The information in this free writing prospectus is not complete and may be amended prior to the time of sale. This free writing prospectus is not an offer to sell these securities and it is not a solicitation of an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No.: 333-140804

This Free Writing Prospectus, dated June 8, 2007, may be amended or completed prior to the time of sale.

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-140804) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling 866-400-7834 or by emailing Avinash Bappanad at bappanad_avinash@jpmorgan.com.

FREE WRITING PROSPECTUS (To Prospectus Dated March 9, 2007)

$5,013,531,000 (Approximate)
J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11
Issuing Entity
J.P. Morgan Chase Commercial Mortgage Securities Corp.
Depositor
UBS Real Estate Securities Inc.
JPMorgan Chase Bank, N.A.
Nomura Credit & Capital, Inc.
Natixis Real Estate Capital Inc.
Eurohypo AG, New York Branch

Sponsors and Mortgage Loan Sellers

AIG Mortgage Capital, LLC
Mortgage Loan Seller

Commercial Mortgage Pass-Through Certificates, Series 2007-LDP11

J.P. Morgan Chase Commercial Mortgage Securities Corp. is offering certain classes of the Series 2007-LDP11 Commercial Mortgage Pass-Through Certificates, which represent the beneficial ownership interests in the issuing entity, which will be a trust named J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11. The assets of the issuing entity will primarily be 266 fixed rate mortgage loans secured by first liens on 359 commercial, multifamily and manufactured housing community properties and are generally the sole source of payments on the Series 2007-LDP11 certificates. Credit enhancement will be provided by certain classes of subordinate certificates that will be subordinate to certain classes of senior certificates as described under ‘‘Description of the Certificates—Subordination; Allocation of Collateral Support Deficit’’ in this free writing prospectus. In addition, JPMorgan Chase Bank, N.A. will provide an interest rate swap agreement for the benefit of the Class A-2FL certificates as described under ‘‘Description of the Swap Contract’’ in this free writing prospectus. The Series 2007-LDP11 certificates are obligations of the issuing entity only and are not obligations of J.P. Morgan Chase Commercial Mortgage Securities Corp., the sponsors, the mortgage loan sellers or any of their respective affiliates, and neither the Series 2007-LDP11 certificates nor the underlying mortgage loans are insured or guaranteed by any governmental agency or any other person or entity. Each class of certificates will be entitled to receive monthly distributions of interest or principal and interest on the 15th day of each month (or if the 15th day is not a business day, the following business day), commencing on August 15, 2007.

			Initial Class Certificate Balance or Notional Amount(1)						Initial Approx. Pass-Through Rate						Pass-Through Rate Description			Assumed Final Distribution Date(3)			Expected Ratings (Moody’s/S&P)(5)			Rated Final Distribution Date(3)
Class A-1(6)				$	63,482,000							%			(7)			January 15, 2012			Aaa/AAA			July 15, 2045
Class A-2(6)				$	735,605,000							%			(7)			July 15, 2012			Aaa/AAA			July 15, 2045
Class A-2FL(6)				$	250,000,000	(8)					Libor+	%			Floating(7) (9)			July 15, 2012			Aaa/AAA(10)			July 15, 2045
Class A-3(6)				$	283,043,000							%			(7)			July 15, 2016			Aaa/AAA			July 15, 2045
Class A-4(6)				$	1,185,949,000							%			(7)			May 15, 2017			Aaa/AAA			July 15, 2045
Class A-SB(6)				$	125,026,000							%			(7)			November 15, 2016			Aaa/AAA			July 15, 2045
Class A-1A(6)				$	1,156,052,000							%			(7)			May 15, 2017			Aaa/AAA			July 15, 2045
Class X				$	5,427,368,400	(11)						%			Variable(12)			May 15, 2022			Aaa/AAA			July 15, 2045
Class A-M				$	542,737,000							%			(7)			June 15, 2017			Aaa/AAA			July 15, 2045
Class A-J				$	427,405,000							%			(7)			June 15, 2017			Aaa/AAA			July 15, 2045
Class B				$	33,922,000							%			(7)			June 15, 2017			Aa1/AA+			July 15, 2045
Class C				$	81,410,000							%			(7)			June 15, 2017			Aa2/AA			July 15, 2045
Class D				$	54,274,000							%			(7)			June 15, 2017			Aa3/AA−			July 15, 2045
Class E				$	27,137,000							%			(7)			June 15, 2017			A1/A+			July 15, 2045
Class F				$	47,489,000							%			(7)			June 15, 2017			A2/A			July 15, 2045

(Footnotes to table on page S-9)

You should carefully consider the risk factors beginning on page S-44 of this free writing prospectus and page 9 of the prospectus.

Neither the certificates nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or any other person or entity.

The certificates will represent interests in the issuing entity only. They will not represent interests in or obligations of the depositor, any of its affiliates or any other entity.

            The Securities and Exchange Commission and state regulators have not approved or disapproved of the offered certificates or passed upon the adequacy or accuracy of this free writing prospectus or the accompanying prospectus. Any representation to the contrary is a criminal offense. J.P. Morgan Chase Commercial Mortgage Securities Corp. will not list the offered certificates on any securities exchange or on any automated quotation system of any securities association.

            The underwriters, J.P. Morgan Securities Inc., UBS Securities LLC, Commerzbank Capital Markets Corp. and Natixis Securities North America Inc., will purchase the offered certificates from J.P. Morgan Chase Commercial Mortgage Securities Corp. and will offer them to the public at negotiated prices, plus, in certain cases, interest, determined at the time of sale. J.P. Morgan Securities Inc. and UBS Securities LLC are acting as co-lead managers for this offering with respect to each of the offered certificates Commerzbank Capital Markets Corp. and Natixis Securities North America Inc. are acting as co-managers for this offering. J.P. Morgan Securities Inc. is acting as sole bookrunner for this offering.

            The underwriters expect to deliver the offered certificates to purchasers in book-entry form only through the facilities of The Depository Trust Company in the United States and Clearstream Banking, société anonyme and Euroclear Bank, as operator of the Euroclear System, in Europe, against payment in New York, New York on or about July 3, 2007.

JPMorgan UBS Investment Bank

Commerzbank Corporates & Markets Natixis Securities North America Inc.

June     , 2007

TABLE OF CONTENTS

Summary of Certificates					S-9
Summary of Terms					S-11
Risk Factors					S-44
Geographic Concentration Entails Risks					S-44
Risks Relating to Mortgage Loan Concentrations					S-45
Risks Relating to Enforceability of Cross-Collateralization					S-46
The Borrower’s Form of Entity May Cause Special Risks					S-47
Ability to Incur Other Borrowings Entails Risk					S-49
Borrower May Be Unable to Repay Remaining Principal Balance on Maturity Date or Anticipated Repayment Date					S-51
The Prospective Performance of the Commercial, Multifamily and Manufactured Housing Community Mortgage Loans Included in the Trust Fund Should Be Evaluated Separately from the Performance of the Mortgage Loans in Any of Our Other Trusts					S-52
Commercial and Multifamily Lending Is Dependent Upon Net Operating Income					S-53
Tenant Concentration Entails Risk					S-54
Certain Additional Risks Relating to Tenants					S-55
Substitution of Mortgaged Properties May Lead to Increased Risks					S-56
Risks Related to Redevelopment and Renovation at the Mortgaged Properties					S-57
Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks					S-57
Tenant Bankruptcy Entails Risks					S-58
Mortgage Loans Are Nonrecourse and Are Not Insured or Guaranteed					S-58
Office Properties Have Special Risks					S-58
Retail Properties Have Special Risks					S-59
Multifamily Properties Have Special Risks					S-60
Hotel Properties Have Special Risks					S-62
Risks Relating to Affiliation with a Franchise or Hotel Management Company					S-62
Industrial Properties Have Special Risks					S-63
Manufactured Housing Community Properties Have Special Risks					S-64
Mixed-Use Facilities Have Special Risks					S-65
Senior Housing Facilities Have Special Risks					S-65
Self Storage Properties Have Special Risks					S-66
Risks Relating to Certain Assistance Programs					S-67
Lack of Skillful Property Management Entails Risks					S-67
Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses					S-68
Condominium Ownership May Limit Use and Improvements					S-68
Mortgage Loans Secured by Leasehold Interests May Expose Investors to Greater Risks of Default and Loss					S-69
Limitations of Appraisals					S-70
Risks Relating to Underwritten Net Cash Flow					S-70
Potential Conflicts of Interest					S-71
Special Servicer May Be Directed to Take Actions					S-73
Bankruptcy Proceedings Entail Certain Risks					S-74
Risks Relating to Prepayments and Repurchases					S-74
Optional Early Termination of the Trust Fund May Result in an Adverse Impact on Your Yield or May Result in a Loss					S-77
Sensitivity to LIBOR and Yield Considerations					S-77
Risks Relating to the Swap Contract					S-77
Mortgage Loan Sellers May Not Be Able to Make a Required Repurchase or Substitution of a Defective Mortgage Loan					S-78

S-3

Risks Relating to Interest on Advances and Special Servicing Compensation					S-79
Risks of Limited Liquidity and Market Value					S-79
Different Timing of Mortgage Loan Amortization Poses Certain Risks					S-79
Subordination of Subordinate Offered Certificates					S-79
Limited Information Causes Uncertainty					S-79
Environmental Risks Relating to the Mortgaged Properties					S-80
Tax Considerations Relating to Foreclosure					S-81
Risks Associated with One Action Rules					S-81
Potential Absence of Attornment Provisions Entails Risks					S-81
Property Insurance, Including Terrorism Insurance, May Not Be Sufficient					S-82
Zoning Compliance and Use Restrictions May Adversely Affect Property Value					S-84
Risks Relating to Costs of Compliance with Applicable Laws and Regulations					S-85
No Reunderwriting of the Mortgage Loans					S-85
Litigation or Other Legal Proceedings Could Adversely Affect the Mortgage Loans					S-86
Risks Relating to Book-Entry Registration					S-86
Risks Relating to Inspections of Properties					S-86
Certain of the Mortgage Loans Lack Customary Provisions					S-86
Mortgage Electronic Registration Systems (MERS)					S-86
Other Risks					S-87
Description of the Mortgage Pool					S-88
General					S-88
Additional Debt					S-89
The Whole Loans					S-94
Pari Passu Loan Groups					S-96
The Franklin Mills Whole Loan					S-96
The ChampionsGate Whole Loan					S-98
The JQH Hotel Portfolio Whole Loan					S-99
The Carespring Portfolio Whole Loan					S-101
The Logan Portfolio Whole Loans					S-103
AB Mortgage Loan Groups					S-106
Top Fifteen Mortgage Loans					S-110
ARD Loans					S-111
Certain Terms and Conditions of the Mortgage Loans					S-112
Additional Mortgage Loan Information					S-123
Sale of Mortgage Loans; Mortgage File Delivery					S-126
Representations and Warranties; Repurchases and Substitutions					S-127
Repurchase or Substitution of Cross-Collateralized Mortgage Loans					S-132
Lockbox Accounts					S-133
Transaction Parties					S-134
The Sponsors					S-134
The Depositor					S-151
The Mortgage Loan Sellers					S-151
The Issuing Entity					S-154
The Trustee, Certificate Registrar, Authenticating Agent and Custodian					S-154
The Master Servicer					S-156
General					S-156
The Special Servicer					S-159
Replacement of the Special Servicer					S-160
Servicing and Other Compensation and Payment of Expenses					S-160
Description of the Certificates					S-167
General					S-167
Book-Entry Registration and Definitive Certificates					S-169
Distributions					S-171
Allocation of Yield Maintenance Charges and Prepayment Premiums					S-188
Assumed Final Distribution Date; Rated Final Distribution Date					S-189
Subordination; Allocation of Collateral Support Deficit					S-190
Advances					S-193
Appraisal Reductions					S-198
Reports to Certificateholders; Certain Available Information					S-200

S-4

Voting Rights					S-205
Termination; Retirement of Certificates					S-205
Description of the Swap Contract					S-207
Termination Fees					S-208
The Swap Counterparty					S-208
Servicing of the Mortgage Loans					S-209
General					S-209
The Directing Certificateholder					S-212
Limitation on Liability of Directing Certificateholder					S-214
Maintenance of Insurance					S-215
Modifications, Waiver and Amendments					S-217
Realization Upon Defaulted Mortgage Loans					S-219
Inspections; Collection of Operating Information					S-221
Certain Matters Regarding the Master Servicer, the Special Servicer and the Depositor					S-222
Events of Default					S-224
Rights Upon Event of Default					S-225
Amendment					S-226
Yield and Maturity Considerations					S-228
Yield Considerations					S-228
Weighted Average Life					S-232
Yield Sensitivity of the Class X Certificates					S-234
Effect of Loan Groups					S-235
Certain Federal Income Tax Consequences					S-236
Taxation of the Swap Contract					S-238
Certain ERISA Considerations					S-239
Legal Matters					S-242
Certain Legal Aspects of the Mortgage Loans					S-242
Ratings					S-244
Legal Investment					S-245
Index of Defined Terms					S-246

ANNEX A-1			CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
ANNEX A-2			CERTAIN POOL CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
ANNEX A-3			DESCRIPTION OF TOP FIFTEEN MORTGAGE LOANS OR GROUPS OF CROSS-COLLATERALIZED MORTGAGE LOANS AND ADDITIONAL MORTGAGE LOAN INFORMATION
ANNEX A-4			DECREMENT TABLES
ANNEX B			CERTAIN CHARACTERISTICS OF THE MULTIFAMILY & MANUFACTURED HOUSING COMMUNITY LOANS
ANNEX C			FORM OF REPORT TO CERTIFICATEHOLDERS
ANNEX D			CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

S-5

Table of Contents

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The offered certificates referred to in these materials, and the asset pools backing them, are subject to modification or revision (including the possibility that one or more classes of offered certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a ‘‘when, as and if issued’’ basis. You understand that, when you are considering the purchase of the offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of offered certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us.

As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any underwriter will have any obligation to you to deliver any portion of the offered certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.

You have requested that the underwriters provide to you information in connection with your consideration of the purchase of certain offered certificates described in this free writing prospectus. This free writing prospectus is being provided to you for informative purposes only in response to your specific request. The underwriters described in this free writing prospectus may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this free writing prospectus. The underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this free writing prospectus.

The information contained herein supersedes any previous information delivered to you and may be superseded by information delivered to you prior to the time of sale.

This free writing prospectus does not contain all information that is required to be included in the base prospectus and the prospectus supplement.

IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS
FREE WRITING PROSPECTUS AND THE ACCOMPANYING PROSPECTUS

Information about the offered certificates is contained in two separate documents that progressively provide more detail: (a) the accompanying prospectus, which provides general information, some of which may not apply to the offered certificates; and (b) this free writing prospectus, which describes the specific terms of the offered certificates. If the terms of the offered certificates vary between this free writing prospectus and the accompanying prospectus, you should rely on the information contained in this free writing prospectus.

You should rely only on the information contained in this free writing prospectus and the prospectus. We have not authorized anyone to provide you with information that is different from that contained in this free writing prospectus and the prospectus. The information contained in this free writing prospectus is accurate only as of the date of this free writing prospectus.

This free writing prospectus begins with several introductory sections describing the Series 2007-LDP11 certificates and the trust in abbreviated form:

Summary of Certificates, commencing on page S-9 of this free writing prospectus, which sets forth important statistical information relating to the Series 2007-LDP11 certificates;

Summary of Terms, commencing on page S-11 of this free writing prospectus, which gives a brief introduction of the key features of the Series 2007-LDP11 certificates and a description of the underlying mortgage loans; and

S-6

Table of Contents

Risk Factors, commencing on page S-44 of this free writing prospectus, which describe risks that apply to the Series 2007-LDP11 certificates which are in addition to those described in the prospectus with respect to the securities issued by the trust generally.

This free writing prospectus and the accompanying prospectus include cross references to sections in these materials where you can find further related discussions. The Tables of Contents in this free writing prospectus and the prospectus identify the pages where these sections are located.

Certain capitalized terms are defined and used in this free writing prospectus and the prospectus to assist you in understanding the terms of the offered certificates and this offering. The capitalized terms used in this free writing prospectus are defined on the pages indicated under the caption ‘‘Index of Defined Terms’’ commencing on page S-246 of this free writing prospectus. The capitalized terms used in the prospectus are defined on the pages indicated under the caption ‘‘Index of Defined Terms’’ commencing on page 129 of the prospectus.

All annexes and schedules attached to this free writing prospectus are a part of this free writing prospectus.

In this free writing prospectus, the terms ‘‘Depositor,’’ ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to J.P. Morgan Chase Commercial Mortgage Securities Corp.

EUROPEAN ECONOMIC AREA

IN RELATION TO EACH MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (EACH, A ‘‘RELEVANT MEMBER STATE’’), EACH UNDERWRITER HAS REPRESENTED AND AGREED THAT WITH EFFECT FROM AND INCLUDING THE DATE ON WHICH THE PROSPECTUS DIRECTIVE IS IMPLEMENTED IN THAT RELEVANT MEMBER STATE (THE ‘‘RELEVANT IMPLEMENTATION DATE’’) IT HAS NOT MADE AND WILL NOT MAKE AN OFFER OF CERTIFICATES TO THE PUBLIC IN THAT RELEVANT MEMBER STATE PRIOR TO THE PUBLICATION OF A PROSPECTUS IN RELATION TO THE CERTIFICATES WHICH HAS BEEN APPROVED BY THE COMPETENT AUTHORITY IN THAT RELEVANT MEMBER STATE OR, WHERE APPROPRIATE, APPROVED IN ANOTHER RELEVANT MEMBER STATE AND NOTIFIED TO THE COMPETENT AUTHORITY IN THAT RELEVANT MEMBER STATE, ALL IN ACCORDANCE WITH THE PROSPECTUS DIRECTIVE, EXCEPT THAT IT MAY, WITH EFFECT FROM AND INCLUDING THE RELEVANT IMPLEMENTATION DATE, MAKE AN OFFER OF CERTIFICATES TO THE PUBLIC IN THAT RELEVANT MEMBER STATE AT ANY TIME:

(A)    TO LEGAL ENTITIES WHICH ARE AUTHORIZED OR REGULATED TO OPERATE IN THE FINANCIAL MARKETS OR, IF NOT SO AUTHORIZED OR REGULATED, WHOSE CORPORATE PURPOSE IS SOLELY TO INVEST IN SECURITIES;

(B)    TO ANY LEGAL ENTITY WHICH HAS TWO OR MORE OF (1) AN AVERAGE OF AT LEAST 250 EMPLOYEES DURING THE LAST FINANCIAL YEAR; (2) A TOTAL BALANCE SHEET OF MORE THAN €43,000,000 AND (3) AN ANNUAL NET TURNOVER OF MORE THAN €50,000,000, AS SHOWN IN ITS LAST ANNUAL OR CONSOLIDATED ACCOUNTS; OR

(C)    IN ANY OTHER CIRCUMSTANCES WHICH DO NOT REQUIRE THE PUBLICATION BY THE ISSUER OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE.

FOR THE PURPOSES OF THIS PROVISION, THE EXPRESSION AN ‘‘OFFER OF CERTIFICATES TO THE PUBLIC’’ IN RELATION TO ANY CERTIFICATES IN ANY RELEVANT MEMBER STATE MEANS THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE CERTIFICATES TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE THE CERTIFICATES, AS THE SAME MAY BE VARIED IN THAT MEMBER STATE BY ANY MEASURE IMPLEMENTING THE PROSPECTUS DIRECTIVE IN THAT MEMBER STATE AND THE EXPRESSION ‘‘PROSPECTUS DIRECTIVE’’ MEANS DIRECTIVE 2003/71/EC AND INCLUDES ANY RELEVANT IMPLEMENTING MEASURE IN EACH RELEVANT MEMBER STATE.

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Table of Contents

UNITED KINGDOM

EACH UNDERWRITER HAS REPRESENTED AND AGREED THAT:

(A)(i)    IT IS A PERSON WHOSE ORDINARY ACTIVITIES INVOLVE IT IN ACQUIRING, HOLDING, MANAGING, OR DISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF ITS BUSINESS AND (ii) IT HAS NOT OFFERED OR SOLD AND WILL NOT OFFER OR SELL THE CERTIFICATES OTHER THAN TO PERSONS WHOSE ORDINARY ACTIVITIES INVOLVE THEM IN ACQUIRING, HOLDING, MANAGING OR DISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESSES OR WHO IT IS REASONABLE TO EXPECT WILL ACQUIRE, HOLD, MANAGE OR DISPOSE OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESSES WHERE THE ISSUE OF THE CERTIFICATES WOULD OTHERWISE CONSTITUTE A CONTRAVENTION OF SECTION 19 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (‘‘FSMA’’);

(B)    IT HAS ONLY COMMUNICATED OR CAUSED TO BE COMMUNICATED AND WILL ONLY COMMUNICATE OR CAUSE TO BE COMMUNICATED AN INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY (WITHIN THE MEANING OF SECTION 21 OF THE FSMA) RECEIVED BY IT IN CONNECTION WITH THE ISSUE OR SALE OF THE CERTIFICATES IN CIRCUMSTANCES IN WHICH SECTION 21(1) OF THE FSMA DOES NOT APPLY TO THE DEPOSITOR; AND

(C)    IT HAS COMPLIED AND WILL COMPLY WITH ALL APPLICABLE PROVISIONS OF THE FSMA WITH RESPECT TO ANYTHING DONE BY IT IN RELATION TO THE CERTIFICATES IN, FROM OR OTHERWISE INVOLVING THE UNITED KINGDOM.

NOTICE TO UNITED KINGDOM INVESTORS

THE DISTRIBUTION OF THIS FREE WRITING PROSPECTUS IF MADE BY A PERSON WHO IS NOT AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (1) ARE OUTSIDE THE UNITED KINGDOM, OR (2) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS, OR (3) ARE PERSONS FALLING WITHIN ARTICLES 49(2)(A) THROUGH (D) (‘‘HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.’’) OR 19 (INVESTMENT PROFESSIONALS) OF THE FINANCIAL SERVICES AND MARKET ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS THE ‘‘RELEVANT PERSONS’’). THIS FREE WRITING PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS FREE WRITING PROSPECTUS RELATES, INCLUDING THE OFFERED CERTIFICATES, IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

POTENTIAL INVESTORS IN THE UNITED KINGDOM ARE ADVISED THAT ALL, OR MOST, OF THE PROTECTIONS AFFORDED BY THE UNITED KINGDOM REGULATORY SYSTEM WILL NOT APPLY TO AN INVESTMENT IN THE OFFERED CERTIFICATES AND THAT COMPENSATION WILL NOT BE AVAILABLE UNDER THE UNITED KINGDOM FINANCIAL SERVICES COMPENSATION SCHEME.

S-8

Table of Contents

Summary of Certificates

Class			Initial Class Certificate Balance or Notional Amount(1)						Approximate Credit Support(2)						Pass- Through Rate Description			Assumed Final Distribution Date(3)			Initial Approx. Pass- Through Rate						Weighted Average Life (Yrs.)(4)						Expected Ratings (Moody’s/ S&P)(5)			Principal Window(4)
Offered Certificates
A-1(6)				$	63,482,000						30.000	%			(7)			January 15, 2012						%					2.57				Aaa/AAA			08/07-01/12
A-2(6)				$	735,605,000						30.000	%			(7)			July 15, 2012						%					4.87				Aaa/AAA			01/12-07/12
A-2FL(6)				$	250,000,000	(8)					30.000	%			Floating(7)(9)			July 15, 2012						%					4.87				Aaa/AAA(10)			01/12-07/12
A-3(6)				$	283,043,000						30.000	%			(7)			July 15, 2016						%					7.46				Aaa/AAA			11/12-07/16
A-4(6)				$	1,185,949,000						30.000	%			(7)			May 15, 2017						%					9.72				Aaa/AAA			11/16-05/17
A-SB(6)				$	125,026,000						30.000	%			(7)			November 15, 2016						%					7.11				Aaa/AAA			02/12-11/16
A-1A(6)				$	1,156,052,000						30.000	%			(7)			May 15, 2017						%					8.14				Aaa/AAA			08/07-05/17
X				$	5,427,368,400	(11)					N/A				Variable(12)			May 15, 2022						%					N/A				Aaa/AAA			N/A
A-M				$	542,737,000						20.000	%			(7)			June 15, 2017						%					9.92				Aaa/AAA			05/17-06/17
A-J				$	427,405,000						12.125	%			(7)			June 15, 2017						%					9.95				Aaa/AAA			06/17-06/17
B				$	33,922,000						11.500	%			(7)			June 15, 2017						%					9.95				Aa1/AA+			06/17-06/17
C				$	81,410,000						10.000	%			(7)			June 15, 2017						%					9.95				Aa2/AA			06/17-06/17
D				$	54,274,000						9.000	%			(7)			June 15, 2017						%					9.95				Aa3/AA−			06/17-06/17
E				$	27,137,000						8.500	%			(7)			June 15, 2017						%					9.95				A1/A+			06/17-06/17
F				$	47,489,000						7.625	%			(7)			June 15, 2017						%					9.95				A2/A			06/17-06/17
Non-Offered Certificates
G				$	54,274,000						6.625	%			(7)			N/A						%					N/A				A3/A−			N/A
H				$	67,842,000						5.375	%			(7)			N/A						%					N/A				Baa1/BBB+			N/A
J				$	47,489,000						4.500	%			(7)			N/A						%					N/A				Baa2/BBB			N/A
K				$	74,627,000						3.125	%			(7)			N/A						%					N/A				Baa3/BBB−			N/A
L				$	20,352,000						2.750	%			(7)			N/A						%					N/A				Ba1/BB+			N/A
M				$	13,569,000						2.500	%			(7)			N/A						%					N/A				Ba2/BB			N/A
N				$	20,352,000						2.125	%			(7)			N/A						%					N/A				Ba3/BB−			N/A
P				$	6,785,000						2.000	%			(7)			N/A						%					N/A				B1/B+			N/A
Q				$	13,568,000						1.750	%			(7)			N/A						%					N/A				B2/B			N/A
T				$	20,353,000						1.375	%			(7)			N/A						%					N/A				B3/B−			N/A
NR				$	74,626,400						N/A				(7)			N/A						%					N/A				NR/NR			N/A

(1) Approximate, subject to a permitted variance of plus or minus 5%.

(2) The credit support percentages set forth for the Class A-1, Class A-2, Class A-2FL, Class A-3, Class A-4, Class A-SB and Class A-1A certificates are, in each case, represented in the aggregate without regard to loan groups and taking into account each certificate with a lower distribution priority.

(3) The assumed final distribution dates set forth in this free writing prospectus have been determined on the basis of the assumptions described in ‘‘Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date’’ in this free writing prospectus. The rated final distribution date for each class of certificates is July 15, 2045. See ‘‘Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date’’ in this free writing prospectus.

(4) The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table with respect to each class of certificates are based on the assumptions set forth under ‘‘Yield and Maturity Considerations—Weighted Average Life’’ in this free writing prospectus and on the assumptions that there are no prepayments or losses on the mortgage loans and that there are no extensions of maturity dates of the mortgage loans.

(5) Ratings shown are those of Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

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(6) For purposes of making distributions on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest, the pool of mortgage loans will be deemed to consist of two distinct loan groups, loan group 1 and loan group 2. As of the cut-off date, loan group 1 will consist of 205 mortgage loans, representing approximately 78.7% of the aggregate principal balance of the pool of mortgage loans. As of the cut-off date, loan group 2 will consist of 61 mortgage loans, representing approximately 21.3% of the aggregate principal balance of the pool of mortgage loans. As of the cut-off date, loan group 2 will consist of 61 mortgage loans, representing approximately 100.0% of all the mortgage loans secured by multifamily and manufactured housing community properties. So long as funds are sufficient on any distribution date to make distributions of all interest and principal on such distribution date to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A and Class X certificates and Class A-2FL regular interest, interest and principal distributions on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates and Class A-2FL regular interest will be based upon amounts available relating to mortgage loans in loan group 1 and interest and principal distributions on the Class A-1A certificates will be based upon amounts available relating to mortgage loans in loan group 2. In addition, generally the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates and Class A-2FL regular interest will be entitled to receive distributions of principal collected or advanced in respect of mortgage loans in loan group 2 after the certificate principal balance of the Class A-1A certificates has been reduced to zero, and the Class A-1A certificates will be entitled to receive distributions of principal collected or advanced in respect of mortgage loans in loan group 1 after the certificate principal balances of the Class A-4 and Class A-SB certificates have been reduced to zero. However, on and after any distribution date on which the certificate balances of the Class A-M through Class NR certificates have been reduced to zero, distributions of principal collected or advanced in respect of the pool of mortgage loans will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, and Class A-1A certificates and Class A-2FL regular interest, pro rata.

(7) The pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR certificates and the Class A-2FL regular interest will equal one of (i) a fixed rate, (ii) the WAC rate, which is the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) a rate equal to the lesser of a specified fixed pass-through rate and the WAC rate and (iv) the WAC rate less a specified percentage.

(8) The certificate balance of the Class A-2FL certificates will be equal to the certificate balance of the Class A-2FL regular interest.

(9) The pass-through rate applicable to the Class A-2FL certificates on each distribution date will be a per annum rate equal to LIBOR plus     %. In addition, under certain circumstances described in this free writing prospectus, the pass-through rate applicable to the Class A-2FL certificates may convert to a fixed rate equal to     % per annum. The initial LIBOR rate will be determined on June 29, 2007 and subsequent LIBOR rates for the Class A-2FL Certificates will be determined 2 LIBOR business days before the start of the related interest accrual period.

(10) The ratings assigned to the Class A-2FL certificates reflect only the receipt of a fixed rate of interest at a rate equal to     % per annum. See ‘‘Ratings’’ in this free writing prospectus.

(11) The Class X notional amount will be equal to the aggregate of the class balances of the certificates (other than the Class A-2FL, Class X, Class R, Class S and Class LR certificates) and the Class A-2FL regular interest.

(12) The pass-through rate on the Class X certificates will be based on the weighted average of the interest strip rates of the components of the Class X certificates. See ‘‘Description of the Certificates—Distributions’’ in this free writing prospectus.

The Class R, Class S and Class LR certificates are not offered by this free writing prospectus and are not represented in this table.

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Summary of Terms

This summary highlights selected information from this free writing prospectus. It does not contain all of the information you need to consider in making your investment decision. To understand all of the terms of the offering of the offered certificates, read this entire document and the accompanying prospectus carefully.

Relevant Parties and Dates

Depositor		J.P. Morgan Chase Commercial Mortgage Securities Corp., a wholly-owned subsidiary of JPMorgan Chase Bank, N.A., a national banking association organized under the laws of the United States, which is a wholly-owned subsidiary of JPMorgan Chase & Co., a Delaware corporation. The depositor’s address is 270 Park Avenue, New York, New York 10017, and its telephone number is (212) 834-9299. See ‘‘Transaction Parties—The Depositor’’ in this free writing prospectus.

Issuing Entity		J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11, a New York common law trust to be established on the closing date of the securitization under the pooling and servicing agreement. For more detailed information, see ‘‘Transaction Parties—The Issuing Entity’’ in this free writing prospectus.

Mortgage Loan Sellers		JPMorgan Chase Bank, N.A. (‘‘JPMCB’’) a national banking association organized under the laws of the United States, UBS Real Estate Securities Inc., a Delaware corporation, Nomura Credit & Capital, Inc., a Delaware corporation, Natixis Real Estate Capital Inc., a New York Corporation, Eurohypo AG, New York Branch, the New York branch of a German banking corporation, and AIG Mortgage Capital, LLC, a Delaware limited liability company. See ‘‘Transaction Parties—The Mortgage Loan Sellers’’ in this free writing prospectus.

Sellers of the Mortgage Loans

Seller			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
UBS Real Estate Securities Inc.					59					$	1,965,025,543						36.2	%					36.4	%					35.7	%
JPMCB					79						1,302,059,481						24.0						25.9						16.9
Nomura Credit & Capital, Inc.					29						753,597,001						13.9						9.3						30.7
Natixis Real Estate Capital Inc.					73						686,363,808						12.6						14.7						5.1
Eurohypo AG, New York Branch					21						604,236,534						11.1						13.1						3.9
AIG Mortgage Capital, LLC					5						116,086,032						2.1						0.6						7.7
Total					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

Master Servicer		Wachovia Bank, National Association, a national banking association, will act as the master servicer with respect to the mortgage loans. Its servicing offices are

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		located at NC 1075, 8739 Research Drive URP4, Charlotte, North Carolina, 28262 and its telephone number is 800-326-1334. See ‘‘Transaction Parties—The Master Servicer’’ in this free writing prospectus.

		With respect to the JQH Hotel Portfolio loan, servicing of the JQH Hotel Portfolio whole loan is expected to be transferred to a future securitization in connection with the securitization of the related pari passu companion loan, which is not included in the trust, and in such event a master servicer will be appointed for the JQH Hotel Portfolio whole loan under a separate pooling and servicing agreement.

		The master servicer will be primarily responsible for collecting payments and gathering information with respect to the mortgage loans included in the trust fund and the companion loans that are not part of the trust fund. See ‘‘Servicing of the Mortgage Loans’’ in this free writing prospectus.

Special Servicer		CWCapital Asset Management LLC, a Massachusetts limited liability company, will act as special servicer with respect to the mortgage loans and will be primarily responsible for making decisions and performing certain servicing functions with respect to the mortgage loans that, in general, are in default or as to which default is imminent. The primary servicing offices of the special servicer are located at 701 Thirteenth Street, NW, Suite 1000, Washington, DC 20005, and its telephone number is (202) 715-9500. The special servicer may be removed without cause under certain circumstances described in this free writing prospectus. See ‘‘Transaction Parties—The Special Servicer’’ in this free writing prospectus.

		With respect to the JQH Hotel Portfolio loan, servicing of the JQH Hotel Portfolio whole loan is expected to be transferred to a future securitization in connection with the securitization of the related pari passu companion loan, which is not included in the trust, and in such event, a special servicer will be appointed for the JQH Hotel Portfolio whole loan under a separate pooling and servicing agreement.

Trustee		LaSalle Bank National Association, a national banking association, with its principal offices located at 135 South LaSalle Street, Suite 1625, Chicago, Illinois 60603, Attention: Global Securities and Trust Services, J.P. Morgan 2007-LDP11. See ‘‘Transaction Parties—The Trustee, Certificate Registrar, Authenticating Agent and Custodian’’ in this free writing prospectus. Following the transfer of the mortgage loans into the trust, the trustee, on behalf of the trust, will become the mortgagee of record under each mortgage loan.

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		With respect to the JQH Hotel Portfolio loan, upon the future securitization of the related pari passu companion loan, which is not included in the trust, the trustee appointed in connection with that securitization will become the mortgagee of record for the JQH Hotel Portfolio whole loan.

Sponsors		JPMorgan Chase Bank, N.A., a national banking association, UBS Real Estate Securities Inc., a Delaware corporation, Nomura Credit & Capital, Inc., a Delaware corporation, Natixis Real Estate Capital Inc., a New York corporation and Eurohypo AG, New York Branch, the New York branch of a German banking corporation. For more information, see ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus and ‘‘The Sponsor’’ in the prospectus.

Certain Affiliations		JPMorgan Chase Bank, N.A. and its affiliates are playing several roles in this transaction. J.P. Morgan Chase Commercial Mortgage Securities Corp. is the depositor and a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. and the other mortgage loan sellers originated or acquired the mortgage loans and will be selling them to the depositor. JPMorgan Chase Bank, N.A. is also the swap counterparty and an affiliate of J.P. Morgan Securities Inc., an underwriter for the offering of the certificates. UBS Real Estate Securities Inc., a sponsor, mortgage loan seller and originator, is an affiliate of UBS Securities LLC, one of the underwriters. Nomura Credit & Capital, Inc. is a sponsor, mortgage loan seller and originator. Natixis Real Estate Capital Inc., a sponsor, mortgage loan seller and originator, is an affiliate of Natixis Securities North America Inc., one of the underwriters. Eurohypo AG, New York Branch, a sponsor, mortgage loan seller and originator, is an affiliate of Commerzbank Capital Markets Corp., one of the underwriters. These roles and other potential relationships may give rise to conflicts of interest as further described under ‘‘Risk Factors—Potential Conflicts of Interest’’ in this free writing prospectus.

Swap Counterparty		JPMorgan Chase Bank, N.A. will provide an interest rate swap contract for the benefit of the Class A-2FL certificates.

Cut-off Date		With respect to each mortgage loan, the due date of that mortgage loan in July 2007 or, with respect to those mortgage loans that have their first due date after July 2007, the origination date of that mortgage loan.

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Closing Date		On or about July 3, 2007.

Distribution Date		The 15th day of each month or, if the 15th day is not a business day, the next succeeding business day, beginning in August 2007.

Interest Accrual Period		Interest will accrue on the offered certificates (other than the Class A-2FL certificates) and the Class A-2FL regular interest during the calendar month prior to the related distribution date. With respect to the Class A-2FL certificates, the interest accrual period for any distribution date will be the period from and including the distribution date in the month preceding the month in which the related distribution date occurs (or, in the case of the first distribution date, the closing date) to, but excluding, the related distribution date. Except with respect to the Class A-2FL certificates, interest will be calculated on the offered certificates and the Class A-2FL regular interest assuming that each month has 30 days and each year has 360 days. With respect to the Class A-2FL certificates, interest will be calculated based upon the actual number of days in the related interest accrual period and a year consisting of 360 days; provided that if the pass-through rate for the Class A-2FL certificates converts to a fixed rate, the interest calculation method and interest accrual period for the Class A-2FL certificates will be the same as the Class A-2FL regular interest.

Due Period		For any mortgage loan and any distribution date, the period commencing on the day immediately following the due date for the mortgage loan in the month preceding the month in which that distribution date occurs and ending on and including the due date for the mortgage loan in the month in which that distribution date occurs; provided that the first due period with respect to any mortgage loan with its first due date after July 2007 will begin on the day immediately following the cut-off date of such mortgage loan. However, in the event that the last day of a due period (or applicable grace period) is not a business day, any periodic payments received with respect to the mortgage loans relating to that due period on the business day immediately following that last day will be deemed to have been received during that due period and not during any other due period.

Determination Date		For any distribution date, the fourth business day prior to the distribution date.

Swap Contract		The trust will have the benefit of an interest rate swap contract relating to the Class A-2FL certificates, issued by JPMorgan Chase Bank, N.A., which, as of the date of this

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		free writing prospectus, has a long-term certificates of deposit rating of ‘‘Aa2’’ by Moody’s Investors Service, Inc. and ‘‘A+’’ by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

		The initial notional amount of the swap contract will be equal to the initial certificate balance of the Class A-2FL regular interest (and correspondingly, the Class A-2FL certificates). The notional amount of the swap contract will decrease to the extent of any decrease in the certificate balance of the Class A-2FL regular interest (and correspondingly, the Class A-2FL certificates). The swap contract will have a maturity date of July 15, 2045 (the same date as the rated final distribution date of the Class A-2FL certificates). Under the swap contract, the trust will generally be obligated to pay to the swap counterparty on the related distribution date an amount equal to the sum of (i) any yield maintenance charges distributable to the Class A-2FL regular interest and (ii) the product of (A) the notional amount of the swap contract. (B) the pass-through rate on the Class A-2FL regular interest and (C) 1/12. The swap counterparty will generally be obligated to pay to the trust one business day prior to each distribution date an amount equal to the product of (i) the notional amount of the swap contract and (ii) the applicable rate payable on the Class A-2FL Certificates. If the pass-through rate on the Class A-2FL regular interest is reduced below         % per annum or if there is an interest shortfall with respect to the Class A-2FL regular interest, there will be a corresponding dollar-for-dollar reduction in the interest payment made by the swap counterparty to the trust in respect of the swap contract and, ultimately, a corresponding decrease in the effective pass-through rate on the Class A-2FL certificates for that distribution date.

		See ‘‘Risk Factors—Risks Relating to the Swap Contract’’ and ‘‘Description of the Swap Contract’’ in this free writing prospectus.

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Transaction Overview

On the closing date, each mortgage loan seller will sell its mortgage loans to the depositor, which will in turn deposit the mortgage loans into the issuing entity, a common law trust created on the closing date. The trust, which will be the issuing entity, will be formed by a pooling and servicing agreement, to be dated as of July 1, 2007 among the depositor, the master servicer, the special servicer and the trustee. The master servicer will service the mortgage loans (other than the specially serviced mortgage loans and the JQH Hotel Portfolio loan to the extent described in this free writing prospectus) in accordance with the pooling and servicing agreement and provide the information to the trustee necessary for the trustee to calculate distributions and other information regarding the certificates.

The transfers of the mortgage loans from the mortgage loan sellers to the depositor and from the depositor to the issuing entity in exchange for the certificates are illustrated below:

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Offered Securities

General		We are offering the following classes of commercial mortgage pass-through certificates as part of Series 2007-LDP11:

		•	Class A-1

		•	Class A-2

		•	Class A-2FL

		•	Class A-3

		•	Class A-4

		•	Class A-SB

		•	Class A-1A

		•	Class X

		•	Class A-M

		•	Class A-J

		•	Class B

		•	Class C

		•	Class D

		•	Class E

		•	Class F

		The Series 2007-LDP11 will consist of the above classes and the following classes that are not being offered through this free writing prospectus and the accompanying prospectus: Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T, Class NR, Class S, Class R and Class LR.

		The Series 2007-LDP11 certificates will collectively represent beneficial ownership interests in the issuing entity, a trust created by J.P. Morgan Chase Commercial Mortgage Securities Corp. The trust’s assets will primarily be 266 fixed rate mortgage loans secured by first liens on 359 commercial, multifamily and manufactured housing community properties.

Certificate Balances		Your certificates will have the approximate aggregate initial certificate balance or notional amount set forth below, subject to a variance of plus or minus 5%:

Class A-1				$	63,482,000
Class A-2				$	735,605,000
Class A-2FL				$	250,000,000
Class A-3				$	283,043,000
Class A-4				$	1,185,949,000
Class A-SB				$	125,026,000
Class A-1A				$	1,156,052,000
Class X				$	5,427,368,400
Class A-M				$	542,737,000
Class A-J				$	427,405,000
Class B				$	33,922,000
Class C				$	81,410,000

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Class D				$	54,274,000
Class E				$	27,137,000
Class F				$	47,489,000

Pass-Through Rates

A.    Offered Certificates		Your certificates will accrue interest at an annual rate called a pass -through rate . The initial pass-through rate is set forth below for each class:

Class A-1						%(1)
Class A-2						%(1)
Class A-2FL						%(1),(2)
Class A-3						%(1)
Class A-4						%(1)
Class A-SB						%(1)
Class A-1A						%(1)
Class X						%(3)
Class A-M						%(1)
Class A-J						%(1)
Class B						%(1)
Class C						%(1)
Class D						%(1)
Class E						%(1)
Class F						%(1)

(1) The pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E and Class F certificates and the Class A-2FL regular interest will equal one of (i) a fixed rate, (ii) the WAC rate, which is the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) a rate equal to the lesser of a specified fixed pass-through rate and the WAC rate and (iv) the WAC rate less a specified percentage.

(2) The pass-through rate applicable to the Class A-2FL certificates on each distribution date will be a per annum rate equal to LIBOR plus        %. In addition, under certain circumstances described in this free writing prospectus, the pass-through rate applicable to the Class A-2FL certificates may convert to a fixed rate equal to        % per annum. The initial LIBOR rate will be determined on June 29, 2007, and subsequent LIBOR rates will be determined 2 LIBOR business days before the start of the related interest accrual period. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

(3) The interest accrual amount on the Class X certificates will be calculated by reference to a notional amount equal to the aggregate of the certificate balances of each class of certificates (other than the Class A-2FL, Class X, Class R, Class LR and Class S certificates) and the Class A-2FL regular interest. The pass-through rate on the Class X certificates will be based on the weighted average of the interest strip rates of the components of the Class X certificates. See ‘‘Description of the Certificates— Distributions’’ in this free writing prospectus.

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B.    Interest Rate Calculation         Convention		Interest on the certificates (other than the Class A-2FL certificates) and the Class A-2FL regular interest will be calculated based on a 360-day year consisting of twelve 30-day months, or a ‘‘30/360 basis.’’ Interest on the Class A-2FL certificates will be calculated based on the actual number of days in each accrual period and a 360-day year, or an ‘‘actual/360 basis.’’ However, if the pass-through rate for the Class A-2FL certificates converts to a fixed rate, interest on that class will be calculated on 30/360 basis.

		For purposes of calculating the pass-through rates on any class of certificates or regular interest with a pass-through rate that is based on, limited by or equal to, the weighted average of the net mortgage rates on all the mortgage loans or the mortgage loans in any loan group, the mortgage loan interest rates will not reflect any default interest rate, any rate increase occurring after an anticipated repayment date, any mortgage loan term modifications agreed to by the special servicer or any modifications resulting from a borrower’s bankruptcy or insolvency.

		For purposes of calculating the pass-through rates on the offered certificates and the Class A-2FL regular interest, the interest rate for each mortgage loan that accrues interest based on the actual number of days in each month and assuming a 360-day year, or an ‘‘actual/360 basis,’’ will be recalculated, if necessary, so that the amount of interest that would accrue at that recalculated rate in the applicable month, calculated on a 30/360 basis, will equal the amount of interest that is required to be paid on that mortgage loan in that month, subject to certain adjustments as described in ‘‘Description ofthe Certificates—Distributions’’ in this free writing prospectus.

C.    Servicing and Administration         Fees		The master servicer and the special servicer are entitled to a master servicing fee and a special servicing fee, respectively, from the interest payments on the mortgage loans. The master servicing fee for each distribution date is calculated on the outstanding principal amount of each mortgage loan (including the JQH Hotel Portfolio loan) in the trust fund at the master servicing fee rate equal to a per annum rate ranging from 0.010% to 0.135%. The special servicing fee for each distribution date is calculated based on the outstanding principal amount of each mortgage loan or REO loan (excluding the JQH Hotel Portfolio loan upon the transfer of servicing of the JQH Hotel Portfolio Loan to a future securitization in connection with the

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		securitization of the related companion loan) that is a specially serviced mortgage loan or REO loan at the special servicing fee rate equal to a per annum rate of 0.25%. The master servicer and the special servicer are also entitled to additional fees and amounts, including income on the amounts held in permitted investments, liquidation fees and workout fees. The trustee fee for each distribution date is calculated on the outstanding principal amount of each mortgage loan (including the JQH Hotel Portfolio loan) in the trust fund at the trustee fee rate equal to a per annum rate equal to 0.00034%. See ‘‘Transaction Parties—Servicing and Other Compensation and Payment of Expenses’’ in this free writing prospectus.

Distributions

A.    Amount and Order of         Distributions		On each distribution date, funds available for distribution from the mortgage loans, net of specified trust fees, reimbursements and expenses, will be distributed in the following amounts and order of priority:

		First/Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A and Class X certificates and the Class A-2FL regular interest: To pay interest concurrently, (a) on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates and the Class A-2FL regular interest, pro rata, from the portion of the funds available for distribution attributable to the mortgage loans in loan group 1, (b) on the Class A-1A certificates from the portion of the funds available for distribution attributable to the mortgage loans in loan group 2 and (c) on the Class X certificates from the funds available for distribution attributable to all mortgage loans, without regard to loan groups, in each case in accordance with their interest entitlements. However, if, on any distribution date, the funds available for distribution (or applicable portion) are insufficient to pay in full the total amount of interest to be paid to any of the classes described above, the funds available for distribution will be allocated among all those classes, pro rata, without regard to loan group, in accordance with their interest entitlements for that distribution date.

		Second/Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest: To the extent of funds allocated to principal and available for distribution, (a)(1) first, to the Class A-SB certificates, available principal received from loan group 1 and, after the Class A-1A certificates have been reduced to zero, funds attributed to principal

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		received from loan group 2 remaining after payments specified in clause (b) below have been made, until the certificate balance of the Class A-SB certificates is reduced to the planned principal balance for the related distribution date set forth in Annex D to this free writing prospectus, (2) then to principal on the Class A-1 certificates, in an amount equal to the funds attributable to mortgage loans in loan group 1 remaining after the payments specified in clause (a)(1) above have been made and, after the Class A-1A certificates have been reduced to zero, the funds attributable to mortgage loans in loan group 2, until the certificate balance of the Class A-1 certificates has been reduced to zero, (3) then to principal on the Class A-2 certificates and the Class A-2FL regular interest, pro rata, based on certificate balances, in an amount equal to the funds attributable to mortgage loans in loan group 1 remaining after the payments specified in clauses (a)(1) and (a)(2) above have been made and, after the Class A-1A certificates have been reduced to zero, the funds attributable to mortgage loans in loan group 2, until the certificate balances of the Class A-2 certificates and the Class A-2FL regular interest has been reduced to zero, (4) then to principal on the Class A-3 certificates, in an amount equal to the funds attributable to mortgage loans in loan group 1 remaining after the payments specified in clauses (a)(1), (a)(2) and (a)(3) above have been made and, after the Class A-1A certificates have been reduced to zero, the funds attributable to mortgage loans in loan group 2 until the certificate balance of the Class A-3 certificates has been reduced to zero, (5) then to principal on the Class A-4 certificates, in an amount equal to the funds attributable to mortgage loans in loan group 1 remaining after the payments specified in clauses (a)(1), (a)(2), (a)(3) and (a)(4) above have been made and, after the Class A-1A certificates have been reduced to zero, the funds attributable to mortgage loans in loan group 2, until the certificate balance of the Class A-4 certificates has been reduced to zero and (6) then to principal on the Class A-SB certificates in an amount equal to the funds attributable to mortgage loans in loan group 1 remaining after the payments specified in clauses (a)(1), (a)(2), (a)(3), (a)(4) and (a)(5) above have been made and, after the Class A-1A certificates have been reduced to zero, the funds attributable to mortgage loans in loan group 2, until the certificate balance of the Class A-SB certificates has been reduced to zero, and (b) to the Class A-1A certificates, in an amount equal to the funds attributable to mortgage loans in loan group 2 and, after the certificate balances of the Class A-4 and Class A-SB certificates have been

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		reduced to zero, the funds attributable to mortgage loans in loan group 1 remaining after the payments specified in clause (a) above have been made, until the certificate balance of the Class A-1A certificates has been reduced to zero. If the certificate balance of each and every class of certificates other than the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest has been reduced to zero as a result of the allocation of mortgage loan losses to those certificates, funds available for distributions of principal will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest, pro rata, rather than sequentially, without regard to loan groups or the distribution priorities above.

		Third/Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest: To reimburse the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest, pro rata, for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by those classes, without regard to loan groups.

		Fourth/Class A-M certificates: To the Class A-M certificates as follows: (a) first, to interest on the Class A-M certificates in an amount up to their interest entitlement; (b) second, to the extent of funds allocated to principal and available for distribution remaining after distributions in respect of principal to each class with a higher priority (in this case, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest), to principal on the Class A-M certificates until the certificate balance of the Class A-M certificates has been reduced to zero; and (c) third, to reimburse the Class A-M certificates for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by that class.

		Fifth/Class A-J certificates: To the Class A-J certificates in a manner analogous to the Class A-M certificates’ allocations of priority Fourth above.

		Sixth/Class B certificates: To the Class B certificates in a manner analogous to the Class A-M certificates’ allocations of priority Fourth above.

		Seventh/Class C certificates: To the Class C certificates in a manner analogous to the Class A-M certificates’ allocations of priority Fourth above.

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		Eighth/Class D certificates: To the Class D certificates in a manner analogous to the Class A-M certificates’ allocations of priority Fourth above.

		Ninth/Class E certificates: To the Class E certificates in a manner analogous to the Class A-M certificates’ allocations of priority Fourth above.

		Tenth/Class F certificates: To the Class F certificates in a manner analogous to the Class A-M certificates’ allocations of priority Fourth above.

		Eleventh/Non-offered certificates (other than the Class S certificates): In the amounts and order of priority described in ‘‘Description of the Certificates—Distributions’’ in this free writing prospectus.

		For purposes of making distributions to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates and the Class A-2FL regular interest, except in the event of insufficient funds, as described above, the pool of mortgage loans will be deemed to consist of two distinct groups, loan group 1 and loan group 2. Loan group 1 will consist of 205 mortgage loans, representing approximately 78.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date and loan group 2 will consist of 61 mortgage loans, representing approximately 21.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. Loan group 2 will include approximately 100.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date of loans secured by multifamily and manufactured housing community properties. Annex A-1 to this free writing prospectus will set forth the loan group designation with respect to each mortgage loan.

		On each distribution date, funds available for distribution on the Class A-2FL certificates (which include any net swap payments related to the Class A-2FL certificates) will be distributed in the following amounts and order of priority: (a) first, to interest on the Class A-2FL certificates, in the amount of their interest entitlement; (b) second, to the extent of funds allocated to principal in respect of the Class A-2FL regular interest, to principal on the Class A-2FL certificates until the certificate balance of the Class A-2FL certificates has been reduced to zero; and (c) third, to reimburse the Class A-2FL certificates for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by such class.

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B.    Interest and Principal         Entitlements		A description of the interest entitlement of each class of offered certificates and the Class A-2FL regular interest can be found in ‘‘Description of the Certificates— Distributions’’ in this free writing prospectus.

		A description of the amount of principal required to be distributed to each class of offered certificates and the Class A-2FL regular interest entitled to principal on a particular distribution date also can be found in ‘‘Description of the Certificates—Distributions’’ in this free writing prospectus.

C.    Prepayment Premiums;         Yield Maintenance Charges		Yield maintenance charges with respect to the mortgage loans will be allocated to the offered certificates (other than the Class A-2FL certificates) and the Class A-2FL regular interest as described in ‘‘Description of the Certificates—Allocation of Yield Maintenance Charges and Prepayment Premiums’’ in this free writing prospectus.

		For so long as the swap contract is in effect, any yield maintenance charges distributable in respect of the Class A-2FL regular interest will be payable to the swap counterparty pursuant to the terms of the swap contract. If the swap contract is no longer in effect, any yield maintenance charges allocable to the Class A-2FL regular interest will be paid to the holders of the Class A-2FL certificates.

		For an explanation of the calculation of yield maintenance charges, see ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus.

		On each distribution date, any additional interest collected in respect of a mortgage loan in the trust fund with an anticipated repayment date during the related collection period will be distributed to the holders of the Class S certificates. This interest will not be available to provide credit support for other classes of certificates or offset any interest shortfalls.

D.    General		The chart below describes the manner in which the payment rights of certain classes of certificates and the Class A-2FL regular interest will be senior or subordinate, as the case may be, to the payment rights of other classes of certificates and the Class A-2FL regular interest. The chart shows the entitlement to receive principal and/or interest of certain classes of certificates and the Class A-2FL regular interest (other than excess interest that accrues on the mortgage loans that have anticipated repayment dates) on any

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		distribution date in descending order (beginning with the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A and Class X certificates) and the Class A-2FL regular interest. It also shows the manner in which mortgage loan losses are allocated to certain classes of certificates and the Class A-2FL regular interest in ascending order (beginning with the other classes of certificates (other than the Class S, Class R and Class LR certificates) that are not being offered by this free writing prospectus). No principal payments or mortgage loan losses will be allocated to the Class S, Class R, Class LR or Class X certificates, although principal payments and mortgage loan losses will reduce the notional amount of the Class X certificates and, therefore, the amount of interest they accrue. In addition, while mortgage loan losses and available funds shortfalls will not be directly allocated to the Class A-2FL certificates, mortgage loan losses and available funds shortfalls may be allocated to the Class A-2FL regular interest, in reduction of the certificate balance of the Class A-2FL regular interest and the amount of its interest entitlement. Any decrease in the certificate balance of the Class A-2FL regular interest will result in a corresponding decrease in the certificate balance of the Class A-2FL certificates, and any interest shortfalls suffered by the Class A-2FL regular interest will reduce the amount of interest distributed on the Class A-2FL certificates to the extent described in this free writing prospectus.

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* The Class X certificates are interest-only certificates.

** The Class A-2FL certificates are entitled to receive floating rate payments from the swap provider under the interest rate swap contract in exchange for the fixed rate payments to which the Class A-2FL regular interest is entitled.

		Other than the subordination of certain classes of certificates, as described above, no other form of credit enhancement will be available for the benefit of the holders of the offered certificates.

		Principal losses on mortgage loans that are allocated to a class of certificates (other than the Class X, Class S, Class R, Class LR or Class A-2FL certificates) or the Class A-2FL regular interest will reduce the certificate balance of that class of certificates or the Class A-2FL regular interest (and correspondingly the Class A-2FL certificates) respectively.

		See ‘‘Description of the Certificates’’ in this free writing prospectus.

E.    Shortfalls in Available Funds		The following types of shortfalls in available funds will reduce distributions to the classes of certificates and the Class A-2FL regular interest with the lowest payment priorities: shortfalls resulting from the payment of special servicing fees and other additional compensation that the special servicer is entitled to receive; shortfalls resulting from interest on advances made by the master

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		servicer, the special servicer or the trustee (to the extent not covered by late payment charges or default interest paid by the related borrower); shortfalls resulting from extraordinary expenses of the trust; and shortfalls resulting from a modification of a mortgage loan’s interest rate or principal balance or from other unanticipated or default-related expenses of the trust. Reductions in distributions to the Class A-2FL regular interest will cause a corresponding reduction in distributions to the Class A-2FL certificates to the extent described in this free writing prospectus. In addition, prepayment interest shortfalls that are not covered by certain compensating interest payments made by the master servicer are required to be allocated to the certificates (other than the Class A-2FL certificates) and the Class A-2FL regular interest (and thus to the Class A-2FL certificates to the extent described in this free writing prospectus). See ‘‘Description of the Certificates—Distributions’’ in this free writing prospectus.

Advances

A.    P&I Advances		The master servicer is required to advance a delinquent periodic mortgage loan payment if it determines that the advance will be recoverable (unless the special servicer determines that the advance would be non-recoverable). The master servicer will not be required to advance balloon payments due at maturity in excess of the regular periodic payment, interest in excess of a mortgage loan’s regular interest rate, default interest or prepayment premiums or yield maintenance charges. The amount of the interest portion of any advance will be subject to reduction to the extent that an appraisal reduction of the related mortgage loan has occurred. See ‘‘Description of the Certificates—Advances’’ in this free writing prospectus. There may be other circumstances in which the master servicer will not be required to advance one full month of principal and/or interest. If the master servicer fails to make a required advance, the trustee will be required to make the advance. Neither the master servicer nor the trustee is required to advance amounts determined to be non-recoverable. See ‘‘Description of the Certificates—Advances’’ in this free writing prospectus. If an interest advance is made by the master servicer, the master servicer will not advance its servicing fee, but will advance the trustee’s fee. Neither the master servicer nor the trustee will be required to advance any amounts due to be paid by the swap counterparty for distribution to the Class A-2FL certificates or be liable for any breakage, termination or other costs owed by

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		the trust fund to the swap counterparty. See ‘‘Description of the Certificates—Advances’’ in this free writing prospectus.

B.    Property Protection Advances		The master servicer may be required (including with respect to the JQH Hotel Portfolio mortgage loan so long as it is serviced under the pooling and servicing agreement), and the special servicer may be permitted, to make advances to pay delinquent real estate taxes, assessments and hazard insurance premiums and similar expenses necessary to:

		•	protect and maintain the related mortgaged property;

		•	maintain the lien on the related mortgaged property; or

		•	enforce the related mortgage loan documents.

		If the master servicer fails to make a required advance of this type, the trustee is required to make this advance. None of the master servicer, the special servicer or the trustee is required to advance amounts determined to be non-recoverable. See ‘‘Description of the Certificates—Advances’’ in this free writing prospectus.

C.    Interest on Advances		The master servicer, the special servicer and the trustee, as applicable, will be entitled to interest on the above described advances at the ‘‘Prime Rate’’ as published in The Wall Street Journal, as described in this free writing prospectus. Interest accrued on outstanding advances may result in reductions in amounts otherwise payable on the certificates. Neither the master servicer nor the trustee will be entitled to interest on advances made with respect to principal and interest due on a mortgage loan until the related due date has passed and any grace period for late payments applicable to the mortgage loan has expired. See ‘‘Description of the Certificates—Advances’’ and ‘‘—Subordination; Allocation of Collateral Support Deficit’’ in this free writing prospectus and ‘‘Description of the Certificates—Advances in Respect of Delinquencies’’ and ‘‘Description of the Pooling Agreements—Certificate Account’’ in the prospectus.

The Mortgage Loans

The Mortgage Pool		The trust’s primary assets will be 266 fixed rate mortgage loans, each evidenced by one or more promissory notes secured by first mortgages, deeds of trust or similar security instruments on the fee and/or leasehold estate of the related borrower in 359 commercial, multifamily and manufactured housing community properties.

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		The aggregate principal balance of the mortgage loans as of the cut-off date will be approximately $5,427,368,401.

		The Franklin Mills loan (identified as Loan No. 6 on Annex A-1 to this free writing prospectus) with a principal balance as of the cut-off date of $174,000,000 and representing approximately 3.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 4.1% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date), is one of two mortgage loans that is part of a split loan structure, and is secured by the same mortgage instrument on the related mortgaged property. The first of these mortgage loans is the Franklin Mills loan, which is included in the trust. The second mortgage loan, the Franklin Mills pari passu companion loan, is part of the split loan structure but is not included in the trust, and is pari passu in right of payment with the Franklin Mills loan. The Franklin Mills pari passu companion loan has an outstanding principal balance as of the cut-off date of $116,000,000.

		The ChampionsGate loan (identified as Loan No. 10 on Annex A-1 to this free writing prospectus) with a principal balance as of the cut-off date of $100,000,000 and representing approximately 1.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 2.3% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date), is one of two mortgage loans that is part of a split loan structure, and is secured by the same mortgage instrument on the related mortgaged property. The first of these mortgage loans is the ChampionsGate loan, which is included in the trust. The second mortgage loan, the ChampionsGate pari passu companion loan, is part of the split loan structure but is not included in the trust, and is pari passu in right of payment with the ChampionsGate loan. The ChampionsGate pari passu companion loan has an outstanding principal balance as of the cut-off date of $50,000,000.

		The JQH Hotel Portfolio loan (identified as Loan No. 25 on Annex A-1 to this free writing prospectus), with a principal balance as of the cut-off date of $50,000,000 and representing approximately 0.9% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 1.2% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date), is one of two mortgage loans that are part of a split loan structure, secured by the same mortgage instrument on the related mortgaged

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		property, in which one loan, referred to in this free writing prospectus as the JQH Hotel Portfolio loan, is included in the trust. The second mortgage loan, the JQH Hotel Portfolio pari passu companion loan, is not included in the trust, and is pari passu in right of payment to the JQH Hotel Portfolio loan. The JQH Hotel Portfolio pari passu companion loan has an outstanding principal balance as of the cut-off date of $100,000,000.

		The Carespring Portfolio loan (identified as Loan No. 39 on Annex A-1 to this free writing prospectus) with a principal balance as of the cut-off date of $34,155,000 and representing approximately 0.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 0.8% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date), is one of three mortgage loans that are part of a split loan structure, and is secured by the same mortgage instrument on the related mortgaged property. The first of these mortgage loans, the Carespring Portfolio loan (which is evidenced by note A-1), is included in the trust. The second mortgage loan, the Carespring Portfolio A-2 pari passu companion loan, is part of the split loan structure but is not included in the trust, and is pari passu in right of payment with the Carespring Portfolio loan and the Carespring Portfolio A-3 pari passu companion loan. The third mortgage loan, the Carespring Portfolio A-3 pari passu companion loan, is part of the split loan structure but is not included in the trust, and is pari passu in right of payment with the Carespring Portfolio loan and the Carespring Portfolio A-2 pari passu companion loan. The Carespring Portfolio A-2 pari passu companion loan and the Carespring Portfolio A-3 pari passu companion loan have outstanding principal balances as of the cut-off date of $34,155,000 and $34,155,000, respectively.

		Each of the Logan Portfolio loans (identified by the Loan Nos. set forth on the chart below), is one of two mortgage loans that are part of a split loan structure, and is secured by the same mortgage instrument on the related mortgaged property. Each of the Logan Portfolio whole loans are cross-collateralized and cross-defaulted with one another. The first of each of the Logan Portfolio whole loans (which is evidenced by the related note A-1) is included in the trust. The second of each of the Logan Portfolio whole loans (which is evidenced by the related note A-2) is part of the split loan structure but is not included in the trust, and is pari passu in right of payment with the respective Logan Portfolio note A-1 loan.

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Loan No.			Mortgage Loan			Mortgage Loan Cut-off Date Principal Balance						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						Pari Passu Companion Loan Original Balance
248			Logan Portfolio-Beavercreek, OH				$	1,915,000						0.04	%					0.04	%				$	1,915,000
251			Logan Portfolio-Decatur, AL				$	1,755,000						0.03	%					0.04	%				$	1,755,000
252			Logan Portfolio-Huntsville, AL				$	1,750,000						0.03	%					0.04	%				$	1,750,000
253			Logan Portfolio-Flowood, MS				$	1,655,000						0.03	%					0.04	%				$	1,655,000
255			Logan Portfolio-Bowling Green, KY				$	1,630,000						0.03	%					0.04	%				$	1,630,000
257			Logan Portfolio-Savannah, GA				$	1,555,000						0.03	%					0.04	%				$	1,555,000
258			Logan Portfolio-Murfreesboro, TN				$	1,545,000						0.03	%					0.04	%				$	1,545,000
259			Logan Portfolio-West Monroe, LA				$	1,540,000						0.03	%					0.04	%				$	1,540,000
260			Logan Portfolio-Gallatin, TN				$	1,475,000						0.03	%					0.03	%				$	1,475,000
261			Logan Portfolio-Canton, MI				$	1,365,000						0.03	%					0.03	%				$	1,365,000
262			Logan Portfolio-Fort Oglethorpe, GA				$	1,305,000						0.02	%					0.03	%				$	1,305,000
263			Logan Portfolio-Oxford, AL				$	1,280,000						0.02	%					0.03	%				$	1,280,000
264			Logan Portfolio-Evansville, IN				$	1,245,000						0.02	%					0.03	%				$	1,245,000
265			Logan Portfolio-Austin, TX				$	1,165,000						0.02	%					0.03	%				$	1,165,000

		Each of the Franklin Mills loan, the ChampionsGate loan, the Carespring Portfolio loan and each of the Logan Portfolio Loans and their related pari passu companion loan(s) will be serviced in accordance with the pooling and servicing agreement by the master servicer and the special servicer, and in accordance with the servicing standards provided in the pooling and servicing agreement. In addition, certain holders of these loans may have certain consent and/or rights, subject to certain conditions set forth in the related intercreditor agreement to advise and direct the master servicer and/or the special servicer with respect to various servicing matters or mortgage loan modifications affecting each of the mortgage loans in the related split loan structure, including the related mortgage loan that is included in the trust. See ‘‘Description of the Mortgage Pool—The Whole Loans’’ in this free writing prospectus for a description of these consent and/or consulting rights.

		The JQH Hotel Portfolio loan and the JQH Hotel Portfolio pari passu companion loan will initially be serviced in accordance with the pooling and servicing agreement by the master servicer and the special servicer, and in accordance with the servicing standards provided in the pooling and servicing agreement. However, servicing of the JQH Hotel Portfolio whole loan is expected to be transferred to a future securitization in connection with the securitization of the related pari passu companion loan, which is not included in the trust. In addition, the holder of the JQH Hotel Portfolio pari passu companion loan will have certain consent rights, subject to certain conditions set forth in the related intercreditor agreement, including the consultation right of the holder of the JQH Hotel Portfolio loan with respect to various servicing matters

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		or mortgage loan modifications affecting each of the mortgage loans in the related split loan structure, including the JQH Hotel Portfolio loan that is included in the trust. See ‘‘Description of the Mortgage Pool—The Whole Loans—The JQH Hotel Portfolio Whole Loan’’ in this free writing prospectus.

		The mortgage loan amount used in this free writing prospectus for purposes of calculating the loan-to-value ratios and debt service coverage ratios for each pari passu split loan structure described above, also referred to in this free writing prospectus as pari passu loan groups, is the aggregate principal balance of the related mortgage loan and its pari passu companion loan(s).

		In addition, 6 mortgage loans (referred to in this free writing prospectus as the AB mortgage loans) are each evidenced by the senior of two or more notes secured by a single mortgage on the related mortgaged property and a single assignment of leases, with the subordinate companion loan not being part of the trust fund.

		The AB mortgage loans are set forth below.

Number					Mortgage Loan			A Note Cut-off Date Loan Balance						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance						B Note Original Balance
	11				Lembi Portfolio				$	90,000,000						1.7	%					0.0	%					7.8	%				$	25,000,000
	13				Stadium Towers				$	83,200,000						1.5	%					1.9	%					0.0	%				$	16,800,000
	72				500 Davis Center				$	17,927,153						0.3	%					0.4	%					0.0	%				$	3,000,000
	81				Edentree Apartment Village				$	15,000,000						0.3	%					0.0	%					1.3	%				$	1,000,000
	83				Squire Hill Apartments				$	14,990,000						0.3	%					0.0	%					1.3	%				$	1,600,000
	123				Foothill Glen Apartments				$	8,535,000						0.2	%					0.0	%					0.7	%				$	1,500,000

		Each AB mortgage loan and its related companion loan(s) are subject to an intercreditor agreement. The intercreditor agreement generally allocates collections in respect of the related mortgage loan prior to a monetary event of default, or material non-monetary event of default to the mortgage loan in the trust fund and the related subordinate companion loan on a pro rata basis. After a monetary event of default or material non-monetary event of default, the intercreditor agreement generally allocates collections in respect of such mortgage loans first to the mortgage loan in the trust and second to the related subordinate companion loan. The master servicer and the special servicer will service and administer each AB mortgage loan and its companion loan(s) pursuant to the pooling and servicing agreement and the related intercreditor agreement so long as that AB mortgage loan is part of the trust fund. Amounts attributable to each companion loan will not be assets of the trust, and will be beneficially owned by the holder of the companion loan. See ‘‘Description of the Mortgage Pool—The Whole Loans—AB Mortgage Loan Groups’’ in this free

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		writing prospectus. The holder of each subordinate companion loan will have the right to purchase the related AB mortgage loan under certain limited circumstances. In addition, the holder of certain of the subordinate companion loans will have the right to approve certain modifications to the related senior loan under certain circumstances. See ‘‘Description of the Mortgage Pool—The Whole Loans—AB Mortgage Loan Groups’’ in this free writing prospectus.

		The following tables set forth certain anticipated characteristics of the mortgage loans as of the cut-off date (unless otherwise indicated). Except as specifically provided in this free writing prospectus, information presented in this free writing prospectus (including loan-to-value ratios and debt service coverage ratios) (i) with respect to a mortgage loan with a subordinate companion loan is calculated without regard to the related subordinate companion loan, and in the case of the pari passu loan groups in certain circumstances, such information, particularly as it relates to debt service coverage ratios and loan-to-value ratios, includes the principal balances and debt service payments of each of the related pari passu companion loan(s).

		The sum of the numerical data in any column may not equal the indicated total due to rounding. Unless otherwise indicated, all figures presented in this ‘‘Summary of Terms’’ are calculated as described under ‘‘Description of the Mortgage Pool—Additional Mortgage Loan Information’’ in this free writing prospectus and all percentages represent the indicated percentage of the aggregate principal balance of the pool of mortgage loans, the mortgage loans in loan group 1 or the mortgage loans in loan group 2, in each case, as of the cut-off date. The principal balance of each mortgage loan as of the cut-off date assumes the timely receipt of principal scheduled to be paid on or before the cut-off date and no defaults, delinquencies or prepayments on any mortgage loan on or prior to the cut-off date. Whenever percentages and other information in this free writing prospectus are presented on the mortgaged property level rather than the mortgage loan level, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1 to this free writing prospectus. Whenever percentages are presented in this free writing prospectus in the format (x%, x%), those percentages represent, in order, the approximate percentage the indicated mortgage loans represent as of the cut-off date of: (i) the aggregate principal balance of the mortgage loans in loan group 1 and (ii) the aggregate principal balance of the mortgage loans in loan group 2.

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The mortgage loans will have the following approximate characteristics as of the cut-off date:

Cut-Off Date Mortgage Loan Characteristics

			All Mortgage Loans			Loan Group 1			Loan Group 2
Aggregate outstanding principal balance(1)			$5,427,368,401			$4,271,315,899			$1,156,052,502
Number of mortgage loans			266			205			61
Number of mortgaged properties.			359			272			87
Number of crossed loan pools			2			2			0
Crossed loan pools as a percentage..			0.5%			0.6%			0.0%
Range of mortgage loan principal balances			$1,000,000 to $284,000,000			$1,000,000 to $284,000,000			$1,920,000 to $90,000,000
Average mortgage loan principal balances			$20,403,641			$20,835,687			$18,951,680
Range of mortgage rates			5.3800% to 6.9210%			5.3800% to 6.9210%			5.3950% to 6.6189%
Weighted average mortgage rate			5.84032%			5.85825%			5.77406%
Range of original terms to maturity(2)			60 months to 180 months			60 months to 180 months			60 months to 120 months
Weighted average original term to maturity(2)			104 months			105 months			100 months
Range of remaining terms to maturity(2)			54 months to 178 months			54 months to 178 months			54 months to 120 months
Weighted average remaining term to maturity(2)			101 months			102 months			98 months
Range of original amortization term(3)			240 months to 360 months			240 months to 360 months			300 months to 360 months
Weighted average original amortization term(3)			342 months			339 months			359 months
Range of remaining amortization terms(3)			238 months to 360 months			238 months to 360 months			299 months to 360 months
Weighted average remaining amortization term(3)			341 months			338 months			359 months
Range of loan-to-value ratios(4)			42.9% to 90.1%			47.1% to 90.1%			42.9% to 82.3%
Weighted average loan-to-value ratio(4)			72.3%			72.5%			71.6%
Range of loan-to-value ratios as of the maturity date(2)(4)			39.8% to 90.1%			39.8% to 90.1%			42.9% to 81.5%
Weighted average loan-to-value ratio as of the maturity(2)(4)			69.5%			69.2%			70.3%
Range of debt service coverage ratios(5)			1.07x to 2.75x			1.10x to 2.75x			1.07x to 2.28x
Weighted average debt service coverage ratio(5)			1.34x			1.34x			1.34x
Percentage of aggregate outstanding principal balance consisting of:
Balloon mortgage loans
Interest Only			65.6%			62.4%			77.3%
Partial Interest-Only			22.3%			22.7%			20.7%
Balloon.			12.2%			14.9%			1.9%

(1) Subject to a permitted variance of plus or minus 5%.

(2) In the case of the mortgage loans with an anticipated repayment date (identified as Loan Nos. 16, 79, 102 and 136 on Annex A-1 to this free writing prospectus), as of the related anticipated repayment date.

(3) Excludes the mortgage loans that pay interest-only to maturity.

(4) In the case of 7 mortgage loans (identified as Loan Nos. 23, 41, 58, 129, 131, 156 and 214 on Annex A-1 to this free writing prospectus), the loan-to-value ratio was based on the ‘‘as-stabilized’’ values or portfolio valuation. In the case of certain mortgage loans, the appraised value includes income provided by a master lease from a borrower affiliate. See Annex A-1 to this free writing prospectus.

(5) For certain mortgage loans, the debt service coverage ratio was calculated taking into account various assumptions regarding the financial performance of the related mortgaged property on an ‘‘as-stabilized’’ basis or netting certain reserve or other amounts or other adjustments. See Annex A-1 to this free writing prospectus. In the case of certain mortgage loans, the debt service coverage ratio was calculated based on income from a master lease provided by a borrower affiliate. See Annex A-1, to this free writing prospectus.

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Interest Accrual Basis

Interest Accrual Basis			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Actual/360					261					$	5,277,169,325						97.2	%					96.5	%					100.0	%
30/360					5						150,199,076						2.8						3.5						0.0
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

		See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus.

Amortization Types

Type of Amortization			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Balloon Loans
Interest Only					117					$	3,558,306,729						65.6	%					62.4	%					77.3	%
Partial Interest Only					90						1,209,477,160						22.3						22.7						20.7
Balloon					59						659,584,512						12.2						14.9						1.9
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

		4 mortgage loans, representing approximately 2.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (2.2%, 1.3%) provide for an increase in the related interest rate after a certain date, referred to as the anticipated repayment date. The interest accrued in excess of the original rate, together with any interest on that accrued interest, will be deferred and will not be paid until the principal balance of the related mortgage loan has been paid, at which time the deferred interest will be paid to the Class S certificates. In addition, after the anticipated repayment date, cash flow in excess of that required for debt service and certain budgeted expenses with respect to the related mortgaged property will be applied towards the payment of principal (without payment of a yield maintenance charge) of the related mortgage loan until its principal balance has been reduced to zero. A substantial principal payment would be required to pay off these mortgage loans on their anticipated repayment dates. The amortization terms for these mortgage loans are significantly longer than the periods up to the related mortgage loans’ anticipated repayment dates. See ‘‘Description of the Mortgage Pool—ARD Loans’’ in this free writing prospectus.

		See ‘‘Description of the Mortgage Pool—Additional Mortgage Loan Information’’ and ‘‘—Certain Terms and

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		Conditions of the Mortgage Loans’’ in this free writing prospectus.

		The following table contains general information regarding the prepayment provisions of the mortgage loans:

Overview of Prepayment Protection⁽¹⁾

Prepayment Protection			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Defeasance					197					$	3,996,489,856						73.6	%					71.6	%					81.2	%
Yield Maintenance					43						968,717,010						17.8						18.8						14.2
Yield Maintenance, Defeasance/Yield Maintenance					5						298,000,000						5.5						7.0						0.0
Defeasance/Yield Maintenance					3						92,963,000						1.7						1.5						2.5
Yield Maintenance/Defeasance					15						27,673,534						0.5						0.6						0.0
Defeasance, Defeasance/Yield Maintenance					1						20,000,000						0.4						0.5						0.0
Defeasance, Fixed Penalty					1						14,990,000						0.3						0.0						1.3
No Penalty					1						8,535,000						0.2						0.0						0.7
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

(1) See Annex A-1 to this free writing prospectus for specific criteria applicable to the mortgage loans.

		Defeasance permits the related borrower to substitute direct non-callable U.S. Treasury obligations or, in certain cases, other government securities for the related mortgaged property as collateral for the related mortgage loan.

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		The mortgage loans generally permit voluntary prepayment without payment of a yield maintenance charge or any prepayment premium during a limited ‘‘open period’’ immediately prior to and including the stated maturity date or anticipated repayment date as follows:

Prepayment Open Periods

Open Periods (Payments)			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
1					22					$	541,863,177						10.0	%					11.8	%					3.4	%
2					10						229,950,000						4.2						4.8						2.0
3					73						963,868,916						17.8						15.6						25.8
4					138						2,850,199,057						52.5						49.9						62.1
5					4						384,300,000						7.1						9.0						0.0
6					2						36,290,000						0.7						0.5						1.3
7					7						113,480,710						2.1						2.7						0.0
10					1						174,000,000						3.2						4.1						0.0
12					2						35,000,000						0.6						0.0						3.0
13					2						29,400,000						0.5						0.7						0.0
19					1						4,981,041						0.1						0.1						0.0
24					2						50,300,500						0.9						0.7						1.6
25					1						5,200,000						0.1						0.1						0.0
35					1						8,535,000						0.2						0.0						0.7
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

		See ‘‘Description of the Mortgage Pool—Additional Mortgage Loan Information’’ and ‘‘—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus.

Current Uses of the Mortgaged Properties

Current Use			Number of Mortgaged Properties						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Office					63					$	1,804,786,650						33.3	%					42.3	%					0.0	%
Retail					127						1,274,868,583						23.5						29.8						0.0
Multifamily					68						875,862,502						16.1						0.0						75.8
Hotel					33						768,087,047						14.2						18.0						0.0
Industrial					26						293,802,205						5.4						6.9						0.0
Manufactured Housing					18						274,190,000						5.1						0.0						23.7
Mixed Use					8						49,413,000						0.9						1.0						0.5
Senior Housing					9						45,455,000						0.8						1.1						0.0
Self Storage					6						36,867,382						0.7						0.9						0.0
Parking Garage					1						4,036,032						0.1						0.1						0.0
Total:					359					$	5,427,368,401						100.0	%					100.0	%					100.0	%

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		The mortgaged properties are located in 41 states and the District of Columbia. The following tables list the states that have concentrations of mortgaged properties of 5% or more of the aggregate principal balance of the pool of mortgage loans or related loan group, as applicable, as of the cut-off date:

Geographic Distributions — All Loans⁽¹⁾

State			Number of Mortgaged Properties						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance
New York					41					$	1,164,395,045						21.5	%
California					85					$	959,970,565						17.7	%
Florida					22					$	553,217,298						10.2	%
Texas					37					$	369,717,901						6.8	%

⁽¹⁾ Because this table presents information relating to mortgaged properties and not mortgaged loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1.

Geographic Distributions — Loan Group 1⁽¹⁾

State			Number of Mortgaged Properties						Aggregate Principal Balance of Mortgage Loans						% of Initial Loan Group 1 Balance
New York					28					$	829,295,045						19.4	%
California					63					$	817,694,573						19.1	%
Florida					14					$	395,731,041						9.3	%
Pennsylvania					7					$	240,221,318						5.6	%
Texas					21					$	212,316,401						5.0	%

⁽¹⁾ Because this table presents information relating to mortgaged properties and not mortgaged loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1.

		Geographic Distribution—Loan Group 2 (1)

State			Number of Mortgaged Properties						Aggregate Principal Balance of Mortgage Loans						% of Initial Loan Group 2 Balance
New York					13					$	335,100,000						29.0	%
Florida					8					$	157,486,257						13.6	%
Texas					16					$	157,401,500						13.6	%
California					22					$	142,275,991						12.3	%
Michigan					8					$	72,843,000						6.3	%
Tennessee					1					$	59,100,000						5.1	%

⁽¹⁾ Because this table presents information relating to mortgaged properties and not mortgaged loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1.

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Additional Aspects of Certificates

Denominations		The offered certificates (other than Class A-2FL and Class X certificates) will be offered in minimum denominations of $10,000 initial certificate balance. The Class A-2FL certificates will be offered in minimum denominations of $100,000 initial certificate balance. Investments in excess of the minimum denominations may be made in multiples of $1. The Class X certificates will be issued, maintained and transferred only in minimum denominations of authorized initial notional amounts of not less than $1,000,000, and in integral multiples of $1 in excess thereof.

Registration, Clearance and     Settlement		Each class of offered certificates will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, or DTC.

		You may hold your offered certificates through: (1) DTC in the United States; or (2) Clearstream Banking, société anonyme or Euroclear Bank, as operator of the Euroclear System. Transfers within DTC, Clearstream Banking, société anonyme or Euroclear Bank, as operator of the Euroclear System, will be made in accordance with the usual rules and operating procedures of those systems.

		We may elect to terminate the book-entry system through DTC (with the consent of the DTC participants), Clearstream Banking, société anonyme or Euroclear Bank, as operator of the Euroclear System, with respect to all or any portion of any class of the offered certificates.

		See ‘‘Description of the Certificates—Book-Entry Registration and Definitive Certificates’’ in this free writing prospectus and in the prospectus.

Information Available to     Certificateholders		On each distribution date, the trustee will prepare and make available to each certificateholder of record, initially expected to be Cede & Co., a statement as to the distributions being made on that date. Additionally, under certain circumstances, certificateholders of record may be entitled to certain other information regarding the trust. See ‘‘Description of the Certificates—Reports to Certificateholders; Certain Available Information’’ in this free writing prospectus.

Deal Information/Analytics		Certain information concerning the mortgage loans and the offered certificates may be available to subscribers through the following services:

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		•	Bloomberg, L.P., Trepp, LLC and Intex Solutions, Inc.; and

		•	the trustee’s website initially located at www.etrustee.net.

Optional Termination		On any distribution date on which the aggregate principal balance of the pool of mortgage loans remaining in the trust fund is less than 1% of the aggregate principal balance of the mortgage loans as of the cut-off date, certain entities specified in this free writing prospectus will have the option to purchase all of the remaining mortgage loans (and all property acquired through exercise of remedies in respect of any mortgage loan) at the price specified in this free writing prospectus. Exercise of this option will terminate the trust and retire the then outstanding certificates. The trust may also be terminated in connection with a voluntary exchange of all the then outstanding certificates (other than the Class S, Class R and Class LR certificates), including the Class X certificates (provided, however, that the offered certificates (other than the Class X certificates) and the Class G, Class H, Class J and Class K certificates are no longer outstanding and there is only one holder of the outstanding certificates), for the mortgage loans remaining in the trust.

		See ‘‘Description of the Certificates—Termination; Retirement of Certificates’’ in this free writing prospectus and ‘‘Description of the Certificates—Termination’’ in the prospectus.

Required Repurchases or Substitutions     of Mortgage Loans....		Under certain circumstances, a mortgage loan seller may be obligated to repurchase an affected mortgage loan from the trust as a result of a material document defect or a material breach of the representations and warranties given by the mortgage loan seller with respect to the mortgage loan in the related purchase agreement. See ‘‘Description of the Mortgage Pool—Representations and Warranties; Repurchases and Substitutions’’ in this free writing prospectus.

Sale of Defaulted Loans		Pursuant to the pooling and servicing agreement, (i) the holder of the certificates representing the greatest percentage interest in the controlling class, and (ii) the special servicer, in that order, has the option to purchase from the trust any defaulted mortgage loan. Notwithstanding the foregoing, the AB subordinate companion loan holders may also have a purchase option with respect to defaulted AB mortgage loans and holders of mezzanine loans may have a purchase option on the related defaulted mortgage loan. See

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		‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus.

Tax Status		Elections will be made to treat a portion of the trust (exclusive of the Class A-2FL regular interest, the swap contract, the floating rate account and the interest that is deferred after the anticipated repayment date on the mortgage loans that have anticipated repayment dates and the related distribution account for this deferred interest) as two separate REMICs—a lower-tier REMIC and an upper-tier REMIC—for federal income tax purposes. The portion of the trust representing the deferred interest described above will be treated as a grantor trust for federal income tax purposes, and the Class S certificates will represent undivided beneficial interests in such portion of the grantor trust. The grantor trust also will hold the Class A-2FL regular interest, the swap contract and the floating rate account and the Class A-2FL certificates will represent undivided beneficial interests in the related portions of the grantor trust. In the opinion of counsel, the portions of the trust referred to above will qualify for this treatment.

		Pertinent federal income tax consequences of an investment in the offered certificates include:

		•	Each class of offered certificates, other than the Class A-2FL certificates, and the Class A-2FL regular interest will represent ‘‘regular interests’’ in the upper-tier REMIC.

		•	Each regular interest will be treated as a newly originated debt instrument for federal income tax purposes.

		•	You will be required to report income on the regular interests represented by your certificates using the accrual method of accounting.

		•	It is anticipated that the Class      certificates will be issued at a premium, that the Class      certificates will be issued with original issue discount and that the Class      certificates will be issued with a de minimis amount of original issue discount for federal income tax purposes.

		See ‘‘Certain Federal Income Tax Consequences’’ in this free writing prospectus and in the prospectus.

Certain ERISA Considerations		Subject to important considerations described under ‘‘Certain ERISA Considerations’’ in this free writing prospectus and in the prospectus, the offered certificates are eligible for purchase by persons investing

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		assets of employee benefit plans or individual retirement accounts. In particular, fiduciaries of plans contemplating a purchase of the Class A-2FL certificates should review the additional requirements for purchases of Class A-2FL certificates by plans, as discussed under ‘‘Certain ERISA Considerations’’ in this free writing prospectus.

Legal Investment		The offered certificates will not constitute ‘‘mortgage related securities’’ for purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended. If your investment activities are subject to legal investment laws and regulations, regulatory capital requirements, or review by regulatory authorities, then you may be subject to restrictions on investment in the offered certificates. You should consult your own legal advisors for assistance in determining the suitability of and consequences to you of the purchase, ownership, and sale of the offered certificates.

		See ‘‘Legal Investment’’ in this free writing prospectus and in the prospectus.

Ratings		The offered certificates will not be issued unless each of the offered classes receives the following ratings from Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.:

			Moody’s			S&P
Class A-1			Aaa			AAA
Class A-2			Aaa			AAA
Class A-2FL			Aaa			AAA
Class A-3			Aaa			AAA
Class A-4			Aaa			AAA
Class A-SB			Aaa			AAA
Class A-1A			Aaa			AAA
Class X			Aaa			AAA
Class A-M			Aaa			AAA
Class A-J			Aaa			AAA
Class B			Aa1			AA+
Class C			Aa2			AA
Class D			Aa3			AA–
Class E			A1			A+
Class F			A2			A

		A rating agency may downgrade, qualify or withdraw a security rating at any time. A rating agency not requested to rate the offered certificates may nonetheless issue a rating and, if one does, it may be lower than those stated above. The security ratings do not address the frequency of prepayments (whether

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		voluntary or involuntary) of mortgage loans, the degree to which prepayments might differ from those originally anticipated, the likelihood of collection of excess interest, default interest or yield maintenance charges, or the tax treatment of the certificates. The ratings of Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. do not address the application of net aggregate prepayment interest shortfalls to the certificates. Also, the security ratings do not represent any assessment of the yield to maturity that investors may experience or the possibility that the Class X certificateholders might not fully recover their investments in the event of rapid prepayments of the mortgage loans (including both voluntary and involuntary prepayments). In addition, a security rating of the Class A-2FL certificates does not represent any assessment as to whether the floating interest rate on such certificates will convert to a fixed rate. With respect to the Class A-2FL certificates, Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. are rating only the receipt of interest up to the fixed per annum rate applicable to the Class A-2FL regular interest. The ratings of Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., do not address any shortfalls or delays in payment that investors in the Class A-2FL certificates may experience as a result of the conversion of the pass-through rate on the Class A-2FL certificates from a floating interest rate to a fixed rate. See ‘‘Yield and Maturity Considerations,’’ ‘‘Risk Factors’’ and ‘‘Description of the Certificates—Advances’’ in this free writing prospectus and ‘‘Yield and Maturity Considerations’’ in the prospectus.

		See ‘‘Ratings’’ in this free writing prospectus and ‘‘Rating’’ in the prospectus for a discussion of the basis upon which ratings are given and the conclusions that may not be drawn from a rating.

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Risk Factors

You should carefully consider the following risks before making an investment decision. In particular, distributions on your certificates will depend on payments received on, and other recoveries with respect to the mortgage loans. Therefore, you should carefully consider the risk factors relating to the mortgage loans and the mortgaged properties.

The risks and uncertainties described below are not the only ones relating to your certificates. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair your investment.

If any of the following events or circumstances identified as risks actually occur or materialize, your investment could be materially and adversely affected.

This free writing prospectus also contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this free writing prospectus.

In connection with the information presented in this free writing prospectus relating to risks that may relate to certain of the mortgage loans or the mortgage loans in general, examples are given with respect to a particular risk and a particular mortgage loan. However, the fact that examples are given should not be interpreted as meaning that such examples reflect all of the mortgage loans in the trust to which such risk is applicable.

Geographic Concentration Entails Risks

Mortgaged properties located in New York, California, Florida and Texas secure mortgage loans, representing approximately 21.5%, 17.7%, 10.2%, and 6.8% respectively, of the aggregate principal balance of the pool of mortgage loans as of the cut-off date.

Mortgaged properties located in New York, California, Florida, Pennsylvania and Texas secure mortgage loans, representing approximately 19.4%, 19.1%, 9.3% 5.6% and 5.0% respectively, of the aggregate principal balance of the pool of mortgage loans in loan group 1 as of the cut-off date.

Mortgaged properties located in New York, Florida, Texas, California, Michigan and Tennessee secure mortgage loans, representing approximately 29.0%, 13.6%, 13.6%, 12.3%, 6.3%, and 5.1% respectively, by allocated loan amount, of the aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date.

With respect to the mortgaged properties located in California, 35 of the mortgaged properties, securing mortgage loans representing approximately 11.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, are in southern California (13.1%, 4.5%), and 50 of the mortgaged properties, securing mortgage loans representing approximately 6.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, are in northern California (6.0%, 7.8%). For purposes of determining whether a mortgaged property is in northern California or southern California, mortgaged properties located north of San Luis Obispo County, Kern County and San Bernardino County are included in northern California and mortgaged properties located in or south of those counties are included in southern California.

Concentrations of mortgaged properties in geographic areas may increase the risk that adverse economic or other developments or natural disasters affecting a particular region of the country could increase the frequency and severity of losses on mortgage loans secured by those properties. In recent periods, several regions of the United States have experienced significant real estate downturns. Regional economic declines or conditions in regional real estate markets could adversely affect the income from, and market value of, the mortgaged properties. Other regional factors—e.g., earthquakes, floods, forest fires or hurricanes or changes in governmental rules or fiscal policies—also may adversely affect the mortgaged properties. For example,

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mortgaged properties located in California, Texas or Florida may be more susceptible to certain hazards (such as earthquakes, floods or hurricanes) than mortgaged properties in other parts of the country and mortgaged properties located in coastal states, including, but not limited to, Florida, Louisiana, Alabama and Mississippi, also may be more generally susceptible to hurricanes than properties in other parts of the country. Recent hurricanes in the Gulf Coast region and in Florida have resulted in severe property damage as a result of the winds and the associated flooding. The mortgage loans do not all require flood insurance on the related mortgaged properties. We cannot assure you that any hurricane damage would be covered by insurance. See ‘‘—Other Risks—Hurricanes May Cause Extensive Damage to Coastal Areas’’ below, ‘‘Servicing of the Mortgage Loans—Maintenance of Insurance’’ in this free writing prospectus and ‘‘Description of the Pooling Agreements—Hazard Insurance Policies’’ in the accompanying prospectus.

Risks Relating to Mortgage Loan Concentrations

The effect of mortgage pool loan losses will be more severe if the losses relate to mortgage loans that account for a disproportionately large percentage of the pool’s aggregate principal balance. In this regard:

	•	The largest mortgage loan (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represents approximately 5.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (the largest mortgage loan in loan group 1 (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represents approximately 6.6% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date; and the largest mortgage loan in loan group 2 (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represents approximately 7.8% of the aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date).

	•	The 3 largest mortgage loans (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represent, in the aggregate, approximately 13.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (the 3 largest mortgage loans in loan group 1 (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represent approximately 16.9% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date, and the 3 largest mortgage loans in loan group 2 (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represent approximately 22.4% of the aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date).

	•	The 10 largest mortgage loans (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represent, in the aggregate, approximately 32.9% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (the 10 largest mortgage loans in loan group 1 (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represent approximately 41.8% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date, and the 10 largest mortgage loans in loan group 2 (treating as a single mortgage loan all mortgage loans, if any, that are cross-collateralized with each other) represent approximately 52.7% of the aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date).

See ‘‘Description of the Mortgage Pool—Top Fifteen Mortgage Loans’’ in this free writing prospectus.

Each of the other mortgage loans represents approximately no more than 1.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. Each of the other mortgage loans in loan group 1 represents approximately no more than 1.9% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date. Each of

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the other mortgage loans in loan group 2 represents approximately no more than 2.6% of the aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date.

A concentration of mortgaged property types can pose increased risks. A concentration of mortgage loans secured by the same types of mortgaged property can increase the risk that a decline in a particular industry or business would have a disproportionately large impact on the pool of mortgage loans. In that regard, the following table lists the property type concentrations in excess of 5.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date:

Property Type Concentrations Greater Than 5%

Property Type			Number of Mortgage Properties						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Office					63					$	1,804,786,650						33.3	%					42.3	%					0.0	%
Retail					127					$	1,274,868,583						23.5	%					29.8	%					0.0	%
Multifamily					68					$	875,862,502						16.1	%					0.0	%					75.8	%
Hotel					33					$	768,087,047						14.2	%					18.0	%					0.0	%
Industrial					26					$	293,802,205						5.4	%					6.9	%					0.0	%
Manufactured Housing					18					$	274,190,000						5.1	%					0.0	%					23.7	%

A concentration of mortgage loans with the same borrower or related borrowers can also impose increased risks.

	•	27 groups of mortgage loans, representing approximately 15.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (8.1%, 41.1%), have borrowers related to each other, but the related mortgage loans are not cross-collateralized or cross-defaulted. No group of mortgage loans having borrowers that are related to each other represents more than approximately 2.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. Mortgage loans with related borrowers are identified under ‘‘Related Borrower’’ on Annex A-1 to this free writing prospectus.

	•	2 groups of mortgage loans (comprised of 16 mortgage loans), representing approximately 0.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.6%, 0.0%), are cross-collateralized and cross-defaulted and have related borrowers.

	•	17 mortgage loans, representing approximately 22.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (23.5%, 17.6%), are secured by more than one mortgaged property.

See ‘‘Description of the Mortgage Pool—Additional Mortgage Loan Information’’ in this free writing prospectus. Mortgaged properties owned by related borrowers are likely to:

	•	have common management, increasing the risk that financial or other difficulties experienced by the property manager could have a greater impact on the pool of mortgage loans; and

	•	have common general partners or managing members, which could increase the risk that a financial failure or bankruptcy filing would have a greater impact on the pool of mortgage loans.

Risks Relating to Enforceability of Cross-Collateralization

As described above and in Annex A-1 to this free writing prospectus, the mortgage loans in 2 groups of mortgage loans, comprised of 16 mortgage loans, representing approximately 0.5% of

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the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.6%, 0.0%), are cross-collateralized and cross-defaulted with each other. No group of cross-collateralized and cross-defaulted mortgage loans represents more than 0.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. Each group of cross-collateralized and cross-defaulted mortgage loans is indicated on Annex A-1 to this free writing prospectus. 17 mortgage loans, representing in the aggregate approximately 22.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (23.5%, 17.6%) are secured by more than 1 mortgaged property. Such properties may be cross-collateralized and cross-defaulted with each other. Each multi-property mortgage loan is individually identified on Annex A-1 to this free writing prospectus.The multi-property mortgage loans that represent more than 2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date are identified in the table below.

Portfolio Loans

Loan No.			Mortgage Loan			No. of Properties						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
1			GSA Portfolio					9						5.2	%					6.6	%					0.0	%
2			Maple Drive Portfolio					3						4.1	%					5.2	%					0.0	%
4			Save Mart Portfolio					31						3.9	%					4.9	%					0.0	%
8			Americold Portfolio					7						2.1	%					2.7	%					0.0	%

Cross-collateralization arrangements may be terminated with respect to such mortgage loan groups in certain circumstances under the terms of the related mortgage loan documents. Cross-collateralization and multiple property arrangements involving more than one borrower could be challenged as fraudulent conveyances by creditors of the related borrower in an action brought outside a bankruptcy case or, if the borrower were to become a debtor in a bankruptcy case, by the borrower’s representative.

A lien granted by a borrower could be avoided if a court were to determine that:

	•	the borrower was insolvent when it granted the lien, was rendered insolvent by the granting of the lien, was left with inadequate capital when it allowed its mortgaged property or properties to be encumbered by a lien securing the entire indebtedness, or was not able to pay its debts as they matured when it granted the lien; and

	•	the borrower did not receive fair consideration or reasonably equivalent value when it allowed its mortgaged property or properties to be encumbered by a lien securing the entire indebtedness.

Among other things, a legal challenge to the granting of the liens may focus on the benefits realized by that borrower from the respective mortgage loan proceeds, as well as the overall cross-collateralization. If a court were to conclude that the granting of the liens was an avoidable fraudulent conveyance, that court could:

	•	subordinate all or part of the pertinent mortgage loan to existing or future indebtedness of that borrower;

	•	recover payments made under that mortgage loan; or

	•	take other actions detrimental to the holders of the certificates, including, under certain circumstances, invalidating the mortgage loan or the mortgages securing the cross-collateralization.

The Borrower’s Form of Entity May Cause Special Risks

Most of the borrowers are legal entities rather than individuals. Mortgage loans made to legal entities may entail risks of loss greater than those of mortgage loans made to individuals.

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For example, a legal entity, as opposed to an individual, may be more inclined to seek legal protection from its creditors under the bankruptcy laws. Unlike individuals involved in bankruptcies, most of the entities generally, but not in all cases, do not have personal assets and creditworthiness at stake. The terms of the mortgage loans generally, but not in all cases, require that the borrowers covenant to be single-purpose entities, although in many cases the borrowers are not required to observe all covenants and conditions that typically are required in order for them to be viewed under standard rating agency criteria as ‘‘single-purpose entities.’’ In general, but not in all cases, borrowers’ organizational documents or the terms of the mortgage loans limit their activities to the ownership of only the related mortgaged property or properties and limit the borrowers’ ability to incur additional indebtedness (other than trade payables). These provisions are designed to mitigate the possibility that the borrowers’ financial condition would be adversely impacted by factors unrelated to the mortgaged property and the mortgage loan in the pool. However, we cannot assure you that the related borrowers will comply with these requirements. See ‘‘Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws’’ in the prospectus. Also, although a borrower may currently be a single purpose entity, in certain cases, that borrower was not originally a single-purpose entity, but at origination of the related mortgage loan its organizational documents were amended. That borrower may have previously owned property other than the related mortgaged property and may not have observed all covenants that typically are required to consider a borrower a ‘‘single-purpose entity.’’ The bankruptcy of a borrower, or a general partner or managing member of a borrower, may impair the ability of the lender to enforce its rights and remedies under the related mortgage. Borrowers that are not single-purpose entities structured to limit the possibility of becoming insolvent or bankrupt, may be more likely to become insolvent or the subject of a voluntary or involuntary bankruptcy proceeding because the borrowers may be:

	•	operating entities with a business distinct from the operation of the mortgaged property with the associated liabilities and risks of operating an ongoing business; or

	•	individuals that have personal liabilities unrelated to the property.

However, any borrower, even a single-purpose entity structured to be bankruptcy-remote, as an owner of real estate will be subject to certain potential liabilities and risks. We cannot assure you that any borrower will not file for bankruptcy protection or that creditors of a borrower or a corporate or individual general partner or managing member of a borrower will not initiate a bankruptcy or similar proceeding against the borrower or corporate or individual general partner or managing member.

Furthermore, with respect to any affiliated borrowers, creditors of a common parent in bankruptcy may seek to consolidate the assets of those borrowers with those of the parent. Consolidation of the assets of the borrowers would likely have an adverse effect on the funds available to make distributions on your certificates, and may lead to a downgrade, withdrawal or qualification of the ratings of your certificates. See ‘‘Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws’’ in the prospectus.

With respect to 20 mortgage loans (identified as Loan Nos. 42, 71, 75, 87, 94, 98, 115, 118, 121, 126, 132, 136, 157, 175, 185, 206, 228, 238, 243 and 245 on Annex A-1 to this free writing prospectus), representing approximately 3.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (4.1%, 1.1%), the related borrowers own the related mortgaged property as tenants-in-common. As a result, if a borrower that has not waived its right of partition or similar right exercises a right of partition, the related mortgage loan may be subject to prepayment. The bankruptcy, dissolution or action for partition by one or more of the tenants in common could result in an early repayment of the related mortgage loan, significant delay in recovery against the tenant-in-common borrowers, particularly if the tenant-in-common borrowers file for bankruptcy separately or in series (because each time a tenant-in-common borrower files for bankruptcy, the bankruptcy court stay will be reinstated), a material impairment in property management and a substantial decrease in the amount recoverable upon the related mortgage loan. Not all tenants-in-common for the mortgage loans are single-purpose entities.

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Ability to Incur Other Borrowings Entails Risk

When a borrower (or its constituent members) also has one or more other outstanding loans (even if they are subordinated or mezzanine loans), the trust is subjected to additional risk. The borrower may have difficulty servicing and repaying multiple loans. The existence of another loan will generally also make it more difficult for the borrower to obtain refinancing of its mortgage loan and may thereby jeopardize repayment of the mortgage loan. Moreover, the need to service additional debt may reduce the cash flow available to the borrower to operate and maintain the mortgaged property.

Additionally, if a borrower (or its constituent members) defaults on its mortgage loan and/or any other loan, actions taken by other lenders such as a foreclosure or an involuntary petition for bankruptcy against the borrower could impair the security available to the trust, including the mortgaged property, or stay the trust’s ability to foreclose during the course of the bankruptcy case. The bankruptcy of another lender also may operate to stay foreclosure by the trust. The trust may also be subject to the costs and administrative burdens of involvement in foreclosure or bankruptcy proceedings or related litigation.

In this regard, the mortgage loans generally prohibit borrowers from incurring any additional debt secured by their mortgaged property without the consent of the lender. No investigations, searches or inquiries to determine the existence or status of any subordinate secured financing with respect to any of the mortgaged properties have been made at any time since origination of the related mortgage loan. We cannot assure you that any of the borrowers have complied with the restrictions on indebtedness in the related mortgage loan documents.

As of the cut-off date, the applicable mortgage loan sellers have informed us that they are aware that 6 mortgage loans (referred to in this free writing prospectus as the AB mortgage loans) are each evidenced by the senior of two or more notes secured by a single mortgage on the related mortgaged property and a single assignment of leases, with the subordinate companion loan not being part of the trust fund. The AB mortgage loans are identified on Annex A-1 to this free writing prospectus as Loan Nos. 11, 13, 72, 81, 83, and 123, representing approximately 4.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (2.4%, 11.1%). In each case, one or more senior loans in the related mortgage loan group is an AB mortgage loan, which is included in the trust fund. In each case, at least one other loan in the split loan structure is an AB subordinate companion loan and is not included in the trust fund. However, the subordinate companion loan will be serviced under the pooling and servicing agreement, subject to the related intercreditor agreement. Subject to the restrictions described under ‘‘—Special Servicer May Be Directed to Take Actions’’ below, the holders of the subordinate companion loan for each of the 6 mortgage loans (identified as Loan Nos. 11, 13, 72, 81, 83 and 123 on Annex A-1 to this free writing prospectus) will have the right, under certain conditions, to consent to certain waivers or modifications proposed to be taken by the master servicer or the special servicer, as applicable, with respect to the related senior loan.

The holder of each AB subordinate companion loan will have the right to purchase the related AB mortgage loan under certain limited circumstances. In addition, the holders of certain of the AB subordinate companion loans will have the right to approve certain modifications to the related senior loans under certain circumstances. In exercising such rights, the holder of the AB subordinate companion loan does not have any obligation to consider the interests of, or the impact of such exercise on, the trust or the certificates. See ‘‘Description of the Mortgage Pool—Additional Debt’’ and ‘‘—AB Mortgage Loans’’ in this free writing prospectus. The AB subordinate companion loans are generally subordinate in right of payment to the related senior mortgage loans, subject to the terms of the related intercreditor agreement. See ‘‘Description of the Mortgage Pool—Additional Debt—AB Mortgage Loans’’ in this free writing prospectus.

In addition to the AB mortgage loans, 18 mortgage loans (identified as Loan Nos. 6, 10, 25, 39, 248, 251, 252, 253, 255, 257, 258, 259, 260, 261, 262, 263, 264, and 265 on Annex A-1 to this free writing prospectus), representing in the aggregate approximately 7.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (8.9%, 0.0%), are each part

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of a split loan structure, in which the related mortgage loan and one or more pari passu companion loans are secured by the same mortgage instrument on the related mortgaged properties. See ‘‘Description of the Mortgage Pool—The Whole Loans’’ in this free writing prospectus.

Although the pari passu companion loans and AB subordinate companion loans described above are not assets of the trust fund, each related borrower is still obligated to make interest and principal payments on these loans. As a result, the trust fund is subject to additional risks, including:

	•	the risk that the necessary maintenance of the related mortgaged property could be deferred to allow the borrower to pay the required debt service on these other obligations and that the value of the related mortgaged property may decline as a result; and

	•	the risk that it may be more difficult for the related borrower to refinance the split mortgage loans or to sell the related mortgaged property for purposes of making any balloon payment on the entire balance of both the senior obligations (including pari passu obligations, as applicable), and the subordinate obligations upon the maturity of those mortgage loans.

See ‘‘Description of the Mortgage Pool—General’’, ‘‘—Additional Debt’’, ‘‘—The Whole Loans’’ in this free writing prospectus and ‘‘Certain Legal Aspects of Mortgage Loans—
Subordinate Financing’’ in the prospectus.

The borrowers under certain of the mortgage loans have incurred or may incur in the future secured, subordinate debt. In addition, substantially all of the mortgage loans permit the related borrower to incur limited indebtedness in the ordinary course of business that is not secured by the related mortgaged property. In addition, the borrowers under certain of the mortgage loans have incurred, and/or may incur in the future, unsecured debt other than in the ordinary course of business. See ‘‘Description of the Mortgage Pool—Additional Debt’’ in this free writing prospectus for a description of certain permitted additional debt. Moreover, in general, any borrower that does not meet single-purpose entity criteria may not be restricted from incurring unsecured debt or debt secured by other property of the borrower. See ‘‘Description of the Mortgage Pool—Additional Debt’’ in this free writing prospectus.

Additionally, the terms of certain mortgage loans permit or require the borrowers to post letters of credit and/or surety bonds for the benefit of the related mortgage loan, which may constitute a contingent reimbursement obligation of the related borrower or an affiliate. The issuing bank or surety will not typically agree to subordination and standstill protection benefiting the mortgagee.

The mortgage loans generally place certain restrictions on the transfer and/or pledging of general partnership and managing member equity interests in a borrower such as specific percentage or control limitations. The terms of the mortgage loans generally permit, subject to certain limitations, the transfer or pledge of less than a controlling portion of the limited partnership or non-managing member equity or other interests in a borrower. Certain of the mortgage loans do not restrict the pledging of ownership interests in the related borrower, but do restrict the transfer of ownership interests in the related borrower by imposing a specific percentage or control limitation or requiring the consent of the mortgagee to any such transfer (which consent in certain instances would consist of the mortgagee ascertaining that certain specific transfer conditions have been satisfied). Moreover, in general, mortgage loans with borrowers that do not meet single-purpose entity criteria may not restrict in any way the incurrence by the relevant borrower of mezzanine debt. See ‘‘—The Borrower’s Form of Entity May Cause Special Risks’’ above. 12 mortgage loans representing approximately 16.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (16.6%, 17.7%) have some form of existing mezzanine debt. The mortgage loans identified in the chart titled ‘‘Existing Mezzanine Debt’’ in ‘‘Description of the Mortgage Pool—Additional Debt’’ in this free writing prospectus have existing mezzanine indebtedness.

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42 mortgage loans representing approximately 28.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (29.6%, 25.6%) allow the borrower to incur future mezzanine debt. The mortgage loans identified in the chart titled ‘‘Future Permitted Debt’’ have some form of specifically permitted future mezzanine indebtedness. Certain other mortgage loans have other existing or permitted additional indebtedness; for more information regarding this additional indebtedness, see ‘‘Description of the Mortgage Pool—Additional Debt’’ in this free writing prospectus.

6 mortgage loans (identified as Loan Nos. 45, 74, 80, 106, 120 and 266 on Annex A-1 to this free writing prospectus) representing approximately 1.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.8%, 4.0%) allow the borrower to incur future permitted debt (other than future mezzanine debt).

Mezzanine debt is debt that is incurred by the owner of equity in one or more borrowers or an affiliate of such owner and is secured by a pledge of the equity ownership interests in such borrowers. Because mezzanine debt is secured by the obligor’s equity interest in the related borrowers, such financing effectively reduces the obligor’s economic stake in the related mortgaged property. The existence of mezzanine debt may reduce cash flow on the borrower’s mortgaged property after the payment of debt service or result in liquidity pressures if the mezzanine debt matures or becomes payable prior to the maturity of the mortgage loan, and may thus increase the likelihood that the owner of a borrower will permit the value or income producing potential of a mortgaged property to fall and may create a greater risk that a borrower will default on the mortgage loan secured by a mortgaged property whose value or income is relatively weak. In addition, the current and any future mezzanine lender may have cure rights with respect to the related mortgage loan and/or an option to purchase the mortgage loan after a default pursuant to an intercreditor agreement.

Generally, upon a default under mezzanine debt, the holder of such mezzanine debt may be entitled to foreclose upon the equity in the related borrower, which has been pledged to secure payment of such mezzanine debt, if permitted pursuant to the terms of the related intercreditor agreement. Although such transfer of equity may not trigger the due on sale clause under the related mortgage loan, it could cause a change of control in the borrower and/or cause the obligor under such mezzanine debt to file for bankruptcy, which could negatively affect the operation of the related mortgaged property and such borrower’s ability to make payments on the related mortgage loan in a timely manner.

In the case of 1 mortgage loan (identified as Loan No. 48 on Annex-1 to this free writing prospectus), representing approximately 0.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.7%, 0.0%), the sponsor of the related borrower has an outstanding revolving credit facility with Natixis Real Estate Capital Inc., as lender, secured by, among other things, 60.2% of the equity interest in the borrower owned by the sponsor.

In the case of 1 mortgage loan (identified as Loan No. 107 on Annex 1 to this free writing prospectus), representing approximately 0.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.2%, 0.0%), the sponsor of the related borrower has an outstanding revolving credit facility with Natixis Real Estate Capital Inc., as lender, and is permitted by the terms of the loan documents to pledge, among other things, 100% of the equity interest in the borrower to secure the obligations under the revolving credit facility.

In addition, borrowers under certain of the mortgage loans have issued or are permitted to issue preferred equity in such borrowers. See ‘‘Description of the Mortgage Pool—Additional Debt’’ in this free writing prospectus.

Borrower May Be Unable to Repay Remaining Principal Balance on Maturity Date or Anticipated Repayment Date

Mortgage loans with substantial remaining principal balances at their stated maturity, also known as balloon loans, or with substantial remaining principal balances at the anticipated

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repayment date of the related mortgage loan involve greater risk than fully amortizing loans. This is because the borrower may be unable to repay the mortgage loan at that time. In addition, fully amortizing mortgage loans that may pay interest on an ‘‘actual/360’’ basis but have fixed monthly payments may, in effect, have a small balloon payment due at maturity.

A borrower’s ability to repay a mortgage loan on its stated maturity date typically will depend upon its ability either to refinance the mortgage loan or to sell the mortgaged property at a price sufficient to permit repayment. A borrower’s ability to achieve either of these goals will be affected by a number of factors, including:

	•	the availability of, and competition for, credit for commercial real estate projects;

	•	the prevailing interest rates;

	•	the fair market value of the related mortgaged property;

	•	the borrower’s equity in the related mortgaged property;

	•	the borrower’s financial condition;

	•	the operating history and occupancy level of the mortgaged property;

	•	reductions in applicable government assistance/rent subsidy programs;

	•	the tax laws; and

	•	the prevailing general and regional economic conditions.

The applicable mortgage loan sellers have informed us that substantially all of the mortgage loans are expected to have substantial remaining principal balances as of their respective anticipated repayment dates or stated maturity dates, including any mortgage loans that pay interest-only for their entire respective terms. This includes 90 mortgage loans, representing approximately 22.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (22.7%, 20.7%), which pay interest-only for the first 12 to 72 months of their respective terms and 117 mortgage loans, representing approximately 65.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (62.4%, 77.3%), which pay interest-only until their maturity dates.

The applicable mortgage loan sellers have informed us that 201 of the mortgage loans, representing approximately 63.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (63.5%, 64.9%), mature or have an anticipated repayment date in the year 2017.

We cannot assure you that each borrower will have the ability to repay the remaining principal balances on the pertinent date.

See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus and ‘‘Risk Factors—Borrowers May Be Unable to Make Balloon Payments’’ in the prospectus.

The Prospective Performance of the Commercial, Multifamily and Manufactured Housing Community Mortgage Loans Included in the Trust Fund Should Be Evaluated Separately from the Performance of the Mortgage Loans in Any of Our Other Trusts

While there may be certain common factors affecting the performance and value of income-producing real properties in general, those factors do not apply equally to all income-producing real properties and, in many cases, there are unique factors that will affect the performance and/or value of a particular income-producing real property. Moreover, the effect of a given factor on a particular real property will depend on a number of variables, including but not limited to property type, geographic location, competition, sponsorship and other characteristics of the property and the related mortgage loan. Each income-producing real property represents a separate and distinct business venture and, as a result, each of the multifamily, manufactured housing community and commercial mortgage loans included in one

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of the depositor’s trusts requires a unique underwriting analysis. Furthermore, economic and other conditions affecting real properties, whether worldwide, national, regional or local, vary over time. The performance of a pool of mortgage loans originated and outstanding under a given set of economic conditions may vary significantly from the performance of an otherwise comparable mortgage pool originated and outstanding under a different set of economic conditions. Accordingly, investors should evaluate the mortgage loans underlying the offered certificates independently from the performance of mortgage loans underlying any other series of offered certificates.

As a result of the distinct nature of each pool of commercial mortgage loans, and the separate mortgage loans within the pool, this free writing prospectus does not include disclosure concerning the delinquency and loss experience of static pools of periodic originations by the sponsor of assets of the type to be securitized (known as ‘‘static pool data’’). Because of the highly heterogeneous nature of the assets in commercial mortgage backed securities transactions, static pool data for prior securitized pools, even those involving the same asset types (e.g., hotels or office buildings), may be misleading, because the economics of the properties and terms of the loans may be materially different. In particular, static pool data showing a low level of delinquencies and defaults would not be indicative of the performance of this pool or any other pools of mortgage loans originated by the same sponsor or sponsors. Therefore, investors should evaluate this offering on the basis of the information set forth in this free writing prospectus with respect to the mortgage loans, and not on the basis of any successful performance of other pools of securitized commercial mortgage loans.

Commercial and Multifamily Lending Is Dependent Upon Net Operating Income

The mortgage loans are secured by various income-producing commercial and multifamily properties. Commercial and multifamily lending are generally thought to expose a lender to greater risk than residential one-to-four family lending because they typically involve larger mortgage loans to a single borrower or groups of related borrowers.

The repayment of a commercial or multifamily loan is typically dependent upon the ability of the related mortgaged property to produce cash flow through the collection of rents. Even the liquidation value of a commercial property is determined, in substantial part, by the capitalization of the property’s cash flow. However, net operating income can be volatile and may be insufficient to cover debt service on the mortgage loan at any given time.

The net operating incomes and property values of the mortgaged properties may be adversely affected by a large number of factors. Some of these factors relate to the properties themselves, such as:

	•	the age, design and construction quality of the properties;

	•	perceptions regarding the safety, convenience and attractiveness of the properties;

	•	the characteristics of the neighborhood where the property is located;

	•	the proximity and attractiveness of competing properties;

	•	the adequacy of the property’s management and maintenance;

	•	increases in interest rates, real estate taxes and other operating expenses at the mortgaged property and in relation to competing properties;

	•	an increase in the capital expenditures needed to maintain the properties or make improvements;

	•	dependence upon a single tenant, or a concentration of tenants in a particular business or industry;

	•	a decline in the financial condition of a major tenant;

	•	an increase in vacancy rates; and

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	•	a decline in rental rates as leases are renewed or entered into with new tenants.

Other factors are more general in nature, such as:

	•	national, regional or local economic conditions, including plant closings, military base closings, industry slowdowns and unemployment rates;

	•	local real estate conditions, such as an oversupply of competing properties, retail space, office space or multifamily housing or hotel capacity;

	•	demographic factors;

	•	consumer confidence;

	•	consumer tastes and preferences;

	•	retroactive changes in building codes;

	•	changes or continued weakness in specific industry segments; and

	•	the public perception of safety for customers and clients.

The volatility of net operating income will be influenced by many of the foregoing factors, as well as by:

	•	the length of tenant leases;

	•	the creditworthiness of tenants;

	•	tenant defaults;

	•	in the case of rental properties, the rate at which new rentals occur; and

	•	the property’s ‘‘operating leverage’’ which is generally the percentage of total property expenses in relation to revenue, the ratio of fixed operating expenses to those that vary with revenues, and the level of capital expenditures required to maintain the property and to retain or replace tenants.

A decline in the real estate market or in the financial condition of a major tenant will tend to have a more immediate effect on the net operating income of properties with short-term revenue sources, such as short-term or month-to-month leases, and may lead to higher rates of delinquency or defaults.

Tenant Concentration Entails Risk

A deterioration in the financial condition of a tenant can be particularly significant if a mortgaged property is wholly or significantly owner-occupied or leased to a single tenant or if any tenant makes up a significant portion of the rental income. Mortgaged properties that are wholly or significantly owner-occupied or that are leased to a single tenant or tenants that make up a significant portion of the rental income also are more susceptible to interruptions of cash flow if the owner-occupier’s business operations are negatively impacted or if that single tenant or those tenants fail to renew their leases. This is so because the financial effect of the absence of operating income or rental income may be severe; more time may be required to re-lease the space; and substantial capital costs may be incurred to make the space appropriate for replacement tenants. In this respect, 52 mortgage loans, representing approximately 6.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (8.2%, 0.0%), are secured solely by properties that are wholly or significantly owner-occupied or by properties that are leased to a single tenant or affiliated tenants. With respect to certain of these mortgage loans which are leased to a single tenant, leases at the mortgaged properties will expire prior to the maturity date of the mortgage loans. For example, with respect to 12 mortgage loans, representing approximately 2.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (3.4%, 0.0%), the related mortgaged properties are leased to single tenant under leases that will expire between 1 and 241 months before the related maturity date.

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Additionally, certain of the mortgaged properties may be leased in whole or in part to an affiliate or affiliates of the related borrower. See ‘‘—Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks’’ below. The underwriting of the single-tenant mortgage loans is based primarily upon the monthly rental payments due from the tenant under the lease of the related mortgaged property. Where the primary lease term expires before the scheduled maturity date of the related mortgage loan, the mortgage loan sellers considered the incentives for the primary tenant to re-lease the premises and the anticipated rental value of the premises at the end of the primary lease term or took additional reserves or required letters of credit in connection with the lease expiration. There are a significant number of mortgage loans secured by mortgaged properties with single tenant leases or material leases that expire within a short period of time prior to, at or soon after the maturity dates or anticipated repayment dates of those mortgage loans. See Annex A-1 to this free writing prospectus for the lease expiration date of each single tenant loan or the three largest tenants for each other mortgage loan. We cannot assure you that any material or sole tenant will re-lease the premises or that the premises will be relet to another tenant or that the space will be relet at the same rent per square foot during the term of, or at the expiration of, the primary lease term, or that the related mortgaged property will not suffer adverse economic consequences in this regard. Additionally, the underwriting of certain of these mortgage loans leased to single tenants may have taken into account the creditworthiness of the tenants under the related leases and consequently may have higher loan-to-value ratios and lower debt service coverage ratios than other types of mortgage loans.

Retail and office properties also may be adversely affected if there is a concentration of particular tenants among the mortgaged properties or of tenants in a particular business or industry. In this regard, see ‘‘—Retail Properties Have Special Risks’’ and ‘‘—Office Properties Have Special Risks’’ below.

Certain Additional Risks Relating to Tenants

The income from, and market value of, the mortgaged properties leased to various tenants would be adversely affected if:

	•	space in the mortgaged properties could not be leased or re-leased;

	•	leasing or re-leasing is restricted by exclusive rights of tenants to lease the mortgaged properties or other covenants not to lease space for certain uses or activities, or covenants limiting the types of tenants to which space may be leased;

	•	substantial re-leasing costs were required and/or the cost of performing landlord obligations under existing leases materially increased;

	•	tenants were unwilling or unable to meet their lease obligations;

	•	a significant tenant were to become a debtor in a bankruptcy case;

	•	rental payments could not be collected for any other reason; or

	•	a borrower fails to perform its obligations under a lease resulting in the related tenant having a right to terminate such lease.

Repayment of the mortgage loans secured by retail, office and industrial properties will be affected by the expiration of leases and the ability of the respective borrowers to renew the leases or relet the space on comparable terms and on a timely basis. Additionally mortgaged properties may have concentrations of leases expiring at varying rates in varying percentages including single-tenant mortgaged properties, during the term of the related mortgage loans. Certain of the mortgaged properties are and/or may be leased in whole or in part by government-sponsored tenants who have the right to rent reductions or to cancel their leases at any time or for lack of appropriations or for damage to the leased premises caused by casualty or condemnation. Certain of the mortgaged properties may have tenants that sublet a portion of their space or may intend to sublet out a portion of their space in the future. In addition, with

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respect to certain of these spaces that are sublet, the rents with respect to the related mortgage loan may have been underwritten at the amount of rent paid by the direct tenant although the rent being paid by the sublessee is lower.

The mortgaged properties related to many of the mortgage loans will experience substantial (50.0% of gross leasable area or more) lease rollover prior to the maturity date, and in many cases relatively near, or soon after, the maturity dates of the mortgage loans. With respect to the mortgage loans described above and certain other mortgage loans in the trust fund, many of the related loan documents require tenant improvement and leasing commission reserves (including trapping excess cash flow after notice of lease termination), and in many cases, the leases contain lessee extension options extending the term of such leases for a specified term. However, there can be no assurance that any such extension options will be exercised or that the amount of any such reserves will be adequate to mitigate the lack of rental income associated with these rollovers. Also, certain of the mortgaged properties may be subject to tenant termination rights prior to the maturity date of the related mortgage loan.

In addition, certain properties may have tenants that are paying rent but are not in occupancy or may have vacant space that is not leased. See ‘‘Description of the Mortgage Pool—Top Fifteen Mortgage Loans’’ in this free writing prospectus. Also, certain properties have tenants who have leases on a month-to-month basis. Any ‘‘dark’’ space may cause the property to be less desirable to other potential tenants or the related tenant may be more likely to default in its obligations under the lease. We cannot assure you that those tenants will continue to fulfill their lease obligations or that the space will be relet. Additionally, certain tenants may have a right to a rent abatement or the right to cancel their lease if certain major tenants at the mortgaged property vacate or go dark. Also, certain properties may require tenants to pay rent only during certain months of the year.

Even if vacated space is successfully relet, the costs associated with reletting, including tenant improvements and leasing commissions, could be substantial and could reduce cash flow from the mortgaged properties. Moreover, if a tenant defaults in its obligations to a borrower, the borrower may incur substantial costs and experience significant delays associated with enforcing its rights and protecting its investment, including costs incurred in renovating and reletting the related mortgaged property.

Additionally, in certain jurisdictions, if tenant leases are subordinated to the liens created by the mortgage but do not contain attornment provisions (provisions requiring the tenant to recognize as landlord under the lease a successor owner following foreclosure), the leases may terminate upon the transfer of the property to a foreclosing lender or purchaser at foreclosure. Accordingly, if a mortgaged property is located in such a jurisdiction and is leased to one or more desirable tenants under leases that are subordinate to the mortgage and do not contain attornment provisions, such mortgaged property could experience a further decline in value if such tenants’ leases were terminated.

With respect to certain of the mortgage loans, the related borrower has given to certain tenants or others an option to purchase, a right of first refusal and/or a right of first offer to purchase all or a portion of the mortgaged property in the event a sale is contemplated, and such right may not be subordinate to the related mortgage. This may impede the mortgagee’s ability to sell the related mortgaged property at foreclosure, or, upon foreclosure, this may affect the value and/or marketability of the related mortgaged property. Additionally, the exercise of a purchase option may result in the related mortgage loan being prepaid during a period when voluntary prepayments are otherwise prohibited. See ‘‘—Risks Relating to Prepayments and Repurchases’’ below and ‘‘Description of the Mortgage Pool—Top Fifteen Mortgage Loans’’ in this free writing prospectus.

Substitution of Mortgaged Properties May Lead to Increased Risks

With respect to 7 mortgage loans identified under ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus,

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representing approximately 14.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (18.3%, 0.0%), the related borrowers are permitted to substitute properties (or portions of the mortgaged properties) of a similar quality or substantially similar use for the mortgaged properties (or portions of the mortgaged properties) currently securing the related mortgage loans or letters of credit. As a result, it is possible that the mortgaged properties (or portions thereof) that secure those mortgage loans as of the cut-off date may not secure the related mortgage loans for their entire term. Any substitution of a mortgaged property will require the borrower to meet certain conditions, including, in most cases, debt service coverage tests, and the related borrower will generally be required to obtain written confirmation from the rating agencies that any ratings of the certificates will not, as a result of the proposed substitution, be downgraded, qualified or withdrawn and provide an opinion of counsel that the REMIC status of the trust fund will not be adversely impacted by the proposed substitution. Nevertheless, the replacement property may differ from the substituted property with respect to certain characteristics.

Risks Related to Redevelopment and Renovation at the Mortgaged Properties

Certain of the mortgaged properties are properties that are currently undergoing or are expected to undergo in the future redevelopment or renovation. There can be no assurance that current or planned redevelopment or renovation will be completed, that such redevelopment or renovation will be completed in the time frame contemplated, or that when and if redevelopment or renovation is completed, such redevelopment or renovation will improve the operations at, or increase the value of, the subject property. Failure of any of the foregoing to occur could have a material negative impact on the related mortgage loan, which could affect the ability of the related borrower to repay the related mortgage loan.

In the event the related borrower fails to pay the costs of work completed or material delivered in connection with such ongoing redevelopment or renovation, the portion of the mortgaged property on which there are renovations may be subject to mechanic’s or materialmen’s liens that may be senior to the lien of the related mortgage loan.

The existence of construction or renovation at a mortgaged property may make such mortgaged property less attractive to tenants or their customers, and accordingly could have a negative effect on net operating income.

If the special servicer forecloses on behalf of the trust on a mortgaged property that is being redeveloped or renovated, pursuant to the REMIC provisions, the special servicer will only be permitted to arrange for completion of the redevelopment or renovation if at least 10.0% of the costs of construction were incurred at the time the default on the related mortgage loan became imminent. As a result, the trust fund may not realize as much proceeds upon disposition of a foreclosure property as it would if it were permitted to complete construction.

Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks

If a mortgaged property is leased in whole or substantial part to the borrower under the mortgage loan or to an affiliate of the borrower, there may be conflicts. For instance, it is more likely a landlord will waive lease conditions for an affiliated tenant than it would for an unaffiliated tenant. We cannot assure you that the conflicts arising where a borrower is affiliated with a tenant at a mortgaged property will not adversely impact the value of the related mortgage loan. In some cases this affiliated lessee is physically occupying space related to its business; in other cases, the affiliated lessee is a tenant under a master lease with the borrower, under which the tenant is obligated to make rent payments but does not occupy any space at the mortgaged property. These master leases are typically used to bring occupancy to a ‘‘stabilized’’ level but may not provide additional economic support for the mortgage loan. We cannot assure you the space ‘‘leased’’ by a borrower affiliate will eventually be occupied by third-party tenants and consequently, a deterioration in the financial condition of the borrower or its affiliates can be particularly significant to the borrower’s ability to perform under the mortgage loan as it can

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directly interrupt the cash flow from the mortgaged property if the borrower’s or its affiliate’s financial condition worsens. These risks may be mitigated when mortgaged properties are leased to unrelated third parties.

Tenant Bankruptcy Entails Risks

The bankruptcy or insolvency of a major tenant, or a number of smaller tenants, in retail, office and industrial properties may adversely affect the income produced by a mortgaged property. Under the federal bankruptcy code a tenant has the option of assuming or rejecting any unexpired lease. If the tenant rejects the lease, the landlord’s claim for breach of the lease would be a general unsecured claim against the tenant (absent collateral securing the claim). The claim would be limited to the unpaid rent reserved under the lease for the periods prior to the bankruptcy petition (or earlier surrender of the leased premises) that are unrelated to the rejection, plus the greater of one year’s rent or 15% of the remaining reserved rent (but not more than three years’ rent).

Mortgage Loans Are Nonrecourse and Are Not Insured or Guaranteed

The mortgage loans are not insured or guaranteed by any person or entity, governmental or otherwise.

Investors should treat each mortgage loan as a nonrecourse loan. If a default occurs, recourse generally may be had only against the specific properties and other assets that have been pledged to secure the mortgage loan. Consequently, payment prior to maturity is dependent primarily on the sufficiency of the net operating income of the mortgaged property. Payment at maturity is primarily dependent upon the market value of the mortgaged property or the borrower’s ability to refinance the mortgaged property for an amount sufficient to repay the mortgage loan.

Office Properties Have Special Risks

63 of the mortgaged properties, representing approximately 33.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (42.3%, 0.0%), are office properties.

A large number of factors may adversely affect the value of office properties, including:

	•	the quality of an office building’s tenants;

	•	an economic decline in the business operated by the tenants;

	•	the physical attributes of the building in relation to competing buildings (e.g., age, condition, design, appearance, location, access to transportation and ability to offer certain amenities, such as sophisticated building systems and/or business wiring requirements);

	•	the physical attributes of the building with respect to the technological needs of the tenants, including the adaptability of the building to changes in the technological needs of the tenants;

	•	the diversity of an office building’s tenants (or reliance on a single or dominant tenant);

	•	the desirability of the area as a business location;

	•	the strength and nature of the local economy, including labor costs and quality, tax environment and quality of life for employees;

	•	an adverse change in population, patterns of telecommuting or sharing of office space, and employment growth (all of which affect the demand for office space); and

	•	in the case of medical office properties, the performance of a medical office property

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		may depend on (i) the proximity of such property to a hospital or other health care establishment and (ii) reimbursements for patient fees from private or government-sponsored insurers. Issues related to reimbursement (ranging from non-payment to delays in payment) from such insurers could adversely impact cash flow at such mortgaged property.

Moreover, the cost of refitting office space for a new tenant is often higher than the cost of refitting other types of properties for new tenants. See ‘‘—Risks Relating to Mortgage Loan Concentrations’’ above.

Retail Properties Have Special Risks

127 of the mortgaged properties, representing approximately 23.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (29.8%, 0.0%), are retail properties.

The quality and success of a retail property’s tenants significantly affect the property’s market value and the related borrower’s ability to refinance such property. For example, if the sales revenues of retail tenants were to decline, rents tied to a percentage of gross sales revenues may decline and those tenants may be unable to pay their rent or other occupancy costs.

The presence or absence of an ‘‘anchor tenant’’ or a ‘‘shadow anchor’’ in or near a shopping center also can be important because anchors play a key role in generating customer traffic and making a shopping center desirable for other tenants. An ‘‘anchor tenant’’ is usually proportionately larger in size than most other tenants in the mortgaged property, is vital in attracting customers to a retail property and is located on or adjacent to the related mortgaged property. A ‘‘shadow anchor’’ is usually proportionally larger in size than most tenants in the mortgaged property, is important in attracting customers to a retail property and is located sufficiently close and convenient to the mortgaged property, but not on the mortgaged property, so as to influence and attract potential customers. The economic performance of an anchored or shadow anchored retail property will consequently be adversely affected by:

	•	an anchor tenant’s or shadow anchor tenant’s failure to renew its lease;

	•	termination of an anchor tenant’s or shadow anchor tenant’s lease; or if the anchor tenant or shadow anchor tenant owns its own site, a decision to vacate;

	•	the bankruptcy or economic decline of an anchor tenant, shadow anchor or self-owned anchor;

	•	the cessation of the business of an anchor tenant, a shadow anchor tenant or of a self-owned anchor (notwithstanding its continued payment of rent); or

	•	health club properties, a sub-type of retail properties, have unique risks, which may adversely affect the value of any successful operation of a health club facility, including (i) the physical attributes of the health club facility (e.g., its age, appearance and layout), (ii) the reputation, safety, convenience and attractiveness of the facility to users and (iii) management’s ability to control membership growth and attrition.

76 of the mortgaged properties, securing mortgage loans representing approximately 19.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (24.3%, 0.0%), are retail properties that are considered by the applicable mortgage loan seller to have an ‘‘anchor tenant.’’ 8 of the mortgaged properties, securing mortgage loans representing approximately 1.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (1.2%, 0.0%), are retail properties that are considered by the applicable mortgage loan seller to be ‘‘shadow anchored.’’ 43 of the mortgaged properties, securing mortgage loans representing approximately 3.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (4.3%, 0.0%), are retail properties that are considered by the applicable mortgage loan seller to be ‘‘unanchored.’’

If anchor stores in a mortgaged property were to close, the related borrower may be unable to replace those anchors in a timely manner or without suffering adverse economic

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consequences. Certain of the tenants or anchor stores of the retail properties may have co-tenancy clauses and/or operating covenants in their leases or operating agreements that permit those tenants or anchor stores to cease operating under certain conditions, including, without limitation, certain other stores not being open for business at the mortgaged property or a subject store not meeting the minimum sales requirement under its lease, thereby leaving its space unoccupied even though it continues to own or pay rent on the vacant or dark space. In addition, in the event that an ‘‘anchor’’ or a ‘‘shadow anchor’’ fails to renew its lease, terminates its lease or otherwise ceases to conduct business within a close proximity to the mortgaged property, customer traffic at the mortgaged property may be substantially reduced. We cannot assure you that such space would be occupied or that the related mortgaged property would not suffer adverse economic consequences if any anchor tenant failed to renew its lease. In this regard, see ‘‘—Tenant Bankruptcy Entails Risks’’ and ‘‘—Certain Additional Risks Relating to Tenants’’ above.

Retail properties also face competition from sources outside a given real estate market. For example, all of the following compete with more traditional retail properties for consumer dollars: factory outlet centers; discount shopping centers and clubs; catalogue retailers; home shopping networks; internet websites; and telemarketing. Continued growth of these alternative retail markets (which often have lower operating costs) could adversely affect the rents collectible at the retail properties included in the pool of mortgage loans, as well as the income from, and market value of, the mortgaged properties and the related borrower’s ability to refinance such property.

Moreover, additional competing retail properties may be built in the areas where the retail properties are located.

Certain of the retail properties, including, for example, the mortgaged properties securing 6 mortgage loans (identified as Loan Nos. 9, 20, 55, 76, 111 and 159 on Annex A-1 to this free writing prospectus), representing approximately 4.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (5.3%, 0.0%), have a movie theater as part or all of the mortgaged property. These types of retail properties are exposed to certain unique risks. Aspects of building site design and adaptability affect the value of a movie theater. In addition, decreasing attendance at a movie theater could adversely affect revenue of the movie theater, which may, in turn, cause the tenant to experience financial difficulties. See ‘‘—Tenant Bankruptcy Entails Risks’’ above. In addition, because of unique construction requirements of movie theaters, any vacant movie theater space would not easily be converted to other uses.

Certain retail properties securing mortgage loans in the pool may have gas stations and/or convenience stores as part of the retail mix. Demand for gas stations and the related convenience stores depends on location of the station and volume of car driving, which in turn depends on cost of gas and general economic conditions. Profitability is impacted by the cost of gasoline, the product mix at the convenience store, credit card fees (which have been escalating) and the addition of pay-at-the-pump technology at stations (which has been cited as a potential cause of revenue loss in the related convenience store). This property type also raises environmental concerns because gasoline, motor oil and other hazardous products are sold at these properties.

Multifamily Properties Have Special Risks

68 of the mortgaged properties, representing approximately 16.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (0.0%, 75.8%), are multifamily properties. A large number of factors may adversely affect the value and successful operation of a multifamily property, including:

	•	the physical attributes of the apartment building such as its age, condition, design, appearance, access to transportation and construction quality;

	•	the location of the property, for example, if there is a change in the neighborhood over time;

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	•	the ability of management to provide adequate maintenance and insurance;

	•	the types of services or amenities that the property provides;

	•	the property’s reputation;

	•	the level of mortgage interest rates, which may encourage tenants to purchase rather than lease housing;

	•	the presence of competing properties;

	•	the tenant mix, such as the tenant population being predominantly students or being heavily dependent on workers from a particular business or personnel from a local military base;

	•	In the case of student housing facilities, the reliance on the financial well-being of the colleges or universities to which they relate, as well as the physical layouts (which may not be readily convertible to traditional multifamily uses) may also affect the viability of the multifamily property.

	•	dependence upon governmental programs that provide rent subsidies to tenants pursuant to tenant voucher programs, which vouchers may be used at other properties and influence tenant mobility;

	•	adverse local or national economic conditions, which may limit the amount of rent that may be charged and may result in a reduction of timely rent payments or a reduction in occupancy levels;

	•	state and local regulations, which may affect the building owner’s ability to increase rent to market rent for an equivalent apartment; and

	•	government assistance/rent subsidy programs.

Certain states regulate the relationship of an owner and its tenants. Commonly, these laws require a written lease, good cause for eviction, disclosure of fees, and notification to residents of changed land use, while prohibiting unreasonable rules, retaliatory evictions, and restrictions on a resident’s choice of unit vendors. Apartment building owners have been the subject of suits under state unfair and deceptive practices acts and other general consumer protection statutes for coercive, abusive or unconscionable leasing and sales practices. A few states offer more significant protection. For example, there are provisions that limit the basis on which a landlord may terminate a tenancy or increase its rent or prohibit a landlord from terminating a tenancy solely by reason of the sale of the owner’s building.

In addition to state regulation of the landlord-tenant relationship, numerous counties and municipalities impose rent control on apartment buildings. These ordinances may limit rent increases to fixed percentages, to percentages of increases in the consumer price index, to increases set or approved by a governmental agency, or to increases determined through mediation or binding arbitration. Any limitations on a borrower’s ability to raise property rents may impair such borrower’s ability to repay its multifamily loan from its net operating income or the proceeds of a sale or refinancing of the related multifamily property. In the case of 2 mortgage loans (identified as Loan Nos. 104 and 227 on Annex A-1 to this free writing prospectus) representing approximately 0.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.0%, 1.2%), certain of the units are subject to New York City rent control laws and other units are subject to rent stabilization laws.

Multifamily properties located in certain areas of the United States have experienced increased occupancy levels as a result of relocations related to hurricanes Katrina, Rita and Wilma. However, there can be no assurance that such increased occupancy levels will continue as the areas affected by the hurricanes in the Southeastern United States become habitable. See ‘‘—Other Risks—Hurricanes May Cause Extensive Damage to Coastal Areas’’ below.

Certain of the mortgage loans are secured or may be secured in the future by mortgaged properties that are subject to certain affordable housing covenants, in respect of various units within the mortgaged properties.

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Hotel Properties Have Special Risks

33 of the mortgaged properties, representing approximately 14.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (18.0%, 0.0%), are hotel properties.

Various factors may adversely affect the economic performance of a hotel, including:

	•	adverse economic and social conditions, either local, regional or national (which may limit the amount that can be charged for a room and reduce occupancy levels);

	•	the construction of competing hotels or resorts;

	•	continuing expenditures for modernizing, refurbishing and maintaining existing facilities prior to the expiration of their anticipated useful lives;

	•	a deterioration in the financial strength or managerial capabilities of the owner and operator of a hotel; and

	•	changes in travel patterns caused by changes in access, energy prices, strikes, relocation of highways, the construction of additional highways, concerns about travel safety or other factors.

Because hotel rooms generally are rented for short periods of time, the financial performance of hotels tends to be affected by adverse economic conditions and competition more quickly than other commercial properties. Additionally, terrorist attacks in September 2001 and the potential for future terrorist attacks may have adversely affected and may continue to so affect the occupancy rates, and accordingly, the financial performance of hotel properties. See ‘‘Risk Factors—Risks to the Mortgaged Properties Relating to Terrorist Attacks and Foreign Conflicts’’ in the prospectus.

Moreover, the hotel and lodging industry is generally seasonal in nature and different seasons affect different hotels depending on type and location. This seasonality can be expected to cause periodic fluctuations in a hotel property’s room and restaurant revenues, occupancy levels, room rates and operating expenses.

Limited-service hotels may subject a lender to more risk than full-service hotels as they generally require less capital for construction than full-service hotels. In addition, as limited-service hotels generally offer fewer amenities than full-service hotels, they are less distinguishable from each other. As a result, it is easier for limited-service hotels to experience increased or unforeseen competition.

The liquor licenses for most of the hotel mortgaged properties are held by affiliates of the borrowers, unaffiliated managers or operating lessees. The laws and regulations relating to liquor licenses generally prohibit the transfer of such licenses to any person. In the event of a foreclosure of a hotel property that holds a liquor license, the special servicer on behalf of the trust or a purchaser in a foreclosure sale would likely have to apply for a new license, which might not be granted or might be granted only after a delay that could be significant. There can be no assurance that a new license could be obtained promptly or at all. The lack of a liquor license in a full-service hotel could have an adverse impact on the revenue from the related mortgaged property or on the hotel’s occupancy rate.

Risks Relating to Affiliation with a Franchise or Hotel Management Company

Most of the hotel properties that secure the mortgage loans are affiliated with a franchise or hotel management company. The performance of a hotel property affiliated with a franchise or hotel management company depends in part on:

	•	the continued existence and financial strength of the franchise or hotel management company;

	•	the public perception of the franchise or hotel chain service mark; and/or

	•	the duration of the franchise licensing or management agreements.

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The continuation of a franchise agreement or management agreement is subject to specified operating standards and other terms and conditions set forth in such agreements. The failure of a borrower to maintain such standards or adhere to other applicable terms and conditions could result in the loss or cancellation of their rights under the franchise agreement or management agreement. There can be no assurance that a replacement franchise could be obtained in the event of termination. In addition, replacement franchises may require significantly higher fees as well as the investment of capital to bring the hotel into compliance with the requirements of the replacement franchisor. Any provision in a franchise agreement or management agreement providing for termination because of a bankruptcy of a franchisor or manager generally will not be enforceable.

The transferability of franchise license agreements is restricted. In the event of a foreclosure, the lender or its agent would not have the right to use the franchise license without the franchisor’s consent. Conversely, in the case of certain mortgage loans, the lender may be unable to remove a franchisor or a hotel management company that it desires to replace following a foreclosure.

Industrial Properties Have Special Risks

26 of the mortgaged properties, representing approximately 5.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (6.9%, 0.0%), are industrial properties. Significant factors determining the value of industrial properties are:

	•	the quality of tenants;

	•	reduced demand for industrial space because of a decline in a particular industry segment;

	•	the property becoming functionally obsolete;

	•	building design and adaptability;

	•	unavailability of labor sources;

	•	changes in access, energy prices, strikes, relocation of highways, the construction of additional highways or other factors;

	•	changes in proximity of supply sources;

	•	the expenses of converting a previously adapted space to general use; and

	•	the location of the property.

Concerns about the quality of tenants, particularly major tenants, are similar in both office properties and industrial properties, although industrial properties may be more frequently dependent on a single or a few tenants.

Industrial properties may be adversely affected by reduced demand for industrial space occasioned by a decline in a particular industry segment (for example, a decline in defense spending), and a particular industrial or warehouse property that suited the needs of its original tenant may be difficult to relet to another tenant or may become functionally obsolete relative to newer properties. In addition, lease terms with respect to industrial properties are generally for shorter periods of time and may result in a substantial percentage of leases expiring in the same year at any particular industrial property. In addition, mortgaged properties used for many industrial purposes are more prone to environmental concerns than other property types.

Aspects of building site design and adaptability affect the value of an industrial property. Site characteristics that are generally desirable to a warehouse/industrial property include high clear ceiling heights, wide column spacing, a large number of bays (loading docks) and large bay depths, divisibility, a layout that can accommodate large truck minimum turning radii and overall functionality and accessibility.

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In addition, because of unique construction requirements of many industrial properties, any vacant industrial property space may not be easily converted to other uses. Thus, if the operation of any of the industrial properties becomes unprofitable due to competition, age of the improvements or other factors such that the borrower becomes unable to meet its obligations on the related mortgage loan, the liquidation value of that industrial property may be substantially less, relative to the amount owing on the related mortgage loan, than would be the case if the industrial property were readily adaptable to other uses.

Location is also important because an industrial property requires the availability of labor sources, proximity to supply sources and customers and accessibility to rail lines, major roadways and other distribution channels.

Risks Associated With Refrigerated Distribution/Warehouse Facilities.    With respect to 1 mortgage loan (identified as Loan No. 8 on Annex A-1 to this free writing prospectus), representing approximately 2.1% of the aggregate principal of the pool of mortgage loans as of the cut-off date (2.7%, 0.0%), the related mortgaged properties consist of refrigerated distribution/warehouse facilities (‘‘cold storage facilities’’). Significant factors determining the value of such cold storage facilities are the quality and mix of tenants, building design and the location of the property. Since tenants frequently incur transportation costs which are significantly greater than warehousing costs, location is a major factor. A cold storage facility requires the availability of labor sources, proximity to supply sources and customers and accessibility to rail lines, major roadways and other distribution channels. In certain locations, tenants depend upon shipping products in pooled shipments with products of other tenants going to the same markets. In these cases, the mix of tenants in a cold storage facility can significantly influence the cost of delivering products to markets.

Cold storage facilities are often located near or adjacent to tenants’ processing facilities and in such cases, a majority of and, in some cases, the entire property is devoted to the use of a single tenant or a small number of major tenants commodities. An interruption or reduction in the business received by such properties from such tenants or a reduction in demand for such commodities could result in a decrease in the sales and overall profitability at cold storage facilities. Cold storage facilities may be adversely affected by reduced demand for cold storage space occasioned by a decline in a particular industry segment, and a particular facility that suited the needs of its original tenant may be difficult to relet to another tenant or may become functionally obsolete relative to newer properties.

Aspects of building site design and adaptability affect the value of a cold storage facility. Site characteristics which are valuable to such a property include high clear heights, wide column spacing, a large number of bays and large bay depths, divisibility, large minimum truck turning radii and overall functionality and accessibility.

Warehousing sales can be seasonal, depending on the timing and availability of crops grown for frozen food production and the seasonal build-up of certain products for holiday consumption, and this seasonality can be expected to cause periodic fluctuations in a cold storage facility’s revenues and operating expenses.

Manufactured Housing Community Properties Have Special Risks

18 of the mortgaged properties, representing approximately 5.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date of the allocated loan amount (0.0%, 23.7%), are manufactured housing community properties.

Mortgage loans secured by liens on manufactured housing community properties pose risks not associated with mortgage loans secured by liens on other types of income-producing real estate. The successful operation of a manufactured housing community property may depend upon the number of other competing residential developments in the local market, such as:

	•	other manufactured housing community properties;

	•	apartment buildings; and

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	•	site-built single family homes.

Other factors may also include:

	•	the physical attributes of the community, including its age and appearance;

	•	location of the manufactured housing community property;

	•	the ability of management to provide adequate maintenance and insurance;

	•	the types of services or amenities it provides;

	•	the property’s reputation; and

	•	state and local regulations, including rent control and rent stabilization.

The manufactured housing community properties are ‘‘single-purpose’’ properties that could not be readily converted to general residential, retail or office use. Thus, if the operation of any of the manufactured housing community properties becomes unprofitable due to competition, age of the improvements or other factors such that the borrower becomes unable to meet its obligations on the related mortgage loan, the liquidation value of that manufactured housing community property may be substantially less, relative to the amount owing on the related mortgage loan, than would be the case if the manufactured housing community property were readily adaptable to other uses.

Some manufactured housing community properties are either recreational vehicle resorts or have a significant portion of the properties that are intended for short-term recreational vehicle hook-ups, and tenancy of these communities may vary significantly by season. This seasonality may cause periodic fluctuations in revenues, tenancy levels, rental rates and operating expenses for these properties.

Mixed-Use Facilities Have Special Risks

8 of the mortgaged properties, representing approximately 0.9% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (1.0%, 0.5%), are mixed-use properties. Mixed-use mortgaged properties consist of either (i) office and retail components, (ii) retail and multifamily components, (iii) multifamily and office components, (iv) parking garage, retail and office components or (v) office and industrial components, and as such, mortgage loans secured by mixed-use properties will share the risks associated with such underlying components. In addition, a mixed-use property may be managed by a manager that is not experienced in managing all property types comprising a mortgaged property.

Senior Housing Facilities Have Special Risks

Senior living properties secure 2 mortgage loans (identified as Loan Nos. 39 and 98 on Annex A-1 to this free writing prospectus), representing approximately 0.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (1.1%, 0.0%).

Residential healthcare facilities pose risks not associated with other types of income-producing real estate. Providers of long-term nursing care, assisted living and other medical services are subject to federal and state laws that relate to the adequacy of medical care, distribution of pharmaceuticals, rate setting, equipment, personnel, operating policies and additions to and maintenance of facilities and services. Providers also are affected by the reimbursement policies of private insurers to the extent that providers are dependent on patients whose fees are reimbursed by such insurers.

The failure of a borrower to maintain or renew any required license or regulatory approval could prevent it from continuing operations at a mortgaged property (in which case no revenues would be received from such property or portion thereof requiring licensing) or, if applicable, bar it from participation in government reimbursement programs.

In the event of foreclosure, we cannot ensure that the trustee or any other purchaser at a foreclosure sale would be entitled to the rights under such licenses and such party may have to apply in its own right for such a license.

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We also cannot provide assurance that a new license could be obtained or that the related mortgaged property would be adaptable to other uses following a foreclosure.

To the extent any residential healthcare facility receives a significant portion of its revenues from government reimbursement programs, primarily Medicaid and Medicare, such revenue may be subject to statutory and regulatory changes, retroactive rate adjustments, administrative rulings, policy interpretations, delays by fiscal intermediaries and government funding restrictions.

Governmental payors have employed cost containment measures that limit payments to healthcare providers, and there are currently under consideration various proposals in the United States Congress that could materially change or curtail those payments. Accordingly, we can give no assurance that payments under government reimbursement programs will, in the future, be sufficient to fully reimburse the cost of caring for program beneficiaries. If such payments are reduced or eliminated, net operating income of the mortgaged properties that receive substantial revenues from those sources, and consequently the ability of the related borrowers to meet their mortgage loan obligations, could be adversely affected.

Under applicable federal and state laws and regulations, including those that govern Medicare and Medicaid programs, only the provider who actually furnished the related medical goods and services may sue for or enforce its right to reimbursement. Accordingly, in the event of foreclosure, none of the trustee, the master servicer or a subsequent lessee or operator of the property would generally be entitled to obtain from federal or state governments any outstanding reimbursement payments relating to services furnished at the respective properties prior to such foreclosure.

Other factors that may adversely affect the value and successful operation of a residential healthcare property include:

•	increasing governmental regulation and supervision;

•	a decline in the financial health, skill or reputation of the operator;

•	increased operating expenses; and

•	competing facilities owned by non-profit organizations or government agencies supported by endowments, charitable contributions, tax revenues, or other sources.

In the case of one mortgage loan (identified as Loan No. 98 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (approximately 0.3% of the Initial Loan Group 1 Balance), the related mortgaged property is an assisted living center which requires a state operating license for operation. The borrower does not have such an operating license. The mortgaged property is currently net leased to SeniorCare Management LLC which does have such an operating license. In the event SeniorCare Management LLC ceases to be involved in the operations at the mortgaged property, the borrower will not be able to operate the facility on its own and will need to find another lessee that is a qualified operator of assisted living facilities.

Self Storage Properties Have Special Risks

6 of the mortgaged properties, representing approximately 0.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date by allocated loan amount (0.9%, 0.0%), are self storage properties.

The self storage facilities market contains low barriers to entry. In addition, due to the short-term nature of self storage leases, self storage properties also may be subject to more volatility in terms of supply and demand than loans secured by other types of properties.

Because of the construction utilized in connection with certain self storage facilities, it might be difficult or costly to convert such a facility to an alternative use. Thus, liquidation value of self storage properties may be substantially less than would be the case if the same were readily adaptable to other uses.

