------  --------------

        7
-------------------  -------------  --------------

        8                                (1)
-------------------  -------------  --------------

        9                                (1)
-------------------  -------------  --------------

        10
-------------------  -------------  --------------

        11
-------------------  -------------  --------------

        12                               (1)
-------------------  -------------  --------------

        13                               (1)
-------------------  -------------  --------------

        14
-------------------  -------------  --------------

        15
-------------------  -------------  --------------

        16             100,000           (1)
-------------------  -------------  --------------

        17
-------------------  -------------  --------------

        18
-------------------  -------------  --------------

       18.1
-------------------  -------------  --------------

       18.2
-------------------  -------------  --------------

        19                               (1)
-------------------  -------------  --------------

        20
-------------------  -------------  --------------

        21                               (1)
-------------------  -------------  --------------

       21.1
-------------------  -------------  --------------

       21.2
-------------------  -------------  --------------

        22                               (1)
-------------------  -------------  --------------

        23                               (1)
-------------------  -------------  --------------

        24
-------------------  -------------  --------------

        25
-------------------  -------------  --------------

        26              19,500           (1)
-------------------  -------------  --------------

        27             515,000           (1)
-------------------  -------------  --------------

        28
-------------------  -------------  --------------

        29                               (1)
-------------------  -------------  --------------

        30
-------------------  -------------  --------------

        31                               (1)
-------------------  -------------  --------------

        32
-------------------  -------------  --------------

        33
-------------------  -------------  --------------

        34                               (1)
-------------------  -------------  --------------

        35
-------------------  -------------  --------------

        36
-------------------  -------------  --------------

        37
-------------------  -------------  --------------

        38
-------------------  -------------  --------------

        39
-------------------  -------------  --------------

        40
-------------------  -------------  --------------

        41
-------------------  -------------  --------------

        42
-------------------  -------------  --------------

        43              50,000           (1)
-------------------  -------------  --------------

        44
-------------------  -------------  --------------

        45                               (1)
-------------------  -------------  --------------

        46
-------------------  -------------  --------------

        47
-------------------  -------------  --------------

        48              50,000           (1)
-------------------  -------------  --------------

        49                               (1)
-------------------  -------------  --------------

        50                               (1)
-------------------  -------------  --------------

        51
-------------------  -------------  --------------

        52
-------------------  -------------  --------------

        53
-------------------  -------------  --------------

        54
-------------------  -------------  --------------
</TABLE>
(1) In addition to any such escrows at loan closing for potential TI/LC, these
    Mortgage 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 or certain leasing conditions.
(2) Upon the satisfaction of certain tests, these Mortgage Loans have escrows
    which may spring into effect.

                                   EXHIBIT C-1

                Schedule of Exceptions to Mortgage File Delivery

                  Wachovia Commercial Mortgage Securities Inc.
          Commercial Mortgage Pass Through Certificates Series 2003-C8

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------

                                                  Alternate
  Collateral ID    Borrower Name    Investor ID    Loan ID    Loan Amount    DocType   Exception  Exception Description   Notation
------------------------------------------------------------------------------------------------------------------------------------
<S>                <C>              <C>           <C>         <C>            <C>       <C>        <C>                     <C>

</TABLE>

                                   EXHIBIT C-2

                         FORM OF CUSTODIAL CERTIFICATION

                                                                          [Date]

Wachovia Bank,  National Association
301 South College Street
One Wachovia Center
Charlotte, North Carolina  28288

Citigroup Global Markets Realty Corp.
388 Greenwich Street, 11th Floor
New York, New York  10013

Artesia Mortgage Capital Corporation
1180 NW Maple Street
Suite 202
Issaquah, Washington  98027

Eurohypo, AG New York Branch
1114 Avenue of the Americas
29th Floor
New York, New York 10024

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-C8

       Re:   Wachovia Bank Commercial Mortgage Trust
             Commercial Mortgage Pass-Through Certificates, Series 2003-C8

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-C8

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
November 1, 2003 (the "Pooling and Servicing Agreement"), by and among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Clarion Partners, LLC, 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-C8

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
November 1, 2003 (the "Pooling and Servicing Agreement"), by and among Wachovia
Commercial Mortgage Securities, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Clarion Partners, LLC, 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.