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In addition, it is difficult to assess the environmental risks posed by such facilities due to tenant privacy, anonymity and unsupervised access to such facilities. Therefore, such facilities may pose additional environmental risks to investors. The environmental site assessments discussed in this free writing prospectus did not include an inspection of the contents of the self storage units included in the self storage properties. We therefore cannot provide assurance that all of the units included in the self storage properties are free from hazardous substances or other pollutants or contaminants, or that they will remain so in the future.

Risks Relating to Certain Assistance Programs

With respect to certain of the mortgage loans, the borrowers or investors in such borrowers may receive tax abatements, subsidies or other assistance from government programs. Generally, the related mortgaged property must satisfy certain requirements, the borrower must observe certain leasing practices and/or the tenant(s) must regularly meet certain income requirements or the borrower or mortgaged property must have certain other characteristics consistent with the government policy related to the applicable program.

Certain of the mortgaged properties are secured by mortgage loans that are eligible (or may become eligible in the future) for and have received low-income or affordable housing tax credits or other similar governmental benefits pursuant to certain governmental programs such as Section 42 of the Internal Revenue Code in respect to various units within the mortgaged property or have a material concentration of tenants that rely on rent subsidies under various government funded programs, including the Section 8 Tenant Based Assistance Rental Certificate Program of the United States Department of Housing and Urban Development. Certain of the mortgage loans are secured by, or may be secured in the future by, mortgaged properties that are subject to certain affordable housing covenants, in respect to various units within such mortgaged properties. With respect to certain of the mortgage loans, the borrower may receive tax abatements, subsidies or other assistance from government programs. Generally, the mortgaged property must satisfy certain requirements, the borrower must observe certain leasing practices and/or the tenant(s) must regularly meet certain income requirements or the borrower or mortgaged property must have certain other characteristics consistent with the government policy. We can give you no assurance that any government or other assistance programs will be continued in their present form during the terms of the related mortgage loans, that the borrower will continue to comply with the requirements of the programs to enable the borrower to receive the subsidies or assistance in the future, or for the investors in such borrower to continue to receive their tax benefits, or that the level of assistance provided will be sufficient to generate enough revenues for the related borrower to meet its obligations under the related mortgage loans. The related mortgage loan seller may have underwritten the related mortgage loan on the assumption that such assistance will continue. Loss of any applicable assistance could have an adverse effect on the ability of the related borrowers to make timely payments of debt service. In addition, the restrictions described above relating to the use of the related mortgaged property could reduce the market value of the related mortgaged property.

Lack of Skillful Property Management Entails Risks

The successful operation of a real estate project depends upon the property manager’s performance and viability. The property manager is responsible for:

	•	responding to changes in the local market;

	•	planning and implementing the rental structure;

	•	operating the property and providing building services;

	•	managing operating expenses; and

	•	assuring that maintenance and capital improvements are carried out in a timely fashion.

Properties deriving revenues primarily from short-term sources, such as short-term or month-to-month leases, are generally more management intensive than properties leased to creditworthy tenants under long-term leases.

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We make no representation or warranty as to the skills of any present or future managers. In many cases, the property manager is the borrower or an affiliate of the borrower and may not manage properties for non-affiliates. Additionally, we cannot assure you that the property managers will be in a financial condition to fulfill their management responsibilities throughout the terms of their respective management agreements.

Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses

Some of the mortgaged properties securing the mortgage loans included in the trust fund may not be readily convertible (or convertible at all) to alternative uses if those properties were to become unprofitable. Certain of the mortgaged properties are part of a condominium regime, may not be readily convertible due to use and other restrictive covenants imposed by the condominium declaration and other related documents, especially in a situation where a mortgaged property does not represent the entire condominium regime.

Additionally, any vacant movie theater space or other performing arts space would not easily be converted to other uses due to the unique construction requirements of such theaters. In addition, converting commercial properties to alternate uses generally requires substantial capital expenditures and could result in a significant adverse effect on, or interruption of, the revenues generated by such mortgaged properties. Furthermore, certain mortgaged properties may be subject to certain use restrictions and/or low-income housing restrictions in order to remain eligible for low-income housing tax credits or governmental subsidized rental payments that could prevent the conversion of the mortgaged property to alternative uses. The liquidation value of any mortgaged property, subject to limitations of the kind described above or other limitations on convertibility of use, may be substantially less than would be the case if the mortgaged property were readily adaptable to other uses.

Zoning or other restrictions may also prevent alternative uses. See ‘‘—Zoning Compliance and Use Restrictions May Adversely Affect Property Value’’ below. See also ‘‘—Industrial Properties Have Special Risks’’, ‘‘—Self Storage Properties Have Special Risks’’ and ‘‘—Manufactured Housing Community Properties Have Special Risks’’ above.

Condominium Ownership May Limit Use and Improvements

With respect to certain of the mortgage loans, the related mortgaged property or a portion of the related mortgaged property consists of the related borrower’s interest in commercial condominium interests in buildings and/or other improvements, and related interests in the common areas and the related voting rights in the condominium association. With respect to 1 mortgage loan (identified as Loan No. 28 on Annex A-1 to this free writing prospectus), representing approximately 0.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (1.1%, 0.0%), the property is a retail condominium. With respect to 1 mortgage loan (identified as Loan No. 69 on Annex A-1 to this free writing prospectus), representing approximately 0.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.4%, 0.0%), the property is a condominium. With respect to 1 of the mortgage loans (identified as Loan No. 7 on Annex A-1 to this free writing prospectus), representing approximately 2.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (3.5%, 0.0%), the borrower, subject to certain conditions as provided in the loan documents, may convert the property to a condominium regime of ownership consisting of two or more units. In addition, certain other properties securing the mortgage loans may convert to a condominium structure. The related borrower’s interests may in some cases constitute less than a majority of such voting rights. The board of managers of the condominium generally has discretion to make decisions affecting the condominium and there may be no assurance that the borrower under a mortgage loan secured by one or more interests in that condominium will have any control over decisions made by the related board of managers. Thus, decisions made by that board of managers, including regarding assessments to be paid by the unit owners, insurance to be maintained on the condominium and many other decisions affecting

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the maintenance of that condominium, may have a significant impact on the mortgage loans in the trust fund that are secured by mortgaged properties consisting of such condominium interests. There can be no assurance that the related board of managers will always act in the best interests of the borrower under the related mortgage loans. Further, due to the nature of condominiums, a default on the part of the borrower with respect to such mortgaged properties will not allow the special servicer the same flexibility in realizing on the collateral as is generally available with respect to commercial properties that are not condominiums. The rights of other unit owners, the documents governing the management of the condominium units and the state and local laws applicable to condominium units must be considered. In addition, in the event of a casualty with respect to the subject mortgaged property, due to the possible existence of multiple loss payees on any insurance policy covering such mortgaged property, there could be a delay in the allocation of related insurance proceeds, if any. Consequently, servicing and realizing upon the collateral described above could subject the certificateholders to a greater delay, expense and risk than with respect to a mortgage loan secured by a commercial property that is not a condominium.

Mortgage Loans Secured by Leasehold Interests May Expose Investors to Greater Risks of Default and Loss

5 mortgaged properties (identified as Loan Nos. 51, 57, 175.01, 175.02 and 175.03 on Annex A-1 to this free writing prospectus), securing mortgage loans representing approximately 1.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (1.3%, 0.0%), are secured in whole or in part by a first mortgage lien on a leasehold interest under a ground lease on the related mortgaged property, and in some cases not by any mortgage lien on the corresponding fee interest. In addition, 4 mortgaged properties, securing mortgage loans representing approximately 2.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (2.7%, 0.7%), are secured by a first mortgage lien on both a fee parcel and a leasehold interest in a separate adjacent parcel.

Leasehold mortgage loans are subject to certain risks not associated with mortgage loans secured by a lien on the fee estate of the borrower. The most significant of these risks is that if the related borrower’s leasehold was to be terminated upon a lease default, the lender would lose its security in the leasehold interest. Generally, each related ground lease requires the lessor to give the lender notice of the borrower’s defaults under the ground lease and an opportunity to cure them, permits the leasehold interest to be assigned to the lender or the purchaser at a foreclosure sale, in some cases only upon the consent of the lessor, and contains certain other protective provisions typically included in a ‘‘mortgageable’’ ground lease.

Upon the bankruptcy of a lessor or a lessee under a ground lease, the debtor has the right to assume or reject the lease. If a debtor lessor rejects the lease, the lessee has the right to remain in possession of its leased premises for the rent otherwise payable under the lease for the term of the ground lease (including renewals). If a debtor lessee/borrower rejects the lease, the leasehold lender could succeed to the lessee/borrower’s position under the lease only if the lessor specifically grants the lender such right. If both the lessor and the lessee/borrowers are involved in bankruptcy proceedings, the bankrupt lessee/borrower’s right to refuse to treat a ground lease rejected by a bankrupt lessor as terminated may not be enforceable. In such circumstances, a ground lease could be terminated notwithstanding lender protection provisions contained in the ground lease or in the mortgage.

Some of the ground leases securing the mortgaged properties may provide that the ground rent payable under the related ground lease increases during the term of the mortgage loan. These increases may adversely affect the cash flow and net income of the related borrower.

Further, in a decision by the United States Court of Appeals for the Seventh Circuit (Precision Indus. v. Qualitech Steel SBQ, LLC, 327 F.3d 537 (7th Cir. 2003)), the court ruled with respect to an unrecorded lease of real property that where a statutory sale of the fee interest in leased property occurs under Section 363(f) of the Bankruptcy Code (11 U.S.C. Section 363(f)) upon the

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bankruptcy of a landlord, such sale terminates a lessee’s possessory interest in the property, and the purchaser assumes title free and clear of any interest, including any leasehold estates. Pursuant to Section 363(e) of the Bankruptcy Code (11 U.S.C. Section 363(e)), a lessee may request the bankruptcy court to prohibit or condition the statutory sale of the property so as to provide adequate protection of the leasehold interest; however, the court ruled that this provision does not ensure continued possession of the property, but rather entitles the lessee to compensation for the value of its leasehold interest, typically from the sale proceeds. While there are certain circumstances under which a ‘‘free and clear’’ sale under Section 363(f) of the Bankruptcy Code would not be authorized (including that the lessee could not be compelled in a legal or equitable proceeding to accept a monetary satisfaction of his possessory interest, and that none of the other conditions of Section 363(f)(1)(4) of the Bankruptcy Code otherwise permits the sale), we cannot provide assurances that those circumstances would be present in any proposed sale of a leased premises. As a result, we cannot provide assurances that, in the event of a statutory sale of leased property pursuant to Section 363(f) of the Bankruptcy Code, the lessee may be able to maintain possession of the property under the ground lease. In addition, we cannot assure you that the lessee and/or the lender (to the extent it can obtain standing to intervene) will be able to recoup the full value of the leasehold interest in bankruptcy court.

See ‘‘Certain Legal Aspects of Mortgage Loans—Foreclosure—Leasehold Risks’’ and ‘‘Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws’’ in the prospectus.

Limitations of Appraisals

Appraisals were obtained with respect to each of the mortgaged properties at or about the time of the origination or acquisition of the applicable mortgage loan. In general, appraisals represent the analysis and opinion of qualified appraisers, but appraisals are not guarantees of present or future value. One appraiser may reach a different conclusion than the conclusion that would be reached if a different appraiser were appraising that property. Moreover, the values of the mortgaged properties may have fluctuated significantly since the appraisals were performed. Moreover, appraisals seek to establish the amount a typically motivated buyer would pay a typically motivated seller and, in certain cases, may have taken into consideration the purchase price paid by the borrower. That amount could be significantly higher than the amount obtained from the sale of a mortgaged property under a distress or liquidation sale. In certain cases, appraisals may reflect both ‘‘as stabilized’’ and ‘‘as-is’’ values although the appraised value reflected herein with respect to the related mortgaged property may reflect only the ‘‘as-stabilized’’ value. In certain cases, appraisals may reflect only ‘‘as-stabilized’’ values reflecting certain assumptions, such as future construction completion, projected re-tenanting or increased tenant occupancies. For example, with respect to 7 mortgage loans (identified as Loan Nos. 23, 41, 58, 129, 131, 156 and 214 on Annex A-1 to this free writing prospectus), representing approximately 2.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (3.0%, 0.7%), the appraised value represented is the ‘‘as-stabilized’’ value or portfolio valuation and the related loan-to-value ratio is based on the ‘‘as-stabilized’’ value. See Annex A-1 to this free writing prospectus. We cannot assure you that the information set forth in this free writing prospectus regarding appraised values or loan-to-value ratios accurately reflects past, present or future market values of the mortgaged properties. Any engineering report, site inspection or appraisal represents only the analysis of the individual consultant, engineer or inspector preparing such report at the time of such report, and may not reveal all necessary or desirable repairs, maintenance and capital improvement items.

Risks Relating to Underwritten Net Cash Flow

As described under ‘‘Description of the Mortgage Pool—Additional Mortgage Loan Information’’ in this free writing prospectus, underwritten net cash flow means cash flow (including any cash flow from master leases, interest reserves or interest guarantees) as adjusted based on a number of assumptions used by the mortgage loan sellers. No representation is made that the underwritten net cash flows set forth in this free writing prospectus as of the cut-off

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date or any other date represents actual current net cash flows or that the underwritten net cash flows set forth in this free writing prospectus are indicative of future net cash flows. In certain cases, co-tenancy provisions were assumed to be satisfied and vacant space was assumed to be occupied and space that was due to expire was assumed to have been re-let, in each case at market rates that may have exceeded current rent. Each originator of commercial mortgage loans has its own underwriting criteria and no assurance can be given that adjustments or calculations made by one originator would be made by other lenders.

In addition, net cash flow reflects calculations and assumptions used by the mortgage loan sellers and should not be used as a substitute for, and may vary (perhaps substantially) from, cash flow as determined in accordance with GAAP as a measure of the results of a mortgaged property’s operation or for cash flow from operating activities determined in accordance with GAAP as a measure of liquidity.

The debt service coverage ratios set forth in this free writing prospectus for the mortgage loans and the mortgaged properties vary, and may vary substantially, from the debt service coverage ratios for the mortgage loans and the mortgaged properties as calculated pursuant to the definition of such ratios as set forth in the related mortgage loan documents. See ‘‘Description of the Mortgage Pool—Additional Mortgage Loan Information’’ for a discussion of the assumptions used in determining net cash flow. The underwriters express no opinion as to the accuracy of the determination of, or the appropriateness or reasonableness of the assumptions used in determining, net cash flow.

Potential Conflicts of Interest

The pooling and servicing agreement provides that the mortgage loans are required to be administered in accordance with the servicing standards without regard to ownership of any certificate by a servicer or any of its affiliates. See ‘‘Servicing of the Mortgage Loans—General’’ in this free writing prospectus.

Notwithstanding the foregoing, the master servicer, the special servicer or any of their respective affiliates may have interests when dealing with the mortgage loans that are in conflict with those of holders of the offered certificates, especially if the master servicer, the special servicer or any of their respective affiliates holds Series 2007-LDP11 non-offered certificates, or has financial interests in or other financial dealings with a borrower under any of the mortgage loans. Each of these relationships may create a conflict of interest. For instance, a special servicer or its affiliate that holds Series 2007-LDP11 non-offered certificates might seek to reduce the potential for losses allocable to those certificates from a troubled mortgage loan by deferring acceleration in hope of maximizing future proceeds. However, that action could result in less proceeds to the trust than would be realized if earlier action had been taken. In general, no servicer is required to act in a manner more favorable to the offered certificates or any particular class of offered certificates than to the Series 2007-LDP11 non-offered certificates. See ‘‘—Special Servicer May Be Directed to Take Actions’’ below.

Each servicer services and will, in the future, service, in the ordinary course of its business, existing and new mortgage loans for third parties, including portfolios of mortgage loans similar to the mortgage loans that will be included in the trust. The real properties securing these other mortgage loans may be in the same markets as, and compete with, certain of the mortgaged properties securing the mortgage loans that will be included in the trust. Consequently, personnel of any of the servicers may perform services, on behalf of the trust, with respect to the mortgage loans at the same time as they are performing services, on behalf of other persons, with respect to other mortgage loans secured by properties that compete with the mortgaged properties securing the mortgage loans. This may pose inherent conflicts for the master servicer or the special servicer.

Conflicts may arise because a mortgage loan seller and its affiliates intend to continue to actively acquire, develop, operate, finance and dispose of real estate-related assets in the ordinary course of their businesses. During the course of their business activities, the respective

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mortgage loan sellers and their affiliates may acquire, sell or lease properties, or finance loans secured by properties which may include the mortgaged properties securing the pooled mortgage loans or properties that are in the same markets as those mortgaged properties. In addition, certain of the mortgage loans included in the trust may have been refinancings of debt previously held by a mortgage loan seller or an affiliate of a mortgage loan seller and the mortgage loan sellers or their respective affiliates may have or have had equity investments in the borrowers or mortgaged properties under certain of the mortgage loans included in the trust. Each of the mortgage loan sellers and their affiliates have made and/or may make loans to, or equity investments in, affiliates of the borrowers under the mortgage loans. In the circumstances described above, the interests of those mortgage loan sellers and their affiliates may differ from, and compete with, the interests of the trust fund. For example, with respect to 1 mortgage loan (identified as Loan No. 23 on Annex A-1 to this free writing prospectus), representing approximately 1.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (1.2%, 0.0%), the interests in the related borrower secure mezzanine debt that is held by the related mortgage loan seller. In the circumstances described above, the interests of those mortgage loan sellers and their affiliates may differ from, and compete with, the interests of the trust fund. Additional financial interests in, or other financial dealings with, a borrower or its affiliates under any of the mortgage loans may create conflicts of interest.

Each mortgage loan seller is obligated to repurchase or substitute for a mortgage loan sold by it under the circumstances described under ‘‘Description of the Mortgage Pool—Representations and Warranties; Repurchases and Substitutions’’ in this free writing prospectus.

JPMorgan Chase Bank, N.A. is one of the mortgage loan sellers and the swap counterparty and is an affiliate of each of J.P. Morgan Chase Commercial Mortgage Securities Corp., the depositor, and J.P. Morgan Securities Inc., one of the underwriters. UBS Real Estate Securities Inc. is one of the mortgage loan sellers and is an affiliate of UBS Securities LLC, one of the underwriters. Natixis Real Estate Capital Inc. is one of the mortgage loan sellers and is an affiliate of Natixis Securities North America Inc., one of the underwriters. Eurohypo AG, New York Branch is one of the mortgage loan sellers and is an affiliate of Commerzbank Capital Markets Corp., one of the underwriters.

Each of the foregoing relationships should be considered carefully by prospective investors.

The managers of the mortgaged properties and the borrowers may experience conflicts of interest in the management and/or ownership of the mortgaged properties because:

	•	a substantial number of the mortgaged properties are managed by property managers affiliated with the respective borrowers;

	•	these property managers also may manage and/or franchise additional properties, including properties that may compete with the mortgaged properties; and

	•	affiliates of the managers and/or the borrowers, or the managers and/or the borrowers themselves, also may own other properties, including competing properties.

In the case of 1 mortgage loan (identified as Loan No. 18 on Annex A-1 to this free writing prospectus), representing approximately 1.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 1.5% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date), the largest tenant at the related mortgaged property (IXIS Asset Management) occupying approximately 49% of the net rentable area is an affiliate of the mortgage loan seller of such mortgage loan.

24 mortgage loans identified under ‘‘Description of the Mortgage Pool—Additional Indebtedness—The Whole Loans’’ in this free writing prospectus, representing approximately 11.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (11.2%, 11.1%), are each evidenced by one of two or more notes secured by a single mortgage and a single assignment of leases. Each related companion loan, in each case, will not be included as an asset of the trust fund. However, each loan and its companion loan, other than the JQH

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Hotel Portfolio loan upon the transfer of servicing of the JQH Hotel Portfolio loan to a future securitization in connection with the securitization of the related companion loan, will be serviced under the pooling and servicing agreement, subject to the related intercreditor agreement. Each holder of an AB subordinate companion loan will also have certain rights with respect to the related AB mortgage loan, which is an asset of the trust fund, which may include the right, under certain conditions, to consent to, or provide advice with respect to, various modifications and waivers or other matters affecting the related AB mortgage loan and certain actions proposed by the special servicer with respect to the related mortgaged property, to make cure payments on the related AB mortgage loan or to purchase the related AB mortgage loan if the AB mortgage loan is in default. See ‘‘Description of the Mortgage Pool—AB Mortgage Loan Groups’’ in this free writing prospectus. In exercising such rights, no holder of any AB subordinate companion loan has any obligation to consider the interests of, or impact of the exercise of such rights upon, the trust or the certificateholders.

The JQH Hotel Portfolio pari passu companion loan will not be included as an asset of the trust fund and such loan is expected to be serviced under a pooling and servicing agreement separate from the pooling and servicing agreement under which the Series 2007-LDP11 certificates are issued upon the future securitization of that pari passu companion loan.

The holder of any companion loan may have interests in conflict with, and its decisions or other actions may adversely affect, the certificateholders.

Special Servicer May Be Directed to Take Actions

In connection with the servicing of the specially serviced mortgage loans, the special servicer may, at the direction of the directing certificateholder (or, with respect to certain AB mortgage loans, in certain circumstances, the holder of a related AB subordinate companion loan) take actions with respect to the specially serviced mortgage loans that could adversely affect the holders of some or all of the classes of offered certificates. The directing certificateholder will be controlled by the controlling class certificateholders. Each of the directing certificateholder, the operating advisor and the holder of an AB subordinate companion loan may have interests in conflict with those of the certificateholders of the classes of offered certificates. As a result, it is possible that the directing certificateholder, the operating advisor or the holder of a subordinate companion loan may direct the special servicer to take actions that conflict with the interests of certain classes of the offered certificates. However, the special servicer is not permitted to take actions that are prohibited by law or violate the servicing standards or the terms of the mortgage loan documents. In addition, the special servicer may be removed without cause by the directing certificateholder as described in this free writing prospectus. See ‘‘Description of the Mortgage Pool—The Whole Loans’’, ‘‘Servicing of the Mortgage Loans—General’’ and ‘‘Transaction Parties—The Special Servicer’’ in this free writing prospectus.

In addition, the JQH Hotel Portfolio loan is expected to be serviced under a separate pooling and servicing agreement entered into in connection with a future securitization of the related pari passu companion loan, which is not included in the trust. Upon the transfer of servicing of the JQH Hotel Portfolio whole loan to that future securitization, the special servicer for the JQH Hotel Portfolio whole loan under the separate pooling and servicing agreement that governs the servicing of the JQH Hotel Portfolio whole loan may, at the direction of the controlling class representative under that separate pooling and servicing agreement, take actions with respect to the JQH Hotel Portfolio loan that could adversely affect the holders of some or all of the classes of the offered certificates. See ‘‘Description of the Mortgage Pool—The JQH Hotel Portfolio Whole Loan’’ and ‘‘Servicing of the Mortgage Loans—The Directing Certificateholder’’ in this free writing prospectus. The holder of the JQH Hotel Portfolio companion loan may have interests in conflict with those of the certificateholders of the classes of offered certificates. As a result, it is possible that the holder of the JQH Hotel Portfolio companion loan (which is expected to be the controlling class representative of that future securitization) may direct the related special servicer to take actions that conflict with the interests of certain classes of the offered certificates. However, the related special servicer will not be permitted to take actions that are prohibited by

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law or violate the servicing standards or the terms of the mortgage loan documents. See ‘‘Servicing of the Mortgage Loans—General’’ and ‘‘—The Directing Certificateholder’’ and ‘‘Transaction Parties—The Special Servicer’’ in this free writing prospectus.

Bankruptcy Proceedings Entail Certain Risks

Under federal bankruptcy law, the filing of a petition in bankruptcy by or against a borrower will stay the sale of the mortgaged property owned by that borrower, as well as the commencement or continuation of a foreclosure action. In addition, even if a court determines that the value of the mortgaged property is less than the principal balance of the mortgage loan it secures, the court may prevent a lender from foreclosing on the mortgaged property (subject to certain protections available to the lender). As part of a restructuring plan, a court also may reduce the amount of secured indebtedness to the then-current value of the mortgaged property, which would make the lender a general unsecured creditor for the difference between the then-current value and the amount of its outstanding mortgage indebtedness. A bankruptcy court also may: (1) grant a debtor a reasonable time to cure a payment default on a mortgage loan; (2) reduce periodic payments due under a mortgage loan; (3) change the rate of interest due on a mortgage loan; or (4) otherwise alter the mortgage loan’s repayment schedule.

Moreover, the filing of a petition in bankruptcy by, or on behalf of, a junior lienholder may stay the senior lienholder from taking action to foreclose on the junior lien. Additionally, the borrower’s trustee or the borrower, as debtor-in-possession, has certain special powers to avoid, subordinate or disallow debts. In certain circumstances, the claims of the trustee may be subordinated to financing obtained by a debtor-in-possession subsequent to its bankruptcy.

Under federal bankruptcy law, the lender will be stayed from enforcing a borrower’s assignment of rents and leases. Federal bankruptcy law also may interfere with the master servicer’s or the special servicer’s ability to enforce lockbox requirements. The legal proceedings necessary to resolve these issues can be time consuming and costly and may significantly delay or diminish the receipt of rents. Rents also may escape an assignment to the extent they are used by the borrower to maintain the mortgaged property or for other court authorized expenses.

Additionally, pursuant to subordination agreements for certain of the mortgage loans, the subordinate lenders may have agreed that they will not take any direct actions with respect to the related subordinated debt, including any actions relating to the bankruptcy of the borrower, and that the holder of the mortgage loan will have all rights to direct all such actions. There can be no assurance that in the event of the borrower’s bankruptcy, a court will enforce such restrictions against a subordinated lender.

In its decision in In re 203 North LaSalle Street Partnership, 246 B.R. 325 (Bankr. N.D. Ill. March 10, 2000), the United States Bankruptcy Court for the Northern District of Illinois refused to enforce a provision of a subordination agreement that allowed a first mortgagee to vote a second mortgagee’s claim with respect to a Chapter 11 reorganization plan on the grounds that prebankruptcy contracts cannot override rights expressly provided by the Bankruptcy Code. This holding, which at least one court has already followed, potentially limits the ability of a senior lender to accept or reject a reorganization plan or to control the enforcement of remedies against a common borrower over a subordinated lender’s objections.

As a result of the foregoing, the trust’s recovery with respect to borrowers in bankruptcy proceedings may be significantly delayed, and the aggregate amount ultimately collected may be substantially less than the amount owed.

Certain of the mortgage loans may have sponsors that have previously filed for bankruptcy protection, which in some cases may have involved the same property which currently secures the mortgage loan. In each case, the related entity or person has emerged from bankruptcy.

Risks Relating to Prepayments and Repurchases

The yield to maturity on your certificates will depend, in significant part, upon the rate and timing of principal payments on the mortgage loans. For this purpose, principal payments include

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both voluntary prepayments, if permitted, and involuntary prepayments, such as prepayments resulting from casualty or condemnation, defaults and liquidations or repurchases upon breaches of representations and warranties.

In addition, because the amount of principal that will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and Class A-2FL regular interest will generally be based upon the particular loan group in which the related mortgage loan is deemed to be a part, the yield on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates and Class A-2FL regular interest (and as a result the Class A-2FL Certificates) will be particularly sensitive to prepayments on mortgage loans in loan group 1 and the yield on the Class A-1A certificates will be particularly sensitive to prepayments on mortgage loans in loan group 2.

The yield on each class of Certificates with a pass-through rate equal to, based on, or limited by the WAC Rate could be adversely affected if mortgage loans with higher interest rates pay faster than the mortgage loans with lower interest rates. The pass-through rates on those classes of certificates may be adversely affected as a result of a decrease in the WAC Rate even if principal prepayments do not occur. See ‘‘Yield and Maturity Considerations’’ in this free writing prospectus.

The Class X certificates will not be entitled to distributions of principal but instead will accrue interest on their notional amount. Because the notional amount of the Class X certificates is based upon the outstanding certificate balances of certain classes of the other certificates, the yield to maturity on the Class X certificates will be extremely sensitive to the rate and timing of prepayments of principal, liquidations and principal losses on the mortgage loans. Also, a rapid rate of principal prepayments, liquidations and/or principal losses on the mortgage loans could result in the failure to recoup the initial investment in the Class X certificates. Investors in the Class X certificates should fully consider the associated risks, including the risk that an extremely rapid rate of amortization, prepayment or other liquidation of the mortgage loans could result in the failure of such investors to recoup fully their initial investments.

The investment performance of your certificates may vary materially and adversely from your expectations if the actual rate of prepayment on the mortgage loans is higher or lower than you anticipate.

Any changes in the weighted average lives of your certificates may adversely affect your yield. Prepayments resulting in a shortening of weighted average lives of your certificates may be made at a time of low interest rates when you may be unable to reinvest the resulting payment of principal on your certificates at a rate comparable to the effective yield anticipated by you in making your investment in the certificates, while delays and extensions resulting in a lengthening of those weighted average lives may occur at a time of high interest rates when you may have been able to reinvest principal payments that would otherwise have been received by you at higher rates.

Although most of the mortgage loans have prepayment protection in the form of lockout periods with defeasance provisions or with yield maintenance or prepayment premium provisions, we cannot assure you that the related borrowers will refrain from prepaying their mortgage loans due to the existence of yield maintenance charges or prepayment premiums or that involuntary prepayments will not occur.

Voluntary prepayments, if permitted, generally require the payment of a yield maintenance charge or a prepayment premium unless the mortgage loan is prepaid within a 3-month period prior to the stated maturity date as the case may be. However, certain of the mortgage loans permit voluntary prepayment without payment of a yield maintenance charge at any time or without payment of a yield maintenance charge or prepayment premium for a longer open period of up to 34 months prior to the stated maturity date or anticipated repayment date, or after the anticipated repayment date. See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus for an overview of the open

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periods. Additionally, none of the mortgage loans with anticipated repayment dates require a yield maintenance charge after the related anticipated repayment date. See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans’’ in this free writing prospectus. In any case, we cannot assure you that the related borrowers will refrain from prepaying their mortgage loans due to the existence of yield maintenance charges or prepayment premiums or that involuntary prepayments will not occur.

The rate at which voluntary prepayments occur on the mortgage loans will be affected by a variety of factors, including:

	•	the terms of the mortgage loans;

	•	the length of any prepayment lockout period;

	•	the level of prevailing interest rates;

	•	the availability of mortgage credit;

	•	the applicable yield maintenance charges and prepayment premiums;

	•	the master servicer’s or the special servicer’s ability to enforce those charges or premiums;

	•	the failure to meet certain requirements for the release of escrows;

	•	the occurrence of casualties or natural disasters; and

	•	economic, demographic, tax, legal or other factors.

Generally, no yield maintenance charge or prepayment premium will be required for prepayments in connection with a casualty or condemnation unless, in the case of some of the mortgage loans, an event of default has occurred and is continuing. We cannot assure you that the obligation to pay any yield maintenance charge or prepayment premium will be enforceable. See ‘‘Risk Factors—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions’’ in the prospectus. In addition, certain of the mortgage loans permit the related borrower, after a partial casualty or partial condemnation, to prepay the remaining principal balance of the mortgage loan (after application of the related insurance proceeds or condemnation award to pay the principal balance of the mortgage loan), which may in certain cases not be accompanied by any prepayment consideration; provided that the prepayment of the remaining balance is made within a specified period of time following the date of the application of proceeds or award.

Certain shortfalls in interest as a result of involuntary prepayments may reduce the available distribution amount. In addition, if a mortgage loan seller repurchases any mortgage loan from the trust due to breaches of representations or warranties, the repurchase price paid will be passed through to the holders of the certificates with the same effect as if the mortgage loan had been prepaid in part or in full, and no yield maintenance charge or prepayment premium will be payable. Mezzanine lenders and holders of subordinate companion loans may have the option to purchase the related mortgage loan after certain defaults, and the purchase price may not include any yield maintenance payments or prepayment charges. In addition, certain of the mortgage loans are secured by mortgaged properties that have tenants or a master lessee that have an option to purchase the mortgaged property. Generally, such options are subject to and subordinate to the related mortgage loan. A repurchase or the exercise of a purchase option may adversely affect the yield to maturity on your certificates.

Certain of the mortgage loans are secured in part by letters of credit and/or cash reserves that in each such case:

(i)    will be released to the related borrower, in whole or in part, upon satisfaction by that borrower of certain performance related conditions, which may include, in some cases, meeting debt service coverage ratio levels and/or satisfying leasing conditions; and

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(ii)    if not so released, may, at the discretion of the lender, prior to loan maturity (or earlier loan default or loan acceleration), be drawn on and/or applied to prepay or defease the subject mortgage loan if such performance related conditions are not satisfied within specified time periods.

In addition, with respect to certain of the mortgage loans, if the borrower does not satisfy the performance conditions and does not qualify for the release of the related cash reserve, the reserve, less, in some cases, a yield maintenance charge or prepayment premium (which, in some cases, may be paid out of the related additional collateral), may be applied to reduce the principal balance of the mortgage loan and the remaining unpaid balance of the mortgage loan may be re-amortized over the remaining amortization term. If such amount is used to prepay or defease the mortgage loan as described in paragraph (ii) above, there is no obligation on the part of the related borrower to replenish such cash reserves.

Optional Early Termination of the Trust Fund May Result in an Adverse Impact on Your Yield or May Result in a Loss

The certificates will be subject to optional early termination by means of the purchase of the mortgage loans in the trust fund. We cannot assure you that the proceeds from a sale of the mortgage loans and/or REO properties will be sufficient to distribute the outstanding certificate balance plus accrued interest and any undistributed shortfalls in interest accrued on the certificates that are subject to the termination. Accordingly, the holders of offered certificates affected by such a termination may suffer an adverse impact on the overall yield on their certificates, may experience repayment of their investment at an unpredictable and inopportune time or may even incur a loss on their investment. See ‘‘Description of the Certificates—Termination; Retirement of Certificates’’ in this free writing prospectus.

Sensitivity to LIBOR and Yield Considerations

The yield to investors in the Class A-2FL certificates will be highly sensitive to changes in the level of LIBOR. Investors in the Class A-2FL certificates should consider the risk that lower than anticipated levels of LIBOR could result in actual yields that are lower than anticipated yields on the Class A-2FL certificates.

In addition, because interest payments on the Class A-2FL certificates may be reduced or the pass-through rate may convert to a fixed rate, in connection with certain events discussed in this free writing prospectus, the yield to investors in the Class A-2FL certificates under those circumstances may not be as high as that offered by other LIBOR-based investments, which are not subject to these interest rate restrictions.

In general, the earlier a change in the level of LIBOR, the greater the effect on the yield to maturity. As a result, the effect on an investor’s yield to maturity of a level of LIBOR that is higher (or lower) than the rate anticipated by the investor during the period immediately following the issuance of the Class A-2FL certificates is not likely to be offset by a subsequent like reduction (or increase) in the level of LIBOR. The failure by the swap counterparty in its obligation to make payments under the swap contract and/or, the conversion to a fixed rate that is below the rate that would otherwise be payable at the floating rate would have this kind of a negative impact. We cannot assure you that a default by the swap counterparty and/or the conversion of the pass-through rate from a rate based on LIBOR to a fixed rate would not adversely affect the amount and timing of distributions to the holders of the Class A-2FL certificates. See ‘‘Yield and Maturity Considerations’’ in this free writing prospectus.

Risks Relating to the Swap Contract

The trust will have the benefit of a swap contract relating to the Class A-2FL certificates issued by JPMorgan Chase Bank, N.A. Because the Class A-2FL regular interest accrues interest at a fixed rate of interest, the ability of the holders of the Class A-2FL certificates to obtain the

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payment of interest at the designated pass-through rate (which payment of interest may be reduced in certain circumstances as described in this free writing prospectus) will depend on payment by the swap counterparty pursuant to the swap contract. See ‘‘Description of the Swap Contract—The Swap Counterparty’’ in this free writing prospectus.

If the swap counterparty’s long-term rating is not at least ‘‘A3’’ by Moody’s Investors Service, Inc. or ‘‘A−’’ by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., a rating agency trigger event will occur and the swap counterparty will be required to post collateral or find a replacement swap counterparty that would not cause a rating agency trigger event to occur. In the event that the swap counterparty fails to either post acceptable collateral or find an acceptable replacement swap counterparty after a trigger event, the trustee will be required to take such actions (following the expiration of any applicable grace period), unless otherwise directed in writing by the holders of 25% of the Class A-2FL certificates, to enforce the rights of the trust under the swap contract as may be permitted by the terms of the swap contract and use any termination fees received from the swap counterparty to enter into a replacement swap contract on substantially similar terms. If the costs attributable to entering into replacement swap contract would exceed the net proceeds of the liquidation of the swap contract, a replacement swap contract will not be entered into and any proceeds will instead be distributed to the holders of the Class A-2FL certificates. We cannot assure you that the swap counterparty will maintain its current ratings or have sufficient assets or otherwise be able to fulfill its obligations under the swap contract.

During the occurrence of a trigger event and in the event that a replacement swap counterparty is not found, the Class A-2FL certificates pass-through rate will convert to a fixed interest rate. Any conversion to a fixed rate might result in a temporary delay of payment of the distributions to the holders of the Class A-2FL certificates if DTC does not receive notice of the resulting change in payment terms of the Class A-2FL certificates within the time frame and in advance of the distribution date that DTC requires to modify the payment.

In addition, if the funds allocated to payment of interest distributions on the Class A-2FL regular interest are insufficient to make all required interest payments on the Class A-2FL regular interest, the amount paid to the swap counterparty will be reduced and interest paid by the swap counterparty under the swap contract will be reduced, on a dollar-for-dollar basis, by an amount equal to the difference between the amount actually paid to the swap counterparty and the amount that would have been paid if the funds allocated to payment of interest distributions on the Class A-2FL regular interest had been sufficient to make all required interest payments on that regular interest. As a result, the holders of the Class A-2FL certificates may experience an interest shortfall. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

Mortgage Loan Sellers May Not Be Able to Make a Required Repurchase or Substitution of a Defective Mortgage Loan

Each mortgage loan seller is the sole warranting party in respect of the mortgage loans sold by such mortgage loan seller to us. Neither we nor any of our affiliates (except, in certain circumstances, for JPMorgan Chase Bank, N.A. solely in its capacity as a mortgage loan seller) are obligated to repurchase or substitute any mortgage loan in connection with either a material breach of any mortgage loan seller’s representations and warranties or any material document defects, if such mortgage loan seller defaults on its obligation to do so. We cannot provide assurances that the mortgage loan sellers will have the financial ability to effect such repurchases or substitutions. Any mortgage loan that is not repurchased or substituted and that is not a ‘‘qualified mortgage’’ for a REMIC may cause the trust fund to fail to qualify as one or more REMICs or cause the trust fund to incur a tax. See ‘‘Transaction Parties—The Mortgage Loan Sellers’’ and ‘‘Description of the Mortgage Pool—Representations and Warranties; Repurchases and Substitutions’’ in this free writing prospectus and ‘‘Description of the Pooling Agreements—Representations and Warranties; Repurchases’’ in the prospectus.

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Risks Relating to Interest on Advances and Special Servicing Compensation

To the extent described in this free writing prospectus, the master servicer, the special servicer or the trustee, as applicable, will be entitled to receive interest on unreimbursed advances at the ‘‘Prime Rate’’ as published in The Wall Street Journal. This interest will generally accrue from the date on which the related advance is made or the related expense is incurred to the date of reimbursement. In addition, under certain circumstances, including delinquencies in the payment of principal and/or interest, a mortgage loan will be specially serviced and the special servicer is entitled to compensation for special servicing activities. The right to receive interest on advances or special servicing compensation is generally senior to the rights of certificateholders to receive distributions on the offered certificates. The payment of interest on advances and the payment of compensation to the special servicer may lead to shortfalls in amounts otherwise distributable on your certificates.

Risks of Limited Liquidity and Market Value

Your certificates will not be listed on any national securities exchange or traded on any automated quotation systems of any registered securities association, and there is currently no secondary market for your certificates. While we have been advised by the underwriters that one or more of them, through one or more of their affiliates, currently intend to make a market in the offered certificates, none of the underwriters has any obligation to do so, any market making may be discontinued at any time, and there can be no assurance that an active secondary market for the offered certificates will develop. Additionally, one or more purchasers may purchase substantial portions of one or more classes of offered certificates. Accordingly, you may not have an active or liquid secondary market for your certificates. Lack of liquidity could result in a substantial decrease in the market value of your certificates. The market value of your certificates also may be affected by many other factors, including the then-prevailing interest rates and market perceptions of risks associated with commercial mortgage lending. See ‘‘Risk Factors—Your Ability to Resell Certificates May Be Limited Because of Their Characteristics’’ in the prospectus. Certain certificates may be sold to affiliates of underwriters and underwriters may retain certain certificates for investment purposes.

Different Timing of Mortgage Loan Amortization Poses Certain Risks

As principal payments or prepayments are made on a mortgage loan that is part of a pool or group of mortgage loans, the pool or group will be subject to more concentration risks with respect to the diversity of mortgaged properties, types of mortgaged properties and number of borrowers, as described in this free writing prospectus. Classes that have a later sequential designation or a lower payment priority are more likely to be exposed to this concentration risk than are classes with an earlier sequential designation or a higher priority. This is so because principal on the offered certificates (or offered certificates entitled to payments from a particular loan group) is generally payable in sequential order, and no class entitled to distribution of principal generally receives principal until the certificate balance of the preceding class or classes entitled to receive principal has been reduced to zero.

Subordination of Subordinate Offered Certificates

As described in this free writing prospectus, unless your certificates are Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A or Class X certificates. Your right to receive distributions of amounts collected or advanced on or in respect of the mortgage loans will be subordinated to those of the holders of the offered certificates with an earlier sequential designation.

See ‘‘Description of the Certificates—Distributions’’ and ‘‘Description of the Certificates—
Subordination; Allocation of Collateral Support Deficit’’ in this free writing prospectus.

Limited Information Causes Uncertainty

Some of the mortgage loans that we intend to include in the trust are mortgage loans that were made to enable the related borrower to acquire the related mortgaged property.

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Accordingly, for certain of these mortgage loans, limited or no historical operating information is available with respect to the related mortgaged properties. As a result, you may find it difficult to analyze the historical performance of those mortgaged properties.

Environmental Risks Relating to the Mortgaged Properties

The trust could become liable for a material adverse environmental condition at an underlying mortgaged property. Any such potential liability could reduce or delay payments on the offered certificates.

Each of the mortgaged properties was either (i) subject to environmental site assessments prior to the time of origination of the related mortgage loan (or in certain limited cases, after origination), including Phase I site assessments or updates of previously performed Phase I site assessments, or (ii) subject to a lender’s environmental insurance policy. In some cases, Phase II site assessments also have been performed. Although assessments were made on the majority of the mortgaged properties and these involved site visits and other types of review, we cannot assure you that all environmental conditions and risks were identified.

Except as described below, none of the environmental assessments revealed any material adverse environmental condition or circumstance at any mortgaged property except for those:

	•	that will be remediated or abated in all material respects by the closing date;

	•	for which an escrow or letter of credit for the remediation was established;

	•	for which an environmental insurance policy was obtained from a third party insurer;

	•	for which the consultant recommended an operations and maintenance plan with respect to the applicable mortgaged property or periodic monitoring of nearby properties, which recommendations are consistent with industry practice;

	•	for which the borrower, the principal of the borrower or another financially responsible party has provided an indemnity or is required to take, or is liable for the failure to take, such actions, if any, with respect to such matters as have been required by the applicable governmental authority or recommended by the environmental assessments;

	•	for which such conditions or circumstances were investigated further and the environmental consultant recommended no further action or remediation;

	•	as to which the borrower or other responsible party obtained a ‘‘no further action’’ letter or other evidence that governmental authorities are not requiring further action or remediation (or as to which the borrower or other responsible party will be obtaining such ‘‘no further action’’ or remediation letter and a holdback or other assurance was made to secure the receipt of such letter); or

	•	that would not require substantial cleanup, remedial action or other extraordinary response under environmental laws.

In certain cases, the identified condition was related to the presence of asbestos-containing materials, lead-based paint, mold and/or radon. Where these substances were present, the environmental consultant generally recommended, and the related mortgage loan documents, with certain exceptions, generally required, the establishment of an operation and maintenance plan to address the issue or, in some cases involving asbestos-containing materials and lead-based paint, a containment, abatement or removal program. Other identified conditions could, for example, include leaks from storage tanks and on-site spills. Corrective action, as required by the regulatory agencies, has been or is currently being undertaken and, in some cases, the related borrowers have made deposits into environmental reserve accounts. However, we cannot assure you that any environmental indemnity, insurance, letter of credit or reserve amounts will be sufficient to remediate the environmental conditions or that all environmental conditions have been identified or that operation and maintenance plans will be put in place and/or followed. Additionally, we cannot assure you that actions of tenants at mortgaged properties will not adversely affect the environmental condition of the mortgaged properties.

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See ‘‘Transaction Parties—The Sponsors’’ and ‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus and ‘‘Risk Factors—Failure to Comply with Environmental Law May Result in Additional Losses’’ and ‘‘Certain Legal Aspects of Mortgage Loans—Environmental Risks’’ in the prospectus.

Tax Considerations Relating to Foreclosure

If the trust acquires a mortgaged property pursuant to a foreclosure or deed in lieu of foreclosure, the special servicer must retain an independent contractor to operate the property. Among other items, the independent contractor generally will not be able to perform construction work other than repair, maintenance or certain types of tenant build-outs, unless the construction was at least 10.0% completed when the mortgage loan defaulted or the default of the mortgage loan becomes imminent. Any net income from the operation of the property (other than qualifying ‘‘rents from real property’’), or any rental income based on the net profits of a tenant or sub-tenant or allocable to a non-customary service, will subject the lower-tier REMIC to federal tax on that income at the highest marginal corporate tax rate (currently 35%) and possibly state or local tax. In that event, the net proceeds available for distribution to certificateholders will be reduced. The special servicer may permit the lower-tier REMIC to earn ‘‘net income from foreclosure property’’ that is subject to tax if it determines that the net after-tax benefit to certificateholders is greater than under another method of operating or net leasing the mortgaged property. In addition, if the trust were to acquire one or more mortgaged properties pursuant to a foreclosure or deed in lieu of foreclosure, upon acquisition of those mortgaged properties, the trust may in certain jurisdictions, particularly in New York, be required to pay state or local transfer or excise taxes upon liquidation of such properties. Such state or local taxes may reduce net proceeds available for distribution to the certificateholders.

Risks Associated with One Action Rules

The ability to realize upon the mortgage loans may be limited by the application of state and federal laws. For example, several states (including California) have laws that prohibit more than one ‘‘judicial action’’ to enforce a mortgage obligation, and some courts have construed the term ‘‘judicial action’’ broadly. Accordingly, the special servicer is required to obtain advice of counsel prior to enforcing any of the trust fund’s rights under any of the mortgage loans that include mortgaged properties where a ‘‘one action’’ rule could be applicable. In the case of a multi-property mortgage loan that is secured by mortgaged properties located in multiple states, the special servicer may be required to foreclose first on properties located in states where ‘‘one action’’ rules apply (and where non-judicial foreclosure is permitted) before foreclosing on properties located in states where judicial foreclosure is the only permitted method of foreclosure. The application of other state and federal laws may delay or otherwise limit the ability to realize on defaulted mortgage loans. See ‘‘Certain Legal Aspects of Mortgage Loans—Foreclosure’’ in the prospectus.

Potential Absence of Attornment Provisions Entails Risks

In some jurisdictions, if tenant leases are subordinate to the liens created by the mortgage and do not contain attornment provisions (i.e., provisions requiring the tenant to recognize a successor owner following foreclosure as landlord under the lease), the leases may terminate upon the transfer of the property to a foreclosing lender or purchaser at foreclosure. Not all leases were reviewed to ascertain the existence of attornment or subordination provisions. Accordingly, if a mortgaged property is located in such a jurisdiction and is leased to one or more desirable tenants under leases that are subordinate to the mortgage and do not contain attornment provisions, such mortgaged property could experience a further decline in value if such tenants’ leases were terminated. This is particularly likely if such tenants were paying above-market rents or could not be replaced.

If a lease is not subordinate to a mortgage, the trust will not possess the right to dispossess the tenant upon foreclosure of the mortgaged property (unless otherwise agreed to with the

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tenant). If the lease contains provisions inconsistent with the mortgage (e.g., provisions relating to application of insurance proceeds or condemnation awards) or which could affect the enforcement of the lender’s rights (e.g., a right of first refusal to purchase the property), the provisions of the lease will take precedence over the provisions of the mortgage.

Property Insurance, Including Terrorism Insurance, May Not Be Sufficient

All of the mortgage loans require the related borrower to maintain, or cause to be maintained, property insurance (which, in some cases, is provided by allowing a tenant to self-insure). However, the mortgaged properties may suffer casualty losses due to risks that were not covered by insurance or for which insurance coverage is inadequate. Specifically, certain of the mortgage loans may have insurance coverage that specifically excludes coverage for losses due to mold, certain acts of nature, terrorism activities or other comparable conditions or events. In addition, approximately 17.7%, 10.2%, 6.8% and 0.4% of the mortgaged properties, by aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 19.1%, 9.3%, 5.0% and 0.5%, respectively, of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date, and approximately 12.3%, 13.6%, 13.6%, and 0.0%, respectively, of the aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date) by allocated loan amount, are located in California, Florida, Texas and Louisiana, respectively, and certain of the mortgage loans are located in coastal areas of certain other states. These states and areas have historically been at greater risk regarding acts of nature (such as earthquakes, floods and hurricanes) than other states. The mortgage loans generally do not expressly require borrowers to maintain insurance coverage for earthquakes, hurricanes or floods and we cannot assure you that borrowers will attempt or be able to obtain adequate insurance against such risks. Moreover, if reconstruction or any major repairs are required, changes in laws may materially affect the borrower’s ability to effect any reconstruction or major repairs or may materially increase the costs of the reconstruction or repairs. Certain mortgage loans are secured by improvements for which coverage for acts of terrorism have been waived, are not required or are required only if certain conditions (such as availability at reasonable rates or maximum cost limits) are satisfied.

Following the September 11, 2001 terrorist attacks in the New York City area and in the Washington, D.C. area, many reinsurance companies (which assume some of the risk of policies sold by primary insurers) eliminated coverage for acts of terrorism from their reinsurance policies. Without that reinsurance coverage, primary insurance companies would have to assume that risk themselves, which may cause them to eliminate such coverage in their policies, increase the amount of the deductible for acts of terrorism or charge higher premiums for such coverage. In order to offset this risk, Congress passed the Terrorism Risk Insurance Act of 2002, which established the Terrorism Insurance Program.

The Terrorism Insurance Program was originally scheduled to expire on December 31, 2005. However, on December 22, 2005, the Terrorism Risk Insurance Extension Act of 2005 was enacted, which extended the duration of the Terrorism Insurance Program until December 31, 2007.

The Terrorism Insurance Program is administered by the Secretary of the Treasury and through December 31, 2007 will provide some financial assistance from the United States Government to insurers in the event of another terrorist attack that results in an insurance claim. The program applies to United States risks only and to acts that are committed by an individual or individuals acting on behalf of a foreign person or foreign interest as an effort to influence or coerce United States civilians or the United States Government.

In addition, with respect to any act of terrorism occurring after March 31, 2006, no compensation will be paid under the Terrorism Insurance Program unless the aggregate industry losses relating to such act of terror exceed $50 million (or, if such insured losses occur in 2007, $100 million). As a result, unless the borrowers obtain separate coverage for events that do not meet these thresholds (which coverage may not be required by the respective loan documents and may not otherwise be obtainable), such events would not be covered.

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The Treasury Department has established procedures for the program under which the federal share of compensation will be equal to 90% (or, in 2007, 85%) of that portion of insured losses that exceeds an applicable insurer deductible required to be paid during each program year. The federal share in the aggregate in any program year may not exceed $100 billion (and the insurers will be liable for any amount that exceeds this cap).

Through December 2007, insurance carriers are required under the program to provide terrorism coverage in their basic policies providing ‘‘special’’ form coverage. Any commercial property and casualty terrorism insurance exclusion that was in force on November 26, 2002 is automatically voided to the extent that it excludes losses that would otherwise be insured losses. Any state approval of such types of exclusions in force on November 26, 2002 is also voided.

The various forms of insurance maintained with respect to any of the mortgaged properties, including casualty insurance, environmental insurance and earthquake insurance, may be provided under a blanket insurance policy. That blanket insurance policy will also cover other real properties, some of which may not secure mortgage loans in the trust. As a result of total limits under any of those blanket policies, losses at other properties covered by the blanket insurance policy may reduce the amount of insurance coverage with respect to a property securing one of the mortgage loans in the trust fund.

Some of the mortgage loans specifically require terrorism insurance, but this insurance may be required only to the extent it can be obtained for premiums less than or equal to a ‘‘cap’’ amount specified in the related mortgage loan documents, only if it can be purchased at commercially reasonable rates, only with a deductible at a certain threshold and/or other similar conditions.

For example, with respect to 1 mortgage loan (identified as Loan No. 1 on Annex A-1 to this free writing prospectus), representing approximately 5.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (6.6%, 0.0%), terrorism insurance is only required to the extent that such insurance can be purchased for an annual premium not in excess of $350,000.

With respect to 1 mortgage loan (identified as Loan No. 2 on Annex A-1 to this free writing prospectus), representing approximately 4.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date ( 5.2%, 0.0%), terrorism insurance is only required to the extent that such insurance can be purchased for an annual premium that is not in excess of $42,307 (which amount is equal to 1.5 times the premium for terrorism insurance as of the origination date), which dollar amount may be adjusted to reflect any increase during the preceding year in the consumer price index.

With respect to 1 mortgage loan (identified as Loan No. 7 on Annex A-1 to this free writing prospectus), representing approximately 2.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (3.5%, 0.0%), terrorism insurance is only required to the extent that such insurance can be purchased for an annual premium less than $175,000.

With respect to 1 mortgage loan (identified as Loan No. 8 on Annex A-1 to this free writing prospectus), representing approximately 2.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (2.7%, 0.0%), the amount of terrorism insurance is only required up to an amount equal to the allocated loan amount applicable for the individual property being insured, if the Terrorism Risk Insurance Act is in effect on the date of determination, or $76,867, if the Terrorism Risk Insurance Act is not in effect on the date of determination.

With respect to 1 mortgage loan (identified as Loan No. 10 on Annex A-1 to this free writing prospectus), representing approximately 1.8% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (2.3%, 0.0%), terrorism insurance is only required to the extent that such insurance can be purchased for an annual premium that is not in excess of $377,600 (which amount represents 2.0 times the annual premium that would be paid by borrower for commercial property and business income coverage as of the origination date,

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exclusive of terrorism insurance); provided, however, if the master servicer reasonably determines that (i) terrorism insurance is customarily maintained by owners and/or operators of hotel properties in Orlando, Florida, (ii) lenders financing hotel properties in Orlando, Florida are generally requiring terrorism insurance as a condition to such financing or (iii) the related borrower or its affiliates are obtaining terrorism insurance on any other hotel properties which borrowers and/or their affiliates own and/or operate in central Florida, then the related borrower is required to maintain such terrorism insurance, regardless of the cost of the related insurance premiums.

With respect to 1 mortgage loan (identified as Loan No. 15 on Annex A-1 to this free writing prospectus), representing approximately 1.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (1.9%, 0.0%), terrorism insurance is only required to the extent that such insurance can be purchased for an annual premium that is the lesser of (i) the amount of the outstanding principal balance of the mortgage loan or (ii) the maximum amount that can be purchased for a premium of $181,881, which amount shall be adjusted annually for increases in inflation.

See ‘‘Description of Top Fifteen Mortgage Loans or Groups of Cross-Collateralized Mortgage Loans ’’ in this free writing prospectus for more information regarding the mortgage loans described above.

Other mortgage loans may have similar limitations to those described above that limit the related borrower obligation to obtain terrorism insurance. With respect to certain of the mortgage loans, the related mortgage loan documents generally provide that the borrowers are required to maintain comprehensive casualty insurance providing ‘‘special’’ form coverage but may not specify the nature of the specific risks required to be covered by such insurance policies. With respect to certain mortgage loans in the trust, the related borrower is not required to maintain any terrorism insurance coverage either as part of its policy providing ‘‘special’’ form coverage or under a stand-alone policy.

Even if the mortgage loan documents specify that the related borrower must maintain casualty insurance providing ‘‘special’’ form coverage or other insurance that covers acts of terrorism, the borrower may fail to maintain such insurance and the master servicer or the special servicer may not enforce such default or cause the borrower to obtain such insurance if the special servicer has determined, based on inquiry consistent with the servicing standards, that either (a) such insurance is not available at any rate or (b) such insurance is not available at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties similar to the related mortgaged property and located in or around the region in which such related mortgaged property is located. Additionally, if the related borrower fails to maintain such insurance, the master servicer or the special servicer, as applicable, will not be required to maintain such terrorism insurance coverage if the special servicer determines, in accordance with the servicing standards, that such insurance is not available for the reasons set forth in (a) or (b) of the preceding sentence. Furthermore, at the time existing insurance policies are subject to renewal, there is no assurance that terrorism insurance coverage will be available and covered under the new policies or, if covered, whether such coverage will be adequate. Most insurance policies covering commercial real estate properties such as the mortgaged properties are subject to renewal on an annual basis. If such coverage is not currently in effect, is not adequate or is ultimately not continued with respect to some of the mortgaged properties and one of those properties suffers a casualty loss as a result of a terrorist act, then the resulting casualty loss could reduce the amount available to make distributions on your certificates.

We cannot assure you that all of the mortgaged properties will be insured against the risks of terrorism and similar acts. As a result of any of the foregoing, the amount available to make distributions on your certificates could be reduced.

Zoning Compliance and Use Restrictions May Adversely Affect Property Value

Certain of the mortgaged properties may not comply with current zoning laws, including density, use, parking, height and set back requirements, due to changes in zoning requirements

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after such mortgaged properties were constructed. These properties, as well as those for which variances or special permits were issued or for which non-conformity with current zoning laws are otherwise permitted, are considered to be a ‘‘legal non-conforming use’’ and/or the improvements are considered to be ‘‘legal non-conforming structures.’’ This means that the borrower is not required to alter its use or structure to comply with the existing or new law; however, the borrower may not be able to continue the non-conforming use or rebuild the non-conforming premises ‘‘as is’’ in the event of a substantial casualty loss. This may adversely affect the cash flow of the property following the loss. If a substantial casualty were to occur, we cannot assure you that insurance proceeds would be available to pay the mortgage loan in full. In addition, if a non-conforming use were to be discontinued and/or the property were repaired or restored in conformity with the current law, the value of the property or the revenue-producing potential of the property may not be equal to that before the casualty.

In addition, certain of the mortgaged properties that do not conform to current zoning laws may not be ‘‘legal non-conforming uses’’ or ‘‘legal non-conforming structures.’’ The failure of a mortgaged property to comply with zoning laws or to be a ‘‘legal non-conforming use’’ or ‘‘legal non-conforming structure’’ may adversely affect market value of the mortgaged property or the borrower’s ability to continue to use it in the manner it is currently being used or may necessitate material additional expenditures to remedy non-conformities.

In addition, certain of the mortgaged properties may be subject to certain restrictions imposed pursuant to restrictive covenants, reciprocal easement agreements or operating agreements or historical landmark designations or, in the case of those mortgaged properties that are condominiums, condominium declarations or other condominium use restrictions or regulations, especially in a situation where the mortgaged property does not represent the entire condominium building. Such use restrictions could include, for example, limitations on the use or character of the improvements or the properties, limitations affecting noise and parking requirements, among other things, and limitations on the borrowers’ right to operate certain types of facilities within a prescribed radius. These limitations could adversely affect the ability of the related borrower to lease the mortgaged property on favorable terms, thus adversely affecting the borrower’s ability to fulfill its obligations under the related mortgage loan.

Risks Relating to Costs of Compliance with Applicable Laws and Regulations

A borrower may be required to incur costs to comply with various existing and future federal, state or local laws and regulations applicable to the related mortgaged property, such as zoning laws and the Americans with Disabilities Act of 1990, as amended, which requires all public accommodations to meet certain federal requirements related to access and use by persons with disabilities. See ‘‘Certain Legal Aspects of Mortgage Loans—Americans with Disabilities Act’’ in the prospectus. The expenditure of these costs or the imposition of injunctive relief, penalties or fines in connection with the borrower’s noncompliance could negatively impact the borrower’s cash flow and, consequently, its ability to pay its mortgage loan.

No Reunderwriting of the Mortgage Loans

We have not reunderwritten the mortgage loans. Instead, we have relied on the representations and warranties made by the mortgage loan sellers, and the applicable mortgage loan seller’s obligation to repurchase, substitute or cure a mortgage loan in the event that a representation or warranty was not true when made and such breach materially and adversely affects the value of the mortgage loan or the interests of the certificateholders. These representations and warranties do not cover all of the matters that we would review in underwriting a mortgage loan and you should not view them as a substitute for reunderwriting the mortgage loans. If we had reunderwritten the mortgage loans, it is possible that the reunderwriting process may have revealed problems with a mortgage loan not covered by a representation or warranty. In addition, we can give no assurance that the applicable mortgage loan seller will be able to repurchase a mortgage loan if a representation or warranty has been breached. See ‘‘Description of the Mortgage Pool—Representations and Warranties; Repurchases and Substitutions’’ in this free writing prospectus.

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Litigation or Other Legal Proceedings Could Adversely Affect the Mortgage Loans

There may be pending or threatened legal proceedings against, or other past or present adverse regulatory circumstances experienced by, the borrowers, their sponsors and managers of the mortgaged properties and their respective affiliates arising out of the ordinary business of the borrowers, sponsors, managers and affiliates. In certain cases, principals and/or affiliates of the borrowers are involved or may have been involved in prior litigation or property foreclosures or deed-in-lieu of foreclosures. We cannot assure you that any litigation, other legal proceedings, or other adverse situations will not have a material adverse effect on your investment.

In the case of 1 mortgage loan (identified as Loan No. 11 on Annex A-1 to this free writing prospectus), representing approximately 1.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (0.0%, 7.8%), the sponsor of the related borrowers and affiliated entities are currently the subject of various lawsuits, including lawsuits by the City of San Francisco, which allege, among other things, that the sponsor and its principals have, in their capacity, as landlords, consistently engaged in illegal practices with respect to multifamily dwellings they own. There can be no assurance that these lawsuits and the negative publicity generated by them and the actions of the sponsor and its affiliates will not have a negative effect on the operations of the sponsor and on the mortgaged properties securing such mortgage loan.

Risks Relating to Book-Entry Registration

Your certificates will be initially represented by one or more certificates registered in the name of Cede & Co., as the nominee for DTC, and will not be registered in your name. As a result, you will not be recognized as a certificateholder, or holder of record of your certificates. See ‘‘Risk Factors—Book-Entry System for Certain Classes May Decrease Liquidity and Delay Payment’’ in the prospectus for a discussion of important considerations relating to not being a certificateholder of record.

Risks Relating to Inspections of Properties

Licensed engineers or consultants inspected the mortgaged properties at or about the time of the origination of the mortgage loans to assess items such as structural integrity of the buildings and other improvements on the mortgaged property, including exterior walls, roofing, interior construction, mechanical and electrical systems and general condition of the site, buildings and other improvements. However, we cannot assure you that all conditions requiring repair or replacement were identified. No additional property inspections were conducted in connection with the closing of the offered certificates.

Certain of the Mortgage Loans Lack Customary Provisions

Certain of the mortgage loans lack one or more features that are customary in mortgage loans intended for securitization. Generally, the borrowers with respect to these mortgage loans are either not required to make payments to lockboxes or to maintain reserves for certain expenses, such as taxes, insurance premiums, capital expenditures, tenant improvements and leasing commissions, or the lenders under these mortgage loans do not have the right to terminate the related property manager upon the occurrence of certain events or require lender approval of a replacement property manager. However, mortgage loans originated for securitization are generally originated in accordance with the lender’s underwriting guidelines. For more information, see ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus.

Mortgage Electronic Registration Systems (MERS)

The mortgages or assignments of mortgages for some of the mortgage loans have been or may be recorded in the name of MERS, solely as nominee for the related mortgage loan seller and its successor and assigns. Subsequent assignments of those mortgages are registered electronically through the MERS system.

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The recording of mortgages in the name of MERS is a new practice in the commercial mortgage lending industry. Public recording officers and others have limited, if any, experience with lenders seeking to foreclose mortgages, assignments of which are registered with MERS. Accordingly, delays and additional costs in commencing, prosecuting and completing foreclosure proceedings and conducting foreclosure sales of the mortgaged properties could result. Those delays and the additional costs could in turn delay the distribution of liquidation proceeds to certificateholders and increase the amount of losses on the loans.

Other Risks

Hurricanes May Cause Extensive Damage to Coastal Areas.    In late August, September and October 2005, hurricanes Katrina, Rita and Wilma and related windstorms, floods and tornadoes caused extensive and catastrophic physical damage to coastal and inland areas located in the Gulf Coast region of the United States (parts of Texas, Louisiana, Mississippi, Alabama and Florida) and certain other parts of the southeastern United States (including offshore facilities in the Gulf of Mexico) consisting of severe flooding, wind and water damage, forced evacuations, contamination, gas leaks and fire and environmental damage. That damage, and the national, regional and local economic and other effects of that damage, are not yet fully assessed or known. Economic effects appear to include nationwide decreases in oil supplies and refining capacity, nationwide increases in gas prices and regional interruptions in travel and transportation, tourism and economic activity generally in some of the affected areas. It is not possible to determine how long these effects may last. These effects could lead to a general economic downturn, including increased oil prices, loss of jobs, regional disruptions in travel, transportation and tourism and a decline in real-estate related investments, in particular, in the areas most directly damaged by the storm. Other temporary and/or long-term effects on national, regional and local economies, securities, financial and real estate markets, government finances, and spending or travel habits may subsequently arise or become apparent in connection with the hurricanes and their aftermath. Furthermore, there can be no assurance that displaced residents of the affected areas will return, that the economies in the affected areas will recover sufficiently to support income producing real estate at pre-storm levels or that the costs of clean-up will not have a material adverse effect on the national economy. Because standard hazard insurance policies generally do not provide coverage for damage arising from floods and windstorms, property owners in the affected areas may not be insured for the damage to their properties and, in the aggregate, this may affect the timing and extent of local and regional economic recovery.

See ‘‘Risk Factors’’ in the prospectus for a description of certain other risks and special considerations that may be applicable to your certificates.

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Description of the Mortgage Pool

General

The trust will consist primarily of 266 fixed rate mortgage loans secured by 359 commercial, multifamily and manufactured housing community Mortgaged Properties with an aggregate principal balance of approximately $5,427,368,401 as of the Cut-off Date (the ‘‘Initial Pool Balance’’). The ‘‘Cut-off Date’’ is the due date in July 2007 or, with respect to those mortgage loans that have their first due date after July 2007, the origination date of that mortgage loan. All percentages of the mortgage loans and Mortgaged Properties, or of any specified group of mortgage loans and Mortgaged Properties, referred to in this free writing prospectus without further description are approximate percentages by Initial Pool Balance.

The pool of mortgage loans will be deemed to consist of two loan groups (‘‘Loan Group 1’’ and ‘‘Loan Group 2’’ and, collectively, the ‘‘Loan Groups’’) for the purpose of principal and interest distributions on the Certificates (as described in this free writing prospectus). Loan Group 1 will consist of 205 mortgage loans, representing approximately 78.7% of the Initial Pool Balance (the ‘‘Initial Loan Group 1 Balance’’). Loan Group 2 will consist of 61 mortgage loans, representing approximately 21.3% of the Initial Pool Balance (the ‘‘Initial Loan Group 2 Balance’’). Annex A-1 to this free writing prospectus sets forth the Loan Group designation with respect to each mortgage loan.

The ‘‘Cut-off Date Balance’’ of any mortgage loan will be the unpaid principal balance of that mortgage loan as of the Cut-off Date for such mortgage loan, after application of all payments due on or before that date, whether or not received. Unless otherwise noted, all numerical and statistical information presented herein, including Cut-off Date Balances, loan-to-value ratios (‘‘LTV Ratios’’) and debt service coverage ratios (‘‘DSCR’’) with respect to each mortgage loan with a subordinate companion loan is calculated without regard to the related AB subordinate companion loan, with respect to each Whole Loan with any Pari Passu Companion Loans, such numbers are calculated including the related Pari Passu Companion Loan(s).

Whenever percentages and other information in this free writing prospectus are presented on the mortgaged property level rather than the mortgage loan level, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1 to this free writing prospectus. Whenever percentages are presented in this free writing prospectus in the format (x%, x%), those percentages represent, in order, the approximate percentage the indicated mortgage loans represent as of the Cut-off Date of: (i) the Initial Loan Group 1 Balance and (ii) the Initial Loan Group 2 Balance.

The mortgage loans included in this transaction were selected for this transaction from mortgage loans specifically originated for securitizations of this type by or on behalf of each Mortgage Loan Seller taking into account, among other factors, rating agency criteria and anticipated feedback, anticipated subordinate investor feedback, property type and geographic location.

Each mortgage loan is evidenced by one or more promissory notes (each, a ‘‘Mortgage Note’’) and secured by one or more mortgages, deeds of trust or other similar security instruments (each, a ‘‘Mortgage’’) that creates a first mortgage lien:

(1)    on a fee simple estate in one or more commercial, multifamily and manufactured housing community mortgaged properties;

(2)    with respect to 5 mortgaged properties securing mortgage loans (identified as Loan Nos. 51, 57, 175.01, 175.02, and 175.03 on Annex A-1 to this free writing prospectus), representing approximately 1.0% of the Initial Pool Balance (1.3%, 0.0%), on a leasehold estate in one or more commercial properties but not on the corresponding fee interest with respect to such properties; and

(3)    with respect to 4 mortgaged properties securing mortgage loans (identified as Loan Nos. 10, 25.03, 111 and 129 on Annex A-1 to this free writing prospectus), representing

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approximately 2.3% of the Initial Pool Balance (2.7%, 0.7%), on a fee simple estate in a portion of the related property and a leasehold estate in the remaining portion of one or more commercial properties (each of the fee and/or leasehold estates described in clauses (1) through (3), a ‘‘Mortgaged Property’’).

Mortgage loans secured by ground leases present certain bankruptcy and foreclosure risks not present with mortgage loans secured by fee simple estates. See ‘‘Certain Legal Aspects of Mortgage Loans—Foreclosure—Leasehold Risks’’ and ‘‘Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws’’ in the prospectus.

On or about July 3, 2007 (the ‘‘Closing Date’’), J.P. Morgan Chase Commercial Mortgage Securities Corp. (the ‘‘Depositor’’) will acquire the mortgage loans from JPMorgan Chase Bank, N.A., UBS Real Estate Securities Inc., Nomura Credit & Capital, Inc., Natixis Real Estate Capital Inc., Eurohypo AG, New York Branch and AIG Mortgage Capital, LLC (collectively, the ‘‘Mortgage Loan Sellers’’) pursuant to six separate mortgage loan purchase agreements (collectively, the ‘‘Purchase Agreements’’), each between the Depositor and the applicable Mortgage Loan Seller (or, with respect to one such Purchase Agreement, among the Depositor, AIG Mortgage Capital, LLC and SOME II, LLC). The Depositor will then assign its interests in the mortgage loans, without recourse, to LaSalle Bank National Association, as trustee (in such capacity, the ‘‘Trustee’’), for the benefit of the holders of the Certificates (the ‘‘Certificateholders’’). In addition, on the Closing Date, each of the applicable Mortgage Loan Sellers will be required to remit to the Trustee an amount that will be sufficient to cover the interest shortfalls that would otherwise occur on the first Distribution Date as a result of certain mortgage loans not having their first due date until a month occuring after July 2007. This amount will be distributed to Certificateholders on the first Distribution Date as part of their regular interest distribution.

The mortgage loans were originated in the period between November 2005 and June 2007. 29 of the mortgage loans, representing approximately 7.9% of the Initial Pool Balance (8.2%, 6.9%), will not have made any scheduled debt service payments as of the related Cut-off Date.

The mortgage loans are not insured or guaranteed by the Mortgage Loan Sellers or any other person or entity. You should consider all of the mortgage loans to be nonrecourse loans as to which recourse in the case of default will be limited to the specific property and other assets, if any, pledged to secure a mortgage loan.

Additional Debt

General.    Substantially all of the mortgage loans permit the related borrower to incur limited indebtedness in the ordinary course of business that is not secured by the related Mortgaged Property. Moreover, in general, any borrower that does not meet single purpose entity criteria may not be restricted from incurring unsecured debt.

The terms of certain mortgage loans permit the borrowers to post letters of credit and/or surety bonds for the benefit of the mortgagee under the mortgage loans, which may constitute a contingent reimbursement obligation of the related borrower or an affiliate. The issuing bank or surety will not typically agree to subordination and standstill protection benefiting the mortgagee.

Other Secured Subordinate Indebtedness.    As of the Cut-off Date, the applicable Mortgage Loan Sellers have informed us that, in addition to the Companion Loans discussed under ‘‘Description of the Mortgage Pool—The Whole Loans’’ below, they are aware of the following existing or specifically permitted future secured indebtedness with respect to the mortgage loans:

	•	In the case of 1 mortgage loan (identified as Loan No. 74 on Annex A-1 to this free writing prospectus), representing approximately 0.3% of the Initial Pool Balance (0.0%, 1.4%), the related borrower may incur subordinate financing evidenced by either a second lien on the property or mezzanine debt in a form of pledge of the equity interest of the related borrower (it being understood that preferred equity is permitted and is

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		not considered subordinate financing). The secondary financing evidenced by either a second lien on the property or a pledge of the equity interest of the related borrower will be allowed up to a combined loan-to-value-ratio of 80% and a minimum aggregate debt service coverage ratio of 1.20x on a thirty (30) year amortization basis subject to a subordination and standstill agreement, or intercreditor agreement, as applicable, in a form acceptable to the mortgage lender and is non-negotiable. Any secondary financing must take place any time from one year from loan closing to two years prior to loan maturity. Subject to the mortgage lender being willing to provide secondary financing on substantially similar terms and conditions as other lenders, the mortgage lender has a first right of refusal to provide any secondary financing; provided, however, the mortgage lender will be under no obligation to provide this financing.

	•	In the case of 1 mortgage loan (identified as Loan No. 106 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (0.2%, 0.0%), the borrower may obtain a subordinate loan secured by a lien on the mortgaged property subject to satisfaction of certain conditions including, but not limited to, the following: (i) a loan-to-value ratio not greater than 85% of the outstanding balance of the mortgage loan and the subordinate loan; (ii) a combined minimum debt service coverage ratio of not less than 1.05x of the outstanding balance of the mortgage loan and the subordinate loan as of the last day of the month immediately preceding the funding of the subordinate loan; (iii) an intercreditor agreement satisfactory to the mortgagee and any applicable rating agencies; (iv) all principal payments and accrued interest due under the related mortgage loan shall have been paid, including, without limitation, all costs and expenses; and (v) a rating agency confirmation.

	•	In the case of 1 mortgage loan (identified as Loan No. 120 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (0.2%, 0.0%), the borrower may obtain a subordinate loan secured by a lien on the mortgaged property subject to satisfaction of certain conditions, including, but not limited to, the following: (i)  a loan-to-value ratio of not greater than 90% of the aggregate outstanding balance of the mortgage loan and the subordinate loan; (ii)  a combined minimum debt service coverage ratio of not less than 1.10x of the aggregate outstanding balance of the mortgage loan and the subordinate loan as of the last day of month immediately prior to funding of the subordinate loan; (iii) an intercreditor agreement satisfactory to the mortgagee and the applicable rating agencies; and (iv) a rating agency confirmation.

	•	In the case of 1 mortgage loan (identified as Loan No. 266 on Annex A-1 to this free writing prospectus), representing approximately 0.02% of the Initial Pool Balance (0.02%, 0.0%), the borrower may obtain a subordinate loan secured by a lien on the mortgaged property subject to satisfaction of certain conditions including, but not limited to, the following: (i) a loan-to-value ratio of not greater than 85% of the outstanding balance of the mortgage loan and the subordinate loan; (ii) a combined minimum debt service coverage ratio of not less than 1.05x of the outstanding balance of the mortgage loan and the subordinate loan as of the last day of the month immediately preceding the funding of the subordinate loan; (iii) an intercreditor agreement satisfactory to the mortgagee and any applicable rating agencies; (iv) all principal payments and accrued interest due under the related mortgage loan is paid, including, without limitation, all costs and expenses incurred by mortgagee in connection with the release; and (v) a rating agency confirmation.

Mezzanine Debt.    Although the mortgage loans generally place certain restrictions on incurring mezzanine debt by the pledging of general partnership and managing member equity interests in a borrower, such as specific percentage or control limitations, the terms of the mortgages generally permit, subject to certain limitations, the pledge of less than a controlling portion of the limited partnership or non-managing membership equity interests in a borrower. However, certain of the mortgage loans do not restrict the pledging of ownership interests in the

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related borrower, but do restrict the transfer of ownership interests in a borrower by imposing limitations on transfer of control or a specific percentage of ownership interests. In addition, in general, if a borrower does not meet single-purpose entity criteria, those with ownership interests in the borrower may not be restricted in any way from incurring mezzanine debt.

As of the Cut-off Date, each Mortgage Loan Seller has informed us that it is aware of the following mezzanine indebtedness with respect to the Mortgage Loans it is selling to the Depositor:

Existing Mezzanine Debt

Mortgage Loan			Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance						Initial Principal Amout of Mezzanine Debt
GSA Portfolio				$	284,000,000						5.2	%					6.6	%					0.0	%				$	21,502,000
315 Park Avenue South1				$	219,000,000						4.0	%					5.1	%					0.0	%				$	30,500,000
Lembi Portfolio				$	90,000,000						1.7	%					0.0	%					7.8	%				$	17,430,000
Denmark MHC Portfolio2				$	89,250,000						1.6	%					0.0	%					7.7	%				$	11,850,000
Healthnet Headquarters				$	74,800,000						1.4	%					1.8	%					0.0	%				$	16,644,306
625 Broadway				$	53,000,000						1.0	%					1.2	%					0.0	%				$	7,000,000
Embassy Suites Hotel & Executive Meeting Center				$	33,600,000						0.6	%					0.8	%					0.0	%				$	2,844,000
439 86th Street				$	24,000,000						0.4	%					0.6	%					0.0	%				$	2,500,000
Edentree Apartment Village				$	15,000,000						0.3	%					0.0	%					1.3	%				$	3,040,000
Parkway Towers				$	14,500,000						0.3	%					0.3	%					0.0	%				$	1,500,000
Barbanel Multifamily Portfolio				$	10,200,000						0.2	%					0.0						0.9	%				$	2,300,000
Ashley Furniture				$	5,914,030						0.1	%					0.1	%					0.0					$	786,596

¹ The $30,500,000 mezzanine loans are split into a $30,499,000 senior mezzanine loan and a $1,000 junior mezzanine loan. The junior mezzanine loan is cross-collateralized and cross-defaulted with another mezzanine loan which is secured by the ownership interests of a property that is not included in the trust.

² Includes a senior mezzanine loan with a principal balance of $8,450,000, and a junior mezzanine loan with a principal balance of $3,400,000.

The holders of certain of the mezzanine loans may have the right to cure certain defaults occurring on the related mortgage loan and the right to purchase the related mortgage loan if certain defaults on the related mortgage loan occur. The purchase price generally required to be paid in connection with such a purchase would equal the outstanding principal balance of the related mortgage loan, together with accrued and unpaid interest on, and unpaid servicing expenses, advances and interest on advances related to, such mortgage loan. The lenders for this mezzanine debt generally are not affiliates of the related mortgage loan borrower. Upon a default under the mezzanine debt, the holder of the mezzanine debt may foreclose upon the ownership interests in the related borrower subject to the terms of the related intercreditor agreement, which typically require either confirmation from each Rating Agency that the transfer would not result in the downgrade, withdrawal or qualification of the then-current ratings assigned to any Class of Certificates or that the holder of the ownership interests is an entity which meets certain financial and other tests under the intercreditor agreement.

With respect to the Mortgage Loans listed in the following chart, the applicable Mortgage Loan Sellers have informed us that the direct and indirect equity owners of the borrower are permitted to incur future mezzanine debt, subject to the satisfaction of conditions contained in the related loan documents, including, among other things, the combined maximum loan-to-value ratio, the combined minimum debt service coverage ratio and the maximum mezzanine debt permitted, as listed in the following chart. The applicable Mortgage Loan Sellers have informed us that equity owners of the borrowers under certain Mortgage Loans are permitted to incur future mezzanine debt, as described in the table below.

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Future Mezzanine Debt

Mortgage Loan			% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance						Combined Maximum LTV Ratio						Combined Minimum DSCR
5 Penn Plaza					3.7	%					4.8	%					0.0	%					85.0	%					1.10x
Franklin Mills					3.2	%					4.1	%					0.0	%					85.0	%					1.05x
Hyatt Regency – Jacksonville					2.8	%					3.5	%					0.0	%					85.0	%					1.15x
2030 Broadway					1.5	%					0.0	%					6.9	%					80.0	%					1.20x
The Landings of Brentwood Apartments					1.1	%					0.0	%					5.1	%					90.0	%					1.10x
Holiday Inn Hotel & Suites Ocean City					1.0	%					1.3	%					0.0	%					85.0	%					1.20x
JQH Hotel Portfolio					0.9	%					1.2	%					0.0	%					75.0	%					1.20x
101 West Ohio Street					0.8	%					1.1	%					0.0	%					85.0	%					1.15x
Burlington Marriott					0.7	%					0.9	%					0.0	%					75.0	%					1.25x
Doubletree Bakersfield					0.6	%					0.8	%					0.0	%					85.0	%					1.25x
Hilton Garden Inn – Emeryville					0.6	%					0.8	%					0.0	%					75.0	%					1.20x
Sheraton Oklahoma City					0.6	%					0.7	%					0.0	%					75.0	%					1.25x
Venice Shoppes					0.6	%					0.7	%					0.0	%					85.0	%					1.20x
Rocket Lofts					0.5	%					0.0	%					2.5	%					90.0	%					1.07x
The Princeton					0.5	%					0.7	%					0.0	%					80.0	%					1.15x
The Owings Mills 4					0.5	%					0.6	%					0.0	%					80.0	%					1.20x
Comfort Suites – San Diego, CA					0.4	%					0.5	%					0.0	%					85.0	%					1.10x
Washington Commons					0.4	%					0.5	%					0.0	%					90.0	%					1.05x
Shoppes of Victoria Park					0.4	%					0.5	%					0.0	%					80.0	%					1.10x
Farnham Park1					0.3	%					0.0	%					1.6	%					80.0	%					1.20x
Park Oaks Shopping Center					0.3	%					0.4	%					0.0	%					85.0	%					1.05x
Bronx Park South Apartments2					0.3	%					0.0	%					1.4	%					80.0	%					1.20x
Hempstead Retail					0.3	%					0.4	%					0.0	%					85.0	%					1.10x
147-25 Northern Boulevard					0.3	%					0.0	%					1.3	%					80.0	%					1.10x
Park at Waterford Harbor					0.3	%					0.0	%					1.3	%					90.0	%					1.10x
The Overlook at Las Colinas					0.2	%					0.2	%					0.0	%					85.0	%					1.05x
46-01 67th Street					0.2	%					0.0	%					0.8	%					80.0	%					1.10x
185 Great Neck Road					0.2	%					0.2	%					0.0	%					90.0	%					1.10x
Corona Apartments					0.1	%					0.0	%					0.7	%					80.0	%					1.10x
Orpheum Tower Apartments					0.1	%					0.0	%					0.7	%					85.0	%					1.00x
Hunter’s Crossing					0.1	%					0.0	%					0.6	%					85.0	%					1.05x
82-06 Northern Boulevard					0.1	%					0.1	%					0.0	%					80.0	%					1.10x
Ashley Furniture					0.1	%					0.1	%					0.0	%					95.0	%					1.05x
Park Plaza Apartments3					0.1	%					0.0	%					0.5	%					90.0	%					1.10x
Hidden Park Apartments					0.1	%					0.0	%					0.5	%					80.0	%					1.25x
Falls Parc Apartments					0.1	%					0.0	%					0.4	%					80.0	%					1.20x
Harbin Springs Apartments					0.1	%					0.0	%					0.4	%					80.0	%					1.20x
French Place Apartments					0.1	%					0.0	%					0.3	%					85.0	%					1.10x
184 Nagle Avenue					0.1	%					0.0	%					0.3	%					90.0	%					1.00x
Raven’s Crossing Strip Center4					0.05	%					0.1	%					0.0	%					70.0	%					1.50x
Glen Oaks Apartments5					0.05	%					0.0	%					0.2	%					75.0	%					1.15x
Arby’s – Grand Rapids					0.02	%					0.02	%					0.0	%					85.0	%					1.05x

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⁽¹⁾ The related loan documents permit the initial related borrower to sell the Mortgaged Property to a buyer approved by the mortgagee, which buyer would then become the related borrower and, as such, would be permitted to incur additional mezzanine indebtedness.

⁽²⁾ The related loan documents permit the related borrower to incur subordinate financing evidenced by either a second lien on the related mortgaged property or a pledge of the equity interest of the related borrower on the terms set forth above ’’Description of the Mortgage Pool—Other Secured Subordinate Indebtedness’’ in this free writing prospectus.

⁽³⁾ Not permitted if a preferred equity investor has been admitted as an equity owner of the related borrower.

⁽⁴⁾ The mortgaged property must (a) achieve a stabilized 87.0% economic occupancy level and (b) have all or a certain portion of the space leased pursuant to a master lease rented outside of said master lease.

⁽⁵⁾ The related loan documents permit the related borrower, in connection with an approved sale of the mortgaged property, to hold subordinate debt secured only by a pledge of partnership or membership interests in the new borrowing entity so long as, among other things, the sale occurs two years after the origination date.

In the case of 1 mortgage loan (identified as Loan No. 2 on Annex A-1 to this free writing prospectus), representing approximately 4.1% of the Initial Pool Balance (5.2%, 0.0%), the indirect equity holders of the borrower and certain affiliates of the borrower are permitted to pledge their respective equity interests in the borrower or its affiliates (i) under an existing $300 million revolving credit facility among the borrower principal and certain affiliates of the borrower principal, as borrowers, Deutsche Bank Trust Company Americas and other financial institutions, as lenders, and Deutsche Bank Trust Company Americas, as administrative agent and collateral agent for such lenders or (ii) to a lender meeting certain criteria specified in the loan documents, provided that in each case such loan is either fully recourse to the borrower principal or is secured by all or substantially all of the assets of the borrower principal.

In the case of 1 mortgage loan (identified as Loan No. 53 on Annex A-1 to this free writing prospectus), representing approximately 0.5% of the Initial Pool Balance (0.6%, 0.0%), the indirect equity holders of the borrower are permitted to pledge their respective equity interests in the borrower to (i) a lender meeting certain criteria specified in the loan documents or (ii) with the mortgagee’s prior written consent (which may be withheld in its sole and absolute discretion), a lender not meeting certain specified criteria, provided that the mortgagee’s consent may not be unreasonably withheld if the borrower has delivered confirmation from the rating agencies that the pledge will not, in and of itself, result in a downgrade, withdrawal or qualification of the ratings assigned to the Certificates.

Unsecured Subordinate Indebtedness.    The applicable Mortgage Loan Seller is aware of the following existing or permitted unsecured debt with respect to each mortgage loan:

	•	In the case of 1 mortgage loan (identified as Loan No. 29 on Annex A-1 to this free writing prospectus), representing approximately 0.8% of the Initial Pool Balance (1.1%, 0.0%), the borrower may obtain an unsecured loan in favor of any holder of a direct or indirect interest in borrower, provided that (i) it is subject to a subordination and standstill agreement and (ii) such subordinate debt is paid from the excess cash flow of the mortgaged property (i.e., after payment of the debt service on the mortgage loan and the mezzanine loan) and (iii) such subordinate debt is transferable without lender’s prior written consent.

	•	In the case of 1 mortgage loan (identified as Loan No. 88 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (0.3%, 0.0%), the borrower has obtained an unsecured loan in the original principal amount of $5,000,000 from an affiliate of the borrower subject to a subordination and standstill agreement in favor of the mortgagee.

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	•	In the case of 1 mortgage loan (identified as Loan No. 92 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (0.3%, 0.0%), the borrower may obtain an unsecured loan in an amount not greater than $492,000, provided that such unsecured debt is not evidenced by a note and is required to be fully repaid within 60 days.

In addition to the provisions noted above, in general, any borrower that does not meet single-purpose entity criteria may not be restricted from incurring unsecured debt.

Certain risks relating to additional debt are described in ‘‘Risk Factors—Ability to Incur Other Borrowings Entails Risk’’ in this free writing prospectus and ‘‘Certain Legal Aspects of Mortgage Loans—Subordinate Financing’’ in the prospectus.

The Whole Loans

Eighteen (18) mortgage loans (each, a ‘‘Pari Passu Mortgage Loan’’) (identified as Loan Nos. 6, 10, 25, 39, 248, 251, 252, 253, 255, 257, 258, 259, 260, 261, 262, 263, 264 and 265 on Annex A-1 to this free writing prospectus), representing approximately 7.0% of the Initial Pool Balance (8.9%, 0.0%), are each part of a split loan structure with one or more related pari passu companion loans (each a ‘‘Pari Passu Companion Loan’’ and together within the Pari Passu Companion Loan, the ‘‘Pari Passu Loan Group’’), which are pari passu with the related mortgage loan, and are not included in the trust. The Pari Passu Mortgage Loans are included in the Trust. Each such Pari Passu Loan Group is evidenced by one or more separate pari passu notes, all of which are secured by a single mortgage instrument on the related Mortgaged Property.

Six (6) mortgage loans (each, an ‘‘AB Mortgage Loan’’) (identified as Loan Nos. 11, 13, 72, 81, 83, 123 on Annex A-1 to this free writing prospectus), representing approximately 4.2% of the Initial Pool Balance (2.4%, 11.1%), are each one or more senior loans in a split loan structure with a subordinate companion loan (with respect to each AB Mortgage Loan, the ‘‘AB Subordinate Companion Loan’’ and, together with the related AB Mortgage Loan, an ‘‘AB Mortgage Loan Group’’). No AB Subordinate Companion Loan is an asset of the trust. Each such AB Mortgage Loan Group is evidenced by one or more separate senior notes and a subordinate note, all of which are secured by a single mortgage instrument on the related Mortgaged Property.

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Whole Loans Summary

Loan No.			Mortgage Loan			Mortgage Loan Cut-off Date Principal Balance						% of Initial Pool Balance						% of Initial Loan Group 1 or 2 Balance						Pari Passu Companion Loan Original Balance						AB Subordinate Companion Loan Original Loan Balance						Mortgage Loan DSCR						Combined DSCR						Mortgage Loan Cut-off Date LTV						Combined Cut-off Date LTV
6			Franklin Mills				$	174,000,000						3.2	%					4.1	%				$	116,000,000						0						1.26x						1.26x						78.4	%					78.4	%
10			ChampionsGate				$	100,000,000						1.8	%					2.3	%				$	50,000,000						0						1.27x						1.27x						64.2	%					64.2	%
11			Lembi Portfolio				$	90,000,000						1.7	%					7.8	%					0					$	25,000,000						1.87x						1.37x						61.9	%					79.1	%
13			Stadium Towers				$	83,200,000						1.5	%					1.9	%					0					$	16,800,000						1.40x						1.10x						59.4	%					71.4	%
25			JQH Hotel     Portfolio				$	50,000,000						0.9	%					1.2	%				$	100,000,000						0						1.73x						1.73x						73.0	%					73.0	%
39			Carespring     Portfolio				$	34,155,000						0.6	%					0.8	%				$	68,310,000						0						2.75x						2.75x						60.7	%					60.7	%
72			500 Davis Center				$	17,927,153						0.3	%					0.4	%					0					$	3,000,000						1.32x						1.07x						71.7	%					83.7	%
81			Edentree     Apartment     Village				$	15,000,000						0.3	%					1.3	%					0					$	1,000,000						1.41x						1.30x						81.5	%					87.0	%
83			Squire Hill     Apartments				$	14,990,000						0.3	%					1.3	%					0					$	1,600,000						1.31x						1.15x						71.0	%					78.6	%
123			Foothill Glen     Apartments				$	8,535,000						0.2	%					0.7	%					0					$	1,500,000						1.35x						1.10x						76.2	%					89.6	%
248			Logan Portfolio-     Beavercreek, OH				$	1,915,000						0.0	%					0.0	%				$	1,915,000						0						1.18x						1.18x						77.1	%					77.1	%
251			Logan Portfolio-     Decatur, AL				$	1,755,000						0.0	%					0.0	%				$	1,755,000						0						1.18x						1.18x						77.1	%					77.1	%
252			Logan Portfolio-     Huntsville, AL				$	1,750,000						0.0	%					0.0	%				$	1,750,000						0						1.18x						1.18x						77.1	%					77.1	%
253			Logan Portfolio-     Flowood, MS				$	1,655,000						0.0	%					0.0	%				$	1,655,000						0						1.18x						1.18x						77.1	%					77.1	%
255			Logan Portfolio-     Bowling Green, KY				$	1,630,000						0.0	%					0.0	%				$	1,630,000						0						1.18x						1.18x						77.1	%					77.1	%
257			Logan Portfolio-     Savannah, GA				$	1,555,000						0.0	%					0.0	%				$	1,555,000						0						1.18x						1.18x						77.1	%					77.1	%
258			Logan Portfolio-     Murfreesboro,     TN				$	1,545,000						0.0	%					0.0	%				$	1,545,000						0						1.18x						1.18x						77.1	%					77.1	%
259			Logan Portfolio-     West Monroe,     LA				$	1,540,000						0.0	%					0.0	%				$	1,540,000						0						1.18x						1.18x						77.1	%					77.1	%
260			Logan Portfolio-     Gallatin, TN				$	1,475,000						0.0	%					0.0	%				$	1,475,000						0						1.18x						1.18x						77.1	%					77.1	%
261			Logan Portfolio-     Canton, MI				$	1,365,000						0.0	%					0.0	%				$	1,365,000						0						1.18x						1.18x						77.1	%					77.1	%
262			Logan     Portfolio-Fort     Oglethorpe, GA				$	1,305,000						0.0	%					0.0	%				$	1,305,000						0						1.18x						1.18x						77.1	%					77.1	%
263			Logan Portfolio-     Oxford, AL				$	1,280,000						0.0	%					0.0	%				$	1,280,000						0						1.18x						1.18x						77.1	%					77.1	%
264			Logan Portfolio-     Evansville, IN				$	1,245,000						0.0	%					0.0	%				$	1,245,000						0						1.18x						1.18x						77.1	%					77.1	%
265			Logan Portfolio-     Austin, TX				$	1,165,000						0.0	%					0.0	%				$	1,165,000						0						1.18x						1.18x						77.1	%					77.1	%

Each of the AB Subordinate Companion Loans and Pari Passu Companion Loans are referred to as a ‘‘Companion Loan’’ in this free writing prospectus. Each of the Pari Passu Loan Groups and AB Mortgage Loan Groups are referred to in this free writing prospectus as a ‘‘Whole Loan.’’

The table above sets forth for each of the Whole Loans both the DSCR and LTV Ratios taking into account any related Pari Passu Companion Loan but without taking into account the related AB Subordinate Companion Loans and the combined DSCR and LTV Ratios taking into account the related AB Subordinate Companion Loan, as applicable.

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Pari Passu Loan Groups

The Franklin Mills Whole Loan

The Franklin Mills Loans.    One mortgage loan (identified as Loan No. 6 on Annex A-1 to this free writing prospectus) (the ‘‘Franklin Mills Loan’’), representing approximately 3.2% of the Initial Pool Balance (4.1%, 0.0%), is part of a split loan structure comprised of two mortgage loans, each of which is secured by the same mortgage instrument on the same underlying Mortgaged Property (the ‘‘Franklin Mills Mortgaged Property’’). The Franklin Mills Loan is evidenced by promissory note A-1. The mortgage loan evidenced by promissory note A-2 (with an outstanding principal balance as of the Cut-off Date of $116,000,000) is referred to in this free writing prospectus as a ‘‘Franklin Mills Pari Passu Companion Loan.’’ The Franklin Mills Pari Passu Companion Loan is not included in the trust. Only the Franklin Mills Loan is included in the trust. The Franklin Mills Loan and the Franklin Mills Pari Passu Companion Loan are collectively referred to in this free writing prospectus as the ‘‘Franklin Mills Whole Loan.’’ The notes evidencing the Franklin Mills Whole Loan are collectively referred to in this free writing prospectus as the ‘‘Franklin Mills Notes.’’

The Franklin Mills Pari Passu Companion Loan evidenced by note A-2 is owned by Greenwich Capital Financial Products or an affiliate and it is anticipated it will be deposited into a trust fund relating to a future securitization.

For purposes of the information presented in this free writing prospectus with respect to the Franklin Mills Loan, the debt service coverage ratio and the loan-to-value ratio reflect the aggregate indebtedness evidenced by the Franklin Mills Loan and the Franklin Mills Pari Passu Companion Loan.

Distributions.    Pursuant to the Franklin Mills Intercreditor Agreement, all payments, proceeds and other recoveries on or in respect of the Franklin Mills Loan and/or the Franklin Mills Pari Passu Companion Loan (in each case, subject to the rights of the Master Servicer, the Special Servicer and the Trustee under the Pooling and Servicing Agreement (and the master servicer and the trustee under any other pooling and servicing agreement relating to the Franklin Mills Pari Passu Companion Loan and any other service providers with respect to the Franklin Mills Pari Passu Companion Loan) to payments and reimbursements pursuant to and in accordance with the terms of the Pooling and Servicing Agreement) will be applied to the Franklin Mills Loan and the Franklin Mills Pari Passu Companion Loan on a pro rata and pari passu basis according to their respective outstanding principal balances.

Servicing.    The Franklin Mills Whole Loan will be serviced pursuant to the terms of the Pooling and Servicing Agreement and the related intercreditor agreement (the ‘‘Franklin Mills Intercreditor Agreement’’). The Franklin Mills Intercreditor Agreement generally provides that the Franklin Mills Whole Loan will be serviced by the Master Servicer and the Special Servicer according to the Servicing Standards under the Pooling and Servicing Agreement.

The Master Servicer or Special Servicer will need to obtain the consent of the holders of Franklin Mills Notes representing greater than 50% of the outstanding principal balance of the Franklin Mills Whole Loan (the ‘‘Franklin Mills Majority Holders’’), with respect to certain servicing actions set forth below, (provided that generally a failure by the Franklin Mills Majority Holders to approve or disapprove any proposed action within 10 business days (or such shorter time frame as is provided for in the related loan documents will have the effect of a deemed consent)). Additionally, the holder of any Franklin Mills Note will have the right to consult with the Master Servicer or Special Servicer with respect to the servicing actions set forth below:

(1)    any proposed or actual foreclosure upon or comparable conversion of the ownership of the Franklin Mills Mortgaged Property;

(2)    any modification, consent to a modification or waiver of any monetary term or material non-monetary term of the Franklin Mills Whole Loan or material modification or waiver of any terms of the Franklin Mills Whole Loan relating to the nature or amount of required insurance coverage;

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(3)    any sale of the Franklin Mills Whole Loan or related REO Property for less than the outstanding principal balance of the Franklin Mills Whole Loan plus all accrued and unpaid interest thereon;

(4)    any determination to bring an REO Property related to the Franklin Mills Whole Loan into compliance with applicable environmental laws or to address hazardous materials located at a related REO Property;

(5)    any release of collateral or any acceptance of substitute or additional collateral for the Franklin Mills Whole Loan (other than pursuant to the specific terms of the loan documents);

(6)    any waiver of a ‘‘due-on-sale’’ clause or ‘‘due-on-encumbrance’’ clause with respect to the Franklin Mills Whole Loan or a transfer of the Franklin Mills Mortgaged Property or interests in the related borrower (other than pursuant to the specific terms of the loan documents);

(7)    any property management changes with respect to the Franklin Mills Whole Loan as to which lender is required to consent or approve under the loan documents;

(8)    releases of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves with respect to the Franklin Mills Whole Loan, in an amount greater than or equal to $1,500,000 (other than those required pursuant to the specific terms of the loan documents);

(9)    any acceptance of an assumption agreement releasing the borrower from liability under the Franklin Mills Whole Loan (other than pursuant to the specific terms of the loan documents);

(10)    any approval of a material capital expenditure (if lender’s approval is required under the Franklin Mills Whole Loan); and

(11)    any adoption or approval of a plan in bankruptcy of the borrower under the Franklin Mills Whole Loan.

Notwithstanding the above, no advice, direction or objection from or by the Franklin Mills Majority Holders may (and the Master Servicer or the Special Servicer, as applicable, shall ignore and act without regard to any such advice, direction or objection that the Master Servicer or the Special Servicer has determined, in its reasonable, good faith judgment, will) require, cause or permit the Master Servicer or the Special Servicer, as applicable, to violate any provision of the Franklin Mills Intercreditor Agreement or the Pooling and Servicing Agreement (including the Master Servicer’s and Special Servicer’s obligation to act in accordance with the Servicing Standards, the related loan documents or applicable law) or result in an adverse REMIC event or an adverse grantor trust event.

If a servicing event of default with respect to the Master Servicer under the Pooling and Servicing Agreement has occurred and remains unremedied that materially and adversely affect the holder of any Franklin Mills Pari Passu Companion Loan, the Franklin Mills Majority Holders will have the right to require the Master Servicer to appoint a sub-servicer solely with respect to the Franklin Mills Whole Loan, subject to confirmation by the Rating Agencies that such appointment will not cause the downgrade, qualification or withdrawal of the ratings on any securities backed by the Franklin Mills Loan or any Franklin Mills Pari Passu Companion Loan.

Sale of Defaulted Mortgage Loan.    Under the Pooling and Servicing Agreement, if the Franklin Mills Loan is subject to a fair value purchase option, the Special Servicer will be required to determine the purchase price for the Franklin Mills Pari Passu Companion Loan. Each option holder specified under ‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus will have an option to purchase the Franklin Mills Loan and the holders of the Franklin Mills Pari Passu Companion Loan (or its designees) will have an option to purchase the related Franklin Mills Pari Passu Companion Loan, at the purchase price determined by the Special Servicer under the Pooling and Servicing Agreement.

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The ChampionsGate Whole Loan

The ChampionsGate Loan.    One mortgage loan (identified as Loan No. 10 on Annex A-1 to this free writing prospectus) (the ‘‘ChampionsGate Loan’’), representing approximately 1.8% of the Initial Pool Balance (2.3%, 0.0%), is part of a split loan structure comprised of two mortgage loans, each of which is secured by the same mortgage instrument on the same underlying Mortgaged Property (the ‘‘ChampionsGate Mortgaged Property’’). The mortgage loan (with an outstanding principal balance as of the Cut-off Date of $50,000,000) is referred to in this free writing prospectus as a ‘‘ChampionsGate Pari Passu Companion Loan.’’ The ChampionsGate Pari Passu Companion Loan is not included in the trust. Only the ChampionsGate Loan is included in the trust. The ChampionsGate Loan and the ChampionsGate Pari Passu Companion Loan are collectively referred to in this free writing prospectus as the ‘‘ChampionsGate Whole Loan.’’

The ChampionsGate Pari Passu Companion Loan is currently held by Eurohypo AG, New York Branch or an affiliate thereof. The ChampionsGate Hotel Pari Passu Companion Loan or a portion thereof may be included in a future securitization. The ChampionsGate Hotel Pari Passu Companion Loan may be sold or transferred at any time (subject to compliance with the terms of the related intercreditor agreement).

For purposes of the information presented in this free writing prospectus with respect to the ChampionsGate Loan, the debt service coverage ratio and the loan-to-value ratio reflect the aggregate indebtedness evidenced by the ChampionsGate Loan and the ChampionsGate Pari Passu Companion Loan.

Distributions.    Pursuant to the related intercreditor agreement (the ‘‘ChampionsGate Intercreditor Agreement’’), all payments, proceeds and other recoveries on or in respect of the ChampionsGate Loan and/or the ChampionsGate Pari Passu Companion Loan (in each case, subject to the rights of the Master Servicer, the Special Servicer and the Trustee under the Pooling and Servicing Agreement (and the master servicer and the trustee under any other pooling and servicing agreement relating to the ChampionsGate Pari Passu Companion Loan and any other service providers with respect to the ChampionsGate Pari Passu Companion Loan) to payments and reimbursements pursuant to and in accordance with the terms of the Pooling and Servicing Agreement) will be applied to the ChampionsGate Loan and the ChampionsGate Pari Passu Companion Loan on a pro rata and pari passu basis according to their respective outstanding principal balances.

Servicing.    The ChampionsGate Whole Loan will be serviced pursuant to the terms of the Pooling and Servicing Agreement and the ChampionsGate Intercreditor Agreement. The ChampionsGate Intercreditor Agreement generally provides that the ChampionsGate Whole Loan will be serviced by the Master Servicer and the Special Servicer according to the Servicing Standards under the Pooling and Servicing Agreement.

If the Directing Certificateholder and the holder of the ChampionsGate Pari Passu Companion Loan (or its designee) are not able to agree on a course of action that satisfies the Servicing Standards, under the Pooling and Servicing Agreement within 30 days (or such shorter period as may be required by the related mortgage loan documents to the extent the mortgagee’s approval is required) after receipt of a request for consent to any action by the Master Servicer or the Special Servicer, as applicable, the Directing Certificateholder will be entitled to direct the Master Servicer or the Special Servicer, as applicable, on a course of action to follow that satisfies the requirements set forth in the Pooling and Servicing Agreement (including that such action does not violate the Servicing Standards or another provision of the Pooling and Servicing Agreement, the ChampionsGate Whole Loan or any applicable REMIC provisions of the Code), and the Master Servicer or the Special Servicer, as applicable, will be required to implement the course of action in accordance with the Servicing Standards.

Termination of Special Servicer.    The Directing Certificateholder, after consultation with the holder of the ChampionsGate Pari Passu Companion Loan (or its designee), will be entitled to terminate the Special Servicer with respect to the special servicing of the ChampionsGate Whole

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Loan at any time, with or without cause, and to appoint a replacement special servicer, subject to satisfaction of the conditions contained in the Pooling and Servicing Agreement and the ChampionsGate Intercreditor Agreement, and if such holders are not able to agree on such appointment and removal within 30 days after receipt of notice, the Directing Certificateholder will be entitled to appoint a replacement special servicer. The appointment of a successor special servicer will be subject to receipt of written confirmation from the Rating Agencies that such appointment would not cause the downgrade, withdrawal or qualification of the then current ratings of the Certificates or any class of certificates backed by the Directing Certificateholder Pari Passu Companion Loan.

Sale of Defaulted Mortgage Loan.    Under the Pooling and Servicing Agreement, if the ChampionsGate Loan is subject to a fair value purchase option, the Special Servicer will be required to determine the purchase price for the ChampionsGate Loan and the ChampionsGate Pari Passu Companion Loan. Each option holder specified under ‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus will have an option to purchase the ChampionsGate Loan and the holder of the ChampionsGate Pari Passu Companion Loan (or its designees) will have an option to purchase the related ChampionsGate Pari Passu Companion Loan, at the purchase price determined by the Special Servicer under the Pooling and Servicing Agreement.

The JQH Hotel Portfolio Whole Loan

The JQH Hotel Portfolio Whole Loan.    One mortgage loan (identified as Loan No. 25 on Annex A-1 to this free writing prospectus) (the ‘‘JQH Hotel Portfolio Loan’’), representing approximately 0.9% of the Initial Pool Balance (1.2%, 0.0%), is part of a split loan structure comprised of two mortgage loans, each of which is secured by the same mortgage instrument on the same underlying Mortgaged Properties (collectively, the ‘‘JQH Hotel Portfolio Mortgaged Property’’). The JQH Hotel Portfolio Loan is evidenced by promissory note A-2. The mortgage loan evidenced by promissory note A-1 is referred to in this free writing prospectus as the ‘‘JQH Hotel Portfolio Pari Passu Companion Loan.’’ The JQH Hotel Portfolio Pari Passu Companion Loan has an outstanding principal balance as of the Cut-off Date of $100,000,000. The JQH Hotel Portfolio Pari Passu Companion Loan is not included in the trust. Only the JQH Hotel Portfolio Loan is included in the trust. The JQH Hotel Portfolio Loan and the JQH Hotel Portfolio Pari Passu Companion Loan are collectively referred to in this free writing prospectus as the ‘‘JQH Hotel Portfolio Whole Loan.’’

The JQH Hotel Portfolio Pari Passu Companion Loan is currently held by Eurohypo AG, New York Branch or an affiliate thereof. The JQH Hotel Portfolio Pari Passu Companion Loan or a portion thereof may be included in a future securitization. The JQH Hotel Portfolio Pari Passu Companion Loan may be sold or transferred at any time (subject to compliance with the terms of the related intercreditor agreement).

For purposes of the information presented in this free writing prospectus with respect to the JQH Hotel Portfolio Loan, the debt service coverage ratio and the loan-to-value ratio reflect the aggregate indebtedness evidenced by the JQH Hotel Portfolio Loan and the JQH Hotel Portfolio Pari Passu Companion Loan.

Distributions.    Pursuant to the related intercreditor agreement (the ‘‘JQH Hotel Portfolio Intercreditor Agreement’’), all payments, proceeds and other recoveries on or in respect of the JQH Hotel Portfolio Loan and/or the JQH Hotel Portfolio Pari Passu Companion Loan (in each case, subject to the rights of the Master Servicer, the Special Servicer and the Trustee under the Pooling and Servicing Agreement and the master servicer and the trustee under any other pooling and servicing agreement relating to the JQH Hotel Portfolio Pari Passu Companion Loan and any other service providers with respect to the JQH Hotel Portfolio Pari Passu Companion Loan) will be applied to the JQH Hotel Portfolio Loan and the JQH Hotel Portfolio Pari Passu Companion Loan on a pro rata and pari passu basis according to their respective outstanding principal balances.

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Servicing.    Only the JQH Hotel Portfolio Loan is included in the trust. The JQH Hotel Portfolio Whole Loan will initially be serviced pursuant to the terms of the Pooling and Servicing Agreement and the JQH Hotel Portfolio Intercreditor Agreement. The JQH Hotel Portfolio Intercreditor Agreement generally provides that the JQH Hotel Portfolio Whole Loan will initially be serviced by the Master Servicer and the Special Servicer according to the Servicing Standards under the Pooling and Servicing Agreement, but upon the future securitization of the JQH Hotel Portfolio Pari Passu Companion Loan, servicing of the JQH Hotel Portfolio Whole Loan will be transferred to the related future securitization and the JQH Hotel Portfolio Whole Loan will be serviced by the related master servicer and the special servicer according to the servicing standards under the related separate pooling and servicing agreement entered into in connection with that securitization (the ‘‘JQH Hotel Portfolio Replacement Pooling and Servicing Agreement’’).

Consultation Rights of the Directing Certificateholder.    Pursuant to the JQH Hotel Portfolio Intercreditor Agreement, the holder of the JQH Hotel Portfolio Pari Passu Companion Loan (or its designee) is required to provide the Directing Certificateholder with an opportunity to review any proposed action to be taken in respect of the JQH Hotel Portfolio Whole Loan or the JQH Hotel Portfolio Mortgaged Property and is required to consult with the Directing Certificateholder in respect thereof. These actions will generally include but are not limited to rights that are similar but not identical to the rights of the Directing Certificateholder set forth in ‘‘Servicing of the Mortgage Loans—General’’, ‘‘—The Directing Certificateholder’’ and ‘‘—Modifications, Waiver and Amendments’’ in this free writing prospectus. If the Directing Certificateholder and the holder of the JQH Hotel Portfolio Pari Passu Companion Loan (or its designee) are not able to agree on a course of action that satisfies the servicing standards under the Pooling and Servicing Agreement or the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, as applicable, within 30 days (or such shorter period as may be required by the related mortgage loan documents to the extent the lender’s approval is required) after receipt of a request for consent to any action by the related master servicer or the special servicer then servicing the JQH Hotel Portfolio Whole Loan, as applicable, the holder of the JQH Hotel Portfolio Pari Passu Companion Loan (or its designee) will be entitled to direct the related master servicer or the special servicer, as applicable, on a course of action to follow that satisfies the requirements set forth in the Pooling and Servicing Agreement or the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, as applicable (including that such action does not violate the servicing standards or another provision of the Pooling and Servicing Agreement or the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, as applicable, the JQH Hotel Portfolio Whole Loan or any applicable REMIC provisions of the Code), and the related master servicer or the special servicer, as applicable, then servicing the JQH Hotel Portfolio Whole Loan will be required to implement the course of action in accordance with the servicing standards under the Pooling and Servicing Agreement or the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, as applicable.

Termination of Special Servicer.    The holder of the JQH Hotel Portfolio Pari Passu Companion Loan (or its designee), after consultation with the Directing Certificateholder, will be entitled to terminate the special servicer then servicing the JQH Hotel Portfolio Whole Loan with respect to the special servicing of the JQH Hotel Portfolio Whole Loan at any time, with or without cause, and to appoint a replacement special servicer, subject to satisfaction of the conditions contained in the Pooling and Servicing Agreement or the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, as applicable, and the JQH Hotel Portfolio Intercreditor Agreement, and if such holders are not able to agree on such appointment and removal within 30 days after receipt of notice, the holder of the JQH Hotel Portfolio Pari Passu Companion Loan (or its designee) will be entitled to appoint a replacement special servicer. The appointment of a successor special servicer will be subject to receipt of written confirmation from the Rating Agencies that such appointment would not cause the downgrade, withdrawal or qualification of the then current ratings of the Certificates or any class of certificates backed by the JQH Hotel Portfolio Pari Passu Companion Loan.

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Sale of Defaulted Mortgage Loan.    Under the Pooling and Servicing Agreement or the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement , as applicable, if the JQH Hotel Portfolio Pari Passu Companion Loan is subject to a fair value purchase option, the special servicer then servicing the JQH Hotel Portfolio Whole Loan will be required to determine the purchase price of the JQH Hotel Portfolio Loan. Each option holder specified under ‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus will have an option to purchase the JQH Hotel Portfolio Loan (and the option holder of the JQH Hotel Portfolio Pari Passu Companion Loan will have an option to purchase the JQH Hotel Portfolio Pari Passu Companion Loan), at the purchase price determined by the special servicer then servicing the JQH Hotel Portfolio Whole Loan.

The Carespring Portfolio Whole Loan

The Carespring Portfolio Loan.    One mortgage loan (identified as Loan No. 39 on Annex A-1 to this free writing prospectus) (the ‘‘Carespring Portfolio Loan’’), representing approximately 0.6% of the Initial Pool Balance (0.8%, 0.0%), is part of a split loan structure comprised of three mortgage loans, each of which is secured by the same mortgage instrument on the same underlying Mortgaged Property (the ‘‘Carespring Portfolio Mortgaged Property’’). The Carespring Portfolio Loan is evidenced by promissory note A-1. The mortgage loan evidenced by promissory note A-2 (with an outstanding principal balance as of the Cut-off Date of $34,155,000) is referred to in this free writing prospectus as a ‘‘Carespring Portfolio A-2 Pari Passu Companion Loan.’’ The mortgage loan evidenced by promissory note A-3 (with an outstanding principal balance as of the Cut-off Date of $34,155,000) is referred to in this free writing prospectus as a ‘‘Carespring Portfolio A-3 Pari Passu Companion Loan’’. The Carespring Portfolio A-2 Pari Passu Loan and the Carespring Portfolio A-3 Pari Passu Companion Loan are collectively referred to in this free writing prospectus as the ‘‘Carespring Portfolio Pari Passu Companion Loans’’. The Carespring Portfolio Pari Passu Companion Loans are not included in the trust. Only the Carespring Portfolio Loan is included in the trust. The Carespring Portfolio Loan and the Carespring Portfolio Pari Passu Companion Loans are collectively referred to in this free writing prospectus as the ‘‘Carespring Portfolio Whole Loan.’’ The notes evidencing the Carespring Portfolio Whole Loan are collectively referred to in this free writing prospectus as the ‘‘Carespring Portfolio Notes.’’

The Carespring Portfolio A-2 Pari Passu Companion Loan is owned by JPMCB or an affiliate and it is anticipated it will be deposited into a trust fund relating to a future securitization. The Carespring Portfolio A-3 Pari Passu Companion Loan is owned by JPMCB or an affiliate and it is anticipated it will be deposited into a trust fund relating to a future securitization.

For purposes of the information presented in this free writing prospectus with respect to the Carespring Portfolio Loan, the debt service coverage ratio and the loan-to-value ratio reflect the aggregate indebtedness evidenced by the Carespring Portfolio Loan and the Carespring Portfolio Pari Passu Companion Loans.

Distributions.    Pursuant to the Carespring Portfolio Intercreditor Agreement, all payments, proceeds and other recoveries on or in respect of the Carespring Portfolio Loan and/or the Carespring Portfolio Pari Passu Companion Loans (in each case, subject to the rights of the Master Servicer, the Special Servicer and the Trustee under the Pooling and Servicing Agreement (and the master servicer and the trustee under any other pooling and servicing agreement relating to the Carespring Portfolio Pari Passu Companion Loans and any other service providers with respect to the Carespring Portfolio Pari Passu Companion Loans) to payments and reimbursements pursuant to and in accordance with the terms of the Pooling and Servicing Agreement) will be applied to the Carespring Portfolio Loan and the Carespring Portfolio Pari Passu Companion Loans on a pro rata and pari passu basis according to their respective outstanding principal balances.

Servicing.    The Carespring Portfolio Whole Loan will be serviced pursuant to the terms of the Pooling and Servicing Agreement and the related intercreditor agreement (the ‘‘Carespring Portfolio Intercreditor Agreement’’). The Carespring Portfolio Intercreditor Agreement generally provides that the Carespring Portfolio Whole Loan will be serviced by the Master Servicer and the Special Servicer according to the Servicing Standards under the Pooling and Servicing Agreement.

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The Master Servicer or Special Servicer will need to obtain the consent of the holders of Carespring Portfolio Notes representing greater than 50% of the outstanding principal balance of the Carespring Portfolio Whole Loan (the ‘‘Carespring Portfolio Majority Holders’’), with respect to certain servicing actions set forth below, (provided that generally a failure by the Carespring Portfolio Majority Holders to approve or disapprove any proposed action within 30 days (or such shorter time frame as is provided for in the related loan documents will have the effect of a deemed consent)). Additionally, the holder of any Carespring Portfolio Note will have the right to consult with the Master Servicer or Special Servicer with respect to the servicing actions set forth below:

(1)    any proposed or actual foreclosure upon or comparable conversion of the ownership of the Carespring Portfolio Mortgaged Property;

(2)    any modification, consent to a modification or waiver of any monetary term or material non-monetary term of the Carespring Portfolio Whole Loan or material modification or waiver of any terms of the Carespring Portfolio Whole Loan relating to the nature or amount of required insurance coverage;

(3)    any sale of the Carespring Portfolio Whole Loan or related REO Property for less than the outstanding principal balance of the Carespring Portfolio Whole Loan plus all accrued and unpaid interest thereon;

(4)    any determination to bring an REO Property related to the Carespring Portfolio Whole Loan into compliance with applicable environmental laws or to address hazardous materials located at a related REO Property;

(5)    any release of collateral or any acceptance of substitute or additional collateral for the Carespring Portfolio Whole Loan (other than pursuant to the specific terms of the loan documents);

(6)    any waiver of a ‘‘due-on-sale’’ clause or ‘‘due-on-encumbrance’’ clause with respect to the Carespring Portfolio Whole Loan or a transfer of the Carespring Portfolio Mortgaged Property or interests in the related borrower (other than pursuant to the specific terms of the loan documents);

(7)    any property management changes with respect to the Carespring Portfolio Whole Loan as to which lender is required to consent or approve under the loan documents;

(8)    releases of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves with respect to the Carespring Portfolio Whole Loan, in an amount greater than or equal to $1,500,000 (other than those required pursuant to the specific terms of the loan documents);

(9)    any acceptance of an assumption agreement releasing the borrower from liability under the Carespring Portfolio Whole Loan (other than pursuant to the specific terms of the loan documents);

(10)    any approval of a material capital expenditure (if lender’s approval is required under the Carespring Portfolio Whole Loan); and

(11)    any adoption or approval of a plan in bankruptcy of the borrower under the Carespring Portfolio Whole Loan.

Notwithstanding the above, no advice, direction or objection from or by the Carespring Portfolio Majority Holders may (and the Master Servicer or the Special Servicer, as applicable, shall ignore and act without regard to any such advice, direction or objection that the Master Servicer or the Special Servicer has determined, in its reasonable, good faith judgment, will) require, cause or permit the Master Servicer or the Special Servicer, as applicable, to violate any provision of the Carespring Portfolio Intercreditor Agreement or the Pooling and Servicing Agreement (including the Master Servicer’s and Special Servicer’s obligation to act in accordance with the Servicing Standards, the related loan documents or applicable law) or result in an adverse REMIC event or an adverse grantor trust event.

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If a servicing event of default with respect to the Master Servicer under the Pooling and Servicing Agreement has occurred and remains unremedied that materially and adversely affects the holder of any Carespring Portfolio Pari Passu Companion Loans, the Carespring Portfolio Majority Holders will have the right to require the Master Servicer to appoint a sub-servicer solely with respect to the Carespring Portfolio Whole Loan, subject to confirmation by the Rating Agencies that such appointment will not cause the downgrade, qualification or withdrawal of the ratings on any securities backed by the Carespring Portfolio Loan or any Carespring Portfolio Pari Passu Companion Loans.

Sale of Defaulted Mortgage Loan.    Under the Pooling and Servicing Agreement, if the Carespring Portfolio Loan is subject to a fair value purchase option, the Special Servicer will be required to determine the purchase price for the Carespring Portfolio Pari Passu Companion Loans. Each option holder specified under ‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus will have an option to purchase the Carespring Portfolio Loan and the holders of the Carespring Portfolio Pari Passu Companion Loans (or its designees) will have an option to purchase the related Carespring Portfolio Pari Passu Companion Loans, at the purchase price determined by the Special Servicer under the Pooling and Servicing Agreement.

The Logan Portfolio Whole Loans

The Logan Portfolio Loans.    Each of the fourteen mortgage loans (identified as Loan Nos. 248, 251, 252, 253, 255, 257, 258, 259, 260, 261, 262, 263, 264, and 265 on Annex A-1 to this free writing prospectus) (the ‘‘Logan Portfolio Loans’’) is part of a split loan structure comprised of two mortgage loans, each of which is secured by the same mortgage instrument on the same respective underlying Mortgaged Property (each, a ‘‘Logan Portfolio Mortgaged Property’’ and collectively, ‘‘Logan Portfolio Mortgaged Properties’’). Each Logan Portfolio Loan is evidenced by promissory note A-1. Each mortgage loan evidenced by promissory note A-2 (with an outstanding principal balance as of the Cut-off Date reflected on the chart titled ‘‘Whole Loans Summary’’ above) is referred to in this free writing prospectus as a ‘‘Logan Portfolio Pari Passu Companion Loan’’ and collectively, the ‘‘Logan Portfolio Pari Passu Companion Loans’’. The Logan Portfolio Pari Passu Companion Loans are not included in the trust. Only the Logan Portfolio Loans are included in the trust. Each of Logan Portfolio Loans and the related Logan Portfolio Pari Passu Companion Loan are each collectively referred to in this free writing prospectus as a ‘‘Logan Portfolio Whole Loan.’’ The notes evidencing each of the Logan Portfolio Whole Loans are collectively referred to in this free writing prospectus as the ‘‘Logan Portfolio Notes.’’

Each of the Logan Portfolio Pari Passu Companion Loans is owned by Natixis Real Estate Capital Inc. or an affiliate and it is anticipated it will be deposited into a trust fund relating to a future securitization.

For purposes of the information presented in this free writing prospectus with respect to each of the Logan Portfolio Loans, the debt service coverage ratios and the loan-to-value ratios reflect the aggregate indebtedness evidenced by such Logan Portfolio Loan and the respective Logan Portfolio Pari Passu Companion Loan.

Distributions.    The Intercreditor Agreement relating to each Logan Portfolio Whole Loan (each, a ‘‘Logan Portfolio Intercreditor Agreement’’) provides that the related Logan Portfolio Pari Passu Companion Loan will be always pari passu in right of payment with the related Logan Portfolio Loan. Under the terms of each Logan Portfolio Intercreditor Agreement, any payment (whether principal or interest or prepayment under the related Logan Portfolio Notes, or proceeds relating to the respective Logan Portfolio Mortgaged Property (in each case, subject to the rights of the Master Servicer, the Special Servicer, the Depositor, the Trustee and any related sub-servicer to payments and reimbursements pursuant to and in accordance with the terms of the Pooling and Servicing Agreement) will be applied to the related Logan Portfolio Loan and the related Logan Portfolio Pari Passu Companion Loan on a pro rata and pari passu basis according to their respective outstanding principal balances. Any expenses, losses and shortfalls

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relating to the related Logan Portfolio Whole Loan will be also allocated, on a pro rata and pari passu basis, to the holder of the related Logan Portfolio Pari Passu Companion Loan.

Servicing.    Each Logan Portfolio Intercreditor Agreement generally provides that the related Logan Portfolio Whole Loan will be serviced and administered pursuant to the Pooling and Servicing Agreement by the Master Servicer and the Special Servicer, as applicable, according to the Servicing Standards. Under each Logan Portfolio Intercreditor Agreement, the Directing Certificateholder will have the right to consult with and advise the Master Servicer and the Special Servicer with respect to certain actions relating to the related Logan Portfolio Whole Loan but the Master Servicer or the Special Servicer, as applicable, will be required to consult, on a non-binding basis, with the holders of the related Logan Portfolio Pari Passu Companion Loan with respect to such actions.

With respect to each Logan Portfolio Whole Loan, the Master Servicer or the Special Servicer, as applicable, will not be permitted to take any of the following actions without obtaining the Directing Certificateholder’s approval:

(1)    any modification or amendment of, or waiver with respect to, such Logan Portfolio Whole Loan or the Logan Portfolio Whole Loan’s documents that would result in the extension of the maturity date, a reduction in the interest rate or the monthly payment, or any prepayment premium, exit fee or yield maintenance premium payable on such Logan Portfolio Whole Loan or a deferral or forgiveness of interest on or principal of such Logan Portfolio Whole Loan, a modification or waiver of any other monetary term of such Logan Portfolio Whole Loan documents relating to the timing or amount of any payment of principal and interest (other than default interest) or a modification or waiver of any provision of such Logan Portfolio Whole Loan which restricts the related borrower from incurring additional indebtedness or from transferring a mortgaged property or any transfer of direct or indirect equity interests in the borrower;

(2)    any modification or amendment of, or waiver with respect to, such Logan Portfolio Whole Loan’s documents that would result in a discounted pay off of such Logan Portfolio Whole Loan;

(3)    any foreclosure upon or comparable conversion (which may include acquisition of REO Property) of the ownership of the mortgaged property securing such Logan Portfolio Whole Loan or any acquisition of the related mortgaged property by deed in lieu of foreclosure;

(4)    any proposed or actual sale of the mortgaged property or REO property (other than in connection with (i) the repurchase or replacement of any mortgage loan by the related loan seller for a breach of representation or warranty or for defective or deficient loan documentation, (ii) the sale of defaulted mortgage loans and (iii) the termination of the trust and liquidation of all of the mortgage loans in the trust, in each case as provided in the related Logan Portfolio Intercreditor Agreement);

(5)    subject to certain exceptions, any proposed or actual sale of such Logan Portfolio Whole Loan by the applicable servicer;

(6)    any release of the respective borrower, any guarantor or other obligor from liability with respect to such Logan Portfolio Whole Loan;

(7)    any determination not to enforce a ‘‘due on sale’’ or ‘‘due on encumbrance’’ clause (unless such clause is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the borrower) as provided in the Pooling and Servicing Agreement (or similar provision in any other servicing agreement, if applicable);

(8)    any action to bring a related property or REO property into compliance with environmental laws or otherwise address hazardous materials located at the property or REO property;

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Logan Portfolio Whole Loan unless required by the underlying Logan Portfolio Whole Loan’s documents (other than any release made in connection with the grant of a non-material easement or right-of-way or other non-material release such as a ‘‘curb-cut’’);

(10)    any consent, waiver or approval with respect to any change in the property manager at the mortgaged property;

(11)    adoption or approval of a plan in a bankruptcy of a related borrower;

(12)    consenting to any new lease or any amendment, modification, waiver or termination of any lease, in each case to the extent the lender’s approval is required under such Logan Portfolio Whole Loan’s documents; or

(13)    any renewal or replacement of the then existing insurance policies (to the extent the lender’s approval is required under such Logan Portfolio Whole Loan’s documents) or any waiver, modification or amendment of any insurance requirements under such Logan Portfolio Whole Loan’s documents; provided that the Master Servicer or the Special Servicer, as applicable, shall be required to consult, on a non-binding basis, with the holder of such Logan Portfolio Pari Passu Companion Loan (or if any of the Logan Portfolio Pari Passu Companion Loans is in a securitization, the related controlling class representative) in respect of the items set forth above, and shall provide such parties with an opportunity to review any proposed action to be taken in respect thereof.

Notwithstanding the above, no advice, direction or objection from or by the Directing Certificateholder may (and the Master Servicer or the Special Servicer, as applicable, shall ignore and act without regard to any such advice, direction or objection that the Master Servicer or the Special Servicer has determined, in its reasonable, good faith judgment, will) require, cause or permit the Master Servicer or the Special Servicer, as applicable, to violate any provision of the Logan Portfolio Intercreditor Agreements or the Pooling and Servicing Agreement (including the Master Servicer’s and Special Servicer’s obligation to act in accordance with the Servicing Standards, the related loan documents or applicable law) or result in an adverse REMIC event or an adverse grantor trust event.

If a servicing event of default with respect to the Master Servicer under the Pooling and Servicing Agreement has occurred and remains unremedied that materially and adversely affects the holders of any Logan Portfolio Pari Passu Companion Loans, the Directing Certificateholder will have the right to require the Master Servicer to appoint a sub-servicer solely with respect to the related Logan Portfolio Whole Loan, subject to confirmation by the Rating Agencies that such appointment will not cause the downgrade, qualification or withdrawal of the ratings on any securities backed by the related Logan Portfolio Loan or any related Logan Portfolio Pari Passu Companion Loan.

Termination of Special Servicer.    The Directing Certificateholder, after consultation, on a non-binding basis, for a period of at least 10 business days, with the holders of the related Logan Portfolio Pari Passu Companion Loan (or if such Logan Portfolio Pari Passu Companion Loan is in a securitization, the related controlling class representative), will be entitled to terminate the Special Servicer with respect to the special servicing of a Logan Portfolio Whole Loan at any time, with or without cause, and to appoint a replacement special servicer, subject to satisfaction of the conditions contained in the Pooling and Servicing Agreement and the related Logan Portfolio Intercreditor Agreement, and if such holders are not able to agree on such appointment and removal within 30 days after receipt of notice, the Directing Certificateholder will be entitled to appoint a replacement special servicer. The appointment of a successor special servicer will generally be subject to receipt of written confirmation from the Rating Agencies that such appointment would not cause the downgrade, withdrawal or qualification of the then current ratings of the Certificates or any class of certificates backed by the related Logan Portfolio Whole Loan.

Sale of Defaulted Mortgage Loan.    Under the Pooling and Servicing Agreement, if any of the Logan Portfolio Loans is subject to a fair value purchase option, the Special Servicer will be

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required to determine the purchase price for the respective Logan Portfolio Pari Passu Companion Loan. Each option holder specified under ‘‘Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus will have an option to purchase the applicable Logan Portfolio Loan and the holders of the respective Logan Portfolio Pari Passu Companion Loan (or their designees) will have an option to purchase the related Logan Portfolio Pari Passu Companion Loan, at the purchase price determined by the Special Servicer under the Pooling and Servicing Agreement.

AB Mortgage Loan Groups

General

Each AB Mortgage Loan is evidenced by the senior of two or more notes each secured by a single Mortgage and a single assignment of leases and rents. The AB Subordinate Companion Loan relating to each AB Mortgage Loan, which is in each case evidenced by the subordinate of the two or more notes, will not be part of the trust fund.

Each AB Mortgage Loan and the related AB Subordinate Companion Loan are cross-defaulted. For purposes of the information presented in this free writing prospectus with respect to each AB Mortgage Loan, unless otherwise specified, the LTV Ratio and DSCR reflect only the AB Mortgage Loan and do not take into account the related AB Subordinate Companion Loan.

The trust, as the holder of each AB Mortgage Loan, and the holder of the related AB Subordinate Companion Loan will be parties to a separate intercreditor agreement (each, an ‘‘AB Intercreditor Agreement’’). Under the terms of each AB Intercreditor Agreement, the holder of the related AB Subordinate Companion Loan has agreed to subordinate its interest in certain respects to the related AB Mortgage Loan. The Master Servicer and the Special Servicer will undertake to perform the obligations of the holder of each AB Mortgage Loan under the related AB Intercreditor Agreement.

The AB Mortgage Loan Groups and the related Mortgaged Properties will be serviced and administered by the Master Servicer and, if necessary, the Special Servicer, pursuant to the Pooling and Servicing Agreement, in the manner described under ‘‘Servicing of the Mortgage Loans’’ in this free writing prospectus, but subject to the terms of the related AB Intercreditor Agreement to the extent set forth therein. In servicing an AB Mortgage Loan Group, the Servicing Standards set forth in the Pooling and Servicing Agreement will require the Master Servicer and the Special Servicer to take into account the interests of the Certificateholders and the holder of any related AB Subordinate Companion Loans as a collective whole. The Master Servicer and the Special Servicer have the initial authority to service and administer, and to exercise the rights and remedies with respect to, each AB Mortgage Loan Group.

Amounts payable to the trust as holder of any AB Mortgage Loan pursuant to the related AB Intercreditor Agreement will be included in the Available Distribution Amount for each Distribution Date to the extent described in this free writing prospectus and amounts payable to the holder of a related AB Subordinate Companion Loan will be distributed to such holder net of certain fees and expenses on the related AB Subordinate Companion Loan to the extent set forth in the related AB Intercreditor Agreement.

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The following table identifies, and sets forth certain information with respect to, the AB Mortgage Loans and their related AB Subordinate Companion Loans:

The AB Mortgage Loans are set forth below.

Loan No.			Mortgage Loan			A Note Cut-off Date Loan Balance						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance						B Note Original Balance
11			Lembi Portfolio				$	90,000,000						1.7	%					0.0	%					7.8	%				$	25,000,000
13			Stadium Towers				$	83,200,000						1.5	%					1.9	%					0.0	%				$	16,800,000
72			500 Davis Center				$	17,927,153						0.3	%					0.4	%					0.0	%				$	3,000,000
81			Edentree Apartment Village				$	15,000,000						0.3	%					0.0	%					1.3	%				$	1,000,000
83			Squire Hill Apartments				$	14,990,000						0.3	%					0.0	%					1.3	%				$	1,600,000
123			Foothill Glen Apartments				$	8,535,000						0.2	%					0.0	%					0.7	%				$	1,500,000

The AB Intercreditor Agreements.    With respect to each AB Mortgage Loan Group, the related AB Intercreditor Agreement between the holders of the related AB Mortgage Loan (the ‘‘Note A Holder’’), and the related AB Subordinate Companion Loan (the ‘‘Note B Holder’’), sets forth the rights of such noteholders. Each AB Intercreditor Agreement generally provides that the mortgage loans that comprise the related AB Mortgage Loan Group will be serviced and administered pursuant to the Pooling and Servicing Agreement by the Master Servicer and Special Servicer, as applicable, according to the Servicing Standards.

Distributions.    With respect to each AB Mortgage Loan Group, pursuant to the related AB Intercreditor Agreement, to the extent described below, the right of the related Note B Holder to receive payments with respect to the AB Subordinate Companion Loan held by it, is subordinate to the payment rights of the related Note A Holder to receive payments with respect to the related AB Mortgage Loan.

Prior to the occurrence and continuation of a monetary event of default or a non-monetary event of default resulting in an AB Mortgage Loan Group becoming a Specially Serviced Mortgage Loan, all payments and proceeds (of whatever nature) received with respect to the subject AB Mortgage Loan (excluding certain reserves and escrows as well as insurance proceeds and awards otherwise required to be applied under the related mortgage loan documents or released to the borrower) will generally be applied in the following manner:

First, to the related Note A Holder in an amount equal to any unreimbursed costs and advances paid, together with interest thereon, by the Note A Holder with respect to the AB Mortgage Loan or the related mortgaged property;

Second, to the related Note A Holder (for payment to the related Master Servicer and Special Servicer) in an amount equal to all accrued and unpaid servicing compensation earned with respect to the AB Mortgage Loan Group;

Third, to the related Note A Holder in an amount equal to accrued and unpaid interest with respect to the AB Mortgage Loan;

Fourth, to the related Note A Holder in an amount equal to its pro rata portion of any scheduled principal payments received with respect to the AB Mortgage Loan Group and its pro rata portion of any prepayments with respect to the AB Mortgage Loan Group;

Fifth, to the related Note B Holder in an amount equal to any unreimbursed costs and advances paid by the related Note B Holder with respect to the AB Subordinate Companion Loan or the related mortgaged property;

Sixth, to the related Note B Holder in an amount equal to any interest accrued on any advances made by the related Note B Holder in respect to delinquent principal or interest allocable to the AB Mortgage Loan;

Seventh, to the related Note B Holder in an amount equal to accrued and unpaid interest (net of servicing fees) with respect to the AB Subordinate Companion Loan;

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Eighth, to the related Note B Holder in the amount equal to its pro rata portion of any scheduled principal payments received with respect to the AB Mortgage Loan Group and its pro rata portion of any prepayments with respect to the AB Mortgage Loan Group;

Ninth, pro rata, (i) to the related Note A Holder, any penalty charges and any default interest with respect to the AB Mortgage Loan (net of any interest on advances payable to the related Note A Holder pursuant to clause first above and any interest on advances payable to the related Note B Holder pursuant to clause sixth above) and (ii) to the related Note B Holder, any penalty charges and any default interest with respect to the AB Subordinate Companion Loan (net of any interest on advances payable to the related Note A Holder pursuant to clause first above and any interest on advances payable to the related Note B Holder pursuant to clause sixth above);

Tenth, pro rata, (i) to the related Note A Holder, its percentage interest of any exit fees and extension fees allocated to the related AB Mortgage Loan Group, to the extent actually paid, and (ii) to the related Note B Holder, its percentage interest of any exit fees and extension fees allocated to the AB Mortgage Loan Group, to the extent actually paid; and

Eleventh, if any excess amount is paid by the respective borrowers, and not otherwise applied in accordance with the foregoing clauses first through tenth above, such remaining amount shall be paid to the related Note A Holder and the related Note B Holder, pro rata based on their respective percentage interests.

Following the occurrence and continuation of a monetary event of default or a non-monetary event of default resulting in the AB Mortgage Loan Group becoming a Specially Serviced Mortgage Loan, all payments and proceeds (of whatever nature) received with respect to the AB Mortgage Loan Group (excluding certain reserves and escrows as well as insurance proceeds and awards otherwise required to be applied under the related mortgage loan documents or released to the borrower) will generally be applied in the following manner:

First, to the related Note A Holder in an amount equal to any unreimbursed costs and advances paid, together with interest thereon, by the related Note A Holder with respect to the AB Mortgage Loan or the related mortgaged property;

Second, to the related Note A Holder (for payment to the related Master Servicer and Special Servicer) in an amount equal to all accrued and unpaid servicing compensation (including any workout fees and liquidation fees payable to the related Special Servicer) earned with respect to the AB Mortgage Loan Group;

Third, to the related Note A Holder in an amount equal to accrued and unpaid interest with respect to the AB Mortgage Loan;

Fourth, to the related Note A Holder in an amount equal to the outstanding principal balance of the AB Mortgage Loan, until such principal balance has been paid in full;

Fifth, to the related Note B Holder in an amount equal to any unreimbursed costs and advances paid by the related Note B Holder with respect to the AB Subordinate Companion Loan or the related mortgaged property;

Sixth, to the related Note B Holder in an amount equal to any interest accrued on any advances made by the related Note B Holder in respect to delinquent principal or interest allocable to the AB Mortgage Loan and any advance made with respect to the AB Subordinate Companion Loan prior to the securitization of the AB Mortgage Loan;

Seventh, to the related Note B Holder in an amount equal to accrued and unpaid interest (net of servicing fees) with respect to the AB Subordinate Companion Loan;

Eighth, to the related Note B Holder in an amount equal to the outstanding principal balance of the AB Subordinate Companion Loan, until such principal balance has been paid in full;

Ninth, pro rata, to (i) to the related Note A Holder, any penalty charges and any default interest with respect to the AB Mortgage Loan (net of any interest on advances payable to the

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related Note A Holder pursuant to clause first above and any interest on advances payable to the related Note B Holder pursuant to clause sixth above) and (ii) to the related Note B Holder, any penalty charges and any default interest with respect to the AB Subordinate Companion Loan (net of any interest on advances payable to the related Note A Holder pursuant to clause first above and any interest on advances payable to the related Note B Holder pursuant to clause sixth above);

Tenth, pro rata, to (i) to the related Note A Holder, its percentage interest of any exit fees and extension fees allocated to the AB Mortgage Loan, to the extent actually paid, and (ii) the related Note B Holder, its percentage interest of any exit fees and extension fees allocated to the related AB Subordinate Companion Loan, to the extent actually paid; and

Eleventh, if any excess amount is paid by the respective borrowers, and not otherwise applied in accordance with the foregoing clauses first through tenth above, such remaining amount shall be paid to the related Note A Holder and the related Note B Holder, pro rata based on their respective percentage interests.

Consent Rights of Each Note B Holder.    With respect to each AB Mortgage Loan Group, unless an AB Control Appraisal Period exists, the related Note B Holder, or an advisor on its behalf, will be entitled to advise and direct the related Master Servicer and/or Special Servicer with respect to certain matters, including among other things, any modification or waiver of a monetary term of the subject AB Mortgage Loan Group and any modification of, or waiver that would result in the extension of the related maturity date, a reduction in the interest rate on the related AB Subordinate Companion Loan or the monthly debt service payment payable on the related AB Subordinate Companion Loan or a deferral or forgiveness of interest on or principal of the related AB Subordinate Companion Loan or a modification or waiver of any other monetary term of the related AB Subordinate Companion Loan relating to the timing or amount of any payment of principal and interest (other than default interest); any modification of, or waiver with respect to, the subject AB Mortgage Loan Group that would result in a discounted pay-off of the related AB Subordinate Companion Loan; any foreclosure upon or comparable conversion (which may include acquisition of an REO property) of the ownership of the related mortgaged property or any acquisition of the mortgaged property by deed-in-lieu of foreclosure; any sale of the subject AB Mortgage Loan Group, the related mortgaged property or REO property; any release of the related borrower or any guarantor from liability with respect to the subject AB Mortgage Loan Group; any waiver of or determination not to enforce a ‘‘due-on-sale’’ or ‘‘due-on-encumbrance’’ clause (unless such clause is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the related borrower); any action to bring the related mortgaged property or an REO property into compliance with environmental laws; any substitution or release of collateral for the subject AB Mortgage Loan Group, except as permitted by the related mortgage loan documents; any transfer of the related mortgaged property or any portion thereof; the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the related borrower; and any releases of reserve funds or related letters of credit or adjustment to the amounts of reserve funds required under the related mortgage loan documents. However, no advice or direction may require or cause the related Master Servicer or the Special Servicer to violate any provision of the Pooling and Servicing Agreement, including the Master Servicer’s and the Special Servicer’s obligation to act in accordance with the Servicing Standards.

With respect to each AB Mortgage Loan Group, an ‘‘AB Control Appraisal Period’’ will exist if, and for so long as, the initial principal balance of the related AB Subordinate Companion Loan, minus the sum of (i) any principal payments (principal prepayments or otherwise) allocated to, and received on, that AB Subordinate Companion Loan, (ii) any appraisal reduction amount allocated to that AB Subordinate Companion Loan and (iii) any realized principal losses allocated to that AB Subordinate Companion Loan, is less than 25% of (A) the initial principal balance of that AB Subordinate Companion Loan minus (B) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, that AB Subordinate Companion Loan.

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Termination of Special Servicer.    With respect to each AB Mortgage Loan Group, prior to an AB Control Appraisal Period, the related Note B Holder will be entitled to terminate the Special  Servicer with respect to the special servicing of the subject AB Mortgage Loan Group at any time, with or without cause, and to appoint a replacement special servicer, subject to satisfaction of the conditions contained in the Pooling and Servicing Agreement and the related AB Intercreditor Agreement. The appointment of a successor special servicer will generally be subject to receipt of written confirmation from the Rating Agencies that such appointment would not cause the downgrade, withdrawal or qualification of the then current ratings of the Certificates.

Cure Rights.    In the event of any monetary default with respect to an AB Mortgage Loan Group, or to the extent of the related Master Servicer’s knowledge thereof, a non-monetary default with respect to the subject AB Mortgage Loan Group, the related Note B Holder will be entitled to cure (i) a monetary default within five (5) business days of receipt of notice thereof and (ii) a non-monetary default within 30 days of receipt of notice thereof, subject to limitations, specified in the related AB Intercreditor Agreement, on the number of times that the related Note B Holder may exercise such cure rights.

Purchase Option.    With respect to each AB Mortgage Loan Group, the related Note B Holder has the right, by written notice to the related Note A Holder, following the occurrence of (i) any event of default with respect to an obligation of the related borrower to pay principal and interest payments or any other monetary obligations due under the subject AB Mortgage Loan Group or (ii) any non-monetary event of default as a result of which the subject AB Mortgage Loan Group becomes a Specially Serviced Mortgage Loan, to purchase the related AB Mortgage Loan from the applicable Note A Holder subject to the terms and conditions contained in the related AB Intercreditor Agreement. The purchase price will include, among other things, an amount equal to the unpaid principal balance of the subject AB Mortgage Loan, together with all unpaid interest on the subject AB Mortgage Loan at the related interest rate (excluding default interest and any prepayment premium) and any servicing compensation, advances and interest on advances payable or reimbursable to any party to the Pooling and Servicing Agreement.

Top Fifteen Mortgage Loans

The following table shows certain information regarding the fifteen largest mortgage loans or groups of cross-collateralized mortgage loans by Cut-off Date Balance:

Loan Name			Loan Group			Cut-off Date Balance						% of Initial Pool Balance						Loan per Unit						UW DSCR(1)						Cut-off LTV Ratio(2)						Property Type
GSA Portfolio			1				$	284,000,000						5.2	%				$	258						1.24x						79.2	%			Office
Maple Drive Portfolio			1					220,000,000						4.1					$	377						1.34x						66.3	%			Office
315 Park Avenue South			1					219,000,000						4.0					$	656						1.21x						76.8	%			Office
Save Mart Portfolio			1					209,064,838						3.9					$	130						1.25x						67.2	%			Retail
5 Penn Plaza.			1					203,000,000						3.7					$	309						1.21x						67.7	%			Office
Franklin Mills			1					174,000,000						3.2					$	184						1.26x						78.4	%			Retail
Hyatt Regency – Jacksonville			1					150,000,000						2.8					$	155,280						1.40x						78.9	%			Hotel
Americold Portfolio			1					115,300,000						2.1					$	84						1.88x						74.2	%			Industrial
Genesee Valley Center			1					110,668,660						2.0					$	204						1.11x						72.6	%			Retail
ChampionsGate			1					100,000,000						1.8					$	205,479						1.27x						64.2	%			Hotel
Lembi Portfolio			2					90,000,000						1.7					$	135,952						1.87x						61.9	%			Multifamily
Denmark MHC Portfolio			2					89,250,000						1.6					$	25,580						1.19x						74.5	%			Manufactured     Housing
Stadium Towers			1					83,200,000						1.5					$	323						1.40x						59.4	%			Office
2030 Broadway			2					80,000,000						1.5					$	522,876						1.20x						67.7	%			Multifamily
Embassy Suites Atlanta			1					80,000,000						1.5					$	249,221						1.65x						64.5	%			Hotel
Total/Weighted Average							$	2,207,483,498						40.7	%											1.33x						71.5	%

(1) Information with regard to any AB Mortgage Loan Group is calculated without regard to the related Subordinate Companion Loan(s), and in the case of the Pari Passu Loan Groups in certain circumstances, such information, particularly as it relates to debt service coverage ratios and loan-to-value ratios, includes the principal balance and debt service payment of the respective Pari Passu Companion Loans.

(2) With respect to mortgage loans secured by more than one Mortgaged Property, the information presented in this free writing prospectus with respect to UW DSCR and LTV Ratios, as applicable, is the UW DSCR or LTV Ratio of the mortgage loan in the aggregate.

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For more information regarding the fifteen largest mortgage loans and/or loan concentrations and related Mortgaged Properties, see the individual mortgage loan and portfolio descriptions under ‘‘Description of Top Fifteen Mortgage Loans or Groups of Cross-Collateralized Mortgage Loans and Additional Mortgage Loan Information’’ in Annex A-3 to this free writing prospectus.

ARD Loans

4 mortgage loans (identified as Loan Nos. 16, 79, 102, and 136 on Annex A-1 to this free writing prospectus), (the ‘‘ARD Loans’’), representing approximately 2.0% of the Initial Pool Balance (2.2%, 1.3%), provide that, if after a certain date (the ‘‘Anticipated Repayment Date’’), the borrower has not prepaid the ARD Loan in full, any principal outstanding on that date will accrue interest at an increased interest rate (which rate may continue to increase annually after the Anticipated Repayment Date) (the ‘‘Revised Rate’’) rather than the stated Mortgage Rate (the ‘‘Initial Rate’’). The Anticipated Repayment Date for each ARD Loan is approximately 10 years after origination. The Revised Rate for 3 of the ARD Loans (identified as Loan Nos. 16, 79 and 102 on Annex A-1 to this free writing prospectus) is generally equal to the greater of the Initial Rate plus at least 2% or the then-current treasury rate corresponding to a term equal to the remaining amortization period plus at least 2% per annum and the Revised Rate for 1 of the ARD Loans (identified as Loan No. 136 on Annex A-1 to this free writing prospectus) is generally equal to the lesser of the maximum rate permitted by law and the Initial Rate plus 2%. After the Anticipated Repayment Date, the ARD Loans further require that all cash flow available from the related Mortgaged Property after payment of the Periodic Payments required under the terms of the related mortgage loan documents and all escrows and property expenses required under the related mortgage loan documents be used to accelerate amortization of principal on the ARD Loans. While interest at the Initial Rate continues to accrue and be payable on a current basis on the ARD Loans after their respective Anticipated Repayment Dates, the payment of interest at the excess of the Revised Rate over the Initial Rate for the ARD Loans will be deferred and will be required to be paid, with interest (to the extent permitted under applicable law and the related mortgage loan documents), only after the outstanding principal balance of the related ARD Loan has been paid in full, at which time the deferred interest will be paid to the holders of the Class S Certificates.

Additionally, generally, an account was established at the origination of each ARD Loan into which the related borrower, property manager and/or tenants is required to directly deposit rents or other revenues from the related Mortgaged Property. In certain instances, the lockbox structure does not come into effect (i.e., spring) until immediately prior to, or on, the Anticipated Repayment Date. See ‘‘—Lockbox Accounts’’ below. The foregoing features, to the extent applicable, are designed to increase the likelihood that the ARD Loans will be prepaid by the related borrower on or about the Anticipated Repayment Date. However, we cannot assure you that the ARD Loans will be prepaid on their respective Anticipated Repayment Dates.

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Certain Terms and Conditions of the Mortgage Loans

Mortgage Loans.    The mortgage loans have due dates that occur on the day of each month as set forth in the following table:

Overview of Due Dates

Due Date			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
1st					90					$	1,812,585,172						33.4	%					35.8	%					24.6	%
3rd					2						14,573,089						0.3						0.3						0.0
5th					47						578,007,016						10.6						12.1						5.1
6th					16						231,746,534						4.3						4.0						5.3
7th					25						93,283,704						1.7						2.2						0.0
9th					40						1,155,012,543						21.3						25.3						6.5
10th					18						694,713,000						12.8						8.4						29.2
11th					28						847,447,343						15.6						11.9						29.3
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

The mortgage loans have grace periods as set forth in the following table:

Overview of Grace Periods

Grace Period			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
0					164					$	3,370,943,172						62.1	%					59.4	%					72.0	%
2					2						14,573,089						0.3						0.3						0.0
3					1						7,800,000						0.1						0.2						0.0
5					27						1,294,543,000						23.9						27.1						11.9
7					64						657,870,501						12.1						11.6						14.1
10					8						81,638,639						1.5						1.4						2.0
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

As used in this free writing prospectus, ‘‘grace period’’ is the number of days following the due date before a payment default under each mortgage loan.

In some cases, there are exceptions to the strict operation of the grace period (or lack thereof). Some mortgage loans, for example, allow for a notice and cure right prior to acceleration of the mortgage loan. Some mortgage loans also provide exceptions in the event that the failure to make timely principal and interest payments is relatively infrequent.

The mortgage loans accrue interest on the basis of the actual number of days in a month, assuming a 360-day year (‘‘Actual/360 Basis’’) or accrue interest on the basis of twelve 30-day months, assuming a 360-day year (‘‘30/360 Basis’’), as set forth in the following table:

Interest Accrual Basis

Accrual			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Actual/360					261					$	5,277,169,325						97.2	%					96.5	%					100.0	%
30/360					5						150,199,076						2.8						3.5						0.0
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

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The mortgage loans have the amortization characteristics set forth in the following table:

Amortization Type

Amort Type			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Balloon Loans
Interest Only					117					$	3,558,306,729						65.6	%					62.4	%					77.3	%
Partial Interest Only					90						1,209,477,160						22.3						22.7						20.7
Balloon					59						659,584,512						12.2						14.9						1.9
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

Prepayment Provisions.    Most mortgage loans prohibit any prepayments or Defeasance for a specified period of time after its date of origination (a ‘‘Lockout Period’’). In addition, each mortgage loan restricts voluntary prepayments or Defeasance in one of the following ways, subject in each case to any described open periods:

Overview of Prepayment Protection

Prepayment Protection			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
Defeasance					197					$	3,996,489,856						73.6	%					71.6	%					81.2	%
Yield Maintenance					43						968,717,010						17.8						18.8						14.2
Yield Maintenance, Defeasance/Yield Maintenance					5						298,000,000						5.5						7.0						0.0
Defeasance/Yield Maintenance					3						92,963,000						1.7						1.5						2.5
Yield Maintenance/Defeasance					15						27,673,534						0.5						0.6						0.0
Defeasance, Defeasance/Yield Maintenance					1						20,000,000						0.4						0.5						0.0
Defeasance, Fixed Penalty					1						14,990,000						0.3						0.0						1.3
No Penalty					1						8,535,000						0.2						0.0						0.7
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

With respect to certain mortgage loans, ‘‘Yield Maintenance Charge’’ will generally, subject to variations, be equal to the greater of, (i) a specified percentage of the amount being prepaid or (ii) the present value as of the prepayment date, of the remaining scheduled payments of principal and interest from the prepayment date through the maturity date or applicable Anticipated Repayment Date (including any balloon payment) determined by discounting such payments at the ‘‘Discount Rate’’ defined below (or as stated in the related loan documents), less the amount of principal being prepaid.

The term ‘‘Discount Rate’’ generally means the yield on a U.S. Treasury security (in the case of certain mortgage loans, plus a specified percentage) that has the most closely corresponding maturity date to the maturity date, or, the remaining weighted average life of the mortgage loan, and in some cases, converted to a monthly equivalent yield (as described in the respective loan documents).

Yield Maintenance Charges and any prepayment premiums are distributable as described in this free writing prospectus under ‘‘Description of the Certificates—Allocation of Yield Maintenance Charges and Prepayment Premiums.’’

The mortgage loans generally permit voluntary prepayment without the payment of a Yield Maintenance Charge or any prepayment premium during an ‘‘open period’’ immediately prior to and including the stated maturity date or Anticipated Repayment Date set forth in the following table:

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Prepayment Open Periods

Open Period (payments)			Number of Mortgage Loans						Aggregate Principal Balance of Mortgage Loans						% of Initial Pool Balance						% of Initial Loan Group 1 Balance						% of Initial Loan Group 2 Balance
1					22					$	541,863,177						10.0	%					11.8	%					3.4	%
2					10						229,950,000						4.2						4.8						2.0
3					73						963,868,916						17.8						15.6						25.8
4					138						2,850,199,057						52.5						49.9						62.1
5					4						384,300,000						7.1						9.0						0.0
6					2						36,290,000						0.7						0.5						1.3
7					7						113,480,710						2.1						2.7						0.0
10					1						174,000,000						3.2						4.1						0.0
12					2						35,000,000						0.6						0.0						3.0
13					2						29,400,000						0.5						0.7						0.0
19					1						4,981,041						0.1						0.1						0.0
24					2						50,300,500						0.9						0.7						1.6
25					1						5,200,000						0.1						0.1						0.0
35					1						8,535,000						0.2						0.0						0.7
Total:					266					$	5,427,368,401						100.0	%					100.0	%					100.0	%

Unless a mortgage loan is relatively near its stated maturity date (or Anticipated Repayment Date) or unless the sale price or the amount of the refinancing of the related Mortgaged Property is considerably higher than the current outstanding principal balance of the mortgage loan (due to an increase in the value of the Mortgaged Property or otherwise) and depending on the interest rate environment at the time of prepayment, the Yield Maintenance Charge or prepayment premium may offset entirely or render insignificant any economic benefit to be received by a related borrower upon a refinancing or sale of its Mortgaged Property. The Yield Maintenance Charge or prepayment premium provision of a mortgage loan creates an economic disincentive for the borrower to prepay its mortgage loan voluntarily and, accordingly, the related borrower may elect not to prepay its mortgage loan. However, we cannot assure you that the imposition of a Yield Maintenance Charge or prepayment premium will provide a sufficient disincentive to prevent a voluntary principal prepayment or sufficient compensation to Certificateholders affected by a prepayment.

Certain state laws limit the amounts that a lender may collect from a borrower as an additional charge in connection with the prepayment of a mortgage loan. Certain mortgage loans require the payment of Yield Maintenance Charges or prepayment premiums in connection with a prepayment of the related mortgage loan with Insurance and Condemnation Proceeds as a result of a casualty or condemnation. Certain other of the mortgage loans do not require the payment of Yield Maintenance Charges or prepayment premiums in connection with a prepayment of the related mortgage loan with Insurance and/or Condemnation Proceeds as a result of a casualty or condemnation; so long as no event of default exists. In addition, certain of the mortgage loans permit the related borrower, after a partial casualty or partial condemnation, to prepay the remaining principal balance of the mortgage loan (after application of the related Insurance and Condemnation Proceeds to pay the principal balance of the mortgage loan), which may in certain cases not be accompanied by any prepayment consideration. Certain of the mortgage loans provide for a recast of the amortization schedule and an adjustment of the scheduled debt service payments on the mortgage loan upon application of specified amounts of Insurance and Condemnation Proceeds to pay the related unpaid principal balance. Certain of the mortgage loans provide for a recast of the amortization schedule and an adjustment of the scheduled debt service payments on the mortgage loan upon application of certain holdbacks, if such holdbacks are not used for their specified purpose, to pay the related unpaid principal balance of such mortgage loan. Furthermore, the enforceability, under the laws of a number of

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states, of provisions providing for payments comparable to the Yield Maintenance Charges or prepayment premiums upon an involuntary prepayment is unclear. We cannot assure you that, at the time a Yield Maintenance Charge or prepayment premium is required to be made on a mortgage loan in connection with an involuntary prepayment, the obligation to pay the Yield Maintenance Charge or prepayment premium will be enforceable under applicable state law. See ‘‘Certain Legal Aspects of Mortgage Loans—Default Interest and Limitations on Prepayments’’ in the prospectus.

In the case of 1 mortgage loan (identified as Loan No. 20 on Annex A-1 to this free writing prospectus), representing approximately 1.1% of the Initial Pool Balance (1.4%, 0.0%), the borrower as purchaser and the seller of the related property entered into a purchase price earnout agreement pursuant to which the maximum payable earnout amount is $9,971,416 (the ‘‘Full Earnout’’). In the event that the total amount of the Full Earnout is not paid to the Seller within the earlier of 24 months of closing or three months after the specified date in the purchase contract, then borrower must, as a mandatory prepayment, partially prepay the mortgage in a principal amount equal to 59% of the Full Earnout then remaining unpaid, plus any applicable yield maintenance penalty.

In the case of 1 mortgage loan (identified as Loan No. 247 on Annex A-1 to this free writing prospectus), representing approximately 0.04% of the Initial Pool Balance ( 0.0%, 0.2%), the related mortgage borrower is permitted to partially prepay up to 10% of the balance of the related mortgage loan (over the life thereof) from the proceeds of sales of additional shares of the equity of the related mortgage borrower. After 10% of the loan balance has been paid down, additional share sale proceeds can be used to prepay the related mortgage loan (with a prepayment penalty equal to required yield maintenance) or for capital improvements or shareholder subsidies.

Defeasance; Collateral Substitution; Property Releases.    The terms of 222 of the mortgage loans, representing approximately 82.0% of the Initial Pool Balance (81.2%, 85.0%), permit the applicable borrower on any due date after a specified period (the ‘‘Defeasance Lockout Period’’); so long as no event of default exists, to obtain a release of all or a portion of a Mortgaged Property from the lien of the related Mortgage in exchange for a grant of a security interest in certain government securities (a ‘‘Defeasance’’). The Defeasance Lockout Period is at least two years from the Closing Date. The release is subject to certain conditions, including, among other conditions, that the borrower:

(a)    pays or delivers to the Master Servicer on the requested release date (the ‘‘Release Date’’) (1) all other sums then due under the mortgage loan and all other loan documents executed in connection with the related mortgage loan, (2) funds to purchase direct non-callable obligations of the United States of America or, in certain cases, other U.S. government obligations providing payments (x) on or prior to all successive scheduled payment dates from the Release Date to the related maturity date (or, in some cases, the first day of the open period) including the balloon payment (or the Anticipated Repayment Date, including all amounts due and outstanding on the ARD Loan), assuming, in the case of each ARD Loan, a balloon payment that would be due assuming that the mortgage loan is prepaid on the related Anticipated Repayment Date (or, in some cases, the first day of the open period for such ARD Loan), and (y) in amounts at least equal to the scheduled payments due on those dates under the mortgage loan or the related defeased amount of the mortgage loan in the case of a partial Defeasance (including any balloon payment), and (3) any costs and expenses incurred in connection with the purchase of the U.S. government obligations; and

(b)    delivers a security agreement granting the trust fund a first priority lien on the U.S. government obligations purchased as substitute collateral and an opinion of counsel relating to the enforceability of such security interest.

Except as described below, the mortgage loans secured by more than one parcel making up the related Mortgaged Property that permit release of one or more of such parcels without

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releasing all of such parcels by means of partial Defeasance generally require that either (or, in some cases, both) (1) prior to the release of such parcel, a specified percentage (generally between 100.0% and 125.0%) of the allocated loan amount (or in some cases a fixed dollar amount) for the Mortgaged Property be defeased and/or (2) certain DSCR and/or LTV Ratio tests (if applicable) be satisfied with respect to the remaining parcels making up the related Mortgaged Property after the partial Defeasance.

In the case of 1 mortgage loan (identified as Loan No. 11 on Annex A-1 to this free writing prospectus), representing approximately 1.7% of the Initial Pool Balance (0.0%, 7.8%), the borrower is permitted to obtain the release of one or more of the individual Mortgaged Properties through a partial defeasance of such mortgage loan after the expiration of the defeasance lockout period, subject to the satisfaction of certain conditions, including, but not limited to: (i) no event of default shall have occurred and be continuing under the terms of the related mortgage loan documents as of the date of notice to Lender of said release and the date of said release, (ii) the payment of 120% of the allocated loan amount as set forth in the related deed of trust to such property or properties to be released and (iii) after giving effect to such release, the loan to value ratio on the remaining property or properties shall not be greater than 95% and the debt service coverage ratio shall be no less than the greater of 1.10:1.00 or the debt service coverage ratio prior to such release.

In the case of 1 mortgage loan (identified as Loan No. 111 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (approximately 0.2% of the Initial Group 1 Balance as of the cut-off date), the related loan documents permit the borrower to obtain the release of portion of the Mortgaged Property from the lien of the mortgage upon the satisfaction of certain conditions specified in the loan documents, including without limitation (i) the transfer of the release parcel to a bona-fide unaffiliated third party; (ii) no event of default has occurred and is continuing under the terms of the related mortgage loan documents; (iii) the debt service coverage ratio for the loan after giving effect to such release is not less than 1.20x; (iv) the loan-to-value ratio is not greater than 80% and (v) borrower defeases the loan in an amount equal to $300,000.

The related borrower or, if the borrower is not required to do so under the mortgage loan documents, the Master Servicer, will be responsible for purchasing the U.S. government obligations on behalf of the borrower at the borrower’s expense. Simultaneously with these actions, the related Mortgaged Property will be released from the lien of the mortgage loan and the pledged U.S. government obligations (together with any Mortgaged Property not released, in the case of a partial Defeasance) will be substituted as the collateral securing the mortgage loan.

In general, a successor borrower established or designated by the related borrower (or, if the borrower is not required or permitted to do so under the mortgage loan documents, established or designated by the Master Servicer) will assume all of the defeased obligations of a borrower exercising a Defeasance option under a mortgage loan and the borrower will be relieved of all of the defeased obligations under the mortgage loan. In other cases, the existing borrower will remain liable for all of the defeased obligations, subject to the mortgage loan documents, after releasing the Mortgaged Property.

Although the collateral substitution provisions related to Defeasance are not intended to be, and do not have the same effect on the Certificateholders as, a prepayment of the related mortgage loan, a court could interpret these provisions as being equivalent to an unenforceable Yield Maintenance Charge or prepayment premium. We make no representation as to the enforceability of the defeasance provisions of any mortgage loan.

In the case of 1 mortgage loan (identified as Loan No. 4 on Annex A-1 to this free writing prospectus), representing approximately 3.9% of the Initial Pool Balance (4.9%, 0.0%), the borrower is permitted, at any time before the date that is 6 months prior to the maturity date of the mortgage loan, to obtain a release of any of the mortgaged properties by substituting another property of like kind and quality subject to the satisfaction of certain conditions,

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including, but not limited to, the following: (i) the sales per square foot for the 12 months preceding the substitution of the substitute property must be at least 95% of the sales per square foot of the mortgaged property being substituted for; (ii) the release debt service coverage ratio for the substitute property is not less than the greater of (x) the release debt service coverage ratio for the substituted property as of the origination date of the mortgage loan and (y) the release debt service coverage ratio for the substituted property as of the date of the substitution; (iii) the loan-to-value ratio of a substitute property is not greater than the lesser of the loan-to-value ratio for a substituted property (x) as of the origination date of the mortgage loan and (y) as of the date immediately prior to the substitution; and (iv) a rating agency confirmation.

With respect to 1 mortgage loan (identified as Loan No. 6 on Annex A-1 to this free writing prospectus), representing approximately 3.2% of the Initial Pool Balance (4.1%, 0.0%), at any time prior to the maturity of the mortgage loan, the related borrower may obtain the release of the Mortgaged Property by substituting another property of like kind and quality acquired by the borrower or an affiliate of the sponsor of the borrower, subject to, among other things, the following conditions: (i) the payment of a fee in the amount of $100,000, (ii) the fair market value of the substitute property is not less than one hundred ten percent (110%) of the greater of (a) the fair market value of the substituted property as of the origination date and (b) the fair market value of the substituted property as of the date immediately preceding the substitution, (iii) the net operating income from the substitute property is greater that one hundred ten percent (110%) of the greater of (a) the net operating income of the substituted property as of the origination date and (b) the net operating income of the substituted property as of the date immediately preceding the substitution, (iv) receipt by the lender of a confirmation in writing from the Rating Agencies to the effect that such substitution will not result in a withdrawal, qualification or downgrade of the respective ratings of the Certificates in effect immediately prior to such substitution, (v) no event of default shall have occurred and be continuing under the terms of the related mortgage loan documents and the related borrower is in material compliance with all terms and conditions of the related mortgage loan documents, and (vi) the borrower has delivered all title, loan, security and due diligence documents related to the substitute property.

In the case of 1 mortgage loan (identified as Loan No. 7 on Annex A-1 to this free writing prospectus), representing approximately 2.8% of the Initial Pool Balance (3.5%, 0.0%), the mortgaged property is composed of two buildings, the main hotel, and a terrace building (the ‘‘Terrace Building’’). The Terrace Building contains additional hotel rooms (the ‘‘Terrance Building Hotel Component’’), a meeting space area (the ‘‘Terrace Building Conference Center Component’’), and parking garage spaces (the ‘‘Terrance Building Parking Component’’). The Terrace Building Conference Center Component and the Terrace Building Parking Component may be released subject to certain substitution or replacement conditions including, but not limited to, the following: (i) the substitute or replacement Terrace Building Conference Center Component or Terrace Building Parking Component must be: (a) located within reasonable proximity, (b) substantially equal to or greater in size, and (c) substantially the same quality and functionality; and (ii) rating agency confirmation.

In the case of 1 mortgage loan (identified as Loan No. 8 on Annex A-1 to this free writing prospectus), representing approximately 2.1% of the Initial Pool Balance (2.7%, 0.0%), the borrower is permitted to substitute for any individual property included in the pool, another property of like kind and quality and meeting certain other criteria, subject to the satisfaction of certain conditions, including, but not limited to, the following: (i) the aggregate allocated loan amount of the substitute properties does not exceed 35% of the original principal balance of the loan; (ii) after giving effect to the substitution, the debt service coverage ratio (excluding the substituted properties and including the substitute properties) is not less than the greater of (x) the debt service coverage ratio as of the origination date of the mortgage loan and (y) the debt service coverage ratio for the 12 calendar months immediately preceding the substitution; provided, that in order to satisfy such debt service coverage ratio, the borrower may defease a

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portion of the loan in excess of the release amounts of the affected individual properties; and (iii) (a) the loan-to-value ratio for a substitute property is not greater than the lesser of the loan-to-value ratio for a substituted property (x) as of the origination date of the mortgage loan and (y) immediately prior to the substitution, or (b) if the borrower is unable to satisfy the loan-to-value ratio test set forth in clause (iii)(a), after giving effect to the substitution, such test may be satisfied if the loan-to-value ratio for all of the individual properties (excluding the substituted properties and including the substitute properties) is not greater than the lesser of (x) the loan-to-value ratio as of the origination date of the mortgage loan and (y) the loan-to-value ratio immediately prior to the substitution.

In the case of 1 mortgage loan (identified as Loan No. 10 on Annex A-1 to this free writing prospectus), representing approximately 1.8% of the Initial Pool Balance (2.3%, 0.0%), the related mortgage loan documents permit the borrower to obtain the release of a portion of the Mortgaged Property consisting of the property relating to four golf holes, subject to the satisfaction of certain conditions, including, but not limited to: (i) the borrower grants the lender a first priority lien on a replacement parcel adjacent to the golf course on the Mortgaged Property and (ii) the replacement parcel consists of property relating to up to four golf holes, and is substantially the same size and in substantially the same condition as the released parcel.

In the case of 1 mortgage loan (identified as Loan No. 53 on Annex A-1 to this free writing prospectus), representing approximately 0.5% of the Initial Pool Balance (0.6%, 0.0%), the related mortgage loan documents permit the borrower to obtain the release of one or more parcels or outlots proposed to be transferred to a third party in connection with the expansion or other development of the mortgaged property, without payment of a release price, upon satisfaction of certain conditions, including but not limited to, that the parcel is vacant, non-income producing and unimproved or improved by landscaping, utility facilities that are readily locatable or surface parking except if the parcel is an anchor parcel that the borrower purchased after origination. In addition, the related loan documents permit the borrower to obtain a release of one or more parcels or outlots by substituting another parcel provided that certain conditions in the related loan documents are satisfied, including (i) the portion to be released must be vacant, non-income producing and unimproved or improved by landscaping, utility facilities that are readily relocatable or surface parking, and (ii) simultaneously with such release, the borrower must acquire title to a parcel of real property reasonably equivalent in use, value and condition to the portion to be released and the mortgage must be spread to such substitute parcel. The borrower is also entitled to obtain the release of one or more anchor parcels acquired after the origination date and proposed to be transferred to a third party, without payment of a release price, upon satisfaction of certain conditions specified in the mortgage loan documents.

In the case of 1 mortgage loan (identified as Loan No. 38 on Annex A-1 to this free writing prospectus), representing approximately 0.6% of the Initial Pool Balance (approximately 0.8% of the Initial Loan Group 1 Balance), the related loan documents permit the borrower to obtain the release of portion of the mortgaged property, i.e. the condominium Units 2 and 3 of the Centralia North I Commercial-Industrial Condominium (the ‘‘Condo’’), which are not owned by the borrower, from the lien of the mortgage upon the satisfaction of certain conditions specified in the loan documents, including without limitation receipt of the satisfactory amendment to the existing lease of the mortgaged property, encompassing Units 1, 2 and 3 of the Condo.

With respect to 1 mortgage loan (identified as Loan No. 130 on Annex A-1 to this free writing prospectus, representing approximately 0.1% of the Initial Pool Balance (approximately 0.2% of the Initial Group 1 Balance as of the cutoff date)), at any time prior to the maturity of the mortgage loan, the related borrower may obtain the release of the mortgaged property by substituting another property of like kind and quality acquired by the borrower or affiliate of borrower and leased to a single tenant under a triple-net lease, subject to the fulfillment, among other things, of the following conditions: (i) the net operating income for the substitute property does not show a downward trend over the three years prior to substitution, (ii) the loan-to-value ratio of the substitute property is not greater than (a) 65%, and (b) the loan-to-value ratio of the

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substituted property immediately before the substitution, (iii) the debt service coverage ratio of the substitute property is greater than (a) the debt service coverage ratio on the origination date, and (b) the debt service coverage ratio immediately preceding the substitution, (iv) receipt by the lender of a confirmation in writing from the Rating Agencies to the effect that such substitution will not result in a withdrawal, qualification or downgrade of the respective ratings of the Certificates in effect immediately prior to such substitution, (v) no event of default shall have occurred and be continuing under the terms of the related mortgage loan documents and the related borrower is in material compliance with all terms and conditions of the related mortgage loan documents, and (vi) the borrower has delivered all title, loan, security and due diligence documents related to the substitute property.

In the case of 1 mortgage loan (identified as Loan No. 173 on Annex A-1 to this free writing prospectus), representing approximately 0.1% of the Initial Pool Balance (approximately 0.1% of the Initial Loan Group 1 Balance), the related loan documents permit the borrower to obtain the release of either one of the two retail mortgaged properties from the lien of the mortgage upon the satisfaction of certain conditions specified in the loan documents, including without limitation (i) the transfer of the release parcel to a bona-fide unaffiliated third party; (ii) there exists no continuing event of default and (iii) payment of 115% of the allocated loan amount for the released property.

In the case of 1 mortgage loan (identified as Loan No. 172 on Annex A-1 to this free writing prospectus), representing approximately 0.1% of the Initial Pool Balance (0.0%, 0.5%), the related mortgage loan documents permit the borrower to obtain the release of a parking lot at the Mortgaged Property, subject to the satisfaction of certain conditions, including, but not limited to: (i) a payment of $260,000, together with a yield maintenance premium; (ii) after giving effect to such release, the debt service coverage ratio for the remaining Mortgaged Property is at least equal to the greater of (a) the debt service coverage ratio as of the origination date (without giving effect to the portion of the Mortgaged Property to be released) and (b) the debt service coverage ratio as of the date immediately preceding such release (without giving effect to the portion of the Mortgaged Property to be released); (iii) after giving effect to such release, the loan-to-value ratio for the remaining Mortgaged Property does not exceed the lesser of (a) the loan-to-value ratio as of the origination date (without giving effect to the portion of the Mortgaged Property to be released), (b) the loan-to-value ratio immediately preceding such release (without giving effect to the portion of the Mortgaged Property to be released) and (c) 80%; (iv) delivery of an agreement relating to the construction of a parking structure in close proximity to the released parcel, including temporary parking easements during the construction and a permanent parking easement post-construction; and (v) confirmation from the rating agencies that such a release will not result in a downgrade, withdrawal or qualification of the ratings assigned to the Certificates.

In addition to the partial defeasance, partial releases and substitutions described above, certain mortgage loans will permit partial releases as described below.

In the case of one mortgage loan (identified as Loan No. 12 on Annex A to this free writing prospectus), representing approximately 1.6% of the Initial Pool Balance (0.0%, 7.7%), the related mortgage loan documents permit the borrower to obtain the release of up to four individual Mortgaged Properties, subject to the satisfaction of certain conditions, including, but not limited to: (i) payment of 120% of the allocated loan amount for that Mortgaged Property and (ii) after giving effect to such release, the debt service coverage ratio for the trailing 12 months for all of the Mortgaged Properties then remaining must be greater than the debt service coverage ratio for the trailing 12 months immediately preceding the release.

In the case of 1 mortgage loan (identified as Loan No. 104 on Annex A-1 to this free writing prospectus), representing approximately 0.2% of the Initial Pool Balance (0.0%, 0.9%), the related mortgage loan documents permit the borrower to obtain the release of individual Mortgaged Property (without partially defeasing) subject to the satisfaction of certain conditions, including, but not limited to: (i) payment of 125% of the allocated loan amount, together with a

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yield maintenance premium; (ii) after giving effect to such release, the debt service coverage ratio on an interest-only basis for the remaining Mortgaged Property is at least equal to 1.30x; (iii) after giving effect to such release, the loan-to-value ratio for the remaining Mortgaged Property does not exceed the lesser of (a) the loan-to-value ratio as of the origination date, and (b) the loan-to-value ratio immediately preceding such release; and (iii) confirmation from the rating agencies that such a release will not result in a downgrade, withdrawal or qualification of the ratings assigned to the Certificates.

With respect to the Logan Portfolio Loans (identified as Loan Nos. 248, 251, 252, 253, 255, 257, 258, 259, 260, 261, 262, 263, 264 and 265 on Annex A-1 to this free writing prospectus), representing approximately 0.4% of the Initial Pool Balance (approximately 0.5% of the Initial Loan Group 1 Balance), that are each part of one of the Logan Portfolio Whole Loan that are cross-collateralized and cross-defaulted with each other, the related borrower under the applicable Logan Portfolio Loan (the ‘‘Logan Released Whole Loan’’) is permitted to obtain a release of the mortgaged property (the ‘‘Logan Released Mortgaged Property’’) from the lien of the mortgage and/or a termination of any applicable cross-collateralization and cross-default provisions of the other related Logan Portfolio Loans (‘‘Logan Crossed Whole Loans’’) in connection with (1) transfer of the mortgaged property to a special purpose entity acceptable to the lender (‘‘Logan Special Transfer’’) or (2) repayment of the Logan Portfolio Loan, provided that the following conditions are satisfied: (i) no event of default has occurred, (ii) the sole tenant at the Logan Released Mortgaged Property and sole tenants at the other Mortgaged Properties securing Logan Crossed Whole Loans are open for business and have not defaulted in the payment of rent, (iii) the debt service coverage ratio for the Logan Released Whole Loan after giving effect to such release is not less than the greater of (A) the debt service coverage ratio for the Logan Released Whole Loan as of origination date and (B) the debt service coverage ratio for the Logan Released Whole Loan immediately preceding such release, (iv) the loan-to-value ratio for the remaining Logan Portfolio Loans is not greater than 80%, (v) in the event of a full repayment, borrower under the Logan Released Whole Loan pays 115% of the outstanding principal (the ‘‘Logan Release Amount’’) to lender with yield maintenance premium and (vi) in the event of a Logan Special Transfer, borrower complies with certain other transfer requirements of the applicable loan agreement, including (a) absence of an event of default, (b) payment of the assumption fee; and (c) securing an approval of the Logan Special Transfer from the lender. In connection with a release upon the repayment of the Logan Portfolio Loan, any funds remaining from the Logan Release Amount will be applied against the outstanding principal of the remaining Logan Crossed Whole Loans.

Certain of the mortgage loans permit a partial release of an unimproved portion (which may have landscaping, parking or other non-income generating improvements) of the related Mortgaged Property or an improved portion of the related Mortgaged Property that was, in either case, given no value or was not material for underwriting purposes for no consideration upon the satisfaction of certain requirements other than pursuant to Defeasance.

‘‘Due-on-Sale’’ and ‘‘Due-on-Encumbrance’’ Provisions.    The mortgage loans contain ‘‘due-on-sale’’ and ‘‘due-on-encumbrance’’ provisions that in each case, with limited exceptions, permit the holder of the Mortgage to accelerate the maturity of the related mortgage loan if the borrower sells or otherwise transfers or encumbers the related Mortgaged Property without the consent of the holder of the Mortgage; provided, however, under the terms of many of the mortgage loans, this consent may not be unreasonably withheld, and in some cases must be granted if certain conditions are met (including that transfers to certain specified ‘‘qualified transferees’’ may be made without lender consent). Certain of the mortgage loans permit transfers by the related borrower of the Mortgaged Property to purchasers who would then assume the related mortgage loan subject to the reasonable acceptability of the transferee to the mortgagee and the satisfaction of certain conditions provided in the related loan documents. The transfer of a Mortgaged Property to a new unaffiliated entity will likely involve the termination of any applicable cross-collateralization arrangement under the related mortgage loan documents. Certain of the mortgage loans permit or, within a specified time period, require the

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tenants in common borrowers to transfer ownership to other tenants in common or into a single-purpose entity. Certain of the Mortgaged Properties have been, or may become, subject to additional financing. See ‘‘—Additional Debt’’ above and ‘‘Risk Factors—Multifamily Properties Have Special Risks’’ in this free writing prospectus.

The Master Servicer, with respect to non-Specially Serviced Mortgage Loans, and the Special Servicer, with respect to Specially Serviced Mortgage Loans, will be required (a) to exercise any right it may have with respect to a mortgage loan containing a ‘‘due-on-sale’’ clause (1) to accelerate the payments on that mortgage loan, or (2) to withhold its consent to any sale or transfer, consistent with the Servicing Standards or (b) to waive its right to exercise such rights; provided, however, with respect to such waiver of rights, (i) with respect to all non-Specially Serviced Mortgage Loans, the Master Servicer has obtained the prior written consent (or deemed consent) of the Special Servicer, (ii) with respect to all Specially Serviced Mortgage Loans, the Special Servicer has obtained the prior written consent (or deemed consent) of the Directing Certificateholder and (iii) with respect to any mortgage loan (x) with a Stated Principal Balance greater than or equal to $20,000,000, (y) with a Stated Principal Balance greater than or equal to 5% of the aggregate Stated Principal Balance of the mortgage loans then outstanding or (z) that is one of the ten largest mortgage loans (by Stated Principal Balance) outstanding, confirmation from each Rating Agency is obtained that such waiver or consent would not result in the downgrade, withdrawal or qualification of the then-current ratings on any class of outstanding Certificates. Any confirmation required will be at the related borrower’s expense, to the extent permitted by the related mortgage loan documents; provided that, to the extent the mortgage loan documents are silent as to who bears the costs of any such confirmation, the Master Servicer or Special Servicer is required to use reasonable efforts to have the related borrower bear such costs and expenses.

With respect to a mortgage loan with a ‘‘due-on-encumbrance’’ clause, the Master Servicer, with respect to non-Specially Serviced Mortgage Loans, and the Special Servicer, with respect to Specially Serviced Mortgage Loans, will be required (a) to exercise any right it may have with respect to a mortgage loan containing a ‘‘due-on-encumbrance’’ clause (1) to accelerate the payments thereon, or (2) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standards or (b) to waive its right to exercise such rights; provided that, with respect to such waiver of rights, (i) if the mortgage loan is a non-Specially Serviced Mortgage Loan, the Master Servicer has made a recommendation and obtained the consent (or deemed consent) of the Special Servicer and (ii) the Master Servicer or Special Servicer, as the case may be, has obtained from each Rating Agency a confirmation that the waiver would not result in the downgrade, withdrawal or qualification of the then-current ratings on any Class of outstanding Certificates if that mortgage loan (1) has an outstanding principal balance (together with any cross-collateralized mortgage loan) that is greater than or equal to 2% of the aggregate Stated Principal Balance of the mortgage loans or (2) has a loan-to-value ratio greater than 85% (including any proposed debt) or (3) has a debt service coverage ratio less than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the mortgage loan and the principal amount of the proposed additional loan) or (4) is one of the ten largest mortgage loans (by Stated Principal Balance) or (5) has a principal balance over $20,000,000. Any confirmation required will be at the related borrower’s expense, to the extent permitted by the related mortgage loan documents; provided that, to the extent the mortgage loan documents are silent as to who bears the costs of any such confirmation, the Master Servicer or Special Servicer is required to use reasonable efforts to have the related borrower bear such costs and expenses.

Notwithstanding the foregoing, the existence of any additional indebtedness may increase the difficulty of refinancing the related mortgage loan at its maturity date or Anticipated Repayment Date, as applicable, and increase the possibility that reduced cash flow could result in deferred maintenance. Also, if the holder of the additional debt has filed for bankruptcy or been placed in involuntary receivership, foreclosure of the related mortgage loan could be delayed.

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See ‘‘Certain Legal Aspects of Mortgage Loans—Due-on-Sale and Due-on-Encumbrance’’ and ‘‘—Subordinate Financing’’ in the prospectus.

Hazard, Liability and Other Insurance.    The mortgage loans generally require that each Mortgaged Property be insured by a hazard insurance policy in an amount (subject to a deductible approved by the lender pursuant to the terms of the related loan documents) at least equal to the lesser of (a) the outstanding principal balance of the related mortgage loan and (b) 100% of the replacement cost of the improvements located on the related Mortgaged Property, and if applicable, that the related hazard insurance policy contain appropriate endorsements or have been issued in an amount sufficient to avoid the application of co-insurance and not permit reduction in insurance proceeds for depreciation; provided that in the case of certain of the mortgage loans, the hazard insurance may be in such other amounts as was required by the related originator. Certain mortgage loans permit a borrower to satisfy its insurance coverage requirement by permitting its tenant to self-insure.

In general, the standard form of hazard insurance policy covers physical damage to, or destruction of, the improvements on the Mortgaged Property by fire, lightning, explosion, smoke, windstorm and hail, riot or strike and civil commotion, subject to the conditions and exclusions set forth in each policy. Most of the mortgage loans generally also require the related borrower to maintain comprehensive general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the related Mortgaged Property in an amount generally equal to at least $1,000,000. Most of the mortgage loans generally further require the related borrower to maintain business interruption insurance in an amount not less than approximately 100% of the gross rental income from the related Mortgaged Property for not less than 12 months. In general, the mortgage loans (including those secured by Mortgaged Properties located in California) do not require earthquake insurance. 90 of the Mortgaged Properties, securing mortgage loans representing approximately 19.5% of the Initial Pool Balance (20.8%, 14.7%), are located in areas that are considered a high earthquake risk (seismic zones 3 or 4). These areas include all or parts of the States of California, Nevada, Utah, Oregon and Washington. Except with respect to 3 of the Mortgaged Properties, securing 3 mortgage loans representing approximately 1.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, no Mortgaged Property has a probable maximum loss (‘‘PML’’) in excess of 20%. In the case of 1 mortgage loan (identified as Loan No. 151 on Annex A-1 to this free writing prospectus), representing approximately 0.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (approximately 0.2% of the aggregate principal balance of the mortgage loans in loan group 1 as of the cut-off date, the probable maximum loss is 25%, however the earthquake insurance was obtained with respect to the Mortgaged Property. In the case of 1 mortgage loan (identified as Loan No. 40 on Annex A-1 to this free writing prospectus), representing approximately 0.6% of the aggregate principal balance of the mortgage loans as of the cut-off date (0.8%, 0.0%), the probable maximum loss is 29%; however earthquake insurance was obtained with respect to the Mortgaged Property. In the case of 1 mortage property (identified as Loan No. 8.02 on Annex A-1 to this free writing prospectus), representing approximately 0.4% of the aggregate principal balance of the mortgage loans as of the cut off date (0.5%, 0.0%), the probable maximum loss is 21%.

Generally, an environmental insurance policy obtained in lieu of a Phase I environmental site assessment is a blanket policy covering the Mortgage Loan Seller’s mortgage loans for which such assessments were not obtained. The policy insures the trust against losses, with a per incident limit set at 125% of the outstanding balance of the mortgage loan and an aggregate limit equal to a percentage of the aggregate outstanding principal balance of the mortgage loans covered by the policy, resulting from certain known and unknown environmental conditions in violation of applicable environmental standards at the related Mortgaged Property during the applicable policy period, which continues for a period at least equal to the lesser of (a) five years beyond the maturity date of the related mortgage loan and (b) twenty years beyond the date of origination of the related mortgage loan, provided no foreclosure has occurred. Subject to certain conditions and exclusions, such insurance policies, by their terms, generally provide coverage against

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(i) losses resulting from default under the applicable mortgage loan, up to the amount of the then outstanding loan balance and certain unpaid interest, if on-site environmental conditions in violation of applicable environmental standards are discovered at the related Mortgaged Property during the policy period and no foreclosure of the Mortgaged Property has taken place; (ii) losses from third-party claims against the lender during the policy period for bodily injury, property damage or clean-up costs resulting from environmental conditions at or emanating from the Mortgaged Property; and (iii) after foreclosure, costs of clean-up of environmental conditions in violation of applicable environmental standards discovered during the policy period to the extent required by applicable law, including any court order or other governmental directive.

See ‘‘Risk Factors—Property Insurance, Including Terrorism Insurance May Not Be Sufficient’’ in this free writing prospectus for information regarding insurance coverage for acts of terrorism.

Additional Mortgage Loan Information

The tables presented in Annex A-2 set forth certain anticipated characteristics of the mortgage loans and the Mortgaged Properties. The sum in any column may not equal the indicated total due to rounding. The descriptions in this free writing prospectus of the mortgage loans and the Mortgaged Properties are based upon the pool of mortgage loans as it is expected to be constituted as of the close of business on the Closing Date, assuming that (1) all scheduled principal and/or interest payments due on or before the Cut-off Date will be made and (2) there will be no principal prepayments on or before the Cut-off Date.

Prior to the issuance of the Certificates, one or more mortgage loans (including mortgage loans specifically described in this free writing prospectus) may be removed from the pool of mortgage loans as a result of prepayments, delinquencies, incomplete documentation or for any other reason, if the Depositor or a Mortgage Loan Seller deems the removal necessary, appropriate or desirable. A limited number of other mortgage loans may be included in the pool of mortgage loans prior to the issuance of the Certificates, unless including those mortgage loans would materially alter the characteristics of the pool of mortgage loans as described in this free writing prospectus. The Depositor believes that the information set forth in this free writing prospectus will be representative of the characteristics of the pool of mortgage loans as it will be constituted at the time the Certificates are issued, although the range of Mortgage Rates and maturities as well as other characteristics of the mortgage loans described in this free writing prospectus may vary.

With respect to mortgage loans secured by more than one Mortgaged Property, the information presented in this free writing prospectus with respect to UW DSCR and LTV Ratios, as applicable, is the UW DSCR or LTV Ratio of the mortgage loan in the aggregate. Unless otherwise noted, all numerical and statistical information presented in this free writing prospectus, including Cut-off Date Balances, LTV Ratios and UW DSCRs with respect to each AB Mortgage Loan is calculated without regard to the related AB Subordinate Companion Loan. In addition, the loan amount and debt service payment used in this free writing prospectus for purposes of calculating the loan-to-value ratios and debt service coverage ratios of the Pari Passu Loan Groups are the aggregate principal balance and aggregate debt service of the Mortgage Loan and the related Pari Passu Companion Loans. Whenever percentages and other information in this free writing prospectus are presented on the mortgaged property level rather than the mortgage loan level, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1 to this free writing prospectus.

A Current Report on Form 8-K (the ‘‘Form 8-K’’) will be available to purchasers of the Offered Certificates on or shortly after the Closing Date and will be filed, together with the Pooling and Servicing Agreement, with the Securities and Exchange Commission. If mortgage loans are removed from or added to the pool of mortgage loans as set forth above, the removal or addition will be noted in the Form 8-K.

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For a detailed presentation of certain characteristics of the mortgage loans and the Mortgaged Properties on an individual basis, see Annex A-1.

The ‘‘Underwritten Cash Flow Debt Service Coverage Ratio’’ or ‘‘UW DSCR’’ for any mortgage loan for any period, as presented in this free writing prospectus, including the tables presented on Annex A-1 and Annex A-2 attached to this free writing prospectus, is the ratio of Underwritten Cash Flow calculated for the related Mortgaged Property to the amount of total annual debt service on such mortgage loan. In the case of each Pari Passu Mortgage Loan, the Underwritten Cash Flow Debt Service Coverage Ratio was based on the aggregate cut-off date principal balance of each Mortgage Loan and each related Pari Passu Companion Loans. The Underwritten Cash Flow Debt Service Coverage Ratio for all partial interest-only loans was calculated based on the first principal and interest payment required to be made into the trust fund during the term of the loan. With respect to any mortgage loan that is part of a cross-collateralized group of mortgage loans, the Underwritten Cash Flow Debt Service Coverage Ratio is the ratio of the Underwritten Cash Flow calculated for the Mortgaged Properties related to the cross-collateralized group to the total annual debt service for all of the mortgage loans in the cross-collateralized group. ‘‘Underwritten Cash Flow’’ or ‘‘UW NCF’’ means the Underwritten NOI for the related Mortgaged Property decreased by an amount that the related Mortgage Loan Seller has determined to be an appropriate allowance for average annual tenant improvements and leasing commissions and/or replacement reserves for capital items based upon its underwriting guidelines. Each originator of commercial mortgage loans has its own underwriting criteria, and no assurance can be given that adjustments or calculations made by one originator would be made by other lenders. See ‘‘Risk Factors—Risks Relating to Underwritten Net Cash Flow’’ in this free writing prospectus.

‘‘Underwritten NOI’’ or ‘‘UW NOI’’ means the Net Operating Income for the related Mortgaged Property as determined by the related Mortgage Loan Seller in accordance with its underwriting guidelines for similar properties. Revenue from a Mortgaged Property (‘‘Effective Gross Income’’) is generally calculated as follows: rental revenue is calculated using actual or contractual rental rates (in some cases, including future contractual rent steps), in some cases adjusted to market rental and/or with vacancy rates or an assumed vacancy rate; other revenue, such as parking fees, laundry fees and other income items are generally included only if supported by a trend and/or are likely to be recurring. Operating expenses generally reflect the related Mortgaged Property’s historical expenses, adjusted to account for inflation, significant occupancy increases and a market rate management fee. Generally, ‘‘Net Operating Income’’ or ‘‘NOI,’’ for a Mortgaged Property equals the operating revenues (consisting principally of rental and related revenue) for that Mortgaged Property minus the operating expenses (such as utilities, repairs and maintenance, general and administrative, management fees, marketing and advertising, insurance and real estate tax expenses) for the Mortgaged Property. NOI generally does not reflect debt service, tenant improvements, leasing commissions, depreciation, amortization and similar non-operating items.

The Underwritten NOI for each Mortgaged Property is calculated on the basis of numerous assumptions and subjective judgments, which, if ultimately proven erroneous, could cause the actual operating income for such Mortgaged Property to differ materially from the Underwritten NOI set forth herein. Some assumptions and subjective judgments related to future events, conditions and circumstances, including future income and expense levels, the re-leasing of occupied space, which will be affected by a variety of complex factors over which none of the Issuing Entity, the Depositor, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer or the Trustee have control. In some cases, the Underwritten NOI for any Mortgaged Property is higher, and may be materially higher, than the actual annual NOI for that Mortgaged Property, based on historical operating statements. No guaranty can be given with respect to the accuracy of the information provided by any borrowers, or the adequacy of the procedures used by a Mortgage Loan Seller in determining and presenting operating information. See ‘‘Risk Factors—Risks Relating to Underwritten Net Cash Flow’’ in this free writing prospectus.

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The amounts representing Net Operating Income, Underwritten NOI and Underwritten Cash Flow are not a substitute for or an improvement upon net income, as determined in accordance with generally accepted accounting principles, as a measure of the results of the Mortgaged Property’s operations or a substitute for cash flows from operating activities, as determined in accordance with generally accepted accounting principles, as a measure of liquidity. No representation is made as to the future cash flow of the Mortgaged Properties, nor are the Net Operating Income, Underwritten NOI and Underwritten Cash Flow set forth in this free writing prospectus intended to represent such future cash flow.

The UW NCFs and UW NOIs used as a basis for calculating the UW DSCRs presented in this free writing prospectus, including the tables presented on Annex A-1 and Annex A-2, were derived generally from operating statements obtained from the respective borrowers subject to certain assumptions including but not limited to those described below (the ‘‘Operating Statements’’). With respect to mortgage loans secured by newly constructed Mortgaged Properties, the UW NCFs and UW NOIs used as a basis for calculating UW DSCRs are derived generally from rent rolls, tenant leases, master leases and the appraisers’ projected expense levels or other assumptions. The Operating Statements and rent rolls were not audited and in most cases were not prepared in accordance with generally accepted accounting principles. To increase the level of consistency between the Operating Statements and rent rolls, in some instances, adjustments were made to such Operating Statements. These adjustments were principally for real estate tax and insurance expenses (e.g., adjusting for the payment of two years of expenses in one year), and to eliminate obvious items not related to the operation of the Mortgaged Property. However, such adjustments were subjective in nature and may not have been made in a uniform manner. The UW NCF for residential cooperative Mortgaged Properties is generally based on projected Net Operating Income at the Mortgaged Property, as determined by the appraisal obtained in connection with the origination of the related mortgage loan, assuming that the Mortgaged Property was operated as a rental property with rents set at prevailing market rates taking into account the presence of, if any, existing rent-controlled or rent-stabilized occupants, if any, reduced by underwritten capital expenditures, property operating expenses, a market-rate vacancy assumption and projected reserves. Notwithstanding the foregoing, as indicated on Annex A-1, in certain cases, historical income and revenue information was not utilized in determining UW NCF because such historical information either was not available or was not an accurate reflection of the current status of the related Mortgaged Property as a result of a change in circumstances at the related Mortgaged Property. In those cases, the related Mortgage Loan Seller generally relied on comparative market and sub-market leasing assumptions (including rental rates and vacancy), master leases and other potential revenue generators as well as budget projections provided by the borrower and information contained in the related Mortgaged Property appraisal in determining UW NCF.

The tables presented in Annex A-2 that are entitled ‘‘Cut-off Date LTV Ratios’’ and ‘‘Maturity Date LTV Ratios’’ set forth the range of LTV Ratios of the mortgage loans as of the Cut-off Date and the stated maturity dates or Anticipated Repayment Dates of the mortgage loans. An ‘‘LTV Ratio’’ for any mortgage loan, as of any date of determination, is a fraction, expressed as a percentage, the numerator of which is the scheduled principal balance of the mortgage loan as of that date (assuming no defaults or prepayments on the mortgage loan prior to that date), and the denominator of which is the appraised value of the related Mortgaged Property or Mortgaged Properties as determined by an appraisal of the property obtained at or about the time of the origination of the mortgage loan. In the case of the Pari Passu Mortgage Loans, the loan-to-value ratio was based on the aggregate Cut-off Date principal balance of each Mortgage Loan and the related Pari Passu Companion Loans. In the case of 7 mortgage loans (identified as Loan Nos. 23, 41, 58, 129, 131, 156 and 214 on Annex A-1 to this free writing prospectus), representing approximately 2.5% of the Initial Pool Balance (3.0%, 0.7%), loan-to-value ratios were based on the ‘‘as-stabilized’’ values or portfolio valuation as defined in the related appraisal. See ‘‘Risk Factors—Limitations of Appraisals’’ in this free writing prospectus. However, in the event that a mortgage loan is part of a cross-collateralized group of mortgage loans, the

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LTV Ratio is the fraction, expressed as a percentage, the numerator of which is the scheduled principal balance of all the mortgage loans in the cross-collateralized group and the denominator of which is the aggregate of the appraised values of all the Mortgaged Properties related to the cross-collateralized group. The LTV Ratio of a mortgage loan as of its stated maturity date or Anticipated Repayment Date, as the case may be, set forth in Annex A-2 was calculated based on the principal balance of the related mortgage loan on the maturity date or Anticipated Repayment Date, as the case may be, assuming all principal payments required to be made on or prior to the mortgage loan’s maturity date or Anticipated Repayment Date, as the case may be, or (not including the balloon payment), are made. In addition, because it is based on the value of a Mortgaged Property determined as of loan origination date, the information set forth in this free writing prospectus in Annex A-1 and in Annex A-2 is not necessarily a reliable measure of the related borrower’s current equity in each Mortgaged Property. In a declining real estate market, the appraised value of a Mortgaged Property could have decreased from the appraised value determined at origination and the current actual LTV Ratio of a mortgage loan may be higher than its LTV Ratio at origination even after taking into account amortization since origination.

The characteristics described above and in Annex A-2, along with certain additional characteristics of the mortgage loans presented on a loan-by-loan basis, are set forth in Annex A-1 to this free writing prospectus. Certain additional information regarding the mortgage loans is set forth in this free writing prospectus below under ‘‘Transaction Parties—The Sponsors’’ and in the prospectus under ‘‘Description of the Trust Funds—Mortgage Loans’’ and ‘‘Certain Legal Aspects of Mortgage Loans.’’

Sale of Mortgage Loans; Mortgage File Delivery

On the Closing Date, the Depositor will acquire the mortgage loans from each Mortgage Loan Seller and will simultaneously transfer the mortgage loans, without recourse, to the Trustee for the benefit of the Certificateholders. Under the related transaction documents, the Depositor will require each Mortgage Loan Seller to deliver to the Trustee or to a document custodian appointed by the Trustee (a ‘‘Custodian’’), among other things, the following documents with respect to each mortgage loan sold by the applicable Mortgage Loan Seller (except that with respect to the JQH Hotel Portfolio Loan, the Trustee will only hold originals of the documents described in clause (i) upon the transfer of servicing of the JQH Hotel Portfolio Loan to a future securitization in connection with the securitization of the related Companion Loan) (collectively, as to each mortgage loan, the ‘‘Mortgage File’’): (i) the original Mortgage Note, endorsed on its face or by allonge attached thereto, without recourse, to the order of the Trustee or in blank (or, if the original Mortgage Note has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy of the Mortgage Note); (ii) the original or a copy of the Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in each case with evidence of recording indicated thereon or certified by a title insurance company, the related Mortgage Loan Seller or the applicable recorders office; (iii) the original or a copy of any related assignment of leases and of any intervening assignments thereof (if such item is a document separate from the Mortgage), with evidence of recording indicated thereon or certified by a title insurance company, the related Mortgage Loan Seller or the applicable recorders office; (iv) an original assignment of the Mortgage in favor of the Trustee or in blank and (subject to the completion of certain missing recording information) in recordable form; (v) an original assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the Trustee or in blank and (subject to the completion of certain missing recording information) in recordable form; (vi) the original assignment of all unrecorded documents relating to the mortgage loan, if not already assigned pursuant to items (iv) or (v) above; (vii) originals or copies of all modification, consolidation, assumption and substitution agreements in those instances in which the terms or provisions of the Mortgage or Mortgage Note have been modified or the mortgage loan has been assumed or consolidated; (viii) the original or a copy of the policy or certificate of lender’s title insurance issued on the date of the origination of such mortgage loan, or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be a pro

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forma or specimen 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; (ix) any filed copies (bearing evidence of filing) or evidence of filing satisfactory to the Trustee of any UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller; (x) an original assignment in favor of the Trustee of any financing statement filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction; (xi) any intercreditor agreement relating to permitted debt of the mortgagor; (xii) copies of any loan agreement, escrow agreement, security agreement or letter of credit relating to a mortgage loan; and (xiii) the original or copy of any ground lease, ground lessor estoppel, environmental insurance policy or guaranty relating to a mortgage loan.

Notwithstanding the foregoing, with respect to any Mortgage, assignment of leases or UCC financing statements which have been recorded or filed in the name of MERS or its designee, no Mortgage assignment, assignment of the assignment of leases or UCC filing statements in favor of the Trustee will be required to be prepared or delivered. Instead, the related Mortgage Loan Seller will be required to take all actions as are necessary to cause the Trustee to be shown as the owner of the related mortgage loan on the records of MERS for purposes of the system of recording transfers of beneficial ownership of mortgages maintained by MERS.

As provided in the Pooling and Servicing Agreement, the Trustee or a Custodian on its behalf is required to review each Mortgage File within a specified period following its receipt thereof. If any of the above-described documents is found during the course of such review to be missing from any Mortgage File or defective, and in either case such omission or defect materially and adversely affects the value of the applicable mortgage loan or the interests of the Certificateholders therein, the applicable Mortgage Loan Seller, if it cannot deliver the document or cure the defect (other than omissions solely due to a document not having been returned by the related recording or filing office) within a period of 90 days (plus any applicable extension) following such Mortgage Loan Seller’s receipt of notice thereof, will be obligated pursuant to the applicable Purchase Agreement to (1) repurchase the affected mortgage loan within such 90-day period (plus any applicable extension) or (2) substitute a qualified substitute mortgage loan for such mortgage loan and pay the Trustee a shortfall amount. See ‘‘—Representations and Warranties; Repurchases and Substitutions’’ below.

The Pooling and Servicing Agreement requires that the Trustee take the actions necessary to maintain the security interest of the trust fund in the mortgage loans. In addition, the Trustee is required to maintain custody of the Mortgage File for each mortgage loan in the State of Minnesota. The Trustee will not move any Mortgage File outside the State of Minnesota, other than as specifically provided for in the Pooling and Servicing Agreement, unless the Trustee first obtains and provides, at the expense of the Trustee, an opinion of counsel to the Depositor, which will be delivered to 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. See ‘‘Description of the Certificates—Reports to Certificateholders; Certain Available Information’’ in this free writing prospectus.

Representations and Warranties; Repurchases and Substitutions

In each Purchase Agreement, the applicable Mortgage Loan Seller will represent and warrant with respect to each mortgage loan (subject to certain exceptions specified in the related Purchase Agreement) sold by that Mortgage Loan Seller as of the Closing Date, or as of another date specifically provided in the representation and warranty, among other things, that:

(a)    the mortgage loan is not delinquent 30 days or more in payment of principal and interest (without giving effect to any applicable grace period) as of the Cut-off Date and has not been 30 or more days past due, without giving effect to any applicable grace period;

(b)    the mortgage loan is secured by a Mortgage that is a valid and subsisting first priority lien on the Mortgaged Property (or a leasehold interest therein) free and clear of any liens, claims or encumbrances, subject only to certain permitted encumbrances;

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(c)    the Mortgage, together with any separate security agreement, UCC financing statement or similar agreement, if any, establishes a first priority security interest in favor of the Mortgage Loan Seller, in all the related borrower’s personal property used in, and reasonably necessary to the operation of, the Mortgaged Property, and to the extent a security interest may be created therein and perfected by the filing of a UCC financing statement, the proceeds arising from the Mortgaged Property and any other collateral securing the mortgage loan subject only to certain permitted encumbrances;

(d)    there is an assignment of leases and rents provision or agreement creating a first priority security interest in leases and rents arising in respect of the related Mortgaged Property, subject only to certain permitted encumbrances;

(e)    to the Mortgage Loan Seller’s actual knowledge, there are no mechanics’ or other similar liens affecting the Mortgaged Property that are or may be prior or equal to the lien of the Mortgage, except those bonded, escrowed for or insured against pursuant to the applicable title insurance policy and except for permitted encumbrances;

(f)    the related borrower has good and indefeasible fee simple or leasehold title to the Mortgaged Property subject to certain permitted encumbrances;

(g)    the Mortgaged Property is covered by a title insurance policy (or binding commitment therefor) insuring the Mortgage is a valid first lien in the original principal amount of the related mortgage loan, subject only to certain permitted encumbrances; no claims have been made under the related title insurance policy and such policy is in full force and effect and will provide that the insured includes the owner of the mortgage loan;

(h)    at the time of the assignment of the mortgage loan to the Depositor, the Mortgage Loan Seller had good and marketable title to and was the sole owner of the mortgage loan free and clear of any pledge, lien, encumbrance or security interest (other than the rights to servicing and related compensation as provided in the Pooling and Servicing Agreement and certain related agreements) and such assignment validly transfers ownership of the mortgage loan to the Depositor free and clear of any pledge, lien, encumbrance or security interest (other than the rights to servicing and related compensation as provided in the Pooling and Servicing Agreement and certain related agreements);

(i)    the related assignment of mortgage and related assignment of the assignment of leases and rents are legal, valid and binding;

(j)    the Mortgage Loan Seller’s endorsement of the related Mortgage Note constitutes the legal, valid, binding and enforceable assignment of the Mortgage Note, except as the enforceability thereof may be limited by applicable state law and by bankruptcy, insolvency, reorganization or other similar laws relating to creditors’ rights and general equitable principles, and together with an assignment of mortgage and an assignment of the assignment of leases and rents, legally and validly conveys all right, title and interest in the mortgage loan and related mortgage loan documents;

(k)    each Mortgage and Mortgage Note is a legal, valid and binding obligation of the parties thereto (subject to any non-recourse provisions therein), enforceable in accordance with its terms, except as the enforceability thereof may be limited by applicable state law and by bankruptcy, insolvency, reorganization or other laws relating to creditors’ rights and general equitable principles and except that certain provisions of such documents are or may be unenforceable in whole or in part, but the inclusion of such provisions does not render such documents invalid as a whole, and such documents taken as a whole are enforceable to the extent necessary and customary for the practical realization of the principal rights and benefits afforded thereby;

(l)    the terms of the mortgage loan and related mortgage loan documents have not been modified or waived in any material respect except as set forth in the related mortgage loan file;

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(m)    the mortgage loan has not been satisfied, canceled, subordinated, released or rescinded and the related borrower has not been released from its obligations under any mortgage loan document;

(n)    except with respect to the enforceability of provisions requiring the payment of default interest, late fees, additional interest, prepayment premiums or yield maintenance charges and other creditors’ rights limitations on enforceability, none of the mortgage loan documents is subject to any right of rescission, set-off, abatement, diminution or valid counterclaim or defense;

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

(p)    to (i) the Mortgage Loan Seller’s knowledge, in reliance on an engineering report, the related Mortgaged Property is in good repair or escrows have been established to cover the estimated costs of repairs and (ii) the Mortgage Loan Seller’s actual knowledge, no condemnation proceedings are pending;

(q)    as of the date of origination of the mortgage loan and as of the Closing Date, the Mortgaged Property is covered by insurance policies providing coverage against certain losses or damage;

(r)    all escrow amounts required to be deposited by the borrower at origination have been deposited;

(s)    to the Mortgage Loan Seller’s knowledge, as of the date of origination of the mortgage loan, there were and to the Mortgage Loan Seller’s actual knowledge, as of the Closing Date, there are no pending actions, suits or proceedings by or before any court or other governmental authority against or affecting the related borrower under the mortgage loan or the Mortgaged Property which, if determined against the borrower or property would materially and adversely affect the value of such property or ability of the borrower or the current use of the Mortgaged Property to generate net cash flow sufficient to pay principal, interest and other amounts due under the mortgage loan;

(t)    there exists no material default or breach, and no such material default or breach has been waived by the Mortgage Loan Seller with respect to the mortgage loan, and to the Mortgage Loan Seller’s actual knowledge, no event which, with the passage of time or the giving of notice, would constitute a material default or breach, other than those defaults that are covered by certain other representations and warranties; and

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

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If a Mortgage Loan Seller has been notified of a breach of any of the foregoing representations and warranties or of a document defect that in any case materially and adversely affects the value of a mortgage loan, the value of the related Mortgaged Property or the interests of the Certificateholders in the mortgage loan, and if the respective Mortgage Loan Seller cannot cure the breach or defect within a period of 90 days following its receipt of that notice or, in the case of a breach or a defect that would cause the mortgage loan not to be a ‘‘qualified mortgage’’ within the meaning of Section 860G(a)(3) of the Code, if earlier, its discovery of the breach or defect (the ‘‘Initial Resolution Period’’), then the respective Mortgage Loan Seller will be obligated, pursuant to the respective Purchase Agreement (the relevant rights under which will be assigned, together with the mortgage loans, to the Trustee), to (a) repurchase the affected mortgage loan or the related REO Loan within the Initial Resolution Period (or with respect to certain breaches or document defects, an extended cure period), at a price (the ‘‘Purchase Price’’) equal to the sum of (1) the outstanding principal balance of the mortgage loan (or related REO Loan) as of the date of purchase, (2) all accrued and unpaid interest on the mortgage loan (or the related REO Loan) at the related Mortgage Rate, in effect from time to time (excluding any portion of such interest that represents default interest or additional interest on an ARD Loan), to, but not including, the due date immediately preceding the Determination Date for the Due Period of purchase, (3) all related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement Rate, Special Servicing Fees (whether paid or unpaid) and additional trust fund expenses in respect of the mortgage loan or related REO Loan, if any, (4) solely in the case of a repurchase or substitution by a Mortgage Loan Seller, to the extent not otherwise included in clause (3) above, all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor or the Trustee in respect of the breach or defect giving rise to the repurchase obligation, including any expenses arising out of the enforcement of the repurchase obligation, including, without limitation, legal fees and expenses, and (5) Liquidation Fees, if any, payable with respect to the affected mortgage loan as described in ‘‘Transaction Parties—Servicing and Other Compensation and Payment of Expenses’’ in this free writing prospectus or (b) within 2 years following the Closing Date, substitute a Qualified Substitute Mortgage Loan and pay any shortfall amount equal to the difference between the Purchase Price of the mortgage loan calculated as of the date of substitution and the scheduled principal balance of the Qualified Substitute Mortgage Loan as of the due date in the month of substitution; provided that the applicable Mortgage Loan Seller generally has an additional 90-day period immediately following the expiration of the Initial Resolution Period to cure the breach or defect (or if it cannot cure, to repurchase or substitute as described above) if it is diligently proceeding toward that cure, and has delivered to each Rating Agency, the Master Servicer, the Special Servicer, the Trustee and the Directing Certificateholder an officer’s certificate that describes the reasons that a cure was not effected within the Initial Resolution Period. Notwithstanding the foregoing, the actions specified in (a) and (b) of the preceding sentence must be taken within 90 days following the earlier of the Mortgage Loan Seller’s receipt of notice or discovery of a breach or defect, with no extension, if such breach or defect would cause the mortgage loan not to be a ‘‘qualified mortgage’’ within the meaning of Section 860G(a)(3) of the Code. Any breach of a representation or warranty with respect to a mortgage loan that is cross-collateralized with other mortgage loans may require the repurchase of or substitution for such other mortgage loans to the extent described under ‘‘—Repurchaseor Substitution of Cross-Collateralized Mortgage Loans’’ below.

A ‘‘Qualified Substitute Mortgage Loan’’ is a mortgage loan that must, on the date of substitution: (a) have an outstanding principal balance, after application of all scheduled payments of principal and/or interest due during or prior to the month of substitution, whether or not received, 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; (b) have a Mortgage Rate not less than the Mortgage Rate of the deleted mortgage loan; (c) have the same due date and a grace period no longer than that of the deleted mortgage loan; (d) accrue interest on the same basis as the deleted mortgage loan (for example, on the basis of a 360-day year consisting

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of twelve 30-day months); (e) 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; (f) have a then-current LTV Ratio not higher than that of the deleted mortgage loan as of the Closing Date and a current LTV Ratio not higher than the then-current LTV Ratio of the deleted mortgage loan, in each case using a ‘‘value’’ for the Mortgaged Property as determined using an appraisal conducted by a member of the Appraisal Institute (‘‘MAI’’); (g) comply (except in a manner that would not be adverse to the interests of the Certificateholders) in all material respects with all of the representations and warranties set forth in the applicable Purchase Agreement; (h) have an environmental report with respect to the related Mortgaged Property that will be delivered as a part of the related servicing file; (i) have a then-current debt service coverage ratio not less than the original debt service coverage ratio of the deleted mortgage loan as of the Closing Date, and a current debt service coverage ratio of not less than the current debt service coverage ratio of the deleted mortgage loan; (j) constitute a ‘‘qualified replacement mortgage’’ within the meaning of Section 860G(a)(4) of the Code as evidenced by an opinion of counsel (provided at the applicable Mortgage Loan Seller’s expense); (k) not have a maturity date or an amortization period that extends to a date that is after the date two years prior to the Rated Final Distribution Date; (l) have prepayment restrictions comparable to those of the deleted mortgage loan; (m) not be substituted for a deleted mortgage loan unless the Trustee has received prior confirmation in writing by each Rating Agency that the substitution will not result in the withdrawal, downgrade, or qualification of the then-current rating assigned by such Rating Agency to any class of Certificates then rated by such Rating Agency (the cost, if any, of obtaining the confirmation to be paid by the applicable Mortgage Loan Seller); (n) have been approved by the Directing Certificateholder; (o) prohibit Defeasance within two years of the Closing Date; (p) not be substituted for a deleted mortgage loan if it would result in the termination of the REMIC status of either the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on any such REMIC other than a tax on income expressly permitted or contemplated to be imposed by the terms of the Pooling and Servicing Agreement; and (q) have an engineering report with respect to the related Mortgaged Property which will be delivered as a part of the related servicing file. In the event that more than one mortgage loan is substituted for a deleted mortgage loan or mortgage loans, then (x) the amounts described in clause (a) of the preceding sentence are required to be determined on the basis of aggregate principal balances and (y) each proposed substitute mortgage loan shall individually satisfy each of the requirements specified in clauses (b) through (q) of the preceding sentence, except the rates described in clause (b) above and the remaining term to stated maturity referred to in clause (e) above are required to be determined on a weighted average basis; provided that no individual Mortgage Rate (net of the Servicing Fee and the Trustee Fee) shall be lower than the highest fixed Pass-Through Rate (and not subject to a cap equal to the WAC Rate) of any class of Certificates having a principal balance then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a deleted mortgage loan, (i) the applicable Mortgage Loan Seller will be required to certify that the mortgage loan meets all of the requirements of the above definition and send the certification to the Trustee and the Directing Certificateholder and (ii) such Qualified Substitute Mortgage Loan will become a part of the same Loan Group as the deleted mortgage loan.

The foregoing repurchase or substitution obligation will constitute the sole remedy available to the Certificateholders and the Trustee under the Pooling and Servicing Agreement for any uncured breach of any Mortgage Loan Seller’s representations and warranties regarding the mortgage loans or any uncured document defect; provided, however, if any breach pertains to a representation or warranty that the related mortgage loan documents or any particular mortgage loan document requires the related borrower to bear the costs and expenses associated with any particular action or matter under such mortgage loan document(s), then the applicable Mortgage Loan Seller will be required to cure such breach within the applicable cure period (as the same may be extended) by reimbursing to the trust the reasonable amount of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Trustee or the trust fund that are the basis of such breach and have not been reimbursed by the related

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borrower; provided, further, that in the event any such costs and expenses exceed $10,000, the applicable Mortgage Loan Seller will have the option to either repurchase or substitute for the related mortgage loan as provided above or pay such costs and expenses. The applicable Mortgage Loan Seller will remit the amount of these costs and expenses and upon its making such remittance, the applicable Mortgage Loan Seller will be deemed to have cured the breach in all respects. The respective Mortgage Loan Seller will be the sole warranting party in respect of the mortgage loans sold by that Mortgage Loan Seller to the Depositor, and none of the Depositor, the Master Servicer, the Special Servicer, the other Mortgage Loan Sellers, the Trustee, the underwriters or any of their affiliates will be obligated to repurchase any affected mortgage loan in connection with a breach of the Mortgage Loan Seller’s representations and warranties or in connection with a document defect if the Mortgage Loan Seller defaults on its obligation to do so. However, the Depositor will not include any mortgage loan in the pool of mortgage loans if anything has come to the Depositor’s attention prior to the Closing Date that causes it to believe that the representations and warranties, subject to the exceptions to the representations and warranties, made by a Mortgage Loan Seller regarding the mortgage loan will not be correct in all material respects when made. See ‘‘Description of the Pooling Agreements—Representations and Warranties; Repurchases’’ in the prospectus.

Repurchase or Substitution of Cross-Collateralized Mortgage Loans

To the extent that the related Mortgage Loan Seller repurchases or substitutes for an affected mortgage loan as provided above with respect to a document omission or defect or a breach of a representation or warranty and such mortgage loan is cross-collateralized and cross-defaulted with one or more other mortgage loans (each a ‘‘Crossed Loan’’), such document omission or defect or breach of a representation or warranty will be deemed to affect all such Crossed Loans. In such event, the applicable Mortgage Loan Seller will be required to (1) repurchase or substitute for all such Crossed Loans which are, or are deemed to be, materially and adversely affected by such document defect or omission or breach of a representation or warranty or (2) if the Crossed Loans meet the criteria listed below, at the Mortgage Loan Seller’s election, repurchase or substitute for only the affected mortgage loan in the manner described above in ‘‘—Representations and Warranties; Repurchases and Substitutions’’. The Mortgage Loan Seller may (in its discretion) repurchase or substitute for only the affected mortgage loan if, among other things, (i) the weighted average debt service coverage ratio for all the remaining Crossed Loans, excluding the affected Crossed Loan, for the four most recent reported calendar quarters preceding the repurchase or substitution is not less than the greater of (x) the weighted average debt service coverage ratio for all such related Crossed Loans, including the affected Crossed Loan for the four most recent reported calendar quarters preceding the repurchase or substitution and (y) 1.25x, (ii) the weighted average loan-to-value ratio for all of the remaining Crossed Loans, excluding the affected Crossed Loan, based upon the appraised values of the related Mortgaged Properties at the time of repurchase or substitution, is not greater than the lesser of (x) the weighted average loan-to-value ratio for all such related Crossed Loans, including the affected Crossed Loan at the time of repurchase or substitution and (y) 75% and (iii) the related Mortgage Loan Seller causes the affected Crossed Loan to become not cross-collateralized and cross-defaulted with the remaining related Crossed Loan prior to such repurchase or substitution and provides the Trustee with certain REMIC opinions.

To the extent that the related Mortgage Loan Seller repurchases or substitutes for an affected Crossed Loan as described in clause (2) of the immediately preceding paragraph while the Trustee continues to hold any related Crossed Loans, the related Mortgage Loan Seller and the Depositor have agreed in the related Purchase Agreement to forbear from enforcing any remedies against the other’s Primary Collateral (as defined below), but each is permitted to exercise remedies against the Primary Collateral securing its respective affected Crossed Loans, including with respect to the Trustee, the Primary Collateral securing mortgage loans still held by the Trustee, so long as such exercise does not impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise of the remedies by one party would impair the ability of the other party to exercise its remedies with respect to the Primary Collateral

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securing the Crossed Loans held by such party, then both parties have agreed in the related Purchase Agreement to forbear from exercising such remedies until the mortgage loan documents evidencing and securing the relevant mortgage loans can be modified in a manner that complies with the Purchase Agreement to remove the threat of impairment as a result of the exercise of remedies. ‘‘Primary Collateral’’ means the Mortgaged Property directly securing a Crossed Loan and excluding any property as to which the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such loan.

Lockbox Accounts

With respect to 146 mortgage loans (the ‘‘Lockbox Loans’’), representing approximately 70.2% of the Initial Pool Balance (83.3%, 21.8%), one or more accounts (collectively, the ‘‘Lockbox Accounts’’) have been or may be established into which the related borrower, property manager and/or tenants directly deposit rents or other revenues from the related Mortgaged Property. Pursuant to the terms of 40 Lockbox Loans, representing approximately 31.5% of the Initial Pool Balance (39.7%, 1.3%), the related Lockbox Accounts were required to be established on the origination dates of the related mortgage loans into which operating lessees are required to make deposits directly and amounts may not be released to the borrowers, unless, with respect to certain Lockbox Loans, all debt service and required reserve account deposits have been made. Pursuant to the terms of 38 Lockbox Loans, representing approximately 22.9% of the Initial Pool Balance (29.1%, 0.0%), a cash management account was required to be established for such mortgage loans on or about the origination date of such mortgage loans into which the tenants are required to deposit rents directly, but the related borrower will have withdrawal rights until the occurrence of certain events specified in the related mortgage loan documents, which the related lender refers to as a ‘‘Cash Management Event’’. Pursuant to the terms of 1 Lockbox Loans, representing approximately 0.5% of the Initial Pool Balance (0.0%, 2.6%), the borrower is required to deposit rents or other revenues into the related Lockbox Accounts. Pursuant to the terms of 67 Lockbox Loans, representing approximately 15.2% of the Initial Pool Balance (14.5%, 17.9%), the related mortgage loan documents provide for the establishment of a Lockbox Account upon the occurrence of certain events (such as (i) an event of default under the related mortgage loan documents, (ii) non-renewal of certain tenant leases or (iii) the related Anticipated Repayment Date). Except as set forth above, the agreements governing the Lockbox Accounts provide that the borrower has no withdrawal or transfer rights with respect to the related Lockbox Account. The Lockbox Accounts will not be assets of either the Upper-Tier REMIC or the Lower-Tier REMIC.

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Transaction Parties

The Sponsors

JPMorgan Chase Bank, N.A.

General.    JPMorgan Chase Bank, N.A. (‘‘JPMCB’’), a national banking association, is a sponsor. JPMCB is a commercial bank offering a wide range of banking services to its customers both domestically and internationally. JPMCB is also acting as a Mortgage Loan Seller and as the Swap Counterparty under the Swap Contract with respect to the Class A-2FL Certificates. JPMCB is an affiliate of J.P. Morgan Securities Inc. and of the Depositor. See ‘‘The Sponsor’’ in the prospectus.

Sponsor’s Securitization Program.    The following is a description of JPMCB’s commercial mortgage-backed securities securitization program. JPMCB originates and underwrites loans through six regional offices.

JPMCB’s primary business is the underwriting and origination of mortgage loans secured by commercial or multifamily properties for JPMCB’s securitization program. As sponsor, JPMCB sells the majority of the loans it originates through CMBS securitizations. JPMCB, with its commercial mortgage lending affiliates and predecessors, began originating commercial mortgage loans for securitization in 1994 and securitizing commercial mortgage loans in 1995. As of December 31, 2006, the total amount of commercial mortgage loans originated and securitized by JPMCB and its predecessors is in excess of $47.2 billion. Of that amount, approximately $43.9 billion have been securitized by the Depositor. In its fiscal year ended December 31, 2006, JPMCB originated approximately $12.0 billion of commercial mortgage loans, of which approximately $10.0 billion were securitized by the Depositor.

JPMCB’s annual commercial mortgage loan originations have grown from approximately $100 million in 1996 to approximately $3.0 billion in 2001 and to approximately $12.0 billion in 2005. The commercial mortgage loans originated by JPMCB include both fixed-and floating-rate loans and both smaller ‘‘conduit’’ loans and large loans. JPMCB primarily originates loans secured by retail, office, multifamily, hospitality, industrial and self-storage properties, but also originates loans secured by manufactured housing communities, theaters, land subject to a ground lease and mixed use properties. JPMCB originates loans in every state.

As a sponsor, JPMCB originates mortgage loans and, either by itself or together with other sponsors or loan sellers, initiates their securitization by transferring the mortgage loans to a depositor, which in turn transfers them to the issuing entity for the related securitization. In coordination with its affiliate, J.P. Morgan Securities Inc., and other underwriters, JPMCB works with rating agencies, loan sellers, subordinated debt purchasers and servicers in structuring the securitization transaction. JPMCB acts as sponsor, originator or loan seller both in transactions in which it is the sole sponsor and mortgage loan seller as well as in transactions in which other entities act as sponsor and/or mortgage loan seller. Multiple seller transactions in which JPMCB has participated to date include the ‘‘CIBC’’ program, in which JPMCB and CIBC Inc. generally are loan sellers, and the ‘‘Large Diversified Pool’’ program (‘‘LDP’’), in which JPMCB, Eurohypo AG, New York Branch, Nomura Credit & Capital, Inc., Natixis Real Estate Capital Inc., AIG Mortgage Capital, LLC and other financial institutions generally are loan sellers. Some of these loan sellers may be affiliated with underwriters on the transactions. As of December 31, 2006, JPMCB securitized approximately $25.2 billion through the CIBC program and approximately $22.9 billion through the LDP program.

Neither JPMCB nor any of its affiliates acts as servicer of the commercial mortgage loans in its securitizations. Instead, JPMCB sells the right to be appointed servicer of its securitized loans to rating-agency approved servicers, including Capmark Finance Inc., Midland Loan Services, Inc. and Wachovia Bank, National Association, among others.

JPMCB is also a Mortgage Loan Seller, the Swap Counterparty and an affiliate of J.P. Morgan Chase Commercial Mortgage Securities Corp., which is the Depositor, and is an affiliate of J.P. Morgan Securities Inc., which is acting as an underwriter for this transaction.

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JPMCB’s Underwriting Guidelines and Processes.

JPMCB has developed guidelines establishing certain procedures with respect to underwriting the mortgage loans originated or purchased by it. All of the mortgage loans sold to the trust by JPMCB were generally underwritten in accordance with the guidelines below. In some instances, one or more provisions of the guidelines were waived or modified by JPMCB at origination where it was determined not to adversely affect the related mortgage loan originated by it in any material respect, including the existence of sufficient mitigating factors.

Property Analysis.    JPMCB generally performs or causes to be performed a site inspection to evaluate the location and quality of the related mortgaged properties. Such inspection generally includes an evaluation of functionality, design, attractiveness, visibility and accessibility, as well as location to major thoroughfares, transportation centers, employment sources, retail areas and educational or recreational facilities. JPMCB assesses the submarket in which the property is located to evaluate competitive or comparable properties as well as market trends. In addition, JPMCB evaluates the property’s age, physical condition, operating history, lease and tenant mix, and management.

Cash Flow Analysis.    JPMCB reviews, among other things, historical operating statements, rent rolls, tenant leases and/or budgeted income and expense statements provided by the borrower and makes adjustments in order to determine a debt service coverage ratio, including taking into account the benefits of any governmental assistance programs. See ‘‘Description of the Mortgage Pool— Additional Mortgage Loan Information’’ in this free writing prospectus.

Appraisal and Loan-to-Value Ratio.    For each mortgaged property, JPMCB obtains a current full narrative appraisal conforming at least to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (‘‘FIRREA’’). The appraisal is generally based on the highest and best use of the mortgaged property and must include an estimate of the then current market value of the property in its then current condition although in certain cases, JPMCB may also obtain a value on an ‘‘as-stabilized’’ basis. JPMCB then determines the loan-to-value ratio of the mortgage loan at the date of origination or, if applicable, in connection with its acquisition, in each case based on the value set forth in the appraisal.

Evaluation of Borrower.    JPMCB evaluates the borrower and its principals with respect to credit history and prior experience as an owner and operator of commercial real estate properties. The evaluation will generally include obtaining and reviewing a credit report or other reliable indication of the borrower’s financial capacity; obtaining and verifying credit references and/or business and trade references; and obtaining and reviewing certifications provided by the borrower as to prior real estate experience and current contingent liabilities. Finally, although the mortgage loans generally are non-recourse in nature, in the case of certain mortgage loans, the borrower and certain principals of the borrower may be required to assume legal responsibility for liabilities relating to fraud, misrepresentation, misappropriation of funds and breach of environmental or hazardous waste requirements. JPMCB evaluates the financial capacity of the borrower and such principals to meet any obligations that may arise with respect to such liabilities.

Environmental Site Assessment.    Prior to origination, JPMCB either (i) obtains or updates an environmental site assessment (‘‘ESA’’) for a mortgaged property prepared by a qualified environmental firm or (ii) obtains an environmental insurance policy for a mortgaged property. If an ESA is obtained or updated, JPMCB reviews the ESA to verify the absence of reported violations of applicable laws and regulations relating to environmental protection and hazardous waste or other material adverse environmental condition or circumstance. In cases in which the ESA identifies violations that would require cleanup, remedial action or other responses estimated to cost in excess of 5% of the outstanding principal balance of the mortgage loan, the JPMCB either (i) determines that another party with sufficient assets is responsible for taking remedial actions directed by an applicable regulatory authority or (ii) requires the borrower to do one of the following: (A) carry out satisfactory remediation activities or other responses prior to the origination of the mortgage loan, (B) establish an operations and maintenance plan, (C) place

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sufficient funds in escrow or establish a letter of credit at the time of origination of the mortgage loan to complete such remediation within a specified period of time, (D) obtain an environmental insurance policy for the mortgaged property, (E) provide or obtain an indemnity agreement or a guaranty with respect to such condition or circumstance, or (F) receive appropriate assurances that significant remediation activities or other significant responses are not necessary or required.

Certain of the mortgage loans may also have other environmental insurance policies. See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—Hazard, Liability and Other Insurance’’ in this free writing prospectus.

Physical Assessment Report.    Prior to origination, JPMCB obtains a physical assessment report (‘‘PAR’’) for each mortgaged property prepared by a qualified structural engineering firm. JPMCB reviews the PAR to verify that the property is reported to be in satisfactory physical condition, and to determine the anticipated costs of necessary repair, replacement and major maintenance or capital expenditure needs over the term of the mortgage loan. In cases in which the PAR identifies material repairs or replacements needed immediately, JPMCB generally requires the borrower to carry out such repairs or replacements prior to the origination of the mortgage loan, or, in many cases, requires the borrower to place sufficient funds in escrow at the time of origination of the mortgage loan to complete such repairs or replacements within not more than twelve months.

Title Insurance Policy.    The borrower is required to provide, and JPMCB reviews, a title insurance policy for each mortgaged property. The title insurance policy must generally meet the following requirements: (a) the policy must be written by a title insurer licensed to do business in the jurisdiction where the mortgaged property is located; (b) the policy must be in an amount equal to the original principal balance of the mortgage loan; (c) the protection and benefits must run to the mortgagee and its successors and assigns; (d) the policy should be written on a standard policy form of the American Land Title Association or equivalent policy promulgated in the jurisdiction where the mortgaged property is located; and (e) the legal description of the mortgaged property in the title policy must conform to that shown on the survey of the mortgaged property, where a survey has been required.

Property Insurance.    The borrower is required to provide, and JPMCB reviews, certificates of required insurance with respect to the mortgaged property. Such insurance generally may include: (1) commercial general liability insurance for bodily injury or death and property damage; (2) a fire and extended perils insurance policy providing ‘‘special’’ form coverage including coverage against loss or damage by fire, lightning, explosion, smoke, windstorm and hail, riot or strike and civil commotion; (3) if applicable, boiler and machinery coverage; (4) if the mortgaged property is located in a flood hazard area, flood insurance; and (5) such other coverage as JPMCB may require based on the specific characteristics of the mortgaged property. See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—Hazard, Liability and Other Insurance’’ in this free writing prospectus.

UBS Real Estate Securities Inc.

General.    UBS Real Estate Securities Inc., a Delaware corporation (‘‘UBSRESI’’), is one of the sponsors and one of the Mortgage Loan Sellers, and is an affiliate of UBS Securities LLC, one of the underwriters. UBSRESI is an indirect subsidiary of UBS AG, and its executive offices are located at 1285 Avenue of the Americas, 11th Floor, New York, New York 10019.

UBS AG provides global financing services to corporations, governments and municipalities, institutional clients and individuals worldwide. UBS AG provides a full array of equities and fixed income sales, trading and research, investment banking services and investment management and advisory services. It has global headquarters in Switzerland, regional headquarters in New York and London, and offices in additional locations throughout the world.

UBSRESI has engaged in a variety of capital markets related activities, including purchases and sales of loan portfolios, sales of assets for inclusion in securitizations and origination and

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acquisition of loans and interests in such loans and the related servicing rights for sale, securitization and portfolio. Currently, UBSRESI engages in real estate acquisitions and finance, including mortgage-backed securitizations (of which the current securitization is the first with respect to commercial mortgage loans) and other structured financing arrangements. UBSRESI originates and purchases commercial and multifamily mortgage loans, some of which are originated or purchased primarily for securitization or resale. UBSRESI also acquires commercial real estate and originates fixed and floating rate mortgage loans and mezzanine loans to be held in a portfolio.

UBSRESI’s Securitization Program.    UBSRESI engages in mortgage securitizations and other structured financing arrangements. UBSRESI has been engaged in the securitization of a variety of assets since 1983, primarily relating to residential properties (generally, 1-4 family units). UBSRESI engaged in its first securitization of commercial mortgage loans in December 2006, in which it securitized $1,034,330,405.06 of financial assets, and securitized $1,260,002,686 of commercial mortgage loans in March 2007.

UBSRESI originates multifamily and commercial mortgage loans throughout the United States and abroad. The commercial mortgage loans originated and to be securitized by UBSRESI include both small balance and large balance fixed-rate and floating-rate loans. The commercial mortgage loans that will be sold by UBSRESI into a commercial loan securitization sponsored by UBSRESI will have been or will be, as applicable, originated or acquired by it.

In connection with commercial mortgage securitization transactions, UBSRESI or an affiliate will generally transfer the mortgage assets to the depositor, who will then transfer those mortgage assets to the issuing entity for the related securitization. In return for the transfer of the mortgage assets by the depositor to the issuing entity, the issuing entity will issue commercial mortgage pass-through certificates backed by, and supported by the cash flows generated by, those mortgage assets.

Pursuant to a mortgage loan purchase agreement, UBSRESI will make certain representations and warranties, subject to certain exceptions set forth therein, to the depositor and will covenant to provide certain documents regarding the mortgage loans for which it acts as mortgage loan seller and, in connection with certain breaches thereof or certain defects with respect thereto, which breaches or defects are determined to have a material adverse effect on the value of the subject mortgage asset or such other standard as is described in the related mortgage loan purchase agreement, may have an obligation to repurchase such mortgage asset from the depositor, cure the subject defect or breach or substitute a qualified mortgage, as the case may be. See ‘‘Description of the Mortgage Pool—Sale of Mortgage Loans; Mortgage File Delivery’’ and ‘‘—Representationsand Warranties; Repurchases and Substitutions’’ in this free writing prospectus.

Neither UBSRESI nor any of its affiliates acts as a servicer of the commercial mortgage loans it securitizes. Instead, UBSRESI sells the right to be appointed servicer of its securitized loans to third-party servicers.

UBSRESI’s Underwriting Guidelines and Processes.

Set forth below is a discussion of certain general underwriting guidelines of UBSRESI with respect to multifamily and commercial mortgage loans originated by UBSRESI.

Notwithstanding the discussion below, given the unique nature of commercial mortgage properties, the underwriting and origination procedures and the credit analysis with respect to any particular commercial mortgage loan may significantly differ from one asset to another, and will be driven by circumstances particular to that property, including, among others, its type, current use, size, location, market conditions, reserve requirements and additional collateral, tenants and leases, borrower identity, sponsorship, performance history and/or other factors. Consequently, there can be no assurance that the underwriting of any particular commercial or multifamily mortgage loan will conform to the general guidelines described below.

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Loan Analysis.    UBSRESI generally performs both a credit analysis and a collateral analysis with respect to each multifamily and commercial mortgage loan. The credit analysis of the borrower generally includes a review of third-party credit reports or judgment, lien, bankruptcy and pending litigation searches. The collateral analysis generally includes an analysis, in each case to the extent available and applicable, of the historical property operating statements, rent rolls and a review of certain significant tenant leases. UBSRESI’s credit underwriting also generally includes a review of third-party appraisals, as well as environmental reports, building condition reports and seismic reports, if applicable. Generally, a member of the mortgage loan underwriting team also conducts a site inspection to ascertain the overall quality, functionality and competitiveness of the property, including its neighborhood and market, accessibility and visibility, and to assess the tenancy of the property. UBSRESI assesses the submarket in which the property is located to evaluate competitive or comparable properties as well as market trends.

Loan Approval.    Prior to commitment, all multifamily and commercial mortgage loans to be originated by UBSRESI must be approved by a loan committee which includes senior personnel from UBSRESI or its affiliates. The committee may approve a mortgage loan as recommended, request additional due diligence, modify the loan terms or decline a loan transaction.

Debt Service Coverage Ratio and LTV Ratio.    UBSRESI’s underwriting includes a calculation of the debt service coverage ratio (the ‘‘DSCR’’) and loan-to-value ratio (the ‘‘LTV’’) in connection with the origination of a loan.

The DSCR will generally be calculated based on the underwritten net cash flow from the property in question as determined by UBSRESI and payments on the loan based on actual principal and/or interest due on the loan. However, underwritten net cash flow is often a highly subjective number based on a variety of assumptions regarding, and adjustments to, revenues and expenses with respect to the related real property collateral. For example, when calculating the DSCR for a multifamily or commercial mortgage loan, UBSRESI may utilize annual net cash flow that was calculated based on assumptions regarding projected future rental income, expenses and/or occupancy. There is no assurance that the foregoing assumptions made with respect to any prospective multifamily or commercial mortgage loan will, in fact, be consistent with actual property performance. In addition, with respect to certain mortgage loans originated by UBSRESI, there may exist subordinate mortgage debt or mezzanine debt. Such mortgage loans may have a lower DSCR and/or a higher LTV if such subordinate or mezzanine debt is taken into account. Additionally, certain mortgage loans may provide for only interest payments prior to maturity, or for an interest-only period during a portion of the term of the mortgage loan.

The LTV, in general, is the ratio, expressed as a percentage, of the then-outstanding principal balance of the mortgage loan divided by the estimated value of the related property based on an appraisal.

Additional Debt.    Certain mortgage loans may have or permit in the future certain additional subordinate debt, whether secured or unsecured. It is possible that UBSRESI may be the lender on that additional debt.

The DSCRs described above may be lower based on the inclusion of the payments related to such additional debt and the LTVs described above may be higher based on the inclusion of the amount of any such additional debt.

Assessments of Property Condition.    As part of the underwriting process, UBSRESI will obtain the property assessments and reports described below:

(1)

Appraisals.    UBSRESI will generally require independent appraisals or an update of an independent appraisal in connection with the origination of each mortgage loan that meet the requirements of the ‘‘Uniform Standards of Professional Appraisal Practice’’ as adopted by the Appraisal Standards Board of the Appraisal Foundation, or the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. In some cases, however, UBSRESI may establish the value of the subject real property collateral based on a cash flow analysis, a recent sales price or another method or benchmark of valuation.

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(2)

Environmental Assessment.    UBSRESI will, in most cases, require a Phase I environmental assessment with respect to the real property collateral for a prospective multifamily or commercial mortgage loan. However, when circumstances warrant, UBSRESI may utilize an update of a prior environmental assessment, a transaction screen or a desktop review. Alternatively, UBSRESI might forego an environmental assessment in limited circumstances, such as when it has obtained the benefits of an environmental insurance policy or an environmental guarantee. Furthermore, an environmental assessment conducted at any particular real property collateral will not necessarily cover all potential environmental issues. For example, an analysis for radon, lead-based paint, mold and lead in drinking water will usually be conducted only at multifamily rental properties and only when UBSRESI or an environmental consultant believes that such an analysis is warranted under the circumstances.

Depending on the findings of the initial environmental assessment, UBSRESI may require additional environmental testing, such as a Phase II environmental assessment with respect to the subject real property collateral, an environmental insurance policy or a guaranty with respect to environmental matters.

(3)

Engineering Assessment.    In connection with the origination process, UBSRESI will, in most cases, require that an engineering firm inspect the real property collateral for any prospective multifamily or commercial mortgage loan to assess the structure, exterior walls, roofing, interior structure and/or mechanical and electrical systems. Based on the resulting report, UBSRESI will determine the appropriate response to any recommended repairs, corrections or replacements and any identified deferred maintenance.

(4)	Seismic Report.    Generally, a seismic report is required for all properties located in seismic zones 3 or 4.

Zoning and Building Code Compliance.    In connection with the origination of a multifamily or commercial mortgage loan, UBSRESI will generally examine whether the use and occupancy of the related real property collateral is in material compliance with zoning, land-use, building rules, regulations and orders then applicable to that property. Evidence of this compliance may be in the form of one or more of the following: legal opinions, surveys, recorded documents, temporary or permanent certificates of occupancy, letters from government officials or agencies, title insurance endorsements, engineering or consulting reports and/or representations by the related borrower.

Escrow Requirements.    Based on its analysis of the real property collateral, the borrower and the principals of the borrower, UBSRESI may require a borrower under a multifamily or commercial mortgage loan to fund various escrows for taxes and/or insurance, capital expenses, replacement reserves and/or environmental remediation. UBSRESI conducts a case-by-case analysis to determine the need for a particular escrow or reserve. Consequently, the aforementioned escrows and reserves are not established for every multifamily and commercial mortgage loan originated by UBSRESI. Furthermore, UBSRESI may accept an alternative to a cash escrow or reserve from a borrower, such as a letter of credit or a guarantee or periodic evidence that the items for which the escrow or reserve would have been established are being paid or addressed.

Notwithstanding the foregoing discussion under this caption ‘‘—UBSRESI’s Underwriting Guidelines and Processes’’, the depositor may purchase mortgage loans for inclusion in a trust fund which vary from, or do not comply with, UBSRESI’s underwriting guidelines. In addition, in some cases, UBSRESI and/or its affiliates may not have strictly applied these underwriting guidelines as the result of a case-by-case permitted exception based upon other compensating factors.

Nomura Credit & Capital, Inc.

General.    Nomura Credit & Capital, Inc. (‘‘Nomura’’) is a Delaware corporation, which is an indirect wholly owned subsidiary of Nomura Holding America Inc. Nomura makes, and purchases

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from lenders, commercial and multifamily mortgage loans primarily for the purpose of securitizing them in commercial mortgage-backed securitization (‘‘CMBS’’) transactions, or for disposition through alternate means. Nomura also purchases prime, subprime, conforming and non-conforming, nonperforming and subperforming first and second lien residential mortgage loans from originators of such residential loans primarily for the purpose of securitizing them in asset-backed or residential mortgage securitization transactions, or for disposition through alternate means. In addition, Nomura purchases FHA insured project loans and certificates, other insured loans, home equity loans, student loans, and various other types of receivables.

Nomura also engages in the origination, and/or buying and selling, of mortgages, other interests in mortgage loans and related assets for investment and other purposes. Further, Nomura enters into resale and repurchase agreements and other financing arrangements with third parties and to finance its trading and inventory positions.

Nomura’s Securitization Program.    Nomura, directly or through correspondents, originates multifamily and commercial mortgage loans throughout the United States and abroad. Nomura has been engaged in the origination of multifamily and commercial mortgage loans for securitization under programs substantially similar to its current program (which may have been modified, changed or amended from time to time) since 2001. The multifamily and commercial mortgage loans originated and securitized by Nomura include both fixed-rate loans and floating-rate loans and both conduit balance loans (which are average-size multifamily and commercial loans by industry standards) and large balance loans. Most of the multifamily and commercial mortgage loans included by Nomura in commercial mortgage securitizations in which Nomura has participated have been originated, directly by Nomura or through correspondents on its behalf. Nomura securitized approximately $951.8 million, $2.0 billion, $3.7 billion and $4.3 billion of commercial mortgage loans during the calendar years 2003, 2004, 2005 and 2006, respectively.

When Nomura originates mortgage loans in conjunction with third-party correspondents, the third-party correspondents generally perform the underwriting based on various criteria established or reviewed by Nomura, and Nomura originates or acquires the subject mortgage loan on a specified closing date prior to inclusion in the subject securitization.

In addition, in the normal course of its securitization program, Nomura may also acquire multifamily and commercial mortgage loans from various third party originators. These mortgage loans may have been originated using underwriting guidelines not established by Nomura. The trust fund relating to a series of offered certificates may include mortgage loans originated by one or more of these third parties.

In connection with the commercial mortgage securitization transactions Nomura participates in, Nomura generally transfers the subject mortgage assets to a depositor, who then transfers those mortgage assets to the issuing entity for the related securitization. In return for the transfer of the subject mortgage assets by the depositor to the issuing entity, the issuing entity issues commercial mortgage pass-through certificates backed by, and supported by the cash flows generated by, those mortgage assets.

In addition to the depositor, Nomura also works with rating agencies, unaffiliated mortgage loan sellers and servicers in connection with securitization transactions. Nomura will generally act as an originator and, in certain instances, a sponsor, in the commercial mortgage securitization transactions it participates in. Neither Nomura nor any of its affiliates has acted as a servicer of multifamily and commercial mortgage loans in the commercial mortgage securitizations it has participated in. Instead, the related depositor contracts with other entities to service the multifamily and commercial mortgage loans following their transfer into a trust fund for a series of offered certificates and the sale of related servicing rights by Nomura to the related servicer.

In connection with Nomura contributing mortgage loans to a commercial mortgage securitization transaction, Nomura may be obligated, specifically with respect to the mortgage loans that it is contributing, generally pursuant to a mortgage loan purchase agreement or other comparable agreement, to:

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•	deliver various specified loan documents;

•	file and/or record various specified loan documents and assignments of those documents or arrange for a third party to do so on its behalf; and

•	make various loan-specific representations and warranties.

If it is later determined that any mortgage asset contributed by Nomura fails to materially conform to the specified representations and warranties or there is a material defect in or a material omission with respect to certain specified mortgage loan documents related to that mortgage asset, which breach, defect or omission, as the case may be, is determined to have a material adverse effect on the value of the subject mortgage asset and/or the interests of holders of securities issued in connection with the subject commercial mortgage securitization transaction, then Nomura will generally have an obligation to cure the subject defect, omission or breach or to repurchase or replace the subject mortgage asset.

Nomura’s Underwriting Guidelines and Processes.

Set forth below is a discussion of certain general underwriting guidelines of Nomura generally applicable with respect to multifamily and commercial mortgage loans originated by Nomura. The underwriting guidelines described below may not—and generally will not—apply to multifamily and commercial mortgage loans acquired by Nomura from third-party originators.

Notwithstanding the discussion below, given the unique nature of income-producing real properties, the underwriting and origination procedures and the credit analysis with respect to any particular multifamily or commercial mortgage loan may differ significantly from one asset to another, and will be driven by circumstances particular to that property, including, among others, its type, current use, physical quality, size, environmental condition, location, market conditions, capital reserve requirements and additional collateral, tenants and leases, borrower identity, borrower sponsorship and/or performance history, and certain other factors. Consequently, there can be no assurance that the underwriting of any particular multifamily or commercial mortgage loan will conform to the general guidelines described in this ‘‘—Nomura’s Underwriting Guidelines and Processes’’ section.

Loan Analysis.    Nomura performs both a credit analysis and a collateral analysis with respect to each multifamily and commercial mortgage loan it originates. Generally, borrowers are required to be single-purpose entities, although exceptions may be made from time to time on a case-by-case basis. The credit analysis of the borrower may include a review of third-party credit reports, reports resulting from judgment, lien or bankruptcy searches and, if applicable and available, the loan payment history of the borrower or its principals. The collateral analysis includes an analysis, in each case to the extent available, of historical property operating statements, rent rolls and a review of certain tenant leases. Depending on the type of real property involved and other relevant circumstances, Nomura’s underwriting staff and/or legal counsel will review leases of certain significant tenants. Nomura may also perform a limited qualitative review with respect to certain tenants located at the subject property, particularly significant tenants, credit tenants and sole tenants. Nomura generally requires third-party appraisals, as well as third-party environmental reports, building condition reports and, if determined by Nomura to be applicable, seismic reports. Each report is reviewed for acceptability by Nomura or a third-party reviewer. The results of these reviews are incorporated into the underwriting analysis.

Loan Approval.    Prior to commitment, all multifamily and commercial mortgage loans to be originated by Nomura must be approved by one or more—depending on loan size—specified internal committees or by officers of Nomura, which may approve a mortgage loan as recommended, request additional due diligence, modify the loan terms or decline a loan transaction.

Debt Service Coverage Ratio.    The repayment of a multifamily or commercial mortgage loan is typically dependent upon the successful operation of the related mortgaged property and the

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ability of that property to generate income sufficient to make payments on the loan. Accordingly, in connection with the origination of multifamily or commercial mortgage loans, Nomura will analyze whether cash flow expected to be derived from the subject mortgaged property will be sufficient to make the required payments under that mortgage loan over its expected term, taking into account, among other things, revenues and expenses for, and other debt currently secured by, or that in the future may be secured by, the subject mortgaged property as well as debt secured by pledges of the ownership interests in the related borrower, any related debt services reserves, interest guarantees and other sources of income or payment or factors expected to affect such matters.

The debt service coverage ratio of a multifamily or commercial mortgage loan is an important measure of the likelihood of default on the loan. In general, the debt service coverage ratio of a multifamily or commercial mortgage loan at any given time is the ratio of—

•	the amount of income, net of operating expenses, capital expenditures and other amounts required to be reserved for various purposes, derived or expected to be derived from the related mortgaged property for a given period that is available to pay debt service on the subject mortgage loan, to

•	the scheduled payments of principal and/or interest during that given period on the subject mortgage loan and any other loans that are secured by liens of senior or equal priority on the related mortgaged property.

However, the amount described in the first bullet of the preceding sentence is often a highly subjective number based on variety of assumptions regarding, and adjustments to, revenues and expenses with respect to the related mortgaged property. Accordingly, based on such subjective assumptions and analysis, there can be no assurance that the underwriting analysis of any particular multifamily or commercial mortgage loan will conform to the foregoing in every respect or to any similar analysis which may be performed by other persons or entities.

For example, when calculating the debt service coverage ratio for a multifamily or commercial mortgage loan, Nomura may utilize annual net cash flow that was calculated based on assumptions regarding projected rental income, expenses and/or occupancy, including, without limitation, one or more of the following:

•	the assumption that a particular tenant at the subject mortgaged property that has executed a lease, but has not yet taken occupancy and/or has not yet commenced paying rent, will take occupancy and commence paying rent on a future date;

•	the assumption that an unexecuted lease that is currently being negotiated with respect to a particular tenant at the subject mortgaged property or is out for signature will be executed and in place on a future date;

•	the assumption that a portion of currently vacant and unleased space at the subject mortgaged property will be leased at current market rates and consistent with occupancy rates of comparable properties in the subject market;

•	the assumption that certain rental income that is to be payable commencing on a future date under a signed lease, but where the subject tenant is in an initial rent abatement or free rent period or has not yet taken occupancy, will be paid commencing on such future date;

•	assumptions regarding the probability of renewal or extension of particular leases and/or the re-leasing of certain space at the subject mortgaged property and the anticipated effect on capital and re-leasing expenditures;

•	assumptions regarding the costs and expenses, including leasing commissions and tenant improvements, associated with leasing vacant space or releasing occupied space at a future date;

•	assumptions regarding future increase or decreases in expenses, or whether certain expenses are capital expenses or should be treated as expenses which are not recurring; and

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•	various additional lease-up assumptions and other assumptions regarding the payment of rent not currently being paid.

There is no assurance that the foregoing assumptions made with respect to any prospective multifamily or commercial mortgage loan will, in fact, be consistent with actual property performance.

Generally, the debt service coverage ratio for multifamily and commercial mortgage loans originated by Nomura, calculated as described above, will be equal to or greater than 1.20x (subject to the discussion under ‘‘—Additional Debt’’ below); however, exceptions may be made when consideration is given to circumstances particular to the mortgage loan, the related mortgaged property, loan-to-value ratio (as described below), reserves, guarantees or other factors. For example, Nomura may originate a multifamily or commercial mortgage loan with a debt service coverage ratio below 1.20x based on, among other things, the amortization features of the mortgage loan (for example, if the mortgage loan provides for relatively rapid amortization), the type of tenants and leases at the subject mortgaged property, the taking of additional collateral such as reserves, letters of credit and/or guarantees, Nomura’s judgment of improved property and/or market performance in the future and/or other relevant factors.

Loan-to-Value Ratio.    Nomura also looks at the loan-to-value ratio of a prospective multifamily or commercial mortgage loan as one of the factors it takes into consideration in evaluating the likelihood of recovery if a property is liquidated following a default. In general, the loan-to-value ratio of a multifamily or commercial mortgage loan at any given time is the ratio, expressed as a percentage, of—

•	the then outstanding principal balance of the subject mortgage loan and any other loans that are secured by liens of senior or equal priority on the related mortgaged property, to

•	the estimated value of the related mortgaged property based on an appraisal, a cash flow analysis, a recent sales price or another method or benchmark of valuation.

Generally, the loan-to-value ratio for multifamily and commercial mortgage loans originated by Nomura, calculated as described above, will be equal to or less than 80% (subject to the discussion under ‘‘—Additional Debt’’ below); however, exceptions may be made when consideration is given to circumstances particular to the mortgage loan, the related mortgaged property, debt service coverage, reserves or other factors. For example, Nomura may originate a multifamily or commercial mortgage loan with a loan-to-value ratio above 80% based on, among other things, the amortization features of the mortgage loan (for example, if the mortgage loan provides for relatively rapid amortization), the type of tenants and leases at the subject mortgaged property, the taking of additional collateral such as reserves, letters of credit and/or guarantees, Nomura’s judgment of improved property and/or performance in the future and/or other relevant factors.

Additional Debt.    When underwriting a multifamily or commercial mortgage loan, Nomura will take into account whether the subject real property and/or direct or indirect interest in a related borrower are encumbered by additional debt and will analyze the likely effect of that additional debt on repayment of the subject mortgage loan. It is possible that Nomura or an affiliate will be the lender on that additional debt, and may either sell such debt to an unaffiliated third party or hold it in inventory.

The debt service coverage ratios described above under ‘‘—Debt Service Coverage Ratio’’ and the loan-to-value ratios described above under ‘‘—Loan-to-Value Ratio’’ may be significantly below 1.20x and significantly above 80%, respectively, when calculated taking into account the existence of additional debt secured by the related mortgaged property or directly or indirectly by equity interests in the related borrower.

Assessments of Property Condition.    As part of the underwriting process, Nomura will analyze the condition of the real property for a prospective multifamily or commercial mortgage

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loan. To aid in that analysis, Nomura may, subject to certain exceptions, inspect or retain a third party to inspect the property and will in most cases obtain the property assessments and reports described below.

Appraisals.    Nomura will, in most cases, require that the real property for a prospective multifamily or commercial mortgage loan be appraised by a state certified appraiser, an appraiser belonging to the Appraisal Institute, a membership association of professional real estate appraisers, or an otherwise qualified appraiser. In addition, Nomura will generally require that those appraisals be conducted in accordance with the Uniform Standards of Professional Appraisal Practices developed by The Appraisal Foundation, a not-for-profit organization established by the appraisal profession. Furthermore, the appraisal report will usually include or be accompanied by a separate letter that includes a statement by the appraiser that the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 were followed in preparing the appraisal. In some cases, however, Nomura may establish the value of the subject real property based on a cash flow analysis, a recent sales price or another method or benchmark of valuation.

Environmental Assessment.    Nomura may require a Phase I environmental assessment with respect to the real property for a prospective multifamily or commercial mortgage loan. However, when circumstances warrant, Nomura may utilize an update of a prior environmental assessment, a transaction screen or a desktop review. Alternatively, Nomura might forego an environmental assessment in limited circumstances, such as when it has obtained the benefits of an environmental insurance policy or an environmental guarantee. Furthermore, an environmental assessment conducted at any particular real property will not necessarily cover all potential environmental issues. For example, an analysis for radon, lead-based paint and lead in drinking water will usually be conducted only at multifamily rental properties and only when Nomura or the environmental consultant believes that special circumstances warrant such an analysis.

Depending on the findings of the initial environmental assessment, Nomura may require additional record searches or environmental testing, such as a Phase II environmental assessment with respect to the subject real property.

Engineering Assessment.    In connection with the origination process, Nomura may require that an engineering firm inspect the real property for any prospective multifamily or commercial mortgage loan to assess the structure, exterior walls, roofing, interior structure and/or mechanical and electrical systems. Based on the resulting report, Nomura will determine the appropriate response, if any, to any recommended repairs, corrections or replacements and any identified deferred maintenance.

Seismic Report.    If the subject real property consists of improvements located in California or in seismic zones 3 or 4, Nomura may require a report to establish the probable maximum or bounded loss for the improvements at the property as a result of an earthquake. If that loss is in excess of 20% of the estimated replacement cost for the improvements at the property, Nomura may require retrofitting of the improvements or that the borrower obtain earthquake insurance if available at a commercially reasonable price. It should be noted, however, that because the seismic assessments may not necessarily have used the same assumptions in assessing probable maximum loss, it is possible that some of the real properties that were considered unlikely to experience a probable maximum loss in excess of 20% of estimated replacement cost might have been the subject of a higher estimate had different assumptions been used.

Zoning and Building Code Compliance.    In connection with the origination of a multifamily or commercial mortgage loan, Nomura will generally consider whether the use and occupancy of the related real property is in material compliance with zoning, land-use, building rules, regulations and orders then applicable to that property. Evidence of this compliance may be in the form of one or more of the following: legal opinions; surveys; recorded documents;

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temporary or permanent certificates of occupancy; letters from government officials or agencies; title insurance endorsements; engineering or consulting reports; and/or representations by the related borrower.

Where a property as currently operated is a permitted nonconforming use and/or structure and the improvements may not be rebuilt to the same dimensions or used in the same manner in the event of a major casualty, Nomura will consider whether—

•	any major casualty that would prevent rebuilding has a sufficiently remote likelihood of occurring;

•	casualty insurance proceeds together with the value of any additional collateral would be available in an amount estimated by Nomura to be sufficient to pay off the related mortgage loan in full;

•	the real property, if permitted to be repaired or restored in conformity with current law, would in Nomura’s judgment constitute adequate security for the related mortgage loan;

•	whether a variance or other similar change in applicable zoning restrictions is potentially available, or whether the applicable governing entity is likely to enforce the related limitations; and/or

•	to require the related borrower to obtain law and ordinance insurance.

Escrow Requirements.    Based on its analysis of the subject real property, the borrower and the principals of the borrower, Nomura may require a borrower under a multifamily or commercial mortgage loan to fund various escrows for taxes and/or insurance, capital expenses, replacement reserves, environmental remediation and/or other matters. Nomura conducts a case-by-case analysis to determine the need for a particular escrow or reserve. Consequently, the aforementioned escrows and reserves are not established for every multifamily and commercial mortgage loan originated by Nomura and, in the case of some mortgage loans, no escrows or reserves will be established. Furthermore, Nomura may accept an alternative to a cash escrow or reserve from a borrower, such as a letter of credit or a guarantee from the borrower or an affiliate of the borrower or periodic evidence that the items for which the escrow or reserve would have been established are being paid or addressed. In some cases, Nomura may determine that establishing an escrow or reserve is not warranted given the amounts that would be involved and Nomura’s evaluation of the ability of the mortgaged property, the borrower or a holder of direct or indirect ownership interests in the borrower to bear the subject expense or cost absent creation of an escrow or reserve.

Notwithstanding the foregoing discussion under this ‘‘—Nomura’s Underwriting Guidelines and Processes’’ section, Nomura may include mortgage loans in a trust fund which vary from, or do not comply with, Nomura’s underwriting guidelines. In addition, in some cases, Nomura may not have strictly applied these underwriting guidelines as the result of a case-by-case permitted exception based upon other compensating factors.

Natixis Real Estate Capital Inc.

General.    Natixis Real Estate Capital Inc. (‘‘Natixis RE’’), formerly known as IXIS Real Estate Capital Inc., is a New York corporation. Natixis RE is a wholly-owned subsidiary of Natixis Capital Markets North America Inc. (formerly IXIS Capital Markets North America Inc.), which is more than a 95% owned subsidiary of Natixis North America Inc. (formerly IXIS North America Inc.), a wholly owned subsidiary of Natixis Corporate & Investment Bank (formerly IXIS Corporate & Investment Bank) (‘‘Natixis CIB’’), a fully licensed bank under French law. The executive offices of Natixis RE are located at 9 West 57th Street, New York, New York 10019, telephone number (212) 891-6152.

Natixis RE has been primarily engaged in originating, purchasing and securitizing commercial and residential mortgage loans. Natixis RE also provides warehouse and repurchase financing to

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mortgage lenders and purchases closed, first- and subordinate-lien residential mortgage loans for securitization or resale, or for its own investment. Natixis CIB and its affiliates are engaged in a wide range of banking and investment banking activities in France and internationally. Natixis RE is an affiliate of Natixis Securities North America Inc. (formerly, IXIS Securities North America Inc.), one of the underwriters.

As of March 1, 2007, Natixis RE began originating certain of its commercial mortgage loans (12 of the mortgage loans being sold into the J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11), through Natixis Commericial Mortgage Funding, LLC (formerly, IXIS Commercial Mortgage Funding, LLC) (‘‘NCMF’’), an entity unaffiliated with Natixis RE. Although legal title to such mortgage loans will be held by NCMF, Natixis RE, in its capacity as structuring agent for NCMF, will continue to source, underwrite, negotiate and document such mortgage loans. Natixis RE will make the standard mortgage loan seller representations and warranties regarding such mortgage loans and will have the obligation to cure or repurchase any breach of a representation or warranty relating to such mortgage loans under the related mortgage loan purchase agreement. As such, unless otherwise noted, for all disclosure purposes in this free writing prospectus, Natixis RE is deemed to be the originator and mortgage loan seller for such mortgage loans. The information below regarding Natixis RE’s activities (including statistical information) incorporates the activities of NCMF as if they were a single entity.

Natixis RE’s Commercial Real Estate Securitization Program.    Natixis RE’s primary business is the underwriting and origination of mortgage loans secured by commercial or multifamily properties for Natixis RE’s securitization program. Substantially all mortgage loans originated by Natixis RE are sold to securitizations as to which Natixis RE acts as a mortgage loan seller. Natixis RE, with its commercial mortgage lending affiliates and predecessors, began originating commercial mortgage loans for securitization in 1999 and securitizing commercial mortgage loans in 1998. As of December 31, 2006, the total amount of commercial mortgage loans originated and securitized by Natixis RE and its predecessors is in excess of $11.0 billion. In its fiscal year ended December 31, 2006, Natixis RE securitized in excess of $3.1 billion of commercial mortgage loans.

Natixis RE’s annual origination of loans secured by commercial real estate has grown from approximately $870 million in 1999 to approximately $4.8 billion in 2006. The commercial mortgage loans originated by Natixis RE include both fixed- and floating-rate loans and both smaller ‘‘conduit’’ loans and large loans. Natixis RE primarily originates loans secured by retail, office, multifamily, hospitality, industrial and self-storage properties, but also originates loans secured by manufactured housing communities, theaters, land subject to a ground lease and mixed use properties. Natixis RE originates loans in every state.

Natixis RE originates or acquires mortgage loans and, together with other sponsors or loan sellers, participates in the securitization of those loans by transferring them to a depositor, which in turn transfers them to the issuing entity for the securitization. In coordination with its affiliate, Natixis Capital Markets North America Inc., and with other underwriters, Natixis RE works with rating agencies, investors, loan sellers and servicers in structuring the securitization transaction. Natixis RE currently acts as sponsor and mortgage loan seller in transactions in which other entities act as sponsors, loan sellers and/or depositors. Neither Natixis RE nor any of its affiliates currently act as servicer of the mortgage loans in its securitization.

Natixis RE’s Underwriting Standards.

Loan Analysis and Approval.    Conduit mortgage loans originated by Natixis RE will generally be originated in accordance with the underwriting criteria described below. Each lending situation is unique, however, and the facts and circumstances surrounding the mortgage loan, such as the quality and location of the real estate collateral, the sponsorship of the borrower and the tenancy of the collateral, will impact the extent to which the general guidelines below are applied to a specific loan. The underwriting criteria are general, and in many cases exceptions to one or more of these guidelines may be approved. Accordingly, no representation is made that every mortgage loan will comply in all respects with the criteria set forth below.

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The Natixis RE credit underwriting team for each mortgage loan is required to conduct a review of the related mortgaged property, generally including an analysis of the historical property operating statements, rent rolls, current and historical real estate taxes, and a review of tenant leases. The credit of the borrower and certain key principals of the borrower are examined for financial strength and character prior to approval of the loan. This analysis generally includes a review of historical financial statements (which are generally unaudited), historical income tax returns of the borrower and its principals, third-party credit reports, judgment, lien, bankruptcy and pending litigation searches. Depending on the type of real property collateral involved and other relevant circumstances, the credit of key tenants also may be examined as part of the underwriting process. Generally, a member of the Natixis RE underwriting team visits the property for a site inspection to ascertain the overall quality and competitiveness of the property, including its physical attributes, neighborhood and market, accessibility and visibility and demand generators.

Prior to commitment, all mortgage loans must be approved by a loan committee comprised of senior real estate professionals from Natixis RE and its affiliates. The loan committee may either approve a mortgage loan as recommended, request additional due diligence, modify the terms, or reject a mortgage loan.

Debt Service Coverage Ratio and Loan-to-Value Ratio.    Natixis RE’s underwriting standards generally require a minimum debt service coverage ratio of 1.20x and maximum loan-to-value ratio of 80%. However, these requirements constitute solely guidelines, and exceptions to these guidelines may be approved based on the individual characteristics of a mortgage loan. For example, Natixis RE may originate a mortgage loan with a lower debt service coverage ratio or higher loan-to-value ratio based on the types of tenants and leases at the subject real property, the taking of additional collateral such as reserves, letters of credit and/or guarantees, Natixis RE’s judgment of improved property performance in the future and/or other relevant factors. In addition, with respect to certain mortgage loans originated by Natixis RE there may exist subordinate debt secured by the related mortgaged property and/or mezzanine debt secured by direct or indirect ownership interests in the borrower. Such mortgage loans may have a lower debt service coverage ratio, and a higher loan-to-value ratio, if such subordinate or mezzanine debt is taken into account.

The debt service coverage ratio guidelines set forth above are calculated based on underwritten net cash flow at origination. Therefore, the debt service coverage ratio for each mortgage loan as reported in this free writing prospectus and Annex A-1 attached hereto may differ from the amount calculated at the time of origination. In addition, Natixis RE’s underwriting guidelines generally permit a maximum amortization period of 30 years. However, certain loans may provide for interest-only payments prior to maturity, or for an interest-only period during a portion of the term of the mortgage loan. See ‘‘Description of the Mortgage Pool’’ in this free writing prospectus.

Escrow Requirements.    Natixis RE often requires a borrower to fund various escrows for taxes and insurance, and may also require reserves for deferred maintenance, re-tenanting expenses and capital expenses, in some cases only during periods when certain debt service coverage ratio tests are not satisfied. In some cases, the borrower is permitted to post a letter of credit or guaranty, or provide periodic evidence that the items for which the escrow or reserve would have been established are being paid or addressed, in lieu of funding a given reserve or escrow. Natixis RE conducts a case-by-case analysis to determine the need for a particular escrow or reserve. Consequently, the aforementioned escrows and reserves are not established for every multifamily and commercial mortgage loan originated by Natixis RE.

Appraisals.    Natixis RE requires that the mortgaged property for a prospective mortgage loan be appraised by a state certified appraiser within the state such mortgaged property is located. In addition, Natixis RE requires that those appraisals comply with the requirements of the Federal Institutions Reform, Recovery and Enforcement Act of 1989.

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Environmental Assessments.    Natixis RE may require a Phase I environmental assessment with respect to the real property for a prospective multifamily or commercial mortgage loan. However, when circumstances warrant, Natixis RE may utilize an update of a prior environmental assessment, a transaction screen or a desktop review. Alternatively, Natixis RE might forego an environmental assessment in limited circumstances, such as when it has obtained the benefits of an environmental insurance policy or an environmental guarantee. Furthermore, an environmental assessment conducted at any particular real property will not necessarily cover all potential environmental issues. For example, an analysis for radon, lead-based paint and lead in drinking water may be conducted only at multifamily rental properties and only when Natixis RE or the environmental consultant believes that special circumstances warrant such an analysis. Depending on the findings of the initial environmental assessment, Natixis RE may require additional record searches or environmental testing, such as a Phase II environmental assessment with respect to the subject real property.

Engineering Assessment.    In connection with the origination process, Natixis RE may require that an engineering firm inspect the real property for any prospective multifamily or commercial mortgage loan to assess the structure, exterior walls, roofing, interior structure and/or mechanical and electrical systems. Based on the resulting report, Natixis RE will determine the appropriate response, if any, to any recommended repairs, corrections or replacements and any identified deferred maintenance.

Seismic Report.    Generally a seismic report is required for all mortgaged properties located in seismic zones 3 or 4.

Zoning and Building Code Compliance.    In connection with the origination process, Natixis RE generally examines whether the use and operation of the mortgaged properties are in material compliance with zoning and land-use related ordinances, rules, regulations and orders applicable to the use of the mortgaged property. Evidence of this compliance may be in the form of one or more of the following: legal opinions, surveys, recorded documents, temporary or permanent certificates of occupancy, letters from government officials or agencies, title insurance endorsements, engineering or consulting reports, and/or representations by the related borrower.

Eurohypo AG, New York Branch.

Eurohypo AG, New York Branch (‘‘Eurohypo’’) is the New York branch of Eurohypo Aktiengesellschaft (‘‘Eurohypo AG’’), a German banking corporation. Eurohypo AG was formed in September 2002 by the merger of real estate banking subsidiaries of Allianz Group/Dresdner Bank, Deutsche Bank and Commerzbank. In January 2003, Allianz Group/Dresdner Bank’s U.S. Real Estate Investment Banking Group was merged into the newly formed Eurohypo AG. As of April 2006, Commerzbank has acquired the interests held by Deutsche Bank and Allianz Group/Dresdner Bank. Eurohypo has offices in New York, Chicago and Los Angeles, and its principal offices are located at 1114 Avenue of the Americas, New York, New York 10036.

Eurohypo’s primary business is the underwriting, origination, co-origination, participation, syndication and sale of loans secured by commercial or multifamily properties. Eurohypo originates loans both for its own portfolio and for securitization, utilizing separate criteria, processes and execution strategies for each. Mortgage loans originated by Eurohypo for its own portfolio may include loans that have structural features that may make them unsuitable for securitization. Some of these mortgage loans may be included in a securitization at a later time if at such time Eurohypo deems it desirable to do so. Eurohypo also originates mezzanine debt. Eurohypo sells some of loans that it originates through CMBS securitizations. Eurohypo began originating and securitizing commercial loans in 2003. As of December 31, 2006, the total amount of mortgage loans originated by Eurohypo since 2003 was approximately $18 billion, of which approximately $6.3 billion has been securitized. Eurohypo securitized approximately $428 million in 2003, $318 million in 2004, $2.776 billion in 2005, and $3 billion in 2006.

The commercial mortgage loans originated by Eurohypo include both fixed and floating rate loans and both conduit loans and large loans. In the U.S., Eurohypo primarily originates loans

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secured by retail, office, multifamily, industrial and hospitality properties, but also originates loans secured by self storage, manufactured housing communities, parking garages, land subject to a ground lease, mixed use properties and other commercial property types.

As a sponsor, Eurohypo originates mortgage loans, and together with other sponsors or loan sellers, initiates their securitization by transferring the mortgage loans to a depositor, which in turn transfers them to the issuing entity for the related securitization. Eurohypo has acted as a loan seller to one commercial mortgage transaction in which an affiliate of Bank of America acted as a depositor, to one commercial mortgage transaction in which an affiliate of Credit Suisse First Boston acted as depositor, and to several commercial mortgage transactions in which an affiliate of Wachovia Bank acted as depositor. Eurohypo has also participated in the LDP Program in which JPMCB, Nomura, PNC Bank and other financial institutions generally are or have been loan sellers. Some of these loan sellers may be affiliated with underwriters on the transactions. As of December 31, 2006, Eurohypo securitized approximately $4.8 billion through the LDP program.

Neither Eurohypo nor any of its affiliates acts as servicer of the commercial mortgage loans in its securitizations. Instead, Eurohypo sells the right to be appointed servicer of its securitized loans to third-party servicers, including Midland Loan Services, Inc., Wachovia Bank, National Association and Capmark Finance Inc., among others.

Eurohypo is also a Mortgage Loan Seller and an affiliate of Commerzbank Capital Markets Corp., which is acting as an underwriter for this transaction.

Eurohypo’s Underwriting Guidelines and Processes.

Generally, all of the Eurohypo loans intended to be sold into the securitization were originated or co-originated by Eurohypo. In general, mortgage loans which Eurohypo intends to securitize are generally originated in accordance with the underwriting criteria described in the paragraphs below. Each lending situation is unique, however, and the facts and circumstances surrounding the mortgage loan, such as the quality and location of the real estate collateral, the sponsorship of the borrower and the tenancy of the collateral, will impact the extent to which the general guidelines below are applied to a specific loan. The below underwriting criteria are general, and in several instances exceptions to one or more of these guidelines may be approved. Consequently, there can be no assurance that every mortgage loan will comply in all respects with the general guidelines described in the paragraphs below. Generally, underwriting is done prior to the closing of the mortgage loan. There can be no assurance that such financial, occupancy and other information remains accurate.

Loan Analysis.    Generally, Eurohypo performs both a credit analysis and collateral analysis with respect to each loan applicant and mortgage loan. The credit analysis of the borrower and certain key principals of the borrower generally includes a review of third-party credit reports or judgment, lien, bankruptcy and pending litigation searches. Borrowers are generally required to be single-purpose entities although depending on the size of the mortgage loan are generally not required to be bankruptcy-remote entities. The collateral analysis includes an analysis, to the extent available and/or applicable, of the recent historical property operating statements, rent rolls and certain tenant leases. Generally, a member of the mortgage loan underwriting team also conducts a site inspection to ascertain the overall quality, functionality and competitiveness of the property, including its neighborhood and market, accessibility and visibility, and to assess the tenancy of the property. Eurohypo’s collateral analysis also includes a review of third party appraisals, as well as environmental and property condition reports.

Loan Approval.    Prior to closing, all mortgage loans must be presented to a committee which includes senior personnel from Eurohypo, which committee may then submit the mortgage loan to Eurohypo’s credit department for approval. Eurohypo’s credit department may approve the proposed mortgage loan, decline the proposed mortgage loan, request additional due diligence, or modify the terms and/or conditions of the proposed mortgage loan.

Debt Service Coverage Ratio and LTV Ratio.    Eurohypo’s underwriting includes a calculation of the debt service coverage ratio (‘‘DSCR’’) and loan-to-value ratio (‘‘LTV’’) in connection with

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the origination of a loan. Eurohypo’s underwriting criteria generally require a minimum DSCR of 1.20x and maximum LTV of 80%. However, these requirements constitute solely guidelines, and exceptions to these guidelines may be approved based on the individual characteristics for particular mortgage loans. In addition, with respect to certain mortgage loans originated by Eurohypo, there may exist subordinate mortgage debt or mezzanine debt. Such mortgage loans may have a lower DSCR and/or a higher LTV, if such subordinate or mezzanine debt is taken into account. Additionally, certain mortgage loans may provide for only interest payments prior to maturity, or for an interest-only period during a portion of the term of the mortgage loan.

The DSCR is generally calculated as underwritten net cash flow from the property as determined by Eurohypo divided by required payments on the mortgage loan based on the actual principal and/or interest due on the mortgage loan. However, underwritten net cash flow is a highly subjective number based on a variety of assumptions regarding revenues and expenses with respect to the related property. For example, revenues or expenses may be expected to rise or fall based on property, submarket, market or industry norms or trends. In such cases, Eurohypo may choose to normalize certain income and/or expense items.

The LTV, in general, is the ratio, expressed as a percentage, of the then outstanding principal balance of the debt facility divided by the estimated value of the related property based on an appraisal.

Escrow Requirements.    Generally, Eurohypo may require borrowers to fund various escrows for real estate taxes, property insurance, immediate repairs and replacement reserves. In some cases, the borrower is permitted to post a letter of credit or guaranty, or provide periodic evidence that the items for which the escrow or reserve would have been established are being paid or addressed, in lieu of funding a given escrow. Eurohypo conducts a case-by-case analysis to determine the need for a particular escrow. Consequently, the above escrows are not established for every mortgage loan originated by Eurohypo.

In some cases major tenants and/or a significant number of smaller tenants have lease expirations within the mortgage loan term. To mitigate this risk, in certain cases, reserves may be funded (either at closing and/or during the term of the mortgage loan) to cover certain anticipated leasing commissions and/or tenant improvement costs which may be associated with re-leasing the space occupied by these tenants.

In some cases, cash reserves or letters of credit are posted by the borrower as additional security for the mortgage loan which may be released to the borrower upon the satisfaction of certain performance related conditions including, the property achieving a certain DSCR, occupancy level or LTV.

Assessment of Property Condition.    As part of the underwriting process, Eurohypo generally obtains the property assessments and reports described below:

Appraisal.    Eurohypo requires that the mortgaged property be appraised by a state certified appraiser within the state the mortgaged property is located. Eurohypo requires that the appraisal is made in conformity with Federal Reserve Board regulations, the Uniform Standards of Professional Appraisal Practice (‘‘USPAP’’) as approved by the Appraisal Standards Board of the Appraisal Foundation and FIRREA Title XI, 12 CFR Part 323 (FDIC) and 12 CFR Part 34 (RTC). In general, such appraisals represent the analysis and opinions of the respective appraisers as of the date of valuation, and are not guarantees of, and may not be indicative of, present or future value.

Environmental Assessment.    At origination, Eurohypo generally requires an environmental site assessment (‘‘ESA’’) with respect to the mortgaged property prepared by an environmental consulting firm. In certain cases, Eurohypo may utilize an update of a prior ESA or a desktop review. Depending on the findings of the ESA, Eurohypo may require additional due diligence and/or environmental testing, such as a Phase II environmental assessment with respect to a mortgaged property. In cases in which the ESA identifies environmental conditions, Eurohypo generally requires the borrower to carry out remediation activities as recommended by such

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environmental consulting firm, to establish an operations and maintenance plan, to place sufficient funds in escrow or post a letter of credit at the time of origination to complete such remediation within a specified period of time, to obtain an environmental insurance policy for the mortgaged property or execute an indemnity agreement with respect to such condition. An ESA conducted at any particular mortgaged property, however, will not necessarily identify all potential environmental issues.

Property Condition Assessment.    In connection with the origination process, Eurohypo generally requires an independent licensed engineer to inspect the mortgaged property. Such inspections are generally commissioned to inspect the exterior walls, roofing, interior construction, mechanical and electrical systems and general condition of the site, buildings and other improvements located at the mortgaged property. Based on the resulting report, Eurohypo will determine its response to any recommended repairs, corrections or replacements and any identified deferred maintenance. In general, cash reserves may be established, or other security may be obtained, to fund or secure the payment of any material estimated deferred maintenance or replacement items.

Seismic Report.    Generally, a seismic report is required for all mortgaged properties located in seismic zones 3 or 4.

Zoning and Building Code Compliance.    In connection with the origination process, Eurohypo will generally examine whether the use and operation of the mortgaged properties are in material compliance with zoning and land-use related ordinances, rules, regulations and orders applicable to the use of the mortgaged property. Evidence of this compliance may be in the form of one or more of the following: legal opinions, surveys, recorded documents, temporary or permanent certificates of occupancy, letters from government officials or agencies, title insurance endorsements, engineering or consulting reports, and/or representations by the related borrower.

The Depositor

On the Closing Date, the Depositor will acquire the mortgage loans from each Mortgage Loan Seller and will simultaneously transfer the mortgage loans, without recourse, to the Trustee for the benefit of the Certificateholders. See ‘‘The Depositor’’ in the prospectus.

The Mortgage Loan Sellers

The Mortgage Loan Sellers are JPMCB, UBS Real Estate Securities Inc., Nomura Credit & Capital, Inc., Natixis Real Estate Capital Inc., Eurohypo AG, New York Branch, and AIG Mortgage Capital, LLC. JPMorgan Chase Bank, N.A. is also the Swap Counterparty and is an affiliate of each of the Depositor and J.P. Morgan Securities Inc., one of the underwriters. Natixis Real Estate Capital Inc. is an affiliate of Natixis Securities North America Inc., one of the underwriters.

JPMorgan Chase Bank, N.A.

See ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus for a discussion relating to JPMorgan Chase Bank, N.A.

UBS Real Estate Securities Inc.

See ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus for a discussion relating to UBS Real Estate Securities Inc.

Nomura Credit & Capital, Inc.

See ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus for a discussion relating to Nomura Credit & Capital, Inc.

Natixis Real Estate Capital Inc.

See ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus for a discussion relating to Natixis Real Estate Capital Inc.

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Eurohypo AG, New York Branch.

See ‘‘Transaction Parties—The Sponsors’’ in this free writing prospectus for a discussion relating to Eurohypo AG, New York Branch.

AIG Mortgage Capital, LLC.

AIG Mortgage Capital, LLC (‘‘AIGMC’’) is a Delaware limited liability company. American International Group, Inc., a Delaware corporation (‘‘AIG’’) is the ultimate parent of AIGMC. AIG is also the ultimate parent of AIG Global Investment Corp., a New Jersey corporation (‘‘AIGGIC’’) which acts as investment advisor to AIGMC in connection with, among other things, AIGMC’s mortgage loan investments. AIGGIC originates commercial mortgage loans through offices in Los Angeles, New York and Houston. AIG is the world’s leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. The mortgage loans originated by AIGMC will be transferred to the Depositor from either AIGMC or SOME II, LLC (an affiliate of AIGMC). AIGMC underwrote and originated each of the AIGMC mortgage loans, will make the representations and warranties with respect to all of the AIGMC mortgage loans and will be the sole responsible party for any breach of such representations and warranties. For the purposes of this free writing prospectus, AIGMC is described as the Mortgage Loan Seller with respect to the mortgage loans sold to the Depositor by AIGMC and SOME II, LLC.

AIGMC’s Underwriting Guidelines and Processes.

AIGMC, directly or through correspondents, originates multifamily and commercial mortgage loans throughout the United States. AIGMC originates loans both for the balance sheet of its affiliates and securitization. The commercial mortgage loans originated by AIGMC include both fixed and floating rate loans and are primarily secured by, among other things, retail, office, multifamily, industrial, and hospitality properties.

AIGMC has developed guidelines establishing certain procedures with respect to underwriting as described more fully below. The underwriting analysis includes both a credit and collateral evaluation for each mortgage loan it originates. In some instances, one or more provisions of the guidelines were waived or modified by AIGMC at origination where it was determined not to adversely affect the related mortgage loan in any material respect.

Credit Analysis.    AIGMC evaluates the financial capacity of the borrower and its principals for each mortgage loan originated. Generally, borrowers are required to be single-purpose entities, although exceptions may be made on a case-by-case basis. The credit analysis generally includes the review of financial statements, a credit check, a check of bank or lender references, a litigation search, a background check, and prior experience as an owner and operator of commercial real estate properties. Although the mortgage loans are generally non-recourse in nature, the borrower and/or certain principals of the borrower may be required to assume legal responsibility for liabilities related to fraud, misrepresentation, misappropriation of funds and breach of environmental or hazardous waste requirements.

Collateral Analysis.    The collateral analysis includes a review of historical operating statements, rent rolls, tenant leases and/or budgeted income and expense statements as provided by the borrower. As part of the AIGMC underwriting guidelines, an internal cashflow analysis is prepared based on a variety of assumptions regarding revenues and expenses to determine a debt service coverage ratio. AIGMC’s underwriting policy generally requires an acceptable debt service coverage ratio based on the unique characteristics of a particular property in an amount sufficient to pay debt service on the mortgage loan and any other loans secured by liens on the mortgaged property. In addition, a member of the AIGMC underwriting team generally visits the mortgaged property for a site inspection to evaluate the location, quality and competitiveness of the collateral. The site inspection generally includes an evaluation of functionality, design, attractiveness, visibility and accessibility, as well as convenience to major thoroughfares, transportation center, employment sources, retail areas and educational or recreational facilities. Third party reports including appraisals, environmental reports, engineering reports and seismic reports (if applicable) are also reviewed and incorporated into the underwriting analysis.

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Loan Approval.    Prior to commitment, mortgage loans to be originated must be approved by one or more specified loan officers, senior management of AIGMC or the investment loan committee, as applicable, based upon the size and nature of the loan.

Appraisal and Loan-to Value Ratio.    AIGMC obtains an appraisal prepared and signed by a Member of the Appraisal Institute (‘‘MAI’’) and certified in the state where the mortgaged property is located. The appraisal is a full narrative report prepared and certified in accordance with the Uniform Standard of Professional Appraisal Practice (USPAP) as approved by the Appraisal Standards Board of the Appraisal Foundation and FIRREA Title XI, 12 CFR Part 323 (FDIC) and 12 CFR Part 34 (RTC). Properties are valued on an ‘‘As Is’’ stabilized basis and include the three valuation approaches: income, cost and sales. Adjustments made to comparable data and other variables in performing the three approaches to value are to be quantified by market evidence. AIGMC then determines the loan-to-value ratio of the mortgage loan based on the value set forth in the appraisal.

Environmental Site Assessment.    At origination, AIGMC obtains or updates an environmental site assessment (‘‘ESA’’) for the mortgaged property prepared by an environmental consulting firm. Depending of the findings of the ESA, additional due diligence and or/environmental testing, such as a Phase II ESA, maybe be required. AIGMC generally requires the borrower to remediate any deficiencies that are summarized in the ESA and to complete the ESA recommendations within a specific timeframe. AIGMC may generally require the borrower to establish an operations and maintenance plan to complete such recommendations, place sufficient cash reserves in escrow or post a letter of credit to ensure funds are available to complete such recommendations, obtain an environmental insurance policy for the mortgaged property, or execute an indemnity agreement with respect to any conditions contained in the ESA.

Engineering Report.    AIGMC obtains an engineering report prepared and signed by a licensed engineer. The report will provide an inspection and description of all project buildings and systems, including roofing, pavement, mechanical, electrical, plumbing and life safety systems. AIGMC generally requires the borrower to remediate any deficiencies, code violations, deferred maintenance, and capital expenditure requirements discovered during the inspection within a specific timeframe. Cash reserves may be established, or other security may be obtained, to fund or secure completion of all recommendations.

Zoning and Building Code Compliance.    AIGMC generally examines whether the mortgaged property and the uses thereof comply with all material zoning, building, environmental and land use laws, ordinances, rules, regulations and other similar restrictions and that there is no action or proceeding pending before any court or administrative agency relative to such compliance. Evidence of this compliance may be in the form of: legal opinions, surveys, recorded documents, certificates of occupancy, letters from government officials or agencies, title insurance endorsements, engineering or consulting reports, and/or representations by the borrower.

Escrow Requirements.    AIGMC may require borrowers to fund various escrows for real estate taxes, property insurance, immediate repairs and replacement reserves. AIGMC evaluates each mortgage loan on a case-by-case basis to determine the need for a particular escrow or reserve. Consequently, escrows and reserves are not established for every mortgage loan originated and in some mortgage loans, no escrows or reserves are established. AIGMC may accept an alternative to a cash escrow or reserve from a borrower such as a letter of credit or a guarantee from the borrower or an affiliate of the borrower.

Title Insurance Policy.    AIGMC requires an ALTA, CLTA, TLTA or other applicable state equivalent extended coverage mortgagee’s title insurance policy for each mortgaged property subject only to any exceptions specifically approved by AIGMC at the time of origination. Such title policy is required to be in an amount at least equal to the original principal balance of the mortgage loan.

Property Insurance.    AIGMC obtains and reviews certificates of insurance for the mortgaged property. Such insurance generally includes property and casualty insurance on an all risk basis,

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general liability insurance for bodily injury or death, rent loss or business interruption insurance, boiler and machinery coverage, if applicable, and flood/earthquake insurance, if applicable.

The information set forth in this free writing prospectus concerning the Mortgage Loan Sellers and their underwriting standards has been provided by the Mortgage Loan Sellers.

The Issuing Entity

J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11, the issuing entity (the ‘‘Issuing Entity’’), will be a New York common law trust, formed on the Closing Date pursuant to the Pooling and Servicing Agreement. See ‘‘The Issuing Entity’’ in the prospectus.

The Trustee, Certificate Registrar, Authenticating Agent and Custodian

LaSalle Bank National Association (‘‘LaSalle’’) will be the trustee, certificate registrar (in that capacity, the ‘‘Certificate Registrar’’), authenticating agent (in that capacity, the ‘‘Authenticating Agent’’) and custodian (in that capacity, the ‘‘Custodian’’) under the Pooling and Servicing Agreement. The Trustee’s corporate trust office is located at 135 South LaSalle Street, Suite 1625, Chicago, Illinois, 60603. Attention: Global Securities and Trust Services— J.P. Morgan 2007-LDP11 or at such other address as the Trustee may designate from time to time.

LaSalle is a national banking association formed under the federal laws of the United States of America. Its parent company, LaSalle Bank Corporation, is an indirect subsidiary of ABN AMRO Bank N.V., a Netherlands banking corporation. LaSalle has extensive experience serving as trustee on securitizations of commercial mortgage loans. Since January 1994, LaSalle has served as trustee or paying agent on over 695 commercial mortgage-backed security transactions involving assets similar to the mortgage loans. As of March 31, 2007, LaSalle serves as trustee or paying agent on over 465 commercial mortgage-backed securities transactions. The long-term unsecured debt of LaSalle is rated ‘‘A+’’ by S&P, ‘‘Aa3’’ by Moody’s and ‘‘AA−’’ by Fitch. The Depositor, the Mortgage Loan Sellers, the sponsors, the Master Servicer and the Special Servicer may maintain other banking relationships in the ordinary course of business with the Trustee.

As compensation for the performance of its routine duties, the Trustee will be paid a fee (the ‘‘Trustee Fee’’). The Trustee Fee will be payable monthly from amounts received in respect of the mortgage loans and will be equal to the product of a rate equal to 0.00034% per annum (the ‘‘Trustee Fee Rate’’) and the Stated Principal Balance of the mortgage loans and be computed in the same manner as interest is calculated on such mortgage loans. In addition, the Trustee will be entitled to recover from the trust fund all reasonable unanticipated expenses and disbursements incurred or made by it in the performance of its duties as the Trustee, Certificate Registrar, Authenticating Agent and Custodian in accordance with any of the provisions of the Pooling and Servicing Agreement, but not including routine expenses incurred in the ordinary course of performing its duties as Trustee, Certificate Registrar, Authenticating Agent and Custodian under the Pooling and Servicing Agreement, and not including any expense, disbursement or advance as may arise from its willful misfeasance, negligence or bad faith. The Trustee will be entitled to a fee with respect to the JQH Hotel Portfolio Loan. See ‘‘Description of the Pooling Agreements—The Trustee,’’ ‘‘—Duties of the Trustee,’’ ‘‘—Certain Matters Regarding the Trustee’’ and ‘‘—Resignation and Removal of the Trustee’’ in the prospectus.

In its capacity as custodian, LaSalle will hold the mortgage loan files (except with respect to the mortgage loan files for the JQH Hotel Portfolio Loan upon the transfer of servicing of the JQH Hotel Portfolio Loan to a future securitization in connection with the securitization of the related Companion Loan) exclusively for the use and benefit of the trust. The custodian will not have 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. The disposition of the mortgage loan files will be governed by the Pooling and Servicing Agreement. LaSalle provides custodial services on over 1,000 residential, commercial and asset-backed securitization transactions and maintains almost 2.5 million custodial files in its

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two vault locations in Elk Grove, Illinois and Irvine, California. LaSalle’s two vault locations can maintain a total of approximately 6 million custody files. All custody files are segregated and maintained in secure and fire resistant facilities in compliance with customary industry standards. The vault construction complies with Fannie Mae/Ginnie Mae guidelines applicable to document custodians. LaSalle maintains disaster recovery protocols to ensure the preservation of custody files in the event of force majeure and maintains, in full force and effect, such fidelity bonds and/or insurance policies as are customarily maintained by banks which act as custodians. LaSalle uses unique tracking numbers for each custody file to ensure segregation of collateral files and proper filing of the contents therein and accurate file labeling is maintained through a monthly reconciliation process. LaSalle uses a proprietary collateral review system to track and monitor the receipt and movement internally or externally of custody files and any release or reinstatement of collateral.

Using information set forth in this free writing prospectus, the Trustee will develop the cashflow model for the trust. Based on the monthly loan information provided by the Master Servicer, the Trustee will calculate the amount of principal and interest to be paid to each class of certificates on each Distribution Date. In accordance with the cashflow model and based on the monthly loan information provided by the Master Servicer, the Master Servicer will perform distribution calculations, remit distributions on the Distribution Date to certificateholders and prepare a monthly statement to certificateholders detailing the payments received and the activity on the Mortgage Loans during the collection period. In performing these obligations, the Trustee will be able to conclusively rely on the information provided to it by the Master Servicer, and the Trustee will not be required to recompute, recalculate or verify the information provided to it by the Master Servicer.

On April 22, 2007, ABN AMRO Holding N.V. agreed to sell ABN AMRO North America Holding Company, the indirect parent of LaSalle Bank National Association, to Bank of America Corporation. The proposed sale currently includes all parts of the Global Securities and Trust Services group within LaSalle engaged in the business of acting as trustee, securities administrator, master servicer, custodian, collateral administrator, securities intermediary, fiscal agent and issuing and paying agent in connection with securitization transactions.

The contract between ABN AMRO Bank N.V. and Bank of America Corporation. contains a 14 calendar day ‘‘go shop’’ clause which continued until 11:59 PM New York time on May 6th, 2007. ABN AMRO Bank N.V. filed a copy of this contract on Form 6-K with the Securities and Exchange Commission on April 25, 2007. The contract provides that the sale of LaSalle Bank National Association is subject to regulatory approvals and other customary closing conditions.

The contract referenced above was entered into by ABN AMRO Bank N.V. without shareholder approval. In response to a challenge of the sale by a shareholders group, a judge in the Enterprise Chamber of the Amsterdam Superior Court in the Netherlands ruled on May 3, 2007 that ABN AMRO Holding N.V. was not permitted to proceed with the sale of LaSalle Bank without shareholder approval. As of the date hereof, a shareholder’s meeting to vote on the proposed sale of LaSalle Bank National Association has not occurred. Various interested parties have filed or have indicated that they will file an appeal of the ruling. On May 4, 2007, Bank of America Corporation filed a lawsuit against ABN AMRO Bank N.V. and ABN AMRO Holding N.V. in the U.S. District Court for the Southern District of New York (Manhattan) seeking, among other things, an injunction prohibiting ABN AMRO Bank N.V. and ABN AMRO Holding N.V. from negotiating a sale of LaSalle Bank National Association or selling LaSalle Bank National Association to any third party other than as provided for in the contract referenced above, monetary damages and specific performance.

LaSalle Bank National Association and Natixis Real Estate Capital Inc., formerly known as IXIS Real Estate Capital Inc., are parties to a custodial agreement whereby LaSalle, for consideration, provides custodial services to Natixis RE for certain commercial mortgage loans originated or purchased by it. Pursuant to this custodial agreement, LaSalle is currently providing custodial services for some or all of the mortgage loans to be sold by Natixis RE to the Depositor in

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connection with this securitization. The terms of the custodial agreement are customary for the commercial mortgage-backed securitization industry providing for the delivery, receipt, review and safekeeping of mortgage loan files.

LaSalle Bank National Association and UBS Real Estate Securities Inc. (‘‘UBSREI’’) are parties to a custodial agreement whereby LaSalle, for consideration, provides custodial services to UBSREI for certain commercial mortgage loans originated or purchased by it. Pursuant to this custodial agreement, LaSalle is currently providing custodial services for some of the mortgage loans to be sold by UBSREI to the Depositor in connection with this securitization. The terms of the custodial agreement are customary for the commercial mortgage-backed securitization industry providing for the delivery, receipt, review and safekeeping of mortgage loan files.

The Trustee and its directors, officers, employees, agents and controlling persons will be entitled to indemnification from the trust fund against any loss, liability or expense incurred without negligence, bad faith or willful malfeasance on its part, arising out of, or in connection with the Pooling and Servicing Agreement, the Certificates and the mortgage loans.

The Master Servicer

General

Wachovia Bank, National Association will be the master servicer of the mortgage loans (the ‘‘Master Servicer’’).

Wachovia Bank

Wachovia Bank, National Association (‘‘Wachovia’’) will be the master servicer and will be responsible for the master servicing and administration of the mortgage loans (including the JQH Hotel Portfolio Loan so long as it is serviced under the Pooling and Servicing Agreement) pursuant to the Pooling and Servicing Agreement.

Wachovia is a national banking association organized under the laws of the United States of America and is a wholly owned subsidiary of Wachovia Corporation. Wachovia’s principal servicing offices are located at NC 1075, 8739 Research Drive URP4, Charlotte, North Carolina 28262.

Wachovia has been servicing commercial and multifamily mortgage loans in excess of ten years. Wachovia’s primary servicing system runs on EnableUs software. Wachovia reports to trustees in the CMSA format. The table below sets forth information about Wachovia’s portfolio of master or primary serviced commercial and multifamily mortgage loans as of the dates indicated:

Commercial and Multifamily Mortgage Loans			As of 12/31/2003						As of 12/31/2004						As of 12/31/2005						As of 12/31/06						As of 3/31/07
By Approximate Number					10,015						15,531						17,641						20,725						21,551
By Approximate Aggregate Unpaid Principal Balance (in billions)				$	88.6					$	141.3					$	182.5					$	262.1						286.7

Within this portfolio, as of March 31, 2007, are approximately 17,950 commercial and multifamily mortgage loans with an unpaid principal balance of approximately $217.6 billion related to commercial mortgage-backed securities or commercial real estate collateralized debt obligation securities. In addition to servicing loans related to commercial mortgage-backed securities and commercial real estate collateralized debt obligation securities, Wachovia also services whole loans for itself and a variety of investors. The properties securing loans in Wachovia’s servicing portfolio as of March 31, 2007 were located in, all 50 states, the District of Columbia, Guam, Mexico, the Bahamas, the Virgin Islands and Puerto Rico and include retail, office, multifamily, industrial, hospitality and other types of income-producing properties.

Wachovia utilizes a mortgage-servicing technology platform with multiple capabilities and reporting functions. This platform allows Wachovia to process mortgage servicing activities

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including, but not limited to: (i) performing account maintenance; (ii) tracking borrower communications; (iii) tracking real estate tax escrows and payments, insurance escrows and payments, replacement reserve escrows and operating statement data and rent rolls; (iv) entering and updating transaction data; and (v) generating various reports.

The table below sets forth information regarding the aggregate amount of principal and interest advances and servicing advances (i) made by Wachovia, as master servicer, on commercial and multifamily mortgage loans included in commercial mortgage-backed securitizations master serviced by Wachovia and (ii) outstanding as of the dates indicated:

Date			Approximate Securitized Master Serviced Portfolio (UPB)*						Outstanding Advance (P&I and PPA)*						Outstanding Advances as % of UPB
December 31, 2003				$	74,461,414,561					$	84,616,014						0.1	%
December 31, 2004				$	113,159,013,933					$	129,858,178						0.1	%
December 31, 2005				$	142,222,662,628					$	164,516,780						0.1	%
December 31, 2006				$	201,283,960,215					$	162,396,491						0.1	%

* ‘‘UPB’’ means unpaid principal balance, ‘‘P&I’’ means principal and interest advances and ‘‘PPA’’ means property protection advances.

Pursuant to an interim servicing agreement between Wachovia and the UBSRESI Mortgage Loan Seller, Wachovia acts as primary servicer with respect to mortgage loans owned by the UBSRESI Mortgage Loan Seller from time to time, including, prior to their inclusion in the trust, some or all of the underlying mortgage loans being contributed by the UBSRESI Mortgage Loan Seller. There are currently no outstanding property protection advances made by Wachovia on those underlying mortgage loans being contributed by the UBSRESI Mortgage Loan Seller that were serviced by Wachovia prior to their inclusion in the trust.

Wachovia is rated by Moody’s and S&P as a primary servicer and master servicer. Wachovia’s ratings by each of these agencies is outlined below:

Fitch

S&P

Primary Servicer

CPS2+

Strong

Master Servicer

CMS2

Strong

The short-term debt ratings of Wachovia are ‘‘A-1+’’ by S&P, ‘‘P-1’’ by Moody’s and ‘‘F1+’’ by Fitch.

Wachovia has developed policies, procedures and controls relating to its servicing functions to maintain compliance with applicable servicing agreements and servicing standards, including procedures for handling delinquent loans during the period prior to the occurrence of a special servicing transfer event. Wachovia’s servicing policies and procedures are updated periodically to keep pace with the changes in the commercial mortgage-backed securities industry and have been generally consistent for the last three years in all material respects. The only significant changes in Wachovia’s policies and procedures have come in response to changes in federal or state law or investor requirements, such as updates issued by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. Wachovia may perform any of its obligations under the Pooling and Servicing Agreement through one or more third-party vendors, affiliates or subsidiaries. Wachovia may engage third-party vendors to provide technology or process efficiencies. Wachovia monitors its third-party vendors in compliance with its internal procedures and applicable law. Wachovia has entered into contracts with third-party vendors for the following functions:

•	monitoring and applying interest rate changes with respect to adjustable rate mortgage loans in accordance with loan documents;

•	provision of Strategy and Strategy CS software;

•	identification, classification, imaging and storage of documents;

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•	analysis and determination of amounts to be escrowed for payment of taxes and insurance;

•	entry of rent roll information and property performance data from operating statements;

•	tracking and reporting of flood zone changes;

•	tracking, maintenance and payment of rents due under ground leases;

•	abstracting of insurance requirements contained in loan documents;

•	comparison of insurance certificates to insurance requirements contained in loan documents and reporting of expiration dates and deficiencies, if any;

•	abstracting of leasing consent requirements contained in loan documents;

•	legal representation;

•	assembly of data regarding buyer and seller (borrower) with respect to proposed loan assumptions and preparation of loan assumption package for review by Wachovia;

•	maintenance and storage of letters of credit;

•	tracking of anticipated repayment dates for loans with such terms;

•	reconciliation of deal pricing, tapes and annexes prior to securitization;

•	entry of new loan data and document collection;

•	initiation of loan payoff process and provision of payoff quotes;

•	printing, imaging and mailing of statements to borrowers;

•	performance of property inspections;

•	performance of tax parcel searches based on property legal description, monitoring and reporting of delinquent taxes, and collection and payment of taxes;

•	review of financial spreads performed by sub-servicers;

•	review of borrower requests for disbursements from reserves for compliance with loan documents, which are submitted to Wachovia for approval; and

•	performance of UCC searches and filing of UCCs.

Wachovia may also enter into agreements with certain firms to act as a primary servicer and to provide cashiering or non-cashiering sub-servicing on certain loans. Generally, all amounts received by Wachovia on the underlying mortgage loans are initially deposited into a common clearing account with collections on other mortgage loans serviced by Wachovia and are then allocated and transferred to the appropriate account described in this free writing prospectus within the time required by the Pooling and Servicing Agreement. On the day any amount is to be disbursed by Wachovia, that amount is transferred to a common disbursement account prior to disbursement.

Wachovia will not have primary responsibility for custody services of original documents evidencing the underlying mortgage loans. On occasion, Wachovia may have custody of certain of such documents as necessary for enforcement actions involving particular mortgage loans or otherwise. To the extent Wachovia performs custodial functions as the master servicer, documents will be maintained in a manner consistent with the Servicing Standard.

There are no legal proceedings pending against Wachovia, or to which any property of Wachovia is subject, that are material to the Certificateholders, nor does Wachovia have actual knowledge of any proceedings of this type contemplated by governmental authorities.

The information set forth in this free writing prospectus regarding Wachovia has been provided by it.

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The Special Servicer

CWCapital Asset Management LLC (‘‘CWCAM’’) (the ‘‘Special Servicer’’), a Massachusetts limited liability company, will initially be appointed as Special Servicer of the underlying Mortgage Loans (including the JQH Hotel Portfolio Loan so long as it is serviced under the Pooling and Servicing Agreement) under the Pooling and Servicing Agreement. The principal servicing offices of CWCAM are located at 701 Thirteenth Street, NW, Suite 1000, Washington, DC 20005 and its telephone number is (202) 715-9500. CWCAM and its affiliates are involved in the real estate investment, finance and management business, including: 

	•	originating commercial and multifamily real estate loans;

	•	investing in high yielding real estate loans and other commercial real estate debt instruments; and

	•	investing in, surveilling and managing as special servicer, unrated and non investment grade rated securities issued pursuant to CMBS and CRE CDO transactions.

CWCAM was organized in June 2005. In July of 2005, it acquired Allied Capital Corporation’s special servicing operations and replaced Allied Capital Corporation as special servicer for all transactions for which Allied Capital Corporation served as special servicer. In February 2006, an affiliate of CWCAM merged with CRIIMI MAE, Inc. (‘‘CMAE’’) and the special servicing operations of CRIIMI MAE Services L.P., the special servicing subsidiary of CMAE, were consolidated into the special servicing operations of CWCAM. An affiliate or affiliates of CWCAM may acquire certain of the Non Offered Certificates. CWCAM is a wholly owned subsidiary of CW Financial Services LLC. CWCAM and its affiliates own and are in the business of acquiring assets similar in type to the assets of the Trust Fund.  Accordingly, the assets of CWCAM and its affiliates may, depending upon the particular circumstances including the nature and location of such assets, compete with the mortgaged real properties for tenants, purchasers, financing and so forth. 

Because CWCAM was not formed until June 2005, CWCAM did not serve as special servicer for any CMBS pools as of December 31, 2004. As of December 31, 2005, CWCAM acted as special servicer with respect to 25 domestic CMBS pools containing approximately 3,670 loans secured by properties throughout the United States with a then current face value in excess of $32 billion.  As of December 31, 2006, CWCAM acted as special servicer with respect to 94 domestic and 2 Canadian CMBS pools containing approximately 11,100 loans secured by properties throughout the United States and Canada with a then current face value in excess of $108.7 billion. Those loans include commercial mortgage loans secured by the same types of income producing properties as those securing the mortgage loans backing the Certificates. 