                                             CLARION PARTNERS, LLC,
                                               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-C8

For the Collection Period Ending:
Master Servicer Remittance Date
Updated Collection Report

<TABLE>
<CAPTION>
Primary   Prospectus  Primary    Scheduled   Scheduled   Current     Current      Paid To     Updated    Primary      Sub
Servicer     Loan       Loan     Principal   Interest   Principal   Interest      Date at     Paid To    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>

Primary    Master
Servicer  Servicer   Retained      Net
   ID       Fees       Fees      Advance
--------  --------   --------    -------
<S>       <C>        <C>         <C>

</TABLE>

<PAGE>

                                   EXHIBIT G-1

                         FORM OF TRANSFEROR CERTIFICATE

                                                                          [Date]

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113

Attn:    Corporate Trust Services (CMBS)
         Wachovia Bank Commercial Mortgage Trust,
         Commercial Mortgage Pass-Through Certificates,
         Series 2003-C8

Re:      Wachovia Bank Commercial Mortgage Trust,
         Commercial Mortgage Pass-Through Certificates,
         Series 2003-C8 (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 November 25, 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 November 1, 2003,
among Wachovia Commercial Mortgage Securities, Inc., as depositor, Wachovia
Bank, National Association, as master servicer, Clarion Partners, LLC, 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 Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113

Attn:    Corporate Trust Services (CMBS)
         Wachovia Bank Commercial Mortgage Trust,
         Commercial Mortgage Pass-Through Certificates,
         Series 2003-C8

Re:      Wachovia Bank Commercial  Mortgage Trust,
         Commercial Mortgage Pass-Through Certificates,
         Series 2003-C8 (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 November 25, 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 November 1, 2003,
among Wachovia Commercial Mortgage Securities, Inc., as depositor, Wachovia
Bank, National Association, as master servicer, Clarion Partners, LLC, 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.

            [For Class F, Class G, Class H, Class X-C and 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").

            [For 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 95-60 ("PTE 95-60").

            2. 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.

            3. The Transferee has been furnished a copy of the Private Placement
      Memorandum dated November [14], 2003 and has read such Private Placement
      Memorandum.

            4. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear legends substantially to the
      following effect (provided that the Class F, Class G, Class H, Class X-C
      and Class X-P Certificates will bear a legend substantially to the effect
      of the following first paragraph only):

      THE CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
      SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF
      THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE
      ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
      QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO
      ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF 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.

      [For Class R-I, Class R-II and Class Z Certificates]: NO TRANSFER OF THIS
      CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY "EMPLOYEE BENEFIT
      PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY SECTION 4975(e)(1) OF THE
      CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
      ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW MATERIALLY SIMILAR
      TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY ENTITY DEEMED TO
      HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S INVESTMENT IN SUCH
      ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL
      BE DEEMED TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED,
      AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE
      FOREGOING.

            5. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

            6. Check one of the following:**

--    The Transferee is a U.S. Person (as defined below) and it has attached
      hereto an Internal Revenue Service ("IRS") Form W-9 (or successor form).

--    The Transferee is not a U.S. Person and under applicable law in effect on
      the date hereof, no taxes will be required to be withheld by the Trustee
      (or its agent) with respect to distributions to be made on the Transferred
      Certificate. The Transferee has attached hereto (i) a duly executed IRS
      Form W-8BEN (or successor form), which identifies such Transferee as the
      beneficial owner of the Transferred Certificate and states that such
      Transferee is not a U.S. Person, (ii) two duly executed copies of IRS Form
      W-8IMY (with all the appropriate attachments), or (iii) two duly executed
      copies of IRS Form W-8ECI (or successor form), which identify such
      Transferee as the beneficial owner of the Transferred Certificate and
      state that interest and original issue discount on the Transferred
      Certificate and Permitted Investments is, or is expected to be,
      effectively connected with a U.S. trade or business. The Transferee agrees
      to provide to the Certificate Registrar updated IRS Form W-8BEN, IRS Form
      W-8IMY or IRS Form W-8ECI, as the case may be, any applicable successor
      IRS forms, or such other certifications as the Certificate Registrar may
      reasonably request, on or before the date that any such IRS form or
      certification expires or becomes obsolete, or promptly after the
      occurrence of any event requiring a change in the most recent IRS form of
      certification furnished by it to the Certificate Registrar.