CWCAM has three offices (Washington, D.C., Rockville, Maryland and Needham, Massachusetts) and CWCAM provides special servicing activities for investments in over 88 markets throughout the United States. As of December 31, 2006, CWCAM had 57 employees responsible for the special servicing of commercial real estate assets. As of December 31, 2006, within the CMBS pools described in the preceding paragraph, 162 assets were actually in special servicing. The assets owned or managed by CWCAM and its affiliates may, depending upon the particular circumstances, including the nature and location of such assets, compete with the mortgaged real properties securing the underlying Mortgage Loans for tenants, purchasers, financing and so forth. CWCAM does not service or manage any assets other than commercial and multifamily real estate assets.

Since its formation, policies and procedures of special servicing at CWCAM have been adopted from the best practices of the Allied Capital Corporation and CRIIMI MAE Services L.P., operations that it has acquired. These policies and procedures for the performance of its special servicing obligations are, among other things, in compliance with applicable servicing criteria set forth in Item 1122 of Regulation AB of the Securities Act, including managing delinquent loans and loans subject to the bankruptcy of the borrower. Standardization and automation have been pursued, and continue to be pursued, wherever possible so as to provide for continued accuracy, efficiency, transparency, monitoring and controls. 

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CWCAM occasionally engages consultants to perform property inspections and to provide close surveillance on a property and its local market; it currently does not have any plans to engage sub-servicers to perform on its behalf any of its duties with respect to this transaction. CWCAM does not believe that its financial condition will have any adverse effect on the performance of its duties under the Pooling and Servicing Agreement and, accordingly, will not have any material impact on the mortgage pool performance or the performance of the Certificates. CWCAM does not have any material primary principal and interest advancing obligations with respect to the CMBS pools as to which it acts as special servicer and only has primary property protection advancing obligations for one CMBS pool. 

CWCAM will not have primary responsibility for custody services of original documents evidencing the underlying mortgage loans. On occasion, CWCAM may have custody of certain of such documents as necessary for enforcement actions involving particular Mortgage Loans or otherwise. To the extent that CWCAM has custody of any such documents, such documents will be maintained in a manner consistent with the servicing standard. 

There are currently no legal proceedings pending, and no legal proceedings known to be contemplated by governmental authorities, against CWCAM or of which any of its property is the subject, that is material to the Certificateholders.

CWCAM is not an affiliate of the Depositor, the Trust Fund, the Master Servicer or the Trustee.  There are no specific relationships involving or relating to this transaction or the underlying mortgage loans between CWCAM or any of its affiliates, on the one hand, and the Depositor, the Master Servicer or the Trust Fund, on the other hand, that currently exist or that existed during the past two years. In addition, there are no business relationships, agreements, arrangements, transactions or understandings that have been entered into outside the ordinary course of business or on terms other than would be obtained in an arm’s length transaction with an unrelated third party—apart from the subject securitization transaction—between CWCAM or any of its affiliates, on the one hand, and the Depositor, the Master Servicer or the Trust Fund, on the other hand, that currently exist or that existed during the past two years and that are material to an investor’s understanding of the Offered Certificates.

No securitization transaction involving commercial or multifamily mortgage loans in which CWCAM was acting as special servicer has experienced an event of default as a result of any action or inaction performed by CWCAM as special servicer. In addition, there has been no previous disclosure of material non compliance with servicing criteria by CWCAM with respect to any other securitization transaction involving commercial or multifamily mortgage loans in which CWCAM was acting as special servicer.  From time to time, CWCAM and its affiliates may be parties to lawsuits and other legal proceedings arising in the ordinary course of business. CWCAM does not believe that any such lawsuits or legal proceedings would, individually or in the aggregate, have a material adverse effect on its business or its ability to service as special servicer.

The information set forth herein regarding the Special Servicer has been provided by CWCAM.

Replacement of the Special Servicer

The Special Servicer may be removed, and a successor special servicer appointed, at any time by the Directing Certificateholder (or, with respect to the JQH Hotel Portfolio loan, by the holder of the JQH Hotel Portfolio Companion Loan in consultation with the Directing Certificateholder); provided that each Rating Agency confirms in writing that the replacement of the Special Servicer, in and of itself, will not cause a qualification, withdrawal or downgrade of the then-current ratings assigned to any Class of Certificates. See ‘‘Description of the Mortgage Pool—AB Mortgage Loan Groups’’ in this free writing prospectus.

Servicing and Other Compensation and Payment of Expenses

The Master Servicer, the Special Servicer and the Trustee will be entitled to payment of certain fees as compensation for services performed under the Pooling and Servicing Agreement.

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Certain additional fees and costs payable by the related borrowers are allocable to the Master Servicer, the Special Servicer and the Trustee, but such amounts are not payable from amounts that the trust is entitled to receive.

The table below summarizes the related fees and expenses to be paid from the assets of the trust and the recipient, general purpose and frequency of payments for those fees and expenses:

Type / Recipient(1)			Amount			Source(2)			Frequency
Fees
Servicing Fee / Master Servicer			With respect to the pool of mortgage loans in the trust, the product of the monthly portion of the related annual Servicing Fee Rate(3) calculated on the outstanding principal amount of each mortgage loan in the trust.			First, out of recoveries of interest with respect to that mortgage loan and then, if the related mortgage loan and any related REO Property has been liquidated, out of general collections on deposit in the Certificate Account.			Monthly
Special Servicing Fee / Special Servicer			With respect to each mortgage loan that is being specially serviced or as to which the related Mortgaged Property has become an REO Property, the product of the monthly portion of the annual Special Servicing Fee Rate(4) computed on the basis of the same principal amount in respect of which any related interest payment is due on such mortgage loan or REO Loan.			First, from any revenues received with respect to the related mortgage loan or any related REO Property, and then from general funds on deposit in the Certificate Account.			Monthly
Workout Fee / Special Servicer			With respect to each mortgage loan that is a Corrected Mortgage Loan, the Workout Fee Rate of 1.00% multiplied by all payments of interest and principal received on the subject mortgage loan for so long as it remains a Corrected Mortgage Loan.			Out of each collection of interest, principal, and prepayment consideration received on the related mortgage loan.			Time to time
Liquidation Fee / Special Servicer(5)			With respect to any Specially Serviced Mortgage Loan for which the Special Servicer obtains a full or partial payment of any liquidation proceeds an amount calculated by application of a liquidation fee rate of 1.00% to the related payment or proceeds (exclusive of default interest).			First, from any Liquidation Proceeds and any other revenues received with respect to the related mortgage loan or any related REO Property and then from general funds on deposit in the Certificate Account.			Time to time
Trustee Fee / Trustee			With respect to each Distribution Date, an amount equal to the product of the monthly portion of the annual Trustee Fee Rate(6) multiplied by the total outstanding principal amount of each mortgage loan in the trust.			Out of general funds on deposit in the Certificate Account.			Monthly

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Type / Recipient(1)			Amount			Source(2)			Frequency
Servicing Advances / Master Servicer, Special Servicer or Trustee			To the extent of funds available, the amount of any servicing advances.			First, from funds collected with respect to the related mortgage loan and then out of general funds on deposit in the Certificate Account, subject to certain limitations, and, under certain circumstances, from collections on the related Companion Loans.			Time to time
Interest on Servicing Advances / Master Servicer, Special Servicer or Trustee			At a rate per annum equal to the Reimbursement Rate calculated on the number of days the related Advance remains unreimbursed.			First, out of default interest and late payment charges on the related mortgage loan and then, after or at the same time that advance is reimbursed, out of any other amounts then on deposit in the Certificate Account, and, under certain circumstances, from collections on the related Companion Loan.			Monthly
P&I Advances / Master Servicer and Trustee			To the extent of funds available, the amount of any P&I Advances.			First, from funds collected with respect to the related mortgage loan and then out of general funds on deposit in the Certificate Account, subject to certain limitations.			Time to time
Interest on P&I Advances / Master Servicer and Trustee			At a rate per annum equal to Reimbursement Rate.			First, out of default interest and late payment charges on the related mortgage loan and then, after or at the same time that advance is reimbursed, out of any other amounts then on deposit in the Certificate Account.			Monthly
Indemnification Expenses / Trustee, Depositor, Master Servicer or Special Servicer and any director, officer, employee or agent of any of the foregoing parties			Amount to which such party is entitled for indemnification under the Pooling and Servicing Agreement.			Out of general funds on deposit in the Certificate Account, subject to certain limitations.			Time to time

(1) If the Trustee succeeds to the position of the Master Servicer, it will be entitled to receive the same fees and expenses of the Master Servicer described in this free writing prospectus less in certain cases a portion of the Servicing Fee as described below.

(2) Unless otherwise specified, the fees and expenses shown in this table are paid (or retained by the Master Servicer or the Trustee in the case of amounts owed to any of them) prior to distributions on the Certificates.

(3) The Servicing Fee for each mortgage loan will range, on a loan-by-loan basis, from 0.01% per annum to 0.135% per annum, as described below.

(4) The Special Servicing Fee Rate for each mortgage loan will equal 0.25% per annum, as described in this ‘‘—Servicing and Other Compensation and Payment of Expenses’’ section.

(5) Circumstances as to when a Liquidation Fee is not payable are set forth in this ‘‘—Servicing and Other Compensation and Payment of Expenses’’ section.

(6) The Trustee Fee Rate will equal 0.00034% per annum, as described above under ‘‘—The Trustee, Certificate Registrar, Authenticating Agent and Custodian’’.

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The fee of the Master Servicer (the ‘‘Servicing Fee’’) will be payable monthly from amounts received in respect of the mortgage loans (including the JQH Hotel Portfolio Loan) and the Companion Loans (to the extent permitted under the related intercreditor agreement), and will accrue at a rate (the ‘‘Servicing Fee Rate’’), equal to a per annum rate ranging from 0.01000% to 0.13500%. As of the Cut-off Date, the weighted average Servicing Fee Rate will be approximately 0.02190% per annum. In addition to the Servicing Fee, the Master Servicer will be entitled to retain, as additional servicing compensation, (1) a specified percentage of application, defeasance and certain non-material modification, waiver and consent fees; provided, with respect to the non-material modification, waiver and consent fees, the consent of the Special Servicer is not required for the related transaction, (2) a specified percentage of all assumption (subject to certain sub-servicing agreements extension, certain modification, waiver, consent and earnout fees, in each case, with respect to all mortgage loans and the Companion Loans (to the extent permitted under the related intercreditor agreement) that are not Specially Serviced Mortgage Loans, but arise from a transaction that requires the processing and/or approval of the Special Servicer and (3) late payment charges and default interest paid by the borrowers (that accrued while the related mortgage loans and the related Companion Loans (to the extent permitted under the related intercreditor agreement) were not Specially Serviced Mortgage Loans), but only to the extent such late payment charges and default interest are not needed to pay interest on Advances or certain additional trust fund expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to the related mortgage loans or the related Companion Loans (to the extent applicable) since the Closing Date. The Master Servicer will not be entitled to any fees for loan modification, waiver or consent fees, or fees for defeasances, releases or assumptions received with respect to the JQH Hotel Portfolio Loan earned after the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the JQH Hotel Portfolio Pari Passu Companion Loan. The Master Servicer is also authorized but not required to invest or direct the investment of funds held in the Certificate Account in Permitted Investments, and the Master Servicer will be entitled to retain any interest or other income earned on those funds and will bear any losses resulting from the investment of these funds, except as set forth in the Pooling and Servicing Agreement. The Master Servicer is also entitled to retain any interest earned on any servicing escrow account to the extent the interest is not required to be paid to the related borrowers.

The Servicing Fee is calculated on the Stated Principal Balance of the mortgage loans (including the JQH Hotel Portfolio Loan so long as it is serviced under the Pooling and Servicing Agreement) and the related Companion Loans and in the same manner as interest is calculated on the mortgage loans and the Companion Loans. The Servicing Fee for each mortgage loan is included in the Administrative Cost Rate listed for that mortgage loan on Annex A-1 to this free writing prospectus. Any Servicing Fee Rate calculated on an Actual/360 Basis will be recomputed on a 30/360 Basis for purposes of calculating the Net Mortgage Rate. With respect to the AB Subordinate Companion Loans, the Servicing Fee, if any, will be computed and allocated as provided in the related AB Intercreditor Agreement.

The principal compensation to be paid to the Special Servicer in respect of its special servicing activities will be the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

The JQH Hotel Portfolio Loan will initially be serviced under the Pooling and Servicing Agreement and the Special Servicer will be entitled to a Special Servicing Fee, Workout Fee and Liquidation Fee. However, servicing of the JQH Hotel Portfolio Whole Loan is expected to be transferred to a future securitization in connection with the securitization of the JQH Hotel Portfolio Pari Passu Companion Loan, which is not included in the trust. In such event, only the special servicer then servicing the JQH Hotel Portfolio Whole Loan under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement will be entitled to receive special servicing compensation and accordingly, in its capacity as the Special Servicer under the Pooling and Servicing Agreement, the Special Servicer will not be entitled to receive any servicing compensation for the JQH Hotel Portfolio Loan.

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The ‘‘Special Servicing Fee’’ will accrue with respect to each Specially Serviced Mortgage Loan or REO loan for each distribution date at a rate equal to the special servicing fee rate equal to a per annum rate of 0.25% (the ‘‘Special Servicing Fee Rate’’) (excluding the JQH Hotel Portfolio Loan, upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan which will be subject to a special servicing fee pursuant to the related pooling and servicing agreement) and will be payable monthly from the trust fund.

The ‘‘Workout Fee’’ will generally be payable with respect to each Corrected Mortgage Loan and will be calculated by application of a ‘‘Workout Fee Rate’’ of 1.0% to each collection of interest and principal (including scheduled payments, prepayments, balloon payments, and payments at maturity) received on the respective mortgage 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 the Corrected Mortgage Loan again becomes a Specially Serviced Mortgage Loan but will become payable again if and when the mortgage loan again becomes a Corrected Mortgage Loan.

If the Special Servicer is terminated (other than for cause) or resigns, it shall retain the right to receive any and all Workout Fees payable with respect to a 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 that termination or resignation, but such fee will cease to be payable if the Corrected Mortgage Loan again becomes a Specially Serviced Mortgage Loan. The successor special servicer will not be entitled to any portion of those Workout Fees. If the Special Servicer resigns or is terminated other than for cause, it will receive any Workout Fees payable on Specially Serviced Mortgage Loans for which the resigning or terminated Special Servicer had cured the event of default through a modification, restructuring or workout negotiated by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was terminated become a Corrected Mortgage Loan solely because the borrower had not made three consecutive timely Periodic Payments and which subsequently becomes a Corrected Mortgage Loan as a result of the borrower making such three consecutive timely Periodic Payments.

A ‘‘Liquidation Fee’’ will be payable with respect to each Specially Serviced Mortgage Loan as to which the Special Servicer obtains a full or discounted payoff (or unscheduled partial payment to the extent such prepayment is required by the Special Servicer as a condition to a workout) from the related borrower and, except as otherwise described below, with respect to any Specially Serviced Mortgage Loan or REO Property as to which the Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation Proceeds. The Liquidation Fee for each Specially Serviced Mortgage Loan will be payable from, and will be calculated by application of a ‘‘Liquidation Fee Rate’’ of 1.0% to the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable based upon, or out of, Liquidation Proceeds received in connection with (i) the repurchase of any mortgage loan by a Mortgage Loan Seller for a breach of representation or warranty or for defective or deficient mortgage loan documentation within the time period provided for such repurchase (including any applicable extension thereof), (ii) the purchase of any Specially Serviced Mortgage Loan by the majority holder of the Controlling Class, the Special Servicer or either Master Servicer, or with respect to any AB Mortgage Loan, the holder of the related AB Subordinate Companion Loan or with respect to a mortgage loan that is subject to mezzanine indebtedness, the holder of the related mezzanine loan; provided that with respect to a mortgage loan that is subject to mezzanine indebtedness, the purchase occurs within the time period provided in the underlying intercreditor agreement or, if no such time period is specified, 60 days from the date the related mortgage loan becomes a Specially Serviced Mortgage Loan), or (iii) the purchase of all of the mortgage loans and REO Properties in connection with an optional termination of the trust fund. The Special Servicer may not receive a Workout Fee and a Liquidation Fee with respect to the same proceeds collected on a mortgage loan.

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Any Liquidation Fees in respect of any Pari Passu Mortgage Loan will be payable out of, and based on, collections on the applicable Whole Loan.

The Special Servicer will also be entitled to additional servicing compensation in the form of all application fees with respect to assumptions, assumption fees, extensions and modifications and all defeasance fees, in each case, received with respect to the Specially Serviced Mortgage Loans, and a specified percentage of all application, assumption, extension, certain modification, waiver, consent and earnout fees received with respect to all mortgage loans (except for the JQH Hotel Portfolio Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan) that are not Specially Serviced Mortgage Loans and that are processed by and/or for which the Special Servicer’s consent or approval is required. The Special Servicer will also be entitled to late payment charges and default interest paid by the borrowers and accrued while the related mortgage loans were Specially Serviced Mortgage Loans and that are not needed to pay interest on Advances or certain additional trust fund expenses with respect to the related mortgage loans since the Closing Date. The Special Servicer will not be entitled to retain any portion of Excess Interest paid on the ARD Loans.

Although the Master Servicer and the Special Servicer are each required to service and administer the pool of mortgage loans in accordance with the Servicing Standards above and, accordingly, without regard to their rights to receive compensation under the Pooling and Servicing Agreement, additional servicing compensation in the nature of assumption and modification fees may under certain circumstances provide the Master Servicer or the Special Servicer, as the case may be, with an economic disincentive to comply with this standard.

As and to the extent described in this free writing prospectus under ‘‘Description of the Certificates—Advances’’ the Master Servicer and the Special Servicer, will be entitled to receive interest on Advances, which will be paid contemporaneously with the reimbursement of the related Advance.

Each of the Master Servicer and the Special Servicer will be required to pay its overhead and any general and administrative expenses incurred by it in connection with its servicing activities under the Pooling and Servicing Agreement. Neither the Master Servicer nor the Special Servicer will be entitled to reimbursement for any expenses incurred by it except as expressly provided in the Pooling and Servicing Agreement. The Master Servicer or the Special Servicer, as applicable, will be responsible for all fees payable to any sub-servicers. See ‘‘Description of the Certificates— Distributions’’ in this free writing prospectus and ‘‘Description of the Pooling Agreements—Certificate Account’’ and ‘‘—Servicing Compensation and Payment of Expenses’’ in the prospectus.

If a borrower prepays a mortgage loan, in whole or in part, after the due date but on or before the Determination Date in any calendar month, the amount of interest (net of related Servicing Fees and any Excess Interest) accrued on such prepayment from such due date to, but not including, the date of prepayment (or any later date through which interest accrues) will, to the extent actually collected, constitute a ‘‘Prepayment Interest Excess.’’ Conversely, if a borrower prepays a mortgage loan, in whole or in part, after the Determination Date (or, with respect to each mortgage loan with a due date occurring after the related Determination Date, the related due date) in any calendar month and does not pay interest on such prepayment through the following due date, then the shortfall in a full month’s interest (net of related Servicing Fees) on such prepayment will constitute a ‘‘Prepayment Interest Shortfall.’’ Prepayment Interest Excesses (to the extent not offset by Prepayment Interest Shortfalls) collected on the mortgage loans will be retained by the Master Servicer as additional servicing compensation.

The Master Servicer will be required to deliver to the Trustee for deposit in the Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement thereafter, a cash payment (a ‘‘Compensating Interest Payment’’) in an amount equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the mortgage loans (other than Specially

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Serviced Mortgage Loans) it services for the related Distribution Date, and (ii) the aggregate of (A) that portion of its Servicing Fees for the related Distribution Date that is, in the case of each and every mortgage loan and REO Loan it services for which such Servicing Fees are being paid in such Due Period, calculated at 0.01% per annum and (B) all Prepayment Interest Excesses received in respect of the mortgage loans it services for the related Distribution Date and (C) to the extent earned on principal prepayments, net investment earnings received by the Master Servicer during such Due Period with respect to the mortgage loan it services subject to such prepayment. If a Prepayment Interest Shortfall occurs as a result of the Master Servicer’s allowing the related borrower to deviate from the terms of the related mortgage loan documents regarding principal prepayments (other than (X) subsequent to a default under the related mortgage loan documents, (Y) pursuant to applicable law or a court order, or (Z) at the request or with the consent of the Directing Certificateholder), then for purposes of calculating the Compensating Interest Payment for the related Distribution Date, the amount in clause (ii) above shall be the aggregate of (A) all Servicing Fees for such Due Period earned by that Master Servicer, (B) all Prepayment Interest Excesses with respect to the Master Servicer and (C) to the extent earned on principal prepayments, net investment earnings payable to the Master Servicer for such Due Period received by the Master Servicer during such Due Period with respect to the mortgage loan subject to such prepayment. In no event will the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative.

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Description of the Certificates

General

The Certificates will be issued pursuant to a pooling and servicing agreement, among the Depositor, the Master Servicer, the Special Servicer and the Trustee (the ‘‘Pooling and Servicing Agreement’’) and will represent in the aggregate the entire beneficial ownership interest in the trust fund consisting of: (1) the mortgage loans and all payments under and proceeds of the mortgage loans received after the Cut-off Date (exclusive of payments of principal and/or interest due on or before the Cut-off Date and interest relating to periods prior to, but due after, the Cut-off Date); (2) any REO Property but, in the case of any mortgage loan with a split loan structure, only to the extent of the trust fund’s interest therein; (3) those funds or assets as from time to time are deposited in the Certificate Account, the Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Gain on Sale Reserve Account, the Floating Rate Account or the REO Account, if established; (4) the rights of the mortgagee under all insurance policies with respect to its mortgage loans; (5) certain rights of the Depositor under the Purchase Agreements relating to mortgage loan document delivery requirements and the representations and warranties of each Mortgage Loan Seller regarding the mortgage loans it sold to the Depositor and (6) the Swap Contract for the benefit of the Class A-2FL Certificates (the ‘‘Swap Contract’’).

The Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2007-LDP11 (the ‘‘Certificates’’) will consist of the following classes (each, a ‘‘Class’’): the Class A-1, Class A-2, Class A-2FL, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates (collectively, the ‘‘Class A Certificates’’), the Class X, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T, Class NR, Class S, Class R and Class LR Certificates. The Class A Certificates and the Class X Certificates are referred to collectively in this free writing prospectus as the ‘‘Senior Certificates.’’ The Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates are referred to collectively in this free writing prospectus as the ‘‘Subordinate Certificates.’’ The Class A-M, Class A-J, Class B, Class C, Class D, Class E and Class F Certificates are referred to in this free writing prospectus as the ‘‘Subordinate Offered Certificates.’’ The Class R and Class LR Certificates are referred to collectively in this free writing prospectus as the ‘‘Residual Certificates.’’

Only the Class A-1, Class A-2, Class A-2FL, Class A-3, Class A-4. Class A-SB. Class A-1A, Class X, Class A-M, Class A-J, Class B, Class C, Class D, Class E and Class F Certificates are offered hereby (collectively, the ‘‘Offered Certificates’’). The Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T, Class NR, Class S, Class R and Class LR Certificates (collectively, the ‘‘Non-Offered Certificates’’) have not been registered under the Securities Act of 1933, as amended, and are not offered hereby.

On the Closing Date, the ‘‘Class A-2FL Regular Interest’’ will also be issued by the trust as an uncertificated regular interest in one of the REMICs. The Class A-2FL Regular Interest is not offered by this free writing prospectus. The Depositor will transfer the Class A-2FL Regular Interest to the trust in exchange for the Class A-2FL Certificates. The Class A-2FL Certificates will represent all of the beneficial ownership interest in the portion of the trust that consists of the Class A-2FL Regular Interest, the Floating Rate Account and the Swap Contract.

The ‘‘Certificate Balance’’ of any Class of Certificates (other than the Class A-2FL Certificates, Class S Certificates, Class X Certificates and Residual Certificates) and the Class A-2FL Regular Interest (and correspondingly the Class A-2FL Certificates) outstanding at any time represents the maximum amount that its holders are entitled to receive as distributions allocable to principal from the cash flow on the mortgage loans and the other assets in the trust fund. On each Distribution Date, the Certificate Balance of each Class of Certificates (other than the Class S Certificates, Class X Certificates and Residual Certificates) and the Class A-2FL Regular Interest (and correspondingly the Class A-2FL Certificates) will be reduced by any distributions of principal

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actually made on, and any Collateral Support Deficit actually allocated to, that Class of Certificates (other than the Class A-2FL Certificates, Class S Certificates, Class X Certificates and Residual Certificates) and the Class A-2FL Regular Interest (and correspondingly the Class A-2FL Certificates) on that Distribution Date. With respect to any Class of Certificates (other than the Class A-2FL Certificates) or the Class A-2FL Regular Interest that has unreimbursed Collateral Support Deficit allocated to such Class, the Certificate Balance of such Class may be increased by the amount of any recoveries of Nonrecoverable Advances, up to the unreimbursed Collateral Support Deficit for such Class, allocated in accordance with the distribution priorities described under ‘‘—Distributions—Priority’’ below.

The Certificate Balance of the Class A-2FL Certificates will be reduced or increased on each Distribution Date in an amount corresponding to any such reduction or increase in the Certificate Balance of the Class A-2FL Regular Interest. The initial Certificate Balance of the Class A-2FL Certificates will be equal to the initial Certificate Balance of the Class A-2FL Regular Interest, which is expected to be the balance set forth on the cover of this free writing prospectus.

The Class S Certificates, Class X Certificates and the Residual Certificates will not have Certificate Balances or entitle their holders to distributions of principal.

The Class X Certificates will not have a Certificate Balance, but will represent the right to receive distributions of interest in an amount equal to the aggregate interest accrued on their notional amount (the ‘‘Notional Amount’’). The Notional Amount of the Class X Certificates will equal the aggregate of the Certificate Balances of each Class of Certificates (other than the Class A-2FL, Class X, Class S, Class R and Class LR Certificates) (the ‘‘Principal Balance Certificates’’) and the Class A-2FL Regular Interest outstanding from time-to-time. The initial Notional Amount of the Class X Certificates will be approximately $5,427,368,400.

The Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will have an aggregate initial Certificate Balance of approximately $413,837,400.

The Class S Certificates will not have a Certificate Principal Balance and will be entitled to receive only Excess Interest received on the ARD Loans.

The Offered Certificates will be maintained and transferred in book-entry form and issued in denominations of $10,000 initial Certificate Balance (other than the Class A-2FL and Class X Certificates), and integral multiples of $1 in excess of that amount. The Class A-2FL Certificates will be offered in minimum denominations of $100,000 initial Certificate Balance. The Class X Certificates will be issued, maintained and transferred only in minimum denominations of authorized initial Notional Amount of not less than $1,000,000, and in integral multiples of $1 in excess thereof. The ‘‘Percentage Interest’’ evidenced by any Certificate (other than the Residual Certificates) is equal to its initial denomination as of the Closing Date, divided by the initial Certificate Balance or Notional Amount of the Class to which it belongs.

The Offered Certificates will initially be represented by one or more global certificates registered in the name of the nominee of The Depository Trust Company (‘‘DTC’’). The Depositor has been informed by DTC that DTC’s nominee will be Cede & Co. No person acquiring an interest in the Offered Certificates (this person, a ‘‘Certificate Owner’’) will be entitled to receive an Offered Certificate in fully registered, certificated form, a definitive certificate, representing its interest in that Class, except as set forth under ‘‘—Book-Entry Registration and Definitive Certificates’’ below. Unless and until definitive certificates are issued, all references to actions by holders of the Offered Certificates will refer to actions taken by DTC upon instructions received from Certificate Owners through its participating organizations (together with Clearstream Banking, société anonyme (‘‘Clearstream’’) and Euroclear Bank, as operator of the Euroclear System (‘‘Euroclear’’) participating organizations, the ‘‘Participants’’), and all references in this free writing prospectus to payments, notices, reports and statements to holders of the Offered Certificates will refer to payments, notices, reports and statements to DTC or Cede & Co., as the registered holder of the Offered Certificates, for distribution to Certificate Owners through DTC

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and its Participants in accordance with DTC procedures. See ‘‘Description of the Certificates—Book-Entry Registration and Definitive Certificates’’ in the prospectus.

Until definitive certificates are issued, interests in any Class of Offered Certificates will be transferred on the book-entry records of DTC and its Participants.

Book-Entry Registration and Definitive Certificates

General.    Certificate Owners may hold their Certificates through DTC (in the United States) or Clearstream or Euroclear (in Europe) if they are Participants in that system, or indirectly through organizations that are Participants in those systems. Clearstream and Euroclear will hold omnibus positions on behalf of the Clearstream Participants and the Euroclear Participants, respectively, through customers’ securities accounts in Clearstream’s and Euroclear’s names on the books of their respective depositories (collectively, the ‘‘Depositories’’) which in turn will hold those positions in customers’ securities accounts in the Depositories’ names on the books of DTC. DTC is a limited purpose trust company organized under the New York Banking Law, a ‘‘banking organization’’ within the meaning of the New York Banking Law, a member of the Federal Reserve System, a ‘‘clearing corporation’’ within the meaning of the New York Uniform Commercial Code and a ‘‘clearing agency’’ registered pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. DTC was created to hold securities for its Participants and to facilitate the clearance and settlement of securities transactions between Participants through electronic computerized book-entries, thereby eliminating the need for physical movement of certificates. Participants include securities brokers and dealers, banks, trust companies and clearing corporations (‘‘Direct Participants’’). Indirect access to the DTC system also is available to others (such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant), either directly or indirectly (‘‘Indirect Participants’’). Transfers between DTC Participants will occur in accordance with DTC rules.

Transfers between Clearstream Participants and Euroclear Participants will occur in accordance with their applicable rules and operating procedures.

Cross-market transfers between persons holding directly or indirectly through DTC, on the one hand, and directly through Clearstream Participants or Euroclear Participants, on the other, will be effected in DTC in accordance with DTC rules on behalf of the relevant European international clearing system by its Depository; however, these cross-market transactions will require delivery of instructions to the relevant European international clearing system by the counterparty in that system in accordance with its rules and procedures. If the transaction complies with all relevant requirements, Euroclear or Clearstream, as the case may be, will then deliver instructions to the Depository to take action to effect final settlement on its behalf.

Because of time-zone differences, it is possible that credits of securities in Clearstream or Euroclear as a result of a transaction with a DTC Participant will be made during the subsequent securities settlement processing, dated the business day following the DTC settlement date, and those credits or any transactions in those securities settled during this processing will be reported to the relevant Clearstream Participant or Euroclear Participant on that business day. Cash received in Clearstream or Euroclear as a result of sales of securities by or through a Clearstream Participant or a Euroclear Participant to a DTC Participant will be received with value on the DTC settlement date but, due to time-zone differences, may be available in the relevant Clearstream or Euroclear cash account only as of the business day following settlement in DTC.

Certificate Owners that are not Direct or Indirect Participants but desire to purchase, sell or otherwise transfer ownership of, or other interests in, the Offered Certificates may do so only through Direct and Indirect Participants. In addition, Certificate Owners will receive all distributions of principal of and interest on the Offered Certificates from the Trustee through DTC and its Direct and Indirect Participants. Accordingly, Certificate Owners may experience delays in their receipt of payments, since those payments will be forwarded by the Trustee to Cede & Co., as nominee of DTC. DTC will forward those payments to its Participants, which thereafter will forward them to Indirect Participants or beneficial owners of Offered Certificates.

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Except as otherwise provided under ‘‘—Reports to Certificateholders; Certain Available Information’’ below, Certificate Owners will not be recognized by the Trustee, the Special Servicer or the Master Servicer as holders of record of Certificates and Certificate Owners will be permitted to receive information furnished to Certificateholders and to exercise the rights of Certificateholders only indirectly through DTC and its Direct and Indirect Participants.

Under the rules, regulations and procedures creating and affecting DTC and its operations (the ‘‘Rules’’), DTC is required to make book-entry transfers of the Offered Certificates among Participants and to receive and transmit distributions of principal of, and interest on, the Offered Certificates. Direct and Indirect Participants with which Certificate Owners have accounts with respect to the Offered Certificates similarly are required to make book-entry transfers and receive and transmit the distributions on behalf of their respective Certificate Owners. Accordingly, although Certificate Owners will not possess physical certificates evidencing their interests in the Offered Certificates, the Rules provide a mechanism by which Certificate Owners, through their Direct and Indirect Participants, will receive distributions and will be able to transfer their interests in the Offered Certificates.

Because DTC can only act on behalf of Participants, who in turn act on behalf of Indirect Participants and certain banks, the ability of Certificateholders to pledge the Certificates to persons or entities that do not participate in the DTC system, or to otherwise act with respect to the Certificates, may be limited due to the lack of a physical certificate for the Certificates.

DTC has advised the Depositor that it will take any action permitted to be taken by a holder of an Offered Certificate under the Pooling and Servicing Agreement only at the direction of one or more Participants to whose accounts with DTC the Offered Certificates are credited. DTC may take conflicting actions with respect to other undivided interests to the extent that those actions are taken on behalf of Participants whose holdings include the undivided interests.

Although DTC, Euroclear and Clearstream have implemented the foregoing procedures in order to facilitate transfers of interests in global certificates among Participants of DTC, Euroclear and Clearstream, they are under no obligation to perform or to continue to comply with the foregoing procedures, and the foregoing procedures may be discontinued at any time.

None of the Depositor, the Master Servicer, the underwriters, the Special Servicer or the Trustee will have any liability for any actions taken by DTC, Euroclear or Clearstream, their respective Direct or Indirect Participants or their nominees, including, without limitation, actions for any aspect of the records relating to or payments made on account of beneficial ownership interests in the Offered Certificates held by Cede & Co., as nominee for DTC, or for maintaining, supervising or reviewing any records relating to that beneficial ownership interest. The information in this free writing prospectus concerning DTC, Clearstream and Euroclear and their book-entry systems has been obtained from sources believed to be reliable, but the Depositor takes no responsibility for the accuracy or completeness of the information.

Definitive Certificates.    Definitive certificates will be issued to Certificate Owners or their nominees, respectively, rather than to DTC or its nominee, only under the limited conditions set forth under ‘‘Description of the Certificates—Book-Entry Registration and Definitive Certificates’’ in the prospectus.

Upon the occurrence of certain events, as described in the prospectus under ‘‘Description of the Certificates—Book-Entry Registration and Definitive Certificates,’’ the Trustee is required to notify, through DTC, Direct Participants who have ownership of Offered Certificates as indicated on the records of DTC of the availability of definitive certificates. Upon surrender by DTC of the global certificates representing the Offered Certificates and upon receipt of instructions from DTC for re-registration, the Trustee will reissue the Offered Certificates as definitive certificates issued in the respective Certificate Balances or Notional Amounts, as applicable, owned by individual Certificate Owners, and thereafter the Trustee, the Special Servicer and the Master Servicer will recognize the holders of those definitive certificates as Certificateholders under the Pooling and Servicing Agreement.

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For additional information regarding DTC and Certificates maintained on the book-entry records of DTC, see ‘‘Description of the Certificates—Book-Entry Registration and Definitive Certificates’’ in the prospectus.

Distributions

Method, Timing and Amount.    Distributions on the Certificates are required to be made by the Trustee, to the extent of available funds, on the 15th day of each month or, if the 15th day is not a business day, then on the next succeeding business day, commencing in August 2007 (each, a ‘‘Distribution Date’’). The ‘‘Determination Date’’ for any Distribution Date will be the fourth business day prior to the related Distribution Date. All distributions (other than the final distribution on any Certificate) are required to be made to the Certificateholders in whose names the Certificates are registered at the close of business on each Record Date. With respect to any Distribution Date, the ‘‘Record Date’’ will be the last business day of the month preceding the month in which that Distribution Date occurs. These distributions are required to be made by wire transfer in immediately available funds to the account specified by the Certificateholder at a bank or other entity having appropriate facilities therefor, if the Certificateholder has provided the Trustee with written 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 Certificateholder. The final distribution on any Certificate is required to be made in like manner, but only upon presentation and surrender of the Certificate at the location that will be specified in a notice of the pendency of the final distribution. All distributions made with respect to a Class of Certificates will be allocated pro rata among the outstanding Certificates of that Class based on their respective Percentage Interests.

The amount allocated to the Class A-2FL Regular Interest due to the Swap Counterparty under the Swap Contract with respect to each Distribution Date will be deposited into the Floating Rate Account on the business day prior to the related Distribution Date. In addition, amounts payable to the trust by the Swap Counterparty under the Swap Contract with respect to the Distribution Date will be deposited into the Floating Rate Account. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

The Master Servicer is required to establish and maintain, or cause to be established and maintained, one or more accounts (collectively, the ‘‘Certificate Account’’) as described in the Pooling and Servicing Agreement. The Master Servicer is required to deposit in its Certificate Account on a daily basis (and in no event later than the business day following receipt in available funds) all payments and collections due after the Cut-off Date and other amounts received or advanced with respect to the mortgage loans (for which it is acting as Master Servicer) (including, without limitation, all proceeds received under any hazard, title or other insurance policy that provides coverage with respect to a Mortgaged Property or the related mortgage loan or in connection with the full or partial condemnation of a Mortgaged Property (the ‘‘Insurance and Condemnation Proceeds’’) and other amounts received and retained in connection with the liquidation of defaulted mortgage loans or property acquired by foreclosure or otherwise (the ‘‘Liquidation Proceeds’’)), and will be permitted to make withdrawals therefrom as set forth in the Pooling and Servicing Agreement. Notwithstanding the foregoing, the collections on each Whole Loan will be limited to the portion of such amounts that are payable to the holder of the mortgage loan included in the trust pursuant to the related intercreditor agreement.

The Trustee is required to establish and maintain accounts (the ‘‘Upper-Tier Distribution Account’’ and the ‘‘Lower-Tier Distribution Account’’, each of which may be sub-accounts of a single account (collectively, the ‘‘Distribution Account’’)), in the name of the Trustee and for the benefit of the Certificateholders. On each Distribution Date, the Trustee is required to apply amounts on deposit in the Upper-Tier Distribution Account (which will include all funds that were remitted by the Master Servicer from the Certificate Account plus, among other things, any P&I Advances less amounts, if any, distributable to the Class LR Certificates as set forth in the Pooling

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and Servicing Agreement) generally to make distributions of interest and principal from the Available Distribution Amount to the Certificateholders (other than the Holders of the Class A-2FL Certificates) and the Class A-2FL Regular Interest as described in this free writing prospectus. Each of the Certificate Account and the Distribution Account will conform to certain eligibility requirements set forth in the Pooling and Servicing Agreement.

The Master Servicer, the Special Servicer and the Trustee will be entitled to payment of certain fees as compensation for its services performed under the Pooling and Servicing Agreement.

Certain additional fees and costs payable by the related borrowers are allocable to the Master Servicer, the Special Servicer and the Trustee, but such amounts are not payable from amounts that the trust fund is entitled to receive. See ‘‘Transaction Parties—Servicing and Other Compensation and Payment of Expenses’’ in this free writing prospectus.

The Trustee is required to establish and maintain an ‘‘Interest Reserve Account,’’ which may be a sub-account of the Distribution Account, in the name of the Trustee for the benefit of the holders of the Certificates. On the Master Servicer Remittance Date occurring each February and on any Master Servicer Remittance Date occurring in any January which occurs in a year that is not a leap year (unless, in either case, the related Distribution Date is the final Distribution Date), the Trustee will be required to deposit amounts remitted by the Master Servicer or P&I Advances made on the related mortgage loans into the Interest Reserve Account during the related interest period, in respect of the mortgage loans that accrue interest on an Actual/360 Basis (collectively, the ‘‘Withheld Loans’’), in an amount equal to one day’s interest at the Net Mortgage Rate for each Withheld Loan on its Stated Principal Balance as of the Distribution Date in the month preceding the month in which the related Master Servicer Remittance Date occurs, to the extent a Periodic Payment or P&I Advance is made in respect of the mortgage loans (all amounts so deposited in any consecutive January (if applicable) and February, ‘‘Withheld Amounts’’). On the Master Servicer Remittance Date occurring each March (or February if the related Distribution Date is the final Distribution Date), the Trustee will be required to withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January (if applicable) and February, if any, and deposit that amount into the Lower-Tier Distribution Account.

The Trustee is required to establish and maintain an ‘‘Excess Interest Distribution Account,’’ which may be a sub-account of the Distribution Account, in the name of the Trustee for the benefit of the holders of the Class S Certificates. Prior to the applicable Distribution Date, the Master Servicer is required to remit to the Trustee for deposit into the Excess Interest Distribution Account an amount equal to the Excess Interest received by that Master Servicer prior to the related Determination Date.

The Trustee is required to establish and maintain an account (the ‘‘Gain on Sale Reserve Account’’), which may be a sub-account of the Distribution Account, in the name of the Trustee on behalf of the Certificateholders. To the extent that gains realized on sales of Mortgaged Properties, if any, are not used to offset Collateral Support Deficits previously allocated to the Certificates, such gains will be held and applied to offset future Collateral Support Deficits, if any.

The Master Servicer is authorized but not required to direct the investment of funds held in the Certificate Account in U.S. government securities and other obligations that are acceptable to each of the Rating Agencies (‘‘Permitted Investments’’). The Master Servicer will be entitled to retain any interest or other income earned on such funds and the Master Servicer will be required to bear any losses resulting from the investment of such funds, as provided in the Pooling and Servicing Agreement. Funds held in the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Interest Reserve Account, Excess Interest Distribution Account and the Gain on Sale Reserve Account may be invested by the Trustee in Permitted Investments. The Trustee will be entitled to retain any interest or other income earned on such funds and the Trustee will be required to bear any losses resulting from the investment of such funds, as provided in the Pooling and Servicing Agreement.

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The aggregate amount available for distribution to the Certificateholders (other than the holders of the Class A-2FL and Class S Certificates) and the Class A-2FL Regular Interest to the extent described in this free writing prospectus on each Distribution Date (the ‘‘Available Distribution Amount’’) will, in general, equal the sum of the following amounts (without duplication):

(x)    the total amount of all cash received on the mortgage loans and any REO Properties that is on deposit in the Certificate Account, the Lower-Tier Distribution Account and, without duplication, the REO Account (and with respect to the JQH Hotel Portfolio Loan, only to the extent received by the Trustee pursuant to the related pooling and servicing agreement), as of the related Master Servicer Remittance Date, exclusive of (without duplication):

(1)    all scheduled payments of principal and/or interest (the ‘‘Periodic Payments’’) and balloon payments collected but due on a due date subsequent to the related Due Period, excluding interest relating to periods prior to, but due after, the Cut-off Date;

(2)    all unscheduled payments of principal (including prepayments), unscheduled interest, Liquidation Proceeds, Insurance and Condemnation Proceeds and other unscheduled recoveries received subsequent to the related Determination Date (or, with respect to voluntary prepayments of principal of each mortgage loan with a due date occurring after the related Determination Date, subsequent to the related due date);

(3)    all amounts in the Certificate Account that are due or reimbursable to any person other than the Certificateholders;

(4)    with respect to each Withheld Loan and any Distribution Date occurring in each February and in any January occurring in a year that is not a leap year (unless such Distribution Date is the final Distribution Date), the related Withheld Amount to the extent those funds are on deposit in the Certificate Account;

(5)    Excess Interest;

(6)    all Yield Maintenance Charges;

(7)    all amounts deposited in the Certificate Account, the Lower-Tier Distribution Account and, without duplication, the REO Account in error; and

(8)    any accrued interest on a mortgage loan allocable to the default interest rate for such mortgage loan, to the extent permitted by law, as more particularly defined in the related mortgage loan documents, excluding any interest calculated at the Mortgage Rate for the related mortgage loan;

(y)    all P&I Advances made by the Master Servicer with respect to the Distribution Date (net of certain amounts that are due or reimbursable to persons other than the Certificateholders). See ‘‘Description of the Pooling Agreements—Certificate Account’’ in the prospectus; and

(z)    with respect to the Distribution Date occurring in each March (or February if the related Distribution Date is the final Distribution Date), the related Withheld Amounts required to be deposited in the Lower-Tier Distribution Account pursuant to the Pooling and Servicing Agreement.

The aggregate amount available for distributions to the holders of the Class A-2FL Certificates on each Distribution Date (the ‘‘Class A-2FL Available Funds’’) will equal the sum of (i) the total amount of all principal and/or interest distributions on or in respect of the Class A-2FL Regular Interest with respect to the Distribution Date and (ii) the amounts, if any, received from the Swap Counterparty pursuant to the Swap Contract for the Distribution Date, less (iii) all amounts required to be paid to the Swap Counterparty pursuant to the Swap Contract for the Distribution Date. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

The ‘‘Due Period’’ for each Distribution Date and any mortgage loan will be the period commencing on the day immediately following the due date for the mortgage loan in the month

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preceding the month in which that Distribution Date occurs and ending on and including the due date for the mortgage loan in the month in which that Distribution Date occurs; provided that the first Due Period with respect to any mortgage loan with its first due date after July 2007 will begin on the day immediately following the Cut-off Date of such mortgage loan.

Notwithstanding the foregoing, in the event that the last day of a Due Period (or applicable grace period) is not a business day, any Periodic Payments received with respect to the mortgage loans relating to the related Due Period on the business day immediately following that day will be deemed to have been received during that Due Period and not during any other Due Period.

Priority.    On each Distribution Date, for so long as the Certificate Balances or Notional Amount of the Certificates (other than the Class A-2FL Certificates) or the Certificate Balance of the Class A-2FL Regular Interest has not been reduced to zero, the Trustee is required to apply amounts on deposit in the Upper-Tier Distribution Account, to the extent of the Available Distribution Amount, in the following order of priority:

First, to pay interest, concurrently, (i) on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and Class A-2FL Regular Interest, pro rata, from the portion of the Available Distribution Amount for such Distribution Date attributable to mortgage loans in Loan Group 1 up to an amount equal to the aggregate Interest Distribution Amount for those Classes; (ii) on the Class A-1A Certificates from the portion of the Available Distribution Amount for such Distribution Date attributable to mortgage loans in Loan Group 2 up to an amount equal to the aggregate Interest Distribution Amount for such Class; and (iii) on the Class X Certificates from the portion of the Available Distribution Amount for such Distribution Date up to an amount equal to the aggregate Interest Distribution Amount for such Class, without regard to Loan Group, in each case based upon their respective entitlements to interest for that Distribution Date; provided, however, on any Distribution Date where the Available Distribution Amount (or applicable portion of the Available Distribution Amount) is not sufficient to make distributions in full to the related Classes as described above, the Available Distribution Amount will be allocated among the above Classes without regard to Loan Group, pro rata, in accordance with the respective amounts of Distributable Certificate Interest in respect of such Classes on such Distribution Date, in an amount equal to all Interest Distribution Amounts in respect of each such Class for such Distribution Date;

Second, to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB and Class A-1A Certificates and Class A-2FL Regular Interest, in reduction of the Certificate Balances of those Classes, concurrently: (i)(A) first, to the Class A-SB Certificates, in an amount equal to the Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Group 2 Principal Distribution Amount for such Distribution Date remaining after payments specified in clause (ii) below have been made on such Distribution Date, until the Certificate Balance of the Class A-SB Certificates is reduced to the Class A-SB Planned Principal Balance, (B) then, to the Class A-1 Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after payments specified in clause (i)(A) above have been made) for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Group 2 Principal Distribution Amount remaining after payments specified in clause (i)(A) above and clause (ii) below have been made on such Distribution Date, until the Certificate Balance of the Class A-1 Certificates is reduced to zero, (C) pro rata to the Class A-2 Certificates and the A-2FL Regular Interest in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after payments specified in clauses (i)(A) and (B) above have been made) for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Group 2 Principal Distribution Amount remaining after payments specified in clauses (i)(A) and (B) above and clause (ii) below have been made on such Distribution Date, until the Certificate Balance of the Class A-2 and A-2FL Regular Interest Certificates is reduced to zero, (D) then to the Class A-3 Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after payments specified in clauses (i)(A), (B) and (C) above have been made) for such Distribution Date and, after the Certificate Balance of

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the Class A-1A Certificates is reduced to zero, the Group 2 Principal Distribution Amount remaining after payments specified in clauses (i)(A), (B) and (C) above and clause (ii) below have been made on such Distribution Date, until the Certificate Balance of the Class A-3 Certificates is reduced to zero, (E) then, to the Class A-4 Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after payments specified in clauses (i)(A), (B), (C) and (D) above have been made) for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Group 2 Principal Distribution Amount remaining after payments specified in clauses (i)(A), (B), (C) and (D) above and clause (ii) below have been made on such Distribution Date, until the Certificate Balance of the Class A-4 Certificates is reduced to zero, and (F) to the Class A-SB Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after payments specified in clauses (i)(A), (B), (C), (D) and (E) above have been made) for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Group 2 Principal Distribution Amount remaining after payments specified in clauses (i)(A), (B), (C), (D) and (E) above and clause (ii) below have been made on such Distribution Date, until the Certificate Balance of the Class A-SB Certificates has been reduced to zero; and (ii) to the Class A-1A Certificates, in an amount equal to the Group 2 Principal Distribution Amount and, after the Certificate Balances of the Class A-4 and Class A-SB Certificates have been reduced to zero, the Group 1 Principal Distribution Amount remaining after payments specified in clauses (i)(A), (B), (C), (D), (E) and (F) above have been made on such Distribution Date, until the Certificate Balance of the Class A-1A Certificates is reduced to zero;

Third, to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and Class A-2FL Regular Interest, pro rata (based upon the aggregate unreimbursed Collateral Support Deficit allocated to each Class), until all amounts of Collateral Support Deficit previously allocated to those Classes, but not previously reimbursed, have been reimbursed in full;

Fourth, to the Class A-M Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Fifth, to the Class A-M Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest to zero, to the Class A-M Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Sixth, to the Class A-M Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class A-M Certificates, but not previously reimbursed, have been reimbursed in full;

Seventh, to the Class A-J Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Eighth, to the Class A-J Certificates, in reduction of the Certificate Balances of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest and Class A-M Certificates to zero, to the Class A-J Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest and Class A-M Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Ninth, to the Class A-J Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class A-J Certificates, but not previously reimbursed, have been reimbursed in full;

Tenth, to the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

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Eleventh, to the Class B Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates and Class A-J Certificates to zero, to the Class B Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates and Class A-J Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Twelfth, to the Class B Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class B Certificates, but not previously reimbursed, have been reimbursed in full;

Thirteenth, to the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Fourteenth, to the Class C Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates and Class B Certificates to zero, to the Class C Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates and Class B Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Fifteenth, to the Class C Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class C Certificates, but not previously reimbursed, have been reimbursed in full;

Sixteenth, to the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Seventeenth, to the Class D Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates and Class C Certificates to zero, to the Class D Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates and Class C Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Eighteenth, to the Class D Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class D Certificates, but not previously reimbursed, have been reimbursed in full;

Nineteenth, to the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Twentieth, to the Class E Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates and Class D Certificates to zero, to the Class E Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates and Class D Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Twenty-first, to the Class E Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class E Certificates, but not previously reimbursed, have been reimbursed in full;

Twenty-second, to the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

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Twenty-third, to the Class F Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E Certificates to zero, to the Class F Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Twenty-fourth, to the Class F Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class F Certificates, but not previously reimbursed, have been reimbursed in full;

Twenty-fifth, to the Class G Certificates, in respect of interest up to an amount equal to the Interest Distribution Amount for that Class;

Twenty-sixth, to the Class G Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates to zero, to the Class G Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Twenty-seventh, to the Class G Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class G Certificates, but not previously reimbursed, have been reimbursed in full;

Twenty-eighth, to the Class H Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Twenty-ninth, to the Class H Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates and Class G Certificates to zero, to the Class H Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates and Class G Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Thirtieth, the Class H Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class H Certificates, but not previously reimbursed, have been reimbursed in full;

Thirty-first, to the Class J Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Thirty-second, to the Class J Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates and Class H Certificates to zero, to the Class J Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M

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Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates and Class H Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Thirty-third, to the Class J Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class J Certificates, but not previously reimbursed, have been reimbursed in full;

Thirty-fourth, to the Class K Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Thirty-fifth, to the Class K Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates and Class J Certificates to zero, to the Class K Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates and Class J Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Thirty-sixth, to the Class K Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class K Certificates, but not previously reimbursed, have been reimbursed in full;

Thirty-seventh, to the Class L Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Thirty-eighth, to the Class L Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates and Class K Certificates to zero, to the Class L Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates and Class K Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Thirty-ninth, to the Class L Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class L Certificates, but not previously reimbursed, have been reimbursed in full;

Fortieth, to the Class M Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Forty-first, to the Class M Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates and Class L Certificates to zero, to the Class M Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates and Class L Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

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Forty-second, to the Class M Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class M Certificates, but not previously reimbursed, have been reimbursed in full;

Forty-third, to the Class N Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Forty-fourth, to the Class N Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates and Class M Certificates to zero, to the Class N Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates and Class M Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Forty-fifth, to the Class N Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class N Certificates, but not previously reimbursed, have been reimbursed in full;

Forty-sixth, to the Class P Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Forty-seventh, to the Class P Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates and Class N Certificates to zero, to the Class P Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates and Class N Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Forty-eighth, to the Class P Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class P Certificates, but not previously reimbursed, have been reimbursed in full;

Forty-ninth, to the Class Q Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Fiftieth, to the Class Q Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates and Class P Certificates to zero, to the Class Q Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates and Class P Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

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Fifty-first, to the Class Q Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class Q Certificates, but not previously reimbursed, have been reimbursed in full;

Fifty-second, to the Class T Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Fifty-third, to the Class T Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates, Class P Certificates and Class Q Certificates to zero, to the Class T Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates, Class P Certificates and Class Q Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Fifty-fourth, to the Class T Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class T Certificates, but not previously reimbursed, have been reimbursed in full;

Fifty-fifth, to the Class NR Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount for that Class;

Fifty-sixth, to the Class NR Certificates, in reduction of the Certificate Balance of that Class following reduction of the Certificate Balances of the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates, Class P Certificates, Class Q Certificates and Class T Certificates to zero, to the Class NR Certificates an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A Certificates (other than the Class A-2FL Certificates) and Class A-2FL Regular Interest, Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates, Class P Certificates, Class Q Certificates and Class T Certificates on that Distribution Date), until the Certificate Balance of that Class is reduced to zero;

Fifty-seventh, to the Class NR Certificates, until all amounts of Collateral Support Deficit previously allocated to the Class NR Certificates, but not previously reimbursed, have been reimbursed in full; and

Fifty-eighth, to the Class R Certificates, the amount, if any, of the Available Distribution Amount remaining in the Upper-Tier Distribution Account, and to the Class LR Certificates, the amount remaining in the Lower-Tier Distribution Account with respect to that Distribution Date.

Reimbursement of previously allocated Collateral Support Deficit will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates or Class A-2FL Regular Interest in respect of which a reimbursement is made.

Notwithstanding the distribution priority second set forth above, on and after the Distribution Date on which the Certificate Balances of the Subordinate Certificates have all been reduced to zero as a result of the allocation of mortgage loan losses to those certificates (that date, the ‘‘Cross-Over Date’’), the Principal Distribution Amount will be distributed pursuant to

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clause (i), (ii) and (iii) of priority second set forth above, pro rata (based upon their respective Certificate Balances), among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest without regard to the priorities set forth above and without regard to Loan Group 1 or Loan Group 2 or the Class A-SB Planned Principal Balance.

Distributions on the Class A-2FL Certificates.    On each Distribution Date, for so long as the Certificate Balance of the Class A-2FL Regular Interest (and, correspondingly, the Class A-2FL Certificates) has not been reduced to zero, the Trustee is required to apply amounts on deposit in the Floating Rate Account to the extent of the Class A-2FL Available Funds, in the following order of priority:

First, to the Class A-2FL Certificates in respect of interest, up to an amount equal to the Class A-2FL Interest Distribution Amount;

Second, to the Class A-2FL Certificates in respect of principal, the Class A-2FL Principal Distribution Amount until the Certificate Balance of that Class is reduced to zero; and

Third, to the Class A-2FL Certificates until all amounts of Collateral Support Deficit previously allocated to the Class A-2FL Certificates, but not previously reimbursed, have been reimbursed in full. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

Pass-Through Rates.    The interest rate (the ‘‘Pass-Through Rate’’) applicable to each Class of Certificates (other than the Class S and the Residual Certificates) for any Distribution Date will equal the rates set forth below:

The Pass-Through Rate on the Class A-1 Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-2 Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-2FL Regular Interest is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-2FL Certificates is a per annum rate equal to LIBOR plus     %; provided, however, under certain circumstances described under ‘‘Description of the Swap Contract’’ in this free writing prospectus, the Pass-Through Rate on the Class A-2FL Certificates may be effectively reduced or may convert to a per annum rate equal to the Pass-Through Rate on the Class A-2FL Regular Interest.

The Pass-Through Rate on the Class A-3 Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-4 Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-SB Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-1A Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-M Certificate is a per annum rate equal to     %.

The Pass-Through Rate on the Class A-J Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class B Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class C Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class D Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class E Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class F Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class G Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class H Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class J Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class K Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class L Certificates is a per annum rate equal to     %.

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The Pass-Through Rate on the Class M Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class N Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class P Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class Q Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class T Certificates is a per annum rate equal to     %.

The Pass-Through Rate on the Class NR Certificates is a per annum rate equal to     %.

The term ‘‘LIBOR’’ means, with respect to the Class A-2FL Certificates and each Interest Accrual Period, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on the related LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for that Interest Accrual Period will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by any four major banks in the London interbank market selected by the Trustee to provide such bank’s offered quotation of such rates at approximately 11:00 a.m., London time, on the related LIBOR Determination Date to prime banks in the London interbank market for a period of one month, commencing on the first day of such Interest Accrual Period and in an amount that is representative for a single such transaction in the relevant market at the relevant time. The Trustee will request the principal London office of each of those four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Interest Accrual Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that Interest Accrual Period will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Trustee, at approximately 11:00 a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Accrual Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing on the first day of such Interest Accrual Period and in an amount that is representative for a single such transaction in the relevant market at the relevant time. The Trustee will determine LIBOR for each Interest Accrual Period and the determination of LIBOR by the Trustee will be binding absent manifest error.

The ‘‘LIBOR Determination Date’’ for the Class A-2FL Certificates is (i) with respect to the initial Interest Accrual Period, the date that is two LIBOR Business Days prior to the Closing Date, and (ii) with respect to each Interest Accrual Period thereafter, the date that is two LIBOR Business Days prior to the beginning of the related Interest Accrual Period. A ‘‘LIBOR Business Day’’ is any day on which commercial banks are open for international business (including dealings in U.S. Dollar deposits) in London, England.

The Pass-Through Rate applicable to the Class X Certificates for the initial Distribution Date will equal approximately    % per annum. The Pass-Through Rate for the Class X Certificates for any Distribution Date will equal the excess, if any, of (a) the WAC Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates on all of the other Certificates (other than the Class A-2FL, Class S, Class R and Class LR Certificates) and the Class A-2FL Regular Interest, weighted on the basis of their respective Certificate Balances immediately prior to that Distribution Date.

The Pass-Through Rate on each Class of Offered Certificates for the first Distribution Date is expected to be as set forth on page S-9 of this free writing prospectus. The Pass-Through Rate on the Class A-2FL Regular Interest for the first Distribution Date is expected to be a per annum rate equal to     %.

The ‘‘WAC Rate’’ with respect to any Distribution Date is equal to the weighted average of the applicable Net Mortgage Rates for the mortgage loans weighted on the basis of their respective Stated Principal Balances as of the Closing Date, in the case of the first Distribution Date, or, for all other Distribution Dates, the preceding Distribution Date.

The ‘‘Net Mortgage Rate’’ for each mortgage loan is equal to the related Mortgage Rate in effect from time to time, less the related Administrative Cost Rate; provided, however, for

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purposes of calculating Pass-Through Rates, the Net Mortgage Rate for any mortgage loan will be determined without regard to any modification, waiver or amendment of the terms of the mortgage loan, whether agreed to by the Master Servicer, the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related borrower. Notwithstanding the foregoing, for mortgage loans that do not accrue interest on a 30/360 Basis, then, solely for purposes of calculating the Pass-Through Rate on the Certificates, the Net Mortgage Rate of the 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 the 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 required to be paid in respect of the mortgage loan during the one-month period at the related Net Mortgage Rate; provided, however, with respect to each Withheld Loan, the Net Mortgage Rate for the one month period (1) prior to the due dates in January and February in any year which is not a leap year (in either case, unless the related Distribution Date is the final Distribution Date) or in February in any year which is a leap year will be the per annum rate stated in the related Mortgage Note less the related Administrative Cost Rate, and (2) prior to the due date in March (or February, if the related Distribution Date is the final Distribution Date), will be determined inclusive of the amounts withheld for the immediately preceding February and, if applicable, January.

‘‘Administrative Cost Rate’’ as of any date of determination and with respect to any mortgage loan will be equal to the sum of the Servicing Fee Rate and the Trustee Fee Rate.

‘‘Mortgage Rate’’ with respect to any mortgage loan is the per annum rate at which interest accrues on the mortgage loan as stated in the related Mortgage Note in each case without giving effect to any default rate or an increased interest rate.

‘‘Excess Interest’’ with respect to each ARD Loan is the interest accrued at the related Revised Rate in respect of each ARD Loan in excess of the interest accrued at the related Initial Rate, plus any related interest, to the extent permitted by applicable law.

Interest Distribution Amount.    Interest will accrue for each Class of Certificates (other than the Class A-2FL and Class S Certificates and the Residual Certificates) and the Class A-2FL Regular Interest during the related Interest Accrual Period. The ‘‘Interest Distribution Amount’’ of any Class of Certificates (other than the Class A-2FL and Class S Certificates and the Residual Certificates) and the Class A-2FL Regular Interest for any Distribution Date is an amount equal to the sum of all Distributable Certificate Interest in respect of that Class of Certificates or the Class A-2FL Regular Interest for that Distribution Date and, to the extent not previously paid, for all prior Distribution Dates and any Accrued Interest from Recoveries for such Class of Certificates or the Class A-2FL Regular Interest to the extent not previously paid, for all prior Distribution Dates.

The ‘‘Class A-2FL Interest Distribution Amount’’ will be, with respect to any Distribution Date, the sum of (a) interest accrued during the related Interest Accrual Period at the applicable Pass-Through Rate for the Class A-2FL Certificates on the Certificate Balance of such Class and (b) to the extent not previously paid, amounts of interest distributable on the Class A-2FL Certificates for all previous Distribution Dates. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

‘‘Accrued Interest from Recoveries’’ in respect of each Distribution Date and any Class of Certificates (other than the Class X, Class A-2FL and Class S Certificates and the Residual Certificates) or the Class A-2FL Regular Interest that had an increase to its Certificate Balance as a result of a recovery of Nonrecoverable Advances, an amount equal to interest at the Pass-Through Rate applicable to that Class on the amount of such increase to its Certificate Balance accrued from the Distribution Date on which the related Collateral Support Deficit was allocated to such Class as a result of the reimbursement of Nonrecoverable Advances from the trust to, but not including, the Distribution Date on which the Certificate Balance was so increased.

The ‘‘Interest Accrual Period’’ in respect of each Class of Certificates (other than the Class A-2FL and Class S Certificates and the Residual Certificates) and the Class A-2FL Regular Interest

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for each Distribution Date will be the calendar month prior to the month in which that Distribution Date occurs and will be calculated on a 30/360 Basis. With respect to the Class A-2FL Certificates, the Interest Accrual Period will be the period from and including the Distribution Date in the month preceding the month in which the related Distribution Date occurs (or, in the case of the first Distribution Date, the Closing Date) to, but excluding, the related Distribution Date and will be calculated on an Actual/360 Basis; provided, however, if the Pass-Through Rate for the Class A-2FL Certificates converts to a fixed rate, the Interest Accrual Period for that Class will be the calendar month prior to the month in which that Distribution Date occurs and will be calculated on a 30/360 Basis. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

The ‘‘Distributable Certificate Interest’’ in respect of each Class of Certificates (other than the Class A-2FL. Class S Certificates and the Residual Certificates) and the Class A-2FL Regular Interest for each Distribution Date is equal to one month’s interest at the Pass-Through Rate applicable to that Class of Certificates or the Class A-2FL Regular Interest for that Distribution Date accrued for the related Interest Accrual Period on the related Certificate Balance or Notional Amount, as the case may be, outstanding immediately prior to that Distribution Date, reduced (other than in the case of the Class X Certificates) (to not less than zero) by such Class of Certificates or the Class A-2FL Regular Interest’s allocable share (calculated as described below) of the aggregate of any Prepayment Interest Shortfalls resulting from any principal prepayments made on the mortgage loans during the related Due Period that are not covered by the Master Servicer’s Compensating Interest Payment for the related Distribution Date (the aggregate of the Prepayment Interest Shortfalls that are not so covered, as to the related Distribution Date, the ‘‘Net Aggregate Prepayment Interest Shortfall’’).

The portion of the Net Aggregate Prepayment Interest Shortfall for any Distribution Date that is allocable to each Class of Certificates (other than the Class A-2FL, Class S, Class X and the Residual Certificates) and the Class A-2FL Regular Interest will equal the product of (a) the Net Aggregate Prepayment Interest Shortfall, multiplied by (b) a fraction, the numerator of which is equal to the Interest Distribution Amount in respect of that Class of Certificates or the Class A-2FL Regular Interest, as the case may be, for the related Distribution Date, and the denominator of which is equal to the aggregate Interest Distribution Amount in respect of all Classes of Certificates (other than the Class A-2FL, Class S, Class X and the Residual Certificates) and the Class A-2FL Regular Interest for the related Distribution Date. Any allocation of Net Aggregate Prepayment Interest Shortfall to the Class A-2FL Regular Interest will result in a corresponding dollar-for-dollar reduction in interest paid by the Swap Counterparty to the respective Certificateholders. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

Principal Distribution Amount.    So long as (i) either the Class A-4 or the Class A-SB Certificates and (ii) the Class A-1A Certificates remain outstanding, the Principal Distribution Amount for each Distribution Date as it relates to distributions to the Class A Certificates will be calculated on a Loan Group-by-Loan Group basis. On each Distribution Date after the Certificate Balance of either (i) each of the Class A-4 and Class A-SB Certificates or (ii) the Class A-1A Certificates has been reduced to zero (other than as a result of losses), a single Principal Distribution Amount will be calculated in the aggregate for both Loan Groups. The ‘‘Principal Distribution Amount’’ for any Distribution Date is an amount equal to the sum of (a) the Principal Shortfall for that Distribution Date, (b) the Scheduled Principal Distribution Amount for that Distribution Date and (c) the Unscheduled Principal Distribution Amount for that Distribution Date; provided that the Principal Distribution Amount for any Distribution Date will be reduced by the amount of any reimbursements of (i) Nonrecoverable Advances, with interest on such Nonrecoverable Advances that are paid or reimbursed from principal collections on the mortgage loans in a period during which such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date and (ii) Workout-Delayed Reimbursement Amounts paid or reimbursed from principal collections on the mortgage loans in a period during which such principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date (provided that, in the case of

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clause (i) and (ii) above, if any of the amounts that were reimbursed from principal collections on the mortgage loans are subsequently recovered on the related mortgage loan, such recovery will increase the Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs).

The ‘‘Group 1 Principal Distribution Amount’’ for any Distribution Date is an amount equal to the sum of (a) the Group 1 Principal Shortfall for that Distribution Date, (b) the Scheduled Principal Distribution Amount for Loan Group 1 for that Distribution Date, and (c) the Unscheduled Principal Distribution Amount for Loan Group 1 for that Distribution Date; provided that the Group 1 Principal Distribution Amount for any Distribution Date will be reduced by the amount of any reimbursements of (i) Nonrecoverable Advances, plus interest on such Nonrecoverable Advances, that are paid or reimbursed from principal collections on the mortgage loans in Loan Group 1 in a period during which such principal collections would have otherwise been included in the Group 1 Principal Distribution Amount for that Distribution Date, (ii) Workout-Delayed Reimbursement Amounts that are paid or reimbursed from principal collections on the mortgage loans in Loan Group 1 in a period during which such principal collections would have otherwise been included in the Group 1 Principal Distribution Amount for that Distribution Date and (iii) following the reimbursements described in clauses (i) and (ii), the excess, if any of (A) the total amount of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts, plus interest on such Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts, that would have been paid or reimbursed from principal collections on the mortgage loans in Loan Group 2 as described in clauses (i) and (ii) of the definition of ‘‘Group 2 Principal Distribution Amount’’ had the aggregate amount available for distribution of principal with respect to Loan Group 2 been sufficient to make such reimbursements in full, over (B) the aggregate amount available for distribution of principal with respect to Loan Group 2 for that Distribution Date (provided, further, (i) that in the case of clauses (i) and (ii) above, if any of such amounts reimbursed from principal collections on the mortgage loans in Loan Group 1 are subsequently recovered on the related mortgage loan, subject to the application of any recovery to increase the Group 2 Principal Distribution Amount as required under clause (ii) of the definition of Group 2 Principal Distribution Amount, such recovery will be applied to increase the Group 1 Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs; and (ii) that in the case of clause (iii) above, if any of such amounts reimbursed from principal collections on the mortgage loans in Loan Group 2 are subsequently recovered on the related mortgage loan, such recovery will first be applied to increase the Group 1 Principal Distribution Amount up to such amounts and then to increase the Group 2 Principal Distribution Amount).

The ‘‘Group 2 Principal Distribution Amount’’ for any Distribution Date is an amount equal to the sum of (a) the Group 2 Principal Shortfall for that Distribution Date, (b) the Scheduled Principal Distribution Amount for Loan Group 2 for that Distribution Date and (c) the Unscheduled Principal Distribution Amount for Loan Group 2 for that Distribution Date; provided that the Group 2 Principal Distribution Amount for any Distribution Date will be reduced by the amount of any reimbursements of (i) Nonrecoverable Advances, plus interest on such Nonrecoverable Advances, that are paid or reimbursed from principal collections on the mortgage loans in Loan Group 2 in a period during which such principal collections would have otherwise been included in the Group 2 Principal Distribution Amount for that Distribution Date, (ii) Workout-Delayed Reimbursement Amounts that are paid or reimbursed from principal collections on the mortgage loans in Loan Group 2 in a period during which such principal collections would have otherwise been included in the Group 2 Principal Distribution Amount for that Distribution Date and (iii) following the reimbursements described in clauses (i) and (ii), the excess, if any of (A) the total amount of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts, plus interest on such Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts, that would have been paid or reimbursed from principal collections on the mortgage loans in Loan Group 1 as described in clauses (i) and (ii) of the definition of Group 1 Principal Distribution Amount had the aggregate amount available for distribution of principal

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with respect to Loan Group 1 been sufficient to make such reimbursements in full, over (B) the aggregate amount available for distribution of principal with respect to Loan Group 1 for that Distribution Date (provided, further, (I) that in the case of clauses (i) and (ii) above, if any of such amounts reimbursed from principal collections on the mortgage loans in Loan Group 2 are subsequently recovered on the related mortgage loan, subject to the application of any recovery to increase the Group 1 Principal Distribution Amount as required under clause (II) of the definition of Group 1 Principal Distribution Amount, such recovery will be applied to increase the Group 2 Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs; and (II) that in the case of clause (iii) above, if any of such amounts reimbursed from principal collections on the mortgage loans in Loan Group 1 are subsequently recovered on the related mortgage loan, such recovery will first be applied to increase the Group 2 Principal Distribution Amount up to such amounts and then to increase the Group 1 Principal Distribution Amount).

The ‘‘Scheduled Principal Distribution Amount’’ for each Distribution Date will equal the aggregate of the principal portions of (a) all Periodic Payments (excluding balloon payments) due during or, if and to the extent not previously received or advanced and distributed to Certificateholders on a preceding Distribution Date, prior to the related Due Period and all Assumed Scheduled Payments for the related Due Period, in each case to the extent paid by the related borrower as of the related Determination Date (or, with respect to each mortgage loan with a due date occurring, or a grace period ending, after the related Determination Date, the related due date or, last day of such grace period, as applicable) or advanced by the Master Servicer or the Trustee, as applicable, and (b) all balloon payments to the extent received on or prior to the related Determination Date (or, with respect to each mortgage loan with a due date occurring, or a grace period ending, after the related Determination Date, the related due date or, the last day of such grace period, as applicable, to the extent received by the Master Servicer as of the business day preceding the related Master Servicer Remittance Date), and to the extent not included in clause (a) above. The Scheduled Principal Distribution Amount from time to time will include all late payments of principal made by a borrower, including late payments in respect of a delinquent balloon payment, regardless of the timing of those late payments, except to the extent those late payments are otherwise reimbursable to the Master Servicer or the Trustee, as the case may be, for prior Advances.

The ‘‘Unscheduled Principal Distribution Amount’’ for each Distribution Date will equal the aggregate of: (a) all prepayments of principal received on the mortgage loans as of the business day preceding the related Master Servicer Remittance Date; and (b) any other collections (exclusive of payments by borrowers) received on the mortgage loans and any REO Properties on or prior to the business day immediately preceding the related Master Servicer Remittance Date whether in the form of Liquidation Proceeds, Insurance and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by the Master Servicer as recoveries of previously unadvanced principal of the related mortgage loan; provided that all such Liquidation Proceeds and Insurance and Condemnation Proceeds shall be reduced by any unpaid Special Servicing Fees, Liquidation Fees, accrued interest on Advances and other additional trust fund expenses incurred in connection with the related mortgage loan, thus reducing the Unscheduled Principal Distribution Amount.

The ‘‘Assumed Scheduled Payment’’ for any Due Period and with respect to any mortgage loan that is delinquent in respect of its balloon payment (including any REO Loan as to which the balloon payment would have been past due), is an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on that mortgage loan on the related due date based on the constant payment required by the related Mortgage Note or the original amortization schedule of the mortgage loan (as calculated with interest at the related Mortgage Rate), if applicable, assuming the related balloon payment has not become due, after giving effect to any reduction in the principal balance occurring in connection with a default or a bankruptcy modification, and (b) interest on the Stated Principal Balance of that mortgage loan at its Mortgage Rate (net of the applicable rate at which the Servicing Fee is calculated).

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For purposes of the foregoing definition of Principal Distribution Amount, the term ‘‘Principal Shortfall’’ for any Distribution Date means the amount, if any, by which (1) the Principal Distribution Amount for the prior Distribution Date exceeds (2) the aggregate amount distributed in respect of principal on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates and the Class A-2FL Regular Interest on the preceding Distribution Date. There will be no Principal Shortfall on the first Distribution Date.

For purposes of the foregoing definition of Group 1 Principal Distribution Amount, the term ‘‘Group 1 Principal Shortfall’’ for any Distribution Date means the amount, if any, by which (1) the lesser of (a) the Group 1 Principal Distribution Amount for the prior Distribution Date and (b) the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and the Class A-2FL Regular Interest, exceeds (2) the aggregate amount distributed in respect of principal on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and the Class A-2FL Regular Interest, on the preceding Distribution Date. There will be no Group 1 Principal Shortfall on the first Distribution Date.

For purposes of the foregoing definition of Group 2 Principal Distribution Amount, the term ‘‘Group 2 Principal Shortfall’’ for any Distribution Date means the amount, if any, by which (1) the lesser of (a) the Group 2 Principal Distribution Amount for the prior Distribution Date and (b) the aggregate Certificate Balance of the Class A-1A Certificates, exceeds (2) the aggregate amount distributed in respect of principal on the Class A-1A Certificates on the preceding Distribution Date. There will be no Group 2 Principal Shortfall on the first Distribution Date.

The ‘‘Class A-SB Planned Principal Balance’’ for any Distribution Date is the balance shown for such Distribution Date in the table set forth in Annex D to this free writing prospectus. Such balances were calculated using, among other things, certain weighted average life assumptions. See ‘‘Yield and Maturity Considerations—Weighted Average Life’’ in this free writing prospectus. Based on such assumptions, the Certificate Balance of the Class A-SB Certificates on each Distribution Date would be expected to be reduced to the balance indicated for such Distribution Date in the table set forth in Annex D to this free writing prospectus. There is no assurance, however, that the mortgage loans will perform in conformity with our assumptions. Therefore, there can be no assurance that the balance of the Class A-SB Certificates on any Distribution Date will be equal to the balance that is specified for such Distribution Date in Annex D. In particular, once the Certificate Balances of the Class A-1A, Class A-1, Class A-2, Class A-3 and Class A-4 Certificates and the Class A-2FL Regular Interest have been reduced to zero, any portion of the Group 2 Principal Distribution Amount and/or Group 1 Principal Distribution Amount, as applicable, remaining on any Distribution Date, will be distributed on the Class A-SB Certificates until the Certificate Balance of the Class A-SB Certificates is reduced to zero.

With respect to any Distribution Date, the ‘‘Class A-2FL Principal Distribution Amount’’ will be an amount equal to the amount of principal allocated in respect of the Class A-2FL Regular Interest on that Distribution Date. See ‘‘Description of the Certificates—Distributions—Priority’’ and ‘‘Description of the Swap Contract’’ in this free writing prospectus.

Certain Calculations with Respect to Individual Mortgage Loans.    The Stated Principal Balance of each mortgage loan outstanding at any time represents the principal balance of the mortgage loan ultimately due and payable to the Certificateholders. The ‘‘Stated Principal Balance’’ of each mortgage loan will initially equal its Cut-off Date Balance and, on each Distribution Date, will be reduced by the amount of principal payments received from the related borrower or advanced for such Distribution Date. The Stated Principal Balance of a mortgage loan may also be reduced in connection with any forced reduction of its actual unpaid principal balance imposed by a court presiding over a bankruptcy proceeding in which the related borrower is the debtor. See ‘‘Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws’’ in the prospectus. If any mortgage loan is paid in full or the mortgage loan (or any Mortgaged Property acquired in respect of the mortgage loan) is otherwise liquidated, then, as of the first

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Distribution Date that follows the end of the Due Period in which that payment in full or liquidation occurred and notwithstanding that a loss may have occurred in connection with any liquidation, the Stated Principal Balance of the mortgage loan will be zero.

For purposes of calculating distributions on, and allocations of, Collateral Support Deficit to the Certificates and the Class A-2FL Regular Interest, as well as for purposes of calculating the Servicing Fee and Trustee Fee payable each month, each REO Property will be treated as if there exists with respect to such REO Property an outstanding mortgage loan (including any REO Property with respect to the JQH Hotel Portfolio Whole Loan held pursuant to the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, upon the transfer of the JQH Hotel Portfolio Whole Loan to a future securitization) (an ‘‘REO Loan’’), and all references to mortgage loan, mortgage loans and pool of mortgage loans in this free writing prospectus and in the prospectus, when used in that context, will be deemed to also be references to or to also include, as the case may be, any REO Loans. Each REO Loan will generally be deemed to have the same characteristics as its actual predecessor mortgage loan, including the same fixed Mortgage Rate (and, accordingly, the same Net Mortgage Rate) and the same unpaid principal balance and Stated Principal Balance. Amounts due on the predecessor mortgage loan, including any portion of it payable or reimbursable to the Master Servicer or Special Servicer, will continue to be ‘‘due’’ in respect of the REO Loan; and amounts received in respect of the related REO Property, net of payments to be made, or reimbursement to the Master Servicer or Special Servicer for payments previously advanced, in connection with the operation and management of that property, generally will be applied by the Master Servicer as if received on the predecessor mortgage loan.

Excess Interest.    On each Distribution Date, the Trustee is required to distribute any Excess Interest received with respect to the ARD Loans on or prior to the related Determination Date to the Class S Certificates.

Allocation of Yield Maintenance Charges and Prepayment Premiums

On any Distribution Date, Yield Maintenance Charges, if any, collected in respect of the mortgage loans during the related Due Period will be required to be distributed by the Trustee to the holders of each Class of Offered Certificates (excluding the Class A-2FL and Class X Certificates), the Class A-2FL Regular Interest and the Class G, Class H, Class J and Class K Certificates in the following manner: the holders of each Class of Offered Certificates (excluding the Class A-2FL and Class X Certificates), the Class A-2FL Regular Interest and the Class G, Class H, Class J and Class K Certificates will be entitled to receive, with respect to the related Loan Group, as applicable, on each Distribution Date an amount of Yield Maintenance Charges equal to the product of (a) a fraction whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates representing principal payments in respect of mortgage loans in Loan Group 1 or Loan Group 2, as applicable, on such Distribution Date, (b) the Base Interest Fraction for the related principal prepayment and such Class of Certificates or the Class A-2FL Regular Interest, as applicable, and (c) the Yield Maintenance Charges collected on such principal prepayment during the related Due Period. If there is more than one such Class of Certificates or the Class A-2FL Regular Interest entitled to distributions of principal with respect to the related Loan Group, as applicable, on any particular Distribution Date on which Yield Maintenance Charges are distributable, the aggregate amount of such Yield Maintenance Charges with respect to that Loan Group will be allocated among all such Classes of Certificates and the Class A-2FL Regular Interest within the related Loan Group up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. Any Yield Maintenance Charges collected during the related Due Period remaining after such distributions will be distributed to the holders of the Class X Certificates

On any Distribution Date, for so long as the Swap Contract is in effect, Yield Maintenance Charges distributable in respect of the Class A-2FL Regular Interest will be payable to the Swap Counterparty and on any Distribution Date on which the Swap Contract is not in effect, Yield Maintenance Charges distributable in respect of the Class A-2FL Regular Interest will be

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distributable to the holders of the Class A-2FL Certificates. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

The ‘‘Base Interest Fraction’’ with respect to any principal prepayment on any mortgage loan and with respect to any Class of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates and the Class A-2FL Regular Interest is a fraction (A) whose numerator is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on such Class of Certificates or the Class A-2FL Regular Interest, as applicable, and (ii) the Discount Rate used in calculating the Yield Maintenance Charge with respect to such principal prepayment and (B) whose denominator is the difference between (i) the Mortgage Rate on the related mortgage loan and (ii) the Discount Rate used in calculating the Yield Maintenance Charge with respect to such principal prepayment; provided, however, under no circumstances will the Base Interest Fraction be greater than one. If such Discount Rate is greater than the Mortgage Rate on the related mortgage loan, then the Base Interest Fraction will equal zero.

Notwithstanding the foregoing, any prepayment premiums collected that are calculated under the related mortgage loan documents as a specified percentage of the amount being prepaid will be distributed to the Class X Certificates entirely.

For a description of Yield Maintenance Charges, see ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—Prepayment Provisions’’ in this free writing prospectus. See also ‘‘Risk Factors—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions’’ and ‘‘Certain Legal Aspects of Mortgage Loans—Default Interest and Limitations on Prepayments’’ in the prospectus regarding the enforceability of Yield Maintenance Charges.

Assumed Final Distribution Date; Rated Final Distribution Date

The ‘‘Assumed Final Distribution Date’’ with respect to any Class of Offered Certificates is the Distribution Date on which the aggregate Certificate Balance of that Class of Certificates would be reduced to zero based on the assumptions set forth below. The Assumed Final Distribution Date will in each case be as follows:

Class Designation			Assumed Final Distribution Date
Class A-1			January 15, 2012
Class A-2			July 15, 2012
Class A-2FL			July 15, 2012
Class A-3			July 15, 2016
Class A-4			May 15, 2017
Class A-SB			November 15, 2016
Class A-1A			May 15, 2017
Class X			May 15, 2022
Class A-M			June 15, 2017
Class A-J			June 15, 2017
Class B			June 15, 2017
Class C			June 15, 2017
Class D			June 15, 2017
Class E			June 15, 2017
Class F			June 15, 2017

The Assumed Final Distribution Dates set forth above were calculated without regard to any delays in the collection of balloon payments and without regard to a reasonable liquidation time with respect to any mortgage loans that may become delinquent. Accordingly, in the event of defaults on the mortgage loans, the actual final Distribution Date for one or more Classes of the Offered Certificates may be later, and could be substantially later, than the related Assumed Final Distribution Date(s).

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In addition, the Assumed Final Distribution Dates set forth above were calculated on the basis of a 0% CPR and assuming the ARD Loans are prepaid in full on their respective Anticipated Repayment Dates. Since the rate of payment (including prepayments) of the mortgage loans may exceed the scheduled rate of payments, and could exceed the scheduled rate by a substantial amount, the actual final Distribution Date for one or more Classes of the Offered Certificates may be earlier, and could be substantially earlier, than the related Assumed Final Distribution Date(s). The rate of payments (including prepayments) on the mortgage loans will depend on the characteristics of the mortgage loans, as well as on the prevailing level of interest rates and other economic factors, and we cannot assure you as to actual payment experience. Finally, the Assumed Final Distribution Dates were calculated assuming that there would not be an early termination of the trust fund.

The Rated Final Distribution Date for each Class of Offered Certificates will be July 15, 2045. See ‘‘Ratings’’ in this free writing prospectus.

Subordination; Allocation of Collateral Support Deficit

The rights of holders of each Class of Certificates to receive distributions of amounts collected or advanced on the mortgage loans will be subordinated, to the extent described in this free writing prospectus, to the rights of holders of each Class of Certificates with a higher distribution priority, such that:

	•	the rights of the holders of the Class NR Certificates will be subordinated to the rights of the holders of the Class T Certificates,

	•	the rights of the holders of the Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class Q Certificates,

	•	the rights of the holders of the Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class P Certificates,

	•	the rights of the holders of the Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class N Certificates,

	•	the rights of the holders of the Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class M Certificates,

	•	the rights of the holders of the Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class L Certificates,

	•	the rights of the holders of the Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class K Certificates,

	•	the rights of the holders of the Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class J Certificates,

	•	the rights of the holders of the Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class H Certificates,

	•	the rights of the holders of the Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class G Certificates,

	•	the rights of the holders of the Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class F Certificates,

	•	the rights of the holders of the Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class E Certificates,

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	•	the rights of the holders of the Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class D Certificates,

	•	the rights of the holders of the Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class C Certificates,

	•	the rights of the holders 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 P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class B Certificates,

	•	the rights of the holders 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 P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class A-J Certificates,

	•	the rights of the holders of the Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Class A-M Certificates, and

	•	the rights of the holders of the Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates will be subordinated to the rights of the holders of the Senior Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest.

This subordination is intended to enhance the likelihood of timely receipt by the holders of the Senior Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest of the full amount of all interest payable in respect of the Senior Certificates on each Distribution Date, and the ultimate receipt by the holders of the Class A Certificates of principal in an amount equal to, in each case, the entire Certificate Balance of the Class A Certificates. Similarly, but to decreasing degrees, this subordination is also intended to enhance the likelihood of timely receipt by the holders of the Class A-M Certificates, the holders of the Class A-J Certificates, the holders of the Class B Certificates, the holders of the Class C Certificates and the holders of the Class D Certificates, the holders of the Class E Certificates, the holders of the Class F Certificates of the full amount of interest payable in respect of that Class of Certificates on each Distribution Date, and the ultimate receipt by the holders of the Class A-M Certificates, the holders of the Class A-J Certificates, the holders of the Class B Certificates, the holders of the Class C Certificates, the holders of the Class D Certificates, the holders of the Class E Certificates and the holders of the Class F Certificates of principal equal to the entire Certificate Balance of each of those Classes.

The protection afforded to the holders of each Class of Offered Certificates by each Class of Certificates that are subordinate to that Class will be accomplished by the application of the Available Distribution Amount on each Distribution Date in accordance with the order of priority described under ‘‘—Distributions’’ above and by the allocation of Collateral Support Deficits in the manner described below. No other form of credit support will be available for the benefit of the holders of the Offered Certificates.

After the Cross-Over Date has occurred, allocation of principal will be made to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest that are still outstanding, pro rata, without regard to Loan Groups or the Class A-SB Planned Principal Balance, until their Certificate Balances have been reduced to zero. Prior to the Cross-Over Date, allocation of principal will be made (i) with respect to Loan Group 1, first, to the Class A-SB Certificates until their Certificate Balance has been reduced to the Class A-SB Planned Principal Balance for the related Distribution Date, second, to the Class A-1 Certificates until their Certificate Balance has been reduced to zero, third, to the Class A-2 Certificates and the Class A-2FL Regular Interest, pro rata, until their Certificate Balances have been reduced to zero, fourth, to the Class A-3 Certificates, until their Certificate Balance is reduced to zero, fifth, to the

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Class A-4 Certificates until their Certificate Balance has been reduced to zero, sixth, to the Class A-SB Certificates until their Certificate Balance has been reduced to zero, and then, if the Class A-1A Certificates are still outstanding, to the Class A-1A Certificates until their Certificate Balance has been reduced to zero and (ii) with respect to Loan Group 2, to the Class A-1A Certificates until their Certificate Balance has been reduced to zero and then, if any of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and the Class A-2FL Regular Interest are still outstanding, first to the Class A-SB Certificates until their Certificate Balance has been reduced to the Class A-SB Planned Principal Balance, second, to the Class A-1 Certificates until their Certificate Balance has been reduced to zero, third, to the Class A-2 Certificates and the Class A-2FL Regular Interest, pro rata, until their Certificate Balances have been reduced to zero, fourth, to the Class A-3 Certificates, until their Certificate Balance has been reduced to zero, fifth, to the Class A-4 Certificates until their Certificate Balance has been reduced to zero and sixth, to the Class A-SB Certificates until their Certificate Balance has been reduced to zero.

Allocation to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest, for so long as they are outstanding, of the entire Principal Distribution Amount with respect to the related Loan Group for each Distribution Date will have the effect of reducing the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest at a proportionately faster rate than the rate at which the aggregate Stated Principal Balance of the pool of mortgage loans will decline. Therefore, as principal is distributed to the holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest, the percentage interest in the trust evidenced by the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest will be decreased (with a corresponding increase in the percentage interest in the trust evidenced by the Subordinate Certificates), thereby increasing, relative to their respective Certificate Balances, the subordination afforded the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest by the Subordinate Certificates.

Following retirement of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest, the successive allocation on each Distribution Date of the remaining Principal Distribution Amount to the Class A-M Certificates, the Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates and the remaining Non-Offered Certificates (other than the Class S Certificates and the Residual Certificates), in that order, for so long as they are outstanding, will provide a similar, but diminishing benefit to the Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates as to the relative amount of subordination afforded by the outstanding Classes of Certificates (other than the Class S Certificates, the Class X Certificates and the Residual Certificates) with later sequential designations.

On each Distribution Date, immediately following the distributions to be made to the Certificateholders on that date, the Trustee is required to calculate the amount, if any, by which (1) the aggregate Stated Principal Balance (for purposes of this calculation only, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the mortgage loans that were used to reimburse the Master Servicer, the Special Servicer or the Trustee from general collections of principal on the mortgage loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances) of the mortgage loans including any REO Loans expected to be outstanding immediately following that Distribution Date is less than (2) the aggregate Certificate Balance of the Certificates (other than the Class A-2FL, Class S and Class X Certificates and the Residual Certificates) and the Class A-2FL Regular Interest after giving effect to distributions of principal on that Distribution Date (any deficit, ‘‘Collateral Support Deficit’’). The Trustee will be required to allocate any Collateral Support Deficit among the respective Classes of Certificates (other than the Class A-2FL, Class S and Class X Certificates and the Residual Certificates) and the Class A-2FL Regular Interest as follows: to the Class NR Certificates, Class T

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Certificates, Class Q Certificates, Class P Certificates, Class N Certificates, Class M Certificates, Class L Certificates, Class K Certificates, Class J Certificates, Class H Certificates, Class G Certificates, Class F Certificates, Class E Certificates, Class D Certificates, Class C Certificates, Class B Certificates, Class A-J Certificates, and Class A-M Certificates, and in each case in respect of and until the remaining Certificate Balance of the Class or Classes of Certificates has been reduced to zero. Following the reduction of the Certificate Balances of all Classes of Subordinate Certificates to zero, the Trustee will be required to allocate the Collateral Support Deficit among the Classes of Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest pro rata without regard to Loan Group or the Class A-SB Planned Principal Balance (based upon their respective Certificate Balances), until the remaining Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest have been reduced to zero. Any Collateral Support Deficit allocated to a Class of Certificates will be allocated among the respective Certificates of such Class in proportion to the Percentage Interests evidenced by the respective Certificates.

Mortgage loan losses and Collateral Support Deficits will not be allocated to the Class S, Class R or Class LR Certificates and will not be directly allocated to the Class X Certificates. However, the Notional Amount of the Class X Certificates will be reduced if the Certificate Balances of the other Classes of Certificates (other than the Class A-2FL and Class S Certificates and the Residual Certificates) or the Class A-2FL Regular Interest are reduced by such mortgage loan losses or such Collateral Support Deficits.

In general, Collateral Support Deficits could result from the occurrence of: (1) losses and other shortfalls on or in respect of the mortgage loans, including as a result of defaults and delinquencies on the mortgage loans, Nonrecoverable Advances made in respect of the mortgage loans, the payment to the Special Servicer of any compensation as described in ‘‘Transaction Parties—Servicing and Other Compensation and Payment of Expenses’’ in this free writing prospectus, and the payment of interest on Advances and certain servicing expenses; and (2) certain unanticipated, non-mortgage loan specific expenses of the trust fund, including certain reimbursements to the Trustee as described under ‘‘Description of the Pooling Agreements—Certain Matters Regarding the Trustee’’ in the prospectus, and as described under ‘‘Transaction Parties—The Trustee, Certificate Registrar, Authenticating Agent and Custodian’’ in this free writing prospectus, certain reimbursements to the Master Servicer and the Depositor as described under ‘‘Description of the Pooling Agreements—Certain Matters Regarding the Master Servicer and the Depositor’’ in the prospectus, and certain federal, state and local taxes, and certain tax-related expenses, payable out of the trust fund as described under ‘‘Certain Federal Income Tax Consequences’’ and ‘‘Federal Income Tax Consequences for REMIC Certificates—Taxes That May Be Imposed on the REMIC Pool’’ in the prospectus. Accordingly, the allocation of Collateral Support Deficit as described above will constitute an allocation of losses and other shortfalls experienced by the trust fund.

A Class of Offered Certificates will be considered outstanding until its Certificate Balance (or Notional Amount, in the case of the Class X Certificates) is reduced to zero. However, notwithstanding a reduction of its Certificate Balance to zero, reimbursements of any previously allocated Collateral Support Deficits are required thereafter to be made to a Class of Offered Certificates (other than the Class A-2FL and Class X Certificates) or the Class A-2FL Regular Interest in accordance with the payment priorities set forth in ‘‘—Distributions—Priority’’ above.

Advances

On the business day immediately preceding each Distribution Date (the ‘‘Master Servicer Remittance Date’’), the Master Servicer will be obligated, except to the extent determined to be non-recoverable as described below, to make advances (each, a ‘‘P&I Advance’’) out of its own funds or, subject to the replacement of those funds as provided in the Pooling and Servicing Agreement, certain funds held in the Certificate Account that are not required to be part of the Available Distribution Amount for that Distribution Date, in an amount equal to (but subject to reduction as described below) the aggregate of: (1) all Periodic Payments (net of any applicable

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Servicing Fees), other than balloon payments, that were due on the mortgage loans (including the JQH Hotel Portfolio Loan) and any REO Loan during the related Due Period and not received as of the Determination Date; and (2) in the case of each mortgage loan delinquent in respect of its balloon payment as of the related Master Servicer Remittance Date (including any REO Loan as to which the balloon payment would have been past due) and each REO Loan, an amount equal to its Assumed Scheduled Payment. The Master Servicer’s obligations to make P&I Advances in respect of any mortgage loan (including the JQH Hotel Portfolio Loan) or REO Loan will continue, except if a determination as to non-recoverability is made, through and up to liquidation of the mortgage loan or disposition of the REO Property, as the case may be. However, no interest will accrue on any P&I Advance made with respect to a mortgage loan unless the related Periodic Payment is received after the related due date has passed and any applicable grace period has expired or if the related Periodic Payment is received prior to the Master Servicer Remittance Date. To the extent that the Master Servicer fails to make a P&I Advance that it is required to make under the Pooling and Servicing Agreement, the Trustee will make the required P&I Advance in accordance with the terms of the Pooling and Servicing Agreement.

Neither the Master Servicer nor the Trustee will be required to make a P&I Advance for default interest, Yield Maintenance Charges, prepayment premiums or with respect to any Companion Loan. In addition, neither the Master Servicer nor the Trustee will be required to advance any amounts due to be paid by the Swap Counterparty for distribution to the Class A-2FL Certificates.

If an Appraisal Reduction has been made with respect to any mortgage loan (or, in the case of the JQH Hotel Portfolio Whole Loan, an appraisal reduction has been made in accordance with a separate pooling and servicing agreement upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan and notice has been provided to the Master Servicer) and such mortgage loan experiences subsequent delinquencies, then the interest portion of any P&I Advance in respect of that mortgage loan for the related Distribution Date will be reduced (there will be no reduction in the principal portion of such P&I Advance) to equal the product of (x) the amount of the interest portion of the P&I Advance for that mortgage loan for the related Distribution Date without regard to this sentence, and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of that mortgage loan immediately prior to the related Distribution Date, net of the related Appraisal Reduction, if any, and the denominator of which is equal to the Stated Principal Balance of that mortgage loan immediately prior to the related Distribution Date. For purposes of the immediately preceding sentence, the Periodic Payment due on the maturity date for a balloon loan will be the Assumed Scheduled Payment for the related Distribution Date.

In addition to P&I Advances, the Master Servicer will also be obligated, and the Special Servicer may be permitted (in each case, subject to the limitations described in this free writing prospectus), to make advances (‘‘Servicing Advances’’ and, collectively with P&I Advances, ‘‘Advances’’) in connection with the servicing and administration of any mortgage loan (other than the JQH Hotel Portfolio Whole Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan) in respect of which a default, delinquency or other unanticipated event has occurred or is reasonably foreseeable, or, in connection with the servicing and administration of any Mortgaged Property or REO Property, in order to pay delinquent real estate taxes, assessments and hazard insurance premiums and to cover other similar costs and expenses necessary to preserve the priority of or enforce the related mortgage loan documents or to protect, lease, manage and maintain the related Mortgaged Property. To the extent that the Master Servicer fails to make a Servicing Advance that it is required to make under the Pooling and Servicing Agreement and the Trustee has notice of this failure, the Trustee will be required to make the required Servicing Advance in accordance with the terms of the Pooling and Servicing Agreement. The Master Servicer (or the Trustee, if applicable) will be required to make P&I Advances with respect to the JQH Hotel Portfolio Loan as provided below. The Master Servicer is

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obligated to make Servicing Advances with respect to the JQH Hotel Portfolio Whole Loan until the servicing of the JQH Hotel Portfolio Whole Loan is transferred to a future securitization in connection with the securitization of the JQH Hotel Portfolio Pari Passu Companion Loan. In such event, the master servicer servicing the JQH Hotel Portfolio Whole Loan under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement will be obligated to make servicing advances with respect to the JQH Hotel Portfolio Whole Loan. If the Master Servicer, or the master servicer then servicing the JQH Hotel Portfolio Whole Loan, determines that a servicing advance it made with respect to the JQH Hotel Portfolio Whole Loan or the related Mortgaged Property is nonrecoverable, it will be entitled to be reimbursed from collections on the JQH Hotel Portfolio Loan and the JQH Hotel Portfolio Pari Passu Companion Loan, on a pro rata basis (based on each such loan’s outstanding principal balance), and then from general collections on all mortgage loans and with respect to the JQH Hotel Portfolio Pari Passu Companion Loan, from general collections of the trust created under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, on a pro rata basis (based on each such loan’s outstanding principal balance).

The Master Servicer or the Trustee, as applicable, will be entitled to recover any Servicing Advance made out of its own funds from any amounts collected in respect of a mortgage loan (including, with respect to a Servicing Advance made for a Whole Loan in accordance with the related Intercreditor Agreement, any Companion Loan), as to which that Servicing Advance was made, and to recover any P&I Advance made out of its own funds from any amounts collected in respect of a mortgage loan, whether in the form of late payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise from the related mortgage loan (‘‘Related Proceeds’’). Notwithstanding the foregoing, neither the Master Servicer nor the Trustee will be obligated to make any Advance that it determines in its reasonable judgment would, if made, not be recoverable (including interest on the Advance) out of Related Proceeds (a ‘‘Nonrecoverable Advance’’). Each of the Master Servicer and the Trustee will be entitled to recover any Advance made by it that it subsequently determines to be a Nonrecoverable Advance out of general funds relating to the mortgage loans on deposit in the Certificate Account (first from principal collections and then from interest collections). The Trustee will be entitled to rely conclusively on any non-recoverability determination of the Master Servicer and will be bound by any non-recoverability determination of the Special Servicer. If the funds in the Certificate Account relating to the mortgage loans allocable to principal on the mortgage loans are insufficient to fully reimburse the party entitled to reimbursement, then such party as an accommodation may elect, on a monthly basis, at its sole option and discretion to defer reimbursement of the portion that exceeds such amount allocable to principal (in which case interest will continue to accrue on the unreimbursed portion of the advance) for a time as required to reimburse the excess portion from principal for a consecutive period up to 12 months and any election to so defer or not to defer shall be deemed to be in accordance with the Servicing Standards; provided that no such deferral shall occur at any time to the extent that amounts otherwise distributable as principal are available for such reimbursement. 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. Each of the Master Servicer and the Trustee will be entitled to recover any Advance (together with interest on that Advance) that is outstanding at the time that a mortgage loan is modified but is not repaid in full by the borrower in connection with such modification but becomes an obligation of the borrower to pay such amounts in the future (such Advance, a ‘‘Workout-Delayed Reimbursement Amount’’) out of principal collections on the mortgage loans in the Certificate Account. A Workout-Delayed Reimbursement Amount will constitute a Nonrecoverable Advance when the person making such determination, and taking into account factors such as all other outstanding Advances, either (a) determines in its reasonable judgment that such Workout-Delayed Reimbursement Amount would not be recoverable (including interest on the Advance) out of Related Proceeds, or (b) has determined in accordance with the Servicing Standards (in the case of a Master Servicer or the Special Servicer) or its good faith business judgment (in the case of the Trustee) that such Workout-Delayed Reimbursement Amount, along

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with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, would not ultimately be recoverable out of principal collections in the Certificate Account. Any amount that constitutes all or a portion of any Workout-Delayed Reimbursement Amount may in the future be determined to constitute a Nonrecoverable Advance and thereafter shall be recoverable as any other Nonrecoverable Advance. To the extent a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount with respect to a mortgage loan is required to be reimbursed from the principal portion of the general collections on the mortgage loans as described in this paragraph, such reimbursement will be made first, from the principal collections available on the mortgage loans included in the same Loan Group as such mortgage loan and if the principal collections in such Loan Group are not sufficient to make such reimbursement in full, then from the principal collections available in the other Loan Group (after giving effect to any reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts that are related to such other Loan Group). To the extent a Nonrecoverable Advance with respect to a mortgage loan is required to be reimbursed from the interest portion of the general collections on the mortgage loans as described in this paragraph, such reimbursement will be made first, from the interest collections available on the mortgage loans included in the same Loan Group as such mortgage loan and if the interest collections in such Loan Group are not sufficient to make such reimbursement in full, then from the interest collections available in the other Loan Group (after giving effect to any reimbursement of Nonrecoverable Advances that are related to such other Loan Group). In addition, the Special Servicer may, at its option, in consultation with the Directing Certificateholder, make a determination in accordance with the Servicing Standards that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and may deliver to the Master Servicer and the Trustee notice of such determination, which determination will be conclusive and binding on the Master Servicer and the Trustee; however, the Special Servicer will have no obligation to make such an affirmative determination that any P&I Advance is, or would be, recoverable, and in the absence of a determination by the Special Servicer that such an Advance is non-recoverable, each such decision will remain with the Master Servicer or the Trustee. Additionally, with respect to the Franklin Mills Loan, if any servicer in connection with another securitization of the related Franklin Mills Pari Passu Companion Loan determines that any P&I Advance with respect to the related Franklin Mills Pari Passu Companion Loan, if made, would be non-recoverable, such determination will not be binding on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to those loans. Additionally, with respect to the ChampionsGate Loan, if (i) the Master Servicer or any master servicer for a securitization relating to the ChampionsGate Pari Passu Companion Loan determines that a proposed P&I Advance (or similar advance), if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable and (ii) notice of such determination has been delivered by the Master Servicer or the Master Servicer receives written notice of such determination by any other master servicer for a securitization relating to the ChampionsGate Pari Passu Companion Loan, none of the Master Servicer, the Trustee, the other master servicers or any other party to the related pooling and servicing agreement may make any additional P&I Advances (or similar advance) with respect to the ChampionsGate Loan or the ChampionsGate Pari Passu Companion Loan until the Master Servicer has consulted with the other master servicer and they agree that circumstances with respect to the ChampionsGate Whole Loan have changed such that a proposed future P&I Advance would not be a non-recoverable advance; provided, however, that such determination will not be so binding on the Master Servicer in the event that the other servicer that made such determination is not approved as a master servicer by each of the Rating Agencies. Additionally, with respect to a Logan Portfolio Loan, if any servicer in connection with another securitization of the related Logan Portfolio Pari Passu Companion Loan determines that any P&I Advance with respect to the related Logan Portfolio Pari Passu Companion Loan, if made, would be non-recoverable, such determination will not be binding on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to such loan. Additionally, with respect to the Carespring Portfolio Loan, if any servicer in connection with another securitization of the related Carespring Portfolio Pari Passu Companion Loans determines that any P&I Advance with respect to any

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related Carespring Portfolio Pari Passu Companion Loan, if made, would be non-recoverable, such determination will not be binding on the Master Servicer and the Trustee as it relates to any proposed P&I Advance with respect to those loans. Additionally, with respect to the JQH Hotel Portfolio Loan, if (i) the Master Servicer or any master servicer for a securitization relating to the JQH Hotel Portfolio Pari Passu Companion Loan determines that a proposed P&I Advance (or similar advance), if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable and (ii) notice of such determination has been delivered by the Master Servicer or the Master Servicer receives written notice of such determination by any other master servicer for a securitization relating to the JQH Hotel Portfolio Pari Passu Companion Loan, none of the Master Servicer, the Trustee, the other master servicer or any other party to the related pooling and servicing agreement may make any additional P&I Advances (or similar advances) with respect to the JQH Hotel Portfolio Loan or the JQH Hotel Portfolio Pari Passu Companion Loan until the Master Servicer has consulted with the other master servicer and they agree that circumstances with respect to the JQH Hotel Portfolio Whole Loan have changed such that a proposed future P&I Advance would not be a non-recoverable advance; provided, however, that such determination will not be so binding on the Master Servicer in the event that the other servicer that made such determination is not approved as a master servicer by each of the Rating Agencies. Similarly, with respect to the JQH Hotel Portfolio Loan, if the Master Servicer or the Special Servicer determines that any P&I Advance with respect to the JQH Hotel Portfolio Loan, if made, would be non-recoverable, such determination will be binding on the master servicer servicing the JQH Hotel Portfolio Whole Loan as it relates to any proposed principal and/or interest advance with respect to the related Pari Passu Companion Loan until the Master Servicer has consulted with the master servicer servicing the JQH Hotel Portfolio Whole Loan and they agree that circumstances with respect to the related Whole Loan have changed. In making such non-recoverability determination, such person will be entitled to consider (among other things) the obligations of the borrower under the terms of the related mortgage loan as it may have been modified, to consider (among other things) the related Mortgaged Properties in their ‘‘as is’’ or then current conditions and occupancies, as modified by such party’s assumptions regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries and will be entitled to give due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration, the recovery of which are being deferred or delayed by the Master Servicer, in light of the fact that Related Proceeds are a source of recovery not only for the Advance under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition, any such person may update or change its recoverability determinations (but not reverse any other person’s determination that an Advance is non-recoverable) at any time and may obtain at the expense of the trust any analysis, appraisals or market value estimates or other information for such purposes. Absent bad faith, any determination that an Advance is or would be a Nonrecoverable Advance described in this paragraph will be conclusive and binding on the Certificateholders, the Master Servicer and the Trustee. The Trustee will be entitled to rely conclusively on any non-recoverability determination of the Master Servicer and shall be bound by any non-recoverability determination of the Special Servicer and the Master Servicer shall rely conclusively on any non-recoverability determination of the Special Servicer. If the Special Servicer determines that a portion of an Advance is or would be non-recoverable, neither the Master Servicer nor the Trustee will be precluded from determining that the remainder of such Advance is or would be nonrecoverable. Nonrecoverable Advances will represent a portion of the losses to be borne by the Certificateholders. No P&I Advances will be made by the Master Servicer or the Trustee with respect to delinquent amounts in respect of monthly payments or the balloon payments due on any Companion Loan. No Servicing Advances will be made with respect to any Companion Loan if the related Mortgage Loan is no longer part of the trust. Any requirement of the Master Servicer, the Special Servicer or Trustee to make an Advance in the Pooling and Servicing Agreement is intended solely to provide liquidity for the benefit of the Certificateholders and not as credit support or otherwise to impose on any such person the risk of

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loss with respect to one or more mortgage loans. See ‘‘Description of the Certificates—Advances in Respect of Delinquencies’’ and ‘‘Description of the Pooling Agreements—Certificate Account’’ in the prospectus.

In connection with its recovery of any Advance, each of the Master Servicer, the Special Servicer and the Trustee will be entitled to be paid, out of any amounts relating to the mortgage loans then on deposit in the Certificate Account, interest compounded annually, at the Prime Rate (the ‘‘Reimbursement Rate’’) accrued on the amount of the Advance from the date made to, but not including, the date of reimbursement. None of the Master Servicer or the Trustee will be entitled to interest on P&I Advances that accrues before the related due date has passed and any applicable grace period has expired. The ‘‘Prime Rate’’ will be the prime rate, for any day, set forth in The Wall Street Journal, New York edition.

Each Statement to Certificateholders furnished or made available by the Trustee to the Certificateholders will contain information relating to the amounts of Advances made with respect to the related Distribution Date. See ‘‘Description of the Certificates—Reports to Certificateholders; Certain Available Information’’ in this free writing prospectus and ‘‘Description of the Certificates— Reports to Certificateholders’’ in the prospectus.

Appraisal Reductions

After an Appraisal Reduction Event has occurred with respect to a mortgage loan (except for the JQH Hotel Portfolio Whole Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan), an Appraisal Reduction is required to be calculated. An ‘‘Appraisal Reduction Event’’ will occur on the earliest of:

(1)    120 days after an uncured delinquency (without regard to the application of any grace period) occurs in respect of a mortgage loan or a related Companion Loan;

(2)    the date on which a reduction in the amount of Periodic Payments on a mortgage loan or a related Companion Loan, or a change in any other material economic term of the mortgage loan or a related Companion Loan (other than an extension of its maturity), becomes effective as a result of a modification of the related mortgage loan by the Special Servicer;

(3)    the date on which a receiver has been appointed;

(4)    60 days after a borrower declares bankruptcy;

(5)    60 days after the date on which an involuntary petition of bankruptcy is filed with respect to the borrower if not dismissed within such time;

(6)    90 days after an uncured delinquency occurs in respect of a balloon payment for a mortgage loan or a related Companion Loan, except where a refinancing is anticipated within 120 days after the maturity date of the mortgage loan, in which case 120 days after such uncured delinquency; and

(7)    immediately after a mortgage loan or a related Companion Loan becomes an REO Loan.

No Appraisal Reduction Event may occur at any time when the aggregate Certificate Balance of all Classes of Certificates (other than the Class A Certificates) has been reduced to zero.

The ‘‘Appraisal Reduction’’ for any Distribution Date and for any mortgage loan (except for the JQH Hotel Portfolio Whole Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan) as to which any Appraisal Reduction Event has occurred will be an amount calculated by the Master Servicer, based on the appraised value determined by the Special Servicer, in consultation with the Directing Certificateholder, as of the first Determination Date that is at least ten Business Days following the date the Special Servicer receives and delivers to

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the Master Servicer such appraisal equal to the excess of (a) the Stated Principal Balance of that mortgage loan over (b) the excess of (1) the sum of (x) 90% of the appraised value of the related Mortgaged Property as determined (A) by one or more MAI appraisals with respect to that mortgage loan (together with any other mortgage loan cross-collateralized with such loan) with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which will be paid by the Master Servicer as an Advance), or (B) by an internal valuation performed by the Special Servicer with respect to that mortgage loan (together with any other mortgage loan cross-collateralized with that mortgage loan) with an outstanding principal balance less than $2,000,000, minus with respect to any MAI appraisals such downward adjustments as the Special Servicer may make (without implying any obligation to do so) based upon its review of the appraisals and any other information it deems relevant, and (y) all escrows, letters of credit and reserves in respect of that mortgage loan as of the date of calculation over (2) the sum as of the due date occurring in the month of the date of determination of (x) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on that mortgage loan at a per annum rate equal to the Mortgage Rate, (y) all Advances not reimbursed from the proceeds of such mortgage loan and interest on those Advances at the Reimbursement Rate in respect of that mortgage loan and (z) all currently due and unpaid real estate taxes and assessments, insurance premiums and ground rents, unpaid Special Servicing Fees and all other amounts due and unpaid under that mortgage loan (which tax, premiums, ground rents and other amounts have not been the subject of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable).

The Special Servicer will be required to order an appraisal or conduct a valuation promptly upon the occurrence of an Appraisal Reduction Event (except with respect to the JQH Hotel Portfolio Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan). On the first Determination Date occurring on or after the tenth Business Day following delivery to the Master Servicer of the MAI appraisal or the completion of the valuation, the Master Servicer will be required to calculate and report to the Directing Certificateholder and the Trustee (and, in the case of any Whole Loan, any related Companion Holders) the Appraisal Reduction, taking into account the results of such appraisal or valuation. In the event that the Master Servicer has not received any required MAI appraisal within 60 days after the Appraisal Reduction Event (or, in the case of an appraisal in connection with an Appraisal Reduction Event described in clauses (1) and (6) of the third preceding paragraph, within 120 days (in the case of clause (1)) or 90 or 120 days (in the case of clause (6)), respectively, after the initial delinquency for the related Appraisal Reduction Event), the amount of the Appraisal Reduction will be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related mortgage loan until the MAI appraisal is received.

As a result of calculating one or more Appraisal Reductions, the amount of any required P&I Advance will be reduced, which will have the effect of reducing the amount of interest available to the most subordinate Class of Certificates then outstanding (i.e., first to the Class NR Certificates, then to the Class T Certificates, then to the Class Q Certificates, then to the Class P Certificates, then to the Class N Certificates, then to the Class M Certificates, then to the Class L Certificates, then to the Class K Certificates, then to the Class J Certificates, then to the Class H Certificates, then to the Class G Certificates, then to the Class F Certificates, then to the Class E Certificates, then to the Class D Certificates, then to the Class C Certificates, then to the Class B Certificates, then to the Class A-J Certificates, then to the Class A-M Certificates, and then to the Class A Certificates and the Class A-2FL Regular Interest and Class X Certificates, pro rata. See ‘‘—Advances’’ above.

With respect to each mortgage loan (other than the JQH Hotel Portfolio Loan upon the transfer of the JQH Hotel Portfolio Loan to a future securitization in connection with the securitization of the related Companion Loan) as to which an Appraisal Reduction has occurred (unless the mortgage loan has remained current for three consecutive Periodic Payments, and with respect to which no other Appraisal Reduction Event has occurred with respect to that

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mortgage loan during the preceding three months), the Special Servicer is required, within 30 days of each annual anniversary of the related Appraisal Reduction Event to order an appraisal (which may be an update of a prior appraisal), the cost of which will be a Servicing Advance, or to conduct an internal valuation, as applicable. Based upon the appraisal or valuation, the Master Servicer is required to redetermine and report to the Directing Certificateholder, each holder of a Companion Loan and the Trustee, the recalculated amount of the Appraisal Reduction with respect to the mortgage loan. The Directing Certificateholder will have 10 business days to review and approve each calculation of any recalculated Appraisal Reduction; provided, however, if the Directing Certificateholder fails to approve any calculation of the recalculated Appraisal Reduction within such 10 business days, such consent will be deemed to be given. Notwithstanding the foregoing, the Special Servicer will not be required to obtain an appraisal or valuation with respect to a mortgage loan that is the subject of an Appraisal Reduction Event to the extent the Special Servicer has obtained an appraisal or valuation with respect to the related Mortgaged Property within the 12-month period prior to the occurrence of the Appraisal Reduction Event. Instead, the Special Servicer may use the prior appraisal or valuation in calculating any Appraisal Reduction with respect to the mortgage loan; provided that the Special Servicer is not aware of any material change to the Mortgaged Property, its earnings potential or risk characteristics, or marketability, or market conditions that has occurred that would affect the validity of the appraisal or valuation.

Pending Directing Certificateholder review of a calculation of an appraisal reduction amount, the appraisal reduction amount in effect prior to such calculation shall remain in effect (or, in the case of an initial calculation, the deemed appraisal reduction amount shall apply).

The JQH Hotel Portfolio Loan is expected to be subject to the provisions of a separate pooling and servicing agreement relating to appraisal reductions that are substantially similar to the provisions described above. The existence of an appraisal reduction under that pooling and servicing agreement in respect of the JQH Hotel Portfolio Loan will proportionately reduce the Master Servicer’s or the Trustee’s, as the case may be, obligation to make P&I Advances on the JQH Hotel Portfolio Loan, and will generally have the effect of reducing the amount otherwise available for distributions to the Certificateholders. Pursuant to that pooling and servicing agreement, the JQH Hotel Portfolio Whole Loan will be treated as a single mortgage loan for purposes of calculating an appraisal reduction amount with respect to the mortgage loans that comprise such whole loan. Any appraisal reduction calculated with respect to the JQH Hotel Portfolio Whole Loan will be allocated to the JQH Hotel Portfolio Loan and the JQH Hotel Portfolio Pari Passu Companion Loan, pro rata, based on their outstanding principal balances.

Each Whole Loan will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction with respect to the mortgage loans that comprise such Whole Loan. Any Appraisal Reduction in respect of a Whole Loan will generally be allocated to the mortgage loans that comprise such whole loan first to any related AB Subordinate Companion Loan and then pro rata to any related Pari Passu Companion Loan.

Any mortgage loan previously subject to an Appraisal Reduction that becomes current and remains current for three consecutive Periodic Payments, and with respect to which no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal Reduction.

Reports to Certificateholders; Certain Available Information

On each Distribution Date, the Trustee will be required to make available on its website to each holder of a Certificate, the Master Servicer, the underwriters, the Special Servicer, the Directing Certificateholder, each holder of a Companion Loan, each Rating Agency, the Swap Counterparty and certain assignees of the Depositor, including certain financial market publishers (which are anticipated to initially be Bloomberg, L.P., Trepp, LLC and Intex Solutions, Inc.), if any, a statement (a ‘‘Statement to Certificateholders’’) based in part upon information provided by the Master Servicer in accordance with the Commercial Mortgage Securities Association (or any

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successor organization reasonably acceptable to the Master Servicer and the Trustee) guidelines setting forth, among other things:

(1)    the amount of the distribution on the Distribution Date to the holders of each Class of Certificates in reduction of the Certificate Balance of the Certificates;

(2)    the amount of the distribution on the Distribution Date to the holders of each Class of Certificates allocable to Distributable Certificate Interest, the Class A-2FL Regular Interest Distribution Amount, and with respect to the Class A-2FL Certificates, notification that the amount of interest distributed on such Class is the Interest Distribution Amount with respect to the Class A-2FL Regular Interest, which amount is being paid as a result of a Swap Default;

(3)    (A) the aggregate amount of Servicing Advances and P&I Advances, on a loan by loan basis, made in respect of the Distribution Date, and (B) the aggregate amount of Nonrecoverable Advances on a loan by loan basis;

(4)    the aggregate amount of compensation paid to the Trustee and servicing compensation paid to the Master Servicer and the Special Servicer with respect to the Due Period for the Distribution Date;

(5)    the aggregate Stated Principal Balance of the mortgage loans and any REO Loans outstanding immediately before and immediately after the Distribution Date;

(6)    the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the mortgage loans as of the end of the related Due Period for the Distribution Date;

(7)    the number and aggregate principal balance of mortgage loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more, (D) current but specially serviced or in foreclosure but not an REO Property and (E) for which the related borrower is subject to oversight by a bankruptcy court;

(8)    the value of any REO Property included in the trust fund as of the Determination Date for the Distribution Date, on a loan-by-loan basis, based on the most recent appraisal or valuation;

(9)    the Available Distribution Amount and the Class A-2FL Available Funds for the Distribution Date;

(10)    the amount of the distribution on the Distribution Date to the holders of each Class of Certificates or the Class A-2FL Regular Interest allocable to Yield Maintenance Charges;

(11)    the Pass-Through Rate for each Class of Certificates for the Distribution Date and the next succeeding Distribution Date;

(12)    the Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for the Distribution Date;

(13)    the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately after the Distribution Date, separately identifying any reduction in these amounts as a result of the allocation of any Collateral Support Deficit on the Distribution Date;

(14)    the fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate Balance or Notional Amount, as the case may be, and the denominator of which is the related initial aggregate Certificate Balance or Notional Amount, as the case may be, for each Class of Certificates (other than the Residual Certificates and the Class S Certificates) immediately following the Distribution Date;

(15)    the amount of any Appraisal Reductions effected in connection with the Distribution Date on a loan-by-loan basis and the total Appraisal Reduction effected in connection with such Distribution Date;

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(16)    the number and Stated Principal Balances of any mortgage loans extended or modified since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

(17)    the amount of any remaining unpaid interest shortfalls for each Class of Certificates as of the Distribution Date;

(18)    a loan-by-loan listing of each mortgage loan which was the subject of a principal prepayment since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of principal prepayment occurring;

(19)    a loan-by-loan listing of any mortgage loan that was defeased since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

(20)    all deposits into, withdrawals from, and the balance of the Interest Reserve Account on the related Master Servicer Remittance Date;

(21)    the amount of the distribution on the Distribution Date to the holders of each Class of Certificates in reimbursement of Collateral Support Deficit;

(22)    the aggregate unpaid principal balance of the mortgage loans outstanding as of the close of business on the related Determination Date;

(23)    with respect to any mortgage loan as to which a liquidation occurred since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date) (other than a payment in full), (A) its loan number, (B) the aggregate of all Liquidation Proceeds which are included in the Available Distribution Amount and other amounts received in connection with the liquidation (separately identifying the portion allocable to distributions on the Certificates) and (C) the amount of any Collateral Support Deficit in connection with the liquidation;

(24)    with respect to any REO Property included in the trust as to which the Special Servicer determined, in accordance with the Servicing Standards, that all payments or recoveries with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the loan number of the related mortgage loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with that determination (separately identifying the portion allocable to distributions on the Certificates) and (C) the amount of any realized loss in respect of the related REO Loan in connection with that determination;

(25)    the aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

(26)    the aggregate amount of interest on Servicing Advances (other than with respect to the JQH Hotel Portfolio Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan) paid to the Master Servicer, the Special Servicer and the Trustee since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

(27)    the original and then-current credit support levels for each Class of Certificates;

(28)    the original and then-current ratings for each Class of Certificates;

(29)    the amount of the distribution on the Distribution Date to the holders of the Residual Certificates;

(30)    the aggregate amount of Yield Maintenance Charges collected since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

(31)    LIBOR as calculated for the related Distribution Date and for the next succeeding Distribution Date;

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(32)    the amounts received and paid in respect of the Swap Contract;

(33)    identification of any Rating Agency Trigger Event, Swap Default as of the close of business on the last day of the immediately preceding calendar month with respect to the Swap Contract;

(34)    the amount of any (A) payment by the Swap Counterparty under the Swap Contract as a termination payment, (B) payment to any successor swap counterparty to acquire a replacement interest rate swap contract, and (C) collateral posted in connection with any Rating Agency Trigger Event;

(35)    the amount of and identification of any payments on the Class A-2FL Certificates in addition to the amount of principal and interest due thereon, such as any termination payment received in connection with the Swap Contract;

(36)    a loan-by-loan listing of any material modification, extension or waiver of a mortgage loan; and

(37)    a loan-by-loan listing of any material breach of the representations and warranties given with respect to a mortgage loan by the applicable Mortgage Loan Seller.

Under the Pooling and Servicing Agreement, the Master Servicer is required to provide to the holder of the related AB Subordinate Companion Loan certain other reports, copies and information relating to the applicable AB Mortgage Loan Group.

The Trustee will make available each month the Statements to Certificateholders and the other parties to the Pooling and Servicing Agreement through its website which is initially located at www.etrustee.net. In addition, the Trustee may make certain other information and reports (including the collection of reports specified by The Commercial Mortgage Securities Association (or any successor organization reasonably acceptable to the Trustee and the Master Servicer) known as the ‘‘CMSA Investor Reporting Package’’) related to the mortgage loans available, to the extent that the Trustee receives such information and reports from the Master Servicer, and direction from the Depositor, or is otherwise directed to do so under the Pooling and Servicing Agreement. The Trustee will not make any representations or warranties as to the accuracy or completeness of any information provided by it and may disclaim responsibility for any information for which it is not the original source. In connection with providing access to the Trustee’s website, the Trustee may require registration and acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information made in accordance with the Pooling and Servicing Agreement.

In addition, copies of each Statement to Certificateholders will be filed with the Securities and Exchange Commission (the ‘‘SEC’’) through its EDGAR system located at ‘‘http://www.sec.gov’’ under the name of the Issuing Entity for so long as the Issuing Entity is subject to the reporting requirement of the Securities Exchange Act of 1934, as amended. The public also may read and copy any materials filed with the SEC at its Public Reference Room located at 450 Fifth Street, NW, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.

In the case of information furnished pursuant to clauses (1), (2), (10), (17) and (21) above, the amounts will be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per any definitive certificate. In addition, within a reasonable period of time after the end of each calendar year, the Trustee is required to furnish to each person or entity who at any time during the calendar year was a holder of a Certificate, a statement containing the information set forth in clauses (1), (2) and (10) above as to the applicable Class, aggregated for the related calendar year or applicable partial year during which that person was a Certificateholder, together with any other information that the Trustee deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable Certificateholders to prepare their tax returns for that calendar year. This obligation of the Trustee will be deemed to have been satisfied to the extent that substantially comparable information will be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.

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The Trustee will be required to provide or make available to certain financial market publishers, which are anticipated initially to be Bloomberg, L.P., Trepp, LLC and Intex Solutions, Inc., certain current information with respect to the Mortgaged Properties on a monthly basis, including current and original net operating income, debt service coverage ratio based upon borrowers’ annual Operating Statements and occupancy rates, to the extent it has received the information from the Master Servicer pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement requires that the Trustee make available at its offices, during normal business hours, for review by any holder of an Offered Certificate, the Mortgage Loan Sellers, the Depositor, the Special Servicer, the Master Servicer, the Directing Certificateholder, the holder of each Pari Passu Companion Loan, each Rating Agency, any designee of the Depositor or any other person to whom the Trustee believes the disclosure is appropriate, upon their prior written request, originals or copies of, among other things, the following items:

(1)    the Pooling and Servicing Agreement and any amendments to that agreement;

(2)    all Statements to Certificateholders made available to holders of the relevant Class of Offered Certificates since the Closing Date;

(3)    all officer’s certificates delivered to the Trustee since the Closing Date as described under ‘‘Description of the Pooling Agreements—Evidence as to Compliance’’ in the prospectus;

(4)    all accountants’ reports delivered to the Trustee since the Closing Date as described under ‘‘Description of the Pooling Agreements—Evidence as to Compliance’’ in the prospectus;

(5)    the most recent property inspection report prepared by or on behalf of the Master Servicer or the Special Servicer and delivered to the Trustee in respect of each Mortgaged Property;

(6)    copies of the mortgage loan documents;

(7)    any and all modifications, waivers and amendments of the terms of a mortgage loan entered into by the Master Servicer or the Special Servicer and delivered to the Trustee; and

(8)    any and all statements and reports delivered to, or collected by, the Master Servicer or the Special Servicer, from the borrowers, including the most recent annual property Operating Statements, rent rolls and borrower financial statements, but only to the extent that the statements and reports have been delivered to the Trustee.

Copies of any and all of the foregoing items will be available to those named in the above paragraph, from the Trustee upon request; however, the Trustee will be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing the copies, except that the Directing Certificateholder will be entitled to receive such items free of charge. Pursuant to the Pooling and Servicing Agreement, the Master Servicer will be required to use reasonable efforts to collect certain financial and property information required under the mortgage loan documents, such as Operating Statements, rent rolls and financial statements.

The Trustee will make each Statement to Certificateholders available each month to Certificateholders and the other parties to the Pooling and Servicing Agreement via the Trustee’s internet website. The Trustee will also make the periodic reports described in the prospectus under ‘‘Description of the Certificates—Reports to Certificateholders; Certain Available Information’’ relating to the Issuing Entity available through its website promptly after they are filed with the SEC. The Trustee’s internet website will initially be located at ‘‘www.etrustee.net’’. Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (714) 259-6253. Parties that are unable to use the website are entitled to have a paper copy mailed to them at no charge via first class mail by calling the customer service desk.

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The Pooling and Servicing Agreement will require the Master Servicer and the Trustee, subject to certain restrictions (including execution and delivery of a confidentiality agreement) set forth in the Pooling and Servicing Agreement, to provide certain of the reports or, in the case of the Master Servicer and the Controlling Class Certificateholder, access to the reports available as set forth above, as well as certain other information received by the Master Servicer or the Trustee, as the case may be, to any Certificateholder, the underwriters, the Mortgage Loan Sellers, any Certificate Owner or any prospective investor so identified by a Certificate Owner or an underwriter, that requests reports or information. However, the Trustee and the Master Servicer will be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing copies of these reports or information, except that, other than for extraordinary or duplicate requests, the Directing Certificateholder will be entitled to reports and information free of charge. Except as otherwise set forth in this paragraph, until the time definitive certificates are issued, notices and statements required to be mailed to holders of Certificates will be available to Certificate Owners of Offered Certificates only to the extent they are forwarded by or otherwise available through DTC and its Participants. Conveyance of notices and other communications by DTC to Participants, and by Participants to Certificate Owners, will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Except as otherwise set forth in this paragraph, the Master Servicer, the Special Servicer, the Trustee and the Depositor are required to recognize as Certificateholders only those persons in whose names the Certificates are registered on the books and records of the Certificate Registrar. The initial registered holder of the Offered Certificates will be Cede & Co., as nominee for DTC.

Voting Rights

At all times during the term of the Pooling and Servicing Agreement, the voting rights for the Certificates (the ‘‘Voting Rights’’) will be allocated among the respective Classes of Certificateholders as follows: (1) 4% in the case of the Class X Certificates, and (2) in the case of any other Class of Certificates (other than the Class S Certificates and the Residual Certificates), a percentage equal to the product of 96% and a fraction, the numerator of which is equal to the aggregate Certificate Balance of the Class, in each case, determined as of the prior Distribution Date, and the denominator of which is equal to the aggregate Certificate Balance of all Classes of Certificates (other than the Class S Certificates), each determined as of the prior Distribution Date. None of the Class S, Class R or Class LR Certificates will be entitled to any Voting Rights. For purposes of determining Voting Rights, the Certificate Balance of each Class (other than the Class S Certificates) will not be reduced by the amount allocated to that Class of any Appraisal Reductions related to mortgage loans as to which Liquidation Proceeds or other final payment have not yet been received. Voting Rights allocated to a Class of Certificateholders will be allocated among the Certificateholders in proportion to the Percentage Interests evidenced by their respective Certificates. Solely for purposes of giving any consent, approval or waiver pursuant to the Pooling and Servicing Agreement, neither the Master Servicer, the Special Servicer nor the Depositor will be entitled to exercise any Voting Rights with respect to any Certificates registered in its name, if the consent, approval or waiver would in any way increase its compensation or limit its obligations in the named capacities or waive an Event of Default under the Pooling and Servicing Agreement; provided, however, the restrictions will not apply to the exercise of the Special Servicer’s rights, if any, as a member of the Controlling Class.

Termination; Retirement of Certificates

The obligations created by the Pooling and Servicing Agreement will terminate upon payment (or provision for payment) to all Certificateholders and the Swap Counterparty of all amounts held by the Trustee and required to be paid following the earlier of (1) the final payment (or related Advance) or other liquidation of the last mortgage loan or REO Property remaining in the trust fund, (2) the voluntary exchange of all the then outstanding certificates (other than the Class S and the Residual Certificates) for the mortgage loans remaining in the

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trust (provided, however, that (a) the Offered Certificates (other than the Class X Certificates) and the Class G, Class H, Class J and Class K Certificates are no longer outstanding and (b) there is only one holder of the then outstanding Certificates (other than the Class S and the Residual Certificates) or (3) the purchase or other liquidation of all of the assets of the trust fund by the holders of the Controlling Class, the Special Servicer, the Master Servicer or the holders of the Class LR Certificates, in that order of priority. Written notice of termination of the Pooling and Servicing Agreement will be given by the Trustee to each Certificateholder, the Swap Counterparty and each Rating Agency and the final distribution will be made only upon surrender and cancellation of the Certificates at the office of the Certificate Registrar or other location specified in the notice of termination.

The holders of the Controlling Class, the Special Servicer, the Master Servicer and the holders of the Class LR Certificates (in that order) will have the right to purchase all of the assets of the trust fund. This purchase of all the mortgage loans and other assets in the trust fund is required to be made at a price equal to the sum of (1) the aggregate Purchase Price of all the mortgage loans (exclusive of REO Loans) then included in the trust fund, (2) the aggregate fair market value of the trust fund’s portion of all REO Properties then included in the trust fund (which fair market value for any REO Property may be less than the Purchase Price for the corresponding REO Loan), as determined by an appraiser selected and mutually agreed upon by the Master Servicer and the Trustee, plus: (i) the reasonable out of pocket expenses of the Master Servicer related to such purchase, unless the Master Servicer is the purchaser, and (ii) amounts owed under the Swap Contract, and (3) if, upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan, the JQH Hotel Portfolio Mortgaged Property is an REO Property under the terms of the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, the allocable portion of the fair market value of the related property, as determined by the related master servicer in accordance the terms of the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement. This purchase will effect early retirement of the then outstanding Offered Certificates, but the rights of the holders of the Controlling Class, the Special Servicer, the Master Servicer or the holders of the Class LR Certificates to effect the termination is subject to the requirement that the then aggregate Stated Principal Balance of the pool of mortgage loans be less than 1% of the Initial Pool Balance. The voluntary exchange of Certificates, including the Class X Certificates, for the remaining mortgage loans is not subject to the 1% limit but is limited to each Class of outstanding Certificates being held by one Certificateholder who must voluntarily participate.

On the final Distribution Date, the aggregate amount paid by the holders of the Controlling Class, the Special Servicer, the Master Servicer or the holders of the Class LR Certificates, as the case may be, for the mortgage loans and other assets in the trust fund (if the trust fund is to be terminated as a result of the purchase described in the preceding paragraph), together with all other amounts on deposit in the Certificate Account and not otherwise payable to a person other than the Certificateholders (see ‘‘Description of the Pooling Agreements—Certificate Account’’ in the prospectus), will be applied generally as described above under ‘‘—Distributions—Priority’’ in this free writing prospectus.

Any optional termination by the holders of the Controlling Class, the Special Servicer, the Master Servicer or the holders of the Class LR Certificates would result in prepayment in full of the Certificates and would have an adverse effect on the yield of the Class X Certificates because a termination would have an effect similar to a principal prepayment in full of the mortgage loans and, as a result, investors in the Class X Certificates and any other Certificates purchased at premium might not fully recoup their initial investment. See ‘‘Yield and Maturity Considerations’’ in this free writing prospectus.

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Description of the Swap Contract

On the Closing Date, the Depositor will transfer the Class A-2FL Regular Interest to the trust in exchange for the Class A-2FL Certificates, which will represent all of the beneficial interest in the portion of the trust consisting of the Class A-2FL Regular Interest, the Swap Contract and the Floating Rate Account.

The Trustee, on behalf of the trust, will enter an into interest rate swap agreement related to the Class A-2FL Regular Interest (the ‘‘Swap Contract’’), with JPMCB (the ‘‘Swap Counterparty’’). The Swap Contract will have a maturity date of the Distribution Date in (the same date as the Rated Final Distribution Date of the Class A-2FL Certificates). The Trustee will make available to the Swap Counterparty the Statement to Certificateholders for each Distribution Date, which statement will include LIBOR applicable to the related Interest Accrual Period. See ‘‘Description of the Certificates—Distributions’’ in this free writing prospectus. The Trustee will also calculate the amounts, if any, due from or payable to the Swap Counterparty under the Swap Contract.

The Significance Percentage with respect to the interest rate swap payments under the Swap Contract is less than 10%. As used in the preceding sentence, ‘‘Significance Percentage’’ refers to the percentage that the amount of the Significance Estimate represents of the aggregate initial principal balance of the Class A-2FL Certificates. ‘‘Significance Estimate’’ refers to the reasonable good-faith estimate of maximum probable exposure, made in substantially the same manner as that used in JPMCB’s internal risk management process in respect of similar instruments.

The Trustee may make withdrawals from the Floating Rate Account only for the following purposes: (i) to distribute to the holders of the Class A-2FL Certificates the Class A-2FL Available Funds for any Distribution Date; (ii) to withdraw any amount deposited into the Floating Rate Account that was not required to be deposited in such account; (iii) to pay any funds required to be paid to the Swap Counterparty under the Swap Contract; and (iv) to clear and terminate the account pursuant to the terms of the Pooling and Servicing Agreement.

The Swap Contract will provide that, so long as the Swap Contract is in effect, (a) on each Distribution Date, commencing in August 2007, the Trustee will pay or cause to be paid to the Swap Counterparty (i) any Yield Maintenance Charges in respect of the Class A-2FL Regular Interest for the related Distribution Date and (ii) one month’s interest at the Pass-Through Rate applicable to the Class A-2FL Regular Interest accrued for the related Interest Accrual Period on the Certificate Balance of the Class A-2FL Certificates, and (b) on the business day before each Distribution Date, commencing in August 2007, the Swap Counterparty will pay to the Trustee, for the benefit of the Class A-2FL Certificateholders, one month’s interest at the Pass-Through Rate applicable to the Class A-2FL Certificates accrued for the related Interest Accrual Period on the Certificate Balance of the Class A-2FL Certificates. Such payments will be made on a net basis.

On any Distribution Date for which the funds allocated to payment of the Interest Distribution Amount of the Class A-2FL Regular Interest, are insufficient to pay all amounts due to the Swap Counterparty under the Swap Contract for such Distribution Date, the amounts payable by the Swap Counterparty to the trust under the Swap Contract will be reduced, on a dollar-for-dollar basis, by the amount of such shortfall, and holders of the Class A-2FL Certificates, will experience a shortfall in their anticipated yield.

If the Swap Counterparty’s long-term rating is not at least ‘‘A3’’ by Moody’s Investors Service, Inc. or at least ‘‘A−’’ by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (a ‘‘Rating Agency Trigger Event’’), the Swap Counterparty will be required to post collateral or find a replacement swap counterparty that would not cause another Rating Agency Trigger Event. In the event that the Swap Counterparty fails to either post acceptable collateral, fails to find an acceptable replacement swap counterparty under a Rating Agency Trigger Event, or if it fails to make a payment to the trust required under the Swap Contract or an early termination date is designated under the Swap Contract in accordance with its terms (each such event, a ‘‘Swap Default’’), then the Trustee will be required, subject to the Trustee’s determination that costs of enforcement will be recoverable from or indemnified by the holders

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of the Class A-2FL Certificates, to take such actions (following the expiration of any applicable grace period), unless otherwise directed in writing by the holders of 25%, by Certificate Balance, of the Class A-2FL Certificates, to enforce the rights of the trust under the Swap Contract as may be permitted by the terms of the Swap Contract and the Pooling and Servicing Agreement and use any termination fees received from the Swap Counterparty (as described below under ‘‘—Termination Fees’’) to enter into a replacement interest rate swap contract on substantially identical terms. If the costs attributable to entering into a replacement interest rate swap contract would exceed the net proceeds of the liquidation of the Swap Contract, a replacement interest rate swap contract will not be entered into and any such proceeds will instead be distributed to the holders of the Class A-2FL Certificates.

Any conversion to distributions equal to distributions on the Class A-2FL Regular Interest pursuant to a Swap Default will become permanent following the determination by the Trustee or the holders of 25% of the Class A-2FL Certificates not to enter into a replacement interest rate swap contract and distribution of any termination payments to the holders of the Class A-2FL Certificates. Any such Swap Default and the consequent conversion to distributions equal to distributions on the Class A-2FL Regular Interest will not constitute a default under the Pooling and Servicing Agreement. Any such conversion to distributions equal to distributions on the Class A-2FL Regular Interest might result in a temporary delay of payment of the distributions to the holders of the Class A-2FL Certificates, if notice of the resulting change in payment terms of the Class A-2FL Certificates, is not given to DTC within the time frame in advance of the Distribution Date that DTC requires to modify the payment.

The Trustee will have no obligation on behalf of the trust to pay or cause to be paid to the Swap Counterparty any portion of the amounts due to the Swap Counterparty under the Swap Contract for any Distribution Date unless and until the related interest payment on the Class A-2FL Regular Interest for such Distribution Date is actually received by the Trustee.

Termination Fees

In the event of the termination of the Swap Contract and the failure of the Swap Counterparty to replace the Swap Contract, the Swap Counterparty may be obligated to pay a termination fee to the trust generally designed to compensate the trust for the cost, if any, of entering into a substantially similar interest rate swap contract with another swap counterparty. If the termination fee is not used to pay for a replacement swap contract, then that termination fee will be distributed to the Class A-2FL Certificateholders.

The Swap Counterparty

JPMCB is the Swap Counterparty under the Swap Contract. JPMCB is also a Mortgage Loan Seller and an affiliate of J.P. Morgan Chase Commercial Mortgage Securities Corp., which is the Depositor and is an affiliate of J.P. Morgan Securities Inc., which is an underwriter.

JPMCB is a wholly-owned bank subsidiary of JPMorgan Chase & Co., a Delaware corporation. JPMCB is a commercial bank offering a wide range of banking services to its customers both domestically and internationally. It is chartered, and its business is subject to examination and regulation, by the Office of the Comptroller of the Currency, a bureau of the United States Department of the Treasury. It is a member of the Federal Reserve System and its deposits are insured by the Federal Deposit Insurance Corporation.

The long-term certificates of deposit of JPMCB are rated ‘‘Aa2’’ and ‘‘A+’’, by Moody’s and S&P, respectively, as of the date of this free writing prospectus.

JPMorgan Chase & Co. files reports with the Securities and Exchange Commission that are required under the Securities Exchange Act of 1934. Such reports include additional financial information regarding the Swap Counterparty and may be obtained at the website maintained by the Securities and Exchange Commission at http://www.sec.gov.

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Servicing of the Mortgage Loans

General

The servicing of the mortgage loans (including each Whole Loan other than the JQH Hotel Portfolio Whole Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan) and any related Companion Loan and any REO Properties will be governed by the Pooling and Servicing Agreement. The following summaries describe certain provisions of the Pooling and Servicing Agreement relating to the servicing and administration of the mortgage loans (excluding the JQH Hotel Portfolio Loan upon the transfer of servicing of the JQH Hotel Portfolio Loan to a future securitization in connection with the securitization of the related Companion Loan) and any REO Properties. The JQH Hotel Portfolio Loan will initially be serviced in accordance with the Pooling and Servicing Agreement by the Master Servicer and the Special Servicer. However, servicing of the JQH Hotel Portfolio Whole Loan is expected to be transferred to a future securitization in connection with the securitization of the JQH Hotel Portfolio Pari Passu Companion Loan, which is not included in the trust. In such event, the master servicer and the special servicer appointed under a separate pooling and servicing agreement will service the JQH Hotel Portfolio Whole Loan and according to the servicing standards provided for in that pooling and servicing agreement, which will require, among other things, that the master servicer and the special servicer under that pooling and servicing agreement attempt to maximize recovery on all portions of the JQH Hotel Portfolio Whole Loan. All references to ‘‘mortgage loans’’ in this section, ‘‘Servicing of the Mortgage Loans,’’ include the JQH Hotel Portfolio Loan and any related Mortgaged Property or REO Property until servicing is transferred to that future securitization unless otherwise specifically stated. The summaries do not purport to be complete and are subject, and qualified in their entirety by reference, to the provisions of the Pooling and Servicing Agreement. Reference is made to the prospectus for additional information regarding the terms of the Pooling and Servicing Agreement relating to the servicing and administration of the mortgage loans and any REO Properties; provided that the information in this free writing prospectus supersedes any contrary information set forth in the prospectus. See ‘‘Description of the Pooling Agreements’’ in the prospectus.

Each of the Master Servicer (directly or through one or more sub-servicers) and the Special Servicer (directly or through one or more sub-servicers) will be required to service and administer the mortgage loans (including each Whole Loan) for which it is responsible. The Master Servicer may delegate and/or assign some or all of its servicing obligations and duties with respect to some or all of the mortgage loans to one or more third-party sub-servicers (although the Master Servicer will remain primarily responsible for the servicing of those mortgage loans).

The Master Servicer and the Special Servicer will be required to service and administer the mortgage loans (including each Whole Loan) for which it is responsible in accordance with applicable law, the terms of the Pooling and Servicing Agreement and the mortgage loan documents (and in the case of each Whole Loan or AB Mortgage Loan Group, the terms of the related intercreditor agreement) and, to the extent consistent with the foregoing, in accordance with the higher of the following standards of care: (1) 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, services and administers similar mortgage loans for other third-party portfolios, and (2) the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers commercial, multifamily and manufactured housing community mortgage loans owned by the Master Servicer or the Special Servicer, as the case may be, in either case, with a view to the maximization of recovery of principal and interest on a net present value basis on the mortgage loans, Whole Loans or Specially Serviced Mortgage Loans, as applicable, and the best interests of the trust and the Certificateholders (and in the case of each mortgage loan with one or more Companion Loans, the holder(s) of the related Companion Loan(s) taking into account the subordinate nature of any related subject AB Subordinate Companion Loan and the pari passu nature of any Pari Passu Companion Loan,

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subject to any rights contained in the related intercreditor agreement) as a collective whole, as determined by the Master Servicer or Special Servicer, as the case may be, in its reasonable judgment, in either case giving due consideration to the customary and usual standards of practice of prudent institutional, multifamily and commercial loan servicers but without regard to:

(A)    any relationship that the Master Servicer or the Special Servicer, or any of their respective affiliates, as the case may be, may have with the related borrower or any borrower affiliate, any Mortgage Loan Seller or any other party to the Pooling and Servicing Agreement;

(B)    the ownership of any Certificate or, if applicable, a Companion Loan, by the Master Servicer or the Special Servicer or any of their respective affiliates, as the case may be;

(C)    the Master Servicer’s obligation to make Advances;

(D)    the Master Servicer or the Special Servicer’s, as the case may be, right to receive compensation (or the adequacy thereof) for its services under the Pooling and Servicing Agreement or with respect to any particular transaction;

(E)    the ownership, servicing or management for others of any other mortgage loans or mortgaged properties by the Master Servicer or the Special Servicer, as the case may be;

(F)    any option to purchase any mortgage loan or Companion Loan it may have; and

(G)    any debt that the Master Servicer or the Special Servicer or any of their respective affiliates, as the case may be, has extended to any borrower or any of their respective affiliates (the foregoing collectively referred to as the ‘‘Servicing Standards’’).

Except as otherwise described under ‘‘—Inspections; Collection of Operating Information’’ below, the Master Servicer will be responsible initially for the servicing and administration of the mortgage loans it is Master Servicer for (including, if applicable, each Whole Loan). The Master Servicer will be required to transfer its servicing responsibilities to the Special Servicer with respect to any mortgage loan (including any related Companion Loan):

(1)    as to which a payment default has occurred at its original maturity date, or, if the original maturity date has been extended, at its extended maturity date; provided that in the case of a balloon payment, if the borrower continues to make the assumed payment and delivers a bona fide written refinancing commitment that provides that such refinancing will occur within 60 days of the balloon payment due date and that is otherwise acceptable in form and substance to the Special Servicer prior to the date such balloon payment was due, a servicing transfer event will not occur until the earlier of (x) 60 days following the due date of the balloon payment and (y) the date on which the refinancing commitment terminates;

(2)    as to which any Periodic Payment (other than a balloon payment or other payment due at maturity) is more than 60 days delinquent;

(3)    as to which the borrower has entered into or consented to bankruptcy, appointment of a receiver or conservator or a similar insolvency proceeding, or the borrower has become the subject of a decree or order for that proceeding (provided that if the appointment, decree or order is stayed or discharged, or the case dismissed within 60 days, that mortgage loan will not be considered a Specially Serviced Mortgage Loan during that period), or the related borrower has admitted in writing its inability to pay its debts generally as they become due;

(4)    as to which the Master Servicer has received notice of the foreclosure or proposed foreclosure of any other lien on the Mortgaged Property;

(5)    as to which, in the judgment of the Master Servicer or the Special Servicer, as applicable, a payment default is imminent and is not likely to be cured by the borrower within 60 days;

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(6)    as to which a default of which the Master Servicer or the Special Servicer (in the case of the Special Servicer with the consent of the Directing Certificateholder) has notice (other than a failure by the related borrower to pay principal or interest) and which the Master Servicer or Special Servicer determines, in its good faith reasonable judgment, may materially and adversely affect the interests of the Certificateholders (or, with respect to each Whole, the interests of the holders of the related Companion Loans) has occurred and remains unremediated for the applicable grace period specified in the mortgage loan documents, other than, in certain circumstances, the failure to maintain terrorism insurance (or if no grace period is specified for events of default which are capable of cure, 60 days); or

(7)    as to which the Master Servicer or the Special Servicer (in the case of the Special Servicer, with the consent of the Directing Certificateholder) determines that (i) a default (other than as described in clause (5) above) under the mortgage loan is imminent, (ii) such default will materially impair the value of the corresponding Mortgaged Property as security for the mortgage loan or otherwise materially adversely affect the interests of Certificateholders (or, with respect to each Whole Loan, the interests of the holders of the related Companion Loans), and (iii) the default will continue unremedied for the applicable cure period under the terms of the mortgage loan or, if no cure period is specified and the default is capable of being cured, for 30 days (provided that such 30-day grace period does not apply to a default that gives rise to immediate acceleration without application of a grace period under the terms of the mortgage loan); provided that any determination that a special servicing transfer event has occurred under this clause (7) with respect to any mortgage loan solely by reason of the failure (or imminent failure) of the related borrower to maintain or cause to be maintained insurance coverage against damages or losses arising from acts of terrorism may only be made by the Special Servicer (with the consent of the Directing Certificateholder) as described under ‘‘—Maintenance of Insurance’’ below.

However, the Master Servicer will be required to continue to (w) receive payments on the mortgage loan (including, to the extent permitted by the related Intercreditor Agreement, each Whole Loan) (including amounts collected by the Special Servicer), (x) make certain calculations with respect to the mortgage loan, (y) make remittances and prepare certain reports to the Certificateholders with respect to the mortgage loan and (z) receive the Servicing Fee in respect of the mortgage loan at the Servicing Fee Rate. If the related Mortgaged Property is acquired in respect of any mortgage loan (including any Whole Loan) (upon acquisition, an ‘‘REO Property’’) whether through foreclosure, deed-in-lieu of foreclosure or otherwise, the Special Servicer will continue to be responsible for its operation and management. The mortgage loans (including each Whole Loan) serviced by the Special Servicer and any mortgage loans (including each Whole Loan) that have become REO Properties are referred to in this free writing prospectus as the ‘‘Specially Serviced Mortgage Loans.’’ If any Mortgage Loan that is part of a Whole Loan becomes a Specially Serviced Mortgage Loan, then the related Companion Loan will become a Specially Serviced Mortgage Loan. The Master Servicer will not have any responsibility for the performance by the Special Servicer of its duties under the Pooling and Servicing Agreement. Any mortgage loan that is cross-collateralized with a Specially Serviced Mortgage Loan will become a Specially Serviced Mortgage Loan.

If any Specially Serviced Mortgage Loan, in accordance with its original terms or as modified in accordance with the Pooling and Servicing Agreement, becomes performing for at least three consecutive Periodic Payments (provided no additional event of default is foreseeable in the reasonable judgment of the Special Servicer) or the circumstances which give rise to the transfer no longer exist, the Special Servicer will be required to return servicing of that mortgage loan (a ‘‘Corrected Mortgage Loan’’) to the Master Servicer.

The Special Servicer will be required to prepare a report (an ‘‘Asset Status Report’’) for each mortgage loan that becomes a Specially Serviced Mortgage Loan not later than 60 days after the servicing of such mortgage loan is transferred to the Special Servicer. Each Asset Status Report will be required to be delivered to the Directing Certificateholder, each holder of a related Companion Loan, the Master Servicer, the Trustee and each Rating Agency. If the Directing

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Certificateholder does not disapprove an Asset Status Report within ten business days, the Special Servicer will be required to implement the recommended action as outlined in the Asset Status Report. The Directing Certificateholder may object to any Asset Status Report within ten business days of receipt; provided, however, the Special Servicer will be required to implement the recommended action as outlined in the Asset Status Report if it makes a determination in accordance with the Servicing Standards that the objection is not in the best interest of all the Certificateholders. If the Directing Certificateholder disapproves the Asset Status Report and the Special Servicer has not made the affirmative determination described above, the Special Servicer will be required to revise the Asset Status Report as soon as practicable thereafter, but in no event later than 30 days after the disapproval. The Special Servicer will be required to revise the Asset Status Report until the Directing Certificateholder fails to disapprove the revised Asset Status Report as described above or until the Special Servicer makes a determination that the objection is not in the best interests of the Certificateholders; provided, however, in the event that the Directing Certificateholder and the Special Servicer have not agreed upon an Asset Status Report with respect to a Specially Serviced Mortgage Loan within 90 days of the Directing Certificateholder’s receipt of the initial Asset Status Report with respect to such Specially Serviced Mortgage Loan, the Special Servicer will implement the actions described in the most recent Asset Status Report submitted to the Directing Certificateholder by the Special Servicer.

The Directing Certificateholder

The Directing Certificateholder will be entitled to advise the Master Servicer or the Special Servicer, as applicable, with respect to the following actions and others more particularly described in the Pooling and Servicing Agreement. The Directing Certificateholder’s rights with respect to each Whole Loan are subject to the rights of the holder of the related Companion Loan to the extent described in ‘‘Description of the Mortgage Pool—The Whole Loans’’ in this free writing prospectus or in addition to the rights the Directing Certificateholder may have as described in such section. Except as otherwise described in the succeeding paragraphs below, the Master Servicer or the Special Servicer, as applicable, will not be permitted to take any of the following actions as to which the Directing Certificateholder has objected in writing within ten business days of having been notified of the proposed action (provided, that if such written objection has not been received by the Master Servicer or the Special Servicer, as applicable, within the ten day period, the Directing Certificateholder will be deemed to have approved such action):

(i)    any proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership of properties securing such of the mortgage loans as come into and continue in default;

(ii)    any modification, consent to a modification or waiver of any monetary term or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a mortgage loan or any extension of the maturity date of such mortgage loan;

(iii)    any sale of a defaulted mortgage loan or REO Property (other than in connection with the termination of the trust as described under ‘‘Description of the Certificates—Termination; Retirement of Certificates’’ in this free writing prospectus) for less than the applicable Purchase Price (other than in connection with the exercise of the Purchase Option described under ‘‘—Realization Upon Defaulted Mortgage Loans’’ below);

(iv)    any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous material located at an REO Property;

(v)    any release of collateral or any acceptance of substitute or additional collateral for a mortgage loan or any consent to either of the foregoing, other than if required pursuant to the specific terms of the related mortgage loan;

(vi)    any waiver of a ‘‘due-on-sale’’ or ‘‘due-on-encumbrance’’ clause with respect to a loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property or

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interests in the borrower or consent to the incurrence of additional debt (as described under ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—Due-on-Sale and Due-on-Encumbrances Provisions’’ above);

(vii)    any property management company changes or franchise changes with respect to a mortgage loan for which the consent or approval of the lender is required under the related loan documents;

(viii)    releases of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves, other than those required pursuant to the specific terms of the mortgage loan with no material lender discretion;

(ix)    any acceptance of an assumption agreement releasing a borrower from liability under a mortgage loan other than pursuant to the specific terms of such mortgage loan; and

(x)    any determination by the Special Servicer of an Acceptable Insurance Default.

provided, that in the event that the Master Servicer or the Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholders (as a collective whole), the Master Servicer or the Special Servicer, as applicable, may take any such action without waiting for the Directing Certificateholder’s response.

In addition, the Directing Certificateholder may direct the Master Servicer and/or the Special Servicer to take, or to refrain from taking, other actions with respect to a mortgage loan, as the Directing Certificateholder may reasonably deem advisable; provided that the Master Servicer and/or the Special Servicer will not be required to take or refrain from taking any action pursuant to instructions or objections from the Directing Certificateholder that would cause it to violate applicable law, the related mortgage loan documents, the Pooling and Servicing Agreement, including the Servicing Standards, or the REMIC Provisions (and, with respect to any Whole Loan, subject to the rights of the holders of the related Companion Loans as described under ‘‘Description of the Mortgage Pool—Whole Loans’’ in this free writing prospectus).

With respect to the Franklin Mills Whole Loan and the Carespring Portfolio Whole Loan only, the Directing Certificateholder will not be entitled to exercise the rights described in the first two paragraphs of this section, which rights will be exercisable by the Franklin Mills Majority Holders and the Carespring Portfolio Majority Holders, as applicable, under the circumstances described under ‘‘Description of the Mortgage Pool—The Franklin Mills Whole Loan’’ and ‘‘—The Carespring Portfolio Whole Loan’’ in this free writing prospectus.

With respect to the JQH Hotel Portfolio Loan, the Directing Certificateholder will not be entitled to exercise the above-described rights, which rights will be exercisable by the holder of the JQH Hotel Portfolio Pari Passu Companion Loan (or its designee).

Furthermore, the Special Servicer will not be obligated to seek approval from the Directing Certificateholder, as contemplated above, for any actions to be taken by the Special Servicer with respect to a mortgage loan or REO Property if: (i) the Special Servicer has, as described above, notified the Directing Certificateholder in writing of various actions that the Special Servicer proposes to take with respect to the workout or liquidation of such mortgage loan or REO Property and (ii) for 60 days following the first such notice, the Directing Certificateholder has objected to all of those proposed actions but has failed to suggest any alternative actions that do not violate the Servicing Standards or the REMIC Provisions of the Code.

The ‘‘Directing Certificateholder’’ will be the Controlling Class Certificateholder or the representative of the Controlling Class Certificateholder selected by more than 50% of the Controlling Class Certificateholders, by Certificate Balance, as certified by the Certificate Registrar from time to time; provided, however, (1) absent that selection, or (2) until a Directing Certificateholder is so selected or (3) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class will be the Directing Certificateholder. The initial Directing Certificateholder will be American Capital Strategies, Ltd.

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A ‘‘Controlling Class Certificateholder’’ is each holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class as certified to the Certificate Registrar from time to time by the holder (or Certificate Owner).

The ‘‘Controlling Class’’ will be, as of any date of determination, the most subordinate Class of Certificates (other than the Class X Certificates) then outstanding that has a Certificate Balance at least equal to 25% of the initial Certificate Balance of such Class. For purposes of determining the Controlling Class, the Class A-2 and Class A-2FL Certificates will be treated as one Class. For purposes of determining the identity of the Controlling Class, the Certificate Balance of each Class will not be reduced by the amount allocated to that Class of any Appraisal Reductions relating to mortgage loans as to which Liquidation Proceeds or other final payment has not yet been received. As the Certificate Balance of the most subordinate Class of Certificates is reduced on account of, among other things, distributions of principal or the allocation of Collateral Support Deficits to such Class, the Controlling Class may change from the most subordinate Class of Certificates to a more senior Class of Certificates. The Controlling Class as of the Closing Date will be the Class NR Certificates.

Neither the Special Servicer nor either Master Servicer will be permitted to take or refrain from taking any action pursuant to instructions from the Directing Certificateholder or the holder of any Companion Loan that would cause either of the Master Servicer or the Special Servicer to violate applicable law, the related mortgage loan documents, the Pooling and Servicing Agreement, including the Servicing Standards, any intercreditor agreement, or the REMIC Provisions.

Either the Master Servicer and the Special Servicer may resign under the Pooling and Servicing Agreement at any time if continuing to perform their respective servicing duties would cause it to be in violation of any applicable law. The Master Servicer may generally resign at any time so long as it provides a replacement meeting the requirements in the Pooling and Servicing Agreement and that is otherwise acceptable to the Rating Agencies. The Special Servicer may generally be replaced at any time by Certificateholders representing a majority of the Voting Rights or by the Directing Certificateholder so long as, among other things, those Certificateholders provide or the Directing Certificateholder provides, as applicable, a replacement that is acceptable to the Rating Agencies. Additionally, either of the Master Servicer or the Special Servicer, as applicable, generally may be replaced by the Depositor, the Trustee, or Certificateholders representing at least 25% of Voting Rights in the event that an event of default under the Pooling and Servicing Agreement occurs with respect to such entity. In the event that either of the Master Servicer or the Special Servicer resigns or is replaced and no replacement is otherwise provided for, the Trustee is required to immediately take the place of such resigning or replaced Master Servicer or Special Servicer unless it is prohibited by any applicable law from serving in such capacity. The Certificateholders will receive notification from the Trustee in any case in which either of the Master Servicer or Special Servicer resigns or is replaced.

Limitation on Liability of Directing Certificateholder

The Directing Certificateholder will not be liable to the trust fund or the Certificateholders for any action taken, or for refraining from the taking of any action for errors in judgment. However, the Directing Certificateholder will not be protected against any liability to the Controlling Class Certificateholders that 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.

Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that the Directing Certificateholder:

(a)    may have special relationships and interests that conflict with those of holders of one or more Classes of Certificates,

(b)    may act solely in the interests of the holders of the Controlling Class,

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(c)    does not have any liability or duties to the holders of any Class of Certificates other than the Controlling Class,

(d)    may take actions that favor the interests of the holders of the Controlling Class over the interests of the holders of one or more other Classes of Certificates,

(e)    will have no liability whatsoever for having so acted and that no Certificateholder may take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal of the Directing Certificateholder for having so acted.

The taking of, or refraining from the taking of, any action by the Master Servicer or the Special Servicer in accordance with the direction or approval of the Directing Certificateholder, which does not violate any law or the Servicing Standards or any other provisions of the Pooling and Servicing Agreement, will not result in any liability on the part of the Master Servicer or the Special Servicer.

Generally, the holders of the AB Subordinate Companion Loans and their designees will have limitations on liability with respect to actions taken in connection with the related AB Mortgage Loan similar to the limitations of the Directing Certificateholder described above.

Maintenance of Insurance

To the extent permitted by the related mortgage loan and required by the Servicing Standards, the Master Servicer or the Special Servicer (with respect to REO Properties) will be required to use efforts consistent with the Servicing Standards, to cause each borrower to maintain for the related Mortgaged Property all insurance coverage required by the terms of the mortgage loan documents, except to the extent that the failure of the related borrower to do so is an Acceptable Insurance Default (as defined below). This insurance coverage is required to be in the amounts, and from an insurer meeting the requirements, set forth in the related mortgage loan documents. If the borrower does not maintain such coverage, subject to its recovery determination as to any required Servicing Advance, the Master Servicer (with respect to mortgage loan including the JQH Hotel Portfolio Loan so long as it is serviced under the Pooling and Servicing Agreement) or the Special Servicer (with respect to REO Properties including the JQH Hotel Portfolio Mortgaged Property so long as the JQH Hotel Portfolio Loan is seviced under the Pooling and Servicing Agreement), as the case may be, will be required to maintain such coverage to the extent such coverage is available at commercially reasonable rates and the Trustee has an insurable interest, as determined by the Special Servicer in accordance with the Servicing Standards; provided that the Master Servicer will be obligated to cause to be maintained insurance against property damage resulting from terrorist or similar acts unless the borrower’s failure is an Acceptable Insurance Default. The coverage described in the immediately preceding sentence will be in an amount that is not less than the lesser of the full replacement cost of the improvements securing that mortgage loan or the outstanding principal balance owing on that mortgage loan, but in any event, in an amount sufficient to avoid the application of any co-insurance clause unless otherwise noted in the related mortgage loan documents. After the Master Servicer determines that a Mortgaged Property is located in an area identified as a federally designated special flood hazard area (and flood insurance has been made available), the Master Servicer will be required to use efforts consistent with the Servicing Standards to (1) cause each borrower to maintain (to the extent required by the related mortgage loan documents), and if the borrower does not so maintain, will be required to (2) itself maintain to the extent the Trustee, as mortgagee, has an insurable interest in the Mortgaged Property and is available at commercially reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standards) a flood insurance policy in an amount representing coverage not less than the lesser of (1) the outstanding principal balance of the related mortgage loan and (2) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, but only to the extent that the related mortgage loan permits the lender to require the coverage and maintaining coverage is consistent with the Servicing Standards.

Notwithstanding the foregoing, with respect to the mortgage loans that either (x) require the borrower to maintain ‘‘all-risk’’ property insurance (and do not expressly permit an exclusion

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for terrorism) or (y) contain provisions generally requiring the applicable borrower to maintain insurance in types and against such risks as the holder of such mortgage loan reasonably requires from time to time in order to protect its interests, the Master Servicer will be required to, consistent with the Servicing Standards, (A) actively monitor whether the insurance policies for the related Mortgaged Property contain exclusions in addition to those customarily found in insurance policies prior to September 11, 2001 (‘‘Additional Exclusions’’), (B) request the borrower to either purchase insurance against the risks specified in the Additional Exclusions or provide an explanation as to its reasons for failing to purchase such insurance, and (C) notify the Special Servicer if it has knowledge (such knowledge to be based on the Master Servicer’s compliance with the immediately preceding clauses (A) and (B)) that any insurance policy contains Additional Exclusions or if it has knowledge (such knowledge to be based on the Master Servicer’s compliance with the immediately preceding clauses (A) and (B)) that any borrower fails to purchase the insurance requested to be purchased by the Master Servicer pursuant to clause (B) above. If the Special Servicer determines in accordance with the Servicing Standards that such failure is not an Acceptable Insurance Default the Special Servicer will be required to notify the Master Servicer, and the Master Servicer will be required to cause such insurance to be maintained. If the Special Servicer determines that such failure is an Acceptable Insurance Default, it will be required to inform each Rating Agency as to such conclusions for those mortgage loans that (i) have one of the ten (10) highest outstanding principal balances of the mortgage loans then included in the trust or (ii) comprise more than 5% of the outstanding principal balance of the mortgage loans then included in the trust.

Notwithstanding the foregoing, the Master Servicer will not be required to maintain or cause to be maintained any earthquake or environmental insurance on a Mortgaged Property unless such insurance was in effect as of origination of the mortgage loan or the date of initial issuance of the certificates and such insurance is available at commercially reasonable rates.

‘‘Acceptable Insurance Default’’ means, with respect to any mortgage loan, other than a mortgage loan that expressly requires the borrower to maintain insurance coverage for acts of terrorism, a default under the related mortgage loan documents arising by reason of (i) any failure on the part of the related borrower to maintain with respect to the related mortgaged real property specific insurance coverage with respect to, or an all-risk casualty insurance policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part of the related borrower to maintain with respect to the related mortgaged real property, insurance coverage with respect to damages or casualties caused by terrorist or similar acts upon terms not materially less favorable than those in place as of the Closing Date, in each case, as to which default the Master Servicer and the Special Servicer may forbear taking any enforcement action; provided that the Special Servicer has determined in its reasonable judgment, based on inquiry consistent with the Servicing Standards and subject to the consent of the Directing Certificateholder or any holder of a related companion loan to the extent provided for under the related intercreditor agreement or Pooling and Servicing Agreement, as applicable, that either (a) such insurance is not available at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties similar to the related mortgaged real property and located in or around the region in which such related mortgaged real property is located, or (b) such insurance is not available at any rate; provided, however, the Directing Certificateholder or any holder of a related companion loan to the extent provided for under the related intercreditor agreement or Pooling and Servicing Agreement, as applicable will not have more than 30 days to respond to the Special Servicer’s request for consent; provided, further, that upon the Special Servicer’s determination, consistent with the Servicing Standards, that exigent circumstances do not allow the Special Servicer to wait for the consent of the Directing Certificateholder or any holder of a related companion loan to the extent provided for under the related intercreditor agreement or Pooling and Servicing Agreement, as applicable, the Special Servicer will not be required to do so. Each of the Master Servicer and the Special Servicer will be entitled to rely on insurance consultants in making the determinations described above (as well

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as determinations of whether particular exclusions constitute additional exclusions) and the cost of such expense shall be paid from the Certificate Account as a Servicing Advance.

With respect to the Franklin Mills Whole Loan and the Carespring Portfolio Whole Loan, as applicable, the rights of the Directing Certificateholder described in the preceding paragraph will be exercisable by the Franklin Mills Majority Holders and the Carespring Portfolio Majority Holders, as applicable, as described in ‘‘Description of the Mortgage Pool—The Franklin Mills Whole Loan’’, and ‘‘—The Carespring Portfolio Whole Loan’’ in this free writing prospectus.

During the period that the Special Servicer is evaluating the availability of such insurance, the Master Servicer will not be liable for any loss related to its failure to require the borrower to maintain such insurance and will not be in default of its obligations as a result of such failure.

The Special Servicer will be required to maintain (or cause to be maintained), fire and hazard insurance on each REO Property, to the extent obtainable at commercially reasonable rates, in an amount that is at least equal to the lesser of (1) the full replacement cost of the improvements on the REO Property, or (2) the outstanding principal balance owing on the related mortgage loan, and in any event, the amount necessary to avoid the operation of any co-insurance provisions. In addition, if the REO Property is located in an area identified as a federally designated special flood hazard area, the Special Servicer will be required to cause to be maintained, to the extent available at commercially reasonable rates (as determined by the Special Servicer in accordance with the Servicing Standards), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration in an amount representing coverage not less than the maximum amount of insurance that is available under the National Flood Insurance Act of 1968, as amended.

The Pooling and Servicing Agreement provides that the Master Servicer and the Special Servicer may satisfy their respective obligations to cause each borrower to maintain a hazard insurance policy by maintaining a blanket or master single interest or force-placed policy insuring against hazard losses on the mortgage loans and REO Properties. Any losses incurred with respect to mortgage loans or REO Properties due to uninsured risks (including earthquakes, mudflows and floods) or insufficient hazard insurance proceeds may adversely affect payments to Certificateholders. Any cost incurred by the Master Servicer or the Special Servicer in maintaining a hazard insurance policy, if the borrower defaults on its obligation to do so, will be advanced by the Master Servicer as a Servicing Advance and will be charged to the related borrower. Generally, no borrower is required by the mortgage loan documents to maintain earthquake insurance on any Mortgaged Property and the Special Servicer will not be required to maintain earthquake insurance on any REO Properties. Any cost of maintaining that kind of required insurance or other earthquake insurance obtained by the Special Servicer will be paid out of a segregated custodial account created and maintained by the Special Servicer on behalf of the Trustee in trust for the Certificateholders (the ‘‘REO Account’’) or advanced by the Master Servicer as a Servicing Advance.

The costs of the insurance may be recovered by the Master Servicer or Trustee, as applicable, from reimbursements received from the borrower or, if the borrower does not pay those amounts, as a Servicing Advance as set forth in the Pooling and Servicing Agreement. All costs and expenses incurred by the Special Servicer in maintaining the insurance described above on REO Properties will be paid out of the related REO Account or, if the amount in such account is insufficient, such costs and expenses will be advanced by the Master Servicer to the Special Servicer as a Servicing Advance to the extent such Servicing Advance is not determined to be a Nonrecoverable Advance.

No pool insurance policy, special hazard insurance policy, bankruptcy bond, repurchase bond or certificate guarantee insurance will be maintained with respect to the mortgage loans, nor will any mortgage loan be subject to FHA insurance.

Modifications, Waiver and Amendments

Except as otherwise set forth in this paragraph, the Special Servicer (or, with respect to non-material modifications, waivers and amendments as set forth in the Pooling and Servicing

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Agreement, the Master Servicer) may not waive, modify or amend (or consent to waive, modify or amend) any provision of a mortgage loan that is not in default or as to which default is not reasonably foreseeable except for (1) the waiver of any due-on-sale clause or due-on-encumbrance clause to the extent permitted in the Pooling and Servicing Agreement, and (2) any waiver, modification or amendment more than three months after the Closing Date that would not be a ‘‘significant modification’’ of the mortgage loan within the meaning of Treasury Regulations Section 1.860G-2(b). The Master Servicer will not be permitted under the Pooling and Servicing Agreement to agree to any modifications, waivers and amendments without the consent of the Special Servicer except certain non-material consents and waivers described in the Pooling and Servicing Agreement. The Special Servicer will have the sole authority (but may be required as described in this free writing prospectus and under the Pooling and Servicing Agreement to take direction from and obtain the written approval of the Directing Certificateholder) to approve any assumptions, transfers of interest, material modifications, property management company changes, franchise affiliation changes, releases of performance escrows, additional indebtedness, due-on-sale or due-on-encumbrance provisions with respect to all mortgage loans (other than non-material modifications, waivers and amendments).

If, and only if, the Special Servicer determines that a modification, waiver or amendment (including the forgiveness or deferral of interest or principal or the substitution or release of collateral or the pledge of additional collateral) of the terms of a Specially Serviced Mortgage Loan with respect to which a payment default or other material default has occurred or a payment default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable, is reasonably likely to produce a greater recovery on a net present value basis (the relevant discounting to be performed at the related Mortgage Rate) than liquidation of the Specially Serviced Mortgage Loan, then the Special Servicer may, but is not required to, agree to a modification, waiver or amendment of the Specially Serviced Mortgage Loan, subject to the restrictions and limitations described below (and with respect to each AB Mortgage Loan, subject to any rights of the holder of the related AB Subordinate Companion Loan to consent to such modification, waiver or amendment).

The Special Servicer is required to use its reasonable efforts to the extent reasonably possible to fully amortize a modified mortgage loan prior to the Rated Final Distribution Date. The Special Servicer may not agree to a modification, waiver or amendment of any term of any Specially Serviced Mortgage Loan if that modification, waiver or amendment would extend the maturity date of the Specially Serviced Mortgage Loan to a date occurring later than the earlier of (A) two years prior to the Rated Final Distribution Date and (B) if the Specially Serviced Mortgage Loan is secured by a leasehold estate and not the related fee interest, the date twenty years or, to the extent consistent with the Servicing Standards, giving due consideration to the remaining term of the ground lease, ten years, prior to the end of the current term of the ground lease, plus any unilateral options to extend.

In the event of a modification that creates a deferral of interest on a mortgage loan and a capitalization of such interest deferral, the Pooling and Servicing Agreement will provide that the amount of deferred interest will be allocated to reduce the Distributable Certificate Interest of the Class or Classes of Certificates (other than the Class A-2FL, Class S and Class X Certificates and the Residual Certificates) or the Class A-2FL Regular Interest with the latest sequential designation then outstanding, and to the extent so allocated, will be added to the Certificate Balance of the Class or Classes.

The Special Servicer or the Master Servicer, as the case may be, will be required to notify each other, the Directing Certificateholder (and in the case of each Whole Loan, one or more holders of the related Companion Loan), the applicable Mortgage Loan Seller, each Rating Agency and the Trustee of any modification, waiver or amendment of any term of any mortgage loan and will be required to deliver to the Trustee for deposit in the related mortgage file, an original counterpart of the agreement related to the modification, waiver or amendment, promptly following the execution of that agreement, with a copy to the Master Servicer, all as set forth in the Pooling and Servicing Agreement. Copies of each agreement whereby the modification,

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waiver or amendment of any term of any mortgage loan is effected are required to be available for review during normal business hours at the offices of the Trustee. See ‘‘Description of the Certificates—Reports to Certificateholders; Certain Available Information’’ in this free writing prospectus.

The modification, waiver or amendment of each AB Mortgage Loan is subject to certain limitations set forth in the related AB Mortgage Loan documents and the related AB Intercreditor Agreement.

Any modification, extension, waiver or amendment of the payment terms of a Whole Loan will be required to be structured so as to be consistent with the allocation and payment priorities in the related loan documents and intercreditor agreement, such that neither the trust as holder of the related Mortgage Loan nor any holder of a related Companion Loan gains a priority over any other holder that is not reflected in the related loan documents and intercreditor agreement.

Realization Upon Defaulted Mortgage Loans

Within 30 days after a mortgage loan (other than with respect to the JQH Hotel Portfolio Loan upon the transfer of servicing of the JQH Hotel Portfolio Whole Loan to a future securitization in connection with the securitization of the related Companion Loan) has become a Specially Serviced Mortgage Loan, the Special Servicer will be required to order an appraisal (which will not be required to be received within that 30-day period) and, not more than 30 days after receipt of such appraisal, determine the fair value of the mortgage loan in accordance with the Servicing Standards. The Special Servicer will be permitted to change, from time to time thereafter, its determination of the fair value of a mortgage loan in default based upon changed circumstances, new information or otherwise, in accordance with the Servicing Standards.

In the event a mortgage loan is in default, the Certificateholder holding the largest aggregate Certificate Balance of the Controlling Class and the Special Servicer will each have an assignable option (a ‘‘Purchase Option’’) to purchase the mortgage loan in default from the trust fund ((i) with respect to each AB Mortgage Loan, subject to the purchase right of the holder of the related AB Subordinate Companion Loan, and (ii) in the case of any mortgage loan with a mezzanine loan, subject to the purchase right of the holder of the mezzanine debt set forth under any related intercreditor agreement as described under ‘‘Description of the Mortgage Pool—General’’ in this free writing prospectus) at a price (the ‘‘Option Price’’) equal to, if the Special Servicer has not yet determined the fair value of the mortgage loan in default, (i) (a) the unpaid principal balance of the mortgage loan in default, plus (b) accrued and unpaid interest on such balance, plus (c) all Yield Maintenance Charges and/or prepayment penalties then due (except if the Purchase Option is exercised by the Controlling Class Certificateholder), plus (d) all related unreimbursed Servicing Advances, together with accrued and unpaid interest on all Advances, all accrued Special Servicing Fees allocable to such mortgage loan in default whether paid or unpaid, and any unreimbursed trust fund expenses in respect of such mortgage loan or (ii) the fair value of the mortgage loan in default as determined by the Special Servicer, if the Special Servicer has made such fair value determination. The Certificateholder holding the largest aggregate Certificate Balance of the Controlling Class will have an exclusive right to exercise the Purchase Option for a specified period of time.

Unless and until the Purchase Option with respect to a mortgage loan in default is exercised, the Special Servicer will be required to pursue such other resolution strategies available under the Pooling and Servicing Agreement, including workout and foreclosure, consistent with the Servicing Standards, but the Special Servicer will not be permitted to sell the mortgage loan in default other than pursuant to the exercise of the Purchase Option.

If not exercised sooner, the Purchase Option with respect to any mortgage loan in default will automatically terminate upon (i) the related borrower’s cure of all defaults on the mortgage loan in default, (ii) the acquisition on behalf of the trust fund of title to the related Mortgaged Property by foreclosure or deed in lieu of foreclosure, (iii) the modification or pay-off (full or discounted) of the mortgage loan in default in connection with a workout and (iv) in the case of

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each AB Mortgage Loan Group, the purchase of any AB Mortgage Loan by the holder of the related AB Subordinate Companion Loan. In addition, the Purchase Option with respect to a mortgage loan in default held by any person will terminate upon the exercise of the Purchase Option by any other holder of a Purchase Option.

If (a) a Purchase Option is exercised with respect to a mortgage loan in default and the person expected to acquire the mortgage loan in default pursuant to such exercise is a Controlling Class Certificateholder, the Special Servicer, or any of their respective affiliates (in other words, the Purchase Option has not been assigned to another unaffiliated person) and (b) the Option Price is based on the Special Servicer’s determination of the fair value of the mortgage loan in default, then the Master Servicer (or, if the Master Servicer is an affiliate of the Special Servicer, an independent third party appointed by the Trustee) will be required to determine if the Option Price represents a fair value for the mortgage loan in default. The Master Servicer (or the independent third party, as applicable) will be entitled to receive, out of general collections on the mortgage loans and any REO Properties in the trust fund, a reasonable fee for each such determination not to exceed $2,500 per mortgage loan plus reasonable out-of-pocket costs and expenses; provided, however, with respect to any mortgage loan, the $2,500 fee shall be collectible once in any six month period.

The Purchase Option with respect to each AB Mortgage Loan is subject to the right of the holder of the related AB Subordinate Companion Loan to exercise its option to purchase the related AB Mortgage Loan following a default as described under the related AB Intercreditor Agreement and ‘‘Description of the Mortgage Pool—AB Mortgage Loan Groups’’ in this free writing prospectus. The Purchase Option with respect to each mortgage loan with a mezzanine loan is subject to the rights of the holder of the related mezzanine debt to exercise its option to purchase the related mortgage loan following a default as described under the related intercreditor agreement (and such purchase price is subject to the terms of the related intercreditor agreement). See ‘‘Description of the Mortgage Pool—Additional Debt’’ in this free writing prospectus.

If title to any Mortgaged Property is acquired by the trust fund, the Special Servicer, on behalf of the trust fund, will be required to sell the Mortgaged Property prior to the close of the third calendar year beginning after the year of acquisition, unless (1) the Internal Revenue Service (the ‘‘IRS’’) grants an extension of time to sell the property or (2) the Trustee receives an opinion of independent counsel to the effect that the holding of the property by the trust fund longer than the above-referenced three year period will not result in the imposition of a tax on either the Upper-Tier REMIC or the Lower-Tier REMIC or cause either of the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC under the Code at any time that any Certificate is outstanding. Subject to the foregoing and any other tax-related limitations, pursuant to the Pooling and Servicing Agreement, the Special Servicer will generally be required to attempt to sell any Mortgaged Property so acquired on the same terms and conditions it would if it were the owner. The Special Servicer will also be required to ensure that any Mortgaged Property acquired by the trust fund is administered so that it constitutes ‘‘foreclosure property’’ within the meaning of Code Section 860G(a)(8) at all times and that the sale of the property does not result in the receipt by the trust fund of any income from nonpermitted assets as described in Code Section 860F(a)(2)(B). If the trust fund acquires title to any Mortgaged Property, the Special Servicer, on behalf of the trust fund, will retain, at the expense of the trust fund, an independent contractor to manage and operate the property. The independent contractor generally will be permitted to perform construction (including renovation) on a foreclosed property only if the construction was at least 10% completed at the time default on the related mortgage loan became imminent. The retention of an independent contractor, however, will not relieve the Special Servicer of its obligation to manage the Mortgaged Property as required under the Pooling and Servicing Agreement.

Generally, the Lower-Tier REMIC will not be taxable on income received with respect to a Mortgaged Property acquired by the trust fund to the extent that it constitutes ‘‘rents from real property,’’ within the meaning of Code Section 856(c)(3)(A) and Treasury regulations under the

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Code. Rents from real property include fixed rents and rents based on the receipts or sales of a tenant but do not include the portion of any rental based on the net income or profit of any tenant or sub-tenant. No determination has been made whether rent on any of the Mortgaged Properties meets this requirement. Rents from real property include charges for services customarily furnished or rendered in connection with the rental of real property, whether or not the charges are separately stated. Services furnished to the tenants of a particular building will be considered as customary if, in the geographic market in which the building is located, tenants in buildings that are of similar class are customarily provided with the service. No determination has been made whether the services furnished to the tenants of the Mortgaged Properties are ‘‘customary’’ within the meaning of applicable regulations. It is therefore possible that a portion of the rental income with respect to a Mortgaged Property owned by the trust fund would not constitute rents from real property, or that none of such income would qualify if a separate charge is not stated for such non-customary services or they are not performed by an independent contractor. Rents from real property also do not include income from the operation of a trade or business on the Mortgaged Property, such as a hotel. Any of the foregoing types of income may instead constitute ‘‘net income from foreclosure property,’’ which would be taxable to the Lower-Tier REMIC at the highest marginal federal corporate rate (currently 35%) and may also be subject to state or local taxes. The Pooling and Servicing Agreement provides that the Special Servicer will be permitted to cause the Lower-Tier REMIC to earn ‘‘net income from foreclosure property’’ that is subject to tax if it determines that the net after-tax benefit to Certificateholders is greater than another method of operating or net leasing the Mortgaged Property. Because these sources of income, if they exist, are already in place with respect to the Mortgaged Properties, it is generally viewed as beneficial to Certificateholders to permit the trust fund to continue to earn them if it acquires a Mortgaged Property, even at the cost of this tax. These taxes would be chargeable against the related income for purposes of determining the proceeds available for distribution to holders of Certificates. See ‘‘Certain Federal Income Tax Consequences’’ and ‘‘Federal Income Tax Consequences for REMIC Certificates—Taxes That May Be Imposed on the REMIC Pool’’ in the prospectus.

To the extent that Liquidation Proceeds collected with respect to any mortgage loan are less than the sum of: (1) the outstanding principal balance of the mortgage loan, (2) interest accrued on the mortgage loan and (3) the aggregate amount of expenses reimbursable to the Master Servicer, the Special Servicer or the Trustee or paid out of the trust fund that were not reimbursed by the related borrower (including any unpaid servicing compensation, unreimbursed Servicing Advances and unpaid and accrued interest on all Advances and additional trust fund expenses) incurred with respect to the mortgage loan, the trust fund will realize a loss in the amount of the shortfall. The Trustee, the Master Servicer and/or the Special Servicer will be entitled to reimbursement out of the Liquidation Proceeds recovered on any mortgage loan, prior to the distribution of those Liquidation Proceeds to Certificateholders, of any and all amounts that represent unpaid servicing compensation in respect of the related mortgage loan, certain unreimbursed expenses incurred with respect to the mortgage loan and any unreimbursed Advances (including interest thereon) made with respect to the mortgage loan. In addition, amounts otherwise distributable on the Certificates will be further reduced by interest payable to the Master Servicer, the Special Servicer or the Trustee on these Advances.

If any Mortgaged Property suffers damage and the proceeds, if any, of the related hazard insurance policy are insufficient to restore fully the damaged property, the Master Servicer will not be required to advance the funds to effect the restoration unless (1) the Special Servicer determines that the restoration will increase the proceeds to Certificateholders on liquidation of the mortgage loan after reimbursement of the Special Servicer or the Master Servicer, as the case may be, for its expenses and (2) the Master Servicer has not determined that the advance would be a Nonrecoverable Advance.

Inspections; Collection of Operating Information

The Master Servicer will be required to perform or cause to be performed (at its own expense), physical inspections of each Mortgaged Property securing a Mortgage Note with a

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Stated Principal Balance of (A) $2,000,000 or more at least once every 12 months and (B) less than $2,000,000 at least once every 24 months, in each case commencing in the calendar year 2008 unless a physical inspection has been performed by the Special Servicer within the last calendar year and the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection; provided, further, however, that if any scheduled payment becomes more than 60 days delinquent on the related mortgage loan, the Special Servicer is required to inspect the related Mortgaged Property as soon as practicable after the mortgage loan becomes a Specially Serviced Mortgage Loan and annually thereafter for so long as the mortgage loan remains a Specially Serviced Mortgage Loan (the cost of which inspection will be reimbursed first from default interest and late charges constituting additional compensation of the Special Servicer on the related mortgage and then from the Certificate Account as an expense of the trust fund, and, in the case of any Whole Loan, as an expense of the holder of the related Companion Loan to the extent provided by the related Intercreditor Agreement. The Special Servicer or the Master Servicer, as applicable, will be required to prepare or cause to be prepared a written report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property and specifying the existence of any material vacancies in the Mortgaged Property of which it has knowledge, of any sale, transfer or abandonment of the Mortgaged Property, of any material change in the condition of the Mortgaged Property, or of any material waste committed on the Mortgaged Property.

With respect to each mortgage loan that requires the borrower to deliver Operating Statements, the Special Servicer or the Master Servicer, as applicable, is also required to use reasonable efforts to collect and review the annual Operating Statements of the related Mortgaged Property. Most of the mortgage loan documents obligate the related borrower to deliver annual property Operating Statements. However, we cannot assure you that any Operating Statements required to be delivered will in fact be delivered, nor is the Special Servicer or the Master Servicer likely to have any practical means of compelling the delivery in the case of an otherwise performing mortgage loan.

Copies of the inspection reports and Operating Statements referred to above that are delivered to the Directing Certificateholder and the Trustee will be available for review by Certificateholders during normal business hours at the offices of the Trustee. See ‘‘Description of the Certificates—Reports to Certificateholders; Certain Available Information’’ in this free writing prospectus.

Certain Matters Regarding the Master Servicer, the Special Servicer and the Depositor

The Pooling and Servicing Agreement permits the Master Servicer and the Special Servicer to resign from their respective obligations only upon (a) the appointment of, and the acceptance of the appointment by, a successor and receipt by the Trustee of written confirmation from each Rating Agency that the resignation and appointment will not, in and of itself, cause a downgrade, withdrawal or qualification of the rating assigned by such Rating Agency to any Class of Certificates; and, in the case of the Special Servicer, the approval of such successor by the Directing Certificateholder, which approval shall not be unreasonably withheld, or (b) a determination that their respective obligations are no longer permissible with respect to the Master Servicer or the Special Servicer, as the case may be, under applicable law. No resignation will become effective until the Trustee or other successor has assumed the obligations and duties of the resigning Master Servicer or Special Servicer, as the case may be, under the Pooling and Servicing Agreement. Further, the resigning Master Servicer or Special Servicer, as the case may be, must pay all costs and expenses associated with the transfer of its duties.

The Pooling and Servicing Agreement will provide that none of the Master Servicer, the Special Servicer, the Depositor or any member, manager, director, officer, employee or agent of any of them will be under any liability to the trust fund or the Certificateholders for any action taken, or not taken, in good faith pursuant to the Pooling and Servicing Agreement or for errors in judgment; provided, however, none of the Master Servicer, the Special Servicer, the Depositor or similar person will be protected against any liability that would otherwise be imposed by

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reason of willful misfeasance, bad faith or negligence in the performance of obligations or duties under the Pooling and Servicing Agreement or by reason of negligent disregard of the obligations and duties. The Pooling and Servicing Agreement will also provide that the Master Servicer, the Special Servicer, the Depositor and their respective affiliates and any director, officer, employee or agent of any of them will be entitled to indemnification by the trust fund against any loss, liability or expense incurred in connection with any legal action or claim that relates to the Pooling and Servicing Agreement or the Certificates; provided, however, the indemnification will not extend to any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of obligations or duties under the Pooling and Servicing Agreement, by reason of negligent disregard of such party’s obligations or duties, or in the case of the Depositor and any of its directors, officers, members, managers, employees and agents, any violation by any of them of any state or federal securities law. The Pooling and Servicing Agreement will also provide that with respect to the JQH Hotel Portfolio Loan, the master servicer, the special servicer, the depositor and the trustee under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement, and any director, officer, employee or agent of any of them will be entitled to indemnification by the trust fund and held harmless against the trust’s pro rata share of any liability or expense incurred in connection with any legal action or claim that relates to the JQH Hotel Portfolio Loan under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement or the Pooling and Servicing Agreement; provided, however, such indemnification will not extend to any loss, liability or expense incurred by reason of willful misfeasance, bad faith or negligence on the part of such master servicer, special servicer, trustee or depositor under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement in the performance of obligations or duties or by reason of negligent disregard of obligations or duties under the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement.

In addition, the Pooling and Servicing Agreement will provide that none of the Master Servicer, the Special Servicer or the Depositor will be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its respective responsibilities under the Pooling and Servicing Agreement or that in its opinion may involve it in any expense or liability not reimbursed by the trust. However, each of the Master Servicer, the Special Servicer and the Depositor will be permitted, in the exercise of its discretion, to undertake any action that it may deem necessary or desirable with respect to the enforcement and/or protection of the rights and duties of the parties to the Pooling and Servicing Agreement and the interests of the Certificateholders, and in the case of any Whole Loan, the rights of the Certificateholders and the holder of the related Companion Loan (as a collective whole); provided, however, if a Pari Passu Loan Group and/or holder of the related Companion Loan are involved, such expenses, costs and liabilities will be payable out of funds related to the related Pari Passu Loan Group and will also be payable out of the other funds in the Certificate Account if amounts on deposit with respect to such whole loan are insufficient therefor but, if the amount relates to the related Mortgage Loan, then any subsequent recovery on that mortgage loan will be used to reimburse the trust for the reimbursement that the trust made.

Pursuant to the Pooling and Servicing Agreement, the Master Servicer and Special Servicer will each be required to maintain a fidelity bond and errors and omissions policy or their equivalent that provides coverage against losses that may be sustained as a result of an officer’s or employee’s misappropriation of funds or errors and omissions, subject to certain limitations as to amount of coverage, deductible amounts, conditions, exclusions and exceptions permitted by the Pooling and Servicing Agreement. Notwithstanding the foregoing, each of the Master Servicer and the Special Servicer will be allowed to self-insure with respect to an errors and omission policy and a fidelity bond so long as certain conditions set forth in the Pooling and Servicing Agreement are met.

Any person into which the Master Servicer, the Special Servicer or the Depositor may be merged or consolidated, or any person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer or the Depositor is a party, or any person succeeding to the business of the Master Servicer, the Special Servicer or the Depositor, will be the successor of the

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Master Servicer, the Special Servicer or the Depositor, as the case may be, under the Pooling and Servicing Agreement. The Master Servicer and the Special Servicer may have other normal business relationships with the Depositor or the Depositor’s affiliates.

Unless and until the Purchase Option with respect to a mortgage loan in default is exercised, the Special Servicer will be required to pursue such other resolution strategies available under the Pooling and Servicing Agreement, including workout and foreclosure, consistent with the Servicing Standards and the REMIC Provisions, but the Special Servicer will not be permitted to sell the mortgage loan in default other than pursuant to the exercise of the Purchase Option.

Events of Default

‘‘Events of Default’’ under the Pooling and Servicing Agreement with respect to the Master Servicer or the Special Servicer, as the case may be, will include, without limitation:

(a)    (i) any failure by the Master Servicer to make a required deposit to the Certificate Account on the day such deposit was first required to be made, which failure is not remedied within one business day, or (ii) any failure by the Master Servicer to deposit into, or remit to the Trustee for deposit into, the Distribution Account (or Companion Distribution Account, as applicable) any amount required to be so deposited or remitted, which failure is not remedied by 11:00 a.m. New York City time on the relevant Distribution Date;

(b)    any failure by the Special Servicer to deposit into the REO Account within two business days after the day such deposit is required to be made, or to remit to the Master Servicer for deposit in the Certificate Account any such remittance required to be made by the Special Servicer on the day such remittance is required to be made under the Pooling and Servicing Agreement;

(c)    any failure by the Master Servicer or the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations under the Pooling and Servicing Agreement, which failure continues unremedied for thirty days (fifteen days in the case of the Master Servicer’s failure to make a Servicing Advance or fifteen days in the case of a failure to pay the premium for any insurance policy required to be maintained under the Pooling and Servicing Agreement or five days (or another specified number of days) (thirty days during any period in which the trust is not subject to the reporting requirements of the Securities Exchange Act of 1934) in the case of a failure by either of the Master Servicer or the Special Servicer to deliver certain reports required under the Pooling and Servicing Agreement) after written notice of the failure has been given to the Master Servicer or the Special Servicer, as the case may be, by any other party to the Pooling and Servicing Agreement, or to the Master Servicer or the Special Servicer, as the case may be, with a copy to each other party to the related Pooling and Servicing Agreement, by Certificateholders of any Class, evidencing as to that Class, Percentage Interests aggregating not less than 25% or with respect to each Pari Passu Loan Group by the holder of any related Pari Passu Companion Loan, as applicable; provided, however, if that failure is capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing that cure, that 30-day period will be extended an additional 30 days;

(d)    any breach on the part of the Master Servicer or the Special Servicer of any representation or warranty in the Pooling and Servicing Agreement that materially and adversely affects the interests of any Class of Certificateholders and that continues unremedied for a period of 30 days after the date on which notice of that breach, requiring the same to be remedied, will have been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor and the Trustee by the Certificateholders of any Class, evidencing as to that Class, Percentage Interests aggregating not less than 25% or with respect to any Pari Passu Loan Group, by the holder of the related Pari Passu Companion Loan; provided, however, if that breach is capable of being cured and the Master Servicer or Special Servicer, as applicable, is diligently pursuing that cure, that 30-day period will be extended an additional 30 days;

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(e)    certain events of insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings in respect of or relating to the Master Servicer or the Special Servicer, and certain actions by or on behalf of the Master Servicer or the Special Servicer indicating its insolvency or inability to pay its obligations;

(f)    Moody’s places its ratings on any Class of Certification on a ‘‘watch’’ status in contemplation of a ratings downgrade or withdrawal, citing servicing or special servicing concerns, as applicable, as the sole or material factor in such rating action and such ‘‘watch’’ status is not rescinded within 60 days (or such longer period as would not, as confirmed by Moody’s in writing, result in a qualification, downgrade or withdrawal of one or more ratings assigned by Moody’s to the Certificates);

(g)    Moody’s downgrades the then-current ratings of any Class of Certificates, citing servicing or special servicing concerns, as applicable, as the sole or a material factor in such downgrade; or

(h)    the Master Servicer or the Special Servicer is no longer listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, and is not reinstated to that rating within 60 days of the delisting.

Rights Upon Event of Default

If an Event of Default occurs with respect to the Master Servicer or the Special Servicer under the Pooling and Servicing Agreement, then, so long as the Event of Default remains unremedied, the Depositor or the Trustee will be authorized, and at the written direction of Certificateholders entitled to not less than 51% of the Voting Rights or the Directing Certificateholder, the Trustee will be required, to terminate all of the rights and obligations of the defaulting party as Master Servicer or Special Servicer, as applicable (other than certain rights in respect of indemnification and certain items of servicing compensation), under the Pooling and Servicing Agreement. The Trustee will then succeed to all of the responsibilities, duties and liabilities of the defaulting party as Master Servicer or Special Servicer, as applicable, under the Pooling and Servicing Agreement and will be entitled to similar compensation arrangements. If the Trustee is unwilling or unable so to act, it may (or, at the written request of the Directing Certificateholder or Certificateholders entitled to not less than 51% of the Voting Rights, it will be required to) appoint, or petition a court of competent jurisdiction to appoint, a loan servicing institution or other entity that would not result in the downgrade, qualification or withdrawal of the ratings assigned to any Class of Certificates by either Rating Agency to act as successor to the Master Servicer or Special Servicer, as the case may be, under the Pooling and Servicing Agreement and that has been approved by the Directing Certificateholder, which approval shall not be unreasonably withheld.

Notwithstanding anything to the contrary contained in the section described above, if (i) an Event of Default on the part of the Master Servicer remains unremedied and materially and adversely affects only a Pari Passu Companion Loan, (ii) the Master Servicer fails to make any payment on a Pari Passu Companion Loan when required under the terms of the Pooling and Servicing Agreement as further described in the terms of the Pooling and Servicing Agreement, which failure has not been remedied or (iii) any qualification, downgrade or withdrawal by any rating agency of certificates backed by a Pari Passu Companion Loan occurs solely as a result of an action of the Master Servicer, then the Master Servicer may not be terminated but the holder of the related Pari Passu Companion Loan, or if such Pari Passu Companion Loan is included in a securitization, the related trustee, acting at the direction of the related controlling class representative, will be entitled to require the Master Servicer to appoint a sub-servicer solely with respect to that Pari Passu Loan Group (or if that Whole Loan is currently being sub-serviced, to replace the current sub-servicer, but only if such original sub-servicer is in default under the related sub-servicing agreement). The appointment (or replacement) of a sub-servicer with respect to a Pari Passu Loan Group will in any event be subject to confirmation from each rating agency that such appointment would not result in the downgrade, withdrawal or qualification of the then current ratings on any class of outstanding Certificates and certificates backed by the

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related Pari Passu Companion Loan. A replacement sub-servicer will be selected jointly by the Directing Certificateholder and the holder of the Pari Passu Companion Loan (or the related controlling class representative, as applicable); provided that if the Directing Certificateholder and the holder of the Pari Passu Companion Loan (or the related controlling class representative) are not able to agree on a sub-servicer within 45 days after the date on which the Trustee was directed to appoint a sub-servicer or replace the current sub-servicer, such sub-servicer will be selected by the Directing Certificateholder.

However, if the Master Servicer receives notice of termination solely due to an Event of Default described in clauses (f), (g), (h) or (i) under ‘‘—Events of Default’’ above, and prior to being replaced as described in the second preceding paragraph, the Master Servicer provides the Trustee with the appropriate ‘‘request for proposal’’ material and the names of potential bidders within 5 business days after receipt of such notice of termination, the Trustee will solicit good faith bids for such Master Servicer’s rights to master service mortgage loans in accordance with the Pooling and Servicing Agreement. The Trustee will have 45 days after receipt of the notice of termination of the Master Servicer to sell those rights and obligations to a successor servicer that meets the requirements of a Master Servicer under the Pooling and Servicing Agreement; provided that the Rating Agencies have confirmed in writing that such servicing transfer will not result in a withdrawal, downgrade or qualification of the then current ratings on the Certificates. The termination of the Master Servicer will be effective when such successor servicer has succeeded the terminated Master Servicer, as successor Master Servicer and such successor Master Servicer has assumed the terminated Master Servicer’s master servicing obligations and responsibilities under the Pooling and Servicing Agreement. If a successor has not entered into the Pooling and Servicing Agreement as successor Master Servicer within 45 days after notice of the termination of the Master Servicer, the Master Servicer will be replaced by the Trustee as described in the previous paragraph.

No Certificateholder will have any right under the Pooling and Servicing Agreement to institute any proceeding with respect to the Certificates or the Pooling and Servicing Agreement unless the holder previously has given to the Trustee written notice of default and the continuance of the default and unless the holders of Certificates of any Class evidencing not less than 25% of the aggregate Percentage Interests constituting the Class have made written request upon the Trustee to institute a proceeding in its own name (as Trustee) and have offered to the Trustee reasonable indemnity, and the Trustee for 60 days after receipt of the request and indemnity has neglected or refused to institute the proceeding. However, the Trustee will be under no obligation to exercise any of the trusts or powers vested in it by the Pooling and Servicing Agreement or to institute, conduct or defend any related litigation at the request, order or direction of any of the Certificateholders, unless the Certificateholders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred as a result.

Amendment

The Pooling and Servicing Agreement may be amended by the parties to the Pooling and Servicing Agreement, without the consent of any of the holders of Certificates or any Companion Loan:

(a)    to cure any ambiguity to the extent the cure of the ambiguity does not materially and adversely affect the interests of any Certificateholder or the holder of a Companion Loan;

(b)    to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in this free writing prospectus with respect to the Certificates, the trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error to the extent, in each case, it does not materially and adversely affect the interests of any Certificateholder or the holder of a Companion Loan;

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(c)    to change the timing and/or nature of deposits in the Certificate Account, the Distribution Account or the REO Account; provided, that (A) the Master Servicer Remittance Date shall in no event be later than the business day prior to the related Distribution Date, (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the holder of a Companion Loan, as evidenced by an opinion of counsel (at the expense of the party requesting the amendment) and (C) the change would not result in the downgrade, qualification or withdrawal of the ratings assigned to any Class of Certificates by either Rating Agency, as evidenced by a letter from each Rating Agency;

(d)    to modify, eliminate or add to any of its provisions (i) to the extent as will be necessary to maintain the qualification of the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC, to maintain the grantor trust portion of the trust fund as a grantor trust or to avoid or minimize the risk of imposition of any tax on the trust fund; provided that the Trustee has received an opinion of counsel (at the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or to avoid or minimize such risk and (2) the action will not adversely affect in any material respect the interests of any holder of the Certificates or the holder of a Companion Loan or (ii) to restrict (or to remove any existing restrictions with respect to) the transfer of the Residual Certificates; provided that the Depositor has determined that the amendment will not give rise to any tax with respect to the transfer of the Residual Certificates to a non-permitted transferee (see ‘‘Certain Federal Income Tax Consequences—Federal Income Tax Consequences for REMIC Certificates—Taxation of Residual Certificates—Tax-Related Restrictions on Transfer of Residual Certificates’’ in the prospectus);

(e)    to make any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action will not adversely affect in any material respect the interests of any Certificateholder or the holder of a Companion Loan, as evidenced by an opinion of counsel and written confirmation that the change would not result in the downgrade, qualification or withdrawal of the ratings assigned to any Class of Certificates by either Rating Agency; and

(f)    to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by written confirmation that the change would not result in the downgrade, qualification or withdrawal of the ratings assigned to any Class of Certificates by such Rating Agency or any class of certificates backed by a Pari Passu Companion Loan by an applicable rating agency; provided that such amendment or supplement will not adversely affect in any material respect the interests of any holder of a Companion Loan.

Notwithstanding the foregoing, no amendment may be made that changes in any manner the obligations of any Mortgage Loan Seller under a Purchase Agreement without the consent of the applicable Mortgage Loan Seller or, if provided in the related Intercreditor Agreement, adversely affects any holder of a Companion Loan without the consent of the applicable holder of that Companion Loan. Additionally, no amendment may be made that would adversely affect the Swap Counterparty under the Swap Contract or the rights of the holders of the Class A-2FL Certificates without the consent of the Swap Counterparty and 66 2/3% of the holders of the Class A-2FL Certificates.

The Pooling and Servicing Agreement may also be amended by the parties to the Pooling and Servicing Agreement with the consent of the holders of Certificates of each Class affected by such amendment evidencing, in each case, not less than 66 2/3% of the aggregate Percentage Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates, except that the amendment may not (1) reduce in any manner the amount of, or delay the timing of, payments received on the mortgage loans that are required to be distributed on a Certificate of any Class without the consent of the holder of that Certificate or which are required to be distributed to a

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holder of a Companion Loan without the consent of such holder, (2) reduce the aforesaid percentage of Certificates of any Class the holders of which are required to consent to the amendment or remove the requirement to obtain consent of the holder of the related Companion Loan, without the consent of the holders of all Certificates of that Class then outstanding or the holder of the related Companion Loan, as applicable, (3) adversely affect the Voting Rights of any Class of Certificates, without the consent of the holders of all Certificates of that Class then outstanding, (4) change in any manner the obligations of any Mortgage Loan Seller under a Purchase Agreement without the consent of the applicable Mortgage Loan Seller, or (5) amend the Servicing Standards without, in each case, the consent of 100% of the holders of Certificates and the holder of the related Companion Loan or written confirmation that such amendment would not result in the downgrade, qualification or withdrawal of the ratings assigned to any Class of Certificates by either Rating Agency and, if required under the related intercreditor agreement, the consent of the holder of the related Companion Loan.

Notwithstanding the foregoing, no party will be required to consent to any amendment to the Pooling and Servicing Agreement without the Trustee and the Master Servicer having first received an opinion of counsel (at the trust fund’s expense) to the effect that the amendment is permitted under the Pooling and Servicing Agreement and that the amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee or any other specified person in accordance with the amendment, will not result in the imposition of a tax on any portion of the trust fund or cause either the Upper-Tier REMIC or Lower-Tier REMIC to fail to qualify as a REMIC or cause the grantor trust portion of the trust fund to fail to qualify as a grantor trust.

Yield and Maturity Considerations

Yield Considerations

General.    The yield on any Offered Certificate will depend on: (1) the Pass-Through Rate for the Certificate; (2) the price paid for the Certificate and, if the price was other than par, the rate and timing of payments of principal on the Certificate (or, in the case of the Class X Certificates, the Notional Amounts of the related components); (3) the aggregate amount of distributions on the Certificate (or in the case of the Class X Certificates, reduction of the notional amount of the related components, as a result of such distributions); and (4) the aggregate amount of Collateral Support Deficit amounts allocated to a Class of Offered Certificates (or, in the case of the Class X Certificates, in reduction of the Notional Amount of the related components). In addition, the yield to investors in the Class A-2FL Certificates will be highly sensitive to changes in LIBOR such that decreasing levels of LIBOR will have a negative impact on the yield to investors in such Class of Certificates. See ‘‘Description of the Swap Contract’’ in this free writing prospectus.

Pass-Through Rate.    The Pass-Through Rate applicable to each Class of Offered Certificates for any Distribution Date will equal the rate set forth on the cover of this free writing prospectus. See ‘‘Description of the Certificates’’ in this free writing prospectus.

Rate and Timing of Principal Payments.    The yield to holders of Offered Certificates that are purchased at a discount or premium will be affected by the rate and timing of principal payments on the mortgage loans (including principal prepayments on the mortgage loans resulting from both voluntary prepayments by the borrowers and involuntary liquidations). As described in this free writing prospectus, the Group 1 Principal Distribution Amount (and, after the Class A-1A Certificates have been reduced to zero, any remaining Group 2 Principal Distribution Amount) for each Distribution Date will generally be distributable first, in respect of the Class A-SB Certificates until their Certificate Balance is reduced to the Class A-SB Planned Principal Balance, second, in respect of the Class A-1 Certificates until their Certificate Balance is reduced to zero, third, in respect of the Class A-2 Certificates and the Class A-2FL Regular Interest, pro rata, until their Certificate Balances are reduced to zero, fourth, to the Class A-3 Certificates until their Certificate Balance is reduced to zero, fifth, in respect of the Class A-4 Certificates until their Certificate

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Balance is reduced to zero, and sixth, in respect of the Class A-SB Certificates until their Certificate Balance is reduced to zero; and the Group 2 Principal Distribution Amount (and, after the Class A-4 Certificates and Class A-SB Certificates have been reduced to zero, any remaining Group 1 Principal Distribution Amount) for each Distribution Date will generally be distributable to the Class A-1A Certificates until their Certificate Balance is reduced to zero. After those distributions, the remaining Principal Distribution Amount with respect to the pool of mortgage loans will generally be distributable entirely in respect of the Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates and then the Non-Offered Certificates, in that order, in each case until the Certificate Balance of such Class of Certificates or Class A-2FL Regular Interest, as applicable, is reduced to zero. Consequently, the rate and timing of principal payments on the mortgage loans will in turn be affected by their amortization schedules, Lockout Periods, Yield Maintenance Charges, the dates on which balloon payments are due, any extensions of maturity dates by the Master Servicer or the Special Servicer and the rate and timing of principal prepayments and other unscheduled collections on the mortgage loans (including for this purpose, collections made in connection with liquidations of mortgage loans due to defaults, casualties or condemnations affecting the Mortgaged Properties, or purchases of mortgage loans out of the trust fund). Furthermore, because the amount of principal that will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest will generally be based upon the particular Loan Group in which the related mortgage loan is deemed to be included, the yield on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and the Class A-2FL Regular Interest will be particularly sensitive to prepayments on mortgage loans in Loan Group 1 and the yield on the Class A-1A Certificates will be particularly sensitive to prepayments on mortgage loans in Loan Group 2. With respect to the Class A-SB Certificates, the extent to which the planned balances are achieved and the sensitivity of the Class A-SB Certificates to principal prepayments on the mortgage loans will depend in part on the period of time during which the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-1A Certificates and the Class A-2FL Regular Interest remain outstanding. In particular, once such Classes of Certificates are no longer outstanding, any remaining portion on any Distribution Date of the Group 2 Principal Distribution Amount and/or Group 1 Principal Distribution Amount, as applicable, will be distributed to the Class A-SB Certificates until the Certificate Balance of the Class A-SB Certificates is reduced to zero. As such, the Class A-SB Certificates will become more sensitive to the rate of prepayments on the mortgage loans than they were when the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-1A Certificates and the Class A-2FL Regular Interest were outstanding. Furthermore, because the Class X Certificates are not entitled to distributions of principal, the yield on such Certificates will be extremely sensitive to prepayments on the mortgage loans to the extent distributed to reduce the notional amounts of the related components. In addition, although the borrower under the ARD Loan may have certain incentives to prepay the ARD Loan on its Anticipated Repayment Dates, we cannot assure you that the borrower will be able to prepay the ARD Loan on its Anticipated Repayment Date. The failure of a borrower to prepay the ARD Loan on its Anticipated Repayment Date will not be an event of default under the terms of the ARD Loan, and pursuant to the terms of the Pooling and Servicing Agreement, neither the Master Servicer nor the Special Servicer will be permitted to take any enforcement action with respect to a borrower’s failure to pay Excess Interest, other than requests for collection, until the scheduled maturity of the ARD Loan; provided that the Master Servicer or the 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 ARD Loan documents.

Prepayments and, assuming the respective stated maturity dates for the mortgage loans have not occurred, liquidations and purchases of the mortgage loans, will result in distributions on the Offered Certificates of amounts that would otherwise be distributed over the remaining terms of the mortgage loans. Defaults on the mortgage loans, particularly at or near their stated maturity dates, may result in significant delays in payments of principal on the mortgage loans (and, accordingly, on the Offered Certificates) while workouts are negotiated or foreclosures are

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completed. See ‘‘Servicing of the Mortgage Loans—Modifications, Waiver and Amendments’’ and ‘‘—Realization Upon Defaulted Mortgage Loans’’ in this free writing prospectus and ‘‘Certain Legal Aspects of Mortgage Loans—Foreclosure’’ in the prospectus. Because the rate of principal payments on the mortgage loans will depend on future events and a variety of factors (as described below), we cannot assure you as to the rate of principal payments or the rate of principal prepayments in particular. We are not aware of any relevant publicly available or authoritative statistics with respect to the historical prepayment experience of a large group of mortgage loans comparable to the mortgage loans.

The extent to which the yield to maturity of any Class of Offered Certificates may vary from the anticipated yield will depend upon the degree to which the Certificates are purchased at a discount or premium and when, and to what degree, payments of principal on the mortgage loans (with respect to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates and the Class A-2FL Regular Interest, the Loan Group in which such mortgage loan is deemed to be included) are in turn distributed on the Certificates, or, in the case of the Class X Certificates, applied to reduce the notional amounts of the related components. An investor should consider, in the case of any Offered Certificate (other than the Class X Certificates) purchased at a discount, the risk that a slower than anticipated rate of principal payments on the mortgage loans will result in an actual yield to the investor that is lower than the anticipated yield and, in the case of any Offered Certificate purchased at a premium, the risk that a faster than anticipated rate of principal payments on the mortgage loans will result in an actual yield to the investor that is lower than the anticipated yield. In general, the earlier a payment of principal is distributed on an Offered Certificate purchased at a discount or premium, the greater will be the effect on an investor’s yield to maturity. As a result, the effect on an investor’s yield of principal payments distributed on an investor’s Offered Certificates occurring at a rate higher (or lower) than the rate anticipated by the investor during any particular period would not be fully offset by a subsequent like reduction (or increase) in the rate of principal payments.

Because the Notional Amount of the Class X Certificates is based upon the outstanding principal balance of the other Classes of Certificates or the Class A-2FL Regular Interest, the yield to maturity on the Class X Certificates will be extremely sensitive to the rate and timing of prepayments of principal on the mortgage loans.

Principal prepayments on the mortgage loans may (or in the case of the Class X Certificates, will) also affect the yield on each Class of Certificates that has a Pass-Through Rate based on, or limited by, the WAC Rate to the extent that mortgage loans with higher mortgage rates prepay faster than mortgage loans with lower mortgage rates. The Pass-Through Rates on those Classes of Certificates may be adversely affected by a decrease in the WAC Rate even if principal prepayments do not occur.

Losses and Shortfalls.    The yield to holders of the Offered Certificates will also depend on the extent to which the holders are required to bear the effects of any losses or shortfalls on the mortgage loans. Losses and other shortfalls on the mortgage loans will generally be borne by the holders of the Class NR, Class T, Class Q, Class P, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B Certificates, in that order, in each case to the extent of amounts otherwise distributable in respect of the Class of Certificates. Following reduction of the Class B Certificates to zero resulting from losses or shortfalls, the losses or shortfalls will be borne by the Class A-J Certificates and Class A-M Certificates, in that order, in each case to the extent of amounts otherwise distributable in respect of the Class of Certificates. In the event of the reduction of the Certificate Balances of all those Classes of Certificates to zero, the resulting losses and shortfalls will then be borne, pro rata, by the Class A Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest without regard to Loan Group or the Class A-SB Planned Principal Balance. Although losses will not be allocated to the Class X Certificates directly, they will reduce the notional balances of the related components to the extent such losses are allocated to the Classes of Principal Balance Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest and therefore the Class X Notional Amount, which will reduce the yield on such Certificates. In addition, although losses

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will not be directly allocated to the Class A-2FL Certificates, losses allocated to the Class A-2FL Regular Interest will result in a corresponding reduction of the Certificate Balance of the Class A-2FL Certificates.

Certain Relevant Factors.    The rate and timing of principal payments and defaults and the severity of losses on the mortgage loans may be affected by a number of factors, including, without limitation, prevailing interest rates, the terms of the mortgage loans (for example, due-on-sale clauses, Lockout Periods or Yield Maintenance Charges and amortization terms that require balloon payments), the demographics and relative economic vitality of the areas in which the Mortgaged Properties are located and the general supply and demand for rental properties in those areas, the quality of management of the Mortgaged Properties, the servicing of the mortgage loans, possible changes in tax laws and other opportunities for investment. See ‘‘Risk Factors’’ and ‘‘Description of the Mortgage Pool’’ in this free writing prospectus and ‘‘Risk Factors’’ and ‘‘Yield and Maturity Considerations—Yield and Prepayment Considerations’’ in the prospectus.

The rate of prepayment on the pool of mortgage loans is likely to be affected by prevailing market interest rates for mortgage loans of a comparable type, term and risk level as the mortgage loans. When the prevailing market interest rate is below a mortgage coupon, a borrower may have an increased incentive to refinance its mortgage loan. However, under all of the mortgage loans, voluntary prepayments are subject to Lockout Periods and/or Yield Maintenance Charges. See ‘‘Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—Prepayment Provisions’’ in this free writing prospectus. In any case, we cannot assure you that the related borrowers will refrain from prepaying their mortgage loans due to the existence of Yield Maintenance Charges or prepayment premiums, or that involuntary prepayments will not occur.

Depending on prevailing market interest rates, the outlook for market interest rates and economic conditions generally, some borrowers may sell Mortgaged Properties in order to realize their equity in the Mortgaged Property, to meet cash flow needs or to make other investments. In addition, some borrowers may be motivated by federal and state tax laws (which are subject to change) to sell Mortgaged Properties prior to the exhaustion of tax depreciation benefits.

The Depositor makes no representation as to the particular factors that will affect the rate and timing of prepayments and defaults on the mortgage loans, as to the relative importance of those factors, as to the percentage of the principal balance of the mortgage loans that will be prepaid or as to which a default will have occurred as of any date or as to the overall rate of prepayment or default on the mortgage loans.

Delay in Payment of Distributions.    Because each monthly distribution is made on each Distribution Date, which is at least 12 days after the end of the related Interest Accrual Period for the Offered Certificates (other than the Class A-2FL Certificates, for which distributions are made 0 days after the end of the related Interest Accrual Period, unless the Pass-Through Rate for the Class A-2FL Certificates converts to a fixed rate), the effective yield to the holders of such Offered Certificates will be lower than the yield that would otherwise be produced by the applicable Pass-Through Rates and purchase prices (assuming the prices did not account for the delay).

Unpaid Distributable Certificate Interest.    As described under ‘‘Description of the Certificates—Distributions—Priority’’ in this free writing prospectus, if the portion of the Available Distribution Amount distributable in respect of interest on any Class of Offered Certificates or the Class A-2FL Regular Interest on any Distribution Date is less than the Distributable Certificate Interest then payable for that Class of Certificates or the Class A-2FL Regular Interest, the shortfall will be distributable to holders of that Class of Certificates, or Class A-2FL Regular Interest, as applicable, on subsequent Distribution Dates, to the extent of available funds. Any shortfall will not bear interest, however, so it will negatively affect the yield to maturity of the related Class of Certificates for so long as it is outstanding. Any such shortfall

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distributed to the Class A-2FL Regular Interest will be distributed to the holders of the Class A-2FL Certificates, to the extent such shortfall is not otherwise payable to the Swap Counterparty pursuant to the Swap Contract.

Pass-Through Rate of the Class A-2FL Certificates.    The yield to investors in the Class A-2FL Certificates will be highly sensitive to changes in the level of one-month LIBOR. Investors in the Class A-2FL Certificates should consider the risk that lower than anticipated levels of one-month LIBOR could result in actual yields that are lower than anticipated yields on the Class A-2FL Certificates. In addition, because interest payments on the Class A-2FL Certificates may be reduced or the Pass-Through Rate may convert to a fixed rate in connection with certain events discussed in this free writing prospectus, the yield to investors in the Class A-2FL Certificates under those circumstances may not be as high as that offered by other LIBOR based investments that are not subject to such interest rate restrictions. In general, the earlier a change in the level of one-month LIBOR, the greater the effect on the yield to maturity to an investor in the Class A-2FL Certificates. As a result, the effect on such investor’s yield to maturity of a level of one-month LIBOR that is higher (or lower) than the rate anticipated by such investor during the period immediately following the issuance of the Class A-2FL Certificates is not likely to be offset by a subsequent like reduction (or increase) in the level of one-month LIBOR.

Weighted Average Life

The weighted average life of an Offered Certificate refers to the average amount of time that will elapse from the date of its issuance until each dollar allocable to principal of the Certificate is distributed to the related investor. The weighted average life of an Offered Certificate will be influenced by, among other things, the rate at which principal on the mortgage loans is paid or otherwise collected, which may be in the form of scheduled amortization, voluntary prepayments, Insurance and Condemnation Proceeds and Liquidation Proceeds. As described in this free writing prospectus, the Group 1 Principal Distribution Amount (and, after the Class A-1A Certificates have been reduced to zero, any remaining Group 2 Principal Distribution Amount) for each Distribution Date will generally be distributable first, in respect of the Class A-SB Certificates until their Certificate Balance is reduced to the Class A-SB Planned Principal Balance, second, in respect of the Class A-1 Certificates until their Certificate Balance is reduced to zero, third, in respect of the Class A-2 Certificates and the Class A-2FL Regular Interest, pro rata, until their Certificate Balances are reduced to zero, fourth, to the Class A-3 Certificates, until their Certificate Balance is reduced to zero, fifth, in respect of the Class A-4 Certificates until their Certificate Balance is reduced to zero, and sixth, in respect of the Class A-SB Certificates until their Certificate Balance is reduced to zero; and the Group 2 Principal Distribution Amount (and, after the Class A-4 and the Class A-SB Certificates have been reduced to zero, any remaining Group 1 Principal Distribution Amount) for each Distribution Date will generally be distributable to the Class A-1A Certificates until their Certificate Balance is reduced to zero. After those distributions, the remaining Principal Distribution Amount with respect to all the mortgage loans will generally be distributable entirely in respect of the Class A-M Certificates, Class A-J Certificates, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates and then the Non-Offered Certificates, in that order, in each case until the Certificate Balance of each such Class of Certificates or Class A-2FL Regular Interest, as applicable, is reduced to zero. A reduction in the Certificate Balance of the Class A-2FL Regular Interest will result in a corresponding reduction of the Certificate Balance of the Class A-2FL Certificates.

Prepayments on mortgage loans may be measured by a prepayment standard or model. The model used in this free writing prospectus is the ‘‘Constant Prepayment Rate’’ or ‘‘CPR’’ model. The CPR model represents an assumed constant annual rate of prepayment each month, expressed as a per annum percentage of the then-scheduled principal balance of the pool of mortgage loans. As used in each of the tables attached hereto as Annex A-5 to this free writing prospectus, the column headed ‘‘0% CPR’’ assumes that none of the mortgage loans is prepaid before its maturity date or Anticipated Repayment Date, as the case may be. The columns headed

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‘‘25% CPR,’’ ‘‘50% CPR,’’ ‘‘75% CPR’’ and ‘‘100% CPR’’ assume that prepayments on the mortgage loans are made at those levels of CPR following the expiration of any Lockout Period and any applicable period in which Defeasance is permitted and any yield maintenance period. We cannot assure you, however, that prepayments of the mortgage loans will conform to any level of CPR, and no representation is made that the mortgage loans will prepay at the levels of CPR shown or at any other prepayment rate.

The tables attached as Annex A-4 to this free writing prospectus indicate the percentage of the initial Certificate Balance of each Class of the Offered Certificates that would be outstanding after each of the dates shown at various CPRs and the corresponding weighted average life of each Class of Certificates. The tables have been prepared on the basis of the following assumptions, among others:

(a)    scheduled periodic payments including payments due at maturity of principal and/or interest on the mortgage loans will be received on a timely basis and will be distributed on the 15th day of the related month, beginning in August 2007;

(b)    the Mortgage Rate in effect for each mortgage loan as of the Cut-off Date will remain in effect to the maturity date or Anticipated Repayment Date, as the case may be, and will be adjusted as required pursuant to the definition of Mortgage Rate;

(c)    no Mortgage Loan Seller will be required to repurchase any mortgage loan, and none of the holders of the Controlling Class (or any other Certificateholder), the Special Servicer, the Master Servicer or the holders of the Class LR Certificates will exercise its option to purchase all the mortgage loans and thereby cause an early termination of the trust fund and the holder of an AB Subordinate Companion Loan will not exercise its option to purchase the related AB Mortgage Loan and no holder of any mezzanine indebtedness will exercise its option to purchase the related mortgage loan;

(d)    any principal prepayments on the mortgage loans will be received on their respective due dates after the expiration of any applicable Lockout Period and/or Defeasance Lockout Period and any yield maintenance period at the respective levels of CPR set forth in the tables;

(e)    no Yield Maintenance Charges or prepayment premiums are included in any allocations or calculations;

(f)    the Closing Date is July 3, 2007;

(g)    the ARD Loans prepay in full on their respective Anticipated Repayment Dates;

(h)    the Pass-Through Rates, initial Certificate Balances and initial Notional Amount of the respective Classes of Certificates are as described in this free writing prospectus;

(i)    the Administrative Cost Rate is calculated on the Stated Principal Balance of the mortgage loans and in the same manner as interest is calculated on the mortgage loans;

(j)    the optional termination of the trust will not be exercised; and

(k)    the Swap Contract is not subject to a Swap Default.

To the extent that the mortgage loans have characteristics that differ from those assumed in preparing the tables set forth in Annex A-4 to this free writing prospectus, a Class of Offered Certificates may mature earlier or later than indicated by the tables. It is highly unlikely that the mortgage loans will prepay at any constant rate until maturity or that all the mortgage loans will prepay at the same rate. In addition, variations in the actual prepayment experience and the balance of the mortgage loans that prepay may increase or decrease the percentages of initial Certificate Balances (and weighted average lives) shown in the tables attached as Annex A-4 to this free writing prospectus. These variations may occur even if the average prepayment experience of the mortgage loans were to equal any of the specified CPR percentages. Investors are urged to conduct their own analyses of the rates at which the mortgage loans may be

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expected to prepay. Based on the foregoing assumptions, the tables attached hereto as Annex A-4 to this free writing prospectus (except for the last table, which is labeled ‘‘Discount Margins for the Class A-2FL Certificates at the Respective CPRs Set Forth Below’’) indicate the resulting weighted average lives of each Class of Offered Certificates and set forth the percentage of the initial Certificate Balance of the Class of the Offered Certificate that would be outstanding after each of the dates shown at the indicated CPRs. The last table on Annex A-4, which is labeled ‘‘Discount Margins for the Class A-2FL Certificates at the Respective CPRs Set Forth Below’’), shows the discount margins for the Class A-2FL Certificates.

The discount margins set forth in the table attached as Annex A-4 to this free writing prospectus represent the increment over LIBOR that produces a monthly discount rate which, when applied to the assumed stream of cash flows to be paid on the Class A-2FL Certificates, would cause the discounted present value of such cash flows to equal the assumed purchase price as specified in the table attached hereto as Annex A-4 to this free writing prospectus, in each case, expressed in decimal format and interpreted as a percentage of the initial Certificate Balance of the Class A-2FL Certificates, respectively. The table attached hereto as Annex A-4 to this free writing prospectus assume that the Class A-2FL Certificates settle without accrued interest. The table attached hereto as Annex A-4 to this free writing prospectus has been prepared on the basis of the modeling assumptions above.

Yield Sensitivity of the Class X Certificates

The yield to maturity of the Class X Certificates will be highly sensitive to the rate and timing of principal payments including by reason of prepayments, principal losses and other factors described above. Investors in the Class X Certificates should fully consider the associated risks, including the risk that an extremely rapid rate of amortization, prepayment or other liquidation of the mortgage loans could result in the failure of such investors to recoup fully their initial investments.

Any optional termination by the holders of the Controlling Class, the Special Servicer, the Master Servicer or the holders of the Class LR Certificates would result in prepayment in full of the Certificates and would have an adverse effect on the yield of the Class X Certificates because a termination would have an effect similar to a principal prepayment in full of the mortgage loans and, as a result, investors in the Class X Certificates and any other Certificates purchased at premium might not fully recoup their initial investment. See ‘‘Description of the Certificates—Termination; Retirement of Certificates’’ in this free writing prospectus.

The following table indicates the approximate pre-tax yield to maturity on a corporate bond equivalent (‘‘CBE’’) basis on the Class X Certificates for the specified CPRs based on the assumptions set forth under ‘‘—Weighted Average Life’’ above. It was further assumed that the purchase price of the Class X Certificates is as specified in the table below, expressed as a percentage of the initial Notional Amount of such Certificates, plus accrued interest from July 1, 2007 to the Closing Date.

The yields set forth in the following table were calculated by determining the monthly discount rates that, when applied to the assumed streams of cash flows to be paid on the Class X Certificates, would cause the discounted present value of such assumed stream of cash flows to equal the assumed purchase price of such Class, and by converting such monthly rates to semi-annual corporate bond equivalent rates. Such calculation does not take into account shortfalls in collection of interest due to prepayments (or other liquidations) of the mortgage loans or the interest rates at which investors may be able to reinvest funds received by them as distributions on the Class X Certificates (and, accordingly, does not purport to reflect the return on any investment in the Class X Certificates when such reinvestment rates are considered).

The characteristics of the mortgage loans may differ from those assumed in preparing the table below. In addition, there can be no assurance that the mortgage loans will prepay in accordance with the above assumptions at any of the rates shown in the table or at any other particular rate, that the cash flows on the Class X Certificates will correspond to the cash flows

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shown herein or that the aggregate purchase price of the Class X Certificates will be as assumed. In addition, it is unlikely that the mortgage loans will prepay in accordance with the above assumptions at any of the specified CPRs until maturity or that all the mortgage loans will so prepay at the same rate. Timing of changes in the rate of prepayments may significantly affect the actual yield to maturity to investors, even if the average rate of principal prepayments is consistent with the expectations of investors. Investors must make their own decisions as to the appropriate prepayment assumption to be used in deciding whether to purchase the Class X Certificates.

For purposes of this free writing prospectus, prepayment assumptions with respect to the mortgage loans are presented in terms of the ‘‘Constant Prepayment Rate’’ or ‘‘CPR’’ model described under ‘‘—Weighted Average Life’’ above.

Sensitivity to Principal Prepayments of the Pre-Tax
Yields to Maturity of the Class X Certificates

Assumed Purchase Price (of Initial Notional Amount of Class X Certificates)			Prepayment Assumption (CPR)
			0%			25%			50%			75%			100%
%

Effect of Loan Groups

Generally, the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates and Class A-2FL Regular Interest will only be entitled to receive distributions of principal collected or advanced with respect to the mortgage loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of mortgage loans in Loan Group 2 until the Certificate Balances of the Class A-4 and Class A-SB Certificates have been reduced to zero. Accordingly, holders of the Class A-1A Certificates will be greatly affected by the rate and timing of payments and other collections of principal on the mortgage loans in Loan Group 2 and, in the absence of losses, should be largely unaffected by the rate and timing of payments and other collections of principal on the mortgage loans in Loan Group 1. Investors should take this into account when reviewing this ‘‘Yield and Maturity Considerations’’ section.

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Certain Federal Income Tax Consequences

Upon the issuance of the Certificates, Cadwalader, Wickersham & Taft LLP, special counsel to the Depositor, will deliver its opinion that, assuming (1) the making of appropriate elections, (2) compliance with the provisions of the Pooling and Servicing Agreement, (3) compliance with all provisions of the JQH Hotel Portfolio Replacement Pooling and Servicing Agreement and other related documents and any amendments thereto and the continued qualification of the REMICs formed under the Pooling and Servicing Agreement and (4) compliance with applicable changes in the Internal Revenue Code of 1986, as amended (the ‘‘Code’’), including the REMIC Provisions, for federal income tax purposes, designated portions of the trust fund will qualify as two separate real estate mortgage investment conduits (the ‘‘Upper-Tier REMIC’’ and the ‘‘Lower-Tier REMIC’’, respectively, and each, a ‘‘REMIC’’) within the meaning of Sections 860A through 860G (the ‘‘REMIC Provisions’’) of the Code, and (1) the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class X, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates and the Class A-2FL Regular Interest will evidence the ‘‘regular interests’’ in the Upper-Tier REMIC and (2) the Class R Certificates will represent the sole class of ‘‘residual interest’’ in the Upper-Tier REMIC and the Class LR Certificates will represent the sole class of ‘‘residual interests’’ in the Lower-Tier REMIC, within the meaning of the REMIC Provisions. The Certificates (other than the Class A-2FL, Class S, Class R and Class LR Certificates) and the Class A-2FL Certificates, to the extent of their interest in the Class A-2FL Regular Interest, respectively, are ‘‘Regular Certificates’’ as defined in the prospectus. In addition, in the opinion of Cadwalader, Wickersham & Taft LLP, (i) the portion of the trust fund consisting of the Excess Interest and the Excess Interest Distribution Account will be treated as a grantor trust for federal income tax purposes under subpart E, Part I of subchapter J of the Code, and the Class S Certificates will represent undivided beneficial interest in such portion of the grantor trust and (ii) the portion of the trust fund consisting of the Class A-2FL Regular Interest, the Swap Contract and the Floating Rate Account will be treated as a grantor trust for federal income tax purposes under subpart E, part I of subchapter J of the Code, and the Class A-2FL Certificates will represent undivided beneficial interests in the related portions of the grantor trust.

The Lower-Tier REMIC will hold the mortgage loans and their proceeds, and the trust’s allocable share of any property that secured a mortgage loan that was acquired by foreclosure or deed in lieu of foreclosure (and in the case of the JQH Hotel Portfolio Loan, a beneficial interest in an allocable portion of the property securing the JQH Hotel Portfolio Loan, as applicable), and will issue certain uncertificated classes of regular interests (the ‘‘Lower-Tier REMIC Regular Interests’’) and the Class LR Certificates, which will represent the sole Class of residual interest in the Lower-Tier REMIC. The Upper-Tier REMIC will hold the Lower-Tier REMIC Regular Interests and their proceeds and will issue the Regular Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest as regular interests in the Upper-Tier REMIC, and the Class R Certificates, which will represent the sole Class of residual interest in the Upper-Tier REMIC.

Because they represent regular interests, each Class of Offered Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest generally will be treated as newly originated debt instruments for federal income tax purposes. Holders of the Classes of Offered Certificates will be required to include in income all interest on the regular interests represented by their Certificates in accordance with the accrual method of accounting, regardless of a Certificateholder’s usual method of accounting. It is anticipated that the Class      certificates will be issued at a premium, that the Class      certificates will be issued with original issue discount and that the Class      certificates will be issued with a de minimis amount of original issue discount for federal income tax purposes. The prepayment assumption that will be used in determining the rate of accrual of original issue discount, if any, and market discount or whether any such discount is de minimis, and that may be used to amortize premium, if any, for federal income tax purposes will be based on the assumption that subsequent to the date of any determination the mortgage loans will prepay at a rate equal to a CPR of 0%; provided that it is assumed that the ARD Loans prepay on their respective Anticipated Repayment Dates (the

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‘‘Prepayment Assumption’’). No representation is made that the mortgage loans will prepay at that rate or at any other rate. See ‘‘Certain Federal Income Tax Consequences—Federal Income Tax Consequences for REMIC Certificates—Taxation of Regular Certificates’’ in the prospectus. For purposes of this discussion and the discussion in the prospectus, holders of the Class A-2FL Certificates will be required to allocate their purchase prices and disposition proceeds between their interest in the Class A-2FL Regular Interest and the Swap Contract for purposes of accruing discount or premium or computing gain or loss upon disposition of the Class A-2FL Regular Interest, and with respect to the Class A-2FL Certificates, references in such discussion to the ‘‘regular interest’’ is to the Class A-2FL Regular Interest and amounts allocable thereto.

Although unclear for federal income tax purposes, it is anticipated that the Class X Certificates will be considered to be issued with original issue discount in an amount equal to the excess of all distributions of interest expected to be received on that Class (assuming the WAC Rate changes in accordance with the initial prepayment assumption in the manner set forth in the prospectus), over its issue price (including accrued interest from July 1, 2007). Any ‘‘negative’’ amounts of original issue discount on the Class X Certificates attributable to rapid prepayments with respect to the mortgage loans will not be deductible currently, but may be offset against future positive accruals of original issue discount, if any. Finally, a holder of any Class X Certificate may be entitled to a loss deduction to the extent it becomes certain that such holder will not recover a portion of its basis in such Certificate, assuming no further prepayments. In the alternative, it is possible that rules similar to the ‘‘noncontingent bond method’’ of the OID Regulations, as defined in the prospectus, may be promulgated with respect to these Certificates.

Yield Maintenance Charges actually collected will be distributed among the holders of the respective Classes of Offered Certificates (other than the Class A-2FL Certificates) and the Class A-2FL Regular Interest as described under ‘‘Description of the Certificates—Allocation of Yield Maintenance Charges and Prepayment Premiums’’ in this free writing prospectus. It is not entirely clear under the Code when the amount of Yield Maintenance Charges so allocated should be taxed to the holder of an Offered Certificate, but it is not expected, for federal income tax reporting purposes, that Yield Maintenance Charges will be treated as giving rise to any income to the holder of an Offered Certificate prior to the Master Servicer’s actual receipt of a Yield Maintenance Charge. Yield Maintenance Charges, if any, may be treated as ordinary income, although authority exists for treating such amounts as capital gain if they are treated as paid upon the retirement or partial retirement of a Certificate. Certificateholders should consult their own tax advisers concerning the treatment of Yield Maintenance Charges. Any Yield Maintenance Charge paid to the Swap Counterparty with respect to the Class A-2FL Regular Interest will be treated as received by the holders of the Class A-2FL Certificates and paid as a periodic payment by the holders of the Class A-2FL Certificates under the Swap Contract.

Except as provided below, the Offered Certificates will be treated as ‘‘real estate assets’’ within the meaning of Section 856(c)(5)(B) of the Code in the hands of a real estate investment trust or ‘‘REIT’’ and interest (including original issue discount, if any) on the Offered Certificates will be interest described in Section 856(c)(3)(B) of the Code, and the Offered Certificates will be treated as ‘‘loans ... secured by an interest in real property which is ... residential real property’’ under Section 7701 (a)(19)(C)(v) of the Code for a domestic building and loan association to the extent the mortgage loans are secured by multifamily and manufactured housing community properties. As of the Cut-off Date, mortgage loans representing approximately 21.2% of the Initial Pool Balance are secured by multifamily properties and manufactured housing community properties. Holders of the Offered Certificates should consult their own tax advisors whether the foregoing percentage or some other percentage applies to their certificates. In addition, (i) mortgage loans that have been defeased with U.S. Treasury obligations and (ii) the Class A-2FL Certificates to the extent of their basis, if any, allocable to the Swap Contract will not qualify for foregoing tax treatment. Moreover, the Offered Certificates, other than the Class A-2FL Certificates, which represent interests in the Swap Contract, in addition to their interests in the Class A-2FL Regular Interest, will be ‘‘qualified mortgages’’ for another REMIC within the

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meaning of Section 860G(a)(3) of the Code. See ‘‘Certain Federal Income Tax Consequences—Federal Income Tax Consequences for REMIC Certificates’’ in the prospectus.

For further information regarding the federal income tax consequences of investing in the Offered Certificates see ‘‘Certain Federal Income Tax Consequences—Federal Income Tax Consequences for REMIC Certificates—Taxation of Regular Certificates’’ in the prospectus.

Taxation of the Swap Contract

Each holder of a Class A-2FL Certificate will be treated for federal income tax purposes as having entered into its proportionate share of the rights of such Class under the Swap Contract. Holders of the Class A-2FL Certificates must allocate the price they pay for their Certificates between their interests in the Class A-2FL Regular Interest and the Swap Contract based on their relative market values. The portion, if any, allocated to the Swap Contract will be treated as a swap premium (the ‘‘Swap Premium’’) paid or received by the holders of the Class A-2FL Certificates. If the Swap Premium is paid by a holder, it will reduce the purchase price allocable to the Class A-2FL Regular Interest. If the Swap Premium is received by the holders, it will be deemed to have increased the purchase price for the Class A-2FL Regular Interest. If the Swap Contract is ‘‘on-market,’’ no amount of the purchase price will be allocable to it. Based on the anticipated issue price of the Class A-2FL Certificates, it is anticipated that the Class A-2FL Regular Interest will be issued at a      and that a Swap Premium will be deemed to be [paid to] [paid by] the holders of the Class A-2FL Certificates. The holder of a class of Class A-2FL Certificates will be required to amortize any Swap Premium under a level payment method as if the Swap Premium represented the present value of a series of equal payments made or received over the life of the Swap Contract (adjusted to take into account decreases in notional principal amount), discounted at a rate equal to the rate used to determine the amount of the Swap Premium (or some other reasonable rate). Prospective purchasers of the Class A-2FL Certificates should consult their own tax advisors regarding the appropriate method of amortizing any Swap Premium. Regulations promulgated by the U.S. Department of Treasury (‘‘Treasury’’) treat a non-periodic payment made under a swap contract as a loan for federal income tax purposes if the payment is ‘‘significant.’’ It is not known whether any Swap Premium would be treated in part as a loan under Treasury regulations.

Under Treasury regulations (i) all taxpayers must recognize periodic payments with respect to a notional principal contract under the accrual method of accounting, and (ii) any periodic payments received under the Swap Contract must be netted against payments made under the Swap Contract and deemed made or received as a result of the Swap Premium over the recipient’s taxable year, rather than accounted for on a gross basis. Net income or deduction with respect to net payments under a notional principal contract for a taxable year should constitute ordinary income or ordinary deduction. The IRS could contend the amount is capital gain or loss, but such treatment is unlikely, at least in the absence of further regulations. Any regulations requiring capital gain or loss treatment presumably would apply only prospectively. Individuals may be limited in their ability to deduct any such net deduction and should consult their tax advisors prior to investing in the Class A-2FL Certificates.

Any amount of proceeds from the sale, redemption or retirement of a Class A-2FL Certificate that is considered to be allocated to the holder’s rights under the Swap Contract or that the holder is deemed to have paid to the purchaser would be considered a ‘‘termination payment’’ allocable to such Certificate under Treasury regulations. A holder of a Class A-2FL Certificate will have gain or loss from such a termination equal to (A)(i) any termination payment it received or is deemed to have received minus (ii) the unamortized portion of the Swap Premium paid (or deemed paid) by the holder upon entering into or acquiring its interest in the Swap Contract or (B)(i) any termination payment it paid or is deemed to have paid minus (ii) the unamortized portion of the Swap Premium received upon entering into or acquiring its interest in the Swap Contract. Gain or loss realized upon the termination of the Swap Contract will generally be treated as capital gain or loss. Moreover, in the case of a bank or thrift institution, Section 582(c) of the Code would likely not apply to treat such gain or loss as ordinary.

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The Class A-2FL Certificates, representing a beneficial ownership in the Class A-2FL Regular Interest and in the Swap Contract, may constitute positions in a straddle, in which case the straddle rules of Section 1092 of the Code would apply. A selling holder’s capital gain or loss with respect to such regular interest would be short term because the holding period would be tolled under the straddle rules. Similarly, capital gain or loss realized in connection with the termination of the Swap Contract would be short term. If the holder of a Class A-2FL Certificate incurred or continued to incur indebtedness to acquire or hold such Class A-2FL Certificate, the holder would generally be required to capitalize a portion of the interest paid on such indebtedness until termination of the Swap Contract.

Withholding and Backup Withholding.    Pursuant to the Pooling and Servicing Agreement (i) the Trustee shall deliver or cause to be delivered the federal taxpayer identification number of the grantor trust that holds the Swap Contract on an IRS Form W-9 to the Swap Counterparty as soon as possible after the Swap Contract is entered into (but no later than the first payment date under the Swap Contract; provided that the Trustee has received the applicable taxpayer identification number from the IRS by such date (and the Trustee is obligated to use its best efforts to obtain such taxpayer identification number from the IRS by such date)) and, if requested by the Swap Counterparty (unless not permitted under federal income tax law) an IRS Form W-8IMY, (ii) each non-exempt Class A-2FL Certificateholder shall be obligated pursuant to the Pooling and Servicing Agreement to provide applicable certification to the Trustee (with copies sent or forwarded directly from such Certificateholder to the Swap Counterparty) to enable the Trustee to make payments to the Class A-2FL Certificateholders without federal withholding or backup withholding, and (iii) as authorized by the Class A-2FL Certificateholders under the Pooling and Servicing Agreement, the Trustee may forward any such certification received to the Swap Counterparty if requested. If the above obligations are satisfied, under current law, no U.S. federal withholding or backup withholding taxes will be required to be deducted or withheld from payments by the Swap Counterparty to the Trust Fund. For an additional discussion of withholding and backup withholding, see ‘‘Certain Federal Income Tax Consequences’’ and ‘‘Federal Income Tax Consequences for REMIC Certificates—Backup Withholding’’ in the prospectus.

Certain ERISA Considerations

A fiduciary of any retirement plan or other employee benefit plan or arrangement, including individual retirement accounts and annuities, Keogh plans and collective investment funds and separate accounts in which those plans, annuities, accounts or arrangements are invested, including insurance company general accounts, that is subject to the fiduciary responsibility rules of the Employee Retirement Income Security Act of 1974, as amended (‘‘ERISA’’), or Section 4975 of the Code (an ‘‘ERISA Plan’’) or which is a governmental plan, as defined in Section 3(32) of ERISA, or a church plan, as defined in Section 3(33) of ERISA and for which no election has been made under Section 410(d) of the Code, subject to any federal, state or local law (‘‘Similar Law’’) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (collectively, with an ERISA Plan, a ‘‘Plan’’) should review with its legal advisors whether the purchase or holding of Offered Certificates could give rise to a transaction that is prohibited or is not otherwise permitted under ERISA, the Code or Similar Law or whether there exists any statutory, regulatory or administrative exemption applicable thereto. Moreover, each Plan fiduciary should determine whether an investment in the Offered Certificates is appropriate for the Plan, taking into account the overall investment policy of the Plan and the composition of the Plan’s investment portfolio.

The U.S. Department of Labor has issued to J.P. Morgan Securities Inc. an individual prohibited transaction exemption, PTE 2002-19, 67 Fed. Reg. 14,979 (March 28, 2002) (the ‘‘Exemption’’). The Exemption generally exempts from the application of the prohibited transaction provisions of Sections 406 and 407 of ERISA, and the excise taxes imposed on the prohibited transactions pursuant to Sections 4975(a) and (b) of the Code, certain transactions, among others, relating to the servicing and operation of pools of mortgage loans, such as the

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pool of mortgage loans held by the trust, and the purchase, sale and holding of mortgage pass-through certificates, such as the Offered Certificates, underwritten by J.P. Morgan Securities Inc.; provided that certain conditions set forth in the Exemption are satisfied.

The Exemption sets forth five general conditions that must be satisfied for a transaction involving the purchase, sale and holding of the Offered Certificates to be eligible for exemptive relief. First, the acquisition of the Offered Certificates by a Plan must be on terms (including the price paid for the Certificates) that are at least as favorable to the Plan as they would be in an arm’s-length transaction with an unrelated party. Second, the Offered Certificates at the time of acquisition by the Plan must be rated in one of the four highest generic rating categories by S&P, Moody’s, Fitch, DBRS Limited or DBRS, Inc. Third, the Trustee can not be an affiliate of any other member of the Restricted Group other than an underwriter. The ‘‘Restricted Group’’ consists of any underwriter, the Depositor, the Trustee, Master Servicer, the Special Servicer, any sub-servicer, the Swap Counterparty, any entity that provides insurance or other credit support to the trust fund and any borrower with respect to mortgage loans constituting more than 5% of the aggregate unamortized principal balance of the mortgage loans as of the date of initial issuance of the Offered Certificates, and any affiliate of any of the foregoing entities. Fourth, the sum of all payments made to and retained by the underwriters must represent not more than reasonable compensation for underwriting the Offered Certificates, the sum of all payments made to and retained by the Depositor pursuant to the assignment of the mortgage loans to the trust fund must represent not more than the fair market value of the mortgage loans and the sum of all payments made to and retained by Master Servicer, the Special Servicer and any sub-servicer must represent not more than reasonable compensation for that person’s services under the Pooling and Servicing Agreement and reimbursement of the person’s reasonable expenses in connection therewith. Fifth, the investing Plan must be an accredited investor as defined in Rule 501(a)(1) of Regulation D of the Securities and Exchange Commission under the Securities Act of 1933, as amended.

It is a condition of the issuance of the Offered Certificates that they have the ratings specified on the cover page. As of the Closing Date, the third general condition set forth above will be satisfied with respect to the Offered Certificates. A fiduciary of a Plan contemplating purchasing an Offered Certificate in the secondary market must make its own determination that, at the time of purchase, the Offered Certificates continue to satisfy the second and third general conditions set forth above. A fiduciary of a Plan contemplating purchasing an Offered Certificate, whether in the initial issuance of the related Certificates or in the secondary market, must make its own determination that the first, fourth and fifth general conditions set forth above will be satisfied with respect to the related Offered Certificate.

Further, the Exemption imposes additional requirements for purchases by Plans of classes of Certificates subject to swap contracts, such as the Class A-2FL Certificates which benefit from the Swap Contract:

	(a)	The swap contract must be an ‘‘eligible swap’’ with an ‘‘eligible swap counterparty’’ (as each term is defined in PTE 2000-58);

	(b)	If a contract ceases to be an eligible swap and such swap contract cannot be replaced, the Trustee must notify the Certificateholders that the Exemption will cease to apply with respect to the class of Certificates subject to such swap contract; and

	(c)	The fiduciary of a Plan purchasing the class of Certificates subject to the swap contract must be either:

•    a ‘‘qualified professional asset manager’’ (as defined in PTE 84-14);

•    an ‘‘in-house asset manager’’ (as defined in PTE 96-23); or

	•	a Plan fiduciary with total assets under management of at least $100 million at the time of the acquisition of the Certificates by the Plan.

The Depositor believes that the Swap Contract will meet all of the relevant requirements to be considered an ‘‘eligible swap’’ as of the Closing Date. However, any Plan contemplating

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purchase of the Class A-2FL Certificates must make its own determination that all of the additional requirements of the Exemption are satisfied as of the date of such purchase and during the time that the Plan holds the Class A-2FL Certificates.

The Exemption also requires that the trust fund meet the following requirements: (1) the trust fund must consist solely of assets of the type that have been included in other investment pools; (2) certificates in those other investment pools must have been rated in one of the four highest categories of S&P, Moody’s, Fitch, DBRS Limited or DBRS, Inc. for at least one year prior to the Plan’s acquisition of Offered Certificates; and (3) certificates in those other investment pools must have been purchased by investors other than Plans for at least one year prior to any Plan’s acquisition of Offered Certificates.

If the general conditions of the Exemption are satisfied, the Exemption may provide an exemption from the restrictions imposed by Sections 406(a) and 407(a) of ERISA (as well as the excise taxes imposed by Sections 4975(a) and (b) of the Code by reason of Sections 4975(c)(1)(A) through (D) of the Code) in connection with (1) the direct or indirect sale, exchange or transfer of Offered Certificates in the initial issuance of Certificates between the Depositor or the underwriters and a Plan when the Depositor, any of the underwriters, the Trustee, any Master Servicer, the Special Servicer, a sub-servicer or a borrower is a party in interest with respect to the investing Plan, (2) the direct or indirect acquisition or disposition in the secondary market of the Offered Certificates by a Plan and (3) the holding of Offered Certificates by a Plan. However, no exemption is provided from the restrictions of Sections 406(a)(1)(E), 406(a)(2) and 407 of ERISA for the acquisition or holding of an Offered Certificate on behalf of an ‘‘Excluded Plan’’ by any person who has discretionary authority or renders investment advice with respect to the assets of the Excluded Plan. For purposes of this free writing prospectus, an ‘‘Excluded Plan’’ is a Plan sponsored by any member of the Restricted Group.

If certain specific conditions of the Exemption are also satisfied, the Exemption may provide an exemption from the restrictions imposed by Sections 406(b)(1) and (b)(2) of ERISA and the taxes imposed by Section 4975(c)(1)(E) of the Code in connection with (1) the direct or indirect sale, exchange or transfer of Offered Certificates in the initial issuance of Certificates between the Depositor or the underwriters and a Plan when the person who has discretionary authority or renders investment advice with respect to the investment of Plan assets in those Certificates is (a) a borrower with respect to 5% or less of the fair market value of the mortgage loans or (b) an affiliate of that person, (2) the direct or indirect acquisition or disposition in the secondary market of Offered Certificates by a Plan and (3) the holding of Offered Certificates by a Plan.

Further, if certain specific conditions of the Exemption are satisfied, the Exemption may provide an exemption from the restrictions imposed by Sections 406(a), 406(b) and 407(a) of ERISA, and the taxes imposed by Sections 4975(a) and (b) of the Code by reason of Section 4975(c) of the Code for transactions in connection with the servicing, management and operation of the pool of mortgage loans.

Before purchasing an Offered Certificate, a fiduciary of a Plan should itself confirm that the specific and general conditions and the other requirements set forth in the Exemption would be satisfied at the time of purchase. In addition to making its own determination as to the availability of the exemptive relief provided in the Exemption, the Plan fiduciary should consider the availability of any other prohibited transaction exemptions, including with respect to governmental plans, any exemptive relief afforded under Similar Law. See ‘‘Certain ERISA Considerations’’ in the prospectus. A purchaser of an Offered Certificate should be aware, however, that even if the conditions specified in one or more exemptions are satisfied, the scope of relief provided by an exemption may not cover all acts which might be construed as prohibited transactions.

THE SALE OF OFFERED CERTIFICATES TO A PLAN IS IN NO RESPECT A REPRESENTATION BY THE DEPOSITOR OR ANY OF THE UNDERWRITERS THAT THIS INVESTMENT MEETS ANY RELEVANT

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LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY PLANS GENERALLY OR ANY PARTICULAR PLAN, OR THAT THIS INVESTMENT IS APPROPRIATE FOR PLANS GENERALLY OR ANY PARTICULAR PLAN.

The Pension Protection Act of 2006 makes significant changes to ERISA rules relating to prohibited transactions and plan assets, among other areas. Potential investors should consult with their advisors regarding the consequences of these changes.

Legal Matters

The validity of the Certificates will be passed upon for the Depositor by Cadwalader, Wickersham & Taft LLP, and for the underwriters by Thacher Proffitt & Wood LLP. In addition, certain federal income tax matters will be passed upon for the Depositor by Cadwalader, Wickersham & Taft LLP.

Certain Legal Aspects of the Mortgage Loans

The following discussion summarizes certain legal aspects of mortgage loans secured by real property in New York, California, Florida and Texas which is general in nature. This summary does not purport to be complete and is qualified in its entirety by reference to the applicable federal and state laws governing the mortgage loans.

41 of the Mortgaged Properties, securing mortgage loans representing approximately 21.5% of the Initial Pool Balance (19.4%, 29.0%), are located in the State of New York. Mortgage loans in New York are generally secured by mortgages on the related real estate. Foreclosure of a mortgage is usually accomplished in judicial proceedings. After an action for foreclosure is commenced, and if the lender secures a ruling that is entitled to foreclosure ordinarily by motion for summary judgment, the court then appoints a referee to compute the amount owed together with certain costs, expenses and legal fees of the action. The lender then moves to confirm the referee’s report and enter a final judgment of foreclosure and sale. Public notice of the foreclosure sale, including the amount of the judgment, is given for a statutory period of time, after which the mortgaged real estate is sold by a referee at public auction. There is no right of redemption after the foreclosure sale. In certain circumstances, deficiency judgments may be obtained. Under mortgages containing a statutorily sanctioned covenant, the lender has a right to have a receiver appointed without notice and without regard to the adequacy of the mortgaged real estate as security for the amount owned.

85 of the Mortgaged Properties, securing mortgage loans representing approximately 17.7% of the Initial Pool Balance (19.1%, 12.3%), are located in the State of California. Mortgage loans in California are generally secured by deeds of trust on the related real estate. Foreclosure of a deed of trust in California may be accomplished by a non-judicial trustee’s sale in accordance with the California Civil Code (so long as it is permitted under a specific provision in the deed of trust) or by judicial foreclosure in accordance with the California Code of Civil Procedure. Public notice of either the trustee’s sale or the judgment of foreclosure is given for a statutory period of time after which the mortgaged real estate may be sold by the trustee, if foreclosed pursuant to the trustee’s power of sale, or by court appointed sheriff under a judicial foreclosure. Following a judicial foreclosure sale, the borrower or its successor in interest may, for a period of up to one year, redeem the property; however, there is no redemption following a trustee’s power of sale. California’s ‘‘one action rule’’ requires the lender to complete foreclosure of all real estate provided as security under the deed of trust in an attempt to satisfy the full debt before bringing a personal action (if otherwise permitted) against the borrower for recovery of the debt, except in certain cases involving environmentally impaired real property where foreclosure of the real property is not required before making a claim under the indemnity. California case law has held that acts such as an offset of an unpledged account constitute violations of such statutes. Violations of such statutes may result in the loss of some or all of the security under the mortgage loan and a loss of the ability to sue for the debt. Other statutory provisions in California limit any deficiency judgment (if otherwise permitted) against the borrower following

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a judicial foreclosure to the amount by which the indebtedness exceeds the fair value at the time of the public sale and in no event greater than the difference between the foreclosure sale price and the amount of the indebtedness. Further, under California law, once a property has been sold pursuant to a power of sale clause contained in a deed of trust (and in the case of certain types of purchase money acquisition financings, under all circumstances), the lender is precluded from seeking a deficiency judgment from the borrower or, under certain circumstances, guarantors. On the other hand, under certain circumstances, California law permits separate and even contemporaneous actions against both the borrower and any guarantors. California statutory provisions regarding assignments of rents and leases require that a lender whose loan is secured by such an assignment must exercise a remedy with respect to rents as authorized by statute in order to establish its right to receive the rents after an event of default. Among the remedies authorized by statute is the lender’s right to have a receiver appointed under certain circumstances.

22 of the Mortgaged Properties, securing mortgage loans representing approximately 10.2% of the Initial Pool Balance (9.3%, 13.6%), are located in Florida. Mortgage loans involving real property in Florida are secured by mortgages and foreclosures are accomplished by judicial foreclosure. There is no power of sale in Florida. After an action for foreclosure is commenced and the lender secures a judgment, the final judgment will provide that the property be sold at a public sale at the courthouse if the full amount of the judgment is not paid prior to the scheduled sale. Generally, the foreclosure sale must occur no earlier than 20 (but not more than 35) days after the judgment is entered. During this period, a notice of sale must be published twice in the county in which the property is located. There is no right of redemption after the foreclosure sale. Florida does not have a ‘‘one action rule’’ or ‘‘anti deficiency legislation.’’ Subsequent to a foreclosure sale, however, a lender may be required to prove the value of the property sold as of the date of foreclosure in order to recover a deficiency. Further, other statutory provisions in Florida limit any deficiency judgment (if otherwise permitted) against a borrower following a judicial sale to the excess of the outstanding debt over the value of the property at the time of the judicial sale. In certain circumstances, the lender may have a receiver appointed.

37 of the Mortgaged Properties, securing mortgage loans representing approximately 6.8% of the Initial Pool Balance (5.0%, 13.6%), are located in the State of Texas. Mortgage loans in Texas are generally secured by deeds of trust on the related real estate. Foreclosure of a deed of trust in Texas may be accomplished by a non-judicial trustee’s sale under a specific provision in the deed of trust or by judicial foreclosure. Any such action must be brought within 4 years after the accrual of the cause of action. With respect to a judicial foreclosure, notwithstanding anything in the deed of trust to the contrary, the mortgagee must give the borrower written notice delivered by certified mail that it is in default and provide 20 days for the borrower to cure such default before any judicial foreclosure is permitted. With respect to a trustee’s sale, the lender must give the borrower written notice delivered by certified mail that it is in default and provide 21 days for the borrower to cure such default before any judicial foreclosure is permitted. Public notice of the trustee’s sale is continued for at least 21 days in statutory form after which the mortgaged real estate may be sold by the trustee. Any trustee sale must be made pursuant to the terms of the deed of trust at a public venue at the county courthouse of the county in which any portion of the real estate is located, between the hours of 10 A.M. and 4 P.M. on the first Tuesday of the month after the month in which the statutory notice period has been satisfied in an area designated by the commissioners’ court. Under Texas law, the borrower does not have the right to redeem the real estate after a judicial foreclosure or trustee’s sale. Under Texas law, if the sale price at a judicial foreclosure or trustee’s sale is less than the fair market value of the real estate, any obligor (including any guarantor) may be required to offset the deficiency between the fair market value and the sale price.

Other Aspects.    Please see the discussion under ‘‘Certain Legal Aspects of the Mortgage Loans’’ in the accompanying prospectus regarding other legal aspects of the mortgage loans that you should consider prior to making any investment in the Certificates.

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Ratings

It is a condition to issuance that the Offered Certificates be rated not lower than the following ratings by Moody’s Investors Service, Inc., (‘‘Moody’s’’) and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (‘‘S&P’’), together with Moody’s, the ‘‘Rating Agencies’’):

Class			Moody’s			S&P
Class A-1			Aaa			AAA
Class A-2			Aaa			AAA
Class A-2FL			Aaa			AAA
Class A-3			Aaa			AAA
Class A-4			Aaa			AAA
Class A-SB			Aaa			AAA
Class A-1A			Aaa			AAA
Class X			Aaa			AAA
Class A-M			Aaa			AAA
Class A-J			Aaa			AAA
Class B			Aa1			AA+
Class C			Aa2			AA
Class D			Aa3			AA−
Class E			A1			A+
Class F			A2			A

A securities rating on mortgage pass-through certificates addresses the likelihood of the timely receipt by their holders of interest and the ultimate repayment of principal to which they are entitled by July 15, 2045 (the ‘‘Rated Final Distribution Date’’). The rating takes into consideration the credit quality of the pool of mortgage loans, structural and legal aspects associated with the certificates, and the extent to which the payment stream from the pool of mortgage loans is adequate to make payments required under the certificates. The ratings on the Offered Certificates do not, however, constitute a statement regarding the likelihood, timing or frequency of prepayments (whether voluntary or involuntary) on the mortgage loans or the degree to which the payments might differ from those originally contemplated. In addition, a rating does not address the likelihood or frequency of voluntary or mandatory prepayments of mortgage loans, payment of prepayment premiums, Yield Maintenance Charges or net default interest. In addition, S&P’s ratings on the Certificates do not address the application of Net Aggregate Prepayment Interest Shortfalls to the Certificates.

Also, the rating does not represent any assessment of the yield to maturity that investors may experience or the possibility that the Class X Certificateholders might not fully recover their investments in the event of rapid prepayments of the mortgage loans (including both voluntary and involuntary prepayments). As described in this free writing prospectus, the amounts payable with respect to the Class X Certificates consist only of interest. If the entire pool were to prepay in the initial month, with the result that the Class X Certificateholders receive only a single month’s interest and thus suffer a nearly complete loss of their investment, all amounts ‘‘due’’ to such Certificateholders will nevertheless have been paid, and such result is consistent with the ratings received on the Class X Certificates. The Notional Amount upon which interest is calculated with respect to the Class X Certificates is subject to reduction in connection with each reduction of a corresponding component, whether as a result of principal payments or the allocation of Collateral Support Deficits. The ratings on the Class X Certificates do not address the timing or magnitude of reduction of the Notional Amount, but only the obligation to pay interest timely on the Notional Amount as so reduced from time to time. Accordingly, the ratings on the Class X Certificates should be evaluated independently from similar ratings on other types of securities.

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A rating on the Class A-2FL Certificates does not represent any assessment of whether the floating interest rate on those Certificates will convert to a fixed rate. With respect to the Class A-2FL Certificates, the Rating Agencies are only rating the receipt of interest up to the Pass-Through Rate applicable to the Class A-2FL Regular Interest and are not rating the receipt of interest accrued at LIBOR plus     %. In addition, the ratings do not address any shortfalls or delays in payment that investors in the Class A-2FL Certificates may experience as a result of the conversion of the Pass-Through Rate on those Certificates from a rate based on LIBOR to a fixed rate.

We cannot assure you as to whether any rating agency not requested to rate the Offered Certificates will nonetheless issue a rating to any Class of Offered Certificates and, if so, what the rating would be. A rating assigned to any Class of Offered Certificates by a rating agency that has not been requested by the Depositor to do so may be lower than the rating assigned to such Class by the Rating Agencies.

The ratings on the Offered Certificates should be evaluated independently from similar ratings on other types of securities. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency.

Pursuant to an agreement between the Depositor and each of the Rating Agencies, the Rating Agencies will provide ongoing ratings feedback with respect to the Offered Certificates for as long as they remain issued and outstanding.

Legal Investment

The Offered Certificates will not constitute ‘‘mortgage related securities’’ for purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended. The appropriate characterization of the Offered Certificates under various legal investment restrictions, and thus the ability of investors subject to these restrictions to purchase Offered Certificates, is subject to significant interpretive uncertainties.

No representations are made as to the proper characterization of the Offered Certificates for legal investment, financial institution regulatory, or other purposes, or as to the ability of particular investors to purchase the Offered Certificates under applicable legal investment restrictions. The uncertainties described above (and any unfavorable future determinations concerning the legal investment or financial institution regulatory characteristics of the Offered Certificates) may adversely affect the liquidity of the Offered Certificates.

Accordingly, all investors whose investment activities are subject to legal investment laws and regulations, regulatory capital requirements, or review by regulatory authorities should consult with their own legal advisors in determining whether and to what extent the Offered Certificates will constitute legal investments for them or are subject to investment, capital, or other restrictions.

See ‘‘Legal Investment’’ in the prospectus.

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INDEX OF DEFINED TERMS

			Page
0% CPR			S-232
30/360 Basis			S-112
AB Control Appraisal Period			S-109
AB Intercreditor Agreement			S-106
AB Mortgage Loan			S-94
AB Mortgage Loan Group			S-94
AB Subordinate Companion Loan			S-94
Acceptable Insurance Default			S-216
Accrued Interest from Recoveries			S-183
Actual/360 Basis			S-112
Additional Exclusions			S-216
Administrative Cost Rate			S-183
Advances			S-194
AIG			S-152
AIGGIC			S-152
AIGMC			S-152
Anticipated Repayment Date			S-111
Appraisal Reduction			S-198
Appraisal Reduction Event			S-198
ARD Loans			S-111
Asset Status Report			S-211
Assumed Final Distribution Date			S-189
Assumed Scheduled Payment			S-186
Authenticating Agent			S-154
Available Distribution Amount			S-173
Base Interest Fraction			S-189
Carespring Portfolio A-2 Pari Passu Companion Loan			S-101
Carespring Portfolio A-3 Pari Passu Companion Loan			S-101
Carespring Portfolio Intercreditor Agreement			S-101
Carespring Portfolio Loan			S-101
Carespring Portfolio Majority Holders			S-102
Carespring Portfolio Mortgaged Property			S-101
Carespring Portfolio Notes			S-101
Carespring Portfolio Pari Passu Companion Loans			S-101
Carespring Portfolio Whole Loan			S-101
Cash Management Event			S-133
CBE			S-234
Certificate Account			S-171
Certificate Balance			S-167
Certificate Owner			S-168
Certificate Registrar			S-154
Certificateholders			S-89
Certificates			S-167
ChampionsGate Intercreditor Agreement			S-98
ChampionsGate Loan			S-98
ChampionsGate Mortgaged Property			S-98
ChampionsGate Pari Passu Companion Loan			S-98
ChampionsGate Whole Loan			S-98
Class			S-167
Class A Certificates			S-167
Class A-2FL Available Funds			S-173
Class A-2FL Interest Distribution Amount			S-183
Class A-2FL Principal Distribution Amount			S-187
Class A-2FL Regular Interest			S-167
Class A-SB Planned Principal Balance			S-187
Clearstream			S-168
Closing Date			S-89
CMAE			S-159
CMBS			S-140
CMSA Investor Reporting Package			S-203
Code			S-236

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			Page
Collateral Support Deficit			S-192
Companion Loan			S-95
Compensating Interest Payment			S-165
Condo			S-118
Constant Prepayment Rate			S-232
Controlling Class			S-214
Controlling Class Certificateholder			S-214
Corrected Mortgage Loan			S-211
CPR			S-232
Crossed Loan			S-132
Cross-Over Date			S-180
Custodian			S-126, S-154
Cut-off Date			S-88
Cut-off Date Balance			S-88
Cut-off Date LTV Ratios			S-125
CWCAM			S-159
Defeasance			S-115
Defeasance Lockout Period			S-115
Depositor			S-89
Depositories			S-169
Determination Date			S-171
Direct Participants			S-169
Directing Certificateholder			S-213
Discount Rate			S-113
Distributable Certificate Interest			S-184
Distribution Account			S-171
Distribution Date			S-171
DSCR			S-88, S-138, S-149
DTC			S-168
Due Period			S-173
Effective Gross Income			S-124
ERISA			S-239
ERISA Plan			S-239
ESA			S-135, S-150, S-153
Euroclear			S-168
Eurohypo			S-148
Eurohypo AG			S-148
Events of Default			S-224
Excess Interest			S-183
Excess Interest Distribution Account			S-172
Excluded Plan			S-241
Exemption			S-239
FIRREA			S-135
Form 8-K			S-123
Franklin Mills Intercreditor Agreement			S-96
Franklin Mills Loan			S-96
Franklin Mills Majority Holders			S-96
Franklin Mills Mortgaged Property			S-96
Franklin Mills Notes			S-96
Franklin Mills Pari Passu Companion Loan			S-96
Franklin Mills Whole Loan			S-96
FSMA			S-8
Full Earnout			S-115
Gain on Sale Reserve Account			S-172
Group 1 Principal Distribution Amount			S-185
Group 1 Principal Shortfall			S-187
Group 2 Principal Distribution Amount			S-185
Group 2 Principal Shortfall			S-187
Indirect Participants			S-169
Initial Loan Group 1 Balance			S-88
Initial Loan Group 2 Balance			S-88
Initial Pool Balance			S-88
Initial Rate			S-111
Initial Resolution Period			S-130
Insurance and Condemnation Proceeds			S-171
Interest Accrual Period			S-183
Interest Distribution Amount			S-183
Interest Reserve Account			S-172
IRS			S-220
Issuing Entity			S-154
JPMCB			S-11, S-134
JQH Hotel Portfolio Intercreditor Agreement			S-99
JQH Hotel Portfolio Loan			S-99

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			Page
JQH Hotel Portfolio Mortgaged Property			S-99
JQH Hotel Portfolio Pari Passu Companion Loan			S-99
JQH Hotel Portfolio Replacement Pooling and Servicing Agreement			S-100
JQH Hotel Portfolio Whole Loan			S-99
LaSalle			S-154
LDP			S-134
LIBOR			S-182
LIBOR Business Day			S-182
LIBOR Determination Date			S-182
Liquidation Fee			S-164
Liquidation Fee Rate			S-164
Liquidation Proceeds			S-171
Loan Group 1			S-88
Loan Group 2			S-88
Loan Groups			S-88
Lockbox Accounts			S-133
Lockbox Loans			S-133
Lockout Period			S-113
Logan Crossed Whole Loans			S-120
Logan Portfolio Intercreditor Agreement			S-103
Logan Portfolio Loans			S-103
Logan Portfolio Mortgaged Properties			S-103
Logan Portfolio Mortgaged Property			S-103
Logan Portfolio Notes			S-103
Logan Portfolio Pari Passu Companion Loans			S-103
Logan Portfolio Whole Loan			S-103
Logan Release Amount			S-120
Logan Released Mortgaged Property			S-120
Logan Released Whole Loan			S-120
Logan Special Transfer			S-120
Lower-Tier Distribution Account			S-171
Lower-Tier REMIC			S-236
Lower-Tier REMIC Regular Interests			S-236
LTV			S-138, S-149
LTV Ratio			S-125
LTV Ratios			S-88
MAI			S-131, S-153
Master Servicer			S-156
Master Servicer Remittance Date			S-193
Maturity Date LTV Ratios			S-125
Moody’s			S-244
Mortgage			S-88
Mortgage File			S-126
Mortgage Loan Sellers			S-89
Mortgage Note			S-88
Mortgage Rate			S-183
Mortgaged Property			S-89
Natixis CIB			S-145
Natixis RE			S-145
NCMF			S-146
Net Aggregate Prepayment Interest Shortfall			S-184
Net Mortgage Rate			S-182
Net Operating Income			S-124
NOI			S-124
Nomura			S-139
Non-Offered Certificates			S-167
Nonrecoverable Advance			S-195
Note A Holder			S-107
Note B Holder			S-107
Notional Amount			S-168
Offered Certificates			S-167
Operating Statements			S-125
Option Price			S-219
PAR			S-136
Pari Passu Companion Loan			S-94
Pari Passu Loan Group			S-94
Pari Passu Mortgage Loan			S-94
Participants			S-168
Pass-Through Rate			S-181
Percentage Interest			S-168
Periodic Payments			S-173
Permitted Investments			S-172
Plan			S-239
PML			S-122
Pooling and Servicing Agreement			S-167

S-248

Table of Contents

			Page
Prepayment Assumption			S-237
Prepayment Interest Excess			S-165
Prepayment Interest Shortfall			S-165
Primary Collateral			S-133
Prime Rate			S-198
Principal Balance Certificates			S-168
Principal Distribution Amount			S-184
Principal Shortfall			S-187
PROSPECTUS DIRECTIVE			S-7
Purchase Agreements			S-89
Purchase Option			S-219
Purchase Price			S-130
P&I Advance			S-193
Qualified Substitute Mortgage Loan			S-130
Rated Final Distribution Date			S-244
Rating Agencies			S-244
Rating Agency Trigger Event			S-207
Record Date			S-171
Regular Certificates			S-236
Reimbursement Rate			S-198
REIT			S-237
Related Proceeds			S-195
Release Date			S-115
REMIC			S-236
REMIC Provisions			S-236
REO Account			S-217
REO Loan			S-188
REO Property			S-211
Residual Certificates			S-167
Restricted Group			S-240
Revised Rate			S-111
Rules			S-170
Scheduled Principal Distribution Amount			S-186
SEC			S-203
Senior Certificates			S-167
Servicing Advances			S-194
Servicing Fee			S-163
Servicing Fee Rate			S-163
Servicing Standards			S-210
Significance Estimate			S-207
Significance Percentage			S-207
Similar Law			S-239
Special Servicer			S-159
Special Servicing Fee			S-164
Special Servicing Fee Rate			S-164
Specially Serviced Mortgage Loans			S-211
Stated Principal Balance			S-187
Statement to Certificateholders			S-200
Subordinate Certificates			S-167
Subordinate Offered Certificates			S-167
Swap Contract			S-167, S-207
Swap Counterparty			S-207
Swap Default			S-207
Swap Premium			S-238
S&P			S-244
Treasury			S-238
Trustee			S-89
Trustee Fee			S-154
Trustee Fee Rate			S-154
UBSREI			S-156
UBSRESI			S-136
Underwritten Cash Flow			S-124
Underwritten Cash Flow Debt Service Coverage Ratio			S-124
Underwritten NOI			S-124
Unscheduled Principal Distribution Amount			S-186
Upper-Tier Distribution Account			S-171
Upper-Tier REMIC			S-236
USPAP			S-150
UW DSCR			S-124
UW NCF			S-124
UW NOI			S-124
Voting Rights			S-205
WAC Rate			S-182
Wachovia			S-156
Whole Loan			S-95
Withheld Amounts			S-172
Withheld Loans			S-172
Workout Fee			S-164
Workout Fee Rate			S-164
Workout-Delayed Reimbursement Amount			S-195
Yield Maintenance Charge			S-113

S-249

ANNEX A-1

CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

Annex A-1-1

ANNEX A-1



LOAN #   SELLER    PROPERTY NAME                                          STREET ADDRESS
------   -------   ----------------------------------------------------   ----------------------------------------------

  1        UBS     GSA Portfolio                                          Various
 1.01              1501 Wynkoop                                           1501-1595 Wynkoop Street
 1.02              130 South Elmwood Avenue                               130 S. Elmwood Avenue
 1.03              320 Avery Street                                       320 Avery Street
 1.04              145 Murall Drive                                       145 Murall Drive
 1.05              500 Quarrier Street                                    500 Quarrier St
 1.06              3000 Sidney Street                                     3000 Sidney Street
 1.07              11510 West 80th Street                                 11510 & 11630 West 80th St
 1.08              186 Exchange Street                                    186 Exchange St
 1.09              457 Pettyville Road                                    457 Pettyville Road
  2        EHY     Maple Drive Portfolio                                  Various
 2.01              335-345 North Maple Drive                              335-345 Maple Drive
 2.02              407 North Maple Drive                                  407 North Maple Drive
 2.03              9232, 9242 and 9250 Beverly Boulevard                  9242 Beverly Boulevard
  3        UBS     315 Park Avenue South                                  315 Park Avenue South
  4        UBS     Save Mart Portfolio                                    Various
 4.01              22555 Mission Boulevard                                22555 Mission Boulevard
 4.02              1322 El Camino Real                                    1322 El Camino Real
 4.03              6843 Mission Street                                    6843 Mission Street
 4.04              1300 Fairmont Drive                                    1300 Fairmont Drive
 4.05              5190 Clayton Road                                      5190 Clayton Road
 4.06              2027 Camden Avenue                                     2027 Camden Avenue
 4.07              150 Bicentennial Way                                   150 Bicentennial Way
 4.08              4500 Lonetree Way                                      4500 Lonetree Way
 4.09              5060 Foothill Boulevard                                5060 Foothill Boulevard
 4.10              3291 Truxel Road                                       3291 Truxel Road
 4.11              875 South Tracy Boulevard                              875 South Tracy Boulevard
 4.12              565 West Capitol Expressway                            565 West Capitol Expressway
 4.13              1003 East Bidwell                                      1003 East Bidwell
 4.14              25151 Santa Clara Street                               25151 Santa Clara Street
 4.15              7960 Gerber Road                                       7960 Gerber Road
 4.16              2000 California Avenue                                 2000 California Avenue
 4.17              386 Elm Avenue                                         386 Elm Avenue
 4.18              6454 Tupelo Drive                                      6454 Tupelo Drive
 4.19              9160 Elk Grove Florin Road                             9160 Elk Grove Florin Road
 4.20              1979 Peabody Road                                      1979 Peabody Road
 4.21              530 West Lodi Avenue                                   530 West Lodi Avenue
 4.22              777 E. Monte Vista Avenue                              777 E. Monte Vista Avenue
 4.23              146 W. East Avenue                                     146 W. East Avenue
 4.24              1223 North Davis Road                                  1223 North Davis Road
 4.25              291 McCray Street                                      291 McCray Street
 4.26              12054 Nevada City Highway                              12054 Nevada City Highway
 4.27              11980 State Highway 88                                 11980 State Highway 88
 4.28              5750 North First Street                                5750 North First Street
 4.29              4043 West Clinton Avenue                               4043 West Clinton Avenue
 4.30              2425 North Blackstone Avenue                           2425 North Blackstone Avenue
 4.31              909 Sierra Street                                      909 Sierra Street
  5       JPMCB    5 Penn Plaza                                           5 Penn Plaza
  6       JPMCB    Franklin Mills                                         1455 Franklin Mills Circle
  7        UBS     Hyatt Regency - Jacksonville                           225 Coast Line Drive East
  8        UBS     Americold Portfolio                                    Various
 8.01              3320 South Arlington Avenue                            3320 South Arlington Road
 8.02              9501 SE McLoughlin Boulevard                           9501 SE McLoughlin Boulevard
 8.03              5805 North Industrial Way                              5805 North Industrial Way
 8.04              455 South 75th Avenue                                  455 S. 75th Avenue
 8.05              3543 Maple Drive                                       3543 Maple Lane
 8.06              14060 Dodd Road                                        14060 Dodd Road
 8.07              533 Laney Walker Boulevard                             533 Laney Walker Boulevard
  9      Natixis   Genesee Valley Center                                  3341 South Linden Road
  10       EHY     ChampionsGate Hotel                                    1400 & 1500 Masters Boulevard
  11      NCCI     Lembi Portfolio                                        Various
11.01              520 Geary Street                                       520 Geary Street
11.02              15 Hermann Street                                      15 Hermann Street
11.03              980 Bush Street                                        980 Bush Street
11.04              861 Sutter Street                                      861 Sutter Street
11.05              1408 California Street                                 1408 California Street
11.06              930 Post Street                                        930 Post Street
11.07              725 Ellis Street                                       725 Ellis Street
11.08              665 Eddy Street                                        665 Eddy Street
11.09              2 Guerrero Street                                      2 Guerrero Street
11.10              666 O'Farrell Street                                   666 O'Farrell Street
11.11              2656 Van Ness Avenue                                   2656 Van Ness Avenue
11.12              400 Page Street                                        400 Page Street
11.13              701 Fell Street                                        701 Fell Street
11.14              535 Leavenworth Street                                 535 Leavenworth Street
11.15              675 O'Farrell Street                                   675 O'Farrell Street
11.16              525 Leavenworth Street                                 525 Leavenworth Street
  12       AIG     Denmark MHC Portfolio                                  Various
12.01              Rawsonville Woods MHC                                  10825 Rawsonville Road
12.02              Howell MHC                                             515 Mason Road
12.03              Oak Hill MHC                                           9626 Oak Hill Road
12.04              Pinewood MHC                                           8755 Gratiot
12.05              Hickory Knoll MHC                                      6543 East Hanna Avenue
12.06              Mariwood MHC                                           9231 Mariwood Parkway
12.07              Leonard Gardens MHC                                    4524 Leonard NW
12.08              Country Heritage MHC                                   771 Mary Jean Court
12.09              Science City MHC                                       3823 Bay City Road
12.10              Canterbury MHC                                         360 East Tuttle Road
  13      NCCI     Stadium Towers                                         2400 East Katella Avenue
  14       UBS     2030 Broadway                                          2030 Broadway
  15       UBS     Embassy Suites Atlanta                                 267 Marietta Street
  16      NCCI     Healthnet Headquarters                                 1 Far Mill Crossing
  17       UBS     The Electra Apartments                                 1753 1st Avenue
  18     Natixis   399 Boylston                                           399 Boylston Street
  19       UBS     175 West 72nd St                                       175 West 72nd St
  20      NCCI     Southlake Grand Avenue                                 1601 East State Highway 114
  21       UBS     The Landings of Brentwood Apartments                   1505 The Landings Drive
  22       EHY     Holiday Inn Hotel & Suites Ocean City                  1701 Baltimore Avenue
  23      JPMCB    625 Broadway                                           625 Broadway
  24      NCCI     Hamptons MHP                                           1094 US Highway 92 West
  25       EHY     JQH Hotel Portfolio                                    Various
25.01              Embassy Suites-Franklin                                820 Crescent Centre Drive
25.02              Renaissance Dallas Richardson Hotel                    900 East Lookout Drive
25.03              Embassy Suites-St. Charles                             Two Convention Center Plaza
25.04              Residence Inn by Marriott                              1303 East Kingsley Street
25.05              Courtyard by Marriott                                  3527 West Kearney Street
  26      JPMCB    Greenway Station                                       1620 Deming Way
  27      JPMCB    Brooklyn/Queens Industrial Portfolio                   Various
27.01              210-09 19th Street                                     62-82 18th Street, 75 19th Street
27.02              51-02 21st Street                                      51-02 21st Street
27.03              Sunset Park Manufacturing and Design Center            168 Seventh Street
  28      NCCI     510 Sixth Avenue                                       510 Sixth Avenue
  29       UBS     101 West Ohio Street                                   101 and 151 West Ohio Street
  30       UBS     36-46 33rd Street                                      36-46 33rd Street
  31      JPMCB    The Mill                                               Pemberwick Road and Glenville Street
  32      NCCI     Courtly Manor                                          12401 West Okeechobee Road
  33       UBS     Burlington Marriott                                    One Mall Road
  34      JPMCB    Kenley Apartments                                      10 Kenley Way
  35     Natixis   Sunflower MHP                                          16501 North El Mirage Road
  36      JPMCB    Swedesford Plaza                                       400 West Swedesford Road
  37       UBS     Doubletree Bakersfield                                 3100 Camino Del Rio Court
  38     Natixis   Michaels Industrial                                    211 Hoss Road
  39      JPMCB    Carespring Portfolio                                   Various
39.01              Heritagespring Healthcare Center                       8160 Hamilton-Mason Road
39.02              Eastgate Healthcare Center                             4400 Glen Este-Withamsville Road
39.03              ShawneeSpring Healthcare Center                        10111 Simonson Road
39.04              Dayspring Healthcare Center                            8001 Dayton-Springfield Road
39.05              The Barrington Place                                   940 Highland Avenue
39.06              VillaSpring Healthcare Center                          630 Viox Drive
39.07              The Highlands Healthcare Center                        960 Highland Avenue
39.08              Hillspring Rehabilitation Center                       325 East Central Avenue
  40       UBS     Hilton Garden Inn - Emeryville                         1800 Powell Street
  41      JPMCB    Embassy Suites Hotel & Executive Meeting Center        2925 Emerywood Parkway
  42      NCCI     Sheraton Oklahoma City                                 One North Broadway
  43      JPMCB    100 W. Broadway                                        100 West Broadway
  44       UBS     Venice Shoppes                                         4105 South Tamiami Trail
  45      NCCI     Villas at D'Andrea Apartments                          2200 North D'Andrea Parkway
  46       UBS     Rocket Lofts                                           98-106 South 4th Street
  47      NCCI     Windmill MHP                                           427 Windmill Boulevard
  48     Natixis   Smoketown Plaza                                        13700 Smoketown Road
  49       EHY     The Princeton                                          14651 North Dallas Parkway
  50      JPMCB    Lee DeForest Drive Center                              7221-7229 Lee DeForest Drive
  51      NCCI     ANA Kalakaua Center                                    2155 Kalakaua Avenue
  52       UBS     15-17 Park Avenue                                      15-17 Park Avenue
  53       EHY     Owings Mills 4                                         10453 Mill Run Circle
  54       UBS     439 86th Street                                        429 86th Street
  55      JPMCB    Cinemark Valley View                                   6001 Canal Road
  56      JPMCB    The River Inn                                          924 25th Street NW
  57      NCCI     Comfort Suites - San Diego, CA                         631 Camino Del Rio South
  58      JPMCB    Washington Commons                                     450 - 900 East Diehl Road
  59     Natixis   Lyndhurst Shopping Center                              425 Valley Brook Avenue
  60     Natixis   Dick's Sporting Goods - Rockaway                       387 Mount Hope Avenue
  61       UBS     PGA Financial Plaza                                    3399 PGA Blvd
  62      JPMCB    Volusia Marketplace                                    2400 West International Speedway Boulevard
  63       UBS     42 West 48th Street                                    42 West 48th Street
  64      JPMCB    Shoppes of Victoria Park                               680 North Federal Highway
  65      NCCI     The College Suites at Campbell Lane Apartments         2426 Thoroughbred Drive
  66       EHY     Lindley Gardens                                        10631 Lindley Avenue
  67     Natixis   Ambrose Hotel                                          1255 20th Street
  68      NCCI     Farnham Park                                           2777 Woodland Park
  69       UBS     400-1 / 400-2 Totten Pond                              400-1 and 400-2 Totten Pond Road
  70       UBS     Center at Split Rock                                   698-708 Bridgeport Avenue
  71       EHY     Park Oaks Shopping Center                              16602-16668 San Pedro Avenue
  72      NCCI     500 Davis Center                                       500 Davis Street
  73      JPMCB    Sandcastle Apartments                                  6701 Everhart Road
  74      NCCI     Bronx Park South Apartments                            922-50 Bronx Park South
  75       UBS     Hempstead Retail                                       Various
75.01              206 -220 Fulton Avenue                                 220 Fulton Avenue
75.02              13-31 North Franklin Street                            13-31 North Franklin Street
  76      JPMCB    The Shops at Boardman Park - Phase II                  377 Boardman Poland Road
  77       UBS     147-25 Northern Boulevard                              147-25 Northern Blvd
  78       UBS     Sweetwater Apartments                                  2220 Gloria Circle
  79      JPMCB    Mission Eagle Point                                    325 South Jupiter Road
  80      JPMCB    Colonial Bank Plaza                                    8214 Westchester Drive
  81      NCCI     Edentree Apartment Village                             1721 East Frankford Road
  82       UBS     Park at Waterford Harbor                               1420 Marina Bay Drive
  83      NCCI     Squire Hill Apartments                                 3900 Chippendale Drive
  84       EHY     Parkway Towers                                         404 James Robertson Parkway
  85       UBS     Hyattsville Portfolio                                  Various
85.01              Tudor Place                                            5801 Peabody Place
85.02              Canonbury Square                                       408 Greenlawn Drive
  86      JPMCB    Burns Medical Office                                   560 West Mitchell Street
  87     Natixis   Exposition Marketplace                                 1001 West Martin Luther King Boulevard
  88       UBS     University Corporate Center One                        3501 Quadrangle Boulevard
  89     Natixis   Vermont Avenue Warehouse                               19000-19038 South Vermont Avenue
  90      JPMCB    Cermak Plaza                                           2555 West Cermak Road
  91      JPMCB    The Park @ I-95                                        780 Dedham Street
  92       UBS     Hayes Storage Building                                 305 East 61st Street
  93       UBS     Highlands Overlook                                     5000 Highlands Parkway
  94      JPMCB    Worthington on the Beltway                             1350 Greens Parkway
  95      JPMCB    BB Mini Storage Portfolio                              Various
95.01              BB Mini Storage 7                                      70521 Highway 21
95.02              BB Mini Storage 5                                      2247 East Gause Boulevard
  96       UBS     Preston Valley Center                                  12835 Preston Road
  97      JPMCB    Westwood Plaza                                         2600 Westward Drive
  98     Natixis   Paramount Parks Vacaville                              2061 Peabody Road
  99      NCCI     Palm Key MHP                                           9400 US Highway 27 North
 100     Natixis   Hampton Inn Hunt Valley                                11200 York Road
 101     Natixis   Industry Hills Center                                  16016 East Amar Road
 102      NCCI     Kumho Tires                                            1240 Highway 155 South
 103     Natixis   Glendale Office                                        620 North Brand Boulevard
 104       EHY     Barbanel Multifamily Portfolio                         Various
104.01             261 Wadsworth Avenue                                   261 Wadsworth Avenue
104.02             57-63 Wadsworth Terrace                                57-63 Wadsworth Terrace
 105       AIG     Citizen News Building                                  1545 Wilcox Avenue
 106       UBS     The Overlook at Las Colinas                            251 O'Connor Ridge Blvd
 107     Natixis   8457 Melrose Place                                     8455-8459 Melrose Place
 108      JPMCB    Rancho Fiesta                                          5505 West Tulare Avenue
 109     Natixis   Whole Foods Cicero                                     6020 North Cicero Avenue
 110       UBS     46-01 67th Street                                      46-01 67th Street
 111     Natixis   Luria Plaza                                            901 14th Lane
 112     Natixis   Mellon Bank Office Building                            14005 Live Oak Avenue
 113     Natixis   1370 Washington Avenue and 1345 Drexel Avenue          1370 Washington Avenue and 1345 Drexel Avenue
 114      JPMCB    Wayne State University                                 2751-2761 Jefferson Avenue
 115      JPMCB    Four Points by Sheraton                                1650 Toronita Street
 116       UBS     525 West 49th Street                                   525 West 49th Street
 117       UBS     Bedford Park Shoppes                                   7250 South Cicero Avenue
 118     Natixis   Valencia Industrial                                    27772 Avenue Scott
 119       EHY     755 Co-Op City Boulevard                               755 Co-Op City Boulevard
 120       UBS     185 Great Neck Road                                    185 Great Neck Road
 121     Natixis   Commonwealth Business Center                           11001-11003 Bluegrass Parkway
 122       EHY     862 Broadway                                           862 Broadway
 123      NCCI     Foothill Glen Apartments                               13490-13520 Foothill Street
 124     Natixis   Saval Industrial                                       6740 Dorsey Road
 125      JPMCB    Sunset Ridge Apartments                                7850, 8125 & 8155 North 107th Street
 126     Natixis   Southgate Shopping Center                              10317-10499 South East 82nd Avenue
 127     Natixis   215 South Brea Boulevard                               215 South Brea Boulevard
 128       UBS     Corona Apartments                                      112-22 37th Avenue
 129      JPMCB    Orpheum Tower Apartments                               405 South 16th Street
 130      JPMCB    Town Sports International - Newton, MA                 135 Wells Avenue
 131      JPMCB    Westview Commons I                                     7190-7196 Crestwood Boulevard
 132     Natixis   Seaway Plaza Ogdensburg                                701-723 Canton Street
 133     Natixis   Century Park Apartments                                221 Stoddard Drive
 134      JPMCB    Shadow Oaks                                            12148 Jollyville Road
 135       AIG     Shops at Breton Bay                                    40814, 40824 & 40845 Merchants Lane
 136      NCCI     AT&T Chicago                                           2401 West Grace Street
 137     Natixis   Comfort Suites Downtown                                501 Taylor Street
 138     Natixis   2907-21 Main Street                                    2907-2921 Main Street
 139     Natixis   Centerline Shopping Center                             25005 Van Dyke
 140      JPMCB    Hunter's Crossing                                      2801 Bill Owens Parkway
 141      JPMCB    The Preakness                                          210 Wells Fargo Drive
 142      JPMCB    Fairmont and Monticello                                7 Maryland Plaza and 4535 Lindell Boulevard
 143     Natixis   Village of Tampa                                       1201 East Skipper Road
 144     Natixis   Wingate Inn Columbia                                   8300 Two Notch Road
 145      NCCI     Santa Luz                                              5650 South Park Avenue
 146      JPMCB    Skee's Industrial                                      1426-1486 Skees Road
 147      JPMCB    Park Place - El Segundo                                2201 Park Place
 148      JPMCB    Parkway Villas                                         4800 Brookdale Drive
 149      JPMCB    Wal-Mart Plaza                                         929 Keyser Avenue
 150       UBS     22 West 23rd Street                                    22 West 23rd Street
 151     Natixis   Burke Williams Headquarters                            5900 Blackwelder Street
 152       EHY     Spring Hills Business Center                           25003 Pitkin Road
 153     Natixis   6420 Richmond                                          6420 Richmond Avenue
 154       UBS     82-06 Northern Boulevard                               82-06 Northern Blvd
 155      JPMCB    Spanish Spur                                           6835 Pecan Valley Drive
 156      JPMCB    Exeter Industrial Properties                           804 East Gate Drive & 2150 Cabot Boulevard
 157     Natixis   Orem Center                                            800 South State Street
 158      JPMCB    Academy Sports Round Rock                              1351 South IH 35
 159     Natixis   Loews Mountainside                                     1021 Route 22 East
 160      JPMCB    Tramz Hampton Inn - Greenville                         246 Congaree Road
 161     Natixis   8950 Beverly Boulevard                                 8950 Beverly Boulevard
 162      NCCI     Marston Building                                       427 C Street
 163       EHY     431 Ocean Front Walk                                   425-431 Ocean Front Walk
 164      JPMCB    Lofts of Broadway                                      419 Finzer Street
 165     Natixis   Eagleview Apartments                                   4124 Eagle Rock Boulevard
 166     Natixis   8479 Melrose Place                                     8481-8483 Melrose Place
 167      JPMCB    Tramz Hampton Inn - Amarillo                           1700 I-40 East
 168      JPMCB    Ashley Furniture                                       1017 Woodruff Road
 169      JPMCB    The Farrington                                         810 Rayford Road
 170     Natixis   Country Inn & Suites - Champaign, IL                   602 West Marketview Drive
 171     Natixis   Country Inn & Suites - Bloomington, IL                 2403 East Empire Street
 172       EHY     Park Plaza Apartments                                  507 Main Street
 173     Natixis   320 South Robertson & 819 North La Cienega Boulevard   Various
173.01             320 South Robertson Boulevard                          320-322 South Robertson Boulevard
173.02             819 North La Cienega Boulevard                         819 La Cienega Boulevard
 174     Natixis   Evergreen Marketplace                                  30790-30901 Stagecoach Boulevard
 175       UBS     Rite Aid Portfolio                                     Various
175.01             800 West 4th Street                                    800 West 4th Street
175.02             8014 Bardstown Road                                    8014 Bardstown Road
175.03             335 Alfred Street                                      335 Alfred Street
 176       UBS     1050 Warrenvile Road                                   1050 Warrenvile Road
 177      JPMCB    Tramz Hampton Inn - San Antonio                        4803 Manitou Drive
 178      JPMCB    Hidden Park Apartments                                 10613 Lookaway Drive
 179      JPMCB    Grand Twin                                             234-236 Goodwin Crest Drive
 180       UBS     Hemet Retail Center                                    2375-2465 West Florida Avenue
 181      JPMCB    Tramz Hampton Inn - Albuquerque                        5101 Ellison NE
 182      JPMCB    BRECO Building                                         4228 North Central Expressway
 183      JPMCB    Crossgate Center                                       1789 North Keyser Avenue
 184      JPMCB    Tramz Hampton Inn - Eden Prairie                       7740 Flying Cloud Drive
 185     Natixis   Lakewood City Center                                   650 & 670 South Wadsworth Boulevard
 186      JPMCB    Falls Parc Apartments                                  1042 Falls Parc Drive
 187      JPMCB    Tramz Hampton Inn - Greensboro                         2004 Veasley Street
 188       EHY     155 West Street                                        155 West Street
 189       AIG     366 & 368 Veterans Memorial Highway                    366 & 368 Veterans Memorial Highway (Rte. 454)
 190       EHY     9415 Northern Boulevard                                94-15 Northern Boulevard
 191      JPMCB    Lakeside Retail                                        13975 Lakeside Circle
 192     Natixis   Tropical Flamingo Village                              4135-4175 South Buffalo Drive
 193      JPMCB    The Executive Building - Cin. Oh                       35 East Seventh Street
 194     Natixis   Shell - Firestone                                      6330 & 6350 North State Road 7
 195      JPMCB    Western Knitting Mills                                 400 Water Street
 196      JPMCB    Tramz Hampton Inn - Syracuse                           6605 Old Collamer Road South
 197       EHY     3443 Boston Post Road                                  3443 Boston Post Road
 198       UBS     Walgreens - Duluth                                     1201 Miller Trunk Road
 199      JPMCB    Harbin Springs Apartments                              1012 Harbins Road
 200      NCCI     Holiday Inn Express - Sharonville, OH                  11160 Dowlin Drive
 201      JPMCB    Winston Square                                         2506 South General McMullen Drive
 202       UBS     Metro Self Storage - Fort Myers                        17625 South Tamiami Trail
 203      JPMCB    Best Buy-Witchita Falls                                4100 Kemp Boulevard
 204     Natixis   9-11 Raymond Avenue                                    9-11 Raymond Avenue
 205      NCCI     Holiday Inn Express - Elizabeth City, NC               306 South Hughes Boulevard
 206      JPMCB    Ashley Self Storage                                    2455 & 2457 Ashley River Road
 207       UBS     Walgreens - Littleton                                  7443 West Chatfield Avenue
 208       UBS     Brooks Brothers Walnut Street                          1513 Walnut Street
 209      JPMCB    Florida City - Extra Space Storage                     900 North Krome Avenue
 210       EHY     Walgreens - Utica                                      4855 Commercial Drive
 211      JPMCB    Pecan Manor                                            6840 Pecan Valley Drive
 212      JPMCB    Academy Sports San Antonio                             2024 North Loop 1604 East
 213       AIG     Chestnut Parking Garage                                111 East Chestnut Street
 214      JPMCB    Sun West Promenade Building I                          5455 South Fort Apache Road
 215      JPMCB    1140-1160 Parsippany Boulevard                         1140-1160 Parsippany Boulevard
 216      JPMCB    Las Colinas Office                                     1000 East Rochelle Boulevard
 217       UBS     Walgreens - Morehead                                   2202 Arendell Street
 218     Natixis   Eagle Village                                          600 Eagle's Landing Parkway
 219      JPMCB    Wharton Commerce Center                                11 Middlebury Boulevard
 220       UBS     French Place Apartments                                109 W French Place
 221       EHY     Howland Industrial Portfolio                           Various
221.01             377 Ballardvale Street                                 377 Ballardvale Street
221.02             315 New Boston Street                                  315 New Boston Street
 222       UBS     Metro Self Storage - Douglasville                      7454 Douglas Blvd
 223       UBS     Walgreens Memphis                                      3100 Thomas Street
 224      JPMCB    170 Post Road                                          170 Post Road West
 225      JPMCB    Spiral Plaza                                           10 -16 Spiral Plaza
 226      JPMCB    Comfort Inn - Red Bluff                                90 Sale Lane
 227       EHY     184 Nagle Avenue                                       184 Nagle Avenue
 228       UBS     Rite Aid - Westover                                    405 Fairmont Rd
 229     Natixis   926 Haddonfield Road                                   926 Haddonfield Road
 230     Natixis   3060 East 44th Street                                  3060 East 44th Street
 231      JPMCB    Academy Sports Houston                                 10414 Gulf Freeway
 232       UBS     Walgreens - Lancaster                                  1101 Hwy 9 Bypass West
 233       UBS     Walgreens - Mocksville                                 901 Yadkinville Road
 234     Natixis   Lone Tree Town Center                                  7824 Park Meadows Drive
 235      NCCI     Raven's Crossing Strip Center                          2148-2168 Randall Road
 236      NCCI     Glen Oaks Apartments                                   8118 Spring Hill Drive
 237     Natixis   Six Forks - Raleigh                                    5711 Six Forks Road
 238       UBS     Rite Aid - Chester                                     200 Weir Place
 239       UBS     389 Knickerbocker Avenue                               389 Knickerbocker Avenue
 240     Natixis   9031 West Sahara Avenue                                9031 West Sahara Avenue
 241     Natixis   Parthenia Twins Apartments                             19236-19248 Parthenia Street
 242      JPMCB    1550 North Congress                                    1550 North Congress Avenue
 243       UBS     Rite Aid - Emporium                                    620 Allegheny Avenue
 244     Natixis   2937-39 Main Street                                    2937-39 Main Street
 245       UBS     North Richland Hills Portfolio                         Various
245.01             Chick-Fil-A                                            5131 Rufe Snow Drive
245.02             Applebee's                                             6645 NE Loop 820
245.03             Don Pablo's                                            5121 Rufe Snow Drive
 246     Natixis   CVS Holliston                                          101 Central Street
 247      NCCI     Rails End                                              7250 East State Highway 44
 248     Natixis   Logan Portfolio-Beavercreek, OH                        2819 Centre Drive
 249     Natixis   Century Drive - Raleigh                                2209 Century Drive
 250     Natixis   Creedmoor Centre 10                                    8351 Standonshire Way
 251     Natixis   Logan Portfolio-Decatur, AL                            2315 Beltline Road
 252     Natixis   Logan Portfolio-Huntsville, AL                         4249 Balmoral Drive
 253     Natixis   Logan Portfolio-Flowood, MS                            277 Dogwood Boulevard
 254     Natixis   7772 Santa Monica Boulevard                            7772 Santa Monica Boulevard
 255     Natixis   Logan Portfolio-Bowling Green, KY                      2920 Scottsville Road
 256     Natixis   Creedmoor Centre 1                                     8301 Bandford Way
 257     Natixis   Logan Portfolio-Savannah, GA                           11301 Abercom Street
 258     Natixis   Logan Portfolio-Murfreesboro, TN                       740 North West Broad Street
 259     Natixis   Logan Portfolio-West Monroe, LA                        201 Constitution Drive
 260     Natixis   Logan Portfolio-Gallatin, TN                           1007 Village Green Crossing
 261     Natixis   Logan Portfolio-Canton, MI                             39605 Ford Road
 262     Natixis   Logan Portfolio-Fort Oglethorpe, GA                    2584 Battlefield Parkway
 263     Natixis   Logan Portfolio-Oxford, AL                             40 Ali Way
 264     Natixis   Logan Portfolio-Evansville, IN                         5645 Pearl Drive
 265     Natixis   Logan Portfolio-Austin, TX                             701 East Stassney
 266       UBS     Arby's - Grand Rapids                                  810 S Pokegama Ave





                                                                                  NUMBER OF    PROPERTY
LOAN #   CITY                             STATE(1)  ZIP CODE   COUNTY             PROPERTIES   TYPE
------   ------------------------------   -------   --------   ----------------   ----------   --------------------