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

                                         Very truly yours,

                                         _______________________________________
                                                      (Transferee)

                                         By: ___________________________________
                                             Name:______________________________
                                             Title:_____________________________

<PAGE>

                                                          ANNEX 1 TO EXHIBIT 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 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 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 Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113

Attn: Corporate Trust Services (CMBS)
       Wachovia Bank Commercial Mortgage Trust,
       Commercial Mortgage Pass-Through Certificates,
       Series 2003-C8

Re:    Wachovia Bank Commercial Mortgage Trust,
       Commercial Mortgage Pass-Through Certificates,
       Series 2003-C8 (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 November 25, 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 November 1, 2003,
among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer, Clarion
Partners, LLC, 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 Master Servicer, the Special Servicer, the Trustee, the
      Certificate Registrar and the Depositor against any liability that may
      result if the transfer is not so exempt or is not made in accordance with
      such federal and state laws.

            3. The Transferee understands that it may not sell or otherwise
      transfer any portion of its interest in the Transferred Certificate except
      in compliance with the provisions of Section 5.02 of the Pooling and
      Servicing Agreement, which provisions it has carefully reviewed, and that
      the Transferred Certificate will bear legends substantially to the
      following effect (provided that the Class F, Class G, Class H, Class X-C
      and Class X-P Certificates will bear a legend substantially to the effect
      of the following first paragraph only):

      THE CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
      SECURITIES LAWS OF ANY STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF
      THIS CERTIFICATE WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE
      ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
      QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO
      ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF 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.

      [For Class R-I, Class R-II and Class Z Certificates]: NO TRANSFER OF THIS
      CERTIFICATE OR ANY INTEREST THEREIN SHALL BE MADE TO ANY "EMPLOYEE BENEFIT
      PLAN" SUBJECT TO ERISA OR A "PLAN" DESCRIBED BY SECTION 4975(e)(1) OF THE
      CODE OR ANY OTHER RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
      ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW MATERIALLY SIMILAR
      TO THE FOREGOING PROVISIONS OF ERISA AND THE CODE, OR ANY ENTITY DEEMED TO
      HOLD PLAN ASSETS OF THE FOREGOING BY REASON OF A PLAN'S INVESTMENT IN SUCH
      ENTITY (EACH, A "PLAN"). EACH PERSON WHO ACQUIRES THIS CERTIFICATE SHALL
      BE DEEMED TO HAVE CERTIFIED THAT THE FOREGOING CONDITIONS ARE SATISFIED,
      AND THAT IT WILL NOT TRANSFER THIS CERTIFICATE IN VIOLATION OF THE
      FOREGOING.

            4. Neither the Transferee nor anyone acting on its behalf has (a)
      offered, pledged, sold, disposed of or otherwise transferred any
      Certificate, any interest in any Certificate or any other similar security
      to any person in any manner, (b) solicited any offer to buy or accept a
      pledge, disposition or other transfer of any Certificate, any interest in
      any Certificate or any other similar security from any person in any
      manner, (c) otherwise approached or negotiated with respect to any
      Certificate, any interest in any Certificate or any other similar security
      with any person in any manner, (d) made any general solicitation by means
      of general advertising or in any other manner, or (e) taken any other
      action, that (in the case of any of the acts described in clauses (a)
      through (e) above) would constitute a distribution of any Certificate
      under the Securities Act, would render the disposition of any Certificate
      a violation of Section 5 of the Securities Act or any state securities law
      or would require registration or qualification of any Certificate pursuant
      thereto. The Transferee will not act, nor has it authorized or will it
      authorize any person to act, in any manner set forth in the foregoing
      sentence with respect to any Certificate.

            5. The Transferee has been furnished with all information regarding
      (a) the Depositor, (b) the Certificates and distributions thereon, (c) the
      Pooling and Servicing Agreement, and (d) all related matters, that it has
      requested.