  1      Various                          Various   Various    Various                9        Office
 1.01    Denver                             CO       80202     Denver                 1        Office
 1.02    Buffalo                            NY       14201     Erie                   1        Office
 1.03    Parkersburg                        WV       26101     Wood                   1        Office
 1.04    Martinsburg                        WV       25401     Berkeley               1        Office
 1.05    Charleston                         WV       25301     Kanawha                1        Office
 1.06    Pittsburgh                         PA       15203     Allegheny              1        Office
 1.07    Lenexa                             KS       66215     Johnson                1        Office
 1.08    Buffalo                            NY       14204     Erie                   1        Office
 1.09    Mineral Wells                      WV       26101     Wood                   1        Office
  2      Beverly Hills                      CA       90210     Los Angeles            3        Office
 2.01    Beverly Hills                      CA       90210     Los Angeles            1        Office
 2.02    Beverly Hills                      CA       90210     Los Angeles            1        Office
 2.03    Beverly Hills                      CA       90210     Los Angeles            1        Office
  3      New York                           NY       10010     New York               1        Office
  4      Various                            CA      Various    Various                31       Retail
 4.01    Hayward                            CA       94541     Alameda                1        Retail
 4.02    San Bruno                          CA       94066     San Mateo              1        Retail
 4.03    Daly City                          CA       94015     San Mateo              1        Retail
 4.04    San Leandro                        CA       94578     Alameda                1        Retail
 4.05    Concord                            CA       94521     Contra Costa           1        Retail
 4.06    San Jose                           CA       95124     Santa Clara            1        Retail
 4.07    Santa Rosa                         CA       95403     Sonoma                 1        Retail
 4.08    Antioch                            CA       94509     Contra Costa           1        Retail
 4.09    Roseville                          CA       95678     Placer                 1        Retail
 4.10    Sacramento                         CA       95833     Sacramento             1        Retail
 4.11    Tracy                              CA       95376     San Joaquin            1        Retail
 4.12    San Jose                           CA       95136     Santa Clara            1        Retail
 4.13    Folsom                             CA       95630     Sacramento             1        Retail
 4.14    Hayward                            CA       94544     Alameda                1        Retail
 4.15    Sacramento                         CA       95828     Sacramento             1        Retail
 4.16    Sand City                          CA       93955     Monterey               1        Retail
 4.17    Auburn                             CA       95603     Placer                 1        Retail
 4.18    Citrus Heights                     CA       95610     Sacramento             1        Retail
 4.19    Elk Grove                          CA       95624     Sacramento             1        Retail
 4.20    Vacaville                          CA       95687     Solano                 1        Retail
 4.21    Lodi                               CA       95240     San Joaquin            1        Retail
 4.22    Vacaville                          CA       95688     Solano                 1        Retail
 4.23    Chico                              CA       95926     Butte                  1        Retail
 4.24    Salinas                            CA       93907     Monterey               1        Retail
 4.25    Hollister                          CA       95023     Benito                 1        Retail
 4.26    Grass Valley                       CA       95945     Nevada                 1        Retail
 4.27    Jackson                            CA       95642     Amador                 1        Retail
 4.28    Fresno                             CA       93710     Fresno                 1        Retail
 4.29    Fresno                             CA       93722     Fresno                 1        Retail
 4.30    Fresno                             CA       93703     Fresno                 1        Retail
 4.31    Kingsburg                          CA       93631     Fresno                 1        Retail
  5      New York                           NY       10001     New York               1        Office
  6      Philadelphia                       PA       19154     Philadelphia           1        Retail
  7      Jacksonville                       FL       32202     Duval                  1        Hotel
  8      Various                          Various   Various    Various                7        Industrial
 8.01    Indianapolis                       IN       46203     Marion                 1        Industrial
 8.02    Milwaukie                          OR       97222     Clackamas              1        Industrial
 8.03    Pasco                              WA       99301     Franklin               1        Industrial
 8.04    Phoenix                            AZ       85043     Maricopa               1        Industrial
 8.05    Fort Dodge                         IA       50501     Webster                1        Industrial
 8.06    Wallula                            WA       99363     Walla Walla            1        Industrial
 8.07    Augusta                            GA       30901     Richmond               1        Industrial
  9      Flint                              MI       48507     Genesee                1        Retail
  10     ChampionsGate                      FL       33896     Polk                   1        Hotel
  11     San Francisco                      CA      Various    San Francisco          16       Multifamily
11.01    San Francisco                      CA       94102     San Francisco          1        Multifamily
11.02    San Francisco                      CA       94102     San Francisco          1        Multifamily
11.03    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.04    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.05    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.06    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.07    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.08    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.09    San Francisco                      CA       94103     San Francisco          1        Multifamily
11.10    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.11    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.12    San Francisco                      CA       94102     San Francisco          1        Multifamily
11.13    San Francisco                      CA       94117     San Francisco          1        Multifamily
11.14    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.15    San Francisco                      CA       94109     San Francisco          1        Multifamily
11.16    San Francisco                      CA       94109     San Francisco          1        Multifamily
  12     Various                          Various   Various    Various                10       Manufactured Housing
12.01    Belleville                         MI       48111     Wayne                  1        Manufactured Housing
12.02    Howell                             MI       48843     Livingston             1        Manufactured Housing
12.03    Holly                              MI       48442     Oakland                1        Manufactured Housing
12.04    Columbus                           MI       48063     St. Clair              1        Manufactured Housing
12.05    Indianapolis                       IN       46203     Marion                 1        Manufactured Housing
12.06    Indianapolis                       IN       46234     Marion                 1        Manufactured Housing
12.07    Grand Rapids                       MI       49534     Kent                   1        Manufactured Housing
12.08    Dundee                             MI       48131     Dundee                 1        Manufactured Housing
12.09    Midland                            MI       48642     Midland                1        Manufactured Housing
12.10    Ionia                              MI       48846     Ionia                  1        Manufactured Housing
  13     Anaheim                            CA       92806     Orange                 1        Office
  14     New York                           NY       10023     New York               1        Multifamily
  15     Atlanta                            GA       30313     Fulton                 1        Hotel
  16     Shelton                            CT       06484     Fairfield              1        Office
  17     New York                           NY       10128     New York               1        Multifamily
  18     Boston                             MA       02116     Suffolk                1        Office
  19     New York                           NY       10023     New York               1        Multifamily
  20     Southlake                          TX       76092     Tarrant                1        Retail
  21     Franklin                           TN       37027     Williamson             1        Multifamily
  22     Ocean City                         MD       21842     Worcester              1        Hotel
  23     New York                           NY       10012     New York               1        Office
  24     Auburndale                         FL       33823     Polk                   1        Manufactured Housing
  25     Various                          Various   Various    Various                5        Hotel
25.01    Franklin                           TN       37067     Williamson             1        Hotel
25.02    Richardson                         TX       75082     Dallas                 1        Hotel
25.03    St. Charles                        MO       63303     St. Charles            1        Hotel
25.04    Springfield                        MO       65804     Greene                 1        Hotel
25.05    Springfield                        MO       65803     Greene                 1        Hotel
  26     Middleton                          WI       53562     Dane                   1        Retail
  27     Various                            NY      Various    Various                3        Industrial
27.01    Brooklyn                           NY       11232     Kings                  1        Industrial
27.02    Long Island City                   NY       11101     Queens                 1        Industrial
27.03    Brooklyn                           NY       11215     Kings                  1        Industrial
  28     New York                           NY       10011     New York               1        Retail
  29     Indianapolis                       IN       46204     Marion                 1        Office
  30     Long Island City                   NY       11106     Queens                 1        Office
  31     Greenwich                          CT       06381     Fairfield              1        Office
  32     Hialeah Gardens                    FL       33018     Miami-Dade             1        Manufactured Housing
  33     Burlington                         MA       01803     Middlesex              1        Hotel
  34     Birmingham                         AL       35242     Shelby                 1        Multifamily
  35     Surprise                           AZ       85374     Maricopa               1        Manufactured Housing
  36     Berwyn                             PA       19312     Chester                1        Retail
  37     Bakersfield                        CA       93308     Kern                   1        Hotel
  38     Centralia                          WA       98531     Lewis                  1        Industrial
  39     Various                          Various   Various    Various                8        Senior Housing
39.01    West Chester                       OH       45069     Butler                 1        Senior Housing
39.02    Cincinnati                         OH       45245     Clermont               1        Senior Housing
39.03    Harrison                           OH       45030     Hamilton               1        Senior Housing
39.04    Fairborn                           OH       45324     Clark                  1        Senior Housing
39.05    Ft. Thomas                         KY       41075     Campbell               1        Senior Housing
39.06    Erlanger                           KY       41018     Kenton                 1        Senior Housing
39.07    Ft. Thomas                         KY       41075     Campbell               1        Senior Housing
39.08    Springboro                         OH       45066     Warren                 1        Senior Housing
  40     Emeryville                         CA       94608     Alameda                1        Hotel
  41     Richmond                           VA       23294     Henrico                1        Hotel
  42     Oklahoma City                      OK       73102     Oklahoma               1        Hotel
  43     Long Beach                         CA       90802     Los Angeles            1        Office
  44     Venice                             FL       34293     Sarasota               1        Retail
  45     Sparks                             NV       89434     Washoe                 1        Multifamily
  46     Brooklyn                           NY       11211     Kings                  1        Multifamily
  47     Davenport                          FL       33897     Polk                   1        Manufactured Housing
  48     Woodbridge                         VA       22192     Prince William         1        Retail
  49     Dallas                             TX       75254     Dallas                 1        Office
  50     Columbia                           MD       21046     Howard                 1        Office
  51     Honolulu                           HI       96815     Honolulu               1        Office
  52     New York                           NY       10016     New York               1        Multifamily
  53     Owings Mills                       MD       21117     Baltimore              1        Office
  54     Brooklyn                           NY       11209     Kings                  1        Retail
  55     Valley View                        OH       44125     Cuyahoga               1        Retail
  56     Washington                         DC       20037                            1        Hotel
  57     San Diego                          CA       92108     San Diego              1        Hotel
  58     Naperville                         IL       60563     DuPage                 1        Office
  59     Lyndhurst                          NJ       07071     Bergen                 1        Retail
  60     Rockaway                           NJ       07866     Morris                 1        Retail
  61     Palm Beach Gardens                 FL       33410     Palm Beach             1        Office
  62     Daytona Beach                      FL       32114     Volusia                1        Retail
  63     New York                           NY       10036     New York               1        Office
  64     Fort Lauderdale                    FL       33304     Broward                1        Retail
  65     Bowling Green                      KY       42104     Warren                 1        Multifamily
  66     Northridge                         CA       91326     Los Angeles            1        Multifamily
  67     Santa Monica                       CA       90404     Los Angeles            1        Hotel
  68     Houston                            TX       77082     Harris                 1        Multifamily
  69     Waltham                            MA       02451     Middlesex              1        Office
  70     Shelton                            CT       06484     Fairfield              1        Retail
  71     San Antonio                        TX       78232     Bexar                  1        Retail
  72     Evanston                           IL       60201     Cook                   1        Office
  73     Corpus Christi                     TX       78413     Nueces                 1        Multifamily
  74     Bronx                              NY       10460     Bronx                  1        Multifamily
  75     Hempstead                          NY       11550     Nassau                 2        Retail
75.01    Hempstead                          NY       11550     Nassau                 1        Retail
75.02    Hempstead                          NY       11550     Nassau                 1        Retail
  76     Boardman                           OH       44512     Mahoning               1        Retail
  77     Flushing                           NY       11354     Queens                 1        Multifamily
  78     Pensacola                          FL       32514     Escambia               1        Multifamily
  79     Allen                              TX       75002     Bexar                  1        Multifamily
  80     Dallas                             TX       75225     Dallas                 1        Office
  81     Carrollton                         TX       75007     Denton                 1        Multifamily
  82     Kemah                              TX       77565     Galveston              1        Multifamily
  83     Richmond                           VA       23234     Chesterfield           1        Multifamily
  84     Nashville                          TN       37219     Davidson               1        Office
  85     Hyattsville                        MD       20783     Prince George          2        Multifamily
85.01    Hyattsville                        MD       20783     Prince George          1        Multifamily
85.02    Hyattsville                        MD       20783     Prince George          1        Multifamily
  86     Petoskey                           MI       49770     Emmet                  1        Office
  87     Los Angeles                        CA       90037     Los Angeles            1        Retail
  88     Orlando                            FL       32817     Orange                 1        Office
  89     Gardena                            CA       90248     Los Angeles            1        Industrial
  90     Chicago                            IL       60608     Cook                   1        Retail
  91     Canton                             MA       02021     Norfolk                1        Office
  92     New York                           NY       10021     New York               1        Self Storage
  93     Smyrna                             GA       30082     Cobb                   1        Office
  94     Houston                            TX       77067     Harrison               1        Multifamily
  95     Various                            LA      Various    Saint Tammany          2        Self Storage
95.01    Covington                          LA       70433     Saint Tammany          1        Self Storage
95.02    Slidell                            LA       70461     Saint Tammany          1        Self Storage
  96     Dallas                             TX       75275     Dallas                 1        Retail
  97     San Antonio                        TX       78227     Bexar                  1        Multifamily
  98     Vacaville                          CA       95687     Solano                 1        Senior Housing
  99     Davenport                          FL       33837     Polk                   1        Manufactured Housing
 100     Hunt Valley                        MD       21030     Baltimore              1        Hotel
 101     City of Industry                   CA       91744     Los Angeles            1        Industrial
 102     McDonough                          GA       30253     Henry                  1        Industrial
 103     Glendale                           CA       91203     Los Angeles            1        Office
 104     New York                           NY       10033     New York               2        Multifamily
104.01   New York                           NY       10033     New York               1        Multifamily
104.02   New York                           NY       10033     New York               1        Multifamily
 105     Los Angeles                        CA       90028     Los Angeles            1        Office
 106     Irving                             TX       75038     Dallas                 1        Office
 107     Los Angeles                        CA       90069     Los Angeles            1        Retail
 108     Visalia                            CA       93277     Tulare                 1        Manufactured Housing
 109     Chicago                            IL       60646     Cook                   1        Retail
 110     Woodside                           NY       11377     Queens                 1        Multifamily
 111     Vero Beach                         FL       32960     Indian River           1        Retail
 112     Irwindale                          CA       91706     Los Angeles            1        Office
 113     Miami Beach                        FL       33139     Miami-Dade             1        Mixed Use
 114     Detroit                            MI       48207     Wayne                  1        Office
 115     York                               PA       17402     York                   1        Hotel
 116     New York                           NY       10019     New York               1        Multifamily
 117     Bedford Park                       IL       60629     Cook                   1        Retail
 118     Valencia                           CA       91355     Los Angeles            1        Industrial
 119     Bronx                              NY       10457     Bronx                  1        Retail
 120     Great Neck                         NY       11021     Nassau                 1        Office
 121     Louisville                         KY       40299     Jefferson              1        Office
 122     New York                           NY       10003     New York               1        Mixed Use
 123     Sylmar                             CA       91342     Los Angeles            1        Multifamily
 124     Elkridge                           MD       21075     Howard                 1        Industrial
 125     Milwaukee                          WI       53224     Milwaukee              1        Multifamily
 126     Milwaukie                          OR       97222     Clackamas              1        Retail
 127     Brea                               CA       92821     Orange                 1        Mixed Use
 128     Corona                             NY       11368     Queens                 1        Multifamily
 129     Omaha                              NE       68102     Douglas                1        Multifamily
 130     Newton                             MA       02459     Middlesex              1        Retail
 131     Frederick                          MD       21703     Frederick              1        Office
 132     Ogdensburg                         NY       13669     St. Lawrence           1        Retail
 133     Reno                               NV       89502     Washoe                 1        Multifamily
 134     Austin                             TX       78759     Travis                 1        Multifamily
 135     Leonardstown                       MD       20650     St. Mary's             1        Retail
 136     Chicago                            IL       60618     Cook                   1        Office
 137     Columbia                           SC       29201     Richland               1        Hotel
 138     Santa Monica                       CA       90405     Los Angeles            1        Retail
 139     Center Line                        MI       48015     Macomb                 1        Retail
 140     Longview                           TX       75605     Gregg                  1        Multifamily
 141     Houston                            TX       77090     Harris                 1        Multifamily
 142     St. Louis                          MO       63108     Saint Louis City       1        Multifamily
 143     Tampa                              FL       33613     Hillsborough           1        Manufactured Housing
 144     Columbia                           SC       29223     Richland               1        Hotel
 145     Tuscon                             AZ       85706     Pima                   1        Multifamily
 146     West Palm Beach                    FL       33411     Palm Beach             1        Industrial
 147     El Segundo                         CA       90245     Los Angeles            1        Industrial
 148     Wichita Falls                      TX       76310     Wichita                1        Multifamily
 149     Natchitoches                       LA       71457     Natchitoches           1        Retail
 150     New York                           NY       10010     New York               1        Office
 151     Culver City                        CA       90232     Los Angeles            1        Office
 152     Spring                             TX       77386     Montgomery             1        Industrial
 153     Houston                            TX       77057     Harris                 1        Office
 154     Jackson Heights                    NY       11372     Queens                 1        Retail
 155     San Antonio                        TX       78223     Bexar                  1        Multifamily
 156     Mt. Laurel, NJ & Langhorne, PA   Various   Various    Various                1        Industrial
 157     Orem                               UT       84097     Utah                   1        Retail
 158     Round Rock                         TX       78664     Williamson             1        Retail
 159     Mountainside                       NJ       07092     Union                  1        Retail
 160     Greenville                         SC       29607     Greenville             1        Hotel
 161     Los Angeles                        CA       90048     Los Angeles            1        Retail
 162     San Diego                          CA       92101     San Diego              1        Mixed Use
 163     Venice                             CA       90291     Los Angeles            1        Mixed Use
 164     Louisville                         KY       40203     Jefferson              1        Multifamily
 165     Los Angeles                        CA       90065     Los Angeles            1        Multifamily
 166     Los Angeles                        CA       90069     Los Angeles            1        Retail
 167     Amarillo                           TX       79103     Potter                 1        Hotel
 168     Greenville                         SC       29607     Greenville             1        Retail
 169     Spring                             TX       77386     Montgomery             1        Multifamily
 170     Champaign                          IL       61822     Champaign              1        Hotel
 171     Bloomington                        IL       61704     McLean                 1        Hotel
 172     Worcester                          MA       01608     Worcester              1        Multifamily
 173     Los Angeles                        CA      Various    Los Angeles            2        Retail
173.01   Los Angeles                        CA       90048     Los Angeles            1        Retail
173.02   Los Angeles                        CA       90069     Los Angeles            1        Retail
 174     Evergreen                          CO       80439     Jefferson              1        Retail
 175     Various                          Various   Various    Various                3        Retail
175.01   Wilmington                         DE       19801     New County             1        Retail
175.02   Louisville                         KY       40291     Jefferson              1        Retail
175.03   Biddeford                          ME       04005     York                   1        Retail
 176     Lisle                              IL       60532     DuPage                 1        Office
 177     San Antonio                        TX       78228     Bexar                  1        Hotel
 178     St Louis                           MO       63137     St Louis               1        Multifamily
 179     Birmingham                         AL       35209     Jefferson              1        Office
 180     Hemet                              CA       92544     Riverside              1        Retail
 181     Albuquerque                        NM       87109     Bernalillo             1        Hotel
 182     Dallas                             TX       75206     Dallas                 1        Office
 183     Scranton                           PA       18508     Lackawanna             1        Office
 184     Eden Prairie                       MN       55344     Hennepin               1        Hotel
 185     Lakewood                           CO       80226     Jefferson              1        Retail
 186     Sheboygan Falls                    WI       53085     Sheboygan              1        Multifamily
 187     Greensboro                         NC       27407     Guilford               1        Hotel
 188     Wilmington                         MA       01887     Middlesex              1        Industrial
 189     Commack                            NY       11725     Suffolk                1        Office
 190     Jackson Heights                    NY       11372     Queens                 1        Retail
 191     Sterling Heights                   MI       48313     Macomb                 1        Retail
 192     Las Vegas                          NV       89147     Clark                  1        Retail
 193     Cincinnati                         OH       45202     Hamilton               1        Office
 194     Coconut Creek                      FL       33073     Broward                1        Retail
 195     Rochester                          MI       48307     Oakland                1        Office
 196     Syracuse                           NY       13057     Onondaga               1        Hotel
 197     Bronx                              NY       10469     Bronx                  1        Retail
 198     Duluth                             MN       55811     St. Louis              1        Retail
 199     Norcross                           GA       30093     Gwinnett               1        Multifamily
 200     Sharonville                        OH       45241     Hamilton               1        Hotel
 201     San Antonio                        TX       78226     Bexar                  1        Multifamily
 202     Fort Myers                         FL       33908     Lee                    1        Self Storage
 203     Wichita Falls                      TX       76308     Wichita                1        Retail
 204     Poughkeepsie                       NY       12603     Dutchess               1        Office
 205     Elizabeth City                     NC       27909     Pasquotank             1        Hotel
 206     Charleston                         SC       29414     Charleston             1        Mixed Use
 207     Littleton                          CO       80128     Jefferson              1        Retail
 208     Philadelphia                       PA       19102     Philadelphia           1        Retail
 209     Florida City                       FL       33034     Miami-Dade             1        Self Storage
 210     New Hartford                       NY       13413     Oneida                 1        Retail
 211     San Antonio                        TX       78223     Bexar                  1        Multifamily
 212     San Antonio                        TX       78232     Bexar                  1        Retail
 213     Chicago                            IL       60611     Cook                   1        Parking Garage
 214     Las Vegas                          NV       89148     Clark                  1        Retail
 215     Parsippany                         NJ       07054     Morris                 1        Office
 216     Irving                             TX       75062     Dallas                 1        Office
 217     Morehead                           NC       28557     Carteret               1        Retail
 218     Stockbridge                        GA       30281     Henry                  1        Retail
 219     Randolph                           NJ       07869     Morris                 1        Industrial
 220     San Antonio                        TX       78212     Bexar                  1        Multifamily
 221     Various                            MA      Various    Middlesex              2        Industrial
221.01   Wilmington                         MA       01887     Middlesex              1        Industrial
221.02   Woburn                             MA       01801     Middlesex              1        Industrial
 222     Douglasville                       GA       30125     Douglas                1        Self Storage
 223     Memphis                            TN       38127     Shelby                 1        Retail
 224     Westport                           CT       06880     Fairfield              1        Mixed Use
 225     Florence                           KY       41042     Boone                  1        Mixed Use
 226     Red Bluff                          CA       96080     Tehama                 1        Hotel
 227     New York                           NY       10034     New York               1        Multifamily
 228     Westover                           WV       26501     Monongalia             1        Retail
 229     Cherry Hill                        NJ       08002     Camden                 1        Retail
 230     Vernon                             CA       90067     Los Angeles            1        Industrial
 231     Houston                            TX       77034     Harris                 1        Retail
 232     Lancaster                          SC       29710     Lancaster              1        Retail
 233     Mocksville                         NC       27028     Davie                  1        Retail
 234     Lone Tree                          CO       80124     Douglas                1        Retail
 235     Carpentersville                    IL       60110     Kane                   1        Retail
 236     Spring Hill                        FL       34606     Hernando               1        Multifamily
 237     Raleigh                            NC       27609     Wake                   1        Office
 238     Chester                            VA       23831     Chesterfield           1        Retail
 239     Brooklyn                           NY       11237     Kings                  1        Retail
 240     Las Vegas                          NV       89117     Clark                  1        Retail
 241     Northridge                         CA       91324     Los Angeles            1        Multifamily
 242     West Palm Beach                    FL       33409     Palm Beach             1        Industrial
 243     Emporium                           PA       15834     Cameron                1        Retail
 244     Santa Monica                       CA       90405     Los Angeles            1        Retail
 245     North Richland Hills               TX       76180     Tarrant                3        Retail
245.01   North Richland Hills               TX       76180     Tarrant                1        Retail
245.02   North Richland Hills               TX       76180     Tarrant                1        Retail
245.03   North Richland Hills               TX       76180     Tarrant                1        Retail
 246     Holliston                          MA       01746     Middlesex              1        Retail
 247     Wildwood                           FL       34785     Sumter                 1        Manufactured Housing
 248     Beavercreek                        OH       45324     Greene                 1        Retail
 249     Raleigh                            NC       27612     Wake                   1        Office
 250     Raleigh                            NC       27615     Wake                   1        Office
 251     Decatur                            AL       35601     Morgan                 1        Retail
 252     Huntsville                         AL       35801     Madison                1        Retail
 253     Flowood                            MS       39232     Rankin                 1        Retail
 254     West Hollywood                     CA       90046     Los Angeles            1        Retail
 255     Bowling Green                      KY       42103     Warren                 1        Retail
 256     Raleigh                            NC       27615     Wake                   1        Office
 257     Savannah                           GA       31419     Chatham                1        Retail
 258     Murfreesboro                       TN       37129     Rutherford             1        Retail
 259     West Monroe                        LA       71292     Ouachita Parish        1        Retail
 260     Gallatin                           TN       37066     Sumner                 1        Retail
 261     Canton                             MI       48184     Wayne                  1        Retail
 262     Fort Oglethorpe                    GA       30742     Catoosa                1        Retail
 263     Oxford                             AL       36203     Calhoun                1        Retail
 264     Evansville                         IN       47712     Vanderburgh            1        Retail
 265     Austin                             TX       78745     Travis                 1        Retail
 266     Grand Rapids                       MN       55744     Itasca                 1        Retail





         PROPERTY                                   YEAR                             UNIT OF                        OCCUPANCY
LOAN #   SUBTYPE                     YEAR BUILT   RENOVATED   UNITS(2),(3),(4)       MEASURE        OCCUPANCY %(6)    DATE
------   -------------------------   ----------   ---------   ---------------   -----------------   -------------   ---------

  1      CBD                           Various     Various          1,101,778      Square Feet           97.1        Various
 1.01    CBD                            2006                          276,471      Square Feet           96.3        03/01/07
 1.02    CBD                            2004                          270,082      Square Feet           91.9        03/01/07
 1.03    CBD                            2005                          182,500      Square Feet           100.0       07/09/07
 1.04    CBD                            1996                          122,475      Square Feet           100.0       07/09/07
 1.05    CBD                            1959         2000              90,050      Square Feet           100.0       07/09/07
 1.06    CBD                            2004                           36,153      Square Feet           100.0       07/09/07
 1.07    CBD                            1992                           53,500      Square Feet           100.0       07/09/07
 1.08    CBD                            2003         2005              32,223      Square Feet           100.0       07/09/07
 1.09    CBD                            2002                           38,324      Square Feet           100.0       07/09/07
  2      Suburban                      Various                        583,780      Square Feet           97.4        03/31/07
 2.01    Suburban                       1987                          287,748      Square Feet           94.9        03/31/07
 2.02    Suburban                       2003                          163,811      Square Feet           100.0       03/31/07
 2.03    Suburban                       1989                          132,221      Square Feet           99.8        03/31/07
  3      CBD                            1910         2007             333,641      Square Feet           100.0       03/31/07
  4      Anchored                      Various     Various          1,611,853      Square Feet           100.0       07/09/07
 4.01    Anchored                       2001                           61,454      Square Feet           100.0       07/09/07
 4.02    Anchored                       1989                           56,280      Square Feet           100.0       07/09/07
 4.03    Anchored                       1998                           61,881      Square Feet           100.0       07/09/07
 4.04    Anchored                       1982                           58,526      Square Feet           100.0       07/09/07
 4.05    Anchored                       2000                           61,447      Square Feet           100.0       07/09/07
 4.06    Anchored                       1990                           49,103      Square Feet           100.0       07/09/07
 4.07    Anchored                       1998                           55,044      Square Feet           100.0       07/09/07
 4.08    Anchored                       1995                           60,154      Square Feet           100.0       07/09/07
 4.09    Anchored                       1995                           53,248      Square Feet           100.0       07/09/07
 4.10    Anchored                       1987         2002              51,316      Square Feet           100.0       07/09/07
 4.11    Anchored                       1997                           62,236      Square Feet           100.0       07/09/07
 4.12    Anchored                       1996                           59,907      Square Feet           100.0       07/09/07
 4.13    Anchored                       1990         1997              49,517      Square Feet           100.0       07/09/07
 4.14    Anchored                       1990                           45,579      Square Feet           100.0       07/09/07
 4.15    Anchored                       1990                           49,629      Square Feet           100.0       07/09/07
 4.16    Anchored                       1997                           62,501      Square Feet           100.0       07/09/07
 4.17    Anchored                       1979         1997              43,768      Square Feet           100.0       07/09/07
 4.18    Anchored                       1984         1996              43,354      Square Feet           100.0       07/09/07
 4.19    Anchored                       1994                           45,641      Square Feet           100.0       07/09/07
 4.20    Anchored                       1991         2003              44,745      Square Feet           100.0       07/09/07
 4.21    Anchored                       1996                           50,342      Square Feet           100.0       07/09/07
 4.22    Anchored                       1988                           42,630      Square Feet           100.0       07/09/07
 4.23    Anchored                       1989         2001              42,294      Square Feet           100.0       07/09/07
 4.24    Anchored                       1997                           62,246      Square Feet           100.0       07/09/07
 4.25    Anchored                       1996                           62,078      Square Feet           100.0       07/09/07
 4.26    Anchored                       1990                           43,737      Square Feet           100.0       07/09/07
 4.27    Anchored                       1994                           40,593      Square Feet           100.0       07/09/07
 4.28    Anchored                       1991                           58,360      Square Feet           100.0       07/09/07
 4.29    Anchored                       1996                           50,245      Square Feet           100.0       07/09/07
 4.30    Anchored                       1991                           42,630      Square Feet           100.0       07/09/07
 4.31    Anchored                       1998                           41,368      Square Feet           100.0       07/09/07
  5      CBD                            1925         2006             656,824      Square Feet           95.0        04/01/07
  6      Anchored                       1989         1998           1,579,457      Square Feet           91.4        05/01/07
  7      Full Service                   2001         2006                 966         Rooms              73.3        04/30/07
  8      Warehouse/Distribution        Various     Various          1,373,997      Square Feet           72.3        03/31/07
 8.01    Warehouse/Distribution         1979         1989             427,159      Square Feet           77.4        03/31/07
 8.02    Warehouse/Distribution         1958         1988             240,221      Square Feet           88.0        03/31/07
 8.03    Warehouse/Distribution         1975                          244,775      Square Feet           70.0        03/31/07
 8.04    Warehouse/Distribution         1985         1995             149,852      Square Feet           90.1        03/31/07
 8.05    Warehouse/Distribution         1981                          188,465      Square Feet           41.0        03/31/07
 8.06    Warehouse/Distribution         1982                           59,628      Square Feet           61.9        03/31/07
 8.07    Warehouse/Distribution         1971         1983              63,897      Square Feet           48.4        03/31/07
  9      Anchored                       1970         2005             542,588      Square Feet           87.0        09/06/06
  10     Full Service                   2004                              730         Rooms              61.0        03/22/07
  11     Various                       Various     Various                662         Units              98.2        04/30/07
11.01    Mid/High Rise                  1923         2000                  88         Units              95.5        04/30/07
11.02    Mid/High Rise                  1931         2006                  62         Units              100.0       04/30/07
11.03    Mid/High Rise                  1910         2005                  73         Units              100.0       04/30/07
11.04    Mid/High Rise                  1913         1999                  61         Units              96.7        04/30/07
11.05    Mid/High Rise                  1914         1998                  37         Units              100.0       04/30/07
11.06    Mid/High Rise                  1925         1999                  44         Units              97.7        04/30/07
11.07    Garden                         1930         2002                  53         Units              96.2        04/30/07
11.08    Mid/High Rise                  1924         2001                  47         Units              97.9        04/30/07
11.09    Garden                         1922         1999                  27         Units              96.3        04/30/07
11.10    Mid/High Rise                  1924         2005                  35         Units              97.1        04/30/07
11.11    Mid/High Rise                  1925         1990                  19         Units              100.0       04/30/07
11.12    Garden                         1928         1998                  25         Units              100.0       04/30/07
11.13    Garden                         1925         2000                  18         Units              100.0       04/30/07
11.14    Mid/High Rise                  1924         2000                  24         Units              100.0       04/30/07
11.15    Mid/High Rise                  1938         2000                  25         Units              100.0       04/30/07
11.16    Mid/High Rise                  1923         2000                  24         Units              100.0       04/30/07
  12     Manufactured Housing          Various     Various              3,489         Pads               68.2        02/01/07
12.01    Manufactured Housing           1970         2005                 536         Pads               72.7        02/01/07
12.02    Manufactured Housing           1973         1989                 455         Pads               79.0        02/01/07
12.03    Manufactured Housing           1973         1988                 504         Pads               57.9        02/01/07
12.04    Manufactured Housing           1973         1998                 380         Pads               68.0        02/01/07
12.05    Manufactured Housing           1979         2006                 325         Pads               70.2        02/01/07
12.06    Manufactured Housing           1973         2006                 296         Pads               73.3        02/01/07
12.07    Manufactured Housing           1985         2002                 319         Pads               62.0        02/01/07
12.08    Manufactured Housing           1997         1998                 213         Pads               71.4        02/01/07
12.09    Manufactured Housing           1968         1997                 171         Pads               80.0        02/01/07
12.10    Manufactured Housing           1994         1997                 290         Pads               50.6        02/01/07
  13     CBD                            1988                          257,248      Square Feet           95.5        03/27/07
  14     Mid/High Rise                  1892         2007                 153         Units              82.4        03/23/07
  15     Full Service                   1999         2006                 321         Rooms              77.2        02/28/07
  16     Suburban                       1982         1989             327,327      Square Feet           100.0       03/29/07
  17     Mid/High Rise                  2003                              166         Units              100.0       01/26/07
  18     CBD                            1983         2005             228,626      Square Feet           97.1        11/01/07
  19     Mid/High Rise                  1906         2006                 133         Units              100.0       02/03/07
  20     Anchored                       2006                          310,711      Square Feet           100.0       04/24/07
  21     Garden                         1986                              724         Units              88.5        03/07/07
  22     Full Service                   2001                              210         Rooms              72.3        12/31/06
  23     CBD                            1895                          110,018      Square Feet           100.0       03/08/07
  24     Manufactured Housing           1992                              829         Pads               100.0       03/01/07
  25     Various                       Various                          1,160         Rooms              70.6        01/24/07
25.01    Full Service                   2001                              250         Rooms              74.9        01/24/07
25.02    Full Service                   2001                              336         Rooms              63.6        01/24/07
25.03    Full Service                   2005                              296         Rooms              68.2        01/24/07
25.04    Limited Service                2000                              136         Rooms              82.7        01/24/07
25.05    Limited Service                2000                              142         Rooms              72.6        01/24/07
  26     Anchored                       2003                          286,705      Square Feet           90.8        03/31/07
  27     Warehouse/Distribution        Various     Various            414,249      Square Feet           99.0        03/31/07
27.01    Warehouse/Distribution         1916         2005             204,950      Square Feet           100.0       03/31/07
27.02    Warehouse/Distribution         1916         2006             126,287      Square Feet           96.8        03/31/07
27.03    Warehouse/Distribution         1910         2006              83,012      Square Feet           100.0       03/31/07
  28     Anchored                       1904         2002              55,641      Square Feet           100.0       12/13/06
  29     CBD                            1987         2001             339,878      Square Feet           87.2        03/31/07
  30     CBD                            1914         2001             189,779      Square Feet           100.0       01/04/07
  31     CBD                            1881         1991             111,578      Square Feet           100.0       03/01/07
  32     Manufactured Housing           1972                              525         Pads               99.8        03/01/07
  33     Full Service                   1983         2007                 418         Rooms              73.2        03/31/07
  34     Garden                         1998                              402         Units              84.8        03/21/07
  35     Manufactured Housing           1984                            1,203         Pads               94.0        03/01/07
  36     Anchored                       1979         1996             152,330      Square Feet           98.5        05/09/07
  37     Full Service                   1983         2007                 262         Rooms              76.3        03/31/07
  38     Warehouse/Distribution         2006                          717,953      Square Feet           100.0       02/01/07
  39     Skilled Nursing               Various     Various              1,136         Beds               94.3        Various
39.01    Skilled Nursing                2004                              144         Beds               95.0        03/07/07
39.02    Skilled Nursing                1985         2005                 189         Beds               94.8        03/07/07
39.03    Skilled Nursing                2006                              140         Beds               95.0        03/07/07
39.04    Skilled Nursing                1999                              144         Beds               98.6        03/08/07
39.05    Skilled Nursing                2000                              108         Beds               94.3        03/07/07
39.06    Skilled Nursing                2000                              140         Beds               94.1        03/07/07
39.07    Skilled Nursing                1996                              140         Beds               99.3        03/07/07
39.08    Skilled Nursing                1999                              131         Beds               81.9        03/08/07
  40     Full Service                   1971         2006                 278         Rooms              49.7        03/31/07
  41     Full Service                   1987         2003                 224         Rooms              71.2        01/31/07
  42     Full Service                   1975         2006                 395         Rooms              65.8        01/01/07
  43     CBD                            1986                          193,790      Square Feet           84.4        01/17/07
  44     Anchored                       1989                          174,930      Square Feet           100.0       04/18/07
  45     Garden                         2002                              256         Units              93.4        03/08/07
  46     Mid/High Rise                  1910         2004                  75         Units              100.0       03/23/07
  47     Manufactured Housing           2001                              509         Pads               100.0       04/11/07
  48     Anchored                       1988         2006             284,174      Square Feet           100.0       03/01/07
  49     Suburban                       1981         2005             371,227      Square Feet           86.5        04/13/07
  50     Suburban                       2006                          193,366      Square Feet           92.4        06/01/07
  51     Suburban                       1977         1989             151,842      Square Feet           97.6        01/31/07
  52     Mid/High Rise                  1924         2001                  99         Units              100.0       03/01/07
  53     Suburban                       1990                          117,659      Square Feet           100.0       03/26/07
  54     Anchored                       1922         2003              27,200      Square Feet           92.6        01/23/07
  55     Anchored                       1999         2002             120,070      Square Feet           100.0       12/31/06
  56     Full Service                   1957         2002                 125         Rooms              78.8        02/28/07
  57     Limited Service                1988         2000                 126         Rooms              84.4        12/31/06
  58     Suburban                       1987         1999             196,558      Square Feet           92.8        01/30/07
  59     Anchored                       1971         2006              92,060      Square Feet           94.6        11/06/06
  60     Shadow Anchored                2005                           80,000      Square Feet           100.0       05/10/07
  61     CBD                            1998                           72,350      Square Feet           90.4        02/20/07
  62     Anchored                       2006                          131,361      Square Feet           100.0       04/24/07
  63     CBD                            1929         1984              59,816      Square Feet           100.0       05/31/07
  64     Anchored                       2004                           63,347      Square Feet           90.5        05/01/07
  65     Garden                         2005                              216         Units              97.7        04/30/07
  66     Garden                         1979         1999                 148         Units              91.8        03/19/07
  67     Limited Service                2003                               77         Rooms              92.1        02/28/07
  68     Garden                         1995                              216         Units              95.8        03/28/07
  69     Suburban                       1968         1997             154,659      Square Feet           97.1        11/03/06
  70     Anchored                       2007                           82,841      Square Feet           71.4        05/24/07
  71     Anchored                       1985         2005             183,558      Square Feet           96.7        03/07/07
  72     CBD                            1978         2006             119,242      Square Feet           93.4        02/01/07
  73     Garden                         1982                              432         Units              93.5        05/21/07
  74     Garden                         1920         1977                 206         Units              92.7        02/28/07
  75     Unanchored                    Various                         91,227      Square Feet           97.3        02/28/07
75.01    Unanchored                     1939                           69,287      Square Feet           96.5        02/28/07
75.02    Unanchored                     1948                           21,940      Square Feet           100.0       02/28/07
  76     Anchored                       1992                          107,788      Square Feet           98.5        04/04/07
  77     Mid/High Rise                  1960         2007                 147         Units              100.0       03/21/07
  78     Garden                         2004                              184         Units              94.0        03/23/07
  79     Garden                         2002                              252         Units              92.1        03/06/07
  80     Suburban                       1981                           96,543      Square Feet           100.0       03/01/07
  81     Garden                         1983         2006                 360         Units              86.4        05/02/07
  82     Garden                         1996         2007                 200         Units              93.5        04/02/07
  83     Garden                         1974         1997                 210         Units              99.5        03/15/07
  84     CBD                            1968         2006             204,574      Square Feet           90.8        04/01/07
  85     Garden                        Various     Various                229         Units              94.4        03/20/07
85.01    Garden                         1958         2001                 134         Units              94.7        03/20/07
85.02    Garden                         1954         2000                  95         Units              94.0        03/20/07
  86     Suburban                       1954         2003             117,735      Square Feet           97.5        05/15/07
  87     Unanchored                     1965         2003              51,520      Square Feet           94.2        10/18/06
  88     Suburban                       1999         2006             123,044      Square Feet           97.8        01/15/07
  89     Warehouse/Distribution         1967                          154,370      Square Feet           100.0       04/01/07
  90     Anchored                       1984                          108,170      Square Feet           97.8        02/06/07
  91     Suburban                       2002                           81,906      Square Feet           100.0       01/15/07
  92     Self Storage                   1900         2006                 367         Units              100.0       03/08/07
  93     Suburban                       1985         2005             246,176      Square Feet           87.9        02/01/07
  94     Garden                         1982                              382         Units              95.0        02/19/07
  95     Self Storage                  Various     Various              1,215         Units              95.6        04/17/07
95.01    Self Storage                   1999         2003                 609         Units              94.3        04/17/07
95.02    Self Storage                   1995         1999                 606         Units              96.9        04/17/07
  96     Shadow Anchored                1969         1999              75,798      Square Feet           93.0        03/31/07
  97     Garden                         1960                              305         Units              97.1        02/28/07
  98     Assisted Living                2004                               89         Beds               100.0       02/12/07
  99     Manufactured Housing           2001                              204         Pads               100.0       03/01/07
 100     Limited Service                1986         2006                 125         Rooms              70.4        12/31/06
 101     Flex                           1979                          152,428      Square Feet           89.0        05/11/07
 102     Warehouse/Distribution         2007                          406,874      Square Feet           100.0       04/27/07
 103     Suburban                       1968         2001              45,388      Square Feet           97.8        04/01/07
 104     Mid/High Rise                 Various     Various                123         Units              97.6        03/30/07
104.01   Mid/High Rise                  1920         1997                  81         Units              98.8        03/30/07
104.02   Mid/High Rise                  1925         2000                  42         Units              95.2        03/30/07
 105     CBD                            1930         2006              49,184      Square Feet           95.4        03/31/07
 106     CBD                            1985                           95,510      Square Feet           89.2        02/28/07
 107     Unanchored                     1938         2006               4,140      Square Feet           100.0       01/02/07
 108     Manufactured Housing           1978         1983                 284         Pads               85.6        03/31/07
 109     Anchored                       2007                           40,400      Square Feet           100.0       02/28/07
 110     Mid/High Rise                  1973                              111         Units              100.0       03/15/07
 111     Unanchored                     1983         2006             120,742      Square Feet           87.6        03/15/07
 112     Suburban                       1992                           56,510      Square Feet           100.0       10/31/06
 113     Multifamily/Office/Retail      1948         2002              37,290      Square Feet           98.5        04/24/07
 114     CBD                            1926         2002              91,087      Square Feet           100.0       04/13/07
 115     Full Service                   1971         2000                 146         Rooms              58.7        04/30/07
 116     Mid/High Rise                  1940         1985                  45         Units              100.0       04/30/07
 117     Anchored                       2006                           34,213      Square Feet           100.0       01/05/07
 118     Manufacturing                  1980         2003             138,348      Square Feet           100.0       01/19/07
 119     Unanchored                     1972         1995              44,911      Square Feet           100.0       02/28/07
 120     Suburban                       1970         2005              40,143      Square Feet           100.0       04/03/07
 121     Suburban                       1985         2006             128,226      Square Feet           90.4        03/01/07
 122     Multifamily/Retail             1900         2004               6,100   Square Feet/Units        100.0       03/01/07
 123     Garden                         1987                               81         Units              98.8        05/17/07
 124     Warehouse/Distribution         1988         2006             120,186      Square Feet           100.0       05/01/07
 125     Mid/High Rise                  1980         1990                 144         Units              94.4        04/10/07
 126     Anchored                       1956         2004              50,862      Square Feet           100.0       03/20/07
 127     Multifamily/Retail             2000                           37,141      Square Feet           90.5        12/31/06
 128     Mid/High Rise                  1972                               93         Units              96.8        03/21/07
 129     Mid/High Rise                  1910         1987                 132         Units              94.7        03/14/07
 130     Unanchored                     1971         1992              68,000      Square Feet           100.0       03/20/07
 131     Suburban                       2006                           53,146      Square Feet           100.0       04/01/07
 132     Anchored                       1960         2007             117,216      Square Feet           89.3        01/17/07
 133     Garden                         1964         2001                 160         Units              94.4        04/30/07
 134     Garden                         1986         2005                 176         Units              90.3        05/21/07
 135     Anchored                       2000                           73,936      Square Feet           100.0       04/01/07
 136     Suburban                       1957         1997              93,086      Square Feet           100.0       04/11/07
 137     Limited Service                2001                               81         Rooms              63.0        04/30/07
 138     Unanchored                     1923         1989              16,950      Square Feet           100.0       02/28/07
 139     Unanchored                     1961         2001              67,696      Square Feet           91.7        04/16/07
 140     Garden                         1978         2006                 192         Units              100.0       03/26/07
 141     Garden                         1983                              224         Units              92.9        03/21/07
 142     Mid/High Rise                  1920         1985                 134         Units              87.3        04/05/07
 143     Manufactured Housing           1972                              463         Pads               67.2        12/31/06
 144     Limited Service                1998         2007                  83         Rooms              68.4        12/31/06
 145     Garden                         1986                              176         Units              96.6        03/13/07
 146     Warehouse/Distribution         1997                           70,140      Square Feet           100.0       04/17/07
 147     Flex                           1964         2004              40,000      Square Feet           100.0       01/29/07
 148     Garden                         1983                              200         Units              93.5        04/05/07
 149     Shadow Anchored                2001                           45,910      Square Feet           91.2        05/01/07
 150     CBD                            1900         2005              16,316      Square Feet           100.0       04/25/07
 151     CBD                            1978         2006              29,925      Square Feet           100.0       11/15/06
 152     Flex                           2001                           90,100      Square Feet           95.6        04/01/07
 153     Suburban                       1979         2004              77,559      Square Feet           91.2        04/25/07
 154     Anchored                       1925         1997              37,400      Square Feet           100.0       02/28/07
 155     Garden                         1970                              160         Units              99.4        02/28/07
 156     Flex                           1969                          111,000      Square Feet           100.0       04/09/07
 157     Unanchored                     1998         2007              47,505      Square Feet           88.4        12/31/06
 158     Unanchored                     2002                           67,522      Square Feet           100.0       04/30/07
 159     Unanchored                     1996                           48,666      Square Feet           100.0       03/01/07
 160     Limited Service                1985                              123         Rooms              65.0        03/22/07
 161     Unanchored                     1955         1997               5,705      Square Feet           100.0       03/01/06
 162     Office/Retail                  1896         1987              38,325      Square Feet           95.7        03/31/07
 163     Multifamily/Retail             1940         2007                  12         Units              50.0        06/07/07
 164     Mid/High Rise                  1905         2005                  83         Units              92.8        05/15/07
 165     Garden                         1986                               64         Units              95.3        05/11/07
 166     Unanchored                     1950         2006               2,931      Square Feet           100.0       12/01/06
 167     Limited Service                1985                              116         Rooms              75.0        03/22/07
 168     Unanchored                     2004                           44,917      Square Feet           100.0       02/27/07
 169     Garden                         1982                              104         Units              97.1        05/21/07
 170     Limited Service                2004                               84         Rooms              75.4        03/31/07
 171     Limited Service                2001                               85         Rooms              76.1        03/31/07
 172     Mid/High Rise                  1902         1970                  90         Units              97.4        02/27/07
 173     Unanchored                    Various       2006               5,580      Square Feet           100.0       08/24/06
173.01   Unanchored                     1951         2006               3,270      Square Feet           100.0       08/24/06
173.02   Unanchored                     1945         2006               2,310      Square Feet           100.0       08/24/06
 174     Shadow Anchored                1997                           29,753      Square Feet           91.0        03/01/07
 175     Anchored                       2007                           40,337      Square Feet           100.0       07/09/07
175.01   Anchored                       2007                           11,174      Square Feet           100.0       07/09/07
175.02   Anchored                       2007                           14,687      Square Feet           100.0       07/09/07
175.03   Anchored                       2007                           14,476      Square Feet           100.0       07/09/07
 176     Suburban                       1986                           53,982      Square Feet           100.0       07/09/07
 177     Limited Service                1987                              123         Rooms              74.2        03/22/07
 178     Garden                         1964         1997                 168         Units              90.5        05/29/07
 179     Suburban                       1972         2006              90,528      Square Feet           89.9        05/01/07
 180     Shadow Anchored                1995         2004              19,174      Square Feet           100.0       04/04/07
 181     Limited Service                1985         2006                 124         Rooms              70.6        03/22/07
 182     Suburban                       1999                           49,783      Square Feet           100.0       02/07/07
 183     Suburban                       1988         2004              48,938      Square Feet           100.0       04/27/07
 184     Limited Service                1987                              121         Rooms              64.1        03/22/07
 185     Anchored                       1992                           44,983      Square Feet           100.0       03/01/07
 186     Garden                         2005                               84         Units              100.0       04/15/07
 187     Limited Service                1985                              120         Rooms              67.4        03/22/07
 188     Flex                           1984                           73,642      Square Feet           79.2        04/01/07
 189     Suburban                       1984                           34,180      Square Feet           100.0       02/14/07
 190     Anchored                       2006                            4,555      Square Feet           100.0       03/21/07
 191     Anchored                       1985         2006              15,066      Square Feet           100.0       05/15/07
 192     Unanchored                     1999                           21,720      Square Feet           100.0       03/27/07
 193     CBD                            1908                           97,873      Square Feet           73.3        01/01/07
 194     Unanchored                     2006                            9,595      Square Feet           100.0       12/01/06
 195     Suburban                       1865         1997              50,410      Square Feet           100.0       04/30/07
 196     Limited Service                1985                              115         Rooms              68.5        03/22/07
 197     Unanchored                     1927         1990              16,876      Square Feet           100.0       04/01/07
 198     Anchored                       2006                           14,490      Square Feet           100.0       07/09/07
 199     Garden                         1985                              100         Units              96.0        04/11/07
 200     Limited Service                1998         2004                  73         Rooms              66.9        03/31/07
 201     Garden                         1979                              120         Units              94.2        02/28/07
 202     Self Storage                   1996                              652         Units              92.0        03/28/07
 203     Anchored                       2000                           30,038      Square Feet           100.0       04/04/07
 204     Suburban                       1986         2006              33,711      Square Feet           91.8        02/15/07
 205     Limited Service                1990                               79         Rooms              53.8        03/01/07
 206     Self Storage/Retail            1986                              488         Units              86.0        04/26/07
 207     Anchored                       2007                           14,820      Square Feet           100.0       07/09/07
 208     Anchored                       1900         1996              14,100      Square Feet           100.0       07/09/07
 209     Self Storage                   2002                              570         Units              93.0        04/23/07
 210     Anchored                       2006                           14,820      Square Feet           100.0       12/23/06
 211     Garden                         1976                               96         Units              90.8        02/28/07
 212     Unanchored                     2001                           67,000      Square Feet           100.0       03/12/07
 213     Parking Garage                 1972         1998                 133    Parking Spaces           0.0        04/10/07
 214     Unanchored                     2006                           11,932      Square Feet           100.0       06/30/07
 215     Suburban                       1989                           45,606      Square Feet           88.0        02/05/07
 216     Suburban                       1999                           23,000      Square Feet           100.0       04/13/07
 217     Anchored                       2006                           14,490      Square Feet           100.0       07/09/07
 218     Unanchored                     2002                           21,600      Square Feet           100.0       03/01/07
 219     Flex                           2001                           40,202      Square Feet           100.0       04/02/07
 220     Garden                         1973                               84         Units              97.0        03/02/07
 221     Warehouse/Distribution         1978                           60,464      Square Feet           77.1        04/01/07
221.01   Warehouse/Distribution         1987                           47,864      Square Feet           71.0        04/01/07
221.02   Warehouse/Distribution         1978                           12,600      Square Feet           100.0       04/01/07
 222     Self Storage                   2000                              489         Units              78.9        02/06/07
 223     Anchored                       2006                           14,710      Square Feet           100.0       07/09/07
 224     Multifamily/Retail             1989                           11,000      Square Feet           90.0        05/31/07
 225     Office/Industrial              1988         2001              55,400      Square Feet           92.8        02/28/07
 226     Limited Service                1994                               67         Rooms              61.3        02/29/07
 227     Mid/High Rise                  1916         2005                  49         Units              96.0        04/04/07
 228     Anchored                       2007                           14,708      Square Feet           100.0       07/09/07
 229     Unanchored                     1975         2004              14,148      Square Feet           100.0       05/11/07
 230     Flex                           1951         1997              49,951      Square Feet           100.0       12/31/06
 231     Unanchored                     2001                           52,500      Square Feet           100.0       03/12/07
 232     Anchored                       2006                           14,820      Square Feet           100.0       07/09/07
 233     Anchored                       2006                           14,820      Square Feet           100.0       07/09/07
 234     Anchored                       2003                           14,408      Square Feet           100.0       03/31/07
 235     Unanchored                     2004                           18,144      Square Feet           43.0        12/31/06
 236     Garden                         1987         2003                  64         Units              100.0       03/21/07
 237     Suburban                       1981         1994              31,364      Square Feet           100.0       03/09/07
 238     Anchored                       2007                           14,704      Square Feet           100.0       07/09/07
 239     Anchored                       1907         1990               5,736      Square Feet           100.0       07/09/07
 240     Unanchored                     1997                            6,900      Square Feet           100.0       03/01/07
 241     Garden                         1962                               36         Units              97.2        03/31/07
 242     Warehouse/Distribution         1991                           30,144      Square Feet           100.0       03/31/07
 243     Anchored                       2007                           11,253      Square Feet           100.0       07/09/07
 244     Unanchored                     1932         1989               4,250      Square Feet           100.0       02/28/07
 245     Shadow Anchored                1993                           15,683      Square Feet           100.0       07/09/07
245.01   Shadow Anchored                1993         2006               3,384      Square Feet           100.0       07/09/07
245.02   Shadow Anchored                1993                            5,432      Square Feet           100.0       07/09/07
245.03   Shadow Anchored                1993                            6,867      Square Feet           100.0       07/09/07
 246     Anchored                       1959         2006              12,400      Square Feet           100.0       01/01/07
 247     Manufactured Housing           1974                              112         Pads               98.2        01/15/07
 248     Unanchored                     2005                            7,999      Square Feet           100.0       03/01/07
 249     Suburban                       1972         1996              26,506      Square Feet           87.6        03/09/07
 250     Suburban                       2003                            9,600      Square Feet           100.0       02/01/07
 251     Unanchored                     2000                            7,947      Square Feet           100.0       03/01/07
 252     Unanchored                     2003                            7,839      Square Feet           100.0       03/01/07
 253     Unanchored                     2003                            8,060      Square Feet           100.0       03/01/07
 254     Unanchored                     1921         2001               4,750      Square Feet           100.0       07/01/07
 255     Unanchored                     2001                            8,140      Square Feet           100.0       03/01/07
 256     Suburban                       2005                            9,600      Square Feet           100.0       02/01/07
 257     Unanchored                     1998                            7,409      Square Feet           100.0       03/01/07
 258     Unanchored                     1995                            7,839      Square Feet           100.0       03/01/07
 259     Unanchored                     1998                            7,839      Square Feet           100.0       03/01/07
 260     Unanchored                     2001                            7,943      Square Feet           100.0       03/01/07
 261     Unanchored                     2001                            8,329      Square Feet           100.0       03/01/07
 262     Unanchored                     2004                            8,060      Square Feet           100.0       03/01/07
 263     Unanchored                     2001                            7,956      Square Feet           100.0       03/01/07
 264     Unanchored                     2001                            7,961      Square Feet           100.0       03/01/07
 265     Unanchored                     2003                            8,060      Square Feet           100.0       03/01/07
 266     Anchored                       1972         2005               4,796      Square Feet           100.0       07/09/07





                                                                                                        ORIGINAL
            APPRAISED            APPRAISAL             CURRENT                   ORIGINAL                BALANCE           CURRENT
LOAN #   VALUE ($)(7),(8)       DATE(7),(8)       LTV %(9),(10),(11)  BALANCE ($)(12),(13)  PER UNIT ($)(10),(19)  BALANCE ($)(12)
------   ----------------   -------------------   -----------------   -------------------   --------------------   ---------------

  1           358,700,000        11/01/06               79.2                  284,000,000                    258       284,000,000
 1.01         110,000,000        11/01/06                                      95,100,000                    344        95,100,000
 1.02          75,400,000        11/01/06                                      61,468,705                    228        61,468,705
 1.03          64,400,000        11/01/06                                      52,074,279                    285        52,074,279
 1.04          46,500,000        11/01/06                                      24,700,000                    202        24,700,000
 1.05          24,500,000        11/01/06                                      19,841,677                    220        19,841,677
 1.06          12,400,000        11/01/06                                      10,042,318                    278        10,042,318
 1.07          11,250,000        11/01/06                                       9,110,974                    170         9,110,974
 1.08           8,250,000        11/01/06                                       6,721,874                    209         6,721,874
 1.09           6,000,000        11/01/06                                       4,940,173                    129         4,940,173
  2           332,000,000        03/30/07               66.3                  220,000,000                    377       220,000,000
 2.01         165,000,000        03/30/07                                     109,300,000                    380       109,300,000
 2.02          99,000,000        03/30/07                                      65,600,000                    400        65,600,000
 2.03          68,000,000        03/30/07                                      45,100,000                    341        45,100,000
  3           285,000,000        05/01/07               76.8                  219,000,000                    656       219,000,000
  4           311,155,000         Various               67.2                  210,000,000                    130       209,064,838
 4.01          16,800,000        10/17/06                                      11,338,400                    185        11,287,909
 4.02          16,700,000        10/01/06                                      11,270,910                    200        11,220,719
 4.03          16,700,000        10/01/06                                      11,270,910                    182        11,220,719
 4.04          14,100,000        10/06/06                                       9,516,158                    163         9,473,781
 4.05          14,100,000        10/06/06                                       9,516,158                    155         9,473,781
 4.06          13,300,000        10/01/06                                       8,976,234                    183         8,936,261
 4.07          12,900,000        10/09/06                                       8,706,272                    158         8,667,501
 4.08          12,100,000        10/06/06                                       8,166,348                    136         8,129,982
 4.09          11,500,000        10/15/06                                       7,761,405                    146         7,726,842
 4.10          11,400,000        10/15/06                                       7,693,915                    150         7,659,652
 4.11          11,200,000        10/01/06                                       7,558,934                    121         7,525,273
 4.12          10,630,000        10/01/06                                       7,174,238                    120         7,142,290
 4.13          10,300,000        10/14/06                                       6,951,519                    140         6,920,563
 4.14           9,900,000        10/17/06                                       6,681,557                    147         6,651,803
 4.15           9,800,000        10/01/06                                       6,614,067                    133         6,584,614
 4.16           9,750,000        10/01/06                                       6,580,322                    105         6,551,019
 4.17           9,400,000        10/15/06                                       6,344,105                    145         6,315,854
 4.18           9,300,000        10/15/06                                       6,276,615                    145         6,248,664
 4.19           8,800,000        10/01/06                                       5,939,162                    130         5,912,714
 4.20           8,600,000        10/06/06                                       5,804,181                    130         5,778,334
 4.21           8,500,000        10/01/06                                       5,736,691                    114         5,711,144
 4.22           8,500,000        10/06/06                                       5,736,691                    135         5,711,144
 4.23           7,900,000        10/14/06                                       5,331,748                    126         5,308,005
 4.24           7,825,000        10/01/06                                       5,281,130                     85         5,257,612
 4.25           7,800,000        10/01/06                                       5,264,257                     85         5,240,815
 4.26           7,300,000        10/01/06                                       4,926,805                    113         4,904,865
 4.27           6,300,000        10/01/06                                       4,251,900                    105         4,232,966
 4.28           5,900,000        10/01/06                                       3,981,938                     68         3,964,206
 4.29           4,900,000        10/01/06                                       3,307,033                     66         3,292,307
 4.30           4,750,000        10/01/06                                       3,205,798                     75         3,191,522
 4.31           4,200,000        10/01/06                                       2,834,600                     69         2,821,977
  5           300,000,000        01/01/07               67.7                  203,000,000                    309       203,000,000
  6           370,000,000        04/16/07               78.4                  174,000,000                    184       174,000,000
  7           190,000,000        05/19/07               78.9                  150,000,000                155,280       150,000,000
  8           155,425,000         Various               74.2                  115,300,000                     84       115,300,000
 8.01          65,300,000        10/01/06                                      52,000,000                    122        52,000,000
 8.02          24,300,000        10/01/06                                      19,450,000                     81        19,450,000
 8.03          34,400,000        10/01/06                                      18,850,000                     77        18,850,000
 8.04          11,725,000        10/01/06                                       9,400,000                     63         9,400,000
 8.05          10,000,000        10/01/06                                       8,000,000                     42         8,000,000
 8.06           6,500,000        10/01/06                                       5,200,000                     87         5,200,000
 8.07           3,200,000        10/23/06                                       2,400,000                     38         2,400,000
  9           152,400,000        11/01/06               72.6                  110,668,660                    204       110,668,660
  10          233,600,000        05/01/07               64.2                  100,000,000                205,479       100,000,000
  11          145,300,000        04/17/07               61.9                   90,000,000                135,952        90,000,000
11.01          18,300,000        04/17/07                                      11,335,169                128,809        11,335,169
11.02          18,200,000        04/17/07                                      11,273,228                181,826        11,273,228
11.03          15,800,000        04/17/07                                       9,786,648                134,064         9,786,648
11.04          14,100,000        04/17/07                                       8,733,654                143,175         8,733,654
11.05          11,000,000        04/17/07                                       6,813,489                184,148         6,813,489
11.06           9,200,000        04/17/07                                       5,698,555                129,513         5,698,555
11.07           9,100,000        04/17/07                                       5,636,614                106,351         5,636,614
11.08           8,700,000        04/17/07                                       5,388,850                114,656         5,388,850
11.09           7,600,000        04/17/07                                       4,707,502                174,352         4,707,502
11.10           6,700,000        04/17/07                                       4,150,034                118,572         4,150,034
11.11           5,900,000        04/17/07                                       3,654,508                192,343         3,654,508
11.12           5,100,000        04/17/07                                       3,158,982                126,359         3,158,982
11.13           4,400,000        04/17/07                                       2,725,395                151,411         2,725,395
11.14           4,000,000        04/17/07                                       2,477,633                103,235         2,477,633
11.15           3,700,000        04/17/07                                       2,291,811                 91,672         2,291,811
11.16           3,500,000        04/17/07                                       2,167,928                 90,330         2,167,928
  12          119,750,000        04/01/07               74.5                   89,250,000                 25,580        89,250,000
12.01          20,700,000        04/01/07                                      16,956,000                 31,634        16,956,000
12.02          19,900,000        04/01/07                                      16,270,000                 35,758        16,270,000
12.03          16,050,000        04/01/07                                      10,185,000                 20,208        10,185,000
12.04          12,775,000        04/01/07                                       9,572,000                 25,189         9,572,000
12.05          12,000,000        04/01/07                                       8,951,000                 27,542         8,951,000
12.06          10,100,000        04/01/07                                       7,456,000                 25,189         7,456,000
12.07          10,600,000        04/01/07                                       7,065,000                 22,147         7,065,000
12.08           6,550,000        04/01/07                                       5,096,000                 23,925         5,096,000
12.09           5,725,000        04/01/07                                       4,629,000                 27,070         4,629,000
12.10           5,350,000        04/01/07                                       3,070,000                 10,586         3,070,000
  13          140,000,000        03/20/07               59.4                   83,200,000                    323        83,200,000
  14          118,200,000        01/25/07               67.7                   80,000,000                522,876        80,000,000
  15          124,000,000        03/12/07               64.5                   80,000,000                249,221        80,000,000
  16           93,500,000        01/01/07               80.0                   74,800,000                    229        74,800,000
  17           99,300,000        02/07/07               66.5                   66,000,000                397,590        66,000,000
  18           90,800,000        02/06/07               71.9                   65,300,000                    286        65,300,000
  19          145,600,000        04/03/07               42.9                   62,500,000                469,925        62,500,000
  20          104,000,000        03/05/07               57.4                   59,661,271                    192        59,661,271
  21           74,850,000        03/13/07               79.0                   59,100,000                 81,630        59,100,000
  22           72,000,000        03/05/07               77.8                   56,000,000                266,667        56,000,000
  23           76,500,000        04/01/09               69.3                   53,000,000                    482        53,000,000
  24           68,000,000        03/21/07               77.8                   52,880,000                 63,788        52,880,000
  25          205,600,000        03/01/07               73.0                   50,000,000                129,310        50,000,000
25.01          66,200,000        03/01/07                                      16,533,333                198,400        16,533,333
25.02          55,000,000        03/01/07                                      14,666,667                130,952        14,666,667
25.03          36,100,000        03/01/07                                       8,100,000                 82,095         8,100,000
25.04          25,200,000        03/01/07                                       5,933,333                130,882         5,933,333
25.05          23,100,000        03/01/07                                       4,766,667                100,704         4,766,667
  26           66,200,000        09/25/06               75.0                   49,675,000                    173        49,675,000
  27           60,800,000         Various               78.1                   47,500,000                    115        47,500,000
27.01          23,600,000        02/12/07                                      18,000,000                     88        18,000,000
27.02          22,800,000        02/08/07                                      17,500,000                    139        17,500,000
27.03          14,400,000        02/08/07                                      12,000,000                    145        12,000,000
  28           62,300,000        03/07/07               73.8                   46,000,000                    827        46,000,000
  29           57,100,000        03/16/07               78.8                   45,000,000                    132        45,000,000
  30           53,200,000        02/06/07               78.9                   42,000,000                    221        42,000,000
  31           52,000,000        05/15/07               75.6                   39,300,000                    352        39,300,000
  32           49,460,000        03/20/07               76.4                   37,800,000                 72,000        37,800,000
  33           66,400,000        05/01/07               55.7                   37,000,000                 88,517        37,000,000
  34           45,200,000        03/28/07               79.6                   36,000,000                 89,552        36,000,000
  35           44,875,000        03/22/07               80.2                   36,000,000                 29,925        36,000,000
  36           44,000,000        02/18/07               79.8                   35,100,000                    230        35,100,000
  37           44,200,000        04/24/07               79.2                   35,000,000                133,588        35,000,000
  38           48,800,000        01/26/07               71.7                   35,000,000                     49        35,000,000
  39          168,700,000         Various               60.7                   34,155,000                 90,198        34,155,000
39.01          33,290,000        03/07/07                                       6,753,333                140,694         6,753,333
39.02          25,670,000        03/07/07                                       5,156,667                 81,852         5,156,667
39.03          20,480,000        03/07/07                                       4,093,333                 87,714         4,093,333
39.04          19,970,000        03/08/07                                       4,026,667                 83,889         4,026,667
39.05          19,300,000        03/07/07                                       3,891,667                108,102         3,891,667
39.06          18,410,000        03/07/07                                       3,736,667                 80,071         3,736,667
39.07          17,610,000        03/07/07                                       3,551,667                 76,107         3,551,667
39.08          13,970,000        03/08/07                                       2,945,000                 67,443         2,945,000
  40           57,000,000        05/01/07               59.6                   33,963,000                122,169        33,963,000
  41           43,750,000        03/16/08               76.8                   33,600,000                150,000        33,600,000
  42           45,000,000        02/27/07               70.9                   31,900,500                 80,761        31,900,500
  43           40,000,000        07/01/07               76.3                   30,500,000                    157        30,500,000
  44           39,500,000        03/06/07               75.9                   30,000,000                    171        30,000,000
  45           36,900,000        03/06/07               79.9                   29,500,000                115,234        29,500,000
  46           39,700,000        03/06/07               73.0                   29,000,000                386,667        29,000,000
  47           37,300,000        03/23/06               76.7                   28,620,000                 56,228        28,620,000
  48           36,900,000        02/28/07               77.2                   28,500,000                    100        28,500,000
  49           35,500,000        02/07/07               80.0                   28,400,000                     77        28,400,000
  50           38,300,000        03/02/07               73.1                   28,000,000                    145        28,000,000
  51           29,850,000        01/02/07               90.1                   26,900,000                    177        26,900,000
  52           40,100,000        04/19/07               64.8                   26,000,000                262,626        26,000,000
  53           32,200,000        03/26/07               79.5                   25,600,000                    218        25,600,000
  54           30,100,000        02/28/07               79.7                   24,000,000                    882        24,000,000
  55           29,270,000        03/28/07               77.8                   22,800,000                    190        22,775,781
  56           30,300,000        05/01/07               72.6                   22,000,000                176,000        22,000,000
  57           25,700,000        02/15/07               85.0                   21,845,000                173,373        21,845,000
  58           27,900,000        01/01/08               76.3                   21,300,000                    108        21,300,000
  59           26,650,000        10/18/06               78.8                   21,000,000                    228        21,000,000
  60           26,100,000        02/28/07               79.7                   20,800,000                    260        20,800,000
  61           28,000,000        03/19/07               73.9                   20,700,000                    286        20,700,000
  62           26,000,000        04/06/07               78.5                   20,400,000                    155        20,400,000
  63           33,000,000        04/19/07               60.6                   20,000,000                    334        20,000,000
  64           27,000,000        04/03/07               74.1                   20,000,000                    316        20,000,000
  65           27,100,000        01/03/07               73.8                   20,000,000                 92,593        20,000,000
  66           27,100,000        03/21/07               72.7                   19,700,000                133,108        19,700,000
  67           26,900,000        12/02/06               72.1                   19,500,000                253,247        19,383,008
  68           23,350,000        04/04/07               78.8                   18,400,000                 85,185        18,400,000
  69           26,500,000        12/05/06               68.3                   18,100,000                    117        18,100,000
  70           27,700,000        03/06/07               65.0                   18,000,000                    217        18,000,000
  71           22,500,000        02/21/07               80.0                   18,000,000                     98        18,000,000
  72           25,000,000        04/05/07               71.7                   17,927,153                    150        17,927,153
  73           21,150,000        03/30/07               80.0                   16,925,000                 39,178        16,925,000
  74           21,000,000        03/09/07               78.1                   16,400,000                 79,612        16,400,000
  75           23,200,000        04/01/07               70.0                   16,250,000                    178        16,250,000
75.01          16,450,000        04/01/07                                      11,522,000                    166        11,522,000
75.02           6,750,000        04/01/07                                       4,728,000                    215         4,728,000
  76           20,300,000        04/18/07               80.0                   16,240,000                    151        16,240,000
  77           23,200,000        03/07/07               66.2                   15,350,000                104,422        15,350,000
  78           19,300,000        03/12/06               79.3                   15,300,000                 83,152        15,300,000
  79           19,000,000        03/12/07               79.3                   15,060,000                 59,762        15,060,000
  80           18,800,000        02/22/07               79.8                   15,000,000                    155        15,000,000
  81           18,400,000        04/02/07               81.5                   15,000,000                 41,667        15,000,000
  82           18,750,000        02/27/07               80.0                   15,000,000                 75,000        15,000,000
  83           21,100,000        03/02/07               71.0                   14,990,000                 71,381        14,990,000
  84           19,700,000        03/02/07               73.6                   14,500,000                     71        14,500,000
  85           21,400,000        02/09/07               65.4                   14,000,000                 61,135        14,000,000
85.01          13,300,000        02/09/07                                       8,700,935                 64,932         8,700,935
85.02           8,100,000        02/09/07                                       5,299,065                 55,780         5,299,065
  86           24,700,000        04/09/07               54.7                   13,500,000                    115        13,500,000
  87           18,500,000        10/31/06               70.3                   13,000,000                    252        13,000,000
  88           21,500,000        01/30/07               60.5                   13,000,000                    106        13,000,000
  89           16,750,000        04/25/07               77.6                   13,000,000                     84        13,000,000
  90           16,200,000        11/15/06               78.7                   12,750,000                    118        12,750,000
  91           16,100,000        01/31/07               78.3                   12,600,000                    154        12,600,000
  92           23,400,000        02/02/07               52.4                   12,300,000                 33,515        12,263,643
  93           17,400,000        02/07/07               70.4                   12,250,000                     50        12,250,000
  94           15,680,000        02/19/07               77.8                   12,200,000                 31,937        12,200,000
  95           15,300,000        04/10/07               79.7                   12,200,000                 10,041        12,187,739
95.01           8,300,000        04/10/07                                       6,618,301                 10,867         6,611,649
95.02           7,000,000        04/10/07                                       5,581,699                  9,211         5,576,090
  96           17,000,000        03/15/07               70.6                   12,000,000                    158        12,000,000
  97           14,540,000        04/19/07               78.4                   11,400,000                 37,377        11,400,000
  98           16,600,000        03/08/07               68.1                   11,300,000                126,966        11,300,000
  99           14,520,000        03/23/07               77.6                   11,270,000                 55,245        11,270,000
 100           15,800,000        01/26/07               70.9                   11,250,000                 90,000        11,200,228
 101           17,500,000        05/12/07               61.7                   10,800,000                     71        10,800,000
 102           16,300,000        02/07/07               64.9                   10,600,000                     26        10,580,357
 103           14,920,000        04/16/07               69.4                   10,350,000                    228        10,350,000
 104           17,400,000        03/30/07               58.6                   10,200,000                 82,927        10,200,000
104.01         11,100,000        03/30/07                                       6,506,820                 80,331         6,506,820
104.02          6,300,000        03/30/07                                       3,693,180                 87,933         3,693,180
 105           12,800,000        11/13/06               78.1                   10,000,000                    203        10,000,000
 106           12,600,000        01/22/07               79.4                   10,000,000                    105        10,000,000
 107           13,200,000        01/04/07               74.3                    9,860,000                  2,382         9,809,916
 108           11,980,000        03/21/07               78.9                    9,450,000                 33,275         9,450,000
 109           12,200,000        02/26/07               77.4                    9,446,000                    234         9,446,000
 110           15,200,000        03/07/07               61.5                    9,350,000                 84,234         9,350,000
 111           12,070,000        03/22/07               76.8                    9,270,000                     77         9,270,000
 112           12,420,000        03/29/07               74.5                    9,250,000                    164         9,250,000
 113           12,750,000        03/13/07               72.2                    9,200,000                    247         9,200,000
 114           12,250,000        04/13/07               75.1                    9,200,000                    101         9,200,000
 115           13,000,000        04/01/07               70.4                    9,150,000                 62,671         9,150,000
 116           12,900,000        03/27/07               69.8                    9,000,000                200,000         9,000,000
 117           11,400,000        04/12/07               78.5                    8,950,000                    262         8,950,000
 118           13,480,000        01/24/07               66.4                    8,970,000                     65         8,944,036
 119           13,500,000        01/24/07               66.2                    8,940,000                    199         8,940,000
 120           11,700,000        04/17/07               75.2                    8,800,000                    219         8,800,000
 121           11,250,000        04/17/07               78.0                    8,770,000                     68         8,770,000
 122           11,100,000        04/02/07               77.6                    8,613,000                  1,412         8,613,000
 123           11,200,000        03/28/07               76.2                    8,535,000                105,370         8,535,000
 124           10,800,000        04/23/07               75.9                    8,200,000                     68         8,200,000
 125           10,250,000        04/03/07               80.0                    8,200,000                 56,944         8,200,000
 126           11,100,000        03/23/07               73.4                    8,150,000                    160         8,150,000
 127           11,000,000        03/02/07               73.6                    8,100,000                    218         8,100,000
 128           12,100,000        03/07/07               66.1                    8,000,000                 86,022         8,000,000
 129           10,000,000        12/13/07               80.0                    8,000,000                 60,606         8,000,000
 130           12,300,000        03/06/07               64.9                    8,000,000                    118         7,983,981
 131           10,525,000        08/07/07               75.6                    8,000,000                    151         7,956,967
 132           11,100,000        01/19/07               70.8                    7,900,000                     67         7,857,823
 133           10,580,000        04/23/07               73.7                    7,800,000                 48,750         7,800,000
 134           12,800,000        03/27/07               60.9                    7,800,000                 44,318         7,800,000
 135           10,000,000        04/01/07               78.0                    7,800,000                    105         7,800,000
 136           13,040,000        12/02/06               59.7                    7,787,805                     84         7,787,805
 137           10,300,000        03/21/07               73.7                    7,600,000                 93,827         7,588,657
 138           11,200,000        03/21/07               67.0                    7,500,000                    442         7,500,000
 139            9,000,000        04/25/07               80.0                    7,200,000                    106         7,200,000
 140            8,900,000        03/13/07               80.0                    7,120,000                 37,083         7,120,000
 141            9,000,000        03/30/07               78.3                    7,050,000                 31,473         7,050,000
 142            8,850,000        04/06/07               79.1                    7,000,000                 52,239         7,000,000
 143           12,500,000        02/16/07               56.0                    7,000,000                 15,119         7,000,000
 144            9,700,000        11/09/06               72.0                    7,000,000                 84,337         6,984,433
 145            9,460,000        04/02/07               73.4                    6,944,000                 39,455         6,944,000
 146            8,600,000        03/23/07               80.0                    6,880,000                     98         6,880,000
 147            9,800,000        06/01/07               69.4                    6,800,000                    170         6,800,000
 148            8,300,000        04/05/07               80.0                    6,638,500                 33,193         6,638,500
 149            8,350,000        04/09/07               79.2                    6,610,000                    144         6,610,000
 150            8,600,000        04/18/07               76.0                    6,540,000                    401         6,540,000
 151            9,000,000        04/26/07               72.2                    6,500,000                    217         6,500,000
 152            8,825,000        03/25/07               73.6                    6,500,000                     72         6,493,534
 153            8,025,000        05/01/07               79.8                    6,400,000                     83         6,400,000
 154           12,600,000        03/07/07               50.6                    6,375,000                    170         6,375,000
 155            7,955,000        04/19/07               80.0                    6,363,000                 39,769         6,363,000
 156            7,950,000   03/12/07 & 09/01/07         80.0                    6,360,000                     57         6,360,000
 157            9,000,000        01/24/07               70.2                    6,340,000                    133         6,321,783
 158            8,710,000        04/03/07               71.9                    6,265,000                     93         6,265,000
 159           13,150,000        03/22/07               47.1                    6,200,000                    127         6,188,305
 160            8,800,000        04/05/07               70.0                    6,160,000                 50,081         6,160,000
 161            9,400,000        05/20/06               65.3                    6,200,000                  1,087         6,134,511
 162            8,675,000        03/07/07               70.3                    6,100,000                    159         6,100,000
 163            8,960,000        04/24/07               67.0                    6,000,000                500,000         6,000,000
 164            7,190,000        01/01/07               73.7                    6,000,000                 72,289         6,000,000
 165            8,500,000        05/04/07               70.5                    6,000,000                 93,750         5,993,706
 166            8,450,000        11/13/06               70.6                    6,000,000                  2,047         5,964,500
 167            8,500,000        04/09/07               70.0                    5,950,000                 51,293         5,950,000
 168            7,900,000        03/03/07               74.9                    5,925,000                    132         5,914,030
 169            7,150,000        03/30/07               82.3                    5,888,000                 56,615         5,888,000
 170            7,900,000        03/30/07               74.3                    5,875,000                 69,940         5,869,218
 171            7,900,000        03/29/07               74.3                    5,875,000                 69,118         5,866,600
 172            7,760,000        02/08/07               74.7                    5,800,000                 64,444         5,800,000
 173            8,950,000        08/31/06               64.3                    5,800,000                  1,039         5,752,971
173.01          5,150,000        08/31/06                                       3,600,000                  1,101         3,570,809
173.02          3,800,000        08/31/06                                       2,200,000                    952         2,182,161
 174            7,840,000        02/19/07               73.3                    5,750,000                    193         5,750,000
 175            8,650,000         Various               65.9                    5,704,000                    141         5,704,000
175.01          3,100,000        01/16/07                                       2,040,000                    183         2,040,000
175.02          2,830,000        01/18/07                                       1,867,000                    127         1,867,000
175.03          2,720,000        01/19/07                                       1,797,000                    124         1,797,000
 176            8,700,000        02/05/07               64.4                    5,600,000                    104         5,600,000
 177            8,000,000        04/09/07               70.0                    5,600,000                 45,528         5,600,000
 178            6,700,000        11/03/06               79.9                    5,350,000                 31,845         5,350,000
 179            6,650,000        03/12/07               80.0                    5,320,000                     59         5,320,000
 180            7,400,000        04/20/07               70.9                    5,250,000                    274         5,250,000
 181            8,200,000        04/10/07               63.5                    5,210,000                 42,016         5,210,000
 182            8,000,000        01/20/07               65.0                    5,200,000                    104         5,200,000
 183            6,500,000        04/02/07               80.0                    5,200,000                    106         5,200,000
 184            7,500,000        04/09/07               69.1                    5,180,000                 42,810         5,180,000
 185            6,975,000        02/21/07               73.8                    5,150,000                    114         5,150,000
 186            6,700,000        03/16/07               76.0                    5,100,000                 60,714         5,094,753
 187            7,900,000        04/04/07               63.6                    5,025,000                 41,875         5,025,000
 188            6,460,000        02/01/07               77.4                    5,000,000                     68         5,000,000
 189            6,600,000        02/09/07               75.8                    5,000,000                    146         5,000,000
 190            6,300,000        03/19/07               79.4                    5,000,000                  1,098         5,000,000
 191            6,250,000        04/13/07               80.0                    5,000,000                    332         5,000,000
 192            7,100,000        03/14/07               70.4                    5,000,000                    230         5,000,000
 193            6,300,000        03/13/07               79.3                    5,000,000                     51         4,995,199
 194            6,600,000        02/05/07               75.5                    5,000,000                    521         4,981,041
 195            6,400,000        03/23/07               76.5                    4,900,000                     97         4,892,857
 196            7,500,000        04/09/07               65.0                    4,875,000                 42,391         4,875,000
 197            6,000,000        04/23/07               80.0                    4,800,000                    284         4,800,000
 198            6,430,000        01/01/07               74.7                    4,800,000                    331         4,800,000
 199            6,040,000        03/16/07               78.8                    4,760,000                 47,600         4,760,000
 200            6,900,000        03/30/07               68.7                    4,750,000                 65,068         4,739,658
 201            5,890,000        04/19/07               79.9                    4,709,000                 39,242         4,709,000
 202            6,980,000        04/05/07               65.9                    4,600,000                  7,055         4,600,000
 203            6,225,000        03/23/07               73.3                    4,560,000                    152         4,560,000
 204            6,300,000        01/18/07               71.4                    4,500,000                    133         4,500,000
 205            6,900,000        05/11/07               65.2                    4,500,000                 56,962         4,500,000
 206            5,525,000        03/03/07               79.6                    4,400,000                  9,016         4,400,000
 207            5,700,000        02/25/07               76.0                    4,330,000                    292         4,330,000
 208            6,800,000        02/02/07               62.9                    4,275,000                    303         4,275,000
 209            5,700,000        04/06/07               73.7                    4,200,000                  7,368         4,200,000
 210            5,300,000        12/23/06               79.1                    4,190,000                    283         4,190,000
 211            5,160,000        04/19/07               80.0                    4,128,000                 43,000         4,128,000
 212            7,240,000        03/10/07               56.8                    4,125,000                     62         4,113,380
 213            5,400,000        04/10/07               74.7                    4,040,000                 30,376         4,036,032
 214            5,000,000        09/23/07               80.0                    4,000,000                    335         4,000,000
 215            5,700,000        04/06/07               66.7                    3,800,000                     83         3,800,000
 216            4,750,000        03/30/07               80.0                    3,800,000                    165         3,800,000
 217            5,975,000        11/14/06               63.6                    3,800,000                    262         3,800,000
 218            5,100,000        03/22/07               73.5                    3,750,000                    174         3,750,000
 219            4,850,000        03/06/07               77.3                    3,750,000                     93         3,750,000
 220            4,950,000        01/02/07               75.2                    3,720,000                 44,286         3,720,000
 221            6,420,000        02/01/07               57.6                    3,700,000                     61         3,700,000
221.01          5,610,000        02/01/07                                       3,176,049                     66         3,176,049
221.02            810,000        02/01/07                                         523,951                     42           523,951
 222            4,850,000        02/06/07               74.6                    3,616,000                  7,395         3,616,000
 223            5,020,000        02/23/07               70.3                    3,535,000                    240         3,528,063
 224            6,100,000        03/05/07               57.4                    3,500,000                    318         3,500,000
 225            6,400,000        04/05/07               54.7                    3,500,000                     63         3,500,000
 226            5,500,000        03/28/07               63.6                    3,500,000                 52,239         3,496,745
 227            5,200,000        04/04/07               63.5                    3,300,000                 67,347         3,300,000
 228            5,210,000        01/17/07               61.7                    3,215,000                    219         3,215,000
 229            3,900,000        04/26/07               78.1                    3,050,000                    216         3,047,038
 230            4,150,000        02/08/07               72.2                    3,000,000                     60         2,994,278
 231            5,170,000        03/03/07               57.9                    3,000,000                     57         2,991,549
 232            4,600,000        11/09/06               63.0                    2,900,000                    196         2,900,000
 233            4,300,000        11/15/06               65.1                    2,800,000                    189         2,800,000
 234            3,400,000        05/03/07               80.0                    2,720,000                    189         2,720,000
 235            5,230,000        09/01/06               51.6                    2,700,000                    149         2,700,000
 236            3,850,000        04/02/07               70.0                    2,700,000                 42,188         2,696,257
 237            3,400,000        02/27/07               77.1                    2,650,000                     84         2,650,000
 238            3,980,000        01/24/07               66.0                    2,627,000                    179         2,627,000
 239            3,450,000        03/30/07               75.4                    2,600,000                    453         2,600,000
 240            3,800,000        04/02/07               68.4                    2,600,000                    377         2,600,000
 241            4,100,000        05/03/07               63.3                    2,600,000                 72,222         2,597,285
 242            3,200,000        04/19/07               78.1                    2,500,000                     83         2,500,000
 243            3,720,000        01/16/07               66.0                    2,454,000                    218         2,454,000
 244            3,200,000        03/19/07               64.4                    2,060,000                    485         2,060,000
 245            3,970,000        03/10/07               51.6                    2,050,000                    131         2,050,000
245.01          1,385,000        03/10/07                                         715,000                    211           715,000
245.02          1,325,000        03/10/07                                         685,000                    126           685,000
245.03          1,260,000        03/10/07                                         650,000                     95           650,000
 246            3,230,000        11/21/06               61.7                    2,000,000                    161         1,991,372
 247            2,570,000        02/25/07               74.7                    1,920,000                 17,143         1,920,000
 248            4,970,000        03/02/07               77.1                    1,915,000                    479         1,915,000
 249            2,500,000        02/27/07               77.1                    1,900,000                     72         1,900,000
 250            2,440,000        04/03/07               77.8                    1,900,000                    198         1,898,192
 251            4,550,000        02/20/07               77.1                    1,755,000                    442         1,755,000
 252            4,540,000        02/28/07               77.1                    1,750,000                    446         1,750,000
 253            4,290,000        02/23/07               77.1                    1,655,000                    411         1,655,000
 254            2,650,000        10/09/06               61.6                    1,650,000                    347         1,631,770
 255            4,230,000        02/28/07               77.1                    1,630,000                    400         1,630,000
 256            2,140,000        04/03/07               74.7                    1,600,000                    167         1,598,477
 257            4,040,000        03/05/07               77.1                    1,555,000                    420         1,555,000
 258            4,010,000        02/28/07               77.1                    1,545,000                    394         1,545,000
 259            4,000,000        02/19/07               77.1                    1,540,000                    393         1,540,000
 260            3,830,000        02/28/07               77.1                    1,475,000                    371         1,475,000
 261            3,540,000        03/01/07               77.1                    1,365,000                    328         1,365,000
 262            3,390,000        02/28/07               77.1                    1,305,000                    324         1,305,000
 263            3,320,000        02/21/07               77.1                    1,280,000                    322         1,280,000
 264            3,230,000        02/27/07               77.1                    1,245,000                    313         1,245,000
 265            3,030,000        02/20/07               77.1                    1,165,000                    289         1,165,000
 266            1,420,000        03/30/07               70.4                    1,000,000                    209         1,000,000





               CURRENT                           LOAN      % OF       % OF
               BALANCE          % OF INITIAL     GROUP     LOAN       LOAN     CROSSED     RELATED     INTEREST     ADMIN.
LOAN #   PER UNIT ($)(10),(19)  POOL BALANCE   1 OR (2)  GROUP (1)  GROUP (2)  LOAN(14)  BORROWER(15)  RATE %(13)  FEE %(16
------   --------------------   ------------   -------   --------   --------   -------   -----------   ---------   --------

  1                       258       5.2%          1        6.6%                                         6.22500     0.02034
 1.01                     344
 1.02                     228
 1.03                     285
 1.04                     202
 1.05                     220
 1.06                     278
 1.07                     170
 1.08                     209
 1.09                     129
  2                       377       4.1%          1        5.2%                                         5.54200     0.02034
 2.01                     380
 2.02                     400
 2.03                     341
  3                       656       4.0%          1        5.1%                                         5.82447     0.02034
  4                       130       3.9%          1        4.9%                                         5.62000     0.02034
 4.01                     184
 4.02                     199
 4.03                     181
 4.04                     162
 4.05                     154
 4.06                     182
 4.07                     157
 4.08                     135
 4.09                     145
 4.10                     149
 4.11                     121
 4.12                     119
 4.13                     140
 4.14                     146
 4.15                     133
 4.16                     105
 4.17                     144
 4.18                     144
 4.19                     130
 4.20                     129
 4.21                     113
 4.22                     134
 4.23                     126
 4.24                      84
 4.25                      84
 4.26                     112
 4.27                     104
 4.28                      68
 4.29                      66
 4.30                      75
 4.31                      68
  5                       309       3.7%          1        4.8%                                         5.59450     0.02034
  6                       184       3.2%          1        4.1%                                         5.65000     0.02034
  7                   155,280       2.8%          1        3.5%                                         6.01400     0.02034
  8                        84       2.1%          1        2.7%                                         5.43350     0.02034
 8.01                     122
 8.02                      81
 8.03                      77
 8.04                      63
 8.05                      42
 8.06                      87
 8.07                      38
  9                       204       2.0%          1        2.6%                                         5.95000     0.02034
  10                  205,479       1.8%          1        2.3%                                         6.72000     0.02034
  11                  135,952       1.7%          2                   7.8%                              6.08000     0.02034
11.01                 128,809
11.02                 181,826
11.03                 134,064
11.04                 143,175
11.05                 184,148
11.06                 129,513
11.07                 106,351
11.08                 114,656
11.09                 174,352
11.10                 118,572
11.11                 192,343
11.12                 126,359
11.13                 151,411
11.14                 103,235
11.15                  91,672
11.16                  90,330
  12                   25,580       1.6%          2                   7.7%                              6.20600     0.02034
12.01                  31,634
12.02                  35,758
12.03                  20,208
12.04                  25,189
12.05                  27,542
12.06                  25,189
12.07                  22,147
12.08                  23,925
12.09                  27,070
12.10                  10,586
  13                      323       1.5%          1        1.9%                                         5.47468     0.02034
  14                  522,876       1.5%          2                   6.9%                              5.50650     0.02034
  15                  249,221       1.5%          1        1.9%                                         5.67500     0.02034
  16                      229       1.4%          1        1.8%                                         6.50000     0.02034
  17                  397,590       1.2%          2                   5.7%                              5.57600     0.02034
  18                      286       1.2%          1        1.5%                                         5.70500     0.01034
  19                  469,925       1.2%          2                   5.4%                    2         5.65950     0.02034
  20                      192       1.1%          1        1.4%                               5         5.67300     0.02034
  21                   81,630       1.1%          2                   5.1%                    3         5.71750     0.02034
  22                  266,667       1.0%          1        1.3%                                         6.28400     0.02034
  23                      482       1.0%          1        1.2%                                         6.14920     0.02034
  24                   63,788       1.0%          2                   4.6%                    1         5.91000     0.02034
  25                  129,310       0.9%          1        1.2%                                         5.70100     0.02034
25.01                 198,400
25.02                 130,952
25.03                  82,095
25.04                 130,882
25.05                 100,704
  26                      173       0.9%          1        1.2%                                         6.48200     0.02584
  27                      115       0.9%          1        1.1%                                         5.88950     0.02034
27.01                      88
27.02                     139
27.03                     145
  28                      827       0.8%          1        1.1%                                         5.67000     0.02034
  29                      132       0.8%          1        1.1%                                         5.68800     0.02034
  30                      221       0.8%          1        1.0%                                         5.55250     0.02034
  31                      352       0.7%          1        0.9%                                         6.34000     0.02034
  32                   72,000       0.7%          2                   3.3%                    1         5.91000     0.02034
  33                   88,517       0.7%          1        0.9%                                         5.76100     0.02034
  34                   89,552       0.7%          2                   3.1%                    4         5.56000     0.02034
  35                   29,925       0.7%          2                   3.1%                    6         5.47500     0.02034
  36                      230       0.6%          1        0.8%                                         5.78450     0.04034
  37                  133,588       0.6%          1        0.8%                                         6.26400     0.02034
  38                       49       0.6%          1        0.8%                                         5.56300     0.02034
  39                   90,198       0.6%          1        0.8%                                         5.80350     0.02034
39.01                 140,694
39.02                  81,852
39.03                  87,714
39.04                  83,889
39.05                 108,102
39.06                  80,071
39.07                  76,107
39.08                  67,443
  40                  122,169       0.6%          1        0.8%                                         5.74300     0.02034
  41                  150,000       0.6%          1        0.8%                                         5.58750     0.04534
  42                   80,761       0.6%          1        0.7%                                         5.96000     0.02034
  43                      157       0.6%          1        0.7%                                         5.84800     0.02034
  44                      171       0.6%          1        0.7%                                         5.58440     0.02034
  45                  115,234       0.5%          2                   2.6%                              5.76000     0.02034
  46                  386,667       0.5%          2                   2.5%                              5.57500     0.02034
  47                   56,228       0.5%          2                   2.5%                    1         5.91000     0.02034
  48                      100       0.5%          1        0.7%                                         5.60000     0.02034
  49                       77       0.5%          1        0.7%                                         5.93000     0.02034
  50                      145       0.5%          1        0.7%                                         5.56300     0.04534
  51                      177       0.5%          1        0.6%                                         5.99000     0.02034
  52                  262,626       0.5%          2                   2.2%                    2         5.39500     0.02034
  53                      218       0.5%          1        0.6%                                         5.47200     0.02034
  54                      882       0.4%          1        0.6%                              10         5.82200     0.02034
  55                      190       0.4%          1        0.5%                                         5.65880     0.07034
  56                  176,000       0.4%          1        0.5%                                         5.73400     0.04034
  57                  173,373       0.4%          1        0.5%                                         5.86000     0.02034
  58                      108       0.4%          1        0.5%                                         5.93850     0.06034
  59                      228       0.4%          1        0.5%                                         5.89500     0.02034
  60                      260       0.4%          1        0.5%                                         5.79000     0.02034
  61                      286       0.4%          1        0.5%                                         5.50500     0.02034
  62                      155       0.4%          1        0.5%                                         5.54900     0.01034
  63                      334       0.4%          1        0.5%                                         5.66500     0.02034
  64                      316       0.4%          1        0.5%                                         5.72800     0.01034
  65                   92,593       0.4%          2                   1.7%                              5.97000     0.02034
  66                  133,108       0.4%          2                   1.7%                              5.96600     0.02034
  67                  251,727       0.4%          1        0.5%                                         5.90000     0.02034
  68                   85,185       0.3%          2                   1.6%                              5.79000     0.02034
  69                      117       0.3%          1        0.4%                                         5.62500     0.02034
  70                      217       0.3%          1        0.4%                                         5.60000     0.02034
  71                       98       0.3%          1        0.4%                                         6.17000     0.02034
  72                      150       0.3%          1        0.4%                                         6.34500     0.02034
  73                   39,178       0.3%          2                   1.5%                    4         5.56000     0.02034
  74                   79,612       0.3%          2                   1.4%                              5.65000     0.02034
  75                      178       0.3%          1        0.4%                                         5.98000     0.02034
75.01
75.02
  76                      151       0.3%          1        0.4%                                         5.69500     0.02034
  77                  104,422       0.3%          2                   1.3%                    7         5.46000     0.02034
  78                   83,152       0.3%          2                   1.3%                              5.50700     0.06034
  79                   59,762       0.3%          2                   1.3%                              5.91650     0.02034
  80                      155       0.3%          1        0.4%                                         5.92150     0.07034
  81                   41,667       0.3%          2                   1.3%                              5.75000     0.02034
  82                   75,000       0.3%          2                   1.3%                    3         5.52000     0.02034
  83                   71,381       0.3%          2                   1.3%                              5.62000     0.02034
  84                       71       0.3%          1        0.3%                                         6.22800     0.02034
  85                   61,135       0.3%          2                   1.2%                              5.70100     0.02034
85.01                  64,932
85.02                  55,780
  86                      115       0.2%          1        0.3%                                         5.58000     0.02034
  87                      252       0.2%          1        0.3%                                         5.65500     0.02034
  88                      106       0.2%          1        0.3%                                         5.48500     0.02034
  89                       84       0.2%          1        0.3%                                         5.65000     0.02034
  90                      118       0.2%          1        0.3%                                         6.35750     0.02034
  91                      154       0.2%          1        0.3%                                         5.60450     0.02034
  92                   33,416       0.2%          1        0.3%                                         5.80000     0.02034
  93                       50       0.2%          1        0.3%                                         5.61000     0.02034
  94                   31,937       0.2%          2                   1.1%                              5.92700     0.02034
  95                   10,031       0.2%          1        0.3%                                         5.95050     0.02034
95.01                  10,857
95.02                   9,201
  96                      158       0.2%          1        0.3%                                         5.67400     0.02034
  97                   37,377       0.2%          2                   1.0%                   11         6.12550     0.02034
  98                  126,966       0.2%          1        0.3%                                         6.45500     0.02034
  99                   55,245       0.2%          2                   1.0%                    1         5.91000     0.02034
 100                   89,602       0.2%          1        0.3%                                         5.66000     0.02034
 101                       71       0.2%          1        0.3%                              14         5.72500     0.02034
 102                       26       0.2%          1        0.2%                                         5.94000     0.02034
 103                      228       0.2%          1        0.2%                                         6.61300     0.02034
 104                   82,927       0.2%          2                   0.9%                              6.17500     0.02034
104.01                 80,331
104.02                 87,933
 105                      203       0.2%          1        0.2%                                         5.97000     0.04034
 106                      105       0.2%          1        0.2%                              13         5.78400     0.02034
 107                    2,370       0.2%          1        0.2%                               9         5.95000     0.02034
 108                   33,275       0.2%          2                   0.8%                              5.61500     0.02034
 109                      234       0.2%          1        0.2%                                         5.76000     0.02034
 110                   84,234       0.2%          2                   0.8%                    7         5.46000     0.02034
 111                       77       0.2%          1        0.2%                                         5.79000     0.02034
 112                      164       0.2%          1        0.2%                                         5.93500     0.02034
 113                      247       0.2%          1        0.2%                                         6.29000     0.02034
 114                      101       0.2%          1        0.2%                                         6.67000     0.02034
 115                   62,671       0.2%          1        0.2%                                         6.50250     0.06034
 116                  200,000       0.2%          2                   0.8%                              5.65500     0.02034
 117                      262       0.2%          1        0.2%                                         5.54000     0.02034
 118                       65       0.2%          1        0.2%                                         5.90000     0.02034
 119                      199       0.2%          1        0.2%                                         5.54000     0.02034
 120                      219       0.2%          1        0.2%                              13         5.79200     0.02034
 121                       68       0.2%          1        0.2%                                         5.57330     0.02034
 122                    1,412       0.2%          1        0.2%                                         6.09300     0.02034
 123                  105,370       0.2%          2                   0.7%                              6.13000     0.02034
 124                       68       0.2%          1        0.2%                                         5.62000     0.02034
 125                   56,944       0.2%          2                   0.7%                              5.56850     0.06034
 126                      160       0.2%          1        0.2%                              17         5.55600     0.02034
 127                      218       0.1%          1        0.2%                                         5.51200     0.02034
 128                   86,022       0.1%          2                   0.7%                    7         5.46000     0.02034
 129                   60,606       0.1%          2                   0.7%                              5.71000     0.02034
 130                      117       0.1%          1        0.2%                                         5.58750     0.02034
 131                      150       0.1%          1        0.2%                                         6.18000     0.02034
 132                       67       0.1%          1        0.2%                                         6.15000     0.02034
 133                   48,750       0.1%          2                   0.7%                              5.80600     0.02034
 134                   44,318       0.1%          2                   0.7%                    4         5.56000     0.02034
 135                      105       0.1%          1        0.2%                                         5.91000     0.07034
 136                       84       0.1%          1        0.2%                               5         5.83000     0.02034
 137                   93,687       0.1%          1        0.2%                              16         5.78000     0.03034
 138                      442       0.1%          1        0.2%                              19         5.97500     0.02034
 139                      106       0.1%          1        0.2%                                         5.74000     0.02034
 140                   37,083       0.1%          2                   0.6%                              5.61000     0.07034
 141                   31,473       0.1%          2                   0.6%                    4         5.56000     0.02034
 142                   52,239       0.1%          2                   0.6%                              5.60300     0.08034
 143                   15,119       0.1%          2                   0.6%                    6         5.74500     0.02034
 144                   84,150       0.1%          1        0.2%                              16         5.77000     0.01034
 145                   39,455       0.1%          2                   0.6%                              5.82000     0.01054
 146                       98       0.1%          1        0.2%                              21         6.19600     0.07034
 147                      170       0.1%          1        0.2%                                         5.96300     0.02034
 148                   33,193       0.1%          2                   0.6%                              5.71000     0.02034
 149                      144       0.1%          1        0.2%                                         6.05000     0.02034
 150                      401       0.1%          1        0.2%                                         5.98100     0.02034
 151                      217       0.1%          1        0.2%                                         6.35000     0.02034
 152                       72       0.1%          1        0.2%                                         6.00400     0.02034
 153                       83       0.1%          1        0.1%                                         5.87000     0.02034
 154                      170       0.1%          1        0.1%                               7         5.46000     0.02034
 155                   39,769       0.1%          2                   0.6%                   11         6.12550     0.02034
 156                       57       0.1%          1        0.1%                                         5.66150     0.02034
 157                      133       0.1%          1        0.1%                                         5.93500     0.02034
 158                       93       0.1%          1        0.1%                                         5.83400     0.02034
 159                      127       0.1%          1        0.1%                                         5.86000     0.02034
 160                   50,081       0.1%          1        0.1%                               8         6.92100     0.02034
 161                    1,075       0.1%          1        0.1%                               9         6.36000     0.02034
 162                      159       0.1%          1        0.1%                                         5.65000     0.01084
 163                  500,000       0.1%          2                   0.5%                              5.85200     0.02034
 164                   72,289       0.1%          2                   0.5%                              6.61890     0.07034
 165                   93,652       0.1%          2                   0.5%                   14         5.72500     0.02034
 166                    2,035       0.1%          1        0.1%                               9         5.97000     0.02034
 167                   51,293       0.1%          1        0.1%                               8         6.92100     0.02034
 168                      132       0.1%          1        0.1%                                         5.94400     0.02034
 169                   56,615       0.1%          2                   0.5%                    4         5.56000     0.02034
 170                   69,872       0.1%          1        0.1%                              18         6.06000     0.07034
 171                   69,019       0.1%          1        0.1%                              18         6.06000     0.07034
 172                   64,444       0.1%          2                   0.5%                              5.72000     0.02034
 173                    1,031       0.1%          1        0.1%                               9         6.29500     0.02034
173.01                  1,092
173.02                    945
 174                      193       0.1%          1        0.1%                                         5.70000     0.02034
 175                      141       0.1%          1        0.1%                              15         6.11700     0.02034
175.01                    183
175.02                    127
175.03                    124
 176                      104       0.1%          1        0.1%                                         5.55000     0.02034
 177                   45,528       0.1%          1        0.1%                               8         6.92100     0.02034
 178                   31,845       0.1%          2                   0.5%                              5.70700     0.11034
 179                       59       0.1%          1        0.1%                                         5.74150     0.02034
 180                      274       0.1%          1        0.1%                                         5.95000     0.02034
 181                   42,016       0.1%          1        0.1%                               8         6.92100     0.02034
 182                      104       0.1%          1        0.1%                                         6.20700     0.02034
 183                      106       0.1%          1        0.1%                                         5.96500     0.02034
 184                   42,810       0.1%          1        0.1%                               8         6.92100     0.02034
 185                      114       0.1%          1        0.1%                              17         5.70000     0.02034
 186                   60,652       0.1%          2                   0.4%                              5.82750     0.02034
 187                   41,875       0.1%          1        0.1%                               8         6.92100     0.02034
 188                       68       0.1%          1        0.1%                              23         5.65400     0.02034
 189                      146       0.1%          1        0.1%                                         5.98000     0.07034
 190                    1,098       0.1%          1        0.1%                                         6.23300     0.02034
 191                      332       0.1%          1        0.1%                                         6.20300     0.02034
 192                      230       0.1%          1        0.1%                                         5.60500     0.02034
 193                       51       0.1%          1        0.1%                                         6.18800     0.04034
 194                      519       0.1%          1        0.1%                                         5.67000     0.02034
 195                       97       0.1%          1        0.1%                                         5.93400     0.02034
 196                   42,391       0.1%          1        0.1%                               8         6.92100     0.02034
 197                      284       0.1%          1        0.1%                                         5.84200     0.02034
 198                      331       0.1%          1        0.1%                              22         5.68650     0.02034
 199                   47,600       0.1%          2                   0.4%                              5.65800     0.02034
 200                   64,927       0.1%          1        0.1%                                         5.95000     0.02034
 201                   39,242       0.1%          2                   0.4%                   11         6.12550     0.02034
 202                    7,055       0.1%          1        0.1%                              24         5.63200     0.02034
 203                      152       0.1%          1        0.1%                                         5.82650     0.02034
 204                      133       0.1%          1        0.1%                                         6.50000     0.02034
 205                   56,962       0.1%          1        0.1%                                         6.68000     0.01114
 206                    9,016       0.1%          1        0.1%                                         5.76900     0.02034
 207                      292       0.1%          1        0.1%                              22         5.68650     0.02034
 208                      303       0.1%          1        0.1%                                         6.06600     0.02034
 209                    7,368       0.1%          1        0.1%                                         5.63250     0.02034
 210                      283       0.1%          1        0.1%                                         5.87000     0.02034
 211                   43,000       0.1%          2                   0.4%                   11         6.12550     0.02034
 212                       61       0.1%          1        0.1%                              25         5.80900     0.02034
 213                   30,346       0.1%          1        0.1%                                         6.07000     0.02034
 214                      335       0.1%          1        0.1%                                         5.77700     0.02034
 215                       83       0.1%          1        0.1%                                         5.54850     0.02034
 216                      165       0.1%          1        0.1%                                         6.24750     0.02034
 217                      262       0.1%          1        0.1%                              20         5.70000     0.02034
 218                      174       0.1%          1        0.1%                                         5.69500     0.02034
 219                       93       0.1%          1        0.1%                                         5.76300     0.09034
 220                   44,286       0.1%          2                   0.3%                              5.70500     0.02034
 221                       61       0.1%          1        0.1%                              23         5.65400     0.02034
221.01                     66
221.02                     42
 222                    7,395       0.1%          1        0.1%                              24         5.58000     0.02034
 223                      240       0.1%          1        0.1%                                         5.68000     0.02034
 224                      318       0.1%          1        0.1%                                         6.21150     0.02034
 225                       63       0.1%          1        0.1%                                         5.62100     0.06034
 226                   52,190       0.1%          1        0.1%                                         6.35400     0.02034
 227                   67,347       0.1%          2                   0.3%                              5.91100     0.02034
 228                      219       0.1%          1        0.1%                              15         6.11700     0.02034
 229                      215       0.1%          1        0.1%                                         6.13000     0.07034
 230                       60       0.1%          1        0.1%                                         5.81000     0.02034
 231                       57       0.1%          1        0.1%                              25         5.80900     0.02034
 232                      196       0.1%          1        0.1%                              20         5.70000     0.02034
 233                      189       0.1%          1        0.1%                              20         5.70000     0.02034
 234                      189       0.1%          1        0.1%                                         5.85100     0.02034
 235                      149       0.0%          1        0.1%                               5         5.38000     0.02034
 236                   42,129       0.0%          2                   0.2%                              6.26000     0.02034
 237                       84       0.0%          1        0.1%                   B          26         5.95000     0.09034
 238                      179       0.0%          1        0.1%                              15         6.11700     0.02034
 239                      453       0.0%          1        0.1%                              10         6.12500     0.02034
 240                      377       0.0%          1        0.1%                                         5.56500     0.02034
 241                   72,147       0.0%          2                   0.2%                              5.75000     0.02034
 242                       83       0.0%          1        0.1%                              21         6.23750     0.07034
 243                      218       0.0%          1        0.1%                              15         6.11700     0.02034
 244                      485       0.0%          1        0.0%                              19         5.97500     0.02034
 245                      131       0.0%          1        0.0%                              15         5.70000     0.02034
245.01                    211
245.02                    126
245.03                     95
 246                      161       0.0%          1        0.0%                                         5.74000     0.02034
 247                   17,143       0.0%          2                   0.2%                              6.09000     0.02034
 248                      479       0.0%          1        0.0%                   A          12         5.86500     0.02034
 249                       72       0.0%          1        0.0%                   B          26         5.95000     0.13534
 250                      198       0.0%          1        0.0%                              27         6.23500     0.02034
 251                      442       0.0%          1        0.0%                   A          12         5.86500     0.02034
 252                      446       0.0%          1        0.0%                   A          12         5.86500     0.02034
 253                      411       0.0%          1        0.0%                   A          12         5.86500     0.02034
 254                      344       0.0%          1        0.0%                               9         6.20000     0.02034
 255                      400       0.0%          1        0.0%                   A          12         5.86500     0.02034
 256                      167       0.0%          1        0.0%                              27         6.23500     0.02034
 257                      420       0.0%          1        0.0%                   A          12         5.86500     0.02034
 258                      394       0.0%          1        0.0%                   A          12         5.86500     0.02034
 259                      393       0.0%          1        0.0%                   A          12         5.86500     0.02034
 260                      371       0.0%          1        0.0%                   A          12         5.86500     0.02034
 261                      328       0.0%          1        0.0%                   A          12         5.86500     0.02034
 262                      324       0.0%          1        0.0%                   A          12         5.86500     0.02034
 263                      322       0.0%          1        0.0%                   A          12         5.86500     0.02034
 264                      313       0.0%          1        0.0%                   A          12         5.86500     0.02034
 265                      289       0.0%          1        0.0%                   A          12         5.86500     0.02034
 266                      209       0.0%          1        0.0%                              13         5.75000     0.02034





           NET
         MORTGAGE                              MONTHLY DEBT                    ANNUAL DEBT                        FIRST
LOAN #    RATE %    ACCRUAL TYPE(17),(18)  SERVICE ($)(17),(18),(20),(21)  SERVICE ($)(20),(22)  NOTE DATE(23)  PAYMENT DATE
------   --------   --------------------   -----------------------------   -------------------   ------------   ------------

  1      6.20466         Actual/360                1,493,711.81               17,924,541.72        04/13/07       05/09/07
 1.01
 1.02
 1.03
 1.04
 1.05
 1.06
 1.07
 1.08
 1.09
  2      5.52166         Actual/360               1,030,144.91                12,361,738.92        05/04/07       07/01/07
 2.01
 2.02
 2.03
  3      5.80413         Actual/360               1,077,729.19                12,932,750.28        06/06/07       07/09/07
  4      5.59966         Actual/360               1,304,676.24                15,656,114.88        04/03/07       05/09/07
 4.01
 4.02
 4.03
 4.04
 4.05
 4.06
 4.07
 4.08
 4.09
 4.10
 4.11
 4.12
 4.13
 4.14
 4.15
 4.16
 4.17
 4.18
 4.19
 4.20
 4.21
 4.22
 4.23
 4.24
 4.25
 4.26
 4.27
 4.28
 4.29
 4.30
 4.31
  5      5.57416         Actual/360                959,547.40                 11,514,568.80        04/02/07       06/01/07
  6      5.62966         Actual/360                830,628.47                 9,967,541.64         05/04/07       07/01/07
  7      5.99366         Actual/360                762,190.97                 9,146,291.64         06/01/07       07/10/07
  8      5.41316         Actual/360                529,319.75                 6,351,837.00         12/08/06       01/11/07
 8.01
 8.02
 8.03
 8.04
 8.05
 8.06
 8.07
  9      5.92966         Actual/360                697,866.99                 8,374,403.88         11/08/06       01/05/07
  10     6.69966         Actual/360                646,605.19                 7,759,262.28         02/01/06       03/01/06
  11     6.05966         Actual/360                462,333.33                 5,547,999.96         06/05/07       07/11/07
11.01
11.02
11.03
11.04
11.05
11.06
11.07
11.08
11.09
11.10
11.11
11.12
11.13
11.14
11.15
11.16
  12     6.18566         Actual/360                546,976.10                 6,563,713.20         03/27/07       05/01/07
12.01
12.02
12.03
12.04
12.05
12.06
12.07
12.08
12.09
12.10
  13     5.45434         Actual/360                384,849.73                 4,618,196.76         04/24/07       06/11/07
  14     5.48616         Actual/360                372,198.61                 4,466,383.32         03/29/07       05/10/07
  15     5.65466         Actual/360                383,587.96                 4,603,055.52         04/02/07       05/10/07
  16     6.47966           30/360                  505,054.96                 6,060,659.52         03/29/07       05/11/07
  17     5.55566         Actual/360                310,939.44                 3,731,273.28         03/13/07       05/10/07
  18     5.69466         Actual/360                315,621.20                 3,787,454.40         03/01/07       04/05/07
  19     5.63916         Actual/360                298,859.59                 3,586,315.08         03/21/07       05/10/07
  20     5.65266           30/360                  282,048.66                 3,384,583.92         06/15/07       08/11/07
  21     5.69716         Actual/360                285,497.80                 3,425,973.60         05/08/07       06/10/07
  22     6.26366         Actual/360                346,040.91                 4,152,490.92         06/07/07       08/01/07
  23     6.12886         Actual/360                275,361.75                 3,304,341.00         05/22/07       07/01/07
  24     5.88966         Actual/360                264,051.14                 3,168,613.68         05/17/07       07/11/07
  25     5.68066         Actual/360                240,840.86                 2,890,090.32         04/17/07       06/06/07
25.01
25.02
25.03
25.04
25.05
  26     6.45616         Actual/360                313,391.98                 3,760,703.76         06/22/07       08/01/07
  27     5.86916         Actual/360                281,420.78                 3,377,049.36         04/03/07       06/01/07
27.01
27.02
27.03
  28     5.64966         Actual/360                220,368.75                 2,644,425.00         04/10/07       05/11/07
  29     5.66766         Actual/360                216,262.50                 2,595,150.00         05/08/07       06/09/07
  30     5.53216         Actual/360                197,036.63                 2,364,439.56         03/30/07       05/09/07
  31     6.31966         Actual/360                210,518.82                 2,526,225.83         06/15/07       08/01/07
  32     5.88966         Actual/360                188,750.63                 2,265,007.56         05/15/07       07/11/07
  33     5.74066         Actual/360                180,097.93                 2,161,175.16         06/06/07       07/09/07
  34     5.53966         Actual/360                205,761.31                 2,469,135.72         06/15/07       08/01/07
  35     5.45466         Actual/360                166,987.50                 2,003,850.00         04/12/07       06/05/07
  36     5.74416         Actual/360                171,546.58                 2,058,558.94         05/30/07       07/01/07
  37     6.24366         Actual/360                215,819.81                 2,589,837.72         05/18/07       07/10/07
  38     5.54266         Actual/360                200,111.80                 2,401,341.60         05/08/07       07/05/07
  39     5.78316         Actual/360                167,476.31                 2,009,715.72         04/17/07       06/01/07
39.01
39.02
39.03
39.04
39.05
39.06
39.07
39.08
  40     5.72266         Actual/360                164,798.77                 1,977,585.24         06/06/07       07/10/07
  41     5.54216         Actual/360                192,625.78                 2,311,509.36         05/04/07       07/01/07
  42     5.93966         Actual/360                160,639.69                 1,927,676.28         04/17/07       06/11/07
  43     5.82766         Actual/360                150,701.06                 1,808,412.72         02/14/07       04/01/07
  44     5.56406         Actual/360                141,549.03                 1,698,588.36         04/26/07       06/09/07
  45     5.73966         Actual/360                143,566.67                 1,722,800.04         04/12/07       06/11/07
  46     5.55466         Actual/360                136,600.41                 1,639,204.92         04/19/07       06/10/07
  47     5.88966         Actual/360                142,911.19                 1,714,934.28         05/15/07       07/11/07
  48     5.57966         Actual/360                135,216.67                 1,622,600.04         03/30/07       05/05/07
  49     5.90966         Actual/360                168,996.34                 2,027,956.08         04/17/07       06/06/07
  50     5.51766         Actual/360                172,999.54                 2,075,994.48         06/15/07       08/01/07
  51     5.96966         Actual/360                136,140.78                 1,633,689.36         02/21/07       04/11/07
  52     5.37466         Actual/360                118,515.16                 1,422,181.92         05/18/07       07/10/07
  53     5.45166         Actual/360                118,357.33                 1,420,287.96         04/02/07       05/06/07
  54     5.80166         Actual/360                118,057.22                 1,416,686.64         03/29/07       05/10/07
  55     5.58846         Actual/360                131,736.62                 1,580,839.44         05/03/07       07/01/07
  56     5.69366         Actual/360                106,583.38                 1,279,000.56         05/23/07       07/01/07
  57     5.83966         Actual/360                129,012.08                 1,548,144.96         04/03/07       05/11/07
  58     5.87816         Actual/360                106,872.38                 1,282,468.56         02/01/07       03/01/07
  59     5.87466         Actual/360                124,491.49                 1,493,897.88         11/22/06       01/05/07
  60     5.76966         Actual/360                121,912.21                 1,462,946.52         05/15/07       07/05/07
  61     5.48466         Actual/360                 96,280.16                 1,155,361.92         05/01/07       06/09/07
  62     5.53866         Actual/360                 95,643.18                 1,147,718.17         05/30/07       07/01/07
  63     5.64466         Actual/360                 95,728.01                 1,148,736.12         05/31/07       07/09/07
  64     5.71766         Actual/360                116,435.21                 1,397,222.52         05/03/07       07/01/07
  65     5.94966         Actual/360                100,881.94                 1,210,583.28         03/02/07       04/11/07
  66     5.94566         Actual/360                 99,302.14                 1,191,625.68         04/02/07       05/06/07
  67     5.87966         Actual/360                115,661.62                 1,387,939.44         12/11/06       02/05/07
  68     5.76966         Actual/360                 90,013.06                 1,080,156.72         05/10/07       06/11/07
  69     5.60466         Actual/360                 86,022.14                 1,032,265.68         12/20/06       02/10/07
  70     5.57966         Actual/360                 85,166.67                 1,022,000.04         05/25/07       07/09/07
  71     6.14966         Actual/360                109,894.25                 1,318,731.00         04/25/06       06/11/06
  72     6.32466         Actual/360                 96,106.35                 1,153,276.20         05/30/07       07/11/07
  73     5.53966         Actual/360                 96,736.39                 1,160,836.68         06/15/07       08/01/07
  74     5.62966         Actual/360                 94,666.67                 1,136,000.04         03/20/07       05/06/07
  75     5.95966         Actual/360                 82,103.88                  985,246.56          05/31/07       07/09/07
75.01
75.02
  76     5.67466         Actual/360                 94,205.58                 1,130,466.96         05/21/07       07/01/07
  77     5.43966         Actual/360                 70,812.53                  849,750.36          04/18/07       06/09/07
  78     5.44666         Actual/360                 71,189.45                  854,273.40          03/30/07       05/09/07
  79     5.89616         Actual/360                 89,485.42                 1,073,825.04         04/30/07       06/01/07
  80     5.85116         Actual/360                 89,176.94                 1,070,123.28         05/14/07       07/01/07
  81     5.72966         Actual/360                 72,873.26                  874,479.12          05/09/07       06/11/07
  82     5.49966         Actual/360                 69,958.33                  839,499.96          04/04/07       05/10/07
  83     5.59966         Actual/360                 71,178.21                  854,138.52          04/03/07       05/11/07
  84     6.20766         Actual/360                 89,071.63                 1,068,859.56         06/06/07       07/06/07
  85     5.68066         Actual/360                 67,435.44                  809,225.28          04/24/07       06/09/07
85.01
85.02
  86     5.55966         Actual/360                 83,548.02                 1,002,576.24         06/06/07       08/01/07
  87     5.63466         Actual/360                 75,081.75                  900,981.00          02/20/07       04/07/07
  88     5.46466         Actual/360                 60,246.12                  722,953.44          03/02/07       04/09/07
  89     5.62966         Actual/360                 75,040.65                  900,487.80          05/31/07       07/05/07
  90     6.33716         Actual/360                 79,397.54                  952,770.48          02/15/07       04/01/07
  91     5.58416         Actual/360                 72,369.71                  868,436.52          02/28/07       04/01/07
  92     5.77966         Actual/360                 72,170.62                  866,047.44          03/15/07       05/09/07
  93     5.58966         Actual/360                 58,064.15                  696,769.80          03/09/07       04/09/07
  94     5.90666         Actual/360                 61,094.75                  733,137.00          05/07/07       07/01/07
  95     5.93016         Actual/360                 72,757.36                  873,088.32          05/18/07       07/01/07
95.01
95.02
  96     5.65366         Actual/360                 69,450.46                  833,405.52          04/20/07       06/09/07
  97     6.10516         Actual/360                 59,000.48                  708,005.76          05/30/07       07/01/07
  98     6.43466         Actual/360                 71,089.60                  853,075.20          03/30/07       05/05/07
  99     5.88966         Actual/360                 56,275.65                  675,307.80          05/15/07       07/11/07
 100     5.63966         Actual/360                 70,163.90                  841,966.80          03/07/07       05/05/07
 101     5.70466         Actual/360                 62,854.45                  754,253.40          06/07/07       08/05/07
 102     5.91966         Actual/360                 63,144.04                  757,728.48          04/27/07       06/11/07
 103     6.59266         Actual/360                 57,987.74                  695,852.88          06/05/07       07/05/07
 104     6.15466         Actual/360                 53,216.49                  638,597.88          05/31/07       07/06/07
104.01
104.02
 105     5.92966         Actual/360                 59,762.31                  717,147.72          12/22/06       02/01/07
 106     5.76366         Actual/360                 48,869.44                  586,433.28          03/14/07       04/09/07
 107     5.92966         Actual/360                 58,799.10                  705,589.20          01/25/07       03/07/07
 108     5.59466         Actual/360                 44,832.27                  537,987.24          04/25/07       06/01/07
 109     5.73966         Actual/360                 46,096.48                  553,157.76          05/24/07       07/07/07
 110     5.43966         Actual/360                 43,133.37                  517,600.44          04/18/07       06/09/07
 111     5.76966         Actual/360                 54,332.99                  651,995.88          04/26/07       06/05/07
 112     5.91466         Actual/360                 46,511.44                  558,137.28          04/12/07       06/05/07
 113     6.26966         Actual/360                 56,885.54                  682,626.48          04/25/07       06/01/07
 114     6.64966         Actual/360                 63,099.87                  757,198.44          06/15/07       08/01/07
 115     6.44216         Actual/360                 57,849.27                  694,191.24          06/15/07       08/01/07
 116     5.63466         Actual/360                 43,001.56                  516,018.72          05/29/07       07/09/07
 117     5.51966         Actual/360                 41,893.04                  502,716.48          05/16/07       07/09/07
 118     5.87966         Actual/360                 53,204.34                  638,452.08          03/14/07       05/07/07
 119     5.51966         Actual/360                 41,846.24                  502,154.88          02/28/07       04/06/07
 120     5.77166         Actual/360                 43,064.59                  516,775.08          05/03/07       06/09/07
 121     5.55296         Actual/360                 50,199.17                  602,390.04          05/22/07       07/05/07
 122     6.07266         Actual/360                 52,155.39                  625,864.68          06/11/07       08/06/07
 123     6.10966         Actual/360                 44,205.18                  530,462.16          06/04/07       07/11/07
 124     5.59966         Actual/360                 39,043.39                  468,520.68          05/09/07       07/05/07
 125     5.50816         Actual/360                 38,579.91                  462,958.92          04/30/07       06/01/07
 126     5.53566         Actual/360                 46,561.56                  558,738.72          05/04/07       06/05/07
 127     5.49166         Actual/360                 46,051.91                  552,622.92          05/07/07       07/05/07
 128     5.43966         Actual/360                 36,905.56                  442,866.72          04/18/07       06/09/07
 129     5.68966         Actual/360                 38,595.37                  463,144.44          03/30/07       05/01/07
 130     5.56716         Actual/360                 45,863.28                  550,359.36          04/04/07       06/01/07
 131     6.15966         Actual/360                 48,916.66                  586,999.91          12/12/06       02/01/07
 132     6.12966         Actual/360                 51,626.63                  619,519.56          03/02/07       04/05/07
 133     5.78566         Actual/360                 45,796.54                  549,558.48          05/29/07       07/05/07
 134     5.53966         Actual/360                 44,581.62                  534,979.44          06/15/07       08/01/07
 135     5.83966         Actual/360                 46,314.57                  555,774.84          03/29/07       05/01/07
 136     5.80966           30/360                   37,835.75                  454,029.00          04/26/07       06/11/07
 137     5.74966         Actual/360                 47,949.96                  575,399.52          05/22/07       07/03/07
 138     5.95466         Actual/360                 37,966.15                  455,593.80          05/23/07       07/05/07
 139     5.71966         Actual/360                 41,971.52                  503,658.24          05/31/07       07/05/07
 140     5.53966         Actual/360                 33,748.31                  404,979.72          03/29/07       05/01/07
 141     5.53966         Actual/360                 40,294.92                  483,539.04          06/15/07       08/01/07
 142     5.52266         Actual/360                 40,198.77                  482,385.24          05/17/07       07/01/07
 143     5.72466         Actual/360                 40,827.87                  489,934.44          03/02/07       04/05/07
 144     5.75966         Actual/360                 49,225.80                  590,709.60          05/10/07       07/03/07
 145     5.80946         Actual/360                 40,832.61                  489,991.32          05/11/07       06/11/07
 146     6.12566         Actual/360                 42,120.01                  505,440.12          06/15/07       08/01/07
 147     5.94266         Actual/360                 40,607.82                  487,293.84          06/15/07       08/01/07
 148     5.68966         Actual/360                 38,571.96                  462,863.52          04/30/07       06/01/07
 149     6.02966         Actual/360                 39,843.02                  478,116.24          05/25/07       07/01/07
 150     5.96066         Actual/360                 33,049.18                  396,590.16          05/30/07       07/09/07
 151     6.32966         Actual/360                 40,445.32                  485,343.84          11/20/06       01/05/07
 152     5.98366         Actual/360                 38,987.50                  467,850.00          05/30/07       07/06/07
 153     5.84966         Actual/360                 37,837.97                  454,055.64          05/15/07       07/05/07
 154     5.43966         Actual/360                 29,409.11                  352,909.32          04/18/07       06/09/07
 155     6.10516         Actual/360                 32,931.58                  395,178.98          05/30/07       07/01/07
 156     5.64116         Actual/360                 30,422.70                  365,072.40          04/19/07       06/01/07
 157     5.91466         Actual/360                 37,746.96                  452,963.52          04/04/07       05/05/07
 158     5.81366         Actual/360                 36,895.84                  442,750.08          05/01/07       06/01/07
 159     5.83966         Actual/360                 36,615.93                  439,391.16          04/24/07       06/05/07
 160     6.90066         Actual/360                 43,227.65                  518,731.80          06/15/07       08/01/07
 161     6.33966         Actual/360                 38,619.13                  463,429.56          06/09/06       08/07/06
 162     5.63916         Actual/360                 29,119.73                  349,436.76          05/07/07       06/11/07
 163     5.83166         Actual/360                 29,666.39                  355,996.68          06/06/07       07/06/07
 164     6.54856         Actual/360                 38,394.46                  460,733.52          06/15/07       08/01/07
 165     5.70466         Actual/360                 34,919.14                  419,029.68          06/04/07       07/05/07
 166     5.94966         Actual/360                 35,857.39                  430,288.68          12/15/06       02/07/07
 167     6.90066         Actual/360                 41,753.98                  501,047.76          06/15/07       08/01/07
 168     5.92366         Actual/360                 35,310.33                  423,723.96          04/25/07       06/01/07
 169     5.53966         Actual/360                 33,653.41                  403,840.92          06/15/07       08/01/07
 170     5.98966         Actual/360                 35,450.54                  425,406.48          05/15/07       07/05/07
 171     5.98966         Actual/360                 38,068.48                  456,821.76          05/15/07       07/05/07
 172     5.69966         Actual/360                 28,030.65                  336,367.80          02/28/07       04/06/07
 173     6.27466         Actual/360                 35,881.52                  430,578.24          09/15/06       11/07/06
173.01
173.02
 174     5.67966         Actual/360                 33,373.02                  400,476.24          04/13/07       06/05/07
 175     6.09666         Actual/360                 29,479.98                  353,759.76          02/23/07       04/10/07
175.01
175.02
175.03
 176     5.52966         Actual/360                 31,972.08                  383,664.96          03/09/07       04/09/07
 177     6.90066         Actual/360                 39,297.86                  471,574.32          06/15/07       08/01/07
 178     5.59666         Actual/360                 31,075.16                  372,901.92          12/15/06       02/01/07
 179     5.72116         Actual/360                 31,017.36                  372,208.32          05/03/07       07/01/07
 180     5.92966           30/360                   26,031.25                  312,375.00          06/01/07       07/09/07
 181     6.90066         Actual/360                 40,146.39                  481,756.68          06/15/07       08/01/07
 182     6.18666         Actual/360                 27,270.57                  327,246.84          02/21/07       04/01/07
 183     5.94466         Actual/360                 31,059.72                  372,716.64          05/03/07       07/01/07
 184     6.90066         Actual/360                 36,350.52                  436,206.24          06/15/07       08/01/07
 185     5.67966         Actual/360                 29,890.62                  358,687.44          04/13/07       06/05/07
 186     5.80716         Actual/360                 30,013.78                  360,165.36          05/08/07       07/01/07
 187     6.90066         Actual/360                 38,720.84                  464,650.12          06/15/07       08/01/07
 188     5.63366         Actual/360                 28,874.43                  346,493.16          05/04/07       06/07/07
 189     5.90966         Actual/360                 29,913.26                  358,959.12          03/26/07       05/01/07
 190     6.21266         Actual/360                 26,331.54                  315,978.48          05/30/07       07/06/07
 191     6.18266         Actual/360                 30,633.18                  367,598.16          06/06/07       08/01/07
 192     5.58466         Actual/360                 28,719.72                  344,636.64          05/15/07       07/05/07
 193     6.14766         Actual/360                 30,584.53                  367,014.36          05/31/07       07/01/07
 194     5.64966         Actual/360                 30,177.13                  362,125.56          03/27/07       05/05/07
 195     5.91366         Actual/360                 31,373.38                  376,480.56          05/24/07       07/01/07
 196     6.90066         Actual/360                 37,565.00                  450,779.97          06/15/07       08/01/07
 197     5.82166         Actual/360                 23,692.56                  284,310.72          05/25/07       07/06/07
 198     5.66616         Actual/360                 23,061.92                  276,743.04          03/30/07       05/09/07
 199     5.63766         Actual/360                 27,500.50                  330,006.00          04/19/07       06/01/07
 200     5.92966         Actual/360                 33,893.60                  406,723.20          05/03/07       07/01/07
 201     6.10516         Actual/360                 24,371.34                  292,456.08          05/30/07       07/01/07
 202     5.61166         Actual/360                 21,889.19                  262,670.28          04/26/07       06/09/07
 203     5.80616         Actual/360                 26,832.94                  321,995.28          05/16/07       07/01/07
 204     6.47966         Actual/360                 28,443.06                  341,316.72          03/14/07       05/05/07
 205     6.66886         Actual/360                 30,892.40                  370,708.80          06/07/07       08/01/07
 206     5.74866         Actual/360                 21,446.79                  257,361.48          05/02/07       07/01/07
 207     5.66616         Actual/360                 20,803.77                  249,645.24          03/30/07       05/09/07
 208     6.04566         Actual/360                 25,812.47                  309,749.64          06/08/07       07/09/07
 209     5.61216         Actual/360                 24,197.46                  290,369.52          04/27/07       06/01/07
 210     5.84966         Actual/360                 20,780.75                  249,369.00          02/02/07       03/11/07
 211     6.10516         Actual/360                 21,364.38                  256,372.59          05/30/07       07/01/07
 212     5.78866         Actual/360                 26,097.91                  313,174.92          04/19/07       06/01/07
 213     6.04966         Actual/360                 24,403.96                  292,847.52          05/08/07       07/01/07
 214     5.75666         Actual/360                 23,411.57                  280,938.84          05/29/07       07/01/07
 215     5.52816         Actual/360                 21,691.76                  260,301.12          05/18/07       07/01/07
 216     6.22716         Actual/360                 23,391.08                  280,692.96          04/13/07       06/01/07
 217     5.67966         Actual/360                 18,300.69                  219,608.28          03/06/07       04/09/07
 218     5.67466         Actual/360                 21,753.14                  261,037.68          05/01/07       06/05/07
 219     5.67266         Actual/360                 21,914.96                  262,979.52          04/19/07       06/01/07
 220     5.68466         Actual/360                 17,931.13                  215,173.56          03/07/07       04/09/07
 221     5.63366         Actual/360                 21,367.08                  256,404.96          05/04/07       06/07/07
221.01
221.02
 222     5.55966         Actual/360                 17,047.93                  204,575.16          02/27/07       04/09/07
 223     5.65966         Actual/360                 20,472.37                  245,668.44          04/24/07       06/09/07
 224     6.19116         Actual/360                 23,005.20                  276,062.40          06/05/07       08/01/07
 225     5.56066         Actual/360                 16,622.29                  199,467.48          05/18/07       07/01/07
 226     6.33366         Actual/360                 21,787.40                  261,448.80          05/16/07       07/01/07
 227     5.89066         Actual/360                 16,481.02                  197,772.24          04/25/07       06/06/07
 228     6.09666         Actual/360                 16,616.08                  199,392.96          02/23/07       04/10/07
 229     6.05966         Actual/360                 18,541.98                  222,503.76          06/01/07       07/05/07
 230     5.78966         Actual/360                 17,621.70                  211,460.40          04/19/07       06/05/07
 231     5.78866         Actual/360                 18,980.30                  227,763.60          04/19/07       06/01/07
 232     5.67966         Actual/360                 13,966.32                  167,595.84          03/06/07       04/09/07
 233     5.67966         Actual/360                 13,484.72                  161,816.64          03/06/07       04/09/07
 234     5.83066         Actual/360                 16,048.13                  192,577.56          06/01/07       07/07/07
 235     5.35966           30/360                   12,105.00                  145,260.00          11/10/05       12/11/05
 236     6.23966         Actual/360                 17,827.77                  213,933.24          06/06/07       07/11/07
 237     5.85966         Actual/360                 15,803.00                  189,636.00          03/30/07       05/05/07
 238     6.09666         Actual/360                 13,577.12                  162,925.44          02/23/07       04/10/07
 239     6.10466         Actual/360                 13,455.15                  161,461.80          06/06/07       07/09/07
 240     5.54466         Actual/360                 14,868.72                  178,424.64          04/26/07       06/05/07
 241     5.72966         Actual/360                 15,172.89                  182,074.68          06/04/07       07/05/07
 242     6.16716         Actual/360                 15,372.61                  184,471.32          06/05/07       08/01/07
 243     6.09666         Actual/360                 12,683.00                  152,196.00          02/23/07       04/10/07
 244     5.95466         Actual/360                 10,428.03                  125,136.36          05/23/07       07/05/07
 245     5.67966         Actual/360                 9,872.74                   118,472.88          03/22/07       05/10/07
245.01
245.02
245.03
 246     5.71966         Actual/360                 14,030.25                  168,363.00          05/04/07       06/05/07
 247     6.06966         Actual/360                 9,879.33                   118,551.96          04/30/07       06/11/07
 248     5.84466         Actual/360                 11,315.71                  135,788.52          04/09/07       06/07/07
 249     5.81466         Actual/360                 11,330.45                  135,965.40          03/30/07       05/05/07
 250     6.21466         Actual/360                 11,680.10                  140,161.20          05/17/07       07/05/07
 251     5.84466         Actual/360                 10,370.28                  124,443.30          04/09/07       06/07/07
 252     5.84466         Actual/360                 10,340.73                  124,088.76          04/09/07       06/07/07
 253     5.84466         Actual/360                 9,779.38                   117,352.50          04/09/07       06/07/07
 254     6.17966         Actual/360                 10,833.60                  130,003.20          10/20/06       12/07/06
 255     5.84466         Actual/360                 9,631.65                   115,579.80          04/09/07       06/07/07
 256     6.21466         Actual/360                 9,835.87                   118,030.44          05/17/07       07/05/07
 257     5.84466         Actual/360                 9,188.48                   110,261.70          04/09/07       06/07/07
 258     5.84466         Actual/360                 9,129.39                   109,552.62          04/09/07       06/07/07
 259     5.84466         Actual/360                 9,099.84                   109,198.08          04/09/07       06/07/07
 260     5.84466         Actual/360                 8,715.76                   104,589.06          04/09/07       06/07/07
 261     5.84466         Actual/360                 8,065.77                    96,789.24          04/09/07       06/07/07
 262     5.84466         Actual/360                 7,711.23                    92,534.76          04/09/07       06/07/07
 263     5.84466         Actual/360                 7,563.51                    90,762.06          04/09/07       06/07/07
 264     5.84466         Actual/360                 7,356.69                    88,280.28          04/09/07       06/07/07
 265     5.84466         Actual/360                 6,883.97                    82,607.64          04/09/07       06/07/07
 266     5.72966         Actual/360                 4,858.22                    58,298.64          04/24/07       06/09/07





                                                                   PAYMENT     GRACE                                FINAL
LOAN #   REM. TERM(24)  REM. AMORT   I/O PERIOD(25)  SEASONING   DUE DATE(24)  PERIOD   MATURITY DATE   ARD LOAN   MAT DATE
------   ------------   ----------   -------------   ---------   -----------   ------   -------------   --------   --------

  1           58            0             61             3            9          0        05/09/12         No
 1.01
 1.02
 1.03
 1.04
 1.05
 1.06
 1.07
 1.08
 1.09
  2          119            0             120            1            1          5        06/01/17         No
 2.01
 2.02
 2.03
  3           59            0             60             1            9          0        06/09/12         No
  4          117           297             0             3            9          0        04/09/17         No
 4.01
 4.02
 4.03
 4.04
 4.05
 4.06
 4.07
 4.08
 4.09
 4.10
 4.11
 4.12
 4.13
 4.14
 4.15
 4.16
 4.17
 4.18
 4.19
 4.20
 4.21
 4.22
 4.23
 4.24
 4.25
 4.26
 4.27
 4.28
 4.29
 4.30
 4.31
  5          118            0             120            2            1          5        05/01/17         No
  6          119            0             120            1            1          5        06/01/17         No
  7          119            0             120            1           10          0        06/10/17         No
  8          113            0             120            7           11          0        12/11/16         No
 8.01
 8.02
 8.03
 8.04
 8.05
 8.06
 8.07
  9          113           312            60             7            5          0        12/05/16         No
  10         103           360            24            17            1          5        02/01/16         No
  11          59            0             60             1           11          0        06/11/12         No
11.01
11.02
11.03
11.04
11.05
11.06
11.07
11.08
11.09
11.10
11.11
11.12
11.13
11.14
11.15
11.16
  12         117           360            60             3            1          5        04/01/17         No
12.01
12.02
12.03
12.04
12.05
12.06
12.07
12.08
12.09
12.10
  13         118            0             120            2           11          0        05/11/17         No
  14         117            0             120            3           10          0        04/10/17         No
  15          57            0             60             3           10          0        04/10/12         No
  16         117           300            60             3           11          0        04/11/17        Yes      04/11/27
  17         117            0             120            3           10          0        04/10/17         No
  18          80            0             84             4            5          5        03/05/14         No
  19         117            0             120            3           10          0        04/10/17         No
  20          60            0             60             0           11          0        07/11/12         No
  21         118            0             120            2           10          0        05/10/17         No
  22          84           360             0             0            1          5        07/01/14         No
  23         119            0             120            1            1          5        06/01/17         No
  24          59            0             60             1           11          0        06/11/12         No
  25         118            0             120            2            6          5        05/06/17         No
25.01
25.02
25.03
25.04
25.05
  26         120           360            60             0            1          7        07/01/17         No
  27          58           360            12             2            1          5        05/01/12         No
27.01
27.02
27.03
  28         117            0             120            3           11          0        04/11/17         No
  29         118            0             120            2            9          0        05/09/17         No
  30         117            0             120            3            9          0        04/09/17         No
  31         120            0             120            0            1          7        07/01/17         No
  32          59            0             60             1           11          0        06/11/12         No
  33         119            0             120            1            9          0        06/09/17         No
  34         120           360            60             0            1          7        07/01/17         No
  35         118            0             120            2            5          0        05/05/17         No
  36         119            0             120            1            1          7        06/01/17         No
  37          59           360            36             1           10          0        06/10/12         No
  38         119           360            24             1            5          0        06/05/17         No
  39          82            0             84             2            1          10       05/01/14         No
39.01
39.02
39.03
39.04
39.05
39.06
39.07
39.08
  40          59            0             60             1           10          0        06/10/12         No
  41         119           360            60             1            1          5        06/01/17         No
  42          58            0             60             2           11          0        05/11/12         No
  43          56            0             60             4            1          5        03/01/12         No
  44         118            0             120            2            9          0        05/09/17         No
  45          58            0             60             2           11          0        05/11/12         No
  46         118            0             120            2           10          0        05/10/17         No
  47          59            0             60             1           11          0        06/11/12         No
  48         117            0             120            3            5          0        04/05/17         No
  49         118           360            60             2            6          5        05/06/17         No
  50         120           300             0             0            1          7        07/01/17         No
  51         116            0             120            4           11          0        03/11/17         No
  52          59            0             60             1           10          0        06/10/12         No
  53          57            0             60             3            6          5        04/06/12         No
  54         117            0             120            3           10          0        04/10/17         No
  55         119           359             0             1            1          7        06/01/17         No
  56         119            0             120            1            1          7        06/01/17         No
  57         117           360            60             3           11          0        04/11/17         No
  58          55            0             60             5            1          7        02/01/12         No
  59         113           360            24             7            5          0        12/05/16         No
  60         119           360            60             1            5          0        06/05/17         No
  61         118            0             120            2            9          0        05/09/17         No
  62         119            0             120            1            1          7        06/01/17         No
  63         119            0             120            1            9          0        06/09/17         No
  64         119           360            60             1            1          7        06/01/17         No
  65         116            0             120            4           11          0        03/11/17         No
  66         117            0             120            3            6          5        04/06/17         No
  67         114           354             0             6            5          0        01/05/17         No
  68          82            0             84             2           11          0        05/11/14         No
  69          54            0             60             6           10          0        01/10/12         No
  70         119            0             120            1            9          0        06/09/17         No
  71         118           360            36            14            6          5        05/06/17         No
  72         119            0             120            1           11          0        06/11/17         No
  73         120           360            60             0            1          7        07/01/17         No
  74         117           360            24             3            6          0        04/06/17         No
  75         119            0             120            1            9          0        06/09/17         No
75.01
75.02
  76         119           360            60             1            1          5        06/01/17         No
  77         118            0             120            2            9          0        05/09/17         No
  78          81            0             84             3            9          0        04/09/14         No
  79         118           360            60             2            1          10       05/01/17        Yes      05/01/37
  80         119           360            60             1            1          7        06/01/17         No
  81          58            0             60             2           11          0        05/11/12         No
  82         117            0             120            3           10          0        04/10/17         No
  83         117            0             120            3           11          0        04/11/17         No
  84         119           360            36             1            6          0        06/06/17         No
  85          82            0             84             2            9          0        05/09/14         No
85.01
85.02
  86         120           300             0             0            1          7        07/01/17         No
  87         116           360            60             4            7          0        03/07/17         No
  88          56            0             60             4            9          0        03/09/12         No
  89         119           360            36             1            5          0        06/05/17         No
  90         116           360            24             4            1          7        03/01/17         No
  91          56           360            12             4            1          7        03/01/12         No
  92         117           357             0             3            9          0        04/09/17         No
  93          56            0             60             4            9          0        03/09/12         No
  94          59            0             60             1            1          7        06/01/12         No
  95         119           359             0             1            1          7        06/01/17         No
95.01
95.02
  96         118           360            60             2            9          0        05/09/17         No
  97         119            0             120            1            1          7        06/01/17         No
  98         117           360            24             3            5          0        04/05/17         No
  99          59            0             60             1           11          0        06/11/12         No
 100         117           297             0             3            5          0        04/05/17         No
 101         120           360             0             0            5          0        07/05/17         No
 102         118           358             0             2           11          0        05/11/17        Yes      05/11/37
 103          59            0             60             1            5          0        06/05/12         No
 104          59            0             60             1            6          5        06/06/12         No
104.01
104.02
 105          54           360            24             6            1          0        01/01/12         No
 106          56            0             60             4            9          0        03/09/12         No
 107         115           355             0             5            7          0        02/07/17         No
 108         118            0             120            2            1          5        05/01/17         No
 109         119            0             120            1            7          0        06/07/17         No
 110         118            0             120            2            9          0        05/09/17         No
 111         118           360            60             2            5          0        05/05/17         No
 112          58            0             60             2            5          0        05/05/12         No
 113         118           360            60             2            1          5        05/01/17         No
 114         120           300             0             0            1          7        07/01/17         No
 115         120           360            24             0            1          7        07/01/17         No
 116         119            0             120            1            9          0        06/09/17         No
 117         119            0             120            1            9          0        06/09/17         No
 118         117           357             0             3            7          0        04/07/17         No
 119         116            0             120            4            6          0        03/06/17         No
 120         118            0             120            2            9          0        05/09/17         No
 121         119           360            60             1            5          0        06/05/17         No
 122         120           360            60             0            6          5        07/06/17         No
 123          59            0             60             1           11          0        06/11/12         No
 124         119            0             120            1            5          0        06/05/17         No
 125         118            0             120            2            1          10       05/01/17         No
 126         118           360            60             2            5          0        05/05/17         No
 127         119           360            60             1            5          0        06/05/17         No
 128         118            0             120            2            9          0        05/09/17         No
 129          57            0             60             3            1          7        04/01/12         No
 130         118           358             0             2            1          10       05/01/17         No
 131         114           354             0             6            1          7        01/01/17         No
 132         116           296             0             4            5          0        03/05/17         No
 133         119           360            60             1            5          0        06/05/17         No
 134         120           360            60             0            1          7        07/01/17         No
 135         117           360            36             3            1          3        04/01/17         No
 136         118            0             120            2           11          0        05/11/17        Yes      05/11/37
 137         119           299             0             1            3          2        06/03/17         No
 138         119            0             120            1            5          0        06/05/17         No
 139         119           360            36             1            5          0        06/05/17         No
 140          57            0             60             3            1          7        04/01/12         No
 141         120           360            60             0            1          7        07/01/17         No
 142         119           360            36             1            1          7        06/01/17         No
 143         116           360            60             4            5          0        03/05/17         No
 144         119           239             0             1            3          2        06/03/17         No
 145         118           360            24             2           11          0        05/11/17         No
 146         120           360             0             0            1          7        07/01/17         No
 147         120           360             0             0            1          7        07/01/17         No
 148         118           360            60             2            1          7        05/01/17         No
 149         119           360            60             1            1          7        06/01/17         No
 150         119            0             120            1            9          0        06/09/17         No
 151         113           360            24             7            5          0        12/05/16         No
 152         119           359             0             1            6          0        06/06/17         No
 153         119           360            24             1            5          0        06/05/17         No
 154         118            0             120            2            9          0        05/09/17         No
 155         119            0             120            1            1          7        06/01/17         No
 156          58            0             60             2            1          7        05/01/12         No
 157         117           357             0             3            5          0        04/05/17         No
 158         118           360            12             2            1          7        05/01/17         No
 159         118           358             0             2            5          0        05/05/17         No
 160          84           300             0             0            1          7        07/01/14         No
 161         108           348             0            12            7          0        07/07/16         No
 162         118            0             120            2           11          0        05/11/17         No
 163         119            0             120            1            6          5        06/06/17         No
 164          84           360             0             0            1          7        07/01/14         No
 165         119           359             0             1            5          0        06/05/17         No
 166         114           354             0             6            7          0        01/07/17         No
 167          84           300             0             0            1          7        07/01/14         No
 168         118           358             0             2            1          7        05/01/17         No
 169         120           360            60             0            1          7        07/01/17         No
 170          59           359             0             1            5          0        06/05/12         No
 171          59           299             0             1            5          0        06/05/12         No
 172          56            0             60             4            6          0        03/06/12         No
 173         111           351             0             9            7          0        10/07/16         No
173.01
173.02
 174         118           360            60             2            5          0        05/05/17         No
 175         116            0             120            4           10          0        03/10/17         No
175.01
175.02
175.03
 176         116           360            60             4            9          0        03/09/17         No
 177          84           300             0             0            1          7        07/01/14         No
 178          54           360            24             6            1          7        01/01/12         No
 179         119           360            72             1            1          7        06/01/17         No
 180         119            0             120            1            9          0        06/09/17         No
 181          84           240             0             0            1          7        07/01/14         No
 182          56            0             60             4            1          10       03/01/12         No
 183         119           360            36             1            1          7        06/01/17         No
 184          84           300             0             0            1          7        07/01/14         No
 185         118           360            60             2            5          0        05/05/17         No
 186         119           359             0             1            1          7        06/01/17         No
 187          84           240             0             0            1          7        07/01/14         No
 188         118           360            60             2            7          0        05/07/17         No
 189         117           360            24             3            1          0        04/01/17         No
 190         119            0             120            1            6          5        06/06/17         No
 191         120           360            48             0            1          7        07/01/17         No
 192         119           360            60             1            5          0        06/05/17         No
 193         119           359             0             1            1          7        06/01/17         No
 194         117           321             0             3            5          0        04/05/17         No
 195         119           299             0             1            1          7        06/01/17         No
 196          84           240             0             0            1          7        07/01/14         No
 197         119            0             120            1            6          5        06/06/17         No
 198         117            0             120            3            9          0        04/09/17         No
 199         118           360            60             2            1          7        05/01/17         No
 200         119           239             0             1            1          10       06/01/17         No
 201         119            0             120            1            1          7        06/01/17         No
 202         118            0             120            2            9          0        05/09/17         No
 203         119           360            24             1            1          7        06/01/17         No
 204         117           360            24             3            5          0        04/05/17         No
 205         120           300             0             0            1          0        07/01/17         No
 206         119            0             120            1            1          7        06/01/17         No
 207         117            0             120            3            9          0        04/09/17         No
 208         119           360            60             1            9          0        06/09/17         No
 209         118           360            72             2            1          7        05/01/17         No
 210         115            0             120            5           11          5        02/11/17         No
 211         119            0             120            1            1          7        06/01/17         No
 212         118           298             0             2            1          7        05/01/17         No
 213         119           359             0             1            1          0        06/01/17         No
 214         119           360            36             1            1          7        06/01/17         No
 215         119           360            60             1            1          7        06/01/17         No
 216         178           360            12             2            1          10       05/01/22         No
 217         117            0             121            4            9          0        04/09/17         No
 218         118           360            60             2            5          0        05/05/17         No
 219         118           360            48             2            1          7        05/01/17         No
 220         116            0             120            4            9          0        03/09/17         No
 221         118           360            60             2            7          5        05/07/17         No
221.01
221.02
 222         116            0             120            4            9          0        03/09/17         No
 223         118           358             0             2            9          0        05/09/17         No
 224         120           300             0             0            1          7        07/01/17         No
 225          59            0             60             1            1          7        06/01/12         No
 226         119           359             0             1            1          7        06/01/17         No
 227          58            0             60             2            6          5        05/06/12         No
 228         116            0             120            4           10          0        03/10/17         No
 229         119           359             0             1            5          0        06/05/17         No
 230         118           358             0             2            5          0        05/05/17         No
 231         118           298             0             2            1          7        05/01/17         No
 232         117            0             121            4            9          0        04/09/17         No
 233         117            0             121            4            9          0        04/09/17         No
 234          83           360            36             1            7          0        06/07/14         No
 235          64            0             84            20           11          0        11/11/12         No
 236         119           299             0             1           11          0        06/11/17         No
 237         117           360            24             3            5          0        04/05/17         No
 238         116            0             120            4           10          0        03/10/17         No
 239         119            0             120            1            9          0        06/09/17         No
 240         118           360            60             2            5          0        05/05/17         No
 241         119           359             0             1            5          0        06/05/17         No
 242         120           360            36             0            1          10       07/01/17         No
 243         116            0             120            4           10          0        03/10/17         No
 244         119            0             120            1            5          0        06/05/17         No
 245         117            0             120            3           10          0        04/10/17         No
245.01
245.02
245.03
 246         118           238             0             2            5          0        05/05/17         No
 247         118            0             120            2           11          0        05/11/17         No
 248         118           360            60             2            7          0        05/07/17         No
 249         117           360            24             3            5          0        04/05/17         No
 250         119           359             0             1            5          0        06/05/17         No
 251         118           360            60             2            7          0        05/07/17         No
 252         118           360            60             2            7          0        05/07/17         No
 253         118           360            60             2            7          0        05/07/17         No
 254         112           292             0             8            7          0        11/07/16         No
 255         118           360            60             2            7          0        05/07/17         No
 256         119           359             0             1            5          0        06/05/17         No
 257         118           360            60             2            7          0        05/07/17         No
 258         118           360            60             2            7          0        05/07/17         No
 259         118           360            60             2            7          0        05/07/17         No
 260         118           360            60             2            7          0        05/07/17         No
 261         118           360            60             2            7          0        05/07/17         No
 262         118           360            60             2            7          0        05/07/17         No
 263         118           360            60             2            7          0        05/07/17         No
 264         118           360            60             2            7          0        05/07/17         No
 265         118           360            60             2            7          0        05/07/17         No
 266         118            0             120            2            9          0        05/09/17         No


ANNEX A-1



                                                                             MATURITY/ARD   MATURITY
LOAN #   SELLER    PROPERTY NAME                                          BALANCE ($)(12)   LTV %(9),(10)
------   -------   ----------------------------------------------------   ---------------   ------------