            6. The Transferee has been furnished a copy of the Private Placement
      Memorandum dated November [14], 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. [For Class F, Class G, Class H, Class X-C and 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"). [For 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.

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 Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113

Attn: Corporate Trust Services (CMBS)
       Wachovia Bank Commercial Mortgage Trust,
       Commercial Mortgage Pass-Through Certificates,
       Series 2003-C8

Re:    Wachovia Bank Commercial Mortgage Trust,
       Commercial Mortgage Pass-Through Certificates,
       Series 2003-C8 (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
November 25, 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 November 1, 2003 (the
"Pooling and Servicing Agreement"), among Wachovia Commercial Mortgage
Securities, Inc., as depositor, Wachovia Bank, National Association, as master
servicer, Clarion Partners, LLC, 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:

            [For Class F, Class G, Class H, Class X-C and 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").

            [For 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 95-60 ("PTE
95-60"). [For Class R-I, Class R-II and Class Z Certificates.] 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-C8, 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
      November 1, 2003, among Wachovia Commercial Mortgage Securities, Inc., as
      Depositor, Wachovia Bank, National Association, as Master Servicer,
      Clarion Partners, LLC, 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:

            [ ] 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.

            [x] 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.

            [x]   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 Street and Marquette Avenue
Minneapolis, Minnesota  55479-0113

Attn: Corporate Trust Services (CMBS)
       Wachovia Bank Commercial Mortgage Trust,
       Commercial Mortgage Pass-Through Certificates,
       Series 2003-C8

       Re:  Wachovia Bank Commercial Mortgage Trust,
            Commercial Mortgage Pass-Through Certificates,
            Series 2003-C8, 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 November 1, 2003, among
Wachovia Commercial Mortgage Securities, Inc., as depositor, Wachovia Bank,
National Association, as master servicer, Clarion Partners, LLC, 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,
a division of The McGraw-Hill Companies, Inc.
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 November 1, 2003 relating to
Wachovia Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2003-C8 (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.

            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-C8

Ladies & Gentlemen:

            Pursuant to Section 6.09 of the Pooling and Servicing Agreement
dated as of November 1, 2003 relating to Wachovia Bank Commercial Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2003-C8 (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-C8

Wachovia Bank, National Association
8739 Research Drive - URP4
Charlotte, North Carolina  28288

Clarion Partners, LLC
230 Park Avenue, 12th Floor
New York, New York 10169

     Re:   Wachovia Bank Commercial Mortgage Trust,
           Commercial Mortgage Pass-Through Certificates,
           Series 2003-C8

            In accordance with Section 3.15 of the Pooling and Servicing
Agreement dated as of November 1, 2003 (the "Pooling and Servicing Agreement"),
among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer, Clarion
Partners, LLC, 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-C8 (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-C8

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-C8

Clarion Partners, LLC
230 Park Avenue, 12th Floor
New York, New York 10169

Attention:  Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
            Through Certificates, Series 2003-C8

       Re:  Wachovia Bank Commercial Mortgage Trust
            Commercial Mortgage Pass-Through Certificates,
            Series 2003-C8 (the "Certificates")

            In accordance with Section 3.15 of the Pooling and Servicing
Agreement, dated as of November 1, 2003 (the "Pooling and Servicing Agreement"),
among Wachovia Commercial Mortgage Securities, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association, as master servicer, Clarion
Partners, LLC, 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-C8 (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

Name: Wachovia Bank, National Association, with respect to the Meridian Mall
      Companion Loan

      Address: 301 South College Street, Charlotte, North Carolina 28288

      Wiring Instructions:

      Tax Identification Number:

Name: Eurohypo AG, New York Branch, with respect to the Park City Center
      Companion Loans

      Address: 1114 Avenue of the Americas, 29th Floor New York, New York 10024

      Wiring Instructions:

      Tax Identification Number:

Name: Capital Lease Funding, LLC, with respect to the CVS-Rockingham Companion
      Loan and the CVS-Rutherford College Companion Loan

      Address: 110 Maiden Lane, 36th Floor New York, New York 10005

      Wiring Instructions:

      Tax Identification Number:

Name: The trust created under the 2003-C7 Pooling and Servicing Agreement, with
      respect to the Chelsea Market Companion Loan and the Regency Square Mall
      Companion Loan

      Address: NC 1075, 8739 Research Drive URP4, Charlotte, North Carolina
      28262-1075

      Wiring Instructions:

      Tax Identification Number:

<PAGE>

                                    EXHIBIT M

                        CLASS X-P REFERENCE RATE SCHEDULE
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------

  Interest                                Class X-P           Interest                              Class X-P
  Accrual                                 Reference           Accrual                               Reference
   Period      Distribution Date             Rate              Period     Distribution Date            Rate
-----------------------------------------------------------------------------------------------------------------
<S>                <C>                    <C>                    <C>          <C>                   <C>
     1             12/15/03               5.030850%              43           06/15/07              5.178080%
-----------------------------------------------------------------------------------------------------------------
     2             01/15/04               5.158260%              44           07/15/07              5.034350%
-----------------------------------------------------------------------------------------------------------------
     3             02/15/04               5.031270%              45           08/15/07              5.175670%
-----------------------------------------------------------------------------------------------------------------
     4             03/15/04               5.031610%              46           09/15/07              5.175840%
-----------------------------------------------------------------------------------------------------------------
     5             04/15/04               5.158920%              47           10/15/07              5.032160%
-----------------------------------------------------------------------------------------------------------------
     6             05/15/04               5.031900%              48           11/15/07              5.176140%
-----------------------------------------------------------------------------------------------------------------
     7             06/15/04               5.159360%              49           12/15/07              5.032420%
-----------------------------------------------------------------------------------------------------------------
     8             07/15/04               5.032330%              50           01/15/08              5.176440%
-----------------------------------------------------------------------------------------------------------------
     9             08/15/04               5.159800%              51           02/15/08              5.032680%
-----------------------------------------------------------------------------------------------------------------
     10            09/15/04               5.160030%              52           03/15/08              5.033030%
-----------------------------------------------------------------------------------------------------------------
     11            10/15/04               5.032990%              53           04/15/08              5.176890%
-----------------------------------------------------------------------------------------------------------------
     12            11/15/04               5.160480%              54           05/15/08              5.033070%
-----------------------------------------------------------------------------------------------------------------
     13            12/15/04               5.033430%              55           06/15/08              5.177200%
-----------------------------------------------------------------------------------------------------------------
     14            01/15/05               5.033640%              56           07/15/08              5.037660%
-----------------------------------------------------------------------------------------------------------------
     15            02/15/05               5.033870%              57           08/15/08              5.182220%
-----------------------------------------------------------------------------------------------------------------
     16            03/15/05               5.034490%              58           09/15/08              5.201200%
-----------------------------------------------------------------------------------------------------------------
     17            04/15/05               5.161610%              59           10/15/08              5.113950%
-----------------------------------------------------------------------------------------------------------------
     18            05/15/05               5.034530%              60           11/15/08              5.474490%
-----------------------------------------------------------------------------------------------------------------
     19            06/15/05               5.162070%              61           12/15/08              5.313280%
-----------------------------------------------------------------------------------------------------------------
     20            07/15/05               5.034980%              62           01/15/09              5.313420%
-----------------------------------------------------------------------------------------------------------------
     21            08/15/05               5.162540%              63           02/15/09              5.313590%
-----------------------------------------------------------------------------------------------------------------
     22            09/15/05               5.162780%              64           03/15/09              5.314480%
-----------------------------------------------------------------------------------------------------------------
     23            10/15/05               5.035670%              65           04/15/09              5.475300%
-----------------------------------------------------------------------------------------------------------------
     24            11/15/05               5.179720%              66           05/15/09              5.314020%
-----------------------------------------------------------------------------------------------------------------
     25            12/15/05               5.036050%              67           06/15/09              5.475630%
-----------------------------------------------------------------------------------------------------------------
     26            01/15/06               5.036180%              68           07/15/09              5.314330%
-----------------------------------------------------------------------------------------------------------------
     27            02/15/06               5.036330%              69           08/15/09              5.475970%
-----------------------------------------------------------------------------------------------------------------
     28            03/15/06               5.036980%              70           09/15/09              5.476160%
-----------------------------------------------------------------------------------------------------------------
     29            04/15/06               5.180520%              71           10/15/09              5.314800%
-----------------------------------------------------------------------------------------------------------------
     30            05/15/06               5.036710%              72           11/15/09              5.476500%
-----------------------------------------------------------------------------------------------------------------
     31            06/15/06               5.180830%              73           12/15/09              5.317330%
-----------------------------------------------------------------------------------------------------------------
     32            07/15/06               5.036980%              74           01/15/10              5.317490%
-----------------------------------------------------------------------------------------------------------------
     33            08/15/06               5.181150%              75           02/15/10              5.317670%
-----------------------------------------------------------------------------------------------------------------
     34            09/15/06               5.181320%              76           03/15/10              5.318640%
-----------------------------------------------------------------------------------------------------------------
     35            10/15/06               5.037410%              77           04/15/10              5.478660%
-----------------------------------------------------------------------------------------------------------------
     36            11/15/06               5.181640%              78           05/15/10              5.318140%
-----------------------------------------------------------------------------------------------------------------
     37            12/15/06               5.033500%              79           06/15/10              5.479040%
-----------------------------------------------------------------------------------------------------------------
     38            01/15/07               5.033610%              80           07/15/10              5.318490%
-----------------------------------------------------------------------------------------------------------------
     39            02/15/07               5.033750%              81           08/15/10              5.637860%
-----------------------------------------------------------------------------------------------------------------
     40            03/15/07               5.034450%              82           09/15/10              5.638010%
-----------------------------------------------------------------------------------------------------------------
     41            04/15/07               5.177780%              83           10/15/10              5.533690%
-----------------------------------------------------------------------------------------------------------------
     42            05/15/07               5.034090%              84           11/15/10              5.855510%
-----------------------------------------------------------------------------------------------------------------
</TABLE>