  1        UBS     GSA Portfolio                                              284,000,000           79.2
 1.01              1501 Wynkoop                                                95,100,000
 1.02              130 South Elmwood Avenue                                    61,468,705
 1.03              320 Avery Street                                            52,074,279
 1.04              145 Murall Drive                                            24,700,000
 1.05              500 Quarrier Street                                         19,841,677
 1.06              3000 Sidney Street                                          10,042,318
 1.07              11510 West 80th Street                                       9,110,974
 1.08              186 Exchange Street                                          6,721,874
 1.09              457 Pettyville Road                                          4,940,173
  2        EHY     Maple Drive Portfolio                                      220,000,000           66.3
 2.01              335-345 North Maple Drive                                  109,300,000
 2.02              407 North Maple Drive                                       65,600,000
 2.03              9232, 9242 and 9250 Beverly Boulevard                       45,100,000
  3        UBS     315 Park Avenue South                                      219,000,000           76.8
  4        UBS     Save Mart Portfolio                                        160,557,877           51.6
 4.01              22555 Mission Boulevard                                      8,668,902
 4.02              1322 El Camino Real                                          8,617,302
 4.03              6843 Mission Street                                          8,617,302
 4.04              1300 Fairmont Drive                                          7,275,686
 4.05              5190 Clayton Road                                            7,275,686
 4.06              2027 Camden Avenue                                           6,862,881
 4.07              150 Bicentennial Way                                         6,656,479
 4.08              4500 Lonetree Way                                            6,243,674
 4.09              5060 Foothill Boulevard                                      5,934,070
 4.10              3291 Truxel Road                                             5,882,469
 4.11              875 South Tracy Boulevard                                    5,779,268
 4.12              565 West Capitol Expressway                                  5,485,145
 4.13              1003 East Bidwell                                            5,314,863
 4.14              25151 Santa Clara Street                                     5,108,460
 4.15              7960 Gerber Road                                             5,056,860
 4.16              2000 California Avenue                                       5,031,059
 4.17              386 Elm Avenue                                               4,850,457
 4.18              6454 Tupelo Drive                                            4,798,857
 4.19              9160 Elk Grove Florin Road                                   4,540,854
 4.20              1979 Peabody Road                                            4,437,652
 4.21              530 West Lodi Avenue                                         4,386,052
 4.22              777 E. Monte Vista Avenue                                    4,386,052
 4.23              146 W. East Avenue                                           4,076,448
 4.24              1223 North Davis Road                                        4,037,748
 4.25              291 McCray Street                                            4,024,848
 4.26              12054 Nevada City Highway                                    3,766,845
 4.27              11980 State Highway 88                                       3,250,838
 4.28              5750 North First Street                                      3,044,436
 4.29              4043 West Clinton Avenue                                     2,528,430
 4.30              2425 North Blackstone Avenue                                 2,451,029
 4.31              909 Sierra Street                                            2,167,226
  5       JPMCB    5 Penn Plaza                                               203,000,000           67.7
  6       JPMCB    Franklin Mills                                             174,000,000           78.4
  7        UBS     Hyatt Regency - Jacksonville                               150,000,000           78.9
  8        UBS     Americold Portfolio                                        115,300,000           74.2
 8.01              3320 South Arlington Avenue                                 52,000,000
 8.02              9501 SE McLoughlin Boulevard                                19,450,000
 8.03              5805 North Industrial Way                                   18,850,000
 8.04              455 South 75th Avenue                                        9,400,000
 8.05              3543 Maple Drive                                             8,000,000
 8.06              14060 Dodd Road                                              5,200,000
 8.07              533 Laney Walker Boulevard                                   2,400,000
  9      Natixis   Genesee Valley Center                                      100,827,268           66.2
  10       EHY     ChampionsGate Hotel                                         90,009,142           57.8
  11      NCCI     Lembi Portfolio                                             90,000,000           61.9
11.01              520 Geary Street                                            11,335,169
11.02              15 Hermann Street                                           11,273,228
11.03              980 Bush Street                                              9,786,648
11.04              861 Sutter Street                                            8,733,654
11.05              1408 California Street                                       6,813,489
11.06              930 Post Street                                              5,698,555
11.07              725 Ellis Street                                             5,636,614
11.08              665 Eddy Street                                              5,388,850
11.09              2 Guerrero Street                                            4,707,502
11.10              666 O'Farrell Street                                         4,150,034
11.11              2656 Van Ness Avenue                                         3,654,508
11.12              400 Page Street                                              3,158,982
11.13              701 Fell Street                                              2,725,395
11.14              535 Leavenworth Street                                       2,477,633
11.15              675 O'Farrell Street                                         2,291,811
11.16              525 Leavenworth Street                                       2,167,928
  12       AIG     Denmark MHC Portfolio                                       83,715,641           69.9
12.01              Rawsonville Woods MHC                                       15,904,565
12.02              Howell MHC                                                  15,261,103
12.03              Oak Hill MHC                                                 9,553,432
12.04              Pinewood MHC                                                 8,978,444
12.05              Hickory Knoll MHC                                            8,395,952
12.06              Mariwood MHC                                                 6,993,656
12.07              Leonard Gardens MHC                                          6,626,902
12.08              Country Heritage MHC                                         4,779,999
12.09              Science City MHC                                             4,341,957
12.10              Canterbury MHC                                               2,879,630
  13      NCCI     Stadium Towers                                              83,200,000           59.4
  14       UBS     2030 Broadway                                               80,000,000           67.7
  15       UBS     Embassy Suites Atlanta                                      80,000,000           64.5
  16      NCCI     Healthnet Headquarters                                      67,740,498           72.4
  17       UBS     The Electra Apartments                                      66,000,000           66.5
  18     Natixis   399 Boylston                                                65,300,000           71.9
  19       UBS     175 West 72nd St                                            62,500,000           42.9
  20      NCCI     Southlake Grand Avenue                                      59,661,271           57.4
  21       UBS     The Landings of Brentwood Apartments                        59,100,000           79.0
  22       EHY     Holiday Inn Hotel & Suites Ocean City                       50,889,851           70.7
  23      JPMCB    625 Broadway                                                53,000,000           69.3
  24      NCCI     Hamptons MHP                                                52,880,000           77.8
  25       EHY     JQH Hotel Portfolio                                         50,000,000           73.0
25.01              Embassy Suites-Franklin                                     16,533,333
25.02              Renaissance Dallas Richardson Hotel                         14,666,667
25.03              Embassy Suites-St. Charles                                   8,100,000
25.04              Residence Inn by Marriott                                    5,933,333
25.05              Courtyard by Marriott                                        4,766,667
  26      JPMCB    Greenway Station                                            46,760,259           70.6
  27      JPMCB    Brooklyn/Queens Industrial Portfolio                        45,073,561           74.1
27.01              210-09 19th Street                                          17,080,507
27.02              51-02 21st Street                                           16,606,049
27.03              Sunset Park Manufacturing and Design Center                 11,387,005
  28      NCCI     510 Sixth Avenue                                            46,000,000           73.8
  29       UBS     101 West Ohio Street                                        45,000,000           78.8
  30       UBS     36-46 33rd Street                                           42,000,000           78.9
  31      JPMCB    The Mill                                                    39,300,000           75.6
  32      NCCI     Courtly Manor                                               37,800,000           76.4
  33       UBS     Burlington Marriott                                         37,000,000           55.7
  34      JPMCB    Kenley Apartments                                           33,474,242           74.1
  35     Natixis   Sunflower MHP                                               36,000,000           80.2
  36      JPMCB    Swedesford Plaza                                            35,100,000           79.8
  37       UBS     Doubletree Bakersfield                                      34,225,916           77.4
  38     Natixis   Michaels Industrial                                         30,706,402           62.9
  39      JPMCB    Carespring Portfolio                                        34,155,000           60.7
39.01              Heritagespring Healthcare Center                             6,753,333
39.02              Eastgate Healthcare Center                                   5,156,667
39.03              ShawneeSpring Healthcare Center                              4,093,333
39.04              Dayspring Healthcare Center                                  4,026,667
39.05              The Barrington Place                                         3,891,667
39.06              VillaSpring Healthcare Center                                3,736,667
39.07              The Highlands Healthcare Center                              3,551,667
39.08              Hillspring Rehabilitation Center                             2,945,000
  40       UBS     Hilton Garden Inn - Emeryville                              33,963,000           59.6
  41      JPMCB    Embassy Suites Hotel & Executive Meeting Center             31,253,833           71.4
  42      NCCI     Sheraton Oklahoma City                                      31,900,500           70.9
  43      JPMCB    100 W. Broadway                                             30,500,000           76.3
  44       UBS     Venice Shoppes                                              30,000,000           75.9
  45      NCCI     Villas at D'Andrea Apartments                               29,500,000           79.9
  46       UBS     Rocket Lofts                                                29,000,000           73.0
  47      NCCI     Windmill MHP                                                28,620,000           76.7
  48     Natixis   Smoketown Plaza                                             28,500,000           77.2
  49       EHY     The Princeton                                               26,542,739           74.8
  50      JPMCB    Lee DeForest Drive Center                                   21,366,617           55.8
  51      NCCI     ANA Kalakaua Center                                         26,900,000           90.1
  52       UBS     15-17 Park Avenue                                           26,000,000           64.8
  53       EHY     Owings Mills 4                                              25,600,000           79.5
  54       UBS     439 86th Street                                             24,000,000           79.7
  55      JPMCB    Cinemark Valley View                                        19,143,118           65.4
  56      JPMCB    The River Inn                                               22,000,000           72.6
  57      NCCI     Comfort Suites - San Diego, CA                              20,396,457           79.4
  58      JPMCB    Washington Commons                                          21,300,000           76.3
  59     Natixis   Lyndhurst Shopping Center                                   18,565,660           69.7
  60     Natixis   Dick's Sporting Goods - Rockaway                            19,402,043           74.3
  61       UBS     PGA Financial Plaza                                         20,700,000           73.9
  62      JPMCB    Volusia Marketplace                                         20,400,000           78.5
  63       UBS     42 West 48th Street                                         20,000,000           60.6
  64      JPMCB    Shoppes of Victoria Park                                    18,639,912           69.0
  65      NCCI     The College Suites at Campbell Lane Apartments              20,000,000           73.8
  66       EHY     Lindley Gardens                                             19,700,000           72.7
  67     Natixis   Ambrose Hotel                                               16,488,306           61.3
  68      NCCI     Farnham Park                                                18,400,000           78.8
  69       UBS     400-1 / 400-2 Totten Pond                                   18,100,000           68.3
  70       UBS     Center at Split Rock                                        18,000,000           65.0
  71       EHY     Park Oaks Shopping Center                                   16,015,069           71.2
  72      NCCI     500 Davis Center                                            17,927,153           71.7
  73      JPMCB    Sandcastle Apartments                                       15,737,543           74.4
  74      NCCI     Bronx Park South Apartments                                 14,418,024           68.7
  75       UBS     Hempstead Retail                                            16,250,000           70.0
75.01              206 -220 Fulton Avenue                                      11,522,000
75.02              13-31 North Franklin Street                                  4,728,000
  76      JPMCB    The Shops at Boardman Park - Phase II                       15,128,701           74.5
  77       UBS     147-25 Northern Boulevard                                   15,350,000           66.2
  78       UBS     Sweetwater Apartments                                       15,300,000           79.3
  79      JPMCB    Mission Eagle Point                                         14,072,568           74.1
  80      JPMCB    Colonial Bank Plaza                                         14,016,870           74.6
  81      NCCI     Edentree Apartment Village                                  15,000,000           81.5
  82       UBS     Park at Waterford Harbor                                    15,000,000           80.0
  83      NCCI     Squire Hill Apartments                                      14,990,000           71.0
  84       EHY     Parkway Towers                                              13,161,723           66.8
  85       UBS     Hyattsville Portfolio                                       14,000,000           65.4
85.01              Tudor Place                                                  8,700,935
85.02              Canonbury Square                                             5,299,065
  86      JPMCB    Burns Medical Office                                        10,307,887           41.7
  87     Natixis   Exposition Marketplace                                      12,104,249           65.4
  88       UBS     University Corporate Center One                             13,000,000           60.5
  89     Natixis   Vermont Avenue Warehouse                                    11,667,377           69.7
  90      JPMCB    Cermak Plaza                                                11,391,080           70.3
  91      JPMCB    The Park @ I-95                                             11,919,566           74.0
  92       UBS     Hayes Storage Building                                      10,371,765           44.3
  93       UBS     Highlands Overlook                                          12,250,000           70.4
  94      JPMCB    Worthington on the Beltway                                  12,200,000           77.8
  95      JPMCB    BB Mini Storage Portfolio                                   10,333,617           67.5
95.01              BB Mini Storage 7                                            5,605,818
95.02              BB Mini Storage 5                                            4,727,799
  96       UBS     Preston Valley Center                                       11,176,013           65.7
  97      JPMCB    Westwood Plaza                                              11,400,000           78.4
  98     Natixis   Paramount Parks Vacaville                                   10,116,048           60.9
  99      NCCI     Palm Key MHP                                                11,270,000           77.6
 100     Natixis   Hampton Inn Hunt Valley                                      8,613,282           54.5
 101     Natixis   Industry Hills Center                                        9,086,819           51.9
 102      NCCI     Kumho Tires                                                  8,976,538           55.1
 103     Natixis   Glendale Office                                             10,350,000           69.4
 104       EHY     Barbanel Multifamily Portfolio                              10,200,000           58.6
104.01             261 Wadsworth Avenue                                         6,506,820
104.02             57-63 Wadsworth Terrace                                      3,693,180
 105       AIG     Citizen News Building                                        9,632,732           75.3
 106       UBS     The Overlook at Las Colinas                                 10,000,000           79.4
 107     Natixis   8457 Melrose Place                                           8,348,642           63.2
 108      JPMCB    Rancho Fiesta                                                9,450,000           78.9
 109     Natixis   Whole Foods Cicero                                           9,446,000           77.4
 110       UBS     46-01 67th Street                                            9,350,000           61.5
 111     Natixis   Luria Plaza                                                  8,647,311           71.6
 112     Natixis   Mellon Bank Office Building                                  9,250,000           74.5
 113     Natixis   1370 Washington Avenue and 1345 Drexel Avenue                8,639,185           67.8
 114      JPMCB    Wayne State University                                       7,285,892           59.5
 115      JPMCB    Four Points by Sheraton                                      8,200,074           63.1
 116       UBS     525 West 49th Street                                         9,000,000           69.8
 117       UBS     Bedford Park Shoppes                                         8,950,000           78.5
 118     Natixis   Valencia Industrial                                          7,586,505           56.3
 119       EHY     755 Co-Op City Boulevard                                     8,940,000           66.2
 120       UBS     185 Great Neck Road                                          8,800,000           75.2
 121     Natixis   Commonwealth Business Center                                 8,155,993           72.5
 122       EHY     862 Broadway                                                 8,067,165           72.7
 123      NCCI     Foothill Glen Apartments                                     8,535,000           76.2
 124     Natixis   Saval Industrial                                             8,200,000           75.9
 125      JPMCB    Sunset Ridge Apartments                                      8,200,000           80.0
 126     Natixis   Southgate Shopping Center                                    7,577,833           68.3
 127     Natixis   215 South Brea Boulevard                                     7,526,379           68.4
 128       UBS     Corona Apartments                                            8,000,000           66.1
 129      JPMCB    Orpheum Tower Apartments                                     8,000,000           80.0
 130      JPMCB    Town Sports International - Newton, MA                       6,702,839           54.5
 131      JPMCB    Westview Commons I                                           6,820,883           64.8
 132     Natixis   Seaway Plaza Ogdensburg                                      6,151,016           55.4
 133     Natixis   Century Park Apartments                                      7,277,359           68.8
 134      JPMCB    Shadow Oaks                                                  7,252,752           56.7
 135       AIG     Shops at Breton Bay                                          7,036,919           70.4
 136      NCCI     AT&T Chicago                                                 7,787,805           59.7
 137     Natixis   Comfort Suites Downtown                                      5,842,784           56.7
 138     Natixis   2907-21 Main Street                                          7,500,000           67.0
 139     Natixis   Centerline Shopping Center                                   6,473,661           71.9
 140      JPMCB    Hunter's Crossing                                            7,120,000           80.0
 141      JPMCB    The Preakness                                                6,555,373           72.8
 142      JPMCB    Fairmont and Monticello                                      6,276,439           70.9
 143     Natixis   Village of Tampa                                             6,525,812           52.2
 144     Natixis   Wingate Inn Columbia                                         4,549,874           46.9
 145      NCCI     Santa Luz                                                    6,129,422           64.8
 146      JPMCB    Skee's Industrial                                            5,870,057           68.3
 147      JPMCB    Park Place - El Segundo                                      5,762,345           58.8
 148      JPMCB    Parkway Villas                                               6,185,754           74.5
 149      JPMCB    Wal-Mart Plaza                                               6,187,380           74.1
 150       UBS     22 West 23rd Street                                          6,540,000           76.0
 151     Natixis   Burke Williams Headquarters                                  5,805,113           64.5
 152       EHY     Spring Hills Business Center                                 5,514,334           62.5
 153     Natixis   6420 Richmond                                                5,655,332           70.5
 154       UBS     82-06 Northern Boulevard                                     6,375,000           50.6
 155      JPMCB    Spanish Spur                                                 6,363,000           80.0
 156      JPMCB    Exeter Industrial Properties                                 6,360,000           80.0
 157     Natixis   Orem Center                                                  5,367,734           59.6
 158      JPMCB    Academy Sports Round Rock                                    5,413,024           62.1
 159     Natixis   Loews Mountainside                                           5,237,907           39.8
 160      JPMCB    Tramz Hampton Inn - Greenville                               5,384,969           61.2
 161     Natixis   8950 Beverly Boulevard                                       5,314,480           56.5
 162      NCCI     Marston Building                                             6,100,000           70.3
 163       EHY     431 Ocean Front Walk                                         6,000,000           67.0
 164      JPMCB    Lofts of Broadway                                            5,486,265           66.6
 165     Natixis   Eagleview Apartments                                         5,047,833           59.4
 166     Natixis   8479 Melrose Place                                           5,083,860           60.2
 167      JPMCB    Tramz Hampton Inn - Amarillo                                 5,201,391           61.2
 168      JPMCB    Ashley Furniture                                             5,018,142           63.5
 169      JPMCB    The Farrington                                               5,474,898           76.6
 170     Natixis   Country Inn & Suites - Champaign, IL                         5,501,300           69.6
 171     Natixis   Country Inn & Suites - Bloomington, IL                       5,317,944           67.3
 172       EHY     Park Plaza Apartments                                        5,800,000           74.7
 173     Natixis   320 South Robertson & 819 North La Cienega Boulevard         4,961,694           55.4
173.01             320 South Robertson Boulevard                                3,079,672
173.02             819 North La Cienega Boulevard                               1,882,022
 174     Natixis   Evergreen Marketplace                                        5,357,107           68.3
 175       UBS     Rite Aid Portfolio                                           5,704,000           65.9
175.01             800 West 4th Street                                          2,040,000
175.02             8014 Bardstown Road                                          1,867,000
175.03             335 Alfred Street                                            1,797,000
 176       UBS     1050 Warrenvile Road                                         5,206,458           59.8
 177      JPMCB    Tramz Hampton Inn - San Antonio                              4,895,427           61.2
 178      JPMCB    Hidden Park Apartments                                       5,142,889           76.8
 179      JPMCB    Grand Twin                                                   5,040,135           75.8
 180       UBS     Hemet Retail Center                                          5,250,000           70.9
 181      JPMCB    Tramz Hampton Inn - Albuquerque                              4,167,028           50.8
 182      JPMCB    BRECO Building                                               5,200,000           65.0
 183      JPMCB    Crossgate Center                                             4,696,275           72.3
 184      JPMCB    Tramz Hampton Inn - Eden Prairie                             4,528,270           60.4
 185     Natixis   Lakewood City Center                                         4,798,104           68.8
 186      JPMCB    Falls Parc Apartments                                        4,303,960           64.2
 187      JPMCB    Tramz Hampton Inn - Greensboro                               4,019,063           50.9
 188       EHY     155 West Street                                              4,655,375           72.1
 189       AIG     366 & 368 Veterans Memorial Highway                          4,429,413           67.1
 190       EHY     9415 Northern Boulevard                                      5,000,000           79.4
 191      JPMCB    Lakeside Retail                                              4,616,279           73.9
 192     Natixis   Tropical Flamingo Village                                    4,652,011           65.5
 193      JPMCB    The Executive Building - Cin. Oh                             4,264,654           67.7
 194     Natixis   Shell - Firestone                                            3,997,117           60.6
 195      JPMCB    Western Knitting Mills                                       3,786,934           59.2
 196      JPMCB    Tramz Hampton Inn - Syracuse                                 3,899,090           52.0
 197       EHY     3443 Boston Post Road                                        4,800,000           80.0
 198       UBS     Walgreens - Duluth                                           4,800,000           74.7
 199      JPMCB    Harbin Springs Apartments                                    4,432,164           73.4
 200      NCCI     Holiday Inn Express - Sharonville, OH                        3,109,080           45.1
 201      JPMCB    Winston Square                                               4,709,000           79.9
 202       UBS     Metro Self Storage - Fort Myers                              4,600,000           65.9
 203      JPMCB    Best Buy-Witchita Falls                                      4,025,389           64.7
 204     Natixis   9-11 Raymond Avenue                                          4,032,402           64.0
 205      NCCI     Holiday Inn Express - Elizabeth City, NC                     3,564,894           51.7
 206      JPMCB    Ashley Self Storage                                          4,400,000           79.6
 207       UBS     Walgreens - Littleton                                        4,330,000           76.0
 208       UBS     Brooks Brothers Walnut Street                                4,002,518           58.9
 209      JPMCB    Florida City - Extra Space Storage                           3,974,437           69.7
 210       EHY     Walgreens - Utica                                            4,190,000           79.1
 211      JPMCB    Pecan Manor                                                  4,128,000           80.0
 212      JPMCB    Academy Sports San Antonio                                   3,174,788           43.9
 213       AIG     Chestnut Parking Garage                                      3,434,025           63.6
 214      JPMCB    Sun West Promenade Building I                                3,599,140           72.0
 215      JPMCB    1140-1160 Parsippany Boulevard                               3,532,718           62.0
 216      JPMCB    Las Colinas Office                                           2,906,064           61.2
 217       UBS     Walgreens - Morehead                                         3,800,000           63.6
 218     Natixis   Eagle Village                                                3,493,523           68.5
 219      JPMCB    Wharton Commerce Center                                      3,437,346           70.9
 220       UBS     French Place Apartments                                      3,720,000           75.2
 221       EHY     Howland Industrial Portfolio                                 3,444,978           53.7
221.01             377 Ballardvale Street                                       2,957,140
221.02             315 New Boston Street                                          487,838
 222       UBS     Metro Self Storage - Douglasville                            3,616,000           74.6
 223       UBS     Walgreens Memphis                                            2,970,235           59.2
 224      JPMCB    170 Post Road                                                2,730,587           44.8
 225      JPMCB    Spiral Plaza                                                 3,500,000           54.7
 226      JPMCB    Comfort Inn - Red Bluff                                      2,999,504           54.5
 227       EHY     184 Nagle Avenue                                             3,300,000           63.5
 228       UBS     Rite Aid - Westover                                          3,215,000           61.7
 229     Natixis   926 Haddonfield Road                                         2,597,065           66.6
 230     Natixis   3060 East 44th Street                                        2,530,666           61.0
 231      JPMCB    Academy Sports Houston                                       2,308,936           44.7
 232       UBS     Walgreens - Lancaster                                        2,900,000           63.0
 233       UBS     Walgreens - Mocksville                                       2,800,000           65.1
 234     Natixis   Lone Tree Town Center                                        2,579,984           75.9
 235      NCCI     Raven's Crossing Strip Center                                2,700,000           51.6
 236      NCCI     Glen Oaks Apartments                                         2,109,618           54.8
 237     Natixis   Six Forks - Raleigh                                          2,345,988           68.3
 238       UBS     Rite Aid - Chester                                           2,627,000           66.0
 239       UBS     389 Knickerbocker Avenue                                     2,600,000           75.4
 240     Natixis   9031 West Sahara Avenue                                      2,417,775           63.6
 241     Natixis   Parthenia Twins Apartments                                   2,189,053           53.4
 242      JPMCB    1550 North Congress                                          2,269,794           70.9
 243       UBS     Rite Aid - Emporium                                          2,454,000           66.0
 244     Natixis   2937-39 Main Street                                          2,060,000           64.4
 245       UBS     North Richland Hills Portfolio                               2,050,000           51.6
245.01             Chick-Fil-A                                                    715,000
245.02             Applebee's                                                     685,000
245.03             Don Pablo's                                                    650,000
 246     Natixis   CVS Holliston                                                1,298,642           40.2
 247      NCCI     Rails End                                                    1,920,000           74.7
 248     Natixis   Logan Portfolio-Beavercreek, OH                              1,788,193           72.0
 249     Natixis   Century Drive - Raleigh                                      1,682,029           68.3
 250     Natixis   Creedmoor Centre 10                                          1,622,768           66.5
 251     Natixis   Logan Portfolio-Decatur, AL                                  1,638,788           72.0
 252     Natixis   Logan Portfolio-Huntsville, AL                               1,634,119           72.0
 253     Natixis   Logan Portfolio-Flowood, MS                                  1,545,410           72.0
 254     Natixis   7772 Santa Monica Boulevard                                  1,286,308           48.5
 255     Natixis   Logan Portfolio-Bowling Green, KY                            1,522,065           72.0
 256     Natixis   Creedmoor Centre 1                                           1,366,542           63.9
 257     Natixis   Logan Portfolio-Savannah, GA                                 1,452,032           72.0
 258     Natixis   Logan Portfolio-Murfreesboro, TN                             1,442,694           72.0
 259     Natixis   Logan Portfolio-West Monroe, LA                              1,438,025           72.0
 260     Natixis   Logan Portfolio-Gallatin, TN                                 1,377,329           72.0
 261     Natixis   Logan Portfolio-Canton, MI                                   1,274,613           72.0
 262     Natixis   Logan Portfolio-Fort Oglethorpe, GA                          1,218,586           72.0
 263     Natixis   Logan Portfolio-Oxford, AL                                   1,195,242           72.0
 264     Natixis   Logan Portfolio-Evansville, IN                               1,162,559           72.0
 265     Natixis   Logan Portfolio-Austin, TX                                   1,087,857           72.0
 266       UBS     Arby's - Grand Rapids                                        1,000,000           70.4





                                                        REMAINING
                                                       PREPAYMENT
LOAN #                                   PROVISION (PAYMENTS)(24),(26),(27),(38)
------   ------------------------------------------------------------------------------------------------------

   1                                  L(9),Grtr1%orYM(15),DeforGrtr1%orYM(30),O(4)
 1.01
 1.02
 1.03
 1.04
 1.05
 1.06
 1.07
 1.08
 1.09
   2                                               L(24),Def(91),O(4)
 2.01
 2.02
 2.03
   3                                               L(24),Def(34),O(1)
   4                                            L(24),Grtr1%orYM(89),O(4)
 4.01
 4.02
 4.03
 4.04
 4.05
 4.06
 4.07
 4.08
 4.09
 4.10
 4.11
 4.12
 4.13
 4.14
 4.15
 4.16
 4.17
 4.18
 4.19
 4.20
 4.21
 4.22
 4.23
 4.24
 4.25
 4.26
 4.27
 4.28
 4.29
 4.30
 4.31
   5                                               L(24),Def(89),O(5)
   6                                               L(24),Def(85),O(10)
   7                                               L(24),Def(91),O(4)
   8                                               L(24),Def(84),O(5)
 8.01
 8.02
 8.03
 8.04
 8.05
 8.06
 8.07
   9                                               L(24),Def(85),O(4)
  10                                               L(24),Def(77),O(2)
  11                                               L(24),Def(32),O(3)
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
  12                                            L(24),Grtr1%orYM(89),O(4)
 12.01
 12.02
 12.03
 12.04
 12.05
 12.06
 12.07
 12.08
 12.09
 12.10
  13                                              Grtr1%orYM(114),O(4)
  14                                               L(24),Def(89),O(4)
  15                                            L(20),Grtr1%orYM(36),O(1)
  16                                               L(24),Def(90),O(3)
  17                                               L(24),Def(89),O(4)
  18                                               L(24),Def(52),O(4)
  19                                               L(24),Def(89),O(4)
  20                                            L(24),Grtr1%orYM(33),O(3)
  21                                               L(24),Def(90),O(4)
  22                                            L(11),Grtr1%orYM(72),O(1)
  23                                               L(24),Def(90),O(5)
  24                                               L(24),Def(32),O(3)
  25                                               L(24),Def(90),O(4)
 25.01
 25.02
 25.03
 25.04
 25.05
  26                                            L(60)Grtr1%orYM(56),O(4)
  27                                               L(24),Def(32),O(2)
 27.01
 27.02
 27.03
  28                                               L(24),Def(86),O(7)
  29                                               L(24),Def(90),O(4)
  30                                               L(24),Def(89),O(4)
  31                                               L(24),Def(92),O(4)
  32                                               L(24),Def(32),O(3)
  33                                           L(11),Grtr1%orYM(106),O(2)
  34                                               L(24),Def(92),O(4)
  35                                               L(24),Def(90),O(4)
  36                                               L(24),Def(91),O(4)
  37                                               L(24),Def(31),O(4)
  38                                               L(24),Def(92),O(3)
  39                                               L(24),Def(54),O(4)
 39.01
 39.02
 39.03
 39.04
 39.05
 39.06
 39.07
 39.08
  40                                         L(24),DeforGrtr1%ofYM(31),O(4)
  41                                               L(24),Def(91),O(4)
  42                                           L(24),Grtr1%orYM(10),O(24)
  43                                               L(24),Def(29),O(3)
  44                                         L(24),DeforGrtr1%orYM(90),O(4)
  45                                               L(24),Def(31),O(3)
  46                                  L(22),Grtr1%orYM(2),DeforGrtr1%orYM(90),O(4)
  47                                               L(24),Def(32),O(3)
  48                                               L(24),Def(90),O(3)
  49                                               L(24),Def(93),O(1)
  50                                               L(24),Def(92),O(4)
  51                                            L(24),Grtr1%orYM(88),O(4)
  52                                               L(24),Def(31),O(4)
  53                                               L(24),Def(20),O(13)
  54                                               L(24),Def(89),O(4)
  55                                               L(24),Def(88),O(7)
  56                                               L(24),Def(88),O(7)
  57                                               L(24),Def(90),O(3)
  58                                               L(24),Def(25),O(6)
  59                                               L(24),Def(86),O(3)
  60                                               L(24),Def(92),O(3)
  61                                               L(24),Def(90),O(4)
  62                                               L(24),Def(91),O(4)
  63                                               L(24),Def(91),O(4)
  64                                     L(24),Def(35),DeforGrtr1%orYM(57),O(3)
  65                                               L(24),Def(80),O(12)
  66                                               L(24),Def(92),O(1)
  67                                               L(24),Def(87),O(3)
  68                                               L(24),Def(34),O(24)
  69                                            L(6),Grtr1%orYM(47),O(1)
  70                                               L(24),Def(94),O(1)
  71                                               L(24),Def(90),O(4)
  72                                               L(24),Def(92),O(3)
  73                                               L(24),Def(92),O(4)
  74                                               L(24),Def(90),O(3)
  75                                               L(24),Def(91),O(4)
 75.01
 75.02
  76                                               L(24),Def(91),O(4)
  77                                               L(24),Def(90),O(4)
  78                                            L(8),Grtr1%orYM(69),O(4)
  79                                               L(24),Def(90),O(4)
  80                                               L(24),Def(91),O(4)
  81                                           L(24),Grtr1%orYM(22),O(12)
  82                                               L(24),Def(89),O(4)
  83                                            L(24),Def(81),1%(6),O(6)
  84                                               L(24),Def(94),O(1)
  85                                               L(24),Def(54),O(4)
 85.01
 85.02
  86                                               L(24),Def(92),O(4)
  87                                               L(24),Def(87),O(5)
  88                                                L(8),YM(45),O(3)
  89                                               L(24),Def(92),O(3)
  90                                               L(24),Def(88),O(4)
  91                                               L(24),Def(30),O(2)
  92                                               L(24),Def(92),O(1)
  93                                                L(8),YM(45),O(3)
  94                                               L(24),Def(33),O(2)
  95                                               L(24),Def(91),O(4)
 95.01
 95.02
  96                                               L(24),Def(93),O(1)
  97                                               L(24),Def(91),O(4)
  98                                               L(24),Def(89),O(4)
  99                                               L(24),Def(32),O(3)
  100                                              L(24),Def(90),O(3)
  101                                             Grtr1%orYM(117),O(3)
  102                                              L(24),Def(91),O(3)
  103                                              Grtr3%orYM(52),O(7)
  104                                              Grtr1%orYM(58),O(1)
104.01
104.02
  105                                              Grtr1%orYM(50),O(4)
  106                                              L(24),Def(28),O(4)
  107                                             Grtr1%orYM(112),O(3)
  108                                              L(24),Def(90),O(4)
  109                                              L(24),Def(92),O(3)
  110                                              L(24),Def(90),O(4)
  111                                              L(24),Def(91),O(3)
  112                                              L(24),Def(31),O(3)
  113                                              L(24),Def(91),O(3)
  114                                              L(24),Def(92),O(4)
  115                                              L(24),Def(92),O(4)
  116                                           L(23),Grtr1%orYM(95),O(1)
  117                                              L(47),Def(68),O(4)
  118                                              L(24),Def(90),O(3)
  119                                              L(24),Def(91),O(1)
  120                                              L(24),Def(90),O(4)
  121                                             Grtr1%orYM(115),O(4)
  122                                              L(24),Def(93),O(3)
  123                                                  L(24),O(35)
  124                                              L(24),Def(92),O(3)
  125                                              L(24),Def(90),O(4)
  126                                              L(24),Def(90),O(4)
  127                                              L(24),Def(91),O(4)
  128                                              L(24),Def(90),O(4)
  129                                              L(24),Def(30),O(3)
  130                                              L(24),Def(90),O(4)
  131                                              L(24),Def(86),O(4)
  132                                              L(24),Def(88),O(4)
  133                                              L(24),Def(91),O(4)
  134                                              L(24),Def(92),O(4)
  135                                              L(24),Def(90),O(3)
  136                                           L(24),Grtr1%orYM(90),O(4)
  137                                               L(23),YM(93),O(3)
  138                                              L(24),Def(92),O(3)
  139                                              L(24),Def(92),O(3)
  140                                              L(24),Def(29),O(4)
  141                                              L(24),Def(92),O(4)
  142                                              L(24),Def(91),O(4)
  143                                              L(24),Def(88),O(4)
  144                                               L(24),YM(92),O(3)
  145                                              L(24),Def(91),O(3)
  146                                              L(24),Def(92),O(4)
  147                                           L(60)Grtr1%orYM(56),O(4)
  148                                              L(24),Def(90),O(4)
  149                                              L(24),Def(91),O(4)
  150                                              L(24),Def(91),O(4)
  151                                              L(24),Def(86),O(3)
  152                                        L(24),Grtr1%orYMorDef(94),O(1)
  153                                              L(24),Def(92),O(3)
  154                                              L(24),Def(90),O(4)
  155                                              L(24),Def(91),O(4)
  156                                           L(10),Grtr1%orYM(44),O(4)
  157                                              L(24),Def(90),O(3)
  158                                              L(24),Def(90),O(4)
  159                                              L(24),Def(91),O(3)
  160                                              L(24),Def(57),O(3)
  161                                              L(24),Def(81),O(3)
  162                                              L(24),Def(91),O(3)
  163                                              L(24),Def(92),O(3)
  164                                           L(48)Grtr1%orYM(32),O(4)
  165                                             Grtr1%orYM(116),O(3)
  166                                                 YM(111),O(3)
  167                                              L(24),Def(57),O(3)
  168                                              L(24),Def(90),O(4)
  169                                              L(24),Def(92),O(4)
  170                                           L(11),Grtr3%orYM(44),O(4)
  171                                           L(11),Grtr3%orYM(44),O(4)
  172                                              Grtr1%orYM(54),O(2)
  173                                                 YM(108),O(3)
173.01
173.02
  174                                              L(24),Def(90),O(4)
  175                                 L(9),Grtr1%orYM(15),DeforGrtr1%orYM(91),O(1)
175.01
175.02
175.03
  176                                              L(24),Def(89),O(3)
  177                                              L(24),Def(57),O(3)
  178                                              L(24),Def(28),O(2)
  179                                              L(24),Def(91),O(4)
  180                                              L(24),Def(88),O(7)
  181                                              L(24),Def(57),O(3)
  182                                              L(24),Def(7),O(25)
  183                                              L(24),Def(91),O(4)
  184                                              L(24),Def(57),O(3)
  185                                              L(24),Def(90),O(4)
  186                                              L(24),Def(91),O(4)
  187                                              L(24),Def(57),O(3)
  188                                              L(24),Def(90),O(4)
  189                                              L(24),Def(90),O(3)
  190                                              L(24),Def(94),O(1)
  191                                              L(24),Def(92),O(4)
  192                                              L(24),Def(91),O(4)
  193                                              L(24),Def(91),O(4)
  194                                              L(24),Def(74),O(19)
  195                                              L(24),Def(91),O(4)
  196                                              L(24),Def(57),O(3)
  197                                              L(24),Def(91),O(4)
  198                                              L(24),Def(89),O(4)
  199                                              L(24),Def(90),O(4)
  200                                              L(24),Def(92),O(3)
  201                                              L(24),Def(91),O(4)
  202                                              L(24),Def(93),O(1)
  203                                              L(24),Def(91),O(4)
  204                                              L(24),Def(90),O(3)
  205                                              L(24),Def(93),O(3)
  206                                           L(35),Grtr1%orYM(80),O(4)
  207                                              L(24),Def(89),O(4)
  208                                              L(24),Def(91),O(4)
  209                                              L(24),Def(90),O(4)
  210                                              L(24),Def(87),O(4)
  211                                              L(24),Def(91),O(4)
  212                                              L(24),Def(87),O(7)
  213                                           L(24),Grtr1%orYM(92),O(3)
  214                                              L(24),Def(91),O(4)
  215                                              L(24),Def(91),O(4)
  216                                             L(24),Def(141),O(13)
  217                                              L(24),Def(91),O(2)
  218                                              L(24),Def(90),O(4)
  219                                              L(24),Def(90),O(4)
  220                                              L(24),Def(88),O(4)
  221                                              L(24),Def(90),O(4)
221.01
221.02
  222                                              L(24),Def(91),O(1)
  223                                              L(24),Def(90),O(4)
  224                                              L(24),Def(92),O(4)
  225                                              L(24),Def(31),O(4)
  226                                              L(24),Def(91),O(4)
  227                                              Grtr1%orYM(54),O(4)
  228                                 L(9),Grtr1%orYM(15),DeforGrtr1%orYM(91),O(1)
  229                                              L(24),Def(92),O(3)
  230                                           L(23),Grtr1%orYM(91),O(4)
  231                                              L(24),Def(87),O(7)
  232                                              L(24),Def(91),O(2)
  233                                              L(24),Def(91),O(2)
  234                                              Grtr1%orYM(79),O(4)
  235                                           L(36),Grtr1%orYM(24),O(4)
  236                                              L(24),Def(92),O(3)
  237                                              L(24),Def(90),O(3)
  238                                 L(9),Grtr1%orYM(15),DeforGrtr1%orYM(91),O(1)
  239                                              L(24),Def(91),O(4)
  240                                              L(24),Def(91),O(3)
  241                                             Grtr3%orYM(116),O(3)
  242                                              L(24),Def(92),O(4)
  243                                 L(9),Grtr1%orYM(15),DeforGrtr1%orYM(91),O(1)
  244                                              L(24),Def(92),O(3)
  245                                          L(10),Grtr1%orYM(106),O(1)
245.01
245.02
245.03
  246                                              L(24),Def(91),O(3)
  247                                           L(48),Grtr1%orYM(66),O(4)
  248    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  249                                              L(24),Def(90),O(3)
  250                                              L(24),Def(92),O(3)
  251    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  252    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  253    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  254                                              L(24),Def(85),O(3)
  255    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  256                                              L(24),Def(92),O(3)
  257    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  258    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  259    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  260    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  261    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  262    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  263    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  264    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  265    Grtr1%orYM(114),O(4)(Defeasance is allowed after 24 months subject to certain conditions including the
                                    defeasance of the entire Logan crossed loan pool)
  266                                              L(24),Def(90),O(4)





                                     MOST RECENT   MOST RECENT
LOAN #   2005 NOI ($)  2006 NOI ($)       NOI ($)     NOI DATE   UW REVENUES ($)  UW TOTAL EXPENSES ($)  UW NOI ($)
------   -----------   -----------   -----------   -----------   --------------   --------------------   ----------

   1                                                                 29,781,408              7,413,384   22,368,024
 1.01                                                                 9,203,539              2,929,330    6,274,209
 1.02                                                                 6,386,522              1,657,681    4,728,841
 1.03                                                                 4,678,671                651,555    4,027,116
 1.04                                                                 3,094,009                217,966    2,876,043
 1.05                                                                 2,273,579                745,686    1,527,893
 1.06                                                                 1,312,375                394,792      917,583
 1.07                                                                 1,363,847                466,608      897,239
 1.08                                                                   833,615                183,692      649,923
 1.09                                                                   635,251                166,074      469,177
   2                     9,297,389    11,195,475      03/31/07       28,938,064             11,572,460   17,365,604
 2.01
 2.02
 2.03
   3                                                                 21,251,879              5,365,962   15,885,917
   4                                                                 26,419,866              5,997,942   20,421,924
 4.01                                                                 1,376,037                290,494    1,085,543
 4.02                                                                 1,249,294                254,624      994,670
 4.03                                                                 1,298,555                264,035    1,034,520
 4.04                                                                 1,196,407                247,664      948,743
 4.05                                                                 1,197,827                260,755      937,072
 4.06                                                                   987,440                167,520      819,919
 4.07                                                                 1,099,299                233,387      865,912
 4.08                                                                 1,081,729                279,415      802,314
 4.09                                                                   965,990                227,275      738,714
 4.10                                                                   954,861                217,583      737,278
 4.11                                                                   889,796                194,072      695,724
 4.12                                                                   938,934                234,087      704,848
 4.13                                                                   852,082                187,060      665,022
 4.14                                                                   863,844                178,524      685,319
 4.15                                                                   812,838                164,689      648,149
 4.16                                                                   916,413                225,450      690,962
 4.17                                                                   788,476                180,924      607,552
 4.18                                                                   770,513                167,934      602,579
 4.19                                                                   699,506                147,562      551,944
 4.20                                                                   746,894                165,282      581,611
 4.21                                                                   717,816                159,377      558,439
 4.22                                                                   734,079                161,921      572,158
 4.23                                                                   677,554                149,021      528,533
 4.24                                                                   786,413                213,864      572,549
 4.25                                                                   841,146                274,026      567,120
 4.26                                                                   619,550                135,725      483,825
 4.27                                                                   533,194                123,372      409,822
 4.28                                                                   550,845                148,333      402,513
 4.29                                                                   457,292                124,789      332,503
 4.30                                                                   427,665                114,466      313,199
 4.31                                                                   387,577                104,711      282,866
   5       5,775,106     7,857,200                                   27,905,360             13,374,414   14,530,946
   6      18,605,667    19,858,343                                   38,011,104             16,001,974   22,009,130
   7                     9,832,070    11,894,000      04/30/07       49,617,771             34,813,329   14,804,442
   8      12,679,125    12,623,694    12,911,795      03/31/07       34,473,063             21,561,268   12,911,795
 8.01      5,082,408     5,259,638     5,982,343      03/31/07       16,574,908             10,592,565    5,982,343
 8.02      1,981,152     1,942,313     1,262,108      03/31/07        3,898,406              2,636,298    1,262,108
 8.03      2,971,048     2,534,856     2,863,646      03/31/07        4,988,236              2,124,590    2,863,646
 8.04        856,221     1,137,057     1,314,836      03/31/07        3,465,368              2,150,532    1,314,836
 8.05      1,004,748       764,927       649,509      03/31/07        2,948,591              2,299,082      649,509
 8.06        415,684       769,955       871,140      03/31/07        1,809,334                938,194      871,140
 8.07        367,865       214,948       -31,787      03/31/07          788,220                820,007      -31,787
   9       8,311,974     9,140,345                                   19,344,016              9,597,494    9,746,522
  10       8,590,168    13,581,212    15,247,379      03/31/07       63,359,521             46,657,537   16,701,984
  11       6,093,363     6,404,383     6,640,712      03/31/07       12,977,311              2,425,325   10,551,985
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
  12       7,888,343     7,461,898                                   12,403,990              4,472,829    7,931,161
 12.01     1,560,808     1,400,897                                    2,159,986                657,939    1,502,047
 12.02     1,278,645     1,358,756                                    2,135,790                696,582    1,439,208
 12.03       999,658       891,991                                    1,590,784                681,171      909,613
 12.04       818,144       799,787                                    1,243,119                392,425      850,694
 12.05       859,582       736,282                                    1,151,852                357,374      794,478
 12.06       709,387       587,432                                    1,043,564                380,943      662,621
 12.07       658,703       623,512                                    1,054,736                425,489      629,247
 12.08       425,345       427,982                                      796,301                343,012      453,289
 12.09       343,914       374,626                                      666,725                255,799      410,926
 12.10       234,157       260,633                                      561,133                282,095      279,038
  13       5,382,669     4,218,573                                   10,113,037              3,610,062    6,502,975
  14                                                                  7,496,624              2,085,867    5,410,757
  15       5,681,384     7,415,511                                   18,477,559             10,123,941    8,353,618
  16                                                                  8,215,952                164,319    8,051,632
  17       4,531,553     4,730,447                                    6,293,289              1,276,430    5,016,858
  18       3,063,761     3,494,135                                    8,305,598              3,422,046    4,883,552
  19       3,474,844     4,067,231                                   11,567,672              3,328,317    8,239,355
  20                                                                  9,894,430              3,732,780    6,161,650
  21       3,392,174     3,778,535     3,773,669      02/28/07        7,483,110              3,209,156    4,273,954
  22       5,947,360     5,751,044                                   13,669,285              7,612,427    6,056,858
  23                                                                  4,894,748                923,655    3,971,093
  24       3,076,546     3,297,641     3,341,864      02/28/07        4,110,576                689,526    3,421,050
  25      10,951,558    14,912,442                                   35,950,320             19,401,540   16,548,780
 25.01
 25.02
 25.03
 25.04
 25.05
  26       3,206,874     3,162,204     3,631,956      03/31/07        7,306,043              2,803,204    4,502,839
  27                      -688,638                                    4,478,993                745,476    3,733,516
 27.01                    -206,009                                    1,711,680                303,306    1,408,374
 27.02                    -341,082                                    1,654,510                298,905    1,355,604
 27.03                    -141,547                                    1,112,803                143,265      969,538
  28       2,453,563     2,881,352                                    3,489,251                507,446    2,981,805
  29       3,510,053     3,791,592                                    6,684,722              2,945,663    3,739,059
  30       2,434,960     3,224,027                                    5,121,471              1,759,213    3,362,258
  31       2,752,164     2,812,037                                    4,793,734              1,382,403    3,411,331
  32       2,373,845     2,426,804     2,436,231      02/28/07        3,258,969                771,296    2,487,673
  33       4,062,433     5,448,957     5,580,953      03/31/07       14,631,494              8,833,962    5,797,532
  34       2,659,839     2,611,907     2,644,491      04/30/07        4,271,094              1,356,636    2,914,459
  35                                   2,498,717      01/31/07        4,203,161              1,564,853    2,638,308
  36       2,410,611     2,344,693                                    3,120,378                557,789    2,562,588
  37       1,701,678     3,257,804     3,250,576      03/31/07       13,870,194             10,110,939    3,759,255
  38                                                                  3,366,955                319,724    3,047,231
  39       9,058,707    17,254,035                                   76,104,134             59,153,847   16,950,287
 39.01     1,431,426     3,697,842                                   11,235,980              7,808,818    3,427,162
 39.02     1,510,214     2,982,562                                   13,810,294             11,066,715    2,743,579
 39.03                     557,157                                   10,032,075              7,881,605    2,150,470
 39.04     1,366,997     2,261,489                                   10,153,751              7,953,313    2,200,438
 39.05     1,268,156     1,614,794                                    3,491,744              2,149,128    1,342,616
 39.06       984,660     2,212,133                                    9,749,785              7,848,533    1,901,252
 39.07     1,727,041     2,201,329                                    9,747,036              7,930,963    1,816,073
 39.08       770,213     1,726,729                                    7,883,469              6,514,772    1,368,697
  40                                                                 14,356,218             10,623,260    3,732,958
  41       2,534,668                   3,062,004      01/31/07       10,309,943              6,616,748    3,693,195
  42       2,101,207     3,386,481     3,512,398      02/28/07       15,470,000             11,694,776    3,775,224
  43         652,115     1,846,474                                    4,431,629              1,745,335    2,686,294
  44       1,704,858     2,327,510                                    3,269,117              1,078,371    2,190,746
  45       1,718,276     1,975,672     1,993,863      02/28/07        3,359,428              1,277,094    2,082,334
  46                     2,024,791                                    2,304,900                312,939    1,991,961
  47         955,459     1,546,260     1,624,399      02/28/07        2,285,878                391,163    1,894,715
  48       1,530,645     1,610,447                                    2,885,047                816,773    2,068,274
  49       1,407,311       731,991                                    5,553,122              3,113,603    2,439,519
  50                                                                  3,458,677                852,233    2,606,444
  51       2,523,727     3,295,152                                    7,496,254              4,729,627    2,766,628
  52       1,587,416     1,709,586                                    3,393,495              1,606,558    1,786,938
  53       2,263,896     2,260,018                                    2,136,364                326,122    1,810,242
  54                                                                  2,041,907                314,193    1,727,714
  55       1,893,451     1,968,515     1,931,775      02/28/07        2,545,649                602,332    1,943,317
  56                     2,131,937     2,190,273      03/31/07        6,441,455              4,115,283    2,326,172
  57       1,676,814     2,000,098     2,085,172      04/30/07        4,845,077              2,742,869    2,102,209
  58       2,048,835     1,983,453                                    3,758,895              1,704,200    2,054,694
  59                                     571,067      11/10/06        2,572,404                651,654    1,920,750
  60                                                                  2,249,739                618,146    1,631,593
  61       1,550,593     1,845,842     1,904,817      02/28/07        2,640,146              1,118,966    1,521,180
  62                                                                  2,239,632                628,354    1,611,277
  63       1,551,477     1,555,414                                    2,473,312                972,553    1,500,758
  64         657,693     1,364,888                                    2,342,853                766,173    1,576,681
  65                                   2,066,550      03/31/07        3,435,982              1,457,599    1,978,383
  66       1,136,824     1,205,971                                    2,193,130                718,746    1,474,384
  67       1,520,999                   1,714,060      02/28/07        4,652,215              2,803,650    1,848,565
  68       1,301,644     1,344,585     1,382,535      03/31/07        2,505,104              1,108,220    1,396,884
  69                                                                  3,668,863              2,050,096    1,618,767
  70                                                                  2,327,699                646,120    1,681,579
  71       1,114,329     1,343,602                                    2,542,447                740,597    1,801,851
  72                     1,229,729     1,319,243      02/28/07        3,090,037              1,446,307    1,643,730
  73       1,380,977     1,423,313     1,519,040      04/30/07        2,878,491              1,370,160    1,508,331
  74                                                                  2,591,149              1,114,668    1,476,480
  75         966,879     1,087,126                                    1,925,073                623,803    1,301,269
 75.01
 75.02
  76       1,296,067     1,308,340                                    1,920,777                609,259    1,311,518
  77       1,073,604     1,205,805                                    1,868,819                754,941    1,113,878
  78       1,309,593     1,317,745     1,279,075      02/28/07        2,175,200                883,387    1,291,812
  79         964,185     1,114,955     1,125,766      03/31/07        2,232,665                939,075    1,293,591
  80       1,275,592     1,353,313     1,386,020      01/31/07        2,427,249              1,129,039    1,298,210
  81         932,732     1,195,517     1,431,700      02/28/07        2,668,561              1,342,231    1,326,330
  82         942,087     1,012,771                                    2,137,074              1,080,153    1,056,921
  83       1,014,041     1,092,305     1,107,314      02/28/07        1,727,559                567,557    1,160,002
  84       1,405,190     1,301,798     1,355,976      02/28/07        3,265,313              1,678,859    1,586,454
  85       1,045,521     1,145,295     1,156,474      02/28/07        2,630,424              1,465,609    1,164,815
 85.01       678,154       725,854       731,229      02/28/07        1,598,144                852,849      745,295
 85.02       367,367       419,441       425,245      02/28/07        1,032,280                612,760      419,520
  86       2,157,546     2,020,713     2,028,507      03/31/07        3,249,587              1,443,108    1,806,479
  87         747,731       887,001                                    1,504,329                358,773    1,145,556
  88         753,387     1,140,765                                    2,394,570              1,110,634    1,283,936
  89         874,834       868,291                                    1,289,662                162,597    1,127,065
  90       1,351,351     1,259,258                                    1,887,200                658,669    1,228,531
  91         894,371       972,171                                    1,317,794                235,294    1,082,500
  92       1,160,259     1,531,123                                    3,706,394              2,278,726    1,427,668
  93         935,345                     973,108      10/31/06        1,623,896                512,928    1,110,968
  94       1,294,977                   1,426,122      02/28/07        2,412,683              1,290,848    1,121,834
  95         821,259     1,081,838     1,107,348      02/28/07        1,498,711                435,532    1,063,180
 95.01       390,376       565,471       581,177      02/28/07          798,515                238,736      559,780
 95.02       430,883       516,367       526,171      02/28/07          700,196                196,796      503,400
  96         965,777     1,117,936                                    1,625,956                530,373    1,095,582
  97         822,974       959,576       940,794      04/30/07        2,194,365              1,177,689    1,016,677
  98       1,393,285     1,392,208     1,366,559      01/31/07        3,169,975              2,010,360    1,159,615
  99         667,697       710,977       734,358      02/28/07          959,388                227,979      731,409
  100      1,052,364     1,471,965                                    3,179,190              1,869,096    1,310,094
  101        942,501       879,444                                    1,656,144                600,645    1,055,499
  102                                                                 1,444,611                321,884    1,122,727
  103        920,049       889,391       895,131      03/31/07        1,403,616                513,145      890,471
  104                                                                 1,599,107                739,709      859,398
104.01
104.02
  105                      119,007                                    1,132,138                232,037      900,101
  106        752,995       689,711                                    1,693,516                879,830      813,686
  107                                                                   955,170                140,015      815,155
  108        609,692       681,273                                    1,399,097                712,221      686,876
  109                                                                   767,617                  7,676      759,941
  110        644,072       758,672                                    1,054,005                403,134      650,871
  111        752,715       944,270                                    1,616,530                618,010      998,520
  112        720,133       793,142                                    1,063,967                276,207      787,760
  113        783,254       837,773                                    1,205,747                447,225      758,522
  114        982,313       878,357       962,055      04/30/07        1,496,732                481,893    1,014,839
  115        681,004       714,550       730,296      02/28/07        3,753,040              2,725,200    1,027,840
  116        541,548       628,901                                    1,132,855                487,937      644,918
  117                                                                 1,056,292                344,984      711,308
  118        690,000       828,000                                    1,065,895                228,666      837,229
  119        795,570       805,624                                    1,108,329                271,062      837,267
  120                                                                 1,260,051                601,234      658,817
  121                                                                 1,224,714                348,319      876,395
  122                                                                   888,201                114,054      774,147
  123        604,618       718,465                                    1,125,384                406,869      718,515
  124                                                                   875,035                180,377      694,658
  125        633,556       661,515       654,473      03/31/07        1,280,713                554,212      726,502
  126        714,964       741,405                                      848,276                153,414      694,862
  127        488,633       519,884       530,355      02/28/07          925,613                273,896      651,717
  128        565,277       630,966                                      832,900                276,341      556,559
  129        579,874       662,926       656,984      01/31/07        1,228,582                574,373      654,209
  130        962,331       967,231                                    1,344,198                331,955    1,012,243
  131                                                                   937,237                159,397      777,839
  132        390,873       541,657       541,657      01/22/07        1,233,381                420,168      813,213
  133                      757,462       756,409      02/28/07        1,217,160                504,254      712,906
  134        456,475       599,442       647,469      04/30/07        1,326,650                677,118      649,532
  135        799,785       781,942                                      859,453                185,620      673,833
  136                                                                   949,477                 18,990      930,487
  137        777,126       843,863     1,038,834      04/30/07        1,918,478              1,120,724      797,754
  138        668,026       702,129                                      817,438                159,198      658,240
  139        789,346       791,383                                      976,310                348,847      627,463
  140        500,542       573,248       577,753      01/31/07        1,309,802                686,573      623,229
  141        497,512       542,118       587,156      04/30/07        1,338,430                736,614      601,815
  142        536,163       573,112       609,608      03/31/07        1,176,584                571,023      605,560
  143        587,078       586,421                                    1,437,612                855,024      582,588
  144        787,876       865,620                                    1,891,372              1,082,999      808,373
  145                      699,597       633,304      03/31/07        1,130,413                459,692      670,721
  146                      623,907       618,031                        897,491                305,360      592,131
  147          3,000       288,678       345,876      04/30/07          899,922                248,790      651,132
  148        683,100       672,718       690,871      03/31/07        1,311,497                663,993      647,504
  149        547,473       506,954                                      722,939                150,774      572,165
  150        498,497       514,504                                      658,784                162,746      496,038
  151                                                                   782,177                159,913      622,264
  152        655,820       588,147                                      963,820                202,434      761,387
  153        508,524       559,028                                    1,072,745                499,487      573,258
  154        507,554       549,354                                      611,652                157,560      454,092
  155        489,624       641,435       610,445      04/30/07        1,148,002                555,511      592,491
  156                                                                   918,364                283,724      634,640
  157                      116,145                                      726,685                127,839      598,846
  158        548,952       548,952                                      798,839                266,718      532,121
  159        886,906       910,487                                      920,043                 39,067      880,976
  160        648,487       839,445       854,611      02/28/07        2,549,669              1,763,561      786,108
  161                                                                   658,609                 97,986      560,623
  162        486,817       484,127                                      804,218                247,336      556,882
  163        230,930                                                    645,092                178,486      466,606
  164                                    543,960      04/30/07          830,521                261,166      569,355
  165        468,007       537,315       521,560      03/31/07          788,887                269,175      519,712
  166                                                                   640,100                101,046      539,054
  167        750,319       924,040       928,380      02/28/07        2,560,129              1,698,287      861,842
  168                                                                   668,233                 94,612      573,621
  169        438,440       485,855       462,822      04/30/07          933,197                449,365      483,832
  170        715,169       805,011       839,874      03/31/07        2,052,626              1,208,503      844,123
  171        578,541       847,200       867,234      03/31/07        1,784,178              1,062,198      721,980
  172        257,131       347,207                                      900,772                427,097      473,675
  173                                                                   638,555                 96,163      542,392
173.01                                                                  367,685                 51,037      316,648
173.02                                                                  270,870                 45,126      225,744
  174        481,839       615,982                                      809,934                308,711      501,223
  175                                                                 1,109,420                480,498      628,921
175.01
175.02
175.03
  176                                                                   788,722                292,424      496,299
  177        581,416       900,931       910,726      02/28/07        2,752,494              1,937,385      815,109
  178        481,729       512,468       513,697      03/31/07          947,865                429,441      518,424
  179        211,809       309,988                                    1,010,962                433,315      577,647
  180        420,828       435,582                                      534,631                120,398      414,232
  181        770,058       878,765       886,650      02/28/07        2,389,002              1,459,958      929,044
  182        282,691       352,545                                      948,510                403,940      544,570
  183        515,775       578,309                                      690,196                151,843      538,353
  184        454,047       634,916       685,378      02/28/07        2,423,687              1,733,879      689,808
  185        387,310       517,582                                      703,694                257,773      445,921
  186                                    496,390      01/31/07          702,304                269,417      432,887
  187        718,490       892,601       907,290      02/28/07        2,490,038              1,573,294      916,745
  188        573,185       566,378                                      776,348                313,185      463,162
  189                                                                   694,293                221,777      472,516
  190                                                                   391,686                  9,917      381,769
  191                                                                   558,611                115,363      443,247
  192        383,793       489,946                                      574,639                132,592      442,047
  193         66,508       381,528       332,276      03/31/07        1,227,040                678,821      548,219
  194                                                                   429,480                  8,590      420,890
  195        565,448       594,154                                      867,636                383,775      483,861
  196        675,779       940,451       931,780      02/28/07        2,669,888              1,761,039      908,849
  197        278,515       364,219                                      521,391                162,505      358,887
  198                                                                   400,000                      0      400,000
  199        328,014       395,887       391,286      02/28/07          829,702                413,072      416,630
  200                      718,062       871,813      03/31/07        1,824,812              1,149,546      675,266
  201        425,719       440,461       411,949      04/30/07          882,878                439,136      443,742
  202        486,984       478,859       493,353      02/28/07          720,117                341,834      378,283
  203                                                                   535,706                144,422      391,284
  204        285,837                                                    779,691                309,340      470,351
  205        370,803       619,671       631,326      04/30/07        1,409,843                843,420      566,423
  206                      259,928                                      601,048                213,231      387,817
  207                                                                   359,000                      0      359,000
  208                      425,000                                      448,765                 60,847      387,918
  209        272,495       349,706       382,451      06/30/07          718,562                376,410      342,152
  210                                                                   326,700                  6,534      320,166
  211        383,740       413,108       387,051      04/30/07          736,601                355,029      381,572
  212        506,625                                                    481,294                  9,626      471,668
  213                      363,223                                      974,200                515,037      459,163
  214                                                                   419,113                 82,825      336,288
  215        297,262       336,657                                      864,419                499,361      365,058
  216                                                                   470,005                120,992      349,013
  217                                                                   377,000                      0      377,000
  218                      357,476                                      475,500                133,278      342,222
  219        357,266       337,914                                      491,180                158,590      332,590
  220        319,880       379,292                                      695,418                335,745      359,673
  221        466,646       412,939                                      633,737                214,638      419,098
221.01
221.02
  222                      278,412       268,312      01/31/07          479,939                193,701      286,238
  223                                                                   313,780                      0      313,780
  224        271,738       272,152                                      404,312                 77,443      326,868
  225                                                                   725,614                193,089      532,525
  226        660,528       599,160       578,003      02/28/07        1,186,003                682,408      503,595
  227                                                                   556,963                301,380      255,583
  228                                                                   353,400                  7,068      346,332
  229         18,882       167,835       219,958      04/30/07          390,137                126,311      263,826
  230        253,882       257,200                                      344,448                 83,079      261,369
  231        361,875                                                    343,781                  6,876      336,906
  232                                                                   280,750                      0      280,750
  233                                                                   275,000                      0      275,000
  234                      250,063                                      357,124                118,926      238,198
  235                                                                   531,512                132,529      398,983
  236        305,962                     301,714      02/28/07          493,296                201,655      291,641
  237        274,378       230,807                                      455,486                197,401      258,085
  238                                                                   270,750                  5,415      265,335
  239                                                                   224,190                 21,850      202,341
  240        109,727                                                    293,615                 73,933      219,682
  241        174,825       187,453       200,850      03/31/07          353,647                149,412      204,235
  242        269,732       247,836                                      395,500                142,716      252,784
  243                                                                   252,938                  5,059      247,879
  244        187,673       202,649                                      214,386                 38,759      175,627
  245                                                                   298,677                 93,227      205,450
245.01                                                                  102,116                 30,317       71,798
245.02                                                                  105,741                 37,465       68,277
245.03                                                                   90,820                 25,445       65,375
  246        226,000                                                    229,258                 13,371      215,887
  247        115,486       132,395       257,820      01/31/07          317,566                128,523      189,043
  248                                                                   324,343                  3,243      321,100
  249        149,255       138,048                                      390,537                207,197      183,340
  250        104,203       111,649       121,920      02/28/07          199,290                 31,697      167,593
  251                                                                   296,719                  2,967      293,752
  252                                                                   296,261                  2,963      293,298
  253                                                                   280,072                  2,801      277,271
  254                                                                   205,191                 23,990      181,201
  255                                                                   275,831                  2,758      273,073
  256                       90,076        90,975      02/28/07          182,445                 31,798      150,647
  257                                                                   263,651                  2,637      261,014
  258                                                                   261,562                  2,616      258,946
  259                                                                   260,602                  2,606      257,996
  260                                                                   249,587                  2,496      247,091
  261                                                                   230,963                  2,310      228,653
  262                                                                   221,068                  2,211      218,857
  263                                                                   216,473                  2,165      214,308
  264                                                                   210,326                  2,103      208,223
  265                                                                   197,687                  1,977      195,710
  266                                                                    90,980                  1,820       89,160





                         UW(9),(10),(28),(29),(37)  UW(10),(28)
LOAN #   UW NCF ($)(37)  DSCR (X)                   IO DSCR (X)    TITLETYPE      PML %
------   -------------   ------------------------   ----------   -------------   -------

   1        22,165,509   1.24                       1.24              Fee
 1.01        6,246,562                                                Fee
 1.02        4,701,833                                                Fee
 1.03        4,008,866                                                Fee
 1.04        2,863,795                                                Fee
 1.05        1,489,655                                                Fee
 1.06          913,968                                                Fee
 1.07          828,785                                                Fee
 1.08          646,700                                                Fee
 1.09          465,344                                                Fee
   2        16,521,472   1.34                       1.34              Fee        Various
 2.01                                                                 Fee         17.0
 2.02                                                                 Fee         14.0
 2.03                                                                 Fee         17.0
   3        15,672,597   1.21                       1.21              Fee
   4        19,615,998   1.25                       N/A               Fee        Various
 4.01        1,054,816                                                Fee         19.0
 4.02          966,530                                                Fee         19.0
 4.03        1,003,580                                                Fee         19.0
 4.04          919,480                                                Fee         18.0
 4.05          906,349                                                Fee         17.0
 4.06          795,368                                                Fee         15.0
 4.07          838,390                                                Fee         18.0
 4.08          772,237                                                Fee         14.0
 4.09          712,090                                                Fee         12.0
 4.10          711,620                                                Fee         12.0
 4.11          664,606                                                Fee         14.0
 4.12          674,894                                                Fee         15.0
 4.13          640,264                                                Fee         12.0
 4.14          662,530                                                Fee         17.0
 4.15          623,335                                                Fee         12.0
 4.16          659,712                                                Fee         14.0
 4.17          585,668                                                Fee         12.0
 4.18          580,902                                                Fee         12.0
 4.19          529,123                                                Fee         12.0
 4.20          559,239                                                Fee         15.0
 4.21          533,268                                                Fee         12.0
 4.22          550,843                                                Fee         15.0
 4.23          507,386                                                Fee         12.0
 4.24          541,426                                                Fee         14.0
 4.25          536,081                                                Fee         19.0
 4.26          461,956                                                Fee         12.0
 4.27          389,525                                                Fee         12.0
 4.28          373,333                                                Fee         12.0
 4.29          307,380                                                Fee         12.0
 4.30          291,884                                                Fee         12.0
 4.31          262,182                                                Fee         12.0
   5        13,928,959   1.21                       1.21              Fee
   6        20,887,246   1.26                       1.26              Fee
   7        12,819,732   1.40                       1.40              Fee
   8        11,923,060   1.88                       1.88              Fee
 8.01        5,688,020                                                Fee
 8.02        1,082,464                                                Fee         21.0
 8.03        2,650,974                                                Fee
 8.04        1,221,727                                                Fee
 8.05          525,627                                                Fee
 8.06          823,987                                                Fee
 8.07          -69,739                                                Fee
   9         9,299,825   1.11                       1.39              Fee
  10        14,801,197   1.27                       1.45         Fee/Leasehold
  11        10,386,485   1.87                       1.87              Fee        Various
 11.01                                                                Fee         18.5
 11.02                                                                Fee         18.5
 11.03                                                                Fee         16.7
 11.04                                                                Fee         17.0
 11.05                                                                Fee         18.5
 11.06                                                                Fee         18.0
 11.07                                                                Fee         18.0
 11.08                                                                Fee         18.0
 11.09                                                                Fee         16.5
 11.10                                                                Fee         17.6
 11.11                                                                Fee         18.0
 11.12                                                                Fee         17.5
 11.13                                                                Fee         17.5
 11.14                                                                Fee         17.5
 11.15                                                                Fee         16.7
 11.16                                                                Fee         17.5
  12         7,809,046   1.19                       1.39              Fee
 12.01       1,483,287                                                Fee
 12.02       1,423,283                                                Fee
 12.03         891,973                                                Fee
 12.04         837,394                                                Fee
 12.05         783,103                                                Fee
 12.06         652,261                                                Fee
 12.07         618,082                                                Fee
 12.08         445,834                                                Fee
 12.09         404,941                                                Fee
 12.10         268,888                                                Fee
  13         6,451,525   1.40                       1.40              Fee         11.0
  14         5,345,737   1.20                       1.20              Fee
  15         7,614,515   1.65                       1.65              Fee
  16         8,051,632   1.33                       1.63              Fee
  17         4,974,858   1.33                       1.33              Fee
  18         4,674,247   1.23                       1.23              Fee
  19         8,175,627   2.28                       2.28              Fee
  20         5,932,875   1.75                       1.73              Fee
  21         4,273,954   1.25                       1.25              Fee
  22         5,510,086   1.33                       N/A               Fee
  23         3,844,572   1.16                       1.16              Fee
  24         3,379,600   1.07                       1.07              Fee
  25        14,973,729   1.73                       1.73         Fee/Leasehold
 25.01                                                                Fee
 25.02                                                                Fee
 25.03                                                           Fee/Leasehold
 25.04                                                                Fee
 25.05                                                                Fee
  26         4,307,880   1.15                       1.32              Fee
  27         3,605,042   1.10                       1.32              Fee
 27.01       1,346,889                                                Fee
 27.02       1,317,718                                                Fee
 27.03         940,435                                                Fee
  28         2,945,688   1.11                       1.11              Fee
  29         3,323,085   1.28                       1.28              Fee
  30         3,157,093   1.34                       1.34              Fee
  31         3,280,785   1.30                       1.30              Fee
  32         2,461,423   1.09                       1.09              Fee
  33         4,513,032   2.09                       2.09              Fee
  34         2,844,109   1.15                       1.40              Fee
  35         2,578,158   1.29                       1.29              Fee
  36         2,477,284   1.20                       1.20              Fee
  37         3,204,447   1.24                       1.44              Fee         13.0
  38         2,870,157   1.20                       1.45              Fee         10.0
  39        16,609,487   2.75                       2.75              Fee
 39.01       3,383,962                                                Fee
 39.02       2,686,879                                                Fee
 39.03       2,108,470                                                Fee
 39.04       2,157,238                                                Fee
 39.05       1,310,216                                                Fee
 39.06       1,859,252                                                Fee
 39.07       1,774,073                                                Fee
 39.08       1,329,397                                                Fee
  40         3,158,710   1.60                       1.60              Fee         29.0
  41         3,280,797   1.42                       1.72              Fee
  42         3,156,424   1.64                       1.64              Fee
  43         2,502,794   1.38                       1.38              Fee         17.0
  44         2,077,712   1.22                       1.22              Fee
  45         2,018,334   1.17                       1.17              Fee         10.0
  46         1,973,211   1.20                       1.20              Fee
  47         1,869,265   1.09                       1.09              Fee
  48         1,993,482   1.23                       1.23              Fee
  49         2,254,745   1.15                       1.37              Fee
  50         2,486,367   1.20                       N/A               Fee
  51         2,534,263   1.55                       1.55           Leasehold
  52         1,762,438   1.24                       1.24              Fee
  53         1,746,706   1.23                       1.23              Fee
  54         1,707,794   1.21                       1.21              Fee
  55         1,829,250   1.16                       N/A               Fee
  56         2,068,514   1.62                       1.62              Fee
  57         1,908,406   1.23                       1.47           Leasehold      14.0
  58         1,823,857   1.42                       1.42              Fee
  59         1,834,537   1.23                       1.46              Fee
  60         1,619,593   1.11                       1.32              Fee
  61         1,415,035   1.22                       1.22              Fee
  62         1,532,461   1.34                       1.34              Fee
  63         1,420,813   1.24                       1.24              Fee
  64         1,544,894   1.11                       1.33              Fee
  65         1,914,123   1.58                       1.58              Fee
  66         1,437,384   1.21                       1.21              Fee         14.0
  67         1,662,476   1.20                       N/A               Fee         13.0
  68         1,353,684   1.25                       1.25              Fee
  69         1,461,668   1.42                       1.42              Fee
  70         1,623,577   1.59                       1.59              Fee
  71         1,647,742   1.30                       1.52              Fee
  72         1,522,728   1.32                       1.32              Fee
  73         1,421,931   1.22                       1.49              Fee
  74         1,424,980   1.25                       1.52              Fee
  75         1,233,004   1.25                       1.25              Fee
 75.01                                                                Fee
 75.02                                                                Fee
  76         1,256,546   1.11                       1.34              Fee
  77         1,076,628   1.27                       1.27              Fee
  78         1,250,412   1.46                       1.46              Fee
  79         1,241,931   1.21                       1.44              Fee
  80         1,235,457   1.15                       1.37              Fee
  81         1,236,330   1.41                       1.41              Fee
  82         1,006,921   1.20                       1.20              Fee
  83         1,118,002   1.31                       1.31              Fee
  84         1,358,920   1.27                       1.48              Fee
  85         1,107,565   1.37                       1.37              Fee
 85.01         711,795                                                Fee
 85.02         395,770                                                Fee
  86         1,658,230   1.65                       N/A               Fee
  87         1,087,938   1.21                       1.46              Fee         16.0
  88         1,050,432   1.45                       1.45              Fee
  89         1,063,025   1.18                       1.42              Fee         18.0
  90         1,150,723   1.21                       1.40              Fee
  91         1,025,166   1.18                       1.43              Fee
  92         1,419,418   1.64                       N/A               Fee
  93           922,489   1.32                       1.32              Fee
  94         1,035,884   1.41                       1.41              Fee
  95         1,043,675   1.20                       N/A               Fee
 95.01         549,995                                                Fee
 95.02         493,680                                                Fee
  96         1,015,161   1.22                       1.47              Fee
  97           951,102   1.34                       1.34              Fee
  98         1,135,315   1.33                       1.53              Fee         10.0
  99           721,209   1.07                       1.07              Fee
  100        1,151,134   1.37                       N/A               Fee
  101          931,940   1.24                       N/A               Fee         19.0
  102        1,082,039   1.43                       N/A               Fee
  103          830,536   1.19                       1.19              Fee         16.0
  104          827,648   1.30                       1.30              Fee
104.01                                                                Fee
104.02                                                                Fee
  105          863,213   1.20                       1.43              Fee         16.0
  106          708,634   1.21                       1.21              Fee
  107          811,098   1.15                       N/A               Fee         18.0
  108          672,726   1.25                       1.25              Fee
  109          755,901   1.37                       1.37              Fee
  110          623,121   1.20                       1.20              Fee
  111          893,795   1.37                       1.64         Fee/Leasehold
  112          740,608   1.33                       1.33              Fee         17.0
  113          750,561   1.10                       1.28              Fee
  114          935,420   1.24                       N/A               Fee
  115          877,718   1.26                       1.46              Fee
  116          633,668   1.23                       1.23              Fee
  117          690,765   1.37                       1.37              Fee
  118          772,850   1.21                       N/A               Fee         17.0
  119          792,273   1.58                       1.58              Fee
  120          623,213   1.21                       1.21              Fee
  121          781,251   1.30                       1.57              Fee
  122          756,256   1.21                       1.42              Fee
  123          718,515   1.35                       1.35              Fee         16.0
  124          646,225   1.38                       1.38              Fee
  125          697,702   1.51                       1.51              Fee
  126          645,863   1.16                       1.40              Fee         15.0
  127          622,082   1.13                       1.37              Fee         12.0
  128          533,309   1.20                       1.20              Fee
  129          627,809   1.36                       1.36         Fee/Leasehold
  130        1,002,043   1.82                       N/A               Fee
  131          754,664   1.29                       N/A               Fee
  132          745,027   1.20                       N/A               Fee
  133          672,906   1.22                       1.46              Fee         16.0
  134          613,100   1.15                       1.39              Fee
  135          636,866   1.15                       1.36              Fee
  136          911,870   2.01                       1.98              Fee
  137          711,422   1.24                       N/A               Fee
  138          632,407   1.39                       1.39              Fee         19.0
  139          581,262   1.15                       1.38              Fee
  140          577,629   1.43                       1.43              Fee
  141          557,015   1.15                       1.40              Fee
  142          578,960   1.20                       1.46              Fee
  143          559,438   1.14                       1.37              Fee
  144          732,718   1.24                       N/A               Fee
  145          626,721   1.28                       1.53              Fee
  146          563,235   1.11                       N/A               Fee
  147          610,732   1.25                       N/A               Fee         18.0
  148          587,504   1.27                       1.53              Fee
  149          549,210   1.15                       1.35              Fee
  150          475,412   1.20                       1.20              Fee
  151          585,662   1.21                       1.40              Fee         25.0
  152          672,186   1.44                       N/A               Fee
  153          520,796   1.15                       1.36              Fee
  154          427,599   1.21                       1.21              Fee
  155          555,691   1.41                       1.41              Fee
  156          575,464   1.58                       1.58              Fee
  157          567,056   1.25                       N/A               Fee          9.0
  158          509,164   1.15                       1.37              Fee
  159          880,976   2.00                       N/A               Fee
  160          684,121   1.32                       N/A               Fee
  161          554,919   1.20                       N/A               Fee         18.0
  162          520,901   1.49                       1.49              Fee         18.0
  163          457,741   1.29                       1.29              Fee         19.0
  164          552,755   1.20                       N/A               Fee
  165          503,712   1.20                       N/A               Fee         19.0
  166          536,182   1.25                       N/A               Fee         18.0
  167          759,437   1.52                       N/A               Fee
  168          543,055   1.28                       N/A               Fee
  169          462,408   1.15                       1.39              Fee
  170          762,018   1.79                       N/A               Fee
  171          650,613   1.42                       N/A               Fee
  172          436,248   1.30                       1.30              Fee
  173          519,006   1.21                       N/A               Fee        Various
173.01         303,313                                                Fee         18.0
173.02         215,693                                                Fee         13.0
  174          471,047   1.18                       1.41              Fee
  175          595,647   1.68                       1.68           Leasehold
175.01                                                             Leasehold
175.02                                                             Leasehold
175.03                                                             Leasehold
  176          447,664   1.17                       1.42              Fee
  177          705,009   1.50                       N/A               Fee
  178          477,424   1.28                       1.54              Fee
  179          513,390   1.38                       1.66              Fee
  180          389,527   1.25                       1.23              Fee         13.0
  181          833,483   1.73                       N/A               Fee
  182          488,588   1.49                       1.49              Fee
  183          486,548   1.31                       1.55              Fee
  184          592,861   1.36                       N/A               Fee
  185          421,785   1.18                       1.41              Fee
  186          416,087   1.16                       N/A               Fee
  187          817,143   1.76                       N/A               Fee
  188          404,096   1.23                       1.48              Fee
  189          429,791   1.20                       1.42              Fee
  190          371,170   1.17                       1.17              Fee
  191          426,593   1.16                       1.36              Fee
  192          418,071   1.21                       1.47              Fee
  193          497,551   1.36                       N/A               Fee
  194          420,890   1.16                       N/A               Fee
  195          451,094   1.20                       N/A               Fee
  196          802,053   1.78                       N/A               Fee
  197          341,738   1.20                       1.20              Fee
  198          400,000   1.45                       1.45              Fee
  199          391,630   1.19                       1.43              Fee
  200          602,273   1.48                       N/A               Fee
  201          417,702   1.43                       1.43              Fee
  202          366,471   1.40                       1.40              Fee
  203          373,261   1.16                       1.39              Fee
  204          409,337   1.20                       1.38              Fee
  205          510,029   1.38                       N/A               Fee
  206          377,701   1.47                       1.47              Fee
  207          359,000   1.44                       1.44              Fee
  208          371,280   1.20                       1.41              Fee
  209          333,941   1.15                       1.39              Fee
  210          310,830   1.25                       1.25              Fee
  211          358,532   1.40                       1.40              Fee
  212          437,498   1.40                       N/A               Fee
  213          459,163   1.57                       N/A               Fee
  214          323,163   1.15                       1.38              Fee
  215          309,397   1.19                       1.45              Fee
  216          332,913   1.19                       1.38              Fee
  217          377,000   1.72                       1.72              Fee
  218          314,347   1.20                       1.45              Fee
  219          316,509   1.20                       1.44              Fee
  220          338,673   1.57                       1.57              Fee
  221          377,733   1.47                       1.78              Fee
221.01                                                                Fee
221.02                                                                Fee
  222          276,567   1.35                       1.35              Fee
  223          313,780   1.28                       N/A               Fee
  224          319,143   1.16                       N/A               Fee
  225          483,773   2.43                       2.43              Fee
  226          457,341   1.75                       N/A               Fee          5.0
  227          243,333   1.23                       1.23              Fee
  228          332,096   1.67                       1.67              Fee
  229          252,001   1.13                       N/A               Fee
  230          245,275   1.16                       N/A               Fee         18.0
  231          311,706   1.37                       N/A               Fee
  232          280,750   1.68                       1.68              Fee
  233          275,000   1.70                       1.70              Fee
  234          225,158   1.17                       1.39              Fee
  235          380,672   2.62                       2.58              Fee
  236          275,641   1.29                       N/A               Fee
  237          222,231   1.16                       1.37              Fee
  238          253,449   1.56                       1.56              Fee
  239          196,370   1.22                       1.22              Fee
  240          209,037   1.17                       1.42              Fee
  241          195,235   1.07                       N/A               Fee         19.0
  242          232,286   1.26                       1.47              Fee
  243          237,483   1.56                       1.56              Fee
  244          168,463   1.35                       1.35              Fee         18.0
  245          199,445   1.68                       1.68              Fee
245.01          70,358                                                Fee
245.02          66,437                                                Fee
245.03          62,650                                                Fee
  246          207,624   1.23                       N/A               Fee
  247          183,443   1.55                       1.55              Fee
  248          321,100   1.18                       1.41              Fee
  249          154,105   1.16                       1.37              Fee
  250          166,261   1.19                       N/A               Fee
  251          293,752   1.18                       1.41              Fee
  252          293,298   1.18                       1.41              Fee
  253          277,271   1.18                       1.41              Fee
  254          176,925   1.36                       N/A               Fee         14.0
  255          273,073   1.18                       1.41              Fee
  256          141,830   1.20                       N/A               Fee
  257          261,014   1.18                       1.41              Fee
  258          258,946   1.18                       1.41              Fee
  259          257,996   1.18                       1.41              Fee
  260          247,091   1.18                       1.41              Fee
  261          228,653   1.18                       1.41              Fee
  262          218,857   1.18                       1.41              Fee
  263          214,308   1.18                       1.41              Fee
  264          208,223   1.18                       1.41              Fee
  265          195,710   1.18                       1.41              Fee
  266           86,618   1.49                       1.49              Fee





                                                        UPFRONT ESCROW(30)
         -----------------------------------------------------------------------------------------------------------------

         UPFRONT CAPEX   UPFRONT ENGIN.   UPFRONT ENVIR.   UPFRONT TI/LC   UPFRONT RE TAX   UPFRONT INS.   UPFRONT OTHER
LOAN #      RESERVE ($)      RESERVE ($)      RESERVE ($)     RESERVE ($)      RESERVE ($)    RESERVE ($)  RESERVE ($)(32)
------   -------------   --------------   --------------   -------------   --------------   ------------   --------------

   1                 0            7,250                0               0          417,364         51,827                0
 1.01
 1.02
 1.03
 1.04
 1.05
 1.06
 1.07
 1.08
 1.09
   2                 0                0                0               0          605,206              0                0
 2.01
 2.02
 2.03
   3         2,605,482          256,000                0       4,000,000        1,588,930        206,245        5,000,000
   4                 0                0                0               0                0              0                0
 4.01
 4.02
 4.03
 4.04
 4.05
 4.06
 4.07
 4.08
 4.09
 4.10
 4.11
 4.12
 4.13
 4.14
 4.15
 4.16
 4.17
 4.18
 4.19
 4.20
 4.21
 4.22
 4.23
 4.24
 4.25
 4.26
 4.27
 4.28
 4.29
 4.30
 4.31
   5                 0                0                0       4,079,719        2,495,404        309,918                0
   6                 0                0                0               0                0              0                0
   7                 0                0                0               0          454,311              0                0
   8                 0                0                0               0                0              0                0
 8.01
 8.02
 8.03
 8.04
 8.05
 8.06
 8.07
   9           951,000           27,750           21,250          51,597        1,232,954         69,992       10,028,636
  10         1,974,621                0                0               0        1,448,680        373,051           21,204
  11           500,000           26,688                0               0          206,527        145,072        4,400,000
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
  12         3,835,000          165,000                0               0          284,469              0        1,000,000
 12.01
 12.02
 12.03
 12.04
 12.05
 12.06
 12.07
 12.08
 12.09
 12.10
  13                 0                0                0       3,890,000          240,158         50,037        1,750,000
  14                 0                0                0               0          332,315              0          367,100
  15                 0                0                0               0                0              0                0
  16                 0          165,000                0               0                0              0        6,600,000
  17                 0                0                0               0          110,162         45,462                0
  18                 0                0                0       4,683,370          106,883        115,972                0
  19                 0                0                0               0          528,702              0                0
  20                 0                0                0               0                0              0                0
  21         4,200,000                0                0               0          209,771              0                0
  22            34,173                0                0               0          564,667              0          428,444
  23                 0                0                0               0           30,437              0                0
  24                 0                0                0               0          231,687              0                0
  25           175,006                0                0               0                0              0                0
 25.01
 25.02
 25.03
 25.04
 25.05
  26                 0                0                0       1,242,000                0              0                0
  27                 0           25,875                0         150,000           59,732        149,535        1,108,670
 27.01
 27.02
 27.03
  28                 0                0                0               0                0              0                0
  29             4,248            3,375                0          22,500          461,153              0                0
  30                 0                0                0               0           73,900              0                0
  31                 0                0                0               0                0              0                0
  32                 0                0                0               0          166,224              0                0
  33                 0                0                0               0                0              0                0
  34                 0                0                0               0                0              0                0
  35                 0                0                0               0           24,775         22,547                0
  36                 0                0                0               0           70,922              0                0
  37                 0          429,875                0               0                0              0                0
  38                 0                0                0               0          126,033         35,499                0
  39                 0                0                0               0                0              0                0
 39.01
 39.02
 39.03
 39.04
 39.05
 39.06
 39.07
 39.08
  40                 0                0                0               0           55,898        148,528                0
  41                 0           95,625                0               0          124,952        120,612        2,561,000
  42         3,200,000           73,750                0         600,000           93,178        101,581                0
  43                 0            7,331                0         650,000          172,946              0                0
  44             3,056                0           10,000           7,275          142,579        155,198                0
  45                 0                0                0               0          101,665         28,296                0
  46                 0                0          125,000               0           32,421         30,696                0
  47                 0                0                0               0           95,006              0                0
  48         1,771,855          228,145                0         200,000          203,309          9,666          114,700
  49             6,187              625                0       2,500,000          239,590              0        1,724,924
  50                 0                0                0         950,000                0              0                0
  51           500,000          131,250                0       1,204,570          111,565         98,239          347,618
  52                 0                0                0               0          349,402              0                0
  53                 0                0                0               0                0              0                0
  54                 0                0                0         451,562           79,685          1,292          548,438
  55                 0                0                0               0          222,538          3,375            3,390
  56                 0                0                0               0          150,785              0                0
  57                 0                0                0               0           50,000              0                0
  58                 0                0                0       1,000,000                0              0                0
  59                 0                0           50,000               0           37,510          4,185        1,059,488
  60                 0                0                0               0                0              0                0
  61                 0                0                0         700,000                0        730,000                0
  62                 0                0                0               0          201,403              0                0
  63                 0                0                0               0          260,754              0                0
  64                 0                0                0               0          176,936              0                0
  65                 0                0                0               0           55,873         48,386                0
  66                 0            4,375                0               0           18,427         10,958          250,000
  67                 0                0                0               0                0         37,143                0
  68                 0            4,375                0               0          216,443              0           18,125
  69                 0          125,500                0               0          156,112              0        1,300,000
  70             1,036                0                0               0           18,223          9,124          589,767
  71            28,682                0                0         877,706          170,931         31,232          650,000
  72           750,000                0                0          19,580          155,135          2,260          365,000
  73                 0                0                0               0                0              0                0
  74                 0                0                0               0          263,392              0                0
  75             1,140                0                0         175,000          146,069         13,355                0
 75.01
 75.02
  76                 0           24,375                0         300,000           74,373         20,941                0
  77                 0                0                0               0          115,053              0                0
  78           253,833           28,750                0               0           97,991         84,333                0
  79           200,000            4,688                0               0          175,647          9,004                0
  80                 0                0                0               0          165,595              0                0
  81         1,414,875           10,000                0               0           68,875         49,775                0
  82           640,000                0                0               0           78,989              0                0
  83                 0           12,500                0               0           38,377         13,801                0
  84             1,704            9,344                0          17,037           91,003          4,469                0
  85             4,771                0                0               0           79,351          4,649          112,950
 85.01
 85.02
  86                 0                0                0               0          237,857              0                0
  87                 0            6,875            3,125               0           61,500          5,347          118,909
  88                 0                0                0               0                0              0                0
  89                 0                0            1,250               0           10,742          5,120                0
  90                 0          168,503                0               0           59,553          9,299                0
  91                 0                0                0               0           21,588          4,887          500,000
  92               813           23,313                0               0           38,995          3,857                0
  93             3,077                0                0          10,257           71,135          8,298                0
  94                 0                0                0               0           93,331         53,241                0
  95                 0                0                0               0           30,045         36,667                0
 95.01
 95.02
  96               947                0                0           4,737          114,583         27,287           35,595
  97                 0            4,125                0               0           42,779         14,607                0
  98                 0                0                0               0           48,484         34,875                0
  99                 0                0                0               0           71,288              0                0
  100                0           41,875            3,125               0           58,533          9,324                0
  101                0                0              625               0           73,778          3,380                0
  102                0                0                0               0                0              0                0
  103                0                0                0               0           15,502          1,194                0
  104            2,646                0                0               0        87,121.25         44,931                0
104.01
104.02
  105                0                0                0               0           42,560              0                0
  106              796            6,250                0           3,980           57,500          3,338                0
  107                0                0                0               0                0          1,018          287,000
  108                0                0                0               0           13,709              0                0
  109                0                0           61,250               0           91,770          2,644                0
  110                0                0                0               0           62,742              0                0
  111                0                0                0         150,000           88,651         19,444            2,354
  112                0                0                0         471,000           71,917          2,434                0
  113                0                0                0               0           99,911          5,685                0
  114                0                0                0         275,819           32,116          2,848                0
  115                0                0                0               0                0              0                0
  116                0                0                0               0          134,095         41,647                0
  117              285                0                0               0           23,440          6,975          200,000
  118                0                0                0         200,000           42,160          4,652                0
  119              632            7,188                0               0           59,552         27,150                0
  120              510          106,260                0           1,701           22,563          2,139                0
  121          300,000            7,125                0         300,000           40,249          3,092                0
  122            1,250            1,250                0       1,400,000           20,954              0                0
  123          300,000            3,750                0               0           35,283          3,438          110,000
  124                0                0            1,875               0                0              0                0
  125                0                0                0               0           16,000         18,703                0
  126          150,000                0          250,625          35,000           28,264            964          250,000
  127                0                0                0          50,000           26,682            800           35,000
  128                0                0                0               0           39,045              0                0
  129                0                0                0               0           38,300         23,234          596,576
  130                0                0                0               0                0              0                0
  131                0                0                0               0           27,768          2,879                0
  132                0            8,750                0         100,000           56,409          8,565           52,238
  133                0            3,125              625               0           11,916          2,800                0
  134                0                0                0               0                0              0                0
  135                0                0                0         115,469           35,732          1,924                0
  136                0                0                0               0                0              0                0
  137                0                0                0               0           42,887            781                0
  138                0                0                0          60,000            6,634          2,166                0
  139                0            8,750              625          75,000           46,723              0                0
  140                0              625                0               0           41,139         27,674                0
  141                0                0                0               0                0              0                0
  142                0          172,188                0               0           52,590         19,469                0
  143                0                0            1,250               0           36,200          4,164                0
  144                0                0                0               0           43,462            747                0
  145                0                0                0               0           17,928          5,694           12,375
  146                0                0                0               0           47,013              0                0
  147                0                0                0               0                0              0                0
  148                0                0                0               0           32,982          6,014                0
  149                0                0                0               0           19,782          4,146           16,800
  150              272                0                0         130,000           40,035          4,491                0
  151                0                0                0               0           21,266         10,978                0
  152            1,652            6,325                0           1,877           43,827          8,547          150,000
  153                0                0                0          75,000           20,432          2,387                0
  154                0                0           25,000               0           35,214              0                0
  155                0                0                0               0           23,777          7,935                0
  156                0          124,500                0               0           26,689          6,664          350,000
  157                0                0                0          90,000           18,405          3,252          100,000
  158                0                0                0               0                0          1,746                0
  159                0                0                0               0                0              0                0
  160                0                0                0               0                0              0                0
  161                0                0              625               0           31,275          1,689                0
  162                0                0                0          38,326           21,290              0                0
  163              314                0                0             425           26,977          3,000                0
  164                0                0                0               0                0              0                0
  165                0                0                0               0            5,900          4,376                0
  166                0                0              625               0                0            772          101,668
  167                0                0                0               0                0              0                0
  168                0                0                0               0                0              0            4,500
  169                0                0                0               0                0              0                0
  170                0                0                0               0           26,891          3,372                0
  171                0                0                0               0           23,810          3,652                0
  172          125,000           30,250                0               0           17,395          4,809            1,400
  173                0                0            1,250               0           39,003          3,180          124,000
173.01
173.02
  174                0            2,813                0         150,000           41,272          6,699                0
  175                0                0                0               0                0              0                0
175.01
175.02
175.03
  176                0           48,750                0       1,648,121           58,333          4,369          730,115
  177                0                0                0               0                0              0                0
  178           84,000            5,123                0               0           10,259         51,139                0
  179                0           40,511                0               0           24,557         14,488                0
  180                0                0                0               0            2,131         10,184                0
  181                0                0                0               0                0              0                0
  182                0                0                0               0                0              0                0
  183                0                0                0               0           40,974          1,263                0
  184                0                0                0               0                0              0                0
  185           55,000                0                0         100,000           35,877          6,996                0
  186                0                0                0               0                0          1,322                0
  187                0                0                0               0                0              0                0
  188              607           43,875                0           2,428           22,722         10,343          250,000
  189                0                0                0               0           58,232          4,860                0
  190                0                0                0               0                0              0                0
  191                0                0                0               0           30,197          3,295          150,000
  192                0                0            2,500          85,000            8,128         14,753                0
  193                0           47,895                0          75,000           15,089         12,956           33,333
  194                0                0                0               0                0              0                0
  195                0                0                0         200,000           80,132         14,767                0
  196                0                0                0               0                0              0                0
  197              633           28,163                0          60,000           35,289          1,804                0
  198                0                0                0               0                0              0                0
  199                0                0                0               0           38,837          5,216                0
  200                0                0                0               0            7,139          3,684           67,787
  201                0            4,375                0               0           16,382          5,906                0
  202                0                0                0               0           34,767              0                0
  203                0                0                0               0           55,808          3,199                0
  204                0                0                0         600,000           25,758          3,228                0
  205                0           22,968                0               0           13,573         10,402                0
  206                0                0                0               0           26,326          2,723                0
  207                0                0                0               0                0              0                0
  208                0                0                0               0                0              0                0
  209                0                0                0               0           70,229              0                0
  210                0           12,500                0               0                0              0                0
  211                0                0                0               0           14,652          5,029                0
  212                0                0                0               0                0              0                0
  213                0                0                0               0                0              0                0
  214                0                0                0         138,537            6,882            726          450,000
  215                0                0                0               0                0              0                0
  216                0                0                0               0                0              0                0
  217                0                0                0               0                0              0                0
  218                0                0                0         150,000           26,888          1,934                0
  219                0                0                0               0           12,509          1,602                0
  220          250,000                0                0               0           21,298         23,296                0
  221              579           14,531                0           2,020           21,089          6,921                0
221.01
221.02
  222                0                0                0               0           11,880              0                0
  223                0                0                0               0                0              0                0
  224                0                0                0               0            2,887          2,168                0
  225                0                0                0               0                0              0                0
  226           46,230                0                0               0           42,637              0           65,362
  227            1,021                0                0               0           23,240          5,739                0
  228                0                0                0               0                0              0                0
  229                0                0                0               0           14,336          3,012                0
  230                0                0                0          80,000           12,530          1,367                0
  231                0                0                0               0                0              0                0
  232                0                0                0               0                0              0                0
  233                0                0                0               0                0              0                0
  234                0            2,500                0               0                0          1,100                0
  235                0            6,625                0         127,500                0              0          472,500
  236            1,525                0                0               0           19,616         13,462                0
  237                0                0                0          25,000           14,770            458                0
  238                0                0                0               0                0              0                0
  239               64                0                0             625            7,562          1,068                0
  240                0                0                0               0            8,363            285                0
  241                0                0              625               0            8,337          1,095                0
  242                0                0                0         200,000           17,257              0                0
  243                0                0                0               0                0              0                0
  244                0                0                0          25,000            2,820            705                0
  245                0                0                0               0                0              0                0
245.01
245.02
245.03
  246           80,000                0                0               0                0             88                0
  247                0                0                0               0           10,621          3,416                0
  248                0                0                0               0                0              0                0
  249                0                0                0          25,000           13,967            589                0
  250                0                0                0          80,000            6,993              0            6,000
  251                0                0                0               0                0              0                0
  252                0                0                0               0                0              0                0
  253                0                0                0               0                0              0                0
  254                0                0                0               0            2,482          2,235           72,708
  255                0                0                0               0                0              0                0
  256                0                0                0               0            9,211              0            6,000
  257                0                0                0               0                0              0                0
  258                0                0                0               0                0              0                0
  259                0                0                0               0                0              0                0
  260                0                0                0               0                0              0                0
  261                0                0                0               0                0              0                0
  262                0                0                0               0                0              0                0
  263                0                0                0               0                0              0                0
  264                0                0                0               0                0              0                0
  265                0                0                0               0                0              0                0
  266                0            2,875                0               0                0              0                0





                                                MONTHLY ESCROW(31),(33)
         -----------------------------------------------------------------------------------------------------

         MONTHLY CAPEX   MONTHLY ENVIR.   MONTHLY TI/LC   MONTHLY RE TAX   MONTHLY INS.          MONTHLY OTHER
LOAN #      RESERVE ($)      RESERVE ($)     RESERVE ($)      RESERVE ($)    RESERVE ($)        RESERVE ($)(34)
------   -------------   --------------   -------------   --------------   ------------   --------------------

   1                 0                0               0          181,013         32,481                      0
 1.01
 1.02
 1.03
 1.04
 1.05
 1.06
 1.07
 1.08
 1.09
   2                 0                0               0          302,603              0                      0
 2.01
 2.02
 2.03
   3             5,561                0               0          264,822         17,187                      0
   4                 0                0               0                0              0                      0
 4.01
 4.02
 4.03
 4.04
 4.05
 4.06
 4.07
 4.08
 4.09
 4.10
 4.11
 4.12
 4.13
 4.14
 4.15
 4.16
 4.17
 4.18
 4.19
 4.20
 4.21
 4.22
 4.23
 4.24
 4.25
 4.26
 4.27
 4.28
 4.29
 4.30
 4.31
   5             8,071                0          50,000          415,901         51,653                      0
   6                 0                0               0                0              0                      0
   7                 0                0               0          113,578              0                      0
   8                 0                0               0                0              0                      0
 8.01
 8.02
 8.03
 8.04
 8.05
 8.06
 8.07
   9                 0                0          38,000          245,000         23,000                      0
  10                 0                0               0          206,954         26,738                      0
  11                 0                0               0           51,632         20,725                      0
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
  12            10,168                0               0           80,329              0                      0
 12.01
 12.02
 12.03
 12.04
 12.05
 12.06
 12.07
 12.08
 12.09
 12.10
  13                 0                0               0           80,053         20,849                      0
  14                 0                0               0           83,079         17,436                      0
  15                 0                0               0                0              0                      0
  16                 0                0          27,277                0              0                      0
  17                 0                0               0           27,541          5,051                      0
  18                 0                0               0          106,883         13,042                      0
  19                 0                0               0          132,176              0                      0
  20                 0                0               0                0              0                      0
  21            15,083                0               0           69,924              0                      0
  22            34,173                0               0           49,417              0                142,815
  23                 0                0               0           30,437              0                      0
  24                 0                0               0           28,961              0                      0
  25        175,006.00                0               0                0              0                      0
 25.01
 25.02
 25.03
 25.04
 25.05
  26                 0                0               0                0              0                      0
  27             3,665                0               0           11,946         13,594                      0
 27.01
 27.02
 27.03
  28                 0                0               0                0              0                      0
  29             4,248                0          22,500           65,879              0                      0
  30             3,163                0               0           18,475              0                      0
  31                 0                0               0                0              0                      0
  32                 0                0               0           20,778              0                      0
  33                 0                0               0                0              0                      0
  34                 0                0               0                0              0                      0
  35             2,037                0               0            8,300          2,978               Seasonal
  36             2,724                0               0           23,641              0                      0
  37                 0                0               0                0              0                      0
  38             5,983                0               0           21,005          5,916                      0
  39                 0                0               0                0              0                      0
 39.01
 39.02
 39.03
 39.04
 39.05
 39.06
 39.07
 39.08
  40                 0                0               0           27,949         18,566                      0
  41            34,367                0               0           17,547         10,488                      0
  42                 0                0               0           23,294          5,934   2% of Gross Revenues
  43             2,372                0               0           28,824              0                      0
  44             3,056                0           7,275           23,763         31,040                      0
  45             5,867                0               0           20,333          4,716                      0
  46                 0                0               0            6,484          3,635                      0
  47                 0                0               0           11,876              0                      0
  48                 0                0           3,333           33,885          3,222                      0
  49             6,187                0           9,281           47,918          7,102                      0
  50                 0                0               0                0              0                      0
  51             1,903                0          12,689           37,188          8,187                      0
  52                 0                0               0           58,234              0                      0
  53                 0                0               0                0              0                      0
  54                 0                0               0           19,921          1,292                      0
  55                 0                0               0           37,090          1,125                      0
  56            21,432                0               0           30,157              0                      0
  57            15,469                0               0                0              0                      0
  58             2,857                0               0                0              0                      0
  59             1,115                0           5,750           18,755          4,185                      0
  60                 0                0               0                0              0                      0
  61                 0                0               0                0              0                      0
  62                 0                0               0           25,175              0                      0
  63                 0                0               0           43,459              0                      0
  64                 0                0               0           22,117              0                      0
  65             5,355                0               0           13,968          6,048                      0
  66             3,083                0               0           18,427          3,653                      0
  67            14,938                0               0           16,142          9,286                      0
  68             3,600                0               0           36,074              0                      0
  69                 0                0               0           52,037              0                      0
  70             1,036                0               0           18,223          1,141                      0
  71             2,373                0           7,911           25,703          3,069                      0
  72             1,987                0           9,913           38,784          2,260                      0
  73                 0                0               0                0              0                      0
  74             4,292                0               0           44,633              0                      0
  75             1,140                0               0           35,210          4,943                      0
 75.01
 75.02
  76                 0                0               0           14,875          3,490                      0
  77             3,104                0               0           23,011              0                      0
  78             3,833                0               0           19,598          8,433                      0
  79             4,641                0               0           29,275          4,502                      0
  80             1,207                0               0           27,599              0                      0
  81                 0                0               0           22,958          6,222                      0
  82             3,750                0               0           26,330              0                      0
  83             3,500                0               0            7,675          1,255                      0
  84             1,704                0          17,037           18,201          4,469                      0
  85             4,771                0               0            9,919          4,649                      0
 85.01
 85.02
  86                 0                0               0           23,786              0                      0
  87             1,250                0           5,650           10,300          3,100                      0
  88                 0                0               0                0              0                      0
  89             1,830                0           2,500            5,371          1,024                      0
  90             1,270                0           4,167           29,777          1,033                      0
  91               683                0           2,389            7,196          2,443                      0
  92               813                0               0            9,749          3,857                      0
  93             3,077                0          10,257           11,856          2,766                      0
  94             7,208                0               0           23,333         10,648                      0
  95             1,625                0               0            5,008          3,333                      0
 95.01
 95.02
  96               947                0           4,737           22,917          2,480                      0
  97             5,443                0               0           14,260          7,303                      0
  98             2,700                0               0           15,392          4,982                      0
  99                 0                0               0            8,911              0                      0
  100           13,387                0               0            7,317          2,331                      0
  101            1,900                0           7,500           18,500          2,100                      0
  102            3,391                0               0                0              0                      0
  103              756                0           6,000            7,751            532                      0
  104            2,646                0               0           17,424          7,489                      0
104.01
104.02
  105            1,025                0           2,050            8,717              0                      0
  106                0                0               0           19,167          1,669                      0
  107               79                0             259            7,900            204                      0
  108            1,179                0               0            6,855              0                      0
  109              336                0               0           22,943            661                      0
  110            2,313                0               0           12,548              0                      0
  111            2,113                0           7,500           14,775         19,444                  2,354
  112              942                0           8,188           18,200          1,217                  8,042
  113              688                0           5,000           16,652          8,797                      0
  114            1,728                0          18,519            3,568          2,848                      0
  115                0                0               0                0              0                      0
  116                0                0               0           22,349          1,262                      0
  117              285                0               0           14,167            872                      0
  118            1,000                0           4,300           10,530          2,350                      0
  119              632                0               0            9,925          2,468                      0
  120              510                0           1,701           22,563          2,139                      0
  121           10,000                0           5,833           10,519          1,546                      0
  122                0                0           1,525            6,985              0                      0
  123                0                0               0           11,761          1,719                      0
  124                0                0               0                0              0                      0
  125                0                0               0           13,829          2,672                      0
  126            1,992                0           2,500            4,100            964                  2,900
  127              803                0           1,667            8,900            400                      0
  128            1,938                0               0            7,809              0                      0
  129            2,200                0               0            9,575          3,319                      0
  130                0                0               0                0              0                      0
  131                0                0               0            3,471            720                      0
  132            1,715                0           2,000           16,223          2,855                      0
  133            3,333                0               0            4,000          2,800                      0
  134                0                0               0                0              0                      0
  135              924                0               0            3,970            641                      0
  136                0                0               0                0              0                      0
  137            6,395                0               0            7,148            781                      0
  138                0                0           1,413                0              0                      0
  139              850                0           2,500            9,400            800                      0
  140            3,792                0               0            8,228          3,459                      0
  141                0                0               0                0              0                      0
  142            2,217                0               0           40,199          1,867                      0
  143            1,929                0               0           18,100          2,082                      0
  144            6,800                0               0            6,209            747                      0
  145            3,667                0               0            5,976          1,898                      0
  146              493                0           2,507            9,403              0                      0
  147                0                0               0                0              0                      0
  148            4,633                0               0            8,245          6,014                      0
  149              574                0               0            3,297          2,073                      0
  150              272                0               0            6,672          2,245                      0
  151              348                0           2,538            7,088          2,631                      0
  152            1,652                0           1,877            7,305          2,849                      0
  153              840                0           5,000            6,811            796                      0
  154              633                0               0            7,043              0                      0
  155            3,061                0               0            7,926          3,968                      0
  156            1,384                0               0           13,344          3,332                      0
  157              594                0           3,000            3,681            650                      0
  158              563                0               0                0            873                      0
  159                0                0               0                0              0                      0
  160                0                0               0                0              0                      0
  161              119                0             475            6,300            169                      0
  162            1,022                0           3,194            5,322              0                      0
  163              314                0             425            8,992          1,000                      0
  164                0                0               0                0              0                      0
  165            1,333                0               0            5,900          2,400                      0
  166               56                0             183            5,800            193                      0
  167                0                0               0                0              0                      0
  168              390                0               0                0              0                      0
  169                0                0               0                0              0                      0
  170            6,879                0               0            6,723          1,686                      0
  171            6,977                0               0            5,953          1,826                      0
  172            1,875                0               0            5,798          2,404                      0
  173              139                0             349            5,000            265                      0
173.01
173.02
  174              669                0           1,860           14,100            957                      0
  175                0                0               0                0              0                      0
175.01
175.02
175.03
  176              900                0               0            8,333          1,092                      0
  177                0                0               0                0              0                      0
  178                0                0               0            5,130          3,934                      0
  179            1,135                0               0            3,508       2.069.75                      0
  180                0                0             799            2,131            849                      0
  181                0                0               0                0              0                      0
  182                0                0               0                0              0                      0
  183              617                0           4,112            5,853            631                      0
  184                0                0               0                0              0                      0
  185              600                0           1,874           12,200            583                      0
  186                0                0               0            8,086          1,322                      0
  187                0                0               0                0              0                      0
  188              607                0           2,428            7,591          1,478                      0
  189                0                0               0           10,094          1,620                      0
  190                0                0               0                0              0                      0
  191                0                0               0            3,775            471                      0
  192              308                0           1,539            2,300          1,135                      0
  193            1,450                0           8,167            7,545          1,080                      0
  194                0                0               0                0              0                      0
  195              630                0               0           11,447          1,136                      0
  196                0                0               0                0              0                      0
  197              211                0               0           11,763            601                      0
  198                0                0               0                0              0                      0
  199            2,031                0               0            4,315          1,739                      0
  200            6,007                0               0            3,570            921                 15,000
  201            2,168                0               0            5,461          2,953                      0
  202                0                0               0            5,795              0                      0
  203              250                0               0            9,301          1,066                      0
  204              669                0               0           14,682          1,076                      0
  205            4,700                0               0            1,939          1,734                      0
  206                0                0               0            5,265            908                      0
  207                0                0               0                0              0                      0
  208                0                0               0                0              0                      0
  209              530                0               0            8,779              0                      0
  210                0                0               0                0              0                      0
  211            1,923                0               0            4,884          2,514                      0
  212                0                0               0                0              0                      0
  213                0                0               0                0              0                      0
  214                0                0               0            2,294            363                      0
  215                0                0               0                0              0                      0
  216                0                0               0                0              0                      0
  217                0                0               0                0              0                      0
  218              270                0           2,053            4,000            967                      0
  219              335                0           1,667            6,254            534                      0
  220                0                0               0            7,099              0                      0
  221              579                0           2,020            7,030            989                      0
221.01
221.02
  222                0                0               0            2,376              0                      0
  223                0                0               0                0              0                      0
  224                0                0               0            2,887            723                      0
  225                0                0               0                0              0                      0
  226                0                0               0                0              0                      0
  227            1,021                0               0            5,810          1,913                      0
  228                0                0               0                0              0                      0
  229               95                0           1,033            4,779            430                      0
  230              624                0             833            4,300              0                      0
  231                0                0               0                0              0                      0
  232                0                0               0                0              0                      0
  233                0                0               0                0              0                      0
  234              200                0             900            7,100            555                      0
  235                0                0               0                0              0                      0
  236            1,333                0               0            4,904          4,554                      0
  237              523                0           2,605            2,462            458                      0
  238                0                0               0                0              0                      0
  239               64                0             625            1,260            115                      0
  240              105                0             833            1,800            350                      0
  241              750                0               0            3,000            700                      0
  242              443                0           1,557            3,451              0                      0
  243                0                0               0                0              0                      0
  244                0                0             354                0              0                      0
  245                0                0               0                0              0                      0
245.01
245.02
245.03
  246              105                0             750                0              0                      0
  247                0                0               0            1,517          1,708                      0
  248                0                0               0                0              0                      0
  249              442                0           1,986            1,995            589                      0
  250              120                0             800              777              0                      0
  251                0                0               0                0              0                      0
  252                0                0               0                0              0                      0
  253                0                0               0                0              0                      0
  254               59                0             297            1,000            172                      0
  255                0                0               0                0              0                      0
  256              120                0           1,000            1,023              0                      0
  257                0                0               0                0              0                      0
  258                0                0               0                0              0                      0
  259                0                0               0                0              0                      0
  260                0                0               0                0              0                      0
  261                0                0               0                0              0                      0
  262                0                0               0                0              0                      0
  263                0                0               0                0              0                      0
  264                0                0               0                0              0                      0
  265                0                0               0                0              0                      0
  266                0                0               0                0              0                      0





                                                 LARGEST TENANT
                  -----------------------------------------------------------------------------

         SINGLE                                                                        LEASE
LOAN #   TENANT   LARGEST TENANT                              UNIT SIZE(35),(36)     EXPIRATION
------   ------   -----------------------------------------   ------------------   ------------

   1      No
 1.01     No      Environmental Protection Agency                        248,849      12/14/16
 1.02     No      Veteran's Affairs                                      102,963      10/31/15
 1.03     Yes     Bureau of Public Department                            182,500      03/14/21
 1.04     Yes     Internal Revenue Service                               122,475      07/11/15
 1.05     Yes     Social Security Agency                                  90,050      12/09/19
 1.06     Yes     US Citizen & Immigration Services                       36,153      02/28/14
 1.07     Yes     Food & Drug Adminitration                               53,500      06/21/12
 1.08     Yes     Social Security Agency                                  32,223      05/25/15
 1.09     Yes     Bureau of Public Department                             38,324      09/30/17
   2      No
 2.01     No      Morgan Stanley Dean Witter                              47,077      04/30/17
 2.02     Yes     Fox Interactive Media, Inc.                            163,811      05/14/16
 2.03     No      Miller-DM, Inc.                                         60,894      12/31/14
   3      No      Credit Suisse                                          284,777      04/30/17
   4      No
 4.01     Yes     Save Mart                                               61,454      04/30/27
 4.02     Yes     Save Mart                                               56,280      04/30/27
 4.03     Yes     Save Mart                                               61,881      04/30/27
 4.04     Yes     Save Mart                                               58,526      04/30/27
 4.05     Yes     Save Mart                                               61,447      04/30/27
 4.06     Yes     Save Mart                                               49,103      04/30/27
 4.07     Yes     Save Mart                                               55,044      04/30/27
 4.08     Yes     Save Mart                                               60,154      04/30/27
 4.09     Yes     Save Mart                                               53,248      04/30/27
 4.10     Yes     Save Mart                                               51,316      04/30/27
 4.11     Yes     Save Mart                                               62,236      04/30/27
 4.12     Yes     Save Mart                                               59,907      04/30/27
 4.13     Yes     Save Mart                                               49,517      04/30/27
 4.14     Yes     Save Mart                                               45,579      04/30/27
 4.15     Yes     Save Mart                                               49,629      04/30/27
 4.16     Yes     Save Mart                                               62,501      04/30/27
 4.17     Yes     Save Mart                                               43,768      04/30/27
 4.18     Yes     Save Mart                                               43,354      04/30/27
 4.19     Yes     Save Mart                                               45,641      04/30/27
 4.20     Yes     Save Mart                                               44,745      04/30/27
 4.21     Yes     Save Mart                                               50,342      04/30/27
 4.22     Yes     Save Mart                                               42,630      04/30/27
 4.23     Yes     Save Mart                                               42,294      04/30/27
 4.24     Yes     Save Mart                                               62,246      04/30/27
 4.25     Yes     Save Mart                                               62,078      04/30/27
 4.26     Yes     Save Mart                                               43,737      04/30/27
 4.27     Yes     Save Mart                                               40,593      04/30/27
 4.28     Yes     Save Mart                                               58,360      04/30/27
 4.29     Yes     Save Mart                                               50,245      04/30/27
 4.30     Yes     Save Mart                                               42,630      04/30/27
 4.31     Yes     Save Mart                                               41,368      04/30/27
   5      No      Thomas Publishing                                      113,798      03/31/14
   6      No      Burlington Coat Factory                                128,950      10/31/08
   7      No
   8      No
 8.01     No
 8.02     No
 8.03     No
 8.04     No
 8.05     No
 8.06     No
 8.07     No
   9      No      Burlington Coat Factory                                 80,000      09/30/17
  10      No
  11      No
 11.01    No
 11.02    No
 11.03    No
 11.04    No
 11.05    No
 11.06    No
 11.07    No
 11.08    No
 11.09    No
 11.10    No
 11.11    No
 11.12    No
 11.13    No
 11.14    No
 11.15    No
 11.16    No
  12      No
 12.01    No
 12.02    No
 12.03    No
 12.04    No
 12.05    No
 12.06    No
 12.07    No
 12.08    No
 12.09    No
 12.10    No
  13      No      GE Capital Corporation                                  27,420      06/30/08
  14      No
  15      No
  16      Yes     Health Net of the Northeast, Inc.                      327,327      04/10/17
  17      No
  18      No      IXIS Asset Management                                  112,850      10/31/17
  19      No
  20      No      Harkins Theater                                         68,733      01/31/22
  21      No
  22      No
  23      No      TWCC Product Development & Sales, Inc.                  17,676      08/31/08
  24      No
  25      No
 25.01    No
 25.02    No
 25.03    No
 25.04    No
 25.05    No
  26      No      Marshall's                                              30,686      05/31/16
  27      No
 27.01    No      Scorpio Posters                                         28,000      07/31/16
 27.02    No      Cooper Union                                            14,600      09/30/08
 27.03    No      Bklyn Center 1                                          20,000      12/31/41
  28      No      Urban Outfitters, Inc.                                  26,500      05/31/16
  29      No      Indiana Dept of Education                               70,591      08/31/11
  30      No      Scharff Weisberg, Inc                                   39,273      01/31/12
  31      No      Concept Capital/Sagamore Hill                           19,206      05/01/13
  32      No
  33      No
  34      No
  35      No
  36      No      Circuit City                                            65,312      01/31/17
  37      No
  38      Yes     Michaels Stores Procurement Company, Inc.              717,953      01/31/22
  39      No
 39.01    No
 39.02    No
 39.03    No
 39.04    No
 39.05    No
 39.06    No
 39.07    No
 39.08    No
  40      No
  41      No
  42      No
  43      No      Pacific Relocation Cons                                 17,231      12/31/09
  44      No      Publix Supermarkets                                     42,112      09/27/09
  45      No
  46      No
  47      No
  48      No      Lowe's Home Center                                     183,206      06/27/23
  49      No      CapitalOne                                              89,866      04/30/09
  50      No      Maxim Healthcare Services                              172,000      10/31/14
  51      No      JTB Hawaii                                              35,623      12/31/09
  52      No
  53      Yes     Carefirst of Maryland, Inc.                            117,659      12/31/18
  54      No      New York Sports Club                                    17,500      12/31/20
  55      No      Cinemark                                               100,717      06/30/19
  56      No
  57      No
  58      No      Lexus/Toyota                                            30,908      10/31/08
  59      No      TJ Maxx                                                 28,560      04/30/16
  60      Yes     Dick's Sporting Goods                                   80,000      02/20/27
  61      No      Philips Electronics                                     18,532      11/30/10
  62      No      Ashley Furniture                                        50,075      01/31/17
  63      No      Christopher Designs, Inc.                                7,000      05/31/14
  64      No      Winn Dixie                                              28,570      03/16/24
  65      No
  66      No
  67      No
  68      No
  69      No      BMC Software                                            50,572      08/31/09
  70      No      Walgreens                                               14,739      06/30/81
  71      No      Big Lots                                                34,107      01/31/12
  72      No      American Massage Therapy Assc                           18,394      05/31/15
  73      No
  74      No
  75      No
 75.01    No      Nassau Regional OTB                                     25,807      03/14/10
 75.02    No      Rumba Sky                                                7,250      12/31/09
  76      No      Cinemark                                                25,296      02/28/13
  77      No
  78      No
  79      No
  80      No      Colonial Bank                                           18,826      05/01/12
  81      No
  82      No
  83      No
  84      No      State of Tennessee                                     111,943      07/31/08
  85      No
 85.01    No
 85.02    No
  86      No      NMH                                                     44,608      06/30/16
  87      No      Howdy Bargain Center                                    10,147      10/31/14
  88      No      Advanced Micro Devices Inc.                             23,058      09/30/11
  89      No      Cooking Enterprises, Ltd.                               49,680      03/31/12
  90      No      Nash-Finch Company                                      37,504      08/31/18
  91      No      Carrier Corporation                                     14,621      10/17/11
  92      No
  93      No      AVAD LLC                                                26,028      03/31/11
  94      No
  95      No
 95.01    No
 95.02    No
  96      No      Re Threads                                               8,285      02/28/12
  97      No
  98      No
  99      No
  100     No
  101     No      Pacific Southwest Carpet                                 9,155      03/01/09
  102     Yes     Kumho Tires USA                                        406,874      04/26/19
  103     No      Bari Management                                         11,283      05/31/11
  104     No
104.01    No
104.02    No
  105     No      Nettwerk                                                13,820      12/31/11
  106     No      Darling International                                   19,007      05/31/10
  107     No      Lambertson Truex, LLC                                    2,200      01/09/17
  108     No
  109     Yes     Whole Foods Market Group, Inc                           40,400      01/31/22
  110     No
  111     No      Vero Bowl                                               26,640      01/31/10
  112     Yes     Mellon Bank                                             56,510      02/28/11
  113     No      Miami Ink                                                3,409      02/28/10
  114     No      Wayne State University                                  73,387      03/31/12
  115     No
  116     No
  117     No      Guitar Center, Inc                                      18,538      12/31/16
  118     Yes     Jelt, LLC                                              138,348      02/12/13
  119     No      The College of New Rochelle                             39,611      06/30/16
  120     No      Norca Corporation                                        5,172      02/28/10
  121     No      Seven Counties Services                                 14,668      03/31/12
  122     No      Geox Retail East, Inc.                                   1,800      06/30/17
  123     No
  124     Yes     Saval Foods Corporation                                120,186      04/30/17
  125     No
  126     No      OfficeMax / CopyMax                                     30,000      10/31/10
  127     No      Eddie Bauer Outlet                                       5,589      01/31/11
  128     No
  129     No
  130     Yes     TSI Newton LLC                                          68,000      02/28/23
  131     No      Kaiser Permanente                                       22,008      05/31/11
  132     No      P&C Foods                                               39,527      03/31/13
  133     No
  134     No
  135     No      McKay's                                                 43,646      03/31/22
  136     Yes     AT&T Services, Inc.                                     93,086      04/10/17
  137     No
  138     No      The Library Ale House                                    2,800      04/30/10
  139     No      Dollar Castle                                           21,500      10/31/13
  140     No
  141     No
  142     No
  143     No
  144     No
  145     No
  146     No      South Flordia Water Mgt                                 25,740      09/30/10
  147     No      ComChoice                                               18,930      10/31/11
  148     No
  149     No      Dollar Tree                                              6,000      10/01/11
  150     No      Mangia 57, Inc.                                          4,560      12/31/22
  151     Yes     Burke Williams                                          29,925      11/14/21
  152     No      Anadarko                                                 8,500      01/31/12
  153     No      Burk-Kleinpeter Inc                                      3,068      10/31/07
  154     No      Natives Restaurant, Inc                                 14,300      12/31/23
  155     No
  156     No      Interline Brands                                        70,000      05/31/09
  157     No      Zurcher's Merchandise Co., Inc.                         13,542      06/30/16
  158     Yes     Academy Sports                                          67,522      12/17/22
  159     Yes     Loews Theatres                                          48,666      12/31/16
  160     No
  161     Yes     Minotti                                                  5,705      02/28/16
  162     No      Office Depot                                            17,188      10/15/10
  163     No      Figtree Cafe                                             2,430      10/31/10
  164     No
  165     No
  166     No      DV Retail, Inc.                                          1,537      05/31/11
  167     No
  168     Yes     Hillsboro Holdings-- Greenville LLC                     44,917      12/31/21
  169     No
  170     No
  171     No
  172     No
  173     No
173.01    No      Le Pain Quotidien                                        2,174      09/30/16
173.02    Yes     Ginger Ventures                                          2,310      08/31/16
  174     No      Blockbuster Video                                        6,420      02/29/12
  175     No
175.01    Yes     Rite Aid                                                11,174      02/28/27
175.02    Yes     Rite Aid                                                14,687      11/30/26
175.03    Yes     Rite Aid                                                14,476      02/28/27
  176     Yes     Ryerson, Inc                                            53,982      04/30/18
  177     No
  178     No
  179     No      Department of Rehabilitation                            57,980      09/30/12
  180     No      Chuck E Cheese                                           7,165      10/31/18
  181     No
  182     No      Bright & Co                                             18,542      04/30/12
  183     No      Mercy Hospital                                          14,504      12/31/11
  184     No
  185     No      Office Depot                                            24,883      09/30/14
  186     No
  187     No
  188     No      URS Information Systems                                 10,060      05/31/09
  189     No      Pachman & Pachman, P.C.                                  4,895      09/30/07
  190     Yes     Commerce Bank                                            4,555      03/21/27
  191     No      Casual Male Store                                        3,500      12/31/16
  192     No      Jasmine Thai Gourmet                                     2,400      01/31/08
  193     No      Benchmark                                               13,482      08/31/12
  194     Yes     Motiva Enterprises, L.L.C                                9,595      11/30/26
  195     No      Rochester Mills Brew Co.                                16,627      06/20/18
  196     No
  197     No      Palma Nueva Food Corp                                    5,625      10/31/20
  198     Yes     Walgreens                                               14,490      02/28/82
  199     No
  200     No
  201     No
  202     No
  203     Yes     Best Buy                                                30,038      01/31/17
  204     No      Gilman & Ciocia (22)                                    19,796      06/30/09
  205     No
  206     No
  207     Yes     Walgreens                                               14,820      04/30/82
  208     Yes     Brooks Brothers                                         14,100      05/31/11
  209     No
  210     Yes     Walgreen Eastern Co.                                    14,820      03/31/82
  211     No
  212     Yes     Academy Sports & Outdoors                               67,000      11/30/21
  213     No
  214     No      Vegas Sound Audio                                        2,885      04/29/14
  215     No      Custom Spine (LOI)                                       9,729      08/31/12
  216     Yes     Siplast, Inc.                                           23,000      03/01/22
  217     Yes     Walgreens                                               14,490      10/31/81
  218     No      H&R Block                                                2,400      04/30/09
  219     No      Graphics Depot                                          10,000      08/31/12
  220     No
  221     No
221.01    No      Internal Revenue Service                                22,000      10/31/10
221.02    No      Travelers Indemnity Company                              6,300      04/15/09
  222     No
  223     Yes     Walgreens                                               14,710      09/30/81
  224     No      Roundabout                                               2,400      01/31/10
  225     No      Beckfield College                                       41,600      09/30/16
  226     No
  227     No
  228     Yes     Rite Aid                                                14,708      02/28/27
  229     No      KEMCK Little Gym                                         4,550      08/14/16
  230     Yes     Tremco Incorporated                                     49,951      07/31/16
  231     Yes     Academy Sports                                          52,500      11/30/21
  232     Yes     Walgreens                                               14,820      10/31/81
  233     Yes     Walgreens                                               14,820      10/31/81
  234     No      Lady Fitness                                            10,500      05/16/12
  235     No      Washington Mutual                                        3,190      08/31/14
  236     No
  237     No      QVS Software, Inc.                                       6,859      03/31/10
  238     Yes     Rite Aid                                                14,704      02/23/27
  239     Yes     Footlocker                                               5,736      01/31/16
  240     No      Chicken GoGo                                             2,700      09/30/10
  241     No
  242     No      DHL                                                     23,999      05/31/09
  243     Yes     Rite Aid                                                11,253      02/23/27
  244     No      CP Shades                                                2,500      06/30/08
  245     No
245.01    Yes     Chick-Fil-A                                              3,384      10/31/08
245.02    Yes     Applebee's                                               5,432      09/19/08
245.03    Yes     Don Pablo's                                              6,867      09/23/13
  246     No      CVS                                                     10,000      01/31/12
  247     No
  248     Yes     Logan's Steakhouse                                       7,999      11/30/26
  249     No      BB&T                                                     5,434      05/31/09
  250     No      Advanced Health Care                                     3,300      02/28/14
  251     Yes     Logan's Steakhouse                                       7,947      11/30/26
  252     Yes     Logan's Steakhouse                                       7,839      11/30/26
  253     Yes     Logan's Steakhouse                                       8,060      11/30/26
  254     Yes     Abraham Rug Gallery                                      4,750      12/31/16
  255     Yes     Logan's Steakhouse                                       8,140      11/30/26
  256     No      Pearson, Jefferson and Camp                              6,300      11/30/13
  257     Yes     Logan's Steakhouse                                       7,409      11/30/26
  258     Yes     Logan's Steakhouse                                       7,839      11/30/26
  259     Yes     Logan's Steakhouse                                       7,839      11/30/26
  260     Yes     Logan's Steakhouse                                       7,943      11/30/26
  261     Yes     Logan's Steakhouse                                       8,329      11/30/26
  262     Yes     Logan's Steakhouse                                       8,060      11/30/26
  263     Yes     Logan's Steakhouse                                       7,956      11/30/26
  264     Yes     Logan's Steakhouse                                       7,961      11/30/26
  265     Yes     Logan's Steakhouse                                       8,060      11/30/26
  266     Yes     Arby's                                                   4,796      02/28/26





                                                2ND LARGEST TENANT
         --------------------------------------------------------------------------------------------

                                                                                              LEASE
LOAN #   2ND LARGEST TENANT                                                   UNIT SIZE    EXPIRATION
------   ------------------------------------------------------------------   ---------    ----------

   1
 1.01    FEPA, L.L.C.                                                             9,244     09/30/10
 1.02    Internal Revenue Service                                                60,680     12/12/14
 1.03
 1.04
 1.05
 1.06
 1.07
 1.08
 1.09
   2
 2.01    Mobizzo, Inc.                                                           20,044     06/30/11
 2.02
 2.03    B.W.C.S. Agency                                                         22,894     06/30/11
   3     Leucadia Inc.                                                           16,288     12/31/09
   4
 4.01
 4.02
 4.03
 4.04
 4.05
 4.06
 4.07
 4.08
 4.09
 4.10
 4.11
 4.12
 4.13
 4.14
 4.15
 4.16
 4.17
 4.18
 4.19
 4.20
 4.21
 4.22
 4.23
 4.24
 4.25
 4.26
 4.27
 4.28
 4.29
 4.30
 4.31
   5     Sirius Satellite Radio, Inc                                             55,754     10/31/16
   6     Steve and Barry's University                                           124,000     01/31/13
   7
   8
 8.01
 8.02
 8.03
 8.04
 8.05
 8.06
 8.07
   9     Cinema 10                                                               33,277     12/01/17
  10
  11
 11.01
 11.02
 11.03
 11.04
 11.05
 11.06
 11.07
 11.08
 11.09
 11.10
 11.11
 11.12
 11.13
 11.14
 11.15
 11.16
  12
 12.01
 12.02
 12.03
 12.04
 12.05
 12.06
 12.07
 12.08
 12.09
 12.10
  13     Premier Commercial Bancorp                                              26,582     10/31/13
  14
  15
  16
  17
  18     ZANTAZ, Inc.                                                            40,346     02/28/11
  19
  20     Robb & Stucky                                                           40,000     09/30/17
  21
  22
  23     Advertising.Com                                                         17,676     10/31/07
  24
  25
 25.01
 25.02
 25.03
 25.04
 25.05
  26     Linens N Things                                                         27,922     01/31/14
  27
 27.01   Novel Box Company                                                       25,000     12/01/08
 27.02   Amato                                                                   14,500     02/28/11
 27.03   Pace Editions                                                           10,072     01/01/12
  28     Bio-Medical Applications DBA Southern Manhattan (Sub-Cellar Space)      14,182     09/30/17
  29     General Services Administration                                         41,061     02/28/09
  30     American Medical Alert Corp.                                            28,000     03/31/18
  31     The Richman Group                                                       18,621     05/01/18
  32
  33
  34
  35
  36     Superfresh                                                              54,618     04/30/16
  37
  38
  39
 39.01
 39.02
 39.03
 39.04
 39.05
 39.06
 39.07
 39.08
  40
  41
  42
  43     Pacific Maritime Assoc.                                                 15,338     10/31/08
  44     Ross Dress for Less                                                     29,726     01/31/16
  45
  46
  47
  48     Village Thrift Store                                                    34,000     04/30/17
  49     Securus - T-Netix                                                       59,241     03/31/15
  50     Malvern Instruments                                                      5,106     02/28/14
  51     Resort Quest Hawaii                                                     24,854     10/31/09
  52
  53
  54     Payless Shoe Store                                                       3,000     10/01/14
  55     Quaker Steak & Lube                                                     10,190     06/30/10
  56
  57
  58     United Financial of Illinois                                            17,700     04/30/07
  59     Rite Aid                                                                14,564     02/28/27
  60
  61     JP Morgan Chase                                                         13,085     12/31/13
  62     Linens N Things                                                         28,362     10/31/16
  63     NYC OTB Corp.                                                            4,820     12/31/16
  64     Minto Communities                                                        4,900     01/31/09
  65
  66
  67
  68
  69     Texas Instruments                                                       34,890     02/28/08
  70     Sleepys                                                                  6,257     11/30/12
  71     Bally's Total Fitness                                                   27,807     12/31/15
  72     Schneider Resources, Inc.                                               16,671     02/28/07
  73
  74
  75
 75.01   Top Hat Formals, Inc.                                                   16,850     10/31/08
 75.02   Fenicia Restaurant                                                       4,100     10/31/19
  76     Office Max                                                              23,000     01/25/13
  77
  78
  79
  80     CEO Complete Exec Offices                                               15,577     06/30/10
  81
  82
  83
  84     Metropolitan Government                                                 30,736     08/31/13
  85
 85.01
 85.02
  86     Petoskey Cardiology                                                     15,002     07/31/08
  87     C & J Beauty Supply                                                      6,005     12/31/12
  88     Synopsys Inc.                                                           13,784     10/31/10
  89     Clegg Industires, Inc                                                   33,050     12/14/13
  90     Aldi, Inc.                                                              10,908     10/31/10
  91     BSH Home App.                                                           14,186     12/16/07
  92
  93     Pharmerica Drug Systems, Inc                                            25,600     10/31/10
  94
  95
 95.01
 95.02
  96     Steins Cake Box                                                          8,070     04/30/12
  97
  98
  99
  100
  101    180 Connect Inc.                                                         8,460     04/01/11
  102
  103    Washington Mutual Bank                                                   6,810     03/15/11
  104
104.01
104.02
  105    Musik                                                                    7,135     07/31/14
  106    CDRS                                                                     8,850     12/31/11
  107    Frederic Fekkai                                                          1,400     12/31/16
  108
  109
  110
  111    Academy of Entrepreneurship                                             13,000     06/30/14
  112
  113    Jazid                                                                    2,748     12/31/09
  114    Execu-Tech Inc. of Detroit                                              10,000     11/30/11
  115
  116
  117    US Cellular                                                              4,500     11/30/11
  118
  119    Municipal Credit Union                                                   5,300     08/31/11
  120    Sol G Atlas Realty                                                       4,323     08/31/11
  121    Nextel                                                                  13,846     02/28/11
  122    Prana Power Yoga NYC, Inc.                                               1,800     12/31/16
  123
  124
  125
  126    Town Center Bank                                                         4,085     06/30/12
  127    Relax in Style                                                           2,519     08/31/10
  128
  129
  130
  131    Western Services Corp                                                   17,322     10/31/14
  132    Peebles                                                                 16,160     01/31/17
  133
  134
  135    World Gym                                                               10,800     04/30/14
  136
  137
  138    Britt Allcroft Prod.                                                     2,550     01/31/10
  139    Aco Hardware                                                            11,555     05/31/11
  140
  141
  142
  143
  144
  145
  146    Palm Beach Sheriff                                                       5,880     12/01/07
  147    Ironclad Performance Wear                                               10,583     06/30/11
  148
  149    Shoe Depot                                                               6,000     11/30/14
  150    Crossmedia                                                               4,067     10/31/09
  151
  152    BSD Flooring                                                             6,800     12/14/07
  153    DMZ Inc                                                                  2,364     07/31/07
  154    Spimos Enterprises, Inc                                                  8,000     02/28/24
  155
  156    American Transfreight                                                   24,500     08/31/14
  157    Gibb Dog Enterprises, LLC                                                9,825     11/30/13
  158
  159
  160
  161
  162    HOB Entertainment, Inc                                                   3,307     02/28/10
  163    Sunglass Shop                                                              932     12/31/07
  164
  165
  166    Ports 1961                                                               1,394     01/31/17
  167
  168
  169
  170
  171
  172
  173
173.01   Authentic LV                                                             1,096     11/30/09
173.02
  174    Coldwell Banker                                                          5,598     11/30/08
  175
175.01
175.02
175.03
  176
  177
  178
  179    Greene Group                                                             9,368     12/31/08
  180    Blockbuster                                                              5,184     12/31/10
  181
  182    12 Forward                                                               9,127     03/31/10
  183    M&M Fitness                                                             12,857     09/30/08
  184
  185    Blockbuster                                                              6,500     10/31/07
  186
  187
  188    FiherFresh Coffee Services, Inc.                                         9,000     12/31/07
  189    Jay Viders                                                               4,376     03/14/22
  190
  191    Pei Wei                                                                  3,089     11/30/16
  192    Bravo Cucina Las Vegas, LLC                                              2,400     02/15/10
  193    Murdock                                                                  6,179     10/31/10
  194
  195    Starbucks                                                                9,184     05/31/09
  196
  197    Petland Discount, Inc.                                                   2,500     01/31/10
  198
  199
  200
  201
  202
  203
  204    Stephen Nesheiwat                                                        4,000     11/30/16
  205
  206
  207
  208
  209
  210
  211
  212
  213
  214    Emporium Nail & Spa                                                      1,653     06/14/15
  215    North Newark Associates, LLC                                             5,000     08/31/08
  216
  217
  218    Hot T Bistro                                                             2,400     01/31/10
  219    EMR Graphics                                                            10,000     04/30/12
  220
  221
221.01   Universal Color Corporation                                             12,000     08/31/11
221.02   Shapex, Inc.                                                             4,000     04/30/11
  222
  223
  224    Gym Source                                                               2,400     09/30/16
  225    E&H Integrated Systems                                                   6,100     09/30/09
  226
  227
  228
  229    Sherwin Williams                                                         3,402     02/01/11
  230
  231
  232
  233
  234    Cheesy Janes                                                             2,100     02/28/10
  235    Caribou Coffee Co.                                                       1,768     08/31/14
  236
  237    Equity Services, Inc.                                                    6,238     12/31/09
  238
  239
  240    Einstein Bros. Bagels                                                    2,300     10/31/11
  241
  242    Dolphin Brokerage                                                        6,145     11/30/08
  243
  244    Weego Home                                                               1,750     05/31/09
  245
245.01
245.02
245.03
  246    Cape Air                                                                 2,400     12/31/07
  247
  248
  249    Institute for Family Centered Services                                   3,361     12/31/08
  250    White Dahlia, LLC                                                        3,000     11/30/11
  251
  252
  253
  254
  255
  256    American Red Cross                                                       3,300     04/30/13
  257
  258
  259
  260
  261
  262
  263
  264
  265
  266





                                        3RD LARGEST TENANT
         ---------------------------------------------------------------------------------

                                                                                   LEASE         LOAN       MASTER   MASTER
LOAN #   3RD LARGEST TENANT                                        UNIT SIZE    EXPIRATION      PURPOSE     LEASE    LEASE (%)
------   -------------------------------------------------------   ---------    ----------   ------------   ------   ---------

   1                                                                                          Acquisition
 1.01    JP Morgan Chase Bank                                          3,365     04/30/17                     No
 1.02    NLRB                                                         36,640     10/31/15                     No
 1.03                                                                                                         No
 1.04                                                                                                         No
 1.05                                                                                                         No
 1.06                                                                                                         No
 1.07                                                                                                         No
 1.08                                                                                                         No
 1.09                                                                                                         No
   2                                                                                          Refinance
 2.01    Netflix, Inc.                                                18,215     08/19/09                     No
 2.02                                                                                                         No
 2.03    Marvel Entertainment, Inc.                                   18,930     08/28/10                     No
   3     SonicNet, Inc.                                               16,288     05/31/09     Acquisition     No
   4                                                                                          Acquisition
 4.01                                                                                                        Yes     100.0%
 4.02                                                                                                        Yes     100.0%
 4.03                                                                                                        Yes     100.0%
 4.04                                                                                                        Yes     100.0%
 4.05                                                                                                        Yes     100.0%
 4.06                                                                                                        Yes     100.0%
 4.07                                                                                                        Yes     100.0%
 4.08                                                                                                        Yes     100.0%
 4.09                                                                                                        Yes     100.0%
 4.10                                                                                                        Yes     100.0%
 4.11                                                                                                        Yes     100.0%
 4.12                                                                                                        Yes     100.0%
 4.13                                                                                                        Yes     100.0%
 4.14                                                                                                        Yes     100.0%
 4.15                                                                                                        Yes     100.0%
 4.16                                                                                                        Yes     100.0%
 4.17                                                                                                        Yes     100.0%
 4.18                                                                                                        Yes     100.0%
 4.19                                                                                                        Yes     100.0%
 4.20                                                                                                        Yes     100.0%
 4.21                                                                                                        Yes     100.0%
 4.22                                                                                                        Yes     100.0%
 4.23                                                                                                        Yes     100.0%
 4.24                                                                                                        Yes     100.0%
 4.25                                                                                                        Yes     100.0%
 4.26                                                                                                        Yes     100.0%
 4.27                                                                                                        Yes     100.0%
 4.28                                                                                                        Yes     100.0%
 4.29                                                                                                        Yes     100.0%
 4.30                                                                                                        Yes     100.0%
 4.31                                                                                                        Yes     100.0%
   5     The Bank of New York                                         51,224     11/30/11     Refinance       No
   6     JCPenney                                                    100,200     05/31/09     Acquisition     No
   7                                                                                          Acquisition     No
   8                                                                                          Refinance
 8.01                                                                                                         No
 8.02                                                                                                         No
 8.03                                                                                                         No
 8.04                                                                                                         No
 8.05                                                                                                         No
 8.06                                                                                                         No
 8.07                                                                                                         No
   9     Steve & Barry's                                              27,000     01/31/11     Acquisition     No
  10                                                                                          Refinance       No
  11                                                                                          Refinance
 11.01                                                                                                        No
 11.02                                                                                                        No
 11.03                                                                                                        No
 11.04                                                                                                        No
 11.05                                                                                                        No
 11.06                                                                                                        No
 11.07                                                                                                        No
 11.08                                                                                                        No
 11.09                                                                                                        No
 11.10                                                                                                        No
 11.11                                                                                                        No
 11.12                                                                                                        No
 11.13                                                                                                        No
 11.14                                                                                                        No
 11.15                                                                                                        No
 11.16                                                                                                        No
  12                                                                                          Acquisition
 12.01                                                                                                        No
 12.02                                                                                                        No
 12.03                                                                                                        No
 12.04                                                                                                        No
 12.05                                                                                                        No
 12.06                                                                                                        No
 12.07                                                                                                        No
 12.08                                                                                                        No
 12.09                                                                                                        No
 12.10                                                                                                        No
  13     McMullen Argus Publishing                                    21,824     08/31/08     Refinance       No
  14                                                                                          Refinance      Yes     21.7%
  15                                                                                          Refinance       No
  16                                                                                          Acquisition     No
  17                                                                                          Refinance       No
  18     ERM New England, Inc.                                        18,910     01/31/12     Acquisition     No
  19                                                                                          Refinance       No
  20     Barnes & Noble                                               32,000     06/30/16     Acquisition     No
  21                                                                                          Acquisition     No
  22                                                                                          Refinance       No
  23     MBF & Associates - dba JUMP                                   8,838     10/31/11     Acquisition     No
  24                                                                                          Acquisition     No
  25                                                                                          Refinance
 25.01                                                                                                        No
 25.02                                                                                                        No
 25.03                                                                                                        No
 25.04                                                                                                        No
 25.05                                                                                                        No
  26     Designer Shoe Warehouse                                      25,460     01/31/14     Refinance       No
  27                                                                                          Refinance
 27.01   International Furniture Company                              15,000     10/31/11                     No
 27.02   Postal Envelope                                              14,500     12/31/08                     No
 27.03   Brooklyn Artists Gym                                         10,000     12/31/11                     No
  28     Lenscrafters (Ground Floor)                                   3,350     12/31/14     Refinance       No
  29     Old National Bank                                            38,556     05/31/12     Refinance       No
  30     Competitrack, Inc.                                           26,964     06/30/14     Refinance       No
  31     Quantitative Financial                                       12,688     08/01/09     Refinance       No
  32                                                                                          Refinance       No
  33                                                                                          Refinance       No
  34                                                                                          Refinance       No
  35                                                                                          Acquisition     No
  36     Citibank                                                      5,850     09/30/16     Acquisition     No
  37                                                                                          Refinance       No
  38                                                                                          Acquisition     No
  39                                                                                          Refinance
 39.01                                                                                                       Yes     100.0%
 39.02                                                                                                       Yes     100.0%
 39.03                                                                                                       Yes     100.0%
 39.04                                                                                                       Yes     100.0%
 39.05                                                                                                       Yes     100.0%
 39.06                                                                                                       Yes     100.0%
 39.07                                                                                                       Yes     100.0%
 39.08                                                                                                       Yes     100.0%
  40                                                                                          Acquisition     No
  41                                                                                          Acquisition     No
  42                                                                                          Acquisition     No
  43     The City of Long Beach                                       12,669     04/30/11     Refinance       No
  44     Walgreens                                                    13,500     08/31/29     Refinance       No
  45                                                                                          Refinance       No
  46                                                                                          Refinance       No
  47                                                                                          Refinance       No
  48     Aldi                                                         15,958     12/31/16     Acquisition     No
  49     Peerless Manufacturing                                       26,886      04/30/17    Refinance       No
  50     Jae's Deli                                                    1,545     03/31/17     Refinance       No
  51     Planet Hollywood                                             17,795     12/31/13     Acquisition     No
  52                                                                                          Refinance       No
  53                                                                                          Refinance       No
  54     Zales                                                         2,700     12/01/19     Refinance      Yes     71.4%
  55     Champps                                                       9,163     10/31/22     Refinance       No
  56                                                                                          Refinance       No
  57                                                                                          Refinance       No
  58     Americall Corporation                                        14,806     12/31/07     Acquisition     No
  59     Dollar Tree                                                  11,017     06/30/17     Refinance       No
  60                                                                                          Acquisition     No
  61     Wachovia Securities                                          11,350     04/30/14     Refinance       No
  62     AC Moore                                                     22,352     08/31/16     Refinance       No
  63     Alex Sepkus Co.                                               4,000     03/31/15     Refinance       No
  64     Christina Wan's                                               3,150     12/31/14     Refinance       No
  65                                                                                          Refinance       No
  66                                                                                          Refinance       No
  67                                                                                          Refinance       No
  68                                                                                          Acquisition     No
  69     Archivas, Inc.                                               20,501     07/31/11     Refinance       No
  70     Outback                                                       6,248     08/31/16     Refinance       No
  71     Sherlock's USA Park Oaks                                     15,349     04/30/12     Refinance       No
  72     Cognitive Arts                                                8,936     08/31/11     Acquisition     No
  73                                                                                          Refinance       No
  74                                                                                          Acquisition     No
  75                                                                                          Refinance
 75.01   Washington Mutual Bank                                        6,730     06/30/11                     No
 75.02   Obsecion Restaurant                                           2,850     01/14/09                     No
  76     Shangria Sushi                                               10,000     12/31/11     Refinance       No
  77                                                                                          Refinance       No
  78                                                                                          Acquisition     No
  79                                                                                          Acquisition    Yes     100.0%
  80     Cardinal Capital Partners                                     9,960     04/30/10     Refinance      Yes     16.1%
  81                                                                                          Acquisition     No
  82                                                                                          Acquisition     No
  83                                                                                          Refinance       No
  84     Bart Durham, Attorney                                         7,489      12/31/11    Acquisition     No
  85                                                                                          Acquisition
 85.01                                                                                                        No
 85.02                                                                                                        No
  86     Int Med                                                       9,810     06/30/13     Refinance       No
  87     Kings Foodtown Supermarket                                    5,500     09/30/10     Acquisition     No
  88     Sun Microsystems Inc.                                        10,867     03/31/09     Acquisition     No
  89     Pacific Marketing Alliance, Inc                              25,200     10/31/11     Refinance       No
  90     Murray's Discount Auto Stores                                 9,697     08/31/08     Refinance       No
  91     Lojack                                                        9,675     09/30/07     Refinance       No
  92                                                                                          Acquisition     No
  93     Schawk, Inc.                                                 25,270     10/31/08     Acquisition     No
  94                                                                                          Acquisition     No
  95                                                                                          Refinance
 95.01                                                                                                        No
 95.02                                                                                                        No
  96     Preston Valley Salons                                         7,000     10/31/16     Acquisition     No
  97                                                                                          Refinance       No
  98                                                                                          Acquisition    Yes     100.0%
  99                                                                                          Acquisition     No
  100                                                                                         Refinance       No
  101    Amwest Art Cetner                                             6,500     06/30/07     Acquisition     No
  102                                                                                         Refinance       No
  103    Coldwell Banker                                               6,724     11/21/09     Refinance       No
  104                                                                                         Acquisition
104.01                                                                                                        No
104.02                                                                                                        No
  105    Marcussen                                                     6,100     06/30/09     Refinance      Yes      7.7%
  106    Meredith & Associates                                         5,799     11/30/09     Acquisition     No
  107    Colette Steckel                                                 540     12/31/11     Refinance       No
  108                                                                                         Refinance       No
  109                                                                                         Refinance       No
  110                                                                                         Refinance       No
  111    World Gym                                                    10,708     04/30/10     Acquisition     No
  112                                                                                         Acquisition     No
  113    Gyrotronics                                                   2,172     02/15/12     Acquisition     No
  114    Aids Partnership Michigan                                     7,000     12/31/09     Refinance       No
  115                                                                                         Acquisition     No
  116                                                                                         Refinance       No
  117    LaSalle Bank                                                  4,050     11/30/16     Refinance       No
  118                                                                                         Refinance       No
  119                                                                                         Refinance       No
  120    Heritage Realty Management                                    4,072     09/30/09     Acquisition    Yes     11.5%
  121    AMEC 1                                                       12,424     05/31/12     Acquisition     No
  122                                                                                         Refinance       No
  123                                                                                         Acquisition     No
  124                                                                                         Acquisition     No
  125                                                                                         Refinance       No
  126    Art Media                                                     3,939     03/31/10     Acquisition     No
  127    Kaitlyn Clothing                                              1,022     09/30/14     Refinance      Yes      7.0%
  128                                                                                         Refinance       No
  129                                                                                         Acquisition     No
  130                                                                                         Refinance       No
  131    Frederick Memorial Hospital                                   9,252     12/31/11     Refinance       No
  132    Walgreens                                                    14,820     11/30/31     Acquisition     No
  133                                                                                         Refinance       No
  134                                                                                         Refinance       No
  135    Hong Kong Buffet                                              3,690     05/31/11     Refinance       No
  136                                                                                         Acquisition     No
  137                                                                                         Refinance       No
  138    Film Realite                                                  2,200     03/31/09     Refinance       No
  139    China Villa                                                   4,000     01/31/13     Acquisition     No
  140                                                                                         Refinance       No
  141                                                                                         Refinance       No
  142                                                                                         Refinance       No
  143                                                                                         Refinance       No
  144                                                                                         Refinance       No
  145                                                                                         Acquisition     No
  146    Rare Earth Science                                            4,500     08/31/09     Refinance       No
  147    Total Renal Care, Inc.                                       10,487     08/31/13     Refinance       No
  148                                                                                         Acquisition     No
  149    Hibbett Sports                                                5,510     10/31/09     Acquisition     No
  150    Lab Corporation of America                                    2,560     06/30/11     Refinance       No
  151                                                                                         Acquisition     No
  152    Genesis Tax Loan                                              5,100      06/30/08    Acquisition     No
  153    St Jude Home Health Services                                  2,249     08/31/07     Refinance       No
  154    Specialidades Nativas Inc                                     6,000     11/30/07     Refinance       No
  155                                                                                         Refinance       No
  156    Hydrogel                                                     16,500     01/31/12     Acquisition     No
  157    Dialogue Marketing                                            8,697     08/31/13     Refinance       No
  158                                                                                         Acquisition     No
  159                                                                                         Refinance       No
  160                                                                                         Refinance       No
  161                                                                                         Refinance       No
  162    1st STRIKE                                                    3,055     01/31/10     Refinance       No
  163                                                                                         Acquisition    Yes      4.7%
  164                                                                                         Refinance       No
  165                                                                                         Refinance       No
  166                                                                                         Acquisition     No
  167                                                                                         Refinance       No
  168                                                                                         Acquisition     No
  169                                                                                         Refinance       No
  170                                                                                         Acquisition     No
  171                                                                                         Acquisition     No
  172                                                                                         Acquisition     No
  173                                                                                         Refinance
173.01                                                                                                        No
173.02                                                                                                        No
  174    Stagecoach Sports Grill                                       4,860     11/30/11     Refinance       No
  175                                                                                         Acquisition
175.01                                                                                                        No
175.02                                                                                                        No
175.03                                                                                                        No
  176                                                                                         Refinance       No
  177                                                                                         Refinance       No
  178                                                                                         Refinance       No
  179    US Government (GSA)                                           9,328     08/31/17     Refinance       No
  180    Domino's                                                      1,625     06/30/09     Refinance       No
  181                                                                                         Refinance       No
  182    American Legend Homes                                         5,759     11/30/11     Refinance       No
  183    NEPA Medical Assoc                                            7,024     05/31/10     Acquisition     No
  184                                                                                         Refinance       No
  185    Futon Furniture                                               4,500     05/31/10     Refinance       No
  186                                                                                         Refinance       No
  187                                                                                         Refinance       No
  188    Savvytech                                                     8,051      09/30/07    Refinance       No
  189    Primary Land Services                                         3,682     07/31/07     Acquisition    Yes     12.8%
  190                                                                                         Refinance       No
  191    Chipotle Mexican Grill                                        2,537     12/31/16     Refinance       No
  192    Sterling $1.50 Cleaners                                       2,400     12/31/13     Acquisition     No
  193    Buckhead                                                      5,900     03/31/22     Refinance       No
  194                                                                                         Refinance      Yes     100.0%
  195    UBS - Paine Webber                                            7,945     08/31/08     Refinance       No
  196                                                                                         Refinance       No
  197    Naveed Anwar and Sarfraz Ahmed                                1,875     08/31/09     Refinance       No
  198                                                                                         Refinance       No
  199                                                                                         Acquisition     No
  200                                                                                         Refinance       No
  201                                                                                         Refinance       No
  202                                                                                         Acquisition     No
  203                                                                                         Acquisition     No
  204    Bank of America                                               3,400     08/31/11     Refinance       No
  205                                                                                         Refinance       No
  206                                                                                         Acquisition     No
  207                                                                                         Acquisition     No
  208                                                                                         Refinance       No
  209                                                                                         Refinance       No
  210                                                                                         Acquisition     No
  211                                                                                         Refinance       No
  212                                                                                         Refinance       No
  213                                                                                         Acquisition     No
  214    Tech-Mail Inc.                                                1,645     01/12/12     Refinance       No
  215    J & J Sales Company                                           4,013     07/31/10     Acquisition     No
  216                                                                                         Acquisition     No
  217                                                                                         Acquisition     No
  218    East West Karate                                              2,400     09/30/08     Acquisition     No
  219    Soundline, LLC                                                7,702     07/31/11     Refinance       No
  220                                                                                         Acquisition     No
  221                                                                                         Refinance
221.01                                                                                                        No
221.02   G Associates                                                  2,300                                  No
  222                                                                                         Acquisition     No
  223                                                                                         Acquisition     No
  224    Joseph Selvdio                                                1,100     01/31/08     Refinance       No
  225    GSA - IRS                                                     3,572     12/07/14     Refinance       No
  226                                                                                         Refinance       No
  227                                                                                         Acquisition     No
  228                                                                                         Acquisition     No
  229    Sarcone's Deli                                                1,820     02/14/12     Refinance       No
  230                                                                                         Acquisition     No
  231                                                                                         Refinance       No
  232                                                                                         Acquisition     No
  233                                                                                         Acquisition     No
  234    Core Power Yoga                                               1,808     08/31/08     Acquisition     No
  235    Regis Corp.                                                   1,422     08/31/09     Refinance      Yes
  236                                                                                         Refinance       No
  237    Dodd & Associates, Inc.                                       4,966     08/31/10     Acquisition     No
  238                                                                                         Acquisition     No
  239                                                                                         Refinance       No
  240    LV Pools/Spas/Masonry                                         1,900     07/31/08     Acquisition     No
  241                                                                                         Refinance       No
  242                                                                                         Refinance       No
  243                                                                                         Acquisition     No
  244                                                                                         Refinance       No
  245                                                                                         Acquisition
245.01                                                                                                        No
245.02                                                                                                        No
245.03                                                                                                        No
  246                                                                                         Refinance       No
  247                                                                                         Acquisition     No
  248                                                                                         Acquisition     No
  249    Comstock Homes of Raleigh, LLC                                3,263     03/31/08     Acquisition     No
  250    Christopher J. Gudger, DDS                                    1,800     07/31/10     Refinance       No
  251                                                                                         Acquisition     No
  252                                                                                         Acquisition     No
  253                                                                                         Acquisition     No
  254                                                                                         Acquisition     No
  255                                                                                         Acquisition     No
  256                                                                                         Refinance       No
  257                                                                                         Acquisition     No
  258                                                                                         Acquisition     No
  259                                                                                         Acquisition     No
  260                                                                                         Acquisition     No
  261                                                                                         Acquisition     No
  262                                                                                         Acquisition     No
  263                                                                                         Acquisition     No
  264                                                                                         Acquisition     No
  265                                                                                         Acquisition     No
  266                                                                                         Refinance       No

Table of Contents

Footnotes to Annex A-1

(1)			With respect to Loan No. 156, the mortgage loan is collateralized by two properties; one located in Mount Laurel, NJ and one in Middletown Township, PA.
(2)			With respect to Loan No. 3, the total square footage represented is the re-measured square footage. Prior to re-measurement, the total square footage would be approximately 329,402 square feet.
(3)			With respect to Loan No. 14, the total number of units represents only the multifamily portion of the collateral. The mortgaged property also contains 17,556 square feet of retail space.
(4)			With respect to Loan No. 113, the center contains a total of 37,290 rentable square feet, including 11,971 square feet of retail space, 13,269 square feet of office space and 12,050 square feet of residential space. The residential space consists of 2 studios, 10 one-bedroom and 4 two-bedroom units.
(5)			With respect to Loan No. 206, the total units presented reflect only the self storage portion of the collateral. The mortgaged property also contains 7,185 square feet retail space.
(6)			With respect to Loan No. 14, the occupancy represents only the multifamily portion of the collateral. The mortgaged property’s retail portion is currently 64.6% occupied.
			With respect to Loan No. 105, the property is approximately 68.0% leased, excluding the master lease to a borrower affiliate.
			With respect to Loan No. 189, the property is 87.2% leased, excluding the master lease to a borrower affiliate.
(7)			With respect to Loan Nos. 23 ($61,600,000 ‘‘as is’’ value), 41 ($40,000,000 ‘‘as is’’ value), 58 ($25,400,000 ‘‘as is’’ value), 59 ($25,000,000 ‘‘as is’’ value), 129 ($9,400,000 ‘‘as is’’ value), 131 ($9,500,000 ‘‘as is’’ value) and 214 ($4,700,000 ‘‘as is’’ value), the appraisal values and appraisal dates are reflective of the as-stabilized values defined in the respective appraisals.
(8)			With respect to Loan No. 156, the mortgage loan is collateralized by two mortgaged properties. For the 2150 Cabot Boulevard West property ($3,650,000 ‘‘as is’’ value), the appraisal value and appraisal date are reflective of the as-stabilized values defined in the appraisal.
(9)			With respect to cross-collateralized and cross-defaulted mortgage loans, the UW DSCR (x), Current LTV % and Maturity LTV % are calculated on an aggregate basis.
(10)			With respect to Loan Nos. 6, 10, 25, 39, 248, 251-253, 255 and 257-265, the following fields were calculated using the Current Balance ($) for the pari passu notes in the trust and their corresponding companion notes: (i) Current LTV %, (ii) Original Balance per Unit ($), (iii) Current Balance per Unit ($), (iv) Maturity LTV %, (v) UW IO DSCR (x) and (vi) UW DSCR (x).
(11)			With respect to Loan No. 164, the Current LTV % was calculated by reducing the principal balance of the mortgage loan by the performance holdback in the amount of $700,000.
(12)			For Mortgage Loans secured by multiple Mortgaged Properties, each Mortgage Loan’s Original Balance ($), Current Balance ($), and Maturity Balance ($) is allocated to the respective Mortgaged Property based on the Mortgage Loan documentation or the Mortgage Loan Seller’s determination of the appropriate allocation.