<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-C8

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-C8

       Re: Wachovia Bank Commercial Mortgage Trust,
           Commercial Mortgage Pass-Through Certificates,
           Series 2003-C8

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 November 1, 2003,
by and among Wachovia Commercial Mortgage Securities, Inc., as depositor, Wells
Fargo Bank Minnesota, N.A., as trustee, Clarion Partners, LLC, 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,
               a division of The McGraw-Hill Companies, Inc.
               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 November
               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-C8

               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 Paragraph 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-C8 (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.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: Clarion Partners, LLC and
Wells Fargo Bank Minnesota, N.A.

Dated:_________________________________

_______________________________________
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-C8 (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 tie trustee;

Dated: _________________________

________________________________
[Title]
Wells Fargo Bank Minnesota, N.A.

<PAGE>

                                    EXHIBIT R

                   FORM OF MASTER SERVICER CERTIFICATION TO BE
                             PROVIDED WITH FORM 10-K

                    Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                          Series 2003-C8 (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 b 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).

Dated: _______________________

______________________________
[Title]
Wachovia Bank, National Association

<PAGE>

                                    EXHIBIT S

                FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR
                             BY THE SPECIAL SERVICER

                    Wachovia Bank Commercial Mortgage Trust,
                  Commercial Mortgage Pass-Through Certificates
                          Series 2003-C8 (the "Trust")

            I, [identify the certifying individual], a [title] of Clarion
Partners, LLC, 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.

Dated: _________________________

________________________________
[Title]
Clarion Partners, LLC

<PAGE>

                                    EXHIBIT T

                  FORM OF INTERIM DELINQUENT LOAN STATUS REPORT

                         CMSA Investor Reporting Package
                          DELINQUENT LOAN STATUS REPORT

                            as of __________________
                               (Loan Level Report

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

           -----------------------------------------------------------
                  S4          L8
           -----------------------------------------------------------

           -----------------------------------------------------------
                 Loan       Paid                  Comments
            Prospectus ID  Thru Date
           -----------------------------------------------------------

       ------------------------------------------------------------------
       Loan(s) Delinquent as of Month End
       ------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]