Table of Contents

(13)			With respect to Loan No. 131, monthly payments beginning on February 1, 2007 were based on a loan amount of $7,450,000 and an interest rate of 6.15000% on an amortizing basis. Starting on July 1, 2007, after the funding of an additional advance in the amount of $550,000, monthly payments are based on a loan amount of $7,956,967.05 and an interest rate of 6.18000% on an amortizing basis.
(14)			Each letter identifies a group of crossed loans.
(15)			Each number identifies a group of related borrowers.
(16)			For each Mortgage Loan, the excess of the related Interest Rate over the related Servicing Fee Rate and the Trustee Fee Rate (together, the ‘‘Admin Fee’’).
(17)			For Mortgage Loans that are interest-only for their entire term and accrue interest at 365/360, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360.
(18)			For Mortgage Loans that are interest-only for their entire term and accrue interest at 30/360, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($) and (ii) the Interest Rate %.
(19)			With respect to Loan No. 163, Loan per Unit ($) is based on 12 multifamily units. The property also includes 2 retail spaces which total 3,362 square feet.
(20)			With respect to Loan Nos. 6, 10, 25, 39, 248, 251-253, 255 and 257-265, the following fields were calculated using the Current Balance ($) for the pari passu notes included in this trust only: (i) Monthly Debt Service ($) and (ii) Annual Debt Service ($).
(21)			With respect to Loan No. 10, the monthly debt service payments required under the loan documents are based on a 30 year amortization schedule; provided, however, that in the event that trailing twelve month NOI on the 3rd anniversary of the origination date is less than $15,000,000, then beginning on the subsequent monthly payment date and continuing until the Maturity Date, monthly debt service payments will be calculated based on a 25 year amortization schedule.
(22)			Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12.
(23)			With respect to Loan No. 8, the original note dated December 8, 2006 was amended on March 9, 2007.
(24)			With respect to Loan No. 71, the Remaining Term and Remaining Defeasance Payments have been rounded in order to display whole months as the current payment date of the 6th of each month replaced the original payment date of the 11th of each month.
(25)			For Mortgage Loans with an interest-only period, the interest-only period reflects the initial interest-only period as of the respective Note Date of the Mortgage Loan.
(26)			The ‘‘L’’ component of the prepayment provision represents remaining lockout payments. The ‘‘Def’’ component of the prepayment provision represents remaining defeasance payments. The ‘‘YM’’ component of the prepayment provision represents remaining yield maintenance payments.
(27)			With respect to Loan No. 247, up to 10% of the loan balance, in addition to scheduled amortization, may be pre-paid without penalty over the life of the loan from the proceeds of additional share sales. After 10% of the loan balance has been paid down, additional share sale proceeds can be used to pre-pay the loan with yield maintenance penalties, or for capital improvements or shareholder subsidies.

Table of Contents

(28)			With respect to Loan No. 27, the UW DSCR (x) was calculated based on the loan proceeds net of the $1,600,000 occupancy holdback relating to the lease-up of 14,000 square feet of basement storage space. The UW DSCR (x) excluding the occupancy holdback is 1.07x.
			With respect to Loan No. 49, the UW DSCR (x) was calculated based on the current in-place cash flow based on a net loan amount of $27,400,000. The lender collected a $2,500,000 TI/LC reserve at origination, which is to be released upon the property achieving a 1.15x DSCR (based on a 30-year amortization schedule, the gross loan amount, using in place rents and the greater of underwritten or T12 expenses). The release of the reserve is not permitted prior to January 1, 2010. $1.0MM was netted for DSCR purposes. The ‘‘as-is’’ UW DSCR (x) based on gross loan proceeds of $28,400,000 is 1.11x.
			With respect to Loan No. 66, the UW DSCR (x) was calculated based on a stabilized UW NCF which is derived by assuming market rents for all un-renovated units, which comprise approximately 27% of the total. The majority of units (72.9%) were previously renovated and were underwritten based on in-place rents. At origination, an upfront $250,000 reserve ($8,096/unit) for the renovation of all un-renovated units was collected. 6.8% of all units are currently under renovation. The ‘‘as-is’’ UW DSCR (x) based on in-place rents is 1.10x.
			With respect to Loan No. 71, the UW DSCR (x) was calculated based on the current in-place cash flow based on a net loan amount of $17,350,000. The loan is structured with a holdback of $650,000 which will be released upon tenant, which has already executed its lease, taking occupancy of 3,518 square feet. The ‘‘as-is’’ UW DSCR (x) based on gross loan proceeds of $18,000,000 is 1.25x.
			With respect to Loan No. 79, the UW DSCR (x) was calculated based on the loan proceeds net of the $660,000 performance holdback. The UW DSCR (x) excluding the occupancy holdback is 1.16x.
			With respect to Loan No. 104, the UW DSCR (x) was calculated based on a stabilized NCF which was derived by assuming rent steps in accordance with New York City rent stabilization guidelines, and expense growth of 3% per annum. Units are currently approximately 45% below market and loan-to-cost ratio is approximately 58%. The ‘‘as-is’’ UW DSCR (x) based on in-place rents is 1.02x.
			With respect to Loan No. 105, the UW DSCR (x), UW NCF ($), and IO UW DSCR (x) were calculated including income from a master lease from the sponsor for approximately 3,791 square feet of vacant space representing 7.7% of net rentable area.The UW DSCR (x) excluding the master lease income is  0.92x and the IO UW DSCR (x) excluding the master lease income is 1.09x.
			With respect to Loan No. 188, the UW DSCR (x) was calculated based on the current in-place cash flow on a net loan amount of $4,750,000. The loan is structured with a $250,000 performance reserve, which will be released once the property demonstrates a 1.20x DSCR, based on a 30-year amortization schedule on the entire loan amount. The ‘‘as-is’’ UW DSCR (x) based on gross loan proceeds of $5,000,000 is 1.17x.
			With respect to Loan No. 189, the UW DSCR (x), UW NCF ($), and IO UW DSCR (x) were calculated including income from a master lease from the sponsor for approximately 4,376 square feet of vacant space representing 12.8% of net rentable area. The UW DSCR (x) excluding the master lease income  is 1.12x and the IO UW DSCR (x) excluding the master lease income is 1.33x.

Table of Contents

			With respect to Loan No. 227, the UW DSCR (x) was calculated based on a stabilized NCF which was derived by assuming rent steps in accordance with New York City rent stabilization guidelines, and expense growth of 3% per annum. Units are currently approximately 53% below market and loan-to-cost ratio is approximately 69%. The ‘‘as-is’’ UW DSCR (x) based on in-place rents is 1.05x.
(29)			The UW DSCR (x) for all partial interest-only loans was calculated based on the first principal and interest payment made after the Closing Date during the term of the loan.
(30)			Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related loan documents.
(31)			Represents the monthly amounts required to be deposited by the borrower. The amount required to be deposited in such account may be capped pursuant to the loan documents.
(32)			With respect to Loan No. 11, the Upfront Interest Reserve for the A-Note, B-Note and Mezzanine Loan is $2,754,123, $981,597 and $664,281 respectively.
			With respect to Loan No. 13, the Upfront Interest Reserve for the A-Note and B-Note is $1,231,835 and $518,165, respectively.
			With respect to Loan No. 72, the Upfront Interest Reserve for the B-Note is $300,000.
			With respect to Loan No. 123, the Upfront Interest Reserve for the A-Note and B-Note is $93,770 and $16,230, respectively.
(33)			Ongoing reserves may be subject to a reserve cap that has already been met. The borrower will be responsible for the monthly reserve amount subject to the requirements of the loan documents.
(34)			With respect to Loan No. 22, a monthly seasonality reserve in the amount of $142,814.83 will be collected for the purpose of establishing the Seasonality Reserve, subject to a cap of $857,000. In the event funds in the Seasonality Reserve are less than $857,000, the borrower is required to recommence making payments to the reserve.
(35)			With respect to Loan No. 3, the largest tenant square footage represents the total square footage Credit Suisse currently leases and the additional square footage it is obligated to lease in 2011. Credit Suisse currently leases 235,913 square feet.
(36)			With respect to Loan No. 2, a tenant leasing 751 square feet is currently on a month- to-month basis. The remaining 46,326 square feet expires on April 30, 2017.
(37)			With respect to Loan No. 163, the UW NCF ($) includes $30,000 in annual income from a master lease signed by the borrower principals representing approximately 4.7% of UW revenues, the release of which is contingent upon the property achieving a 1.30x DSCR based on trailing twelve month financial statements. The UW DSCR (x) excluding the master lease income  is 1.20x.
(38)			With respect to Loan No. 20, the borrower as purchaser and the seller of the related property entered into a purchase price earn out agreement pursuant to which the maximum payable earn out amount is $9,971,416 (the ‘‘Full Earn out’’).  In the event that the  total amount of the Full Earn out is not paid to Seller within the earlier of 24 months or 3 months after the specified date in the purchase contract,  then Borrower shall as a mandatory prepayment, partially prepay the mortgage in a principal amount equal to 59% of the Full Earn out then remaining unpaid plus any applicable yield maintenance penalty.

ANNEX A-2

CERTAIN POOL CHARACTERISTICS OF THE MORTGAGE LOANS
AND MORTGAGED PROPERTIES

Annex A-2-1

                                                                       ANNEX A-2

                              CUT-OFF DATE BALANCES



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
                               MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
CUT-OFF DATE BALANCES            LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO (2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

   $1,000,000 -   $2,999,999          37    $   75,060,181       1.4%     5.8975%    115        1.34x      70.5%            64.8%
   $3,000,000 -   $3,999,999          15        53,522,846       1.0      5.8535     115        1.44x      67.9%            62.4%
   $4,000,000 -   $4,999,999          22        99,385,167       1.8      5.9768     117        1.34x      73.5%            66.4%
   $5,000,000 -   $6,999,999          49       287,690,844       5.3      6.0361     106        1.32x      72.2%            65.4%
   $7,000,000 -   $9,999,999          37       308,773,185       5.7      5.8085     112        1.30x      72.9%            68.4%
  $10,000,000 -  $14,999,999          24       289,341,967       5.3      5.8714      95        1.31x      70.3%            65.4%
  $15,000,000 -  $24,999,999          29       540,855,942      10.0      5.7783     109        1.29x      75.6%            72.5%
  $25,000,000 -  $49,999,999          28       966,013,500      17.8      5.7916      97        1.34x      74.9%            73.0%
  $50,000,000 -  $99,999,999          15     1,021,691,271      18.8      5.8563      97        1.45x      67.9%            66.6%
 $100,000,000 - $284,000,000          10     1,785,033,498      32.9      5.8349     100        1.30x      72.9%            70.3%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                                 MORTGAGE RATES



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
                               MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
MORTGAGE RATES                   LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

      5.3800% - 5.4999%               11    $  340,875,000       6.3%     5.4525%    104        1.52x      68.9%            68.9%
      5.5000% - 5.7499%               95     2,365,160,780      43.6      5.6202     110        1.34x      70.3%            67.3%
      5.7500% - 5.9999%               92     1,343,866,133      24.8      5.8736      91        1.30x      74.9%            71.9%
      6.0000% - 6.2499%               40       865,233,851      15.9      6.1487      90        1.34x      75.1%            73.3%
      6.2500% - 6.4999%               13       255,732,637       4.7      6.3485     103        1.26x      75.1%            70.6%
      6.5000% - 6.9210%               15       256,500,000       4.7      6.6648     104        1.32x      70.5%            62.9%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                     ORIGINAL TERM TO MATURITY IN MONTHS(1)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
ORIGINAL TERM TO               MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
MATURITY IN MONTHS               LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR     RATIO     MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

           60 -  72                   40    $1,342,345,589      24.7%     5.9219%     58        1.35x      73.6%            73.3%
           73 -  84                   16       252,575,000       4.7      6.0434      82        1.54x      71.5%            68.2%
           85 - 120                  205     3,801,147,811      70.0      5.7964     117        1.32x      71.9%            68.2%
          121 - 180                    5        31,300,000       0.6      6.0368     125        1.41x      75.1%            67.8%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-1



                     REMAINING TERM TO MATURITY IN MONTHS(1)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
REMAINING TERM TO              MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
MATURITY IN MONTHS               LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

           54 -  60                   40    $1,342,345,589      24.7%     5.9219%     58        1.35x      73.6%            73.3%
           61 -  84                   16       252,575,000       4.7      6.0434      82        1.54x      71.5%            68.2%
           85 - 120                  209     3,828,647,811      70.5      5.7979     117        1.32x      71.9%            68.2%
          121 - 178                    1         3,800,000       0.1      6.2475     178        1.19x      80.0%            61.2%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                     ORIGINAL AMORTIZATION TERM IN MONTHS(3)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
ORIGINAL AMORTIZATION          MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
TERM IN MONTHS                   LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

          240 - 240                    6    $   28,825,463       1.5%     6.4009%    101        1.55x      66.6%            48.4%
          241 - 300                   20       414,293,959      22.2      5.9191     115        1.29x      70.0%            56.4%
          301 - 360                  123     1,425,942,249      76.3      5.9868     110        1.22x      74.2%            67.6%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               149    $1,869,061,672     100.0%     5.9782%    111        1.24X      73.2%            64.8%
                              =====================================================================================================


                    REMAINING AMORTIZATION TERM IN MONTHS(3)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
REMAINING AMORTIZATION         MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
TERM IN MONTHS                   LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

          238 - 240                    6    $   28,825,463       1.5%     6.4009%    101        1.55x      66.6%            48.4%
          241 - 300                   20       414,293,959      22.2      5.9191     115        1.29x      70.0%            56.4%
          301 - 360                  123     1,425,942,249      76.3      5.9868     110        1.22x      74.2%            67.6%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               149    $1,869,061,672     100.0%     5.9782%    111        1.24X      73.2%            64.8%
                              =====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Does not include the mortgage loans that are interest-only for their
      entire term.


                                     A-2-2



                               AMORTIZATION TYPES



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
                               MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
AMORTIZATION TYPES               LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

BALLOON LOANS
Interest-Only(3)                     117    $3,558,306,729      65.6%     5.7679%     96        1.39x      71.9%            71.9%
Partial Interest-Only(4)              90     1,209,477,160      22.3      6.0147     111        1.20x      75.1%            69.2%
Balloon(5)                            59       659,584,512      12.2      5.9112     111        1.31x      69.5%            56.7%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


               UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
UNDERWRITTEN                                  AGGREGATE       % OF                  STATED               CUT-OFF
CASH FLOW                      NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
DEBT SERVICE                   MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
COVERAGE RATIOS                  LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        1.07X - 1.09X                  5    $  133,167,285       2.5%     5.9069%     60        1.08x      76.9%            76.7%
        1.10X - 1.14X                 11       295,435,698       5.4      5.8577     107        1.11x      74.5%            69.7%
        1.15X - 1.19X                 55       533,661,961       9.8      5.9627     113        1.17x      75.5%            70.4%
        1.20X - 1.29X                 90     2,389,461,528      44.0      5.8267     100        1.23x      73.7%            70.3%
        1.30X - 1.49X                 63     1,245,586,428      23.0      5.8426     107        1.37x      72.4%            70.5%
        1.50X - 1.99X                 35       676,224,389      12.5      5.7929      89        1.72x      67.7%            66.5%
        2.00X - 2.75X                  7       153,831,110       2.8      5.7268     108        2.32x      51.4%            51.1%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                           CUT-OFF DATE LTV RATIOS(2)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
CUT-OFF DATE                   MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
LTV RATIOS                       LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        42.9% - 50.0%                  2    $   68,688,305       1.3%     5.6776%    117        2.25x      43.3%            42.6%
        50.1% - 60.0%                 17       293,505,648       5.4      5.6621      96        1.63x      57.5%            55.9%
        60.1% - 65.0%                 29       488,599,480       9.0      6.0157      85        1.59x      63.2%            60.4%
        65.1% - 70.0%                 34     1,037,144,301      19.1      5.6903     115        1.28x      67.3%            63.4%
        70.1% - 75.0%                 63     1,093,320,599      20.1      5.8402     111        1.33x      73.0%            68.8%
        75.1% - 80.0%                116     2,340,477,067      43.1      5.9024      94        1.25x      78.4%            76.2%
        80.1% - 90.1%                  5       105,633,000       1.9      5.7296     109        1.35x      84.0%            82.5%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Includes one interest-only ARD loan representing 0.1% of the initial pool
      balance.

(4)   Includes two partial interest-only ARD loan representing 1.7% of the
      initial pool balance.

(5)   Includes one amortizing ARD loan representing 0.2% of the initial pool
      balance.


                                     A-2-3



                         MATURITY DATE LTV RATIOS(1),(2)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
MATURITY DATE                  MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
LTV RATIOS                       LOANS         BALANCE       BALANCE     RATE      (MOS.)(1)     DSCR    RATIO(2)   MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        39.8% - 50.0%                 11    $  120,404,109       2.2%     5.7266%    118        1.92x      49.9%            43.2%
        50.1% - 60.0%                 40       753,856,174      13.9      5.8629     107        1.40x      63.8%            55.6%
        60.1% - 65.0%                 40       502,515,537       9.3      5.8873      88        1.56x      66.4%            62.7%
        65.1% - 70.0%                 50     1,199,663,428      22.1      5.7537     115        1.24x      69.9%            67.4%
        70.1% - 75.0%                 67     1,082,895,153      20.0      5.8557     107        1.35x      76.0%            72.8%
        75.1% - 80.0%                 55     1,690,134,000      31.1      5.8822      88        1.26x      78.4%            78.2%
        80.1% - 90.1%                  3        77,900,000       1.4      5.7058     106        1.40x      83.9%            83.9%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                         TYPE OF MORTGAGED PROPERTIES(3)



                                                                              WEIGHTED AVERAGES
                                                                      --------------------------------------
                                              AGGREGATE       % OF                    CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL                   DATE
                               MORTGAGED        DATE          POOL            UW        LTV
PROPERTY TYPE                 PROPERTIES       BALANCE       BALANCE         DSCR     RATIO(2)   OCCUPANCY
------------------------------------------------------------------------------------------------------------

OFFICE
CBD                                   28    $1,184,662,352      21.8%       1.25x       73.6%      96.4%
Suburban                              35       620,124,299      11.4        1.33x       72.4%      96.8%
                              ------------------------------------------------------------------------------
SUBTOTAL:                             63    $1,804,786,650      33.3%       1.28X       73.2%      96.6%

RETAIL
Anchored                              76    $1,037,058,807      19.1%       1.26x       72.9%      95.5%
Unanchored                            43       185,349,775       3.4        1.32x       70.3%      97.2%
Shadow Anchored                        8        52,460,000       1.0        1.18x       74.9%      96.3%
                              ------------------------------------------------------------------------------
SUBTOTAL:                            127    $1,274,868,583      23.5%       1.27X       72.6%      95.8%

MULTIFAMILY
Garden                                39    $  448,390,994       8.3%       1.30x       76.6%      93.1%
Mid/High Rise                         29       427,471,508       7.9        1.51x       63.5%      95.7%
                              ---------------------------------------------------------------------------
SUBTOTAL:                             68    $  875,862,502      16.1%       1.40X       70.2%      94.4%

HOTEL
Full Service                          14    $  627,913,500      11.6%       1.49x       71.0%       NAP
Limited Service                       19       140,173,547       2.6        1.42x       72.5%       NAP
                              ------------------------------------------------------------------------------
SUBTOTAL:                             33    $  768,087,047      14.2%       1.48X       71.3%       NAP

INDUSTRIAL
Warehouse/Distribution                18    $  242,660,357       4.5%       1.52x       74.4%      87.6%
Flex                                   7        42,197,812       0.8        1.31x       71.5%      94.0%
Manufacturing                          1         8,944,036       0.2        1.21x       66.4%     100.0%
                              ---------------------------------------------------------------------------
SUBTOTAL:                             26    $  293,802,205       5.4%       1.48X       73.7%      88.9%

MANUFACTURED HOUSING                  18    $  274,190,000       5.1%       1.15x       76.2%      88.1%

MIXED USE
Multifamily/Retail                     4    $   26,213,000       0.5%       1.20x       71.3%      84.3%
Multifamily/Office/Retail              1         9,200,000       0.2        1.10x       72.2%      98.5%
Office/Retail                          1         6,100,000       0.1        1.49x       70.3%      95.7%
Self Storage/Retail                    1         4,400,000       0.1        1.47x       79.6%      86.0%
Office/Industrial                      1         3,500,000       0.1        2.43x       54.7%      92.8%
                              ------------------------------------------------------------------------------
SUBTOTAL:                              8    $   49,413,000       0.9%       1.33X       70.9%      89.1%

SENIOR HOUSING
Skilled Nursing                        8    $   34,155,000       0.6%       2.75x       60.7%      94.5%
Assisted Living                        1        11,300,000       0.2        1.33x       68.1%     100.0%
                              ------------------------------------------------------------------------------
SUBTOTAL:                              9    $   45,455,000       0.8%       2.40X       62.5%      95.9%

SELF STORAGE                           6    $   36,867,382       0.7%       1.38x       67.7%      94.6%

PARKING GARAGE                         1    $    4,036,032       0.1%       1.57x       74.7%       NAP
                              ------------------------------------------------------------------------------
TOTAL:                               359    $5,427,368,401     100.0%       1.34X       72.3%      94.9%
                              ==============================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.


                                     A-2-4



                       MORTGAGED PROPERTIES BY LOCATION(1)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
                               MORTGAGED        DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
LOCATION                      PROPERTIES       BALANCE       BALANCE     RATE      (MOS.)(2)     DSCR    RATIO(3)   MATURITY(2),(3)
-----------------------------------------------------------------------------------------------------------------------------------

New York                              41    $1,164,395,045      21.5%     5.7484%     99        1.28x      70.2%            69.5%
California                            85       959,970,565      17.7      5.7553     104        1.36x      67.6%            62.7%
Florida                               22       553,217,298      10.2      6.0138      99        1.26x      74.2%            72.2%
Texas                                 37       369,717,901       6.8      5.8426      99        1.37x      73.7%            70.3%
Pennsylvania                           7       240,221,318       4.4      5.7452     116        1.25x      78.0%            77.4%
Michigan                              15       224,669,517       4.1      6.0383     116        1.18x      72.8%            65.9%
Maryland                               9       158,757,195       2.9      5.8726      93        1.29x      75.5%            67.8%
Massachusetts                         10       157,475,353       2.9      5.6931      88        1.49x      67.7%            66.3%
Connecticut                            4       135,600,000       2.5      6.3267     118        1.35x      76.2%            71.6%
Georgia                                9       120,216,357       2.2      5.6885      71        1.55x      66.8%            65.4%
Indiana                                5       114,652,000       2.1      5.6486     116        1.54x      76.1%            75.4%
Colorado                               5       113,050,000       2.1      6.1448      67        1.24x      78.6%            78.0%
West Virginia                          5       104,771,129       1.9      6.2217      60        1.25x      78.7%            78.7%
Illinois                              11       102,232,808       1.9      5.9855      97        1.46x      73.2%            70.8%
Tennessee                              6        96,681,396       1.8      5.7945     118        1.33x      76.8%            75.2%
Virginia                               4        79,717,000       1.5      5.6155     118        1.34x      75.5%            73.2%
Ohio                                  10        73,640,638       1.4      5.7719     107        1.68x      72.4%            65.0%
Wisconsin                              3        62,969,753       1.2      6.3101     120        1.20x      75.7%            71.3%
Washington                             3        59,050,000       1.1      5.5103     117        1.48x      72.7%            67.5%
New Jersey                             6        58,585,343       1.1      5.8353     117        1.26x      74.8%            67.6%
Kentucky                               9        52,947,000       1.0      5.9215     102        1.79x      70.3%            68.4%
Arizona                                3        52,344,000       1.0      5.5133     117        1.39x      78.2%            77.1%
Nevada                                 5        48,900,000       0.9      5.7425      82        1.18x      77.3%            75.1%
Alabama                                5        46,105,000       0.8      5.6126     120        1.18x      79.4%            74.1%
South Carolina                         6        33,947,119       0.6      6.0053     112        1.33x      72.7%            60.2%
Oklahoma                               1        31,900,500       0.6      5.9600      58        1.64x      70.9%            70.9%
Missouri                               5        31,150,000       0.6      5.6800     107        1.53x      75.6%            73.2%
Oregon                                 2        27,600,000       0.5      5.4697     114        1.67x      74.0%            72.4%
Hawaii                                 1        26,900,000       0.5      5.9900     116        1.55x      90.1%            90.1%
North Carolina                         8        24,171,669       0.4      6.2607     111        1.48x      68.5%            60.0%
District Of Columbia                   1        22,000,000       0.4      5.7340     119        1.62x      72.6%            72.6%
Louisiana                              4        20,337,739       0.4      5.9764     119        1.18x      79.3%            70.0%
Minnesota                              3        10,980,000       0.2      6.2747     102        1.41x      71.7%            67.6%
Kansas                                 1         9,110,974       0.2      6.2250      58        1.24x      79.2%            79.2%
Nebraska                               1         8,000,000       0.1      5.7100      57        1.36x      80.0%            80.0%
Iowa                                   1         8,000,000       0.1      5.4335     113        1.88x      74.2%            74.2%
Various(4)                             1         6,360,000       0.1      5.6615      58        1.58x      80.0%            80.0%
Utah                                   1         6,321,783       0.1      5.9350     117        1.25x      70.2%            59.6%
New Mexico                             1         5,210,000       0.1      6.9210      84        1.73x      63.5%            50.8%
Delaware                               1         2,040,000       0.0      6.1170     116        1.68x      65.9%            65.9%
Maine                                  1         1,797,000       0.0      6.1170     116        1.68x      65.9%            65.9%
Mississippi                            1         1,655,000       0.0      5.8650     118        1.18x      77.1%            72.0%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               359    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


(1)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.

(2)   For the ARD loans, the Anticipated Repayment Date.

(3)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(4)   With respect to loan number 156, one mortgage loan secures two properties;
      one located in New Jersey and one in Pennsylvania.


                                     A-2-5



                          YEARS BUILT/RENOVATED(1),(2)



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
YEARS                          MORTGAGED        DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
BUILT/RENOVATED               PROPERTIES       BALANCE       BALANCE     RATE      (MOS.)(3)     DSCR    RATIO(3)   MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

         1895 - 1959                   4    $   74,245,199       1.4%     6.1148%    119        1.19x      70.1%            69.3%
         1960 - 1969                   4        33,357,285       0.6      5.8225     107        1.30x      77.2%            73.4%
         1970 - 1979                  14       135,363,951       2.5      5.7432      98        1.31x      72.6%            70.5%
         1980 - 1989                  52       879,870,899      16.2      5.7725     112        1.37x      72.7%            70.2%
         1990 - 1999                  88       918,221,934      16.9      5.7919     103        1.31x      73.5%            69.6%
         2000 - 2007                 197     3,386,309,133      62.4      5.8691      97        1.34x      71.9%            69.1%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               359    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                              PREPAYMENT PROTECTION



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
PREPAYMENT                     MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
PROTECTION                       LOANS         BALANCE       BALANCE     RATE      (MOS.)(3)     DSCR    RATIO(4)   MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

Defeasance                           197    $3,996,489,856      73.6%     5.8189%    105        1.33x      72.8%            70.3%
Yield Maintenance                     43       968,717,010      17.8      5.8328      97        1.40x      68.6%            63.1%
YM, Def/YM                             5       298,000,000       5.5      6.2199      61        1.26x      78.5%            78.5%
Def/YM                                 3        92,963,000       1.7      5.6394      96        1.35x      69.0%            69.0%
YM/Def                                15        27,673,534       0.5      5.8976     118        1.24x      76.2%            69.7%
Def, Def/YM                            1        20,000,000       0.4      5.7280     119        1.11x      74.1%            69.0%
Def, Fixed Penalty                     1        14,990,000       0.3      5.6200     117        1.31x      71.0%            71.0%
No Penalty                             1         8,535,000       0.2      6.1300      59        1.35x      76.2%            76.2%
                              -----------------------------------------------------------------------------------------------------
TOTAL:                               266    $5,427,368,401     100.0%     5.8403%    101        1.34X      72.3%            69.5%
                              =====================================================================================================


                          PARTIAL INTEREST ONLY PERIODS



                                                                                           WEIGHTED AVERAGES
                                                                      -------------------------------------------------------------
                                              AGGREGATE       % OF                  STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       INITIAL               REMAINING               DATE        LTV RATIO
PARTIAL INTEREST               MORTGAGE         DATE          POOL     MORTGAGE      TERM         UW       LTV            AT
ONLY PERIODS                     LOANS         BALANCE       BALANCE     RATE      (MOS.)(3)     DSCR    RATIO(4)   MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

           12 - 12                     4    $   70,165,000       5.8%     5.8528%     69        1.12x      77.7%            72.3%
           13 - 24                    17       259,404,000      21.4      6.2410     108        1.24x      70.8%            63.4%
           25 - 36                    11       116,920,000       9.7      6.0412     100        1.23x      78.5%            72.5%
           37 - 48                     2         8,750,000       0.7      6.0144     119        1.18x      78.8%            72.6%
           49 - 72                    56       754,238,160      62.4      5.9479     118        1.20x      75.8%            70.4%
                              -----------------------------------------------------------------------------------------------------
                                      90    $1,209,477,160     100.0%     6.0147%    111        1.20X      75.1%            69.2%
                              =====================================================================================================


(1)   Range of Years Built/Renovated references the earlier of the year built or
      with respect to renovated properties, the year of the most recent
      renovation date with respect to each Mortgaged Property.

(2)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.

(3)   For the ARD loans, the Anticipated Repayment Date.

(4)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-6



                                                                       ANNEX A-2

              CUT-OFF DATE BALANCES FOR LOAN GROUP 1 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
CUT-OFF DATE BALANCES            LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

   $1,000,000 -   $2,999,999          34    $   67,846,638       1.6%     5.8833%    114        1.35x      70.7%            65.3%
   $3,000,000 -   $3,999,999          13        46,502,846       1.1      5.8613     118        1.44x      67.7%            61.3%
   $4,000,000 -   $4,999,999          19        85,788,167       2.0      5.9792     116        1.34x      72.6%            64.6%
   $5,000,000 -   $6,999,999          39       227,618,885       5.3      6.0801     106        1.34x      71.2%            64.1%
   $7,000,000 -   $9,999,999          24       204,468,185       4.8      5.8880     115        1.31x      73.2%            67.3%
  $10,000,000 -  $14,999,999          18       215,281,967       5.0      5.8669      98        1.31x      69.9%            63.3%
  $15,000,000 -  $24,999,999          19       373,720,942       8.7      5.8032     111        1.28x      75.1%            71.5%
  $25,000,000 -  $49,999,999          21       743,093,500      17.4      5.8311     100        1.39x      74.5%            72.3%
  $50,000,000 -  $99,999,999           8       521,961,271      12.2      5.8808      94        1.45x      68.8%            66.9%
 $100,000,000 - $284,000,000          10     1,785,033,498      41.8      5.8349     100        1.30x      72.9%            70.3%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


                 MORTGAGE RATES FOR LOAN GROUP 1 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
MORTGAGE RATES                   LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

      5.3800% - 5.4999%                6    $  246,175,000       5.8%     5.4542%    105        1.62x      68.2%            68.2%
      5.5000% - 5.7499%               67     1,831,175,574      42.9      5.6241     109        1.33x      70.4%            67.0%
      5.7500% - 5.9999%               75     1,051,700,094      24.6      5.8720      94        1.33x      74.4%            70.8%
      6.0000% - 6.4999%               43       891,765,231      20.9      6.2075      94        1.28x      76.6%            74.1%
      6.5000% - 6.9210%               14       250,500,000       5.9      6.6659     104        1.33x      70.4%            62.8%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


     ORIGINAL TERM TO MATURITY IN MONTHS FOR LOAN GROUP 1 MORTGAGE LOANS(1)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
ORIGINAL TERM TO               MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

           60 -  72                   24    $  990,770,589      23.2%     5.9322%     58        1.34x      74.1%            73.7%
           73 -  84                   12       198,875,000       4.7      6.1149      82        1.60x      70.6%            66.6%
           85 - 120                  164     3,050,370,309      71.4      5.8157     117        1.32x      72.1%            68.0%
          121 - 180                    5        31,300,000       0.7      6.0368     125        1.41x      75.1%            67.8%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-7



     REMAINING TERM TO MATURITY IN MONTHS FOR LOAN GROUP 1 MORTGAGE LOANS(1)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
REMAINING TERM TO              MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

           54 -  60                   24    $  990,770,589      23.2%     5.9322%     58        1.34x      74.1%            73.7%
           61 -  84                   12       198,875,000       4.7      6.1149      82        1.60x      70.6%            66.6%
           85 - 120                  168     3,077,870,309      72.1      5.8174     117        1.32x      72.2%            68.0%
          121 - 178                    1         3,800,000       0.1      6.2475     178        1.19x      80.0%            61.2%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


     ORIGINAL AMORTIZATION TERM IN MONTHS FOR LOAN GROUP 1 MORTGAGE LOANS(3)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
ORIGINAL AMORTIZATION          MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

          240 - 240                    6    $   28,825,463       1.8%     6.4009%    101        1.55x      66.6%            48.4%
          241 - 300                   19       411,597,702      25.6      5.9169     115        1.29x      70.0%            56.4%
          301 - 360                  104     1,166,391,005      72.6      6.0121     109        1.23x      73.9%            67.1%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               129    $1,606,814,170     100.0%     5.9947%    110        1.25X      72.8%            64.0%
                               ====================================================================================================


    REMAINING AMORTIZATION TERM IN MONTHS FOR LOAN GROUP 1 MORTGAGE LOANS(3)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
REMAINING AMORTIZATION         MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

          238 - 240                    6    $   28,825,463       1.8%     6.4009%    101        1.55x      66.6%            48.4%
          241 - 300                   19       411,597,702      25.6      5.9169     115        1.29x      70.0%            56.4%
          301 - 360                  104     1,166,391,005      72.6      6.0121     109        1.23x      73.9%            67.1%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               129    $1,606,814,170     100.0%     5.9947%    110        1.25X      72.8%            64.0%
                               ====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Does not include the mortgage loans that are interest-only for their
      entire term.


                                     A-2-8



               AMORTIZATION TYPES FOR LOAN GROUP 1 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
AMORTIZATION TYPES               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

BALLOON LOANS
Interest-Only(3)                      76    $2,664,501,729      62.4%     5.7760%     97        1.39x      72.4%            72.4%
Partial Interest-Only(4)              75       969,611,660      22.7      6.0529     110        1.21x      74.9%            68.9%
Balloon(5)                            54       637,202,510      14.9      5.9061     111        1.31x      69.5%            56.6%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


               UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
                        FOR LOAN GROUP 1 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
UNDERWRITTEN                                  AGGREGATE     INITIAL                 STATED               CUT-OFF
CASH FLOW                      NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
DEBT SERVICE                   MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
COVERAGE RATIOS                  LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        1.10X - 1.14X                 10    $  288,435,698       6.8%     5.8604%    106        1.11x      75.0%            70.1%
        1.15X - 1.19X                 47       348,319,208       8.2      5.9892     115        1.16x      75.1%            69.5%
        1.20X - 1.29X                 64     1,949,004,065      45.6      5.8702      98        1.23x      73.7%            69.9%
        1.30X - 1.49X                 48     1,041,841,428      24.4      5.8603     109        1.37x      72.5%            70.1%
        1.50X - 1.99X                 30       552,384,389      12.9      5.7426      92        1.71x      68.1%            66.7%
        2.00X - 2.75X                  6        91,331,110       2.1      5.7729     101        2.35x      57.2%            56.7%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


           CUT-OFF DATE LTV RATIOS FOR LOAN GROUP 1 MORTGAGE LOANS(2)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
CUT-OFF DATE                   MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
LTV RATIOS                       LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        47.1% - 50.0%                  1    $    6,188,305       0.1%     5.8600%    118        2.00x      47.1%            39.8%
        50.1% - 60.0%                 15       276,305,648       6.5      5.6410      97        1.65x      57.5%            55.9%
        60.1% - 65.0%                 23       349,552,195       8.2      6.0733      92        1.58x      63.5%            59.7%
        65.1% - 70.0%                 26       836,098,044      19.6      5.7205     115        1.28x      67.4%            62.6%
        70.1% - 75.0%                 52       885,922,893      20.7      5.8062     110        1.35x      72.9%            68.4%
        75.1% - 80.0%                 86     1,868,503,814      43.7      5.9345      95        1.26x      78.3%            76.0%
        80.1% - 90.1%                  2        48,745,000       1.1      5.9317     116        1.41x      87.8%            85.3%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Includes one interest-only ARD loans representing 0.2% of the initial pool
      balance.

(4)   Includes one partial interest-only ARD loan representing 1.8% of the
      initial pool balance.

(5)   Includes one amortizing ARD loan representing 0.2% of the initial pool
      balance.


                                     A-2-9



         MATURITY DATE LTV RATIOS FOR LOAN GROUP 1 MORTGAGE LOANS(1),(2)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
MATURITY DATE                  MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
LTV RATIOS                       LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        39.8% - 50.0%                 10    $   57,904,109       1.4%     5.7990%    118        1.54x      57.5%            43.6%
        50.1% - 60.0%                 34       717,568,925      16.8      5.8630     107        1.41x      64.0%            55.5%
        60.1% - 70.0%                 73     1,243,690,211      29.1      5.7888     109        1.33x      69.2%            65.9%
        70.1% - 75.0%                 54       898,051,653      21.0      5.8869     105        1.37x      75.9%            72.6%
        75.1% - 80.0%                 33     1,327,201,000      31.1      5.9013      89        1.27x      78.3%            78.1%
        80.1% - 90.1%                  1        26,900,000       0.6      5.9900     116        1.55x      90.1%            90.1%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


         TYPE OF MORTGAGED PROPERTIES FOR LOAN GROUP 1 MORTGAGE LOANS(3)



                                                                              WEIGHTED AVERAGES
                                                                     --------------------------------------
                                                              % OF
                                              AGGREGATE      INITIAL                CUT-OFF
                               NUMBER OF       CUT-OFF        LOAN                   DATE
                               MORTGAGED         DATE        GROUP 1        UW        LTV
PROPERTY TYPE                  PROPERTIES      BALANCE       BALANCE       DSCR     RATIO(2)      OCCUPANCY
-----------------------------------------------------------------------------------------------------------

OFFICE
CBD                                   28    $1,184,662,352      27.7%      1.25x       73.6%        96.4%
Suburban                              35       620,124,299      14.5       1.33x       72.4%        96.8%
                               ----------------------------------------------------------------------------
SUBTOTAL:                             63    $1,804,786,650      42.3%      1.28X       73.2%        96.6%

RETAIL
Anchored                              76    $1,037,058,807      24.3%      1.26x       72.9%        95.5%
Unanchored                            43       185,349,775       4.3       1.32x       70.3%        97.2%
Shadow Anchored                        8        52,460,000       1.2       1.18x       74.9%        96.3%
                               ----------------------------------------------------------------------------
SUBTOTAL:                            127    $1,274,868,583      29.8%      1.27X       72.6%        95.8%

HOTEL
Full Service                          14    $  627,913,500      14.7%      1.49x       71.0%         NAP
Limited Service                       19       140,173,547       3.3       1.42x       72.5%         NAP
                               ----------------------------------------------------------------------------
SUBTOTAL:                             33    $  768,087,047      18.0%      1.48X       71.3%         NAP

INDUSTRIAL
Warehouse/Distribution                18    $  242,660,357       5.7%      1.52x       74.4%        87.6%
Flex                                   7        42,197,812       1.0       1.31x       71.5%        94.0%
Manufacturing                          1         8,944,036       0.2       1.21x       66.4%       100.0%
                               ----------------------------------------------------------------------------
SUBTOTAL:                             26    $  293,802,205       6.9%      1.48X       73.7%        88.9%

SENIOR HOUSING
Skilled Nursing                        8    $   34,155,000       0.8%      2.75x       60.7%        94.5%
Assisted Living                        1        11,300,000       0.3       1.33x       68.1%       100.0%
                               ----------------------------------------------------------------------------
SUBTOTAL:                              9    $   45,455,000       1.1%      2.40X       62.6%        95.9%

MIXED USE
Multifamily/Retail                     3    $   20,213,000       0.5%      1.17x       72.5%        94.5%
Multifamily/Office/Retail              1         9,200,000       0.2       1.10x       72.2%        98.5%
Office/Retail                          1         6,100,000       0.1       1.49x       70.3%        95.7%
Self Storage/Retail                    1         4,400,000       0.1       1.47x       79.6%        86.0%
Office/Industrial                      1         3,500,000       0.1       2.43x       54.7%        92.8%
                               ----------------------------------------------------------------------------
SUBTOTAL:                              7    $   43,413,000       1.0%      1.33X       71.4%        94.5%

SELF STORAGE                           6    $   36,867,382       0.9%      1.38x       67.7%        94.6%

PARKING GARAGE                         1    $    4,036,032       0.1%      1.57x       74.7%         NAP
                               ----------------------------------------------------------------------------
TOTAL:                               272    $4,271,315,899     100.0%      1.34X       72.5%        95.6%
                               ============================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.


                                     A-2-10



       MORTGAGED PROPERTIES BY LOCATION FOR LOAN GROUP 1 MORTGAGE LOANS(1)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGED         DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
LOCATION                      PROPERTIES       BALANCE      BALANCE      RATE      (MOS.)(2)    DSCR      RATIO(3)  MATURITY(2),(3)
-----------------------------------------------------------------------------------------------------------------------------------

New York                              28    $  829,295,045      19.4%     5.8177%     94        1.22x      73.1%            72.3%
California                            63       817,694,573      19.1      5.7118     108        1.31x      67.9%            62.2%
Florida                               14       395,731,041       9.3      6.0703     113        1.31x      73.4%            70.8%
Pennsylvania                           7       240,221,318       5.6      5.7452     116        1.25x      78.0%            77.4%
Texas                                 21       212,316,401       5.0      5.8955      97        1.43x      70.0%            65.6%
Michigan                               7       151,826,517       3.6      5.9578     115        1.17x      71.9%            63.9%
Massachusetts                          9       151,675,353       3.6      5.6921      89        1.50x      67.4%            65.9%
Maryland                               7       144,757,195       3.4      5.8892      94        1.28x      76.4%            68.1%
Connecticut                            4       135,600,000       3.2      6.3267     118        1.35x      76.2%            71.6%
Georgia                                8       115,456,357       2.7      5.6897      69        1.56x      66.3%            65.1%
Colorado                               5       113,050,000       2.6      6.1448      67        1.24x      78.6%            78.0%
West Virginia                          5       104,771,129       2.5      6.2217      60        1.25x      78.7%            78.7%
Illinois                              11       102,232,808       2.4      5.9855      97        1.46x      73.2%            70.8%
Indiana                                3        98,245,000       2.3      5.5555     115        1.60x      76.3%            76.3%
Ohio                                  10        73,640,638       1.7      5.7719     107        1.68x      72.4%            65.0%
Virginia                               3        64,727,000       1.5      5.6145     118        1.34x      76.6%            73.8%
Washington                             3        59,050,000       1.4      5.5103     117        1.48x      72.7%            67.5%
New Jersey                             6        58,585,343       1.4      5.8353     117        1.26x      74.8%            67.6%
Wisconsin                              1        49,675,000       1.2      6.4820     120        1.15x      75.0%            70.6%
Tennessee                              5        37,581,396       0.9      5.9155     118        1.47x      73.3%            69.2%
South Carolina                         6        33,947,119       0.8      6.0053     112        1.33x      72.7%            60.2%
Oklahoma                               1        31,900,500       0.7      5.9600      58        1.64x      70.9%            70.9%
Oregon                                 2        27,600,000       0.6      5.4697     114        1.67x      74.0%            72.4%
Kentucky                               7        26,947,000       0.6      5.7303      96        2.07x      66.9%            64.8%
Hawaii                                 1        26,900,000       0.6      5.9900     116        1.55x      90.1%            90.1%
North Carolina                         8        24,171,669       0.6      6.2607     111        1.48x      68.5%            60.0%
District Of Columbia                   1        22,000,000       0.5      5.7340     119        1.62x      72.6%            72.6%
Louisiana                              4        20,337,739       0.5      5.9764     119        1.18x      79.3%            70.0%
Missouri                               3        18,800,000       0.4      5.7010     118        1.73x      73.0%            73.0%
Nevada                                 3        11,600,000       0.3      5.6553     119        1.18x      73.3%            67.3%
Minnesota                              3        10,980,000       0.3      6.2747     102        1.41x      71.7%            67.6%
Alabama                                4        10,105,000       0.2      5.8000     119        1.29x      78.6%            74.0%
Arizona                                1         9,400,000       0.2      5.4335     113        1.88x      74.2%            74.2%
Kansas                                 1         9,110,974       0.2      6.2250      58        1.24x      79.2%            79.2%
Iowa                                   1         8,000,000       0.2      5.4335     113        1.88x      74.2%            74.2%
Various(4)                             1         6,360,000       0.1      5.6615      58        1.58x      80.0%            80.0%
Utah                                   1         6,321,783       0.1      5.9350     117        1.25x      70.2%            59.6%
New Mexico                             1         5,210,000       0.1      6.9210      84        1.73x      63.5%            50.8%
Delaware                               1         2,040,000       0.0      6.1170     116        1.68x      65.9%            65.9%
Maine                                  1         1,797,000       0.0      6.1170     116        1.68x      65.9%            65.9%
Mississippi                            1         1,655,000       0.0      5.8650     118        1.18x      77.1%            72.0%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               272    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


(1)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.

(2)   For the ARD loans, the Anticipated Repayment Date.

(3)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(4)   With respect to loan number 156, one mortgage loan secures two properties;
      one located in New Jersey and one in Pennsylvania.


                                     A-2-11



          YEARS BUILT/RENOVATED FOR LOAN GROUP 1 MORTGAGE LOANS(1),(2)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
YEARS                          MORTGAGED         DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
BUILT/RENOVATED               PROPERTIES       BALANCE      BALANCE      RATE      (MOS.)(3)    DSCR      RATIO(4)  MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

         1895 - 1969                   6    $   93,605,199       2.2%     6.0194%    115        1.22x      71.8%            70.1%
         1970 - 1979                   3        30,173,951       0.7      5.5417     116        1.64x      69.4%            65.9%
         1980 - 1989                  35       649,931,693      15.2      5.7864     112        1.42x      70.8%            68.3%
         1990 - 1999                  70       701,061,424      16.4      5.7667     108        1.32x      73.3%            68.7%
         2000 - 2007                 158     2,796,543,632      65.5      5.8959      98        1.32x      72.8%            69.6%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               272    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


              PREPAYMENT PROTECTION FOR LOAN GROUP 1 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
PREPAYMENT                     MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
PROTECTION                       LOANS         BALANCE      BALANCE      RATE      (MOS.)(3)    DSCR      RATIO(4)  MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

Defeasance                           150    $3,057,323,346      71.6%     5.8449%    108        1.32x      73.3%            70.4%
Yield Maintenance                     32       804,356,019      18.8      5.7919      96        1.43x      67.6%            61.6%
YM, Def/YM                             5       298,000,000       7.0      6.2199      61        1.26x      78.5%            78.5%
Def/YM                                 2        63,963,000       1.5      5.6686      87        1.42x      67.2%            67.2%
YM/Def                                15        27,673,534       0.6      5.8976     118        1.24x      76.2%            69.7%
Def, Def/YM                            1        20,000,000       0.5      5.7280     119        1.11x      74.1%            69.0%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                               205    $4,271,315,899     100.0%     5.8582%    102        1.34X      72.5%            69.2%
                               ====================================================================================================


          PARTIAL INTEREST ONLY PERIODS FOR LOAN GROUP 1 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
PARTIAL INTEREST               MORTGAGE          DATE       GROUP 1    MORTGAGE      TERM        UW        LTV           AT
ONLY PERIODS                     LOANS         BALANCE      BALANCE      RATE      (MOS.)(3)    DSCR      RATIO(4)  MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

           12 - 12                     4    $   70,165,000       7.2%     5.8528%     69        1.12x      77.7%            72.3%
           13 - 24                    14       230,710,000      23.8      6.3081     108        1.24x      70.0%            62.7%
           25 - 36                    10       109,920,000      11.3      6.0691      99        1.23x      78.4%            72.6%
           37 - 48                     2         8,750,000       0.9      6.0144     119        1.18x      78.8%            72.6%
           49 - 72                    45       550,066,660      56.7      5.9688     117        1.20x      75.9%            70.3%
                               ----------------------------------------------------------------------------------------------------
                                      75    $  969,611,660     100.0%     6.0529%    110        1.21X      74.9%            68.9%
                               ====================================================================================================


(1)   Range of Years Built/Renovated references the earlier of the year built or
      with respect to renovated properties, the year of the most recent
      renovation date with respect to each Mortgaged Property.

(2)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.

(3)   For the ARD loans, the Anticipated Repayment Date.

(4)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-12



                                                                       ANNEX A-2

              CUT-OFF DATE BALANCES FOR LOAN GROUP 2 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
CUT-OFF DATE BALANCES            LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

   $1,920,000 -  $2,999,999            3    $    7,213,543       0.6%     6.0311%    119        1.28x      68.9%            59.6%
   $3,000,000 -  $3,999,999            2         7,020,000       0.6      5.8018      89        1.41x      69.7%            69.7%
   $4,000,000 -  $4,999,999            3        13,597,000       1.2      5.9618     119        1.34x      79.5%            77.7%
   $5,000,000 -  $6,999,999           10        60,071,959       5.2      5.8691     104        1.26x      75.7%            70.5%
   $7,000,000 -  $9,999,999           13       104,305,000       9.0      5.6525     105        1.26x      72.3%            70.4%
  $10,000,000 - $14,999,999            6        74,060,000       6.4      5.8843      84        1.30x      71.5%            71.5%
  $15,000,000 - $24,999,999           10       167,135,000      14.5      5.7226     105        1.31x      76.8%            74.9%
  $25,000,000 - $90,000,000           14       722,650,000      62.5      5.7779      96        1.37x      69.9%            69.0%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


                 MORTGAGE RATES FOR LOAN GROUP 2 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
MORTGAGE RATES                   LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

      5.3950% - 5.7499%               33    $  628,685,206      54.4%     5.5828%    111        1.36x      70.0%            68.8%
      5.7500% - 6.2499%               26       518,671,039      44.9      5.9936      82        1.33x      73.5%            72.2%
      6.2500% - 6.6189%                2         8,696,257       0.8      6.5076      95        1.23x      72.6%            62.9%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


     ORIGINAL TERM TO MATURITY IN MONTHS FOR LOAN GROUP 2 MORTGAGE LOANS(1)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
ORIGINAL TERM TO               MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

           60 -  84                   20    $  405,275,000      35.1%     5.8777%     62        1.36x      72.6%            72.4%
           85 - 120                   41       750,777,502      64.9      5.7181     118        1.34x      71.1%            69.1%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-13



     REMAINING TERM TO MATURITY IN MONTHS FOR LOAN GROUP 2 MORTGAGE LOANS(1)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
REMAINING TERM TO              MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

           54 -  84                   20    $  405,275,000      35.1%     5.8777%     62        1.36x      72.6%            72.4%
           85 - 120                   41    $  750,777,502      64.9      5.7181%    118        1.34x      71.1%            69.1%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


     ORIGINAL AMORTIZATION TERM IN MONTHS FOR LOAN GROUP 2 MORTGAGE LOANS(3)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
ORIGINAL AMORTIZATION          MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

          300 - 360                   20    $  262,247,502     100.0%     5.8771%    116        1.19x      75.6%            69.7%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                20    $  262,247,502     100.0%     5.8771%    116        1.19X      75.6%            69.7%
                               ====================================================================================================


    REMAINING AMORTIZATION TERM IN MONTHS FOR LOAN GROUP 2 MORTGAGE LOANS(3)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
REMAINING AMORTIZATION         MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
MATURITY IN MONTHS               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

          299 - 360                   20    $  262,247,502     100.0%     5.8771%    116        1.19x      75.6%            69.7%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                20    $  262,247,502     100.0%     5.8771%    116        1.19X      75.6%            69.7%
                               ====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Does not include the mortgage loans that are interest-only for their
      entire term.


                                     A-2-14



               AMORTIZATION TYPES FOR LOAN GROUP 2 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
AMORTIZATION TYPES               LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

BALLOON LOANS

Interest-Only                         41    $  893,805,000      77.3%     5.7438%     93        1.39x      70.4%            70.4%
Partial Interest-Only(3)              15       239,865,500      20.7      5.8605     117        1.19x      76.0%            70.5%
Balloon                                5        22,382,002       1.9      6.0553     110        1.19x      71.7%            61.2%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


               UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS
                        FOR LOAN GROUP 2 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
UNDERWRITTEN                                  AGGREGATE     INITIAL                 STATED               CUT-OFF
CASH FLOW                      NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
DEBT SERVICE                   MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
COVERAGE RATIOS                  LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        1.07X - 1.09X                  5    $  133,167,285      11.5%     5.9069%     60        1.08x      76.9%            76.7%
        1.10X - 1.14X                  1         7,000,000       0.6      5.7450     116        1.14x      56.0%            52.2%
        1.15X - 1.19X                  8       185,342,753      16.0      5.9128     109        1.17x      76.3%            72.0%
        1.20X - 1.29X                 26       440,457,463      38.1      5.6341     111        1.23x      73.7%            72.1%
        1.30X - 1.69X                 19       237,585,000      20.6      5.7660      96        1.39x      72.9%            72.9%
        1.70X - 2.28X                  2       152,500,000      13.2      5.9077      83        2.04x      54.1%            54.1%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


           CUT-OFF DATE LTV RATIOS FOR LOAN GROUP 2 MORTGAGE LOANS(2)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
CUT-OFF DATE                   MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
LTV RATIOS                       LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        42.9% - 65.0%                  9    $  218,747,285      18.9%     5.8206%     83        1.79x      56.5%            56.1%
        65.1% - 70.0%                  8       201,046,257      17.4      5.5645     115        1.27x      67.1%            66.9%
        70.1% - 75.0%                 11       207,397,706      17.9      5.9853     115        1.25x      73.6%            70.6%
        75.1% - 80.0%                 30       471,973,253      40.8      5.7752      90        1.22x      78.6%            77.0%
        80.1% - 82.3%                  3        56,888,000       4.9      5.5563     102        1.31x      80.8%            80.2%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Includes one partial interest-only ARD loan representing 1.3% of the
      initial pool balance.


                                     A-2-15



         MATURITY DATE LTV RATIOS FOR LOAN GROUP 2 MORTGAGE LOANS(1),(2)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
MATURITY DATE                  MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
LTV RATIOS                       LOANS         BALANCE      BALANCE      RATE      (MOS.)(1)    DSCR      RATIO(2)  MATURITY(1),(2)
-----------------------------------------------------------------------------------------------------------------------------------

        42.9% - 65.0%                 13    $  239,476,002      20.7%     5.8233%     86        1.74x      57.9%            56.6%
        65.1% - 70.0%                 11       317,800,000      27.5      5.7690     115        1.24x      70.0%            68.0%
        70.1% - 75.0%                 13       184,843,500      16.0      5.7040     116        1.25x      76.2%            73.4%
        75.1% - 80.0%                 22       362,933,000      31.4      5.8123      82        1.22x      78.5%            78.3%
        80.1% - 81.5%                  2        51,000,000       4.4      5.5559     100        1.33x      80.6%            80.6%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


         TYPE OF MORTGAGED PROPERTIES FOR LOAN GROUP 2 MORTGAGE LOANS(3)



                                                                               WEIGHTED AVERAGES
                                                                     ---------------------------------------
                                              AGGREGATE      % OF                     CUT-OFF
                               NUMBER OF       CUT-OFF      INITIAL                    DATE
                               MORTGAGED        DATE       LOAN GROUP 2       UW        LTV
PROPERTY TYPE                  PROPERTIES      BALANCE      BALANCE         DSCR      RATIO(2)    OCCUPANCY
------------------------------------------------------------------------------------------------------------

MULTIFAMILY
Garden                                39    $  448,390,994      38.8%       1.30x       76.6%       93.1%
Mid/High Rise                         29       427,471,508      37.0        1.51x       63.5%       95.7%
                               -----------------------------------------------------------------------------
SUBTOTAL:                             68    $  875,862,502      75.8%       1.40X       70.2%       94.4%

MANUFACTURED HOUSING                  18    $  274,190,000      23.7%       1.15x       76.2%       88.1%

MULTIFAMILY/RETAIL                     1    $    6,000,000       0.5%       1.29x       67.0%       50.0%
                               -----------------------------------------------------------------------------
TOTAL:                                87    $1,156,052,502     100.0%       1.34X       71.6%       92.7%
                               =============================================================================


(1)   For the ARD loans, the Anticipated Repayment Date.

(2)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.

(3)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.


                                     A-2-16



       MORTGAGED PROPERTIES BY LOCATION FOR LOAN GROUP 2 MORTGAGE LOANS(1)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
                               MORTGAGED         DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
LOCATION                      PROPERTIES       BALANCE      BALANCE      RATE      (MOS.)(2)    DSCR      RATIO(3)  MATURITY(2),(3)
-----------------------------------------------------------------------------------------------------------------------------------

New York                              13    $  335,100,000      29.0%     5.5768%    110        1.44x      63.0%            62.6%
Florida                                8       157,486,257      13.6      5.8717      65        1.13x      76.3%            75.8%
Texas                                 16       157,401,500      13.6      5.7713     101        1.29x      78.6%            76.6%
California                            22       142,275,991      12.3      6.0057      77        1.64x      66.0%            65.3%
Michigan                               8        72,843,000       6.3      6.2060     117        1.19x      74.5%            69.9%
Tennessee                              1        59,100,000       5.1      5.7175     118        1.25x      79.0%            79.0%
Arizona                                2        42,944,000       3.7      5.5308     118        1.29x      79.1%            77.7%
Nevada                                 2        37,300,000       3.2      5.7696      71        1.18x      78.6%            77.6%
Alabama                                1        36,000,000       3.1      5.5600     120        1.15x      79.6%            74.1%
Kentucky                               2        26,000,000       2.2      6.1197     109        1.49x      73.8%            72.1%
Indiana                                2        16,407,000       1.4      6.2060     117        1.19x      74.5%            69.9%
Virginia                               1        14,990,000       1.3      5.6200     117        1.31x      71.0%            71.0%
Maryland                               2        14,000,000       1.2      5.7010      82        1.37x      65.4%            65.4%
Wisconsin                              2        13,294,753       1.2      5.6678     118        1.38x      78.5%            73.9%
Missouri                               2        12,350,000       1.1      5.6481      91        1.23x      79.4%            73.5%
Nebraska                               1         8,000,000       0.7      5.7100      57        1.36x      80.0%            80.0%
Massachusetts                          1         5,800,000       0.5      5.7200      56        1.30x      74.7%            74.7%
Georgia                                1         4,760,000       0.4      5.6580     118        1.19x      78.8%            73.4%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                87    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


(1)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.

(2)   For the ARD loans, the Anticipated Repayment Date.

(3)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-17



          YEARS BUILT/RENOVATED FOR LOAN GROUP 2 MORTGAGE LOANS(1),(2)



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
YEARS                          MORTGAGED         DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
BUILT/RENOVATED               PROPERTIES       BALANCE      BALANCE      RATE      (MOS.)(3)    DSCR      RATIO(4)  MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

         1960 - 1979                  13    $  119,187,285      10.3%     5.8309%     96        1.23x      73.8%            72.1%
         1980 - 1989                  17       229,939,206      19.9      5.7331     111        1.25x      78.0%            75.6%
         1990 - 1999                  18       217,160,509      18.8      5.8731      88        1.29x      74.1%            72.6%
         2000 - 2007                  39       589,765,501      51.0      5.7421      97        1.42x      67.8%            67.0%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                87    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


              PREPAYMENT PROTECTION FOR LOAN GROUP 2 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
PREPAYMENT                     MORTGAGED         DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
PROTECTION                       LOANS         BALANCE      BALANCE      RATE      (MOS.)(3)    DSCR      RATIO(4)  MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

Defeasance                            47    $  939,166,510      81.2%     5.7341%     97        1.36x      71.1%            70.1%
Yield Maintenance                     11       164,360,991      14.2      6.0331     100        1.25x      73.8%            70.5%
Def/YM                                 1        29,000,000       2.5      5.5750     118        1.20x      73.0%            73.0%
Def, Fixed Penalty                     1        14,990,000       1.3      5.6200     117        1.31x      71.0%            71.0%
No Penalty                             1         8,535,000       0.7      6.1300      59        1.35x      76.2%            76.2%
                               ----------------------------------------------------------------------------------------------------
TOTAL:                                61    $1,156,052,502     100.0%     5.7741%     98        1.34X      71.6%            70.3%
                               ====================================================================================================


          PARTIAL INTEREST ONLY PERIODS FOR LOAN GROUP 2 MORTGAGE LOANS



                                                                                          WEIGHTED AVERAGES
                                                                     --------------------------------------------------------------
                                                             % OF
                                              AGGREGATE     INITIAL                 STATED               CUT-OFF
                               NUMBER OF       CUT-OFF       LOAN                  REMAINING               DATE       LTV RATIO
PARTIAL INTEREST               MORTGAGE          DATE       GROUP 2    MORTGAGE      TERM        UW        LTV           AT
ONLY PERIODS                     LOANS         BALANCE      BALANCE      RATE      (MOS.)(3)    DSCR      RATIO(4)  MATURITY(3),(4)
-----------------------------------------------------------------------------------------------------------------------------------

           24 - 48                     4    $   35,694,000      14.9%     5.6824%    108        1.25x      77.7%            69.6%
           49 - 60                    11       204,171,500      85.1      5.8916     118        1.18x      75.7%            70.7%
                               ----------------------------------------------------------------------------------------------------
                                      15    $  239,865,500     100.0%     5.8605%    117        1.19X      76.0%            70.5%
                               ====================================================================================================


(1)   Range of Years Built/Renovated references the earlier of the year built or
      with respect to renovated properties, the year of the most recent
      renovation date with respect to each Mortgaged Property.

(2)   Because this table is presented at the Mortgaged Property level, certain
      information is based on allocated loan amounts for mortgage loans secured
      by more than one Mortgaged Property. As a result, the weighted averages
      presented in this table may deviate slightly from weighted averages
      presented at the mortgage loan level in other tables in this free writing
      prospectus.

(3)   For the ARD loans, the Anticipated Repayment Date.

(4)   With respect to certain mortgage loans, the loan to value ratios were
      based upon the "as stabilized" values rather than the "as-is" values or
      with certain other adjustments.


                                     A-2-18

ANNEX A-3

DESCRIPTION OF TOP FIFTEEN MORTGAGE LOANS OR GROUPS OF CROSS-COLLATERALIZED
MORTGAGE LOANS AND ADDITIONAL MORTGAGE LOAN INFORMATION

Annex A-3-1

STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
 TOP FIFTEEN MORTGAGE LOANS OR GROUPS OF CROSS-COLLATERALIZED MORTGAGE LOANS(1)
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
LOAN                                                          NUMBER OF    LOAN
SELLER(2)  LOAN NAME                      CITY, STATE         PROPERTIES   GROUP
--------------------------------------------------------------------------------

UBS        GSA Portfolio                  Various, Various         9         1

EHY        Maple Drive Portfolio          Beverly Hills, CA        3         1

UBS        315 Park Avenue South          New York, NY             1         1

UBS        Save Mart Portfolio            Various, CA             31         1

JPMCB      5 Penn Plaza                   New York, NY             1         1
--------------------------------------------------------------------------------
JPMCB      Franklin Mills                 Philadelphia, PA         1         1

UBS        Hyatt Regency - Jacksonville   Jacksonville, FL         1         1

UBS        Americold Portfolio            Various, Various         7         1

NATIXIS    Genesee Valley Center          Flint, MI                1         1

EHY        ChampionsGate Hotel            ChampionsGate, FL        1         1
--------------------------------------------------------------------------------
NCCI       Lembi Portfolio                San Francisco, CA       16         2

AIG        Denmark MHC Portfolio          Various, Various        10         2

NCCI       Stadium Towers                 Anaheim, CA              1         1

UBS        2030 Broadway                  New York, NY             1         2

UBS        Embassy Suites Atlanta         Atlanta, GA              1         1
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
           TOP 5 TOTAL/WEIGHTED AVERAGE
           TOP 10 TOTAL/WEIGHTED AVERAGE
           TOP 15 TOTAL/WEIGHTED AVERAGE
--------------------------------------------------------------------------------


-------------------------------------------------------------------------------------------------
LOAN        CUT-OFF DATE    % OF                       UW     CUT-OFF DATE         PROPERTY
SELLER(2)     BALANCE        IPB    SF/UNITS/ ROOMS   DSCR     LTV RATIO             TYPE
-------------------------------------------------------------------------------------------------

UBS        $  284,000,000    5.2%      1,101,778      1.24x      79.2%              Office

EHY        $  220,000,000    4.1%        583,780      1.34x      66.3%              Office

UBS        $  219,000,000    4.0%        333,641      1.21x      76.8%              Office

UBS        $  209,064,838    3.9%      1,611,853      1.25x      67.2%              Retail

JPMCB      $  203,000,000    3.7%        656,824      1.21x      67.7%              Office
-------------------------------------------------------------------------------------------------
JPMCB      $  174,000,000    3.2%      1,579,457      1.26x      78.4%              Retail

UBS        $  150,000,000    2.8%            966      1.40x      78.9%              Hotel

UBS        $  115,300,000    2.1%      1,373,997      1.88x      74.2%            Industrial

NATIXIS    $  110,668,660    2.0%        542,588      1.11x      72.6%              Retail

EHY        $  100,000,000    1.8%            730      1.27x      64.2%              Hotel
-------------------------------------------------------------------------------------------------
NCCI       $   90,000,000    1.7%            662      1.87x      61.9%           Multifamily

AIG        $   89,250,000    1.6%          3,489      1.19x      74.5%       Manufactured Housing

NCCI       $   83,200,000    1.5%        257,248      1.40x      59.4%              Office

UBS        $   80,000,000    1.5%            153      1.20x      67.7%           Multifamily

UBS        $   80,000,000    1.5%            321      1.65x      64.5%              Hotel
-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------
           $1,135,064,838   20.9%                     1.25x      72.0%
           $1,785,033,498   32.9%                     1.30x      72.9%
           $2,207,483,498   40.7%                     1.33x      71.5%
-------------------------------------------------------------------------------------------------


(1)   Information with respect to the mortgage loans with one or more
      subordinate companion loans is calculated without regard to the related
      subordinate companion loan and in the case of mortgage loans with one or
      more pari passu companion loans, the information in certain circumstances,
      particularly as it relates to the debt service coverage ratios and
      loan-to-value ratios, is calculated including the principal balance of,
      and debt service payments on, the related pari passu companion loans.

(2)   "JPMCB" = JPMorgan Chase Bank, N.A.; "NCCI" = Nomura Credit & Capital,
      Inc; ""EHY"= Eurohypo AG, New York Branch; "Natixis"= Natixis Real Estate
      Capital Inc.; "UBS" = UBS Real Estate Securities Inc.; "AIG" = AIG
      Mortgage Capital, LLC


                                      A-3-2

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                            PARI PASSU LOAN SUMMARY
--------------------------------------------------------------------------------



-----------------------------------------------------------------------------------------------------------------------------
 LOAN ID                                         A-NOTE BALANCE AS OF                           MASTER
   NO.      LOAN SELLER   LOAN NAME                  CUT-OFF DATE          TRANSACTION         SERVICER      SPECIAL SERVICER
-----------------------------------------------------------------------------------------------------------------------------

    6          JPMCB      Franklin Mills             $174,000,000       JPMCC 2007-LDP11(2)  Wachovia Bank      CWCapital
                                                     $116,000,000              TBD                TBD              TBD

   10           EHY       ChampionsGate Hotel        $100,000,000       JPMCC 2007-LDP11(2)  Wachovia Bank      CWCapital
                                                     $ 50,000,000              TBD                TBD              TBD

   25           EHY       JQH Hotel Portfolio        $100,000,000              TBD2               TBD              TBD
                                                     $ 50,000,000        JPMCC 2007-LDP11    Wachovia Bank      CWCapital

   39          JPMCB      Carespring Portfolio       $ 34,155,000       JPMCC 2007-LDP11(2)  Wachovia Bank      CWCapital
                                                     $ 34,155,000              TBD                TBD              TBD
                                                     $ 34,155,000              TBD                TBD              TBD

VARIOUS(3)    Natixis      Logan Portfolio           $ 21,180,000       JPMCC 2007-LDP11(2)  Wachovia Bank      CWCapital
                                                     $ 21,180,000              TBD                TBD
-----------------------------------------------------------------------------------------------------------------------------


(1)   "JPMCB" = JPMorgan Chase Bank, N.A.; "Natixis"= Natixis Real Estate
      Capital Inc.; "EHY"= Eurohypo AG, New York Branch.

(2)   Represents the controlling pooling and servicing agreement for the related
      mortgage loan.

(3)   Consists of loan numbers 248, 251-253, 255, and 257-265.


                                      A-3-3

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                          ADDITIONAL DEBT LOAN SUMMARY
--------------------------------------------------------------------------------



-------------------------------------------------------------------------------------------------
                                      CUT-OFF                               TRUST
                                        DATE                               CUT-OFF
                                       TRUST        % OF    PARI PASSU      DATE        TRUST
           LOAN NAME                 BALANCE(1)     IPB        DEBT       LTV(2),(3)  DSCR(2),(4)
-------------------------------------------------------------------------------------------------

GSA PORTFOLIO                      $  284,000,000    5.2%  $          0     79.2%       1.24x
315 PARK AVENUE SOUTH                 219,000,000    4.0              0     76.8        1.21x
FRANKLIN MILLS                        174,000,000    3.2    116,000,000     78.4        1.26x
CHAMPIONSGATE HOTEL                   100,000,000    1.8     50,000,000     64.2        1.27x
LEMBI PORTFOLIO                        90,000,000    1.7              0     61.9        1.87x
DENMARK MHC PORTFOLIO                  89,250,000    1.6              0     74.5        1.19x
STADIUM TOWERS                         83,200,000    1.5              0     59.4        1.40x
HEALTHNET HEADQUARTERS                 74,800,000    1.4              0     80.0        1.33x
625 BROADWAY                           53,000,000    1.0              0     69.3        1.16x
JQH HOTEL PORTFOLIO                    50,000,000    0.9    100,000,000     73.0        1.73x
CARESPRING PORTFOLIO                   34,155,000    0.6     68,310,000     60.7        2.75x
EMBASSY SUITES HOTEL & EXECUTIVE
MEETING CENTER                         33,600,000    0.6              0     76.8        1.42x
SMOKETOWN PLAZA                        28,500,000    0.5              0     77.2        1.23x
439 86TH STREET                        24,000,000    0.4              0     79.7        1.21x
500 DAVIS CENTER                       17,927,153    0.3              0     71.7        1.32x
EDENTREE APARTMENT VILLAGE             15,000,000    0.3              0     81.5        1.41x
SQUIRE HILL APARTMENTS                 14,990,000    0.3              0     71.0        1.31x
PARKWAY TOWERS                         14,500,000    0.3              0     73.6        1.27x
BARBANEL MULTIFAMILY PORTFOLIO         10,200,000    0.2              0     58.6        1.30x
FOOTHILL GLEN APARTMENTS                8,535,000    0.2              0     76.2        1.35x
ASHLEY FURNITURE                        5,914,030    0.1              0     74.9        1.28x
LOGAN PORTFOLIO(6)                     21,180,000    0.0     21,180,000     77.1        1.18x
-------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE             $1,445,751,183   26.6%  $355,490,000     73.7%       1.35x
-------------------------------------------------------------------------------------------------


-------------------------------------------------------------------------------------------------------------
                                     JUNIOR/      CUT-OFF DATE        TOTAL         TOTAL       CUT-OFF
                                    B-NOTES/         TOTAL           MORTGAGE      MORTGAGE       DATE
                                   SUBORDINATE      MORTGAGE       DEBT CUT-OFF      DEBT      MEZZANINE
           LOAN NAME                 SECURED        DEBT(2)       DATE LTV(2),(3)  DSCR(2,4)    BALANCE
-------------------------------------------------------------------------------------------------------------

GSA PORTFOLIO                      $         0   $  284,000,000        79.2%        1.24x     $ 21,502,000
315 PARK AVENUE SOUTH                        0      219,000,000        76.8         1.21x       30,500,000
FRANKLIN MILLS                               0      290,000,000        78.4         1.26x                0
CHAMPIONSGATE HOTEL                          0      150,000,000        64.2         1.27x                0
LEMBI PORTFOLIO                     25,000,000      115,000,000        79.1         1.37x       17,430,000
DENMARK MHC PORTFOLIO                        0       89,250,000        74.5         1.19x       11,850,000
STADIUM TOWERS                      16,800,000      100,000,000        71.4         1.10x                0
HEALTHNET HEADQUARTERS                       0       74,800,000        80.0         1.33x       16,644,306
625 BROADWAY                                 0       53,000,000        69.3         1.16x        7,000,000
JQH HOTEL PORTFOLIO                          0      150,000,000        73.0         1.73x                0
CARESPRING PORTFOLIO                         0      102,465,000        60.7         2.75x                0
EMBASSY SUITES HOTEL & EXECUTIVE
MEETING CENTER                               0       33,600,000        76.8         1.42x        2,844,000
SMOKETOWN PLAZA                              0       28,500,000        77.2         1.23x                0(5)
439 86TH STREET                              0       24,000,000        79.7         1.21x        2,500,000
500 DAVIS CENTER                     3,000,000       20,927,153        83.7         1.07x                0
EDENTREE APARTMENT VILLAGE           1,000,000       16,000,000        87.0         1.30x        3,040,000
SQUIRE HILL APARTMENTS               1,600,000       16,590,000        78.6         1.15x                0
PARKWAY TOWERS                               0       14,500,000        73.6         1.27x        1,500,000
BARBANEL MULTIFAMILY PORTFOLIO               0       10,200,000        58.6         1.30x        2,300,000
FOOTHILL GLEN APARTMENTS             1,500,000       10,035,000        89.6         1.10x                0
ASHLEY FURNITURE                             0        5,914,030        74.9         1.28x          786,596
LOGAN PORTFOLIO(6)                           0       42,360,000        77.1         1.18x                0
-------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE             $48,900,000   $1,850,141,183        75.0%        1.36x     $117,896,902
-------------------------------------------------------------------------------------------------------------


(1)   Includes only those assets that are included in the trust fund.

(2)   Information with regard to any mortgage loan with one or more subordinate
      companion loans is calculated without regard to the related subordinate
      companion loan(s), an in the case of the the Franklin Mills, ChampionsGate
      Hotel, JQH Hotel Portfolio, Carespring Portfolio and the Logan Portfolio
      loans, in certain circumstances, such information, particularly as it
      relates to debt service coverage ratios and loan-to-value ratios, includes
      the principal balance and debt service payments of the respective pari
      passu companion loans.

(3)   With respect to certain mortgage loans, the cut-off date LTV Ratio was
      calculated net of certain reserves and/or certain other assumptions or
      adjustments were made in making such calculation. In addition, with
      respect to certain mortgage loans, the loan-to-value ratios were based
      upon the "as-stabilized" values other than the "as-is" value or with
      ceratin other adjustments as defined in the related appraisal.

(4)   With respect to certain mortgage loans, the (UW) DSCR was calculated net
      of certain reserves and/or certain other assumptions or adjustments were
      made in making such calculation.

(5)   The sponsor of the related borrower has an outstanding revolving credit
      facility with Natixis Real Estate Capital Inc., as lender, secured by,
      among other things, 100% of the equity interests in the borrower.

(6)   Consists of loan numbers 248, 251-253, 255 and 257-265.


                                      A-3-4

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                      A-3-5

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 GSA PORTFOLIO
--------------------------------------------------------------------------------


                       [4 PHOTOS OF GSA PORTFOLIO OMITTED]


                                      A-3-6

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  GSA PORTFOLIO
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $284,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $284,000,000
% OF POOL BY IPB:                         5.2%
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 Denver EPA OC, LLC; Lenexa FDA
                                          OC, LLC; Buffalo NY SSA, LLC;
                                          Acquest Government Leases, LLC;
                                          Pittsburgh USCIS OC, LLC;
                                          Charleston SSA OC, LLC;
                                          Martinsburg IRS OC, LLC; Mineral
                                          Wells BPD OC, LLC;
                                          Parkersburg BPD OC, LLC
SPONSOR:                                  Record Realty (US) LLC
ORIGINATION DATE:                         04/13/07
INTEREST RATE:                            6.22500%
INTEREST-ONLY PERIOD:                     61 months
MATURITY DATE:                            05/09/12
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(9),Grtr1%orYM(15),DeforGrtr1%
                                          orYM(30),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          $21,502,000
ADDITIONAL DEBT TYPE(1):                  Mezzanine Loan, Permitted
                                          Mezzanine Loan
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                         INITIAL                       MONTHLY
                                          --------------------------------------
TAXES:                                    $417,364                      $181,013
INSURANCE:                                $ 51,827                      $ 32,481
DEFERRED MAINTENANCE:                     $  7,250                      $      0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Portfolio
TITLE:                                    Fee
PROPERTY TYPE:                            Office -- CBD
SQUARE FOOTAGE:                           1,101,778
LOCATION:                                 Various
YEAR BUILT/RENOVATED:                     Various/Various
OCCUPANCY:                                97.1%
OCCUPANCY DATE:                           Various
NUMBER OF TENANTS:                        19
UW REVENUES:                              $ 29,781,408
UW EXPENSES:                              $  7,413,384
UW NOI:                                   $ 22,368,024
UW NET CASH FLOW:                         $ 22,165,509
APPRAISED VALUE:                          $358,700,000
APPRAISAL DATE:                           11/01/06
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $ 258
CUT-OFF DATE LTV:                         79.2%
MATURITY DATE LTV:                        79.2%
UW DSCR:                                  1.24x
--------------------------------------------------------------------------------



----------------------------------------------------------------------------------------------------------------------
                                                   SIGNIFICANT TENANTS

TENANT NAME                       MOODY'S/S&P(2)   SQUARE FEET   % OF TOTAL SF   BASE RENT PSF   LEASE EXPIRATION YEAR
----------------------------------------------------------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY     Aaa / AAA        248,849         22.6%          $ 29.95              2016
BUREAU OF PUBLIC DEBT(3)            Aaa / AAA        220,824         20.0%          $ 24.03           2017, 2021
INTERNAL REVENUE SERVICES(4)        Aaa / AAA        183,155         16.6%          $ 24.66           2014, 2015
VETERANS ADMINISTRATION(5)          Aaa / AAA        102,963          9.3%          $ 24.39              2015
----------------------------------------------------------------------------------------------------------------------


(1)   Future mezzanine debt is permitted subject to certain conditions
      including, but not limited to; (i) the loan-to-value ratio must not exceed
      85% and (ii) the debt service coverage ratio must be equal to or greater
      than 1.00x.

(2)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Name" field whether or not the parent company guarantees the
      lease.

(3)   The tenant has 2 leases, one for 182,500 square feet at a rental rate of
      $25.64 per square foot expiring in 2021 and the second for 38,324 square
      feet at a rental rate of $16.36 per square foot expiring in 2017.

(4)   The tenant has 2 leases, one for 122,475 square feet at a rental rate of
      $24.72 per square foot expiring in 2015 and the second for 60,680 square
      feet at a rental rate of $24.54 per square foot expiring in 2014.

(5)   The tenant has 2 leases, one for 85,728 square feet at a rental rate of
      $24.52 per square foot and the second for 17,235 square feet at a rental
      rate of $23.73 per square foot. Both leases expire in 2015.


                                      A-3-7

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  GSA PORTFOLIO
--------------------------------------------------------------------------------

THE LOAN. The GSA Portfolio loan is secured by a first lien mortgage in the fee
interest in 9 office buildings located in Denver, Colorado, Buffalo, New York,
Parkersburg, West Virginia, Martinsburg, West Virginia, Charleston, West
Virginia, Pittsburgh, Pennsylvania, Lenexa, Kansas and Mineral Wells, West
Virginia.

THE BORROWER. The borrower is comprised of 9 single purpose entities, which
includes Denver EPA OC, LLC; Lenexa FDA OC, LLC; Buffalo NY SSA, LLC; Acquest
Government Leases, LLC; Pittsburgh USCIS OC, LLC; Charleston SSA OC, LLC;
Martinsburg IRS OC, LLC; Mineral Wells BPD OC, LLC; and Parkersburg BPD OC, LLC.

THE SPONSOR. The loan sponsor is Record Realty (US) LLC, which is indirectly
owned by Record Realty Trust, which has ownership interests in 41 properties
spread across Australia, Germany and the United States with an assessed value
totaling approximately US$1.6 billion.

PARTIAL RELEASE. Provided no event of default exists under the related loan
documents, the GSA Office Portfolio loan permits the release of 1 or more of the
mortgaged properties upon the satisfaction of certain terms and conditions,
including but not limited to: (i) partial defeasance or partial prepayment (with
yield maintenance) of (a) for the first 10% of the principal balance of the
mortgage loan, 100% of the allocated loan amount; (b) for the next 10% to 20% of
the principal balance of the mortgage loan, 110% of the allocated loan amount;
(c) for the remainder of the mortgage loan, 125% of the allocated loan amount;
and (ii) the debt service coverage ratio, as of the date immediately after the
release of the individual mortgaged property, for the mortgaged properties then
remaining subject to the lien of the mortgage must be equal to or greater than
the greater of (a) 1.10x and (b) the debt service coverage ratio for the
individual mortgaged properties subject to the mortgage (including the
individual mortgaged property to be released) as of the date immediately
preceding the release of the individual mortgaged property.

THE PROPERTIES. The mortgage loan is collateralized by 9 office properties
located throughout the U.S. The properties are 97.1% occupied with approximately
97.8% of the revenue being generated by government agencies. The portfolio
consists primarily of recently built or renovated properties that meet the
General Services Administration ("GSA") security specifications and work-space
requirements established for government tenants. The weighted average remaining
lease term based upon rentable square feet is approximately 8.4 years. The
tenant base consists of 17 tenants, including 12 government agencies. The
Environmental Protection Agency (the "EPA"), the largest tenant in the portfolio
in terms of both rentable square feet (22.6%) and total rental revenue (26.2%).
Approximately 13.4% of the net rentable area (5 leases) is leased to tenants
with termination options within the loan term. An additional 14.2% of the net
rentable area (3 leases) is leased to tenants with termination options beyond
the loan term.

1501 WYNKOOP -- DENVER, CO The property is a newly constructed, build-to-suit
building, with a long term first generation lease through 2016 and is the
regional headquarters for the EPA. The property also contains 3 retail tenants,
which are Starbucks Corporation, JP Morgan Chase Bank ("Aa2/AA-" by Moody's/S&P)
and Heidi's Brooklyn Deli, with all three leases expiring in 2017. The property
is 96.3% occupied with an average rent of $30.20 per square foot.

130 SOUTH ELMWOOD AVENUE -- BUFFALO, NY The property is a multi-tenant office
building with a 475 parking space garage occupied by 7 office tenants and a
retail tenant. The property, constructed in 2004, is occupied by 7 tenants with
the Veterans Administration occupying 38.1% of the net rentable area. All leases
are first-generation leases that extend beyond the loan term. The property is
91.9% occupied with an average rent of $23.87 per square foot. 6 tenants have
lease termination options between 2009 and 2013.

320 AVERY STREET -- PARKERSBURG, WV The property is a newly constructed single
tenant building with a 17-year, first-generation lease expiring in 2021. The
facility serves as the headquarters for the Bureau of Public Debt. The property
is 100.0% occupied at a rental rate of $25.64 per square foot.

145 MURALL DRIVE -- MARTINSBURG, WV The property is a single tenant building
leased to the Internal Revenue Service ("IRS") through 2015. The IRS uses the
space as a processing center and has occupied the property since original
construction. The property is 100.0% occupied at a rental rate of $24.72 per
square foot. The GSA has an option to purchase the property with 90 days notice
for $24,766,790.

500 QUARRIER STREET -- CHARLESTON, WV The property is a single tenant building
leased to the Social Security Administration through December 2019. The property
is 100.0% occupied at a rental rate of $22.69 per square foot.

3000 SIDNEY STREET -- PITTSBURGH, PA The property is a single tenant
build-to-suit building, leased to the US Citizen and Immigration Services and
the Department of Homeland Security Agency through 2014. The property is 100.0%
occupied at a rental rate of $34.14 per square foot.

11510 WEST 80TH STREET -- LENEXA, KS The property is a 2 building complex leased
to the Food and Drug Administration ("FDA") through 2012. The FDA has been a
tenant since the property's original construction. The two buildings are 100.0%
occupied at a rental rate of $22.25 per square foot.

186 EXCHANGE STREET -- BUFFALO, NY The property, built in 2003, is leased to the
Social Security Administration through 2015. The property is 100.0% occupied at
a rental rate of $25.71 per square foot. The tenant's rent steps down to $14.55
per square foot in 2010. The tenant has a lease termination option in 2010.

457 PETTYVILLE ROAD -- MINERAL WELLS, WV The property is a single tenant
building leased to the Bureau of Public Debt through 2017. The property is
100.0% occupied at a rental rate of $16.36 per square foot. The tenant's rent
steps down to $14.04 per square foot in 2012. The tenant has a lease termination
option in 2012.


                                      A-3-8

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  GSA PORTFOLIO
--------------------------------------------------------------------------------

THE MARKETS.(1) The GSA Portfolio loan contains 9 individual properties among 5
states and located within 7 regional markets, which include Denver, Washington
D.C, Pittsburgh, Charleston, Parkersburg, Buffalo and Kansas City.

PROPERTY MANAGEMENT. The 11510 West 80th Street and 145 Murall Drive properties
are managed by AllCapital/GPT Properties, LLC, which is an affiliated entity of
the borrower. The remaining 7 properties are managed by third party property
management companies, which include Fox Relocation Management Corporation (130
South Elmwood Avenue, 186 Exchange Street), Petroplus & Associates, Inc. (500
Quarrier Street, 457 Pettyville Road, 320 Avery Street), Oxford Development
Company (3000 Sidney Street) and Opus Northwest Management LLC (1501 Wynkoop).

(1)   Certain information was obtained from the GSA Portfolio loan appraisals,
      dated November 1, 2006. The appraisals rely upon many assumptions, and no
      representation is made as to the accuracy of the assumptions underlying
      the related appraisal.



---------------------------------------------------------------------------------------
                                   PROPERTY SUMMARY

                                                YEAR BUILT/
     PROPERTY NAME             LOCATION        YEAR RENOVATED   SQUARE FEET   OCCUPANCY
---------------------------------------------------------------------------------------

1501 WYNKOOP               Denver, CO               2006           276,471      96.3%

130 SOUTH ELMWOOD AVENUE   Buffalo, NY              2004           270,082      91.9%

320 AVERY STREET           Parkersburg, WV          2005           182,500     100.0%

145 MURALL DRIVE(1)        Martinsburg, WV          1996           122,475     100.0%

500 QUARRIER STREET        Charleston, WV       1959 / 2000         90,050     100.0%

3000 SIDNEY STREET         Pittsburgh, PA           2004            36,153     100.0%

11510 WEST 80TH STREET     Lenexa, KS               1992            53,500     100.0%

186 EXCHANGE STREET        Buffalo, NY          2003 / 2005         32,223     100.0%

457 PETTYVILLE ROAD        Mineral Wells, WV        2002            38,324     100.0%
---------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                                          1,101,778      97.1%
---------------------------------------------------------------------------------------


--------------------------------------------------------------------------------------
                                                                        ALLOCATED LOAN
     PROPERTY NAME                 TOP TENANT           % OF TOTAL SF      BALANCE
--------------------------------------------------------------------------------------

1501 WYNKOOP               Environmental                    90.0%       $  95,100,000
                           Protection Agency
130 SOUTH ELMWOOD AVENUE   Veterans                         38.1%          61,468,705
                           Administration
320 AVERY STREET           Bureau of Public Debt           100.0%          52,074,279

145 MURALL DRIVE(1)        Internal Revenue                100.0%          24,700,000
                           Services
500 QUARRIER STREET        Social Security                 100.0%          19,841,677
                           Administration
3000 SIDNEY STREET         US Citizen and Immigration      100.0%          10,042,318
                           Services
11510 WEST 80TH STREET     Food and Drug                   100.0%           9,110,974
                           Administration
186 EXCHANGE STREET        Social Security                 100.0%           6,721,874
                           Administration
457 PETTYVILLE ROAD        Bureau of Public Debt           100.0%           4,940,173
--------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                                                 $ 284,000,000
--------------------------------------------------------------------------------------


(1)   The GSA has an option to purchase the related mortgaged property on 90
      days notice for $24,766,790.



---------------------------------------------------------------------------------------------------------------------------------
                                                     LEASE ROLLOVER SCHEDULE

              NUMBER      SQUARE       % OF                   % OF BASE    CUMULATIVE   CUMULATIVE %   CUMULATIVE    CUMULATIVE %
             OF LEASES     FEET      TOTAL SF    BASE RENT      RENT      SQUARE FEET   OF TOTAL SF     BASE RENT    OF BASE RENT
   YEAR      EXPIRING    EXPIRING    EXPIRING    EXPIRING     EXPIRING      EXPIRING      EXPIRING      EXPIRING       EXPIRING
---------------------------------------------------------------------------------------------------------------------------------

VACANT           4          32,105      2.9%    $   809,503      2.9%         32,105         2.9%      $   809,503        2.9%
2007 & MTM       0               0      0.0               0      0.0          32,105         2.9%      $   809,503        2.9%
2008             0               0      0.0               0      0.0          32,105         2.9%      $   809,503        2.9%
2009             0               0      0.0               0      0.0          32,105         2.9%      $   809,503        2.9%
2010             2          10,344      0.9         305,961      1.1          42,449         3.9%      $ 1,115,465        3.9%
2011             0               0        0               0        0          42,449         3.9%      $ 1,115,465        3.9%
2012             2          53,500      4.9       1,190,391      4.2          95,949         8.7%      $ 2,305,856        8.1%
2013             0               0        0               0        0          95,949         8.7%      $ 2,305,856        8.1%
2014             3          97,487      8.8       2,741,183      9.7         193,436        17.6%      $ 5,047,038       17.8%
2015             6         326,301     29.6       7,870,278     27.7         519,737        47.2%      $12,917,317       45.5%
2016             1         248,849     22.6       7,452,600     26.2         768,586        69.8%      $20,369,917       71.7%
2017             4          46,368      4.2         933,033      3.3         814,954        74.0%      $21,302,950       75.0%
AFTER            3         286,824     26.0       7,100,573     25.0       1,101,778       100.0%      $28,403,523      100.0%
---------------------------------------------------------------------------------------------------------------------------------
TOTAL:                   1,101,778    100.0%    $28,403,523    100.0%
---------------------------------------------------------------------------------------------------------------------------------



                                      A-3-9

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  GSA PORTFOLIO
--------------------------------------------------------------------------------


             [MAP INDICATING THE LOCATION OF GSA PORTFOLIO OMITTED]


                                     A-3-10

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-11

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                             MAPLE DRIVE PORTFOLIO
--------------------------------------------------------------------------------


                   [4 PHOTOS OF MAPLE DRIVE PORTFOLIO OMITTED]


                                     A-3-12

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              MAPLE DRIVE PORTFOLIO
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                        MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $220,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $220,000,000
% OF POOL BY IPB:                         4.1%
LOAN SELLER:                              Eurohypo AG
BORROWER:                                 407 N. Maple, L.P., Beverly Place,
                                          L.P., Maple Plaza, L.P.
SPONSOR:                                  Tishman Speyer US Office, Inc.
ORIGINATION DATE:                         05/04/07
INTEREST RATE:                            5.54200%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            06/01/17
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(91),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Cash Management Agreement
ADDITIONAL DEBT(1):                       No
ADDITIONAL DEBT TYPE:                     Permitted Mezzanine Loan
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                 INITIAL          MONTHLY
                                               ---------------------------------
TAXES:                                            $605,206         $302,603
INSURANCE:                                              $0               $0
TI/LC(3):                                               $0               $0
REQUIRED REPAIRS:                                       $0               $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Portfolio
TITLE:                                    Fee
PROPERTY TYPE:                            Office -- Suburban
SQUARE FOOTAGE:                           583,780
LOCATION:                                 Beverly Hills, CA
YEAR BUILT/RENOVATED:                     Various
OCCUPANCY:                                97.4%
OCCUPANCY DATE:                           03/31/07
NUMBER OF TENANTS:                        64
HISTORICAL NOI:
  2006:                                   $9,297,389
  TTM AS OF 03/31/07:                     $11,195,475
UW REVENUES:                              $28,938,064
UW EXPENSES:                              $11,572,460
UW NOI:                                   $17,365,604
UW NET CASH FLOW(2):                      $16,521,472
APPRAISED VALUE:                          $332,000,000
APPRAISAL DATE:                           03/30/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $377
CUT-OFF DATE LTV:                         66.3%
MATURITY DATE LTV:                        66.3%
UW DSCR:                                  1.34x
--------------------------------------------------------------------------------



-------------------------------------------------------------------------------------------------------------------
                                                SIGNIFICANT TENANTS

TENANT NAME                   MOODY'S/S&P(4)    SQUARE FEET   % OF TOTAL SF   BASE RENT PSF   LEASE EXPIRATION YEAR
-------------------------------------------------------------------------------------------------------------------

FOX INTERACTIVE MEDIA, INC.      NR/BBB           163,811         28.1%          $ 34.19              2016
MILLER-DM, INC.                  Ba3/BB            60,894         10.4%          $ 31.04              2014
MORGAN STANLEY DW, INC.          Aa3/A+            47,077          8.1%          $ 33.93              2017
-------------------------------------------------------------------------------------------------------------------


(1)   The direct or indirect equity holders of the borrower and certain
      affiliates of the borrower are permitted to pledge their respective equity
      interests in the borrower or its affiliates (i) under an existing $300
      million revolving credit facility among the loan sponsor and certain
      affiliates of the loan sponsor, as borrowers, Deutsche Bank Trust Company
      Americas and other financial institutions, as lenders, and Deutsche Bank
      Trust Company Americas, as administrative agent and collateral agent for
      such lenders or (ii) to a lender meeting certain criteria specified in the
      loan documents, provided that in each case such loan is either fully
      recourse to the loan sponsor or is secured by all or substantially all of
      the assets of the loan sponsor.

(2)   UW Net Cash Flow is higher than historical figures due to (i) the
      acquisition and lease-up of the previously vacant 407 North Maple Drive
      property, (ii) tenant lease renewals in a rising market averaging $46-$48
      per square foot and (iii) income under the Fox Interactive Media Inc. and
      Morgan Stanley DW Inc. leases being underwritten on a straight-line basis
      including rent steps through the end of the respective lease term.

(3)   At origination, a borrower principal provided a guaranty with a maximum
      liability of $2,755,746 in lieu of cash deposits for tenant improvements,
      leasing commissions and tenant allowance escrows which will be reduced
      dollar-for-dollar for each dollar the borrower pays for these costs.

(4)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Name" field whether or not the parent company guarantees the
      lease.



------------------------------------------------------------------------------------------------
                                       PORTFOLIO SUMMARY

                                                         YEAR BUILT/
PROPERTY NAME                           LOCATION          RENOVATED     SQUARE FEET    OCCUPANCY
------------------------------------------------------------------------------------------------

335-345 NORTH MAPLE DRIVE           Beverly Hills, CA     1987/NAP      287,748          94.9%
407 NORTH MAPLE DRIVE               Beverly Hills, CA     2003/NAP      163,811         100.0%
9232, 9242 AND 9250 BEVERLY BLVD    Beverly Hills, CA     1989/NAP      132,221          99.8%
------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                                                 583,780          97.4%
------------------------------------------------------------------------------------------------


--------------------------------------------------------------------------------------------------
                                                                                    ALLOCATED LOAN
PROPERTY NAME                               TOP TENANT             % OF TOTAL SF       BALANCE
--------------------------------------------------------------------------------------------------

335-345 NORTH MAPLE DRIVE             Morgan Stanley DW, Inc.           8.1%         $109,300,000
407 NORTH MAPLE DRIVE               Fox Interactive Media, Inc.        28.1%           65,600,000
9232, 9242 AND 9250 BEVERLY BLVD          Miller-DM, Inc.              10.4%           45,100,000
--------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                                                46.6%         $220,000,000
--------------------------------------------------------------------------------------------------



                                     A-3-13

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              MAPLE DRIVE PORTFOLIO
--------------------------------------------------------------------------------

THE LOAN. The Maple Drive Portfolio loan is a $220 million, ten-year
interest-only loan secured by a first mortgage on three multi-story office
buildings containing 583,780 square feet located in Beverly Hills, California.

THE BORROWER. The borrowers, 407 N. Maple, L.P., Beverly Place, L.P., Maple
Plaza, L.P., each a Delaware limited partnership, are structured as
bankruptcy-remote special purpose entities.

THE SPONSOR. Tishman Speyer U.S. Office Inc. is the wholly owned U.S. operating
subsidiary of Tishman Speyer Office Fund, a registered Australian REIT ("Tishman
Speyer") with a market capitalization of approximately $715.4 million as of
March 20, 2007, and a net book equity of approximately $561 million and net
income of approximately $115.5 million as of December 2006. Since its formation
in 1978, Tishman Speyer has developed or acquired a portfolio of over 85 million
square feet, valued at approximately $28.8 billion, including properties such as
Rockefeller Center in New York and the Sony Center in Berlin.

PARTIAL RELEASES. The loan documents permit the borrower to obtain the release
of an individual mortgaged property through partial defeasance at a release
price equal to 115% of the related allocated loan amount, subject to the
satisfaction of certain conditions, including, but not limited to: (i) after
giving effect to such release, the debt service coverage ratio for the remaining
mortgaged properties is at least equal to the greater of (a) the debt service
coverage ratio as of the origination date of the loan and (b) the debt service
coverage ratio for the remaining mortgaged properties (including the individual
mortgaged property to be released) immediately preceeding the release of the
individual mortgaged property to be released; (ii) after giving effect to such
release, the loan-to-value ratio for the remaining mortgaged properties may not
exceed the lesser of (a) the loan-to-value ratio immediately preceding the
origination date of the loan and (b) the loan-to-value ratio for the remaining
mortgaged properties (including the individual mortgaged property to be
released) immediately preceding the release of the individual mortgaged
property; and (iii) confirmation from the rating agencies that such a release
will not result in a downgrade, withdrawal or qualification of the ratings
assigned to the certificates.

THE PROPERTIES.

335-345 NORTH MAPLE DRIVE: 335-345 North Maple Drive is a three-story, 287,748
square foot Class "A" office building with visibility along Maple Drive and
Alden Drive. 335-345 North Maple Drive's frontage is clad in granite and
features 2 three-story atrium entrances, 2 subterranean parking levels, 4
elevator lobbies, flexible floor plates, and landscaped courtyards. A new
tenant, Patina Restaurant Group, which is expected to completely refurbish an
existing restaurant and patio space for a new seafood concept restaurant, has
taken possession of the space and is scheduled to open in September 2007.
335-345 North Maple Drive and the other properties in the Maple Drive Portfolio
are within 1 mile of downtown Beverly Hills, the Rodeo Drive shopping district,
numerous luxury hotels such as the Regent Beverly Wilshire and the Beverly Hills
Triangle commercial district.

407 NORTH MAPLE DRIVE: 407 North Maple Drive is a four-story, 163,811 square
foot Class "A" office building. The building has an atrium sky bridge, expansive
central courtyard and three-levels of subterranean parking. It is 100% leased
and occupied by Fox News Corp., which operates head offices for Fox Interactive
Media and all of the company's Internet-based media, entertainment, consumer and
"B-to-B" services. 407 North Maple Drive has frontage along Maple Drive and is
located between Beverly and Santa Monica Boulevards and is surrounded by
shopping, luxury hotels and restaurants and private housing communities.

9232, 9242 AND 9250 BEVERLY BOULEVARD: 9232, 9242 and 9250 Beverly Boulevard is
a three-story, 132,221 square foot, Class "A" office building. The granite-clad
building houses a new car showroom and service center for Mercedes-Benz of
Beverly Hills on the ground level as well as executive offices for this
dealership on the 2nd floor. This dealership is 1 of the highest grossing
Mercedes Benz dealerships in the U.S. and is owned by Group 1 Automotive, a
BB-rated company that owns numerous luxury car dealerships. Group 1 Automotive
recently renovated its space, and occupies 46.1% of the building. 9232, 9242 and
9250 Beverly Boulevard has housed the dealership for more than 10 years. The
building is highly visible at the corner of Beverly Boulevard and Maple Drive.


                                     A-3-14

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              MAPLE DRIVE PORTFOLIO
--------------------------------------------------------------------------------

THE MARKET(1). The Maple Drive Portfolio is located in Beverly Hills, California
and is part of the approximate 43.3 million square foot West Los Angeles office
submarket. The City of Beverly Hills covers an area of 5.69 square miles and is
located approximately 10 miles west of downtown Los Angeles. It is bounded by
the Santa Monica Mountains to the north, the Los Angeles communities of Century
City and Holmby Hills to the west, the Los Angeles community of Beverlywood to
the south, and the City of West Hollywood to the east. The City of Beverly Hills
contains some of the most expensive real estate in the entire region.

Average household income is $105,790 within a one-mile radius of the Maple Drive
Portfolio. Job growth is dominated by the entertainment industry. The Beverly
Hills office market typically caters to smaller tenants, primarily
entertainment, financial services and medical, looking for an exclusive
environment of high-end amenities and proximity to executive housing. Century
City is the West Los Angeles submarket's "downtown," featuring a master-planned
environment with large office buildings capable of accommodating large tenant
requirements. Santa Monica offers multiple concentrations of office buildings
and a strong amenity base in a coastal setting, while Brentwood and Westwood
feature both large Class "A" office projects and smaller boutique buildings for
both large and small tenants alike.

Major employers and notable tenants in the West Los Angeles submarket include
the University of Southern California Los Angeles, Fox Entertainment, Yahoo!,
AIG/SunAmerica, Northrop Grumman, Westfield, HBO, Symantec, SONY
Entertainment/MGM, Bear Stearns, E! Entertainment, and Infinity Broadcasting.
The entire West Los Angeles office market is currently experiencing strong
demand driven by new tenant requirements and expansion of the existing tenant
base. The Beverly Hills office submarket contains approximately 6.5 million
square feet in 67 buildings. As of the fourth quarter 2006, Beverly Hills'
overall office vacancy rate was 5.5%, which represents a substantial drop from
13.8% at year end 2005. The market also posted a 7.9% increase in asking rents
from $34.32 per square foot in 2005 to $38.28 per square foot in 2006. These
figures include non-Class "A" buildings, the exclusion of which would show
higher average asking rents and a lower average vacancy. In addition, the rental
comps, all of which are Class "A", maintain an average rental rate of $47.88 per
square foot.

Recent leasing activity in Beverly Hills has substantiated the market levels
mentioned above. Significant new leases include Fox Interactive Media and AOL,
which total over 250,000 square feet. 2006 net absorption in Beverly Hills was
approximately 289,000 square feet. At the mortgaged properties, lease renewals
and new leases are being signed at approximately $48.00 per square foot. Along
the Maple Drive Corridor, where the mortgaged properties are located, Tishman
Speyer owns 3 of the 4 buildings in this submarket. The 4th building, 331 North
Maple Drive, was fully leased to AOL in 2005. The mortgaged properties'
surrounding area is essentially fully built out with little vacant land
available for new development. The majority of development in the immediate area
is mature in nature comprised primarily of single-family residential development
along the smaller feeder streets with low to mid-rise office, retail, and
service development along the primary connector streets.

SIGNIFICANT TENANTS(2).

Fox Interactive Media Inc. (approximately 163,811 square feet, "BBB/Baa2" by
S&P/Moody's). News Corporation ("News Corp.") is the parent of Fox Interactive
Media, Inc. ("FIM"), a subsidiary that operates many of News Corp.'s businesses
across the Internet, including MySpace.com, FoxSports.com, Scout.com, Fox.com,
AmericanIdol.com, IGN.com and other of the company's web properties. FIM also
provides users of mobile and wireless devices with content and services, such as
FoxSports.com, MySpace.com and IGN.com, through carriers such as Verizon, Sprint
and Cingular. For the first quarter fiscal 2007, News Corp. reported income
before cumulative effect of accounting change of approximately $871 million as
compared to income before cumulative effect of accounting change of
approximately $820 million reported in the first quarter a year ago. These
results reflect higher equity earnings of affiliates partially offset by a
decrease in consolidated operating income.

Miller-DM, Inc. (approximately 60,894 square feet, "BB/Ba3" by S&P/Moody's).
Miller-DM, Inc., a subsidiary of Group 1 Automotive, Inc. ("Group 1") sells new
and used vehicles from 10 dealerships in four major cities in Southern
California. Group 1 owns nearly 140 franchises and 30 collision service centers
in California, Colorado, Florida, Georgia, Louisiana, Massachusetts, New
Hampshire, New Jersey, New Mexico, New York, Oklahoma, and Texas. Group 1 also
offers financing, provides maintenance and repair services, and sells
replacement parts. Miller-DM, Inc. uses the space primarily as a Mercedes-Benz
dealership. During the year ended 2005, Group 1 sold or leased approximately
126,108 new vehicles representing 33 brands at its dealerships. For the 9 months
ended September 2006, Group 1's revenues increased less than 1% to approximately
$4.58 billion.

Morgan Stanley DW, Inc. (approximately 47,077 square feet, "A+/Aa3" by
S&P/Moody's). Morgan Stanley DW is the retail broker-dealer subsidiary of Morgan
Stanley. Morgan Stanley DW has approximately 525 retail locations throughout the
U.S., providing financial advice, estate planning, and savings programs for
college and retirement. For the 9 months ended August 2006, Morgan Stanley DW's
revenues rose to approximately $57.08 billion, an increase of 56% from the
comparable period of the preceding year. Net income from continuing operations
before accounting change rose 54% to approximately $5.29 billion. Revenues
reflect increased equity sales and trading revenues driven by higher income from
derivative products, equity cash products, principal trading strategies and the
prime brokerage business.

PROPERTY MANAGEMENT. The Maple Drive Portfolio is managed by Tishman Speyer
Properties, L.P., an affiliate of the borrower.

(1)   Certain information was obtained from the Maple Drive Portfolio
      appraisals, dated April 9, 2007. The appraisals rely upon many
      assumptions, and no representation is made as to the accuracy of the
      assumptions underlying the related appraisal.

(2)   Ratings provided for Fox Interactive Media and Miller-DM, Inc. are for the
      parent companies.


                                     A-3-15

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              MAPLE DRIVE PORTFOLIO
--------------------------------------------------------------------------------



-----------------------------------------------------------------------------------------------------------------------------------
                                                      LEASE ROLLOVER SCHEDULE

                                                                                 CUMULATIVE   CUMULATIVE                 CUMULATIVE
             NUMBER OF                                               % OF BASE     SQUARE        % OF      CUMULATIVE       % OF
              LEASES     SQUARE FEET   % OF TOTAL SF    BASE RENT      RENT         FEET       TOTAL SF     BASE RENT     BASE RENT
   YEAR      EXPIRING     EXPIRING       EXPIRING       EXPIRING     EXPIRING     EXPIRING     EXPIRING     EXPIRING      EXPIRING
-----------------------------------------------------------------------------------------------------------------------------------

VACANT         NAP          14,950          2.6%               NAP      NAP        14,950         2.6%             NAP       NAP
2007 & MTM     16           26,103          4.5        $   916,827      4.3%       41,053         7.0%     $   916,827       4.3%
2008           11           15,938          2.7            588,060      2.7        56,991         9.8%     $ 1,504,887       7.0%
2009           24           82,637         14.2          3,136,323     14.6       139,628        23.9%     $ 4,641,210      21.6%
2010           10           40,706          7.0          1,517,286      7.1       180,334        30.9%     $ 6,158,496      28.7%
2011           19          100,822         17.3          3,992,944     18.6       281,156        48.2%     $10,151,440      47.3%
2012            1            8,754          1.5            681,165      3.2       289,910        49.7%     $10,832,605      50.5%
2013            0                0          0.0                  0      0.0       289,910        49.7%     $10,832,605      50.5%
2014           10           74,255         12.7          2,353,201     11.0       364,165        62.4%     $13,185,806      61.5%
2015            0                0          0.0                  0      0.0       364,165        62.4%     $13,185,806      61.5%
2016            4          163,811         28.1          6,495,106     30.3       527,976        90.4%     $19,680,912      91.7%
2017            2           55,720          9.5          1,772,048      8.3       583,696       100.0%     $21,452,960     100.0%
AFTER           1               84          0.0                  0      0.0       583,780       100.0%     $21,452,960     100.0%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL          98          583,780        100.0%       $21,452,960    100.0%
-----------------------------------------------------------------------------------------------------------------------------------



                                     A-3-16

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-17

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              315 PARK AVENUE SOUTH
--------------------------------------------------------------------------------


                    [PHOTO OF 315 PARK AVENUE SOUTH OMITTED]


                                     A-3-18

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              315 PARK AVENUE SOUTH
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $219,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $219,000,000
% OF POOL BY IPB:                         4.0%
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 315 Park Avenue S, LLC
SPONSOR:                                  Craig Nassi
ORIGINATION DATE:                         06/06/07
INTEREST RATE:                            5.82447%
INTEREST-ONLY PERIOD:                     60 months
MATURITY DATE:                            06/09/12
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(34),O(1)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT(3):                       $30,500,000
ADDITIONAL DEBT TYPE(3):                  Mezzanine Loans
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                  Initial         Monthly
                                               ---------------------------------
TAXES:                                            $1,588,930       $264,822
INSURANCE:                                          $206,245        $17,187
DEFERRED MAINTENANCE:                               $256,000             $0
TI/LC(4):                                         $4,000,000             $0
CAPEX(5):                                         $2,605,482         $5,561
DEBT SERVICE(6):                                  $5,000,000             $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Office -- CBD
SQUARE FOOTAGE(1):                        333,641
LOCATION:                                 New York, NY
YEAR BUILT/RENOVATED:                     1910/2007
OCCUPANCY:                                100%
OCCUPANCY DATE:                           03/31/07
NUMBER OF TENANTS:                        5
UW REVENUES:                              $21,251,879
UW EXPENSES:                              $5,365,962
UW NOI(2):                                $15,885,917
UW NET CASH FLOW:                         $15,672,597
APPRAISED VALUE:                          $285,000,000
APPRAISAL DATE:                           05/01/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF(1):                  $656
CUT-OFF DATE LTV:                         76.8%
MATURITY DATE LTV:                        76.8%
UW DSCR:                                  1.21x
--------------------------------------------------------------------------------



---------------------------------------------------------------------------------------------------------------
                                              SIGNIFICANT TENANTS

TENANT NAME          MOODY'S/S&P(7)    SQUARE FEET    % OF TOTAL SF    BASE RENT PSF      LEASE EXPIRATION YEAR
---------------------------------------------------------------------------------------------------------------

CREDIT SUISSE(8)        Aa1/AA-          284,777(8)      85.4%(8)         $ 50.00                 2017
LEUCADIA INC.            Ba2/BB           16,288          4.9%            $ 24.50                 2009
SONICNET, INC.          Baa3/BBB          16,288          4.9%            $ 27.40                 2009
---------------------------------------------------------------------------------------------------------------


(1)   The total square footage represented indicates the re-measured rentable
      area of 333,641. All per square foot calculations herein are based on the
      re-measured square footage. The current total square footage equates to
      329,402.

(2)   UW NOI is based on the average rent through the lease term for the Credit
      Suisse space (85.4% of net rentable area). All remaining space (14.6% of
      net rentable area), which expires in 2008 and 2009, was marked to market
      to reflect the prevailing market rental rate of $60 per square foot.

(3)   The $30,500,000 mezzanine loans are split into a $30,499,000 senior
      mezzanine loan and a $1,000 junior mezzanine loan. The junior mezzanine
      loan is cross-collateralized and cross-defaulted with another mezzanine
      loan which is secured by the ownership interests of a property that is not
      included in the trust.

(4)   At origination, the borrower deposited $4,000,000 into the upfront TI/LC
      reserve. The funds serve as a general TI/LC reserve to be used for
      re-leasing costs during the loan term.

(5)   At origination, the borrower deposited $2,605,482 into the capital
      improvement reserve, which is allocated for elevator renovations.

(6)   At origination, the borrower deposited $5,000,000 into the debt service
      reserve, which will be drawn down during any debt service shortfall for
      the first mortgage or mezzanine loan.

(7)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Name" field whether or not the parent company guarantees the
      lease.

(8)   Credit Suisse square footage and % of Total SF is based upon their current
      square footage leased and the additional 48,864 square feet of Credit
      Suisse Expansion Space (as defined hereafter).


                                     A-3-19

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              315 PARK AVENUE SOUTH
--------------------------------------------------------------------------------

THE LOAN. The 315 Park Avenue South loan is secured by the first mortgage fee
interest in a Class "A" office building totaling 333,641 square feet located in
New York, New York.

THE BORROWER. The borrower is 315 Park Avenue S, LLC, a single asset entity
controlled by 315 Park Ave S Mz, LLC, which in turn is owned by Bijan Nassi
Family, LLC (66.7%) and Craig Nassi (33.3%).

THE SPONSOR. The loan sponsor is Craig Nassi, the founder of BCN Development,
which is a real estate development firm that has been operating since 1993. BCN
specializes in the redevelopment and management of mixed use luxury properties
located primarily in Houston, Denver and Sacramento. Recent projects completed
include the Belvedere Tower, The Prado, Beauvallon and Palladio.

THE PROPERTY 315 Park Avenue South consists of a fee simple interest in a
333,641 square foot Class "A" office building located on the southeast corner of
East 24th Street in Manhattan, New York. The building was originally built in
1910, substantially renovated from 1998 to 2004 at a cost of approximately $18.8
million and is currently undergoing capital improvements at a cost of
approximately $2.6 million.

315 Park Avenue South is 100% leased to 5 tenants. Credit Suisse, the largest
tenant, currently occupies 70.7% of the net rentable area, subject to a lease
expiring in April 2017 at a rental rate of $50 per square foot, with 2, 5-year
extension options at fair market value. The Credit Suisse rent steps up to $54
per square foot in 2010 and $55 per square foot in 2015. Pursuant to the
in-place lease, Credit Suisse will occupy an additional 48,864 square feet on
the 9th, 10th and 11th floors ("Credit Suisse Expansion Space") in January 2011
at a rental rate of $54 per square foot with a step in rent to $55 per square
foot in 2015 and a lease expiration of April 2017, with 2, 5-year extension
options at fair market value. Credit Suisse offers securities products and
financial advisory services to corporations, governments and institutional
investors and operates in 57 locations across 26 countries. Credit Suisse has
invested over $41.3 million into its current space and is located adjacent to
its corporate headquarters building. The tenant has been in occupancy since
2000.

The second largest tenant is Leucadia Inc., which leases 16,288 square feet
(4.9% of net rentable area) through December 2009 at a rental rate of $24.50 per
square foot. The tenant also currently leases part of the Credit Suisse
Expansion Space, which represents an additional 16,288 square feet on the 11th
floor through December 2009 at a rental rate of $22.83 per square foot. Leucadia
Inc. is a subsidiary of Leucadia National Inc., which was founded in 1854 and is
a diversified company that operates in various businesses including
manufacturing, real estate, medical product development and winery. The tenant
currently has 1,323 employees and is headquartered at 315 Park Avenue South. The
tenant has been in occupancy since 1984.

CREDIT SUISSE EXPANSION SPACE. ANU Partners, LLC currently leases the Credit
Suisse Expansion Space (9th, 10th, 11th floor) through September 2010 at a
rental rate of $50 per square foot. The tenant deposited $8,700,214 into a title
company escrow account, which represents all rent and recoveries due for the
9th, 10th and 11th floor space through September 2010 (excluding Leucadia's rent
and recoveries due on the 11th floor space through its lease expiration in
December 2009). The title company is required to remit, on a monthly basis, the
contractual rent due under the ANU Partners, LLC lease. The security interest in
the title escrow account is assigned to the mortgagee.

THE MARKET(1). 315 Park Avenue South is located in the Midtown South, New York
office market, within the Madison/Union Square submarket. The Madison/Union
Square area is bordered by 14th Street to the south, 32nd Street to the north,
East River to the east and Sixth Avenue to the west, with Madison Square Park
located centrally in the neighborhood. The 315 Park Avenue South's market area
features a variety of upscale restaurants, nightclubs, galleries, theaters and
universities. 315 Park Avenue South is accessible via New York City's public
transportation system, including the 6, N and R subway lines that are located in
close proximity.

According to REIS, as of the first quarter of 2007, the Class "A" Midtown South
office market totaled approximately 2.8 million square feet of office space at
average asking rents of $59.70 per square foot with a vacancy rate of 3.9%.

PROPERTY MANAGEMENT. 315 Park Avenue South is self-managed by the borrower.

(1)   Certain information was obtained from the 315 Park Avenue South appraisal,
      dated May 1, 2007. The appraisal relies upon many assumptions, and no
      representation is made as to the accuracy of the assumptions underlying
      the appraisal.


                                     A-3-20

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              315 PARK AVENUE SOUTH
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------------------------------------------------------
                                                    LEASE ROLLOVER SCHEDULE

                                                                         CUMULATIVE
             NUMBER OF    SQUARE      % OF                   % OF BASE     SQUARE      CUMULATIVE     CUMULATIVE    CUMULATIVE %
              LEASES       FEET     TOTAL SF    BASE RENT      RENT         FEET      % OF TOTAL SF    BASE RENT    OF BASE RENT
   YEAR      EXPIRING    EXPIRING   EXPIRING    EXPIRING     EXPIRING     EXPIRING      EXPIRING       EXPIRING       EXPIRING
--------------------------------------------------------------------------------------------------------------------------------

VACANT          NAP             0      0.0%            NAP      NAP             0          0.0%               NAP        0.0%
2007 & MTM        0             0      0.0     $         0      0.0%            0          0.0%       $         0        0.0%
2008              2        16,288      4.9         636,000      4.0        16,288          4.9%       $   636,000        4.0%
2009              2        32,576      9.8         845,350      5.4        48,864         14.6%       $ 1,481,350        9.4%
2010(1)           0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2011              0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2012              0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2013              0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2014              0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2015              0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2016              0             0      0.0               0      0.0        48,864         14.6%       $ 1,481,350        9.4%
2017              1       284,777     85.4      14,238,850     90.6       333,641        100.0%       $15,720,200      100.0%
AFTER             0             0      0.0               0      0.0       333,641        100.0%       $15,720,200      100.0%
--------------------------------------------------------------------------------------------------------------------------------
TOTAL:            5       333,641    100.0%    $15,720,200    100.0%
--------------------------------------------------------------------------------------------------------------------------------


(1)   ANU Partners, LLC leases the Credit Suisse Expansion Space until 2010.
      Pursuant to its in-place lease, Credit Suisse will acquire the Credit
      Suisse Expansion Space in 2011.


                                     A-3-21

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              315 PARK AVENUE SOUTH
--------------------------------------------------------------------------------


         [MAP INDICATING THE LOCATION OF 315 PARK AVENUE SOUTH OMITTED]


                                     A-3-22

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-23

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               SAVE MART PORTFOLIO
--------------------------------------------------------------------------------


                    [4 PHOTOS OF SAVE MART PORTFOLIO OMITTED]


                                     A-3-24

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               SAVE MART PORTFOLIO
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $210,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $209,064,838
% OF POOL BY IPB:                         3.9%
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 RMP Properties, LLC
SPONSOR:                                  Standiford Partners, LLC
ORIGINATION DATE:                         04/03/07
INTEREST RATE:                            5.62000%
INTEREST-ONLY PERIOD:                     N/A
MATURITY DATE:                            04/09/17
AMORTIZATION TYPE:                        Balloon
ORIGINAL AMORTIZATION:                    300 months
REMAINING AMORTIZATION:                   297 months
CALL PROTECTION:                          L(24),Grtr1%orYM(89),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE:                     N/A
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                  INITIAL         MONTHLY
                                               ---------------------------------
TAXES:                                                $0              $0
INSURANCE:                                            $0              $0
CAPEX:                                                $0              $0
OTHER:                                                $0              $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Portfolio
TITLE:                                    Fee
PROPERTY TYPE:                            Retail -- Anchored
SQUARE FOOTAGE:                           1,611,853
LOCATION:                                 Various, CA
YEAR BUILT/RENOVATED:                     Various/Various
OCCUPANCY:                                100.0%
OCCUPANCY DATE:                           07/09/07
NUMBER OF TENANTS:                        31
AVERAGE IN-LINE SALES/SF:                 $362
UW REVENUES:                              $26,419,866
UW EXPENSES:                              $5,997,942
UW NOI:                                   $20,421,924
UW NET CASH FLOW:                         $19,615,998
APPRAISED VALUE:                          $311,155,000
APPRAISAL DATE:                           Various
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $130
CUT-OFF DATE LTV:                         67.2%
MATURITY DATE LTV:                        51.6%
UW DSCR:                                  1.25x
--------------------------------------------------------------------------------



-------------------------------------------------------------------------------------------------------------------
                                                SIGNIFICANT TENANTS

                      RATINGS                       % OF
TENANT SUMMARY     MOODY'S/S&P(1)    TOTAL SF     TOTAL SF    BASE RENT PSF     SALES PSF     LEASE EXPIRATION YEAR
-------------------------------------------------------------------------------------------------------------------

SAVE MART(2)                         1,611,853     100.0%        $ 11.80          $362                2027
-------------------------------------------------------------------------------------------------------------------


(1)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Name" field whether or not the parent company guarantees the
      lease.

(2)   The Save Mart Portfolio is comprised of 31 single tenant grocery stores
      subject to one lease between the borrower and Save Mart Supermarkets.


                                     A-3-25

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               SAVE MART PORTFOLIO
--------------------------------------------------------------------------------

THE LOAN. The Save Mart Portfolio loan is secured by first lien mortgages in 31
grocery stores consisting of 1,611,853 square feet located in Northern
California.

THE BORROWER. The borrower is RMP Properties, LLC, a single purpose entity and
affiliate of Standiford Partners, LLC.

THE SPONSOR. The loan sponsor is Standiford Partners, LLC, which is 100% owned
by Robert Piccinini, Chairman and CEO of Save Mart Supermarkets.

PARTIAL RELEASE. Provided that no event of default exists, the borrower may
obtain release of up to three of the individual mortgaged properties (provided
that the aggregate allocated loan amounts of the released mortgaged properties
does not exceed 15% of the original principal amount of the loan), from the lien
of the mortgage subject to the satisfaction of certain conditions including, but
not limited to: (i) the mortgaged property to be released is not among the eight
restricted release properties, as defined in the related loan documents, (ii)
the principal balance of the loan to be prepaid must equal or exceed 120% of the
allocated loan amount of the individual mortgaged property to be released and
(iii) the borrower must pay the applicable yield maintenance premium on or prior
to the date of the release.

After the release of up to three mortgaged properties, but not more than, in the
aggregate, 15% of the original loan amount, the borrower may obtain the release
of additional mortgaged properties subject to the satisfaction of certain
conditions including, but not limited to: (i) the principal balance of the loan
to be prepaid must equal or exceed 115% of the allocated loan amount of the
individual mortgaged property to be released, and (ii) the overall loan-to-value
ratio of the remaining mortgaged properties is equal to or less than the lesser
of (a) 67.5% and (b) the loan-to-value ratio of all mortgaged properties
immediately prior to the release, and (iii) the release debt service coverage
ratio ("Release DSCR"), as defined in the related loan documents, of the entire
portfolio is equal to or greater than the greater of 1.20x and the Release DSCR
for the 12 months prior to the release and, (iv) either (a) the average sales
per square foot over the preceding 12 month period for the remaining mortgaged
properties must be greater than or equal to 95% of the average sales per square
foot of the mortgaged properties prior to release or (b) confirmation from the
rating agencies that such a release will not result in a downgrade, withdrawal
or qualification of the ratings assigned to the certificates.

SUBSTITUTION. Prior to the date that is 6 months prior to the loan maturity
date, provided that no event of default exists, the borrower may substitute
individual mortgaged properties for like kind and quality properties provided
that certain conditions have been satisfied including, but not limited to: (i)
the sales per square foot for the 12 months preceding the substitution of the
substitute property must be at least 95% of the sales per square foot of the
mortgaged property being substituted for, (ii) the loan-to-value ratio of the
substitute property may not be greater than either the loan-to-value ratio of
the substituted mortgaged property as of the closing date or the loan-to-value
ratio of the substituted property as of the date immediately prior to
substitution, (iii) the Release DSCR of the substitute property may not be less
than either the Release DSCR of the substituted mortgaged property as of the
closing date or the Release DSCR of the substituted mortgaged property as of the
date of substitution, and (iv) confirmation from the rating agencies that such a
release will not result in a downgrade, withdrawal or qualification of the
ratings assigned to the certificates.

THE PROPERTIES. The Save Mart Portfolio loan consists of 31 retail properties
totaling 1,611,853 square feet, each 100.0% leased to Save Mart, which had
weighted average sales of $362 per square foot in 2006. The mortgaged properties
are subject to 1 triple net master lease between the borrower and Save Mart
Supermarkets for 20 years with 2, 5-year extension options and 1 4-year
extension option. The master lease is structured to provide a minimum 1.20x debt
service coverage ratio for the term of the loan. Each mortgaged property is
summarized in the table on the following page.

THE MARKET(1). The Save Mart Portfolio consists of 31 mortgaged properties
located across 4 different regions and 15 counties in Northern California. 15
mortgaged properties are located within the San Francisco market, 10 of the
mortgaged properties are located within the Sacramento market, 4 are located
within the Fresno market, and the remaining 2 are located within the Chico
market. On average, the markets represented by the mortgaged properties exhibit
a 4.4% vacancy and an average rental rate of $13.74 per square foot. Each of the
mortgaged property's respective market is summarized in the table on the
following page.

PROPERTY MANAGEMENT. The Save Mart Portfolio is self-managed by the borrower.

(1)   Certain information was obtained from the Save Mart Portfolio's individual
      property appraisal reports, dated between October 1, 2006 and October 17,
      2006. The appraisals rely upon many assumptions, and no representation is
      made as to the accuracy of the assumptions underlying the related
      appraisal.


                                     A-3-26

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               SAVE MART PORTFOLIO
--------------------------------------------------------------------------------



------------------------------------------------------------------------------------------------------------------------------------
                                                          PROPERTY SUMMARY

                                                                                         MARKET                  2006    ALLOCATED
                                                    YEAR BUILT/    SQUARE        % OF     RENT       MARKET     SALES       LOAN
PROPERTY NAME                       LOCATION         RENOVATED      FEET      TOTAL SF   PSF(1)    VACANCY(2)    PSF      BALANCE
------------------------------------------------------------------------------------------------------------------------------------

22555 MISSION BLVD             Hayward, CA             2001          61,454      3.8%    $ 19.00      2.6%       $322   $ 11,338,400
6843 MISSION STREET            Daly City, CA           1998          61,881      3.8     $ 18.00      2.6        $430     11,270,910
1322 EL CAMINO REAL            San Bruno, CA           1989          56,280      3.5     $ 19.00      2.6        $517     11,270,910
5190 CLAYTON ROAD              Concord, CA             2000          61,447      3.8     $ 16.50      2.6        $312      9,516,158
1300 FAIRMONT DRIVE            San Leandro, CA         1982          58,526      3.6     $ 17.50      2.6        $484      9,516,158
2027CAMDEN AVENUE              San Jose, CA            1990          49,103      3.0     $ 18.00      2.6        $477      8,976,234
150 BICENTENNIAL WAY           Santa Rosa, CA          1998          55,044      3.4     $ 17.00      2.6        $226      8,706,272
4500 LONETREE WAY              Antioch, CA             1995          60,154      3.7     $ 14.50      2.6        $293      8,166,348
5060 FOOTHILL BLVD             Roseville, CA           1995          53,248      3.3     $ 15.00      7.7        $307      7,761,405
3291 TRUXEL ROAD               Sacramento, CA        1987/2002       51,316      3.2     $ 15.50      7.7        $383      7,693,915
875 SOUTH TRACY BLVD           Tracy, CA               1997          62,236      3.9     $ 12.00      2.6        $505      7,558,934
565 WEST CAPITOL EXPRESSWAY    San Jose, CA            1996          59,907      3.7     $ 12.75      2.6        $406      7,174,238
1033 EAST BIDWELL              Folsom, CA            1990/1997       49,517      3.1     $ 14.50      7.7        $254      6,951,519
25151 SANTA CLARA STREET       Hayward, CA             1990          45,579      2.8     $ 16.25      2.6        $356      6,681,557
7960 GERBER ROAD               Sacramento, CA          1990          49,629      3.1     $ 14.00      7.7        $331      6,614,067
2000 CALIFORNIA AVENUE         Sand City, CA           1997          62,501      3.9     $ 12.00      2.6        $336      6,580,322
386 ELM AVENUE                 Auburn, CA            1979/1997       43,768      2.7     $ 15.00      7.7        $602      6,344,105
6465 TUPELO DRIVE              Citrus Heights, CA    1984/1996       43,354      2.7     $ 15.00      7.7        $234      6,276,615
9160 ELK GROVE FLORIN ROAD     Elk Grove, CA           1994          45,641      2.8     $ 13.00      7.7        $260      5,939,162
1979 PEABODY ROAD              Vacaville, CA         1991/2003       44,745      2.8     $ 14.00      7.7        $379      5,804,181
530 WEST LODI AVENUE           Lodi, CA                1996          50,342      3.1     $ 12.00      2.6        $250      5,736,691
777 E. MONTE VISTA AVENUE      Vacaville, CA           1988          42,630      2.6     $ 14.50      7.7        $395      5,736,691
146 W. EAST AVENUE             Chico, CA             1989/2001       42,294      2.6     $ 13.50      NAV        $420      5,331,748
1223 NORTH DAVIS ROAD          Salinas, CA             1997          62,246      3.9     $ 10.00      2.6        $227      5,281,130
291 MCCRAY STREET              Hollister, CA           1996          62,078      3.9     $ 10.00      2.6        $290      5,264,257
12054 NEVADA CITY HIGHWAY      Grass Valley, CA        1990          43,737      2.7     $ 12.00      NAV        $776      4,926,805
11980 STATE HIGHWAY 88         Jackson, CA             1994          40,593      2.5     $ 11.00      7.7        $336      4,251,900
5750 NORTH FIRST STREET        Fresno, CA              1991          58,360      3.6     $  7.50      7.5        $314      3,981,938
4043 WEST CLINTON AVENUE       Fresno, CA              1996          50,245      3.1     $  7.25      7.5        $222      3,307,033
2425 NORTH BLACKSTONE AVENUE   Fresno, CA              1991          42,630      2.6     $  8.00      7.5        $321      3,205,798
909 SIERRA STREET              Kingsburg, CA           1998          41,368      2.6     $  7.50      7.5        $347      2,834,600
------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                                           1,611,853    100.0%    $ 13.74      4.4%       $362   $210,000,000
------------------------------------------------------------------------------------------------------------------------------------


(1)   Certain information was obtained from Torto Wheaton Market Research as of
      the first quarter of 2007 and Save Mart Portfolio's individual property
      appraisal reports, dated between October 1, 2006 and October 17, 2006. The
      appraisals rely upon many assumptions, and no representation is made as to
      the accuracy of the assumptions underlying the related appraisal.


                                     A-3-27

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               SAVE MART PORTFOLIO
--------------------------------------------------------------------------------



----------------------------------------------------------------------------------------------------------------------------------
                                                     LEASE ROLLOVER SCHEDULE

                                                                          CUMULATIVE
             NUMBER OF    SQUARE       % OF                   % OF BASE     SQUARE      CUMULATIVE     CUMULATIVE    CUMULATIVE %
              LEASES       FEET      TOTAL SF    BASE RENT      RENT         FEET      % OF TOTAL SF    BASE RENT    OF BASE RENT
   YEAR      EXPIRING    EXPIRING    EXPIRING    EXPIRING     EXPIRING     EXPIRING      EXPIRING       EXPIRING       EXPIRING
----------------------------------------------------------------------------------------------------------------------------------

VACANT          NAP              0      0.0%            NAP      NAP              0         0.0%               NAP        NAP
2007 & MTM       0               0      0.0     $         0      0.0%             0         0.0        $         0        0.0%
2008             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2009             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2010             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2011             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2012             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2013             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2014             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2015             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2016             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
2017             0               0      0.0               0      0.0              0         0.0        $         0        0.0%
AFTER            1       1,611,853    100.0     $19,024,178    100.0      1,611,853       100.0%       $19,024,178      100.0%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL:           1       1,611,853    100.0%    $19,024,178    100.0%
----------------------------------------------------------------------------------------------------------------------------------



                                     A-3-28

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               SAVE MART PORTFOLIO
--------------------------------------------------------------------------------


          [MAP INDICATING THE LOCATION OF SAVE MART PORTFOLIO OMITTED]


                                     A-3-29

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  5 PENN PLAZA
--------------------------------------------------------------------------------


                       [3 PHOTOS OF 5 PENN PLAZA OMITTED]


                                     A-3-30

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  5 PENN PLAZA
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $203,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $203,000,000
% OF POOL BY IPB:                         3.7%
LOAN SELLER:                              JPMorgan Chase Bank, N.A.
BORROWER:                                 5 Penn Plaza LLC
SPONSOR:                                  461 Eighth Avenue Associates;
                                          Steven Haymes
ORIGINATION DATE:                         04/02/07
INTEREST RATE:                            5.59450%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            05/01/17
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(89),O(5)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE(1):                  Permitted Mezzanine Loan
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                         INITIAL      MONTHLY
                                                     ---------------------------
TAXES:                                                  $2,495,404     $415,901
INSURANCE:                                                $309,918      $51,653
CAPEX:                                                          $0       $8,071
TI/LC:                                                  $4,079,719      $50,000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Office -- CBD
SQUARE FOOTAGE:                           656,824
LOCATION:                                 New York, NY
YEAR BUILT/RENOVATED:                     1925/2006
OCCUPANCY:                                95.0%
OCCUPANCY DATE:                           04/01/07
NUMBER OF TENANTS:                        38
HISTORICAL NOI:
  2005:                                   $5,775,106
  2006:                                   $7,857,200
UW REVENUES:                              $27,905,360
UW EXPENSES:                              $13,374,414
UW NOI(2):                                $14,530,946
UW NET CASH FLOW:                         $13,928,959
APPRAISED VALUE:                          $300,000,000
APPRAISAL DATE:                           01/01/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $309
CUT-OFF DATE LTV:                         67.7%
MATURITY DATE LTV:                        67.7%
UW DSCR:                                  1.21x
--------------------------------------------------------------------------------



---------------------------------------------------------------------------------------------------------------------------
                                                    SIGNIFICANT TENANTS

TENANT NAME                            MOODY'S/S&P(3)   SQUARE FEET   % OF TOTAL SF   BASE RENT PSF   LEASE EXPIRATION YEAR
---------------------------------------------------------------------------------------------------------------------------

THOMAS PUBLISHING COMPANY LLC                             113,798         17.3%          $ 32.78              2014
SIRIUS SATELLITE RADIO, INC.              Caa1/NR          55,754          8.5%          $ 35.25           2007, 2016
THE BANK OF NEW YORK                      Aaa/AA-          51,244          7.8%          $ 46.90              2011
VISITING NURSING SERVICE OF NEW YORK                       48,327          7.4%          $ 35.78              2009
COVENANT HOUSE                                             39,254          6.0%          $ 33.00              2022
---------------------------------------------------------------------------------------------------------------------------


(1)   The borrower is permitted to incur mezzanine debt provided certain terms
      and conditions are satisfied, including but not limited to: (i) no event
      of default exists under the related loan documents; (ii) the aggregate
      loan-to-value ratio of the 5 Penn Plaza loan and the mezzanine loan does
      not exceed 85%; (iii) the aggregate debt service coverage ratio of the
      Penn Plaza loan and the mezzanine loan is at least 1.10x; and (iv) the
      borrower has obtained confirmation from the rating agencies that the
      mezzanine loan will not cause a downgrade, withdrawal or qualification of
      the then current ratings of the certificates.

(2)   The increase in underwritten NOI compared to 2005 and 2006 is primarily
      due to underwriting rental rate escalations occuring in the next 12 months
      and a recent increase in leasing activity at the mortgaged property.

(3)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Name" field whether or not the parent company guarantees the
      lease.


                                     A-3-31

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  5 PENN PLAZA
--------------------------------------------------------------------------------

THE LOAN. The 5 Penn Plaza loan is secured by a first-lien mortgage fee interest
in a Class "A-" office building comprising approximately 656,824 square feet
located in the Penn Station submarket of Midtown Manhattan, New York.

THE BORROWER. The borrower is 5 Penn Plaza LLC, a New York limited liability
company. The borrower is structured as a bankruptcy remote, special purpose
entity.

THE SPONSOR. The loan sponsor is 461 Eighth Avenue Associates, a New York
partnership. 461 Eighth Avenue Associates is controlled by Stephen D. Haymes.
Mr. Haymes has been involved in the real estate industry for over 30 years and
during this period he has owned and operated commercial office buildings in
excess of three million square feet, shopping centers in excess of 500,000
square feet and residential buildings in excess of 5,000 units.

THE PROPERTY. The mortgaged property is a 26-story, multi-tenant, Class "A-"
office building containing approximately 656,824 square feet located in New
York, New York.

The mortgaged property is located on the western side of 8th Avenue between West
33rd Street and West 34th Street in the Penn Station office submarket of Midtown
Manhattan. The mortgaged property is located near Pennsylvania Station, which is
the main terminal in Midtown Manhattan for the Long Island Railroad, New Jersey
Transit and Amtrak and it also provides subway access for the 1, 2, 3, A, C and
E lines throughout Manhattan. The mortgaged property is located 1 block from
Madison Square Garden, home to several New York sports teams, including the New
York Knicks and the New York Rangers. The Penn Station submarket is the center
of the largest urban retail district in the United States, which is anchored by
Macy's Department Store. Over 100 million shoppers visit the submarket area on
an annual basis. Major retail tenants in the submarket include H&M, Banana
Republic, Old Navy, Victoria's Secret, The Gap, Zara, Aldo, The Limited,
Structure and Foot Locker. Lastly, the Penn Station submarket borders several
distinct parts of Midtown: To the north is Times Square, the Theater District,
Clinton and Times Square South District, to the east is the Midtown Manhattan
commercial core and to the west is an industrial area that is home to the Jacob
K. Javits Convention Center.

Built in 1925 and recently renovated in 2006, the mortgaged property is
currently 95.0% occupied by 38 tenants. In addition to the tenants listed
immediately below, a sample of the mortgaged property's tenants include: HSBC
Bank USA, The Bank of New York, HQ Global Workplaces, LLC and Amnesty
International of USA.

SIGNIFICANT TENANTS.

Thomas Publishing Company LLC ("Thomas"), which has been privately-owned and
managed by the family of Harvey Mark Thomas since 1898, provides marketing
research services, direct marketing lists and software development services
across the world. Thomas' publications include buying guides, product news
magazines, software guides, product information exchanges, a factory automation
magazine and a guide to finding low-cost freight transportation. Thomas operates
ThomasNet.com as well as online versions of its publications. Thomas' online
Thomas Global Register lists products from approximately 700,000 companies.
Thomas occupies approximately 113,798 square feet, or approximately 17.3% of the
mortgaged property's net rentable area. Thomas' lease expires in March 2014.

Sirius Satellite Radio ("Sirius") is a publicly-traded company (Nasdaq: "SIRI")
which provides subscription-based satellite radio service to over 6.5 million
subscribers across North America. Sirius' satellite-based service delivers over
60 channels of sports, news, talk, entertainment, traffic, weather and data,
including a lineup of programming that includes such famous names as Howard
Stern, CNBC, CNN, Martha Stewart, ABC News, BBC World Service, E! Entertainment,
Maxim, NPR and Radio Disney. Sirius is one of the leading providers of sports
radio programming, broadcasting play-by-play action of more than 350 pro and
college teams. Sirius features news, talk and play-by-play action from the NFL,
NASCAR, NBA, NHL, Barclays English Premier League soccer, UEFA Champions League,
the Wimbledon Championships and more than 125 colleges. Sirius' exclusive
automobile partners represent over 40% annual sales of the new vehicle market in
the United States. In 2007, Sirius agreed to acquire rival XM Satellite Radio
pending regulatory approval. Sirius occupies approximately 55,754 square feet,
or approximately 8.5% of the mortgaged property's net rentable area. Sirius has
2 leases, 1 comprising 27,877 square feet, expiring in July 2007, and the other
comprising 27,877 square feet, expiring in October 2016.

Visiting Nursing Service of New York ("VNSNY") is the largest not-for-profit
home health care agency in the United States with over 9,860 care providers. In
2005, VNSNY made 2,200,000 professional home visits to more than 115,000
patients. From Flatbush to Riverdale, Chinatown to Harlem, New Hyde Park to Old
Westbury, VNSNY's caregivers travel throughout New York City, Nassau and
Westchester Counties, seeing an average of 30,000 patients each day. VNSNY was
established in 1893 by Lillian D. Wald, the founder of public health nursing in
the United States. VNSNY occupies approximately 48,327 square feet, or
approximately 7.4% of the mortgaged property's net rentable area. VNSNY's lease
expires in September 2009.

Covenant House ("Covenant") was founded in New York City in 1972, and it has
facilities in 21 cities throughout the United States, Canada, Guatemala,
Honduras, Mexico and Nicaragua. In addition to food, shelter, clothing and
immediate crisis care, Covenant provides a variety of homeless services,
recreation programs, mother/child programs, transitional living programs,
life-skills training and street outreach. Covenant occupies approximately 39,254
square feet, or approximately 6.0% of the mortgaged property's net rentable
area. Covenant's lease expires in March 2022.


                                     A-3-32

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  5 PENN PLAZA
--------------------------------------------------------------------------------

THE MARKET(1),(2). The mortgaged property is located in the Penn Station
submarket of the Midtown West Office District. The Penn Station submarket's
overall vacancy rate closed the third quarter of 2006 at 7.7%, a 6-year low. In
the past year, approximately 332,376 square feet has been absorbed, which ranks
fourth best in all of Midtown, trailing only the Grand Central, East Side and
West Side submarkets. Additionally, year-to-date leasing activity in the
submarket closed the third quarter of 2006 at approximately 803,907 square feet,
a 36.9% increase from the prior year's pace and represents the highest third
quarter level since 2002. According to the appraisal, after adjusting for
inflation and other market conditions in the surrounding leasing office market,
the comparables reflect a range in base rent at the mortgaged property of $38.91
to $50.74.

PROPERTY MANAGEMENT. The mortgaged property is managed by CB Richard Ellis Inc.
("CB"), a Delaware corporation. CB is the world's largest commercial real estate
services provider (based on 2006 revenue), with more than 300 offices worldwide
and approximately 24,000 employees (excluding affiliate and partner offices).(2)

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

(1)   Certain information was obtained from the 5 Penn Plaza appraisal, dated
      January 1, 2007. The appraisal relies upon many assumptions, and no
      representation is made as to the accuracy of the assumptions underlying
      the related appraisal.

(2)   Certain information was obtained from the CB Richard Ellis Inc. 2006
      annual report to shareholders.



------------------------------------------------------------------------------------------------------------------------------------
                                                      LEASE ROLLOVER SCHEDULE

            NUMBER OF    SQUARE                                  % OF BASE   CUMULATIVE    CUMULATIVE %   CUMULATIVE    CUMULATIVE %
             LEASES       FEET     % OF TOTAL SF    BASE RENT      RENT      SQUARE FEET   OF TOTAL SF     BASE RENT    OF BASE RENT
  YEAR      EXPIRING    EXPIRING     EXPIRING       EXPIRING     EXPIRING     EXPIRING       EXPIRING      EXPIRING      EXPIRING
------------------------------------------------------------------------------------------------------------------------------------

VACANT         NAP        32,745         5.0%          NAP          NAP         32,745         5.0%           NAP            NAP
2007 & MTM     13         42,684         6.5       $ 1,105,389       4.9%       75,429        11.5%       $ 1,105,389        4.9%
2008            2         28,003         4.3         1,453,520       6.5       103,432        15.7%       $ 2,558,908       11.4%
2009            7         58,024         8.8         2,042,958       9.1       161,456        24.6%       $ 4,601,867       20.5%
2010            4          9,241         1.4           299,849       1.3       170,697        26.0%       $ 4,901,715       21.8%
2011            3         55,424         8.4         2,549,298      11.3       226,121        34.4%       $ 7,451,013       33.2%
2012            1          7,536         1.1           256,224       1.1       233,657        35.6%       $ 7,707,237       34.3%
2013            4          7,861         1.2           459,800       2.0       241,518        36.8%       $ 8,167,037       36.4%
2014           10        159,669        24.3         5,393,566      24.0       401,187        61.1%       $13,560,603       60.4%
2015            3         20,500         3.1           996,358       4.4       421,687        64.2%       $14,556,961       64.8%
2016            4         64,199         9.8         2,079,124       9.3       485,886        74.0%       $16,636,085       74.1%
2017            6         75,930        11.6         2,914,931      13.0       561,816        85.5%       $19,551,016       87.0%
AFTER           3         95,008        14.5         2,912,248      13.0       656,824       100.0%       $22,463,264      100.0%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:         60        656,824       100.0%      $22,463,264     100.0%
------------------------------------------------------------------------------------------------------------------------------------



                                     A-3-33

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  5 PENN PLAZA
--------------------------------------------------------------------------------


              [MAP INDICATING THE LOCATION OF 5 PENN PLAZA OMITTED]


                                     A-3-34

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-35

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------


                      [3 PHOTOS OF FRANKLIN MILLS OMITTED]


                                     A-3-36

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE(1):            $174,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $174,000,000
% OF POOL BY IPB:                         3.2%
LOAN SELLER:                              JPMorgan Chase Bank, N.A.
BORROWER:                                 Franklin Mills Associates Limited
                                          Partnership
SPONSOR:                                  Simon Property Group, Inc. and
                                          Farallon Capital Management LLC
ORIGINATION DATE:                         05/04/07
INTEREST RATE:                            5.65000%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            06/01/17
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(85),O(10)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Cash Management Agreement
ADDITIONAL DEBT:                          $116,000,000
ADDITIONAL DEBT TYPE(1),(2):              Pari Passu Loan, Permitted
                                          Mezzanine Loan
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                        INITIAL        MONTHLY
                                                        ------------------------
TAXES:                                                      $0            $0
INSURANCE:                                                  $0            $0
CAPEX:                                                      $0            $0
OTHER:                                                      $0            $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Retail -- Anchored
SQUARE FOOTAGE(3):                        1,579,457
LOCATION:                                 Philadelphia, PA
YEAR BUILT/RENOVATED:                     1989/1998
OCCUPANCY:                                91.4%
OCCUPANCY DATE:                           05/01/07
NUMBER OF TENANTS:                        173
HISTORICAL NOI:
  2005:                                   $18,605,667
  2006:                                   $19,858,343
UW REVENUES:                              $38,011,104
UW EXPENSES:                              $16,001,974
UW NOI(4):                                $22,009,130
UW NET CASH FLOW:                         $20,887,246
APPRAISED VALUE:                          $370,000,000
APPRAISAL DATE:                           04/16/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            FINANCIAL INFORMATION(5)
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $184
CUT-OFF DATE LTV:                         78.4%
MATURITY DATE LTV:                        78.4%
UW DSCR:                                  1.26x
--------------------------------------------------------------------------------

(1)   The $290,000,000 Franklin Mills loan has been split into two pari passu
      notes: a $174,000,000 A-1 Note (included in the trust fund) and a
      $116,000,000 A-2 Note (not included in the trust fund).

(2)   The borrower is permitted to incur mezzanine debt provided certain terms
      and conditions are satisfied, including but not limited to: (i) no event
      of default exists under the related loan documents; (ii) the aggregate
      loan-to-value ratio of the Franklin Mills loan and the mezzanine loan does
      not exceed 85%; and (iii) the aggregate debt service coverage ratio of the
      Franklin Mills loan and the mezzanine loan is at least 1.05x.

(3)   The total square footage of the center is 1,742,467, 133,010 square feet
      of which, occupied by Sam's Wholesale Club, is not included in the
      collateral for Franklin Mills loan.

(4)   The increase in 2006 underwritten NOI is attributed to (i) Steve and
      Barry's having executed a lease for 124,000 square feet with a base rent
      of $992,000 and taking occupancy in 2006, and (ii) approximately 60 leases
      having been renewed or executed between 2006-2007.

(5)   Information with respect to the Franklin Mills loan, particularly as it
      relates to the debt service coverage ratios and loan-to-value ratios, is
      calculated including the principal balance of, and debt service payments
      on, the related pari passu companion loan, which is not included in the
      trust.


                                      A-3-37

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------



----------------------------------------------------------------------------------------------------------------------------------
                                                       SIGNIFICANT TENANTS

                                        RATINGS                   % OF        ANNUAL                                     LEASE
                                        MOODY'S/               COLLATERAL      BASE       ANNUAL BASE                  EXPIRATION
           TENANT SUMMARY                S&P(1)    TOTAL SF        SF          RENT        RENT PSF     SALES PSF         YEAR
----------------------------------------------------------------------------------------------------------------------------------

ANCHORS
SAM'S WHOLESALE CLUB(2)                              133,010      NAP               NAP         NAP       $445        Anchor Owned
BURLINGTON COAT FACTORY                  B3/NR       128,950      8.2%      $   594,000     $  4.61       $104            2008
STEVE & BARRY'S UNIVERSITY SPORTSWEAR                124,000      7.9           992,000     $  8.00                       2013
J.C. PENNEY COMPANY, INC.               Baa3/NR      100,200      6.3           597,975     $  5.97       $164            2009
                                                   --------------------------------------------------
SUBTOTAL:                                            486,160     22.4%      $ 2,183,975     $  6.18
TOP 10 TENANTS
MARSHALL'S                               A3/NR        70,701      4.5%      $   555,003     $  7.85       $147            2011
AMC THEATRES                                          68,174      4.3         1,005,567     $ 14.75     $486,500(3)       2017
DAVE & BUSTERS                           B3/NR        60,268      3.8         1,039,623     $ 17.25       $132            2009
OFF 5TH SAKS FIFTH AVENUE OUTLET                      46,406      2.9           534,597     $ 11.52       $285            2011
BETHEL FELLOWSHIP COMMUNITY CHURCH                    45,191      2.9           120,000     $  2.66                       2014
BED BATH & BEYOND                                     40,232      2.5           466,289     $ 11.59       $144            2010
UNITED SKATEPARK                                      40,000      2.5                 0     $  0.00                       2017
MODELL'S SPORTING GOODS                               30,608      1.9           331,599     $ 10.83       $152            2007
SEARS APPLIANCE OUTLET                                30,237      1.9           287,252     $  9.50       $407            2007
LAST CALL, NEIMAN MARCUS                 B2/NR        26,900      1.7           529,100     $ 19.67       $445            2007
                                                   --------------------------------------------------
SUBTOTAL:                                            458,717     29.0%      $ 4,869,029     $ 10.61
REMAINING INLINE SPACE                               631,151     40.0%      $13,712,475     $ 21.73
                                                   --------------------------------------------------
VACANT SQUARE FEET:                                  136,439      8.6%              NAP
TOTAL OWNED TOTAL SF:                              1,579,457                $20,765,480
TOTAL CENTER TOTAL SF:                             1,712,467
----------------------------------------------------------------------------------------------------------------------------------


(1)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Name" field whether or not the parent company guarantees the
      lease.

(2)   Sam's Wholesale Club is not part of the underlying collateral securing the
      Franklin Mills loan.

(3)   Sales for the AMC Theatres tenant are represented on a per screen basis.
      The AMC Theatres tenant has 14 screens at the Franklin Mills mortgaged
      property.


                                     A-3-38

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------

THE LOAN. The Franklin Mills loan is secured by a first-lien mortgage, fee
interest in a one-story super regional mall containing approximately 1,579,457
square feet located in Philadelphia, Pennsylvania.

THE BORROWER. The borrower is Franklin Mills Associates Limited Partnership, a
District of Columbia limited partnership, which is structured as a
bankruptcy-remote, special purpose entity.

THE SPONSOR. The loan sponsors are Simon Property Group, Inc. ("Simon") and
Farallon Capital Management LLC ("FCM"). Simon (NYSE: "SPG"), an S&P 500
company, is the largest publicly-traded retail real estate company in North
America with a total market capitalization of approximately $56 billion. Simon,
headquartered in Indianapolis, Indiana, is a real estate investment trust
engaged in the ownership, development and management of retail real estate.
Simon operates from 5 platforms: regional malls, Premium Outlet Centers, Mills,
community/lifestyle centers and international properties. Through its subsidiary
partnership, Simon currently owns or has an interest in approximately 323
properties in the United States containing an aggregate of 244 million square
feet of gross leaseable area in 41 states plus Puerto Rico. Simon also holds an
interest in 53 European shopping centers located in France, Italy and Poland;
five Premium Outlet Centers in Japan; and 1 Premium Outlet Center in Mexico.
FCM, headquartered in San Francisco, California and funded in 1986, manages
equity capital for institutions and high net worth individuals. Prior to the
acquisition of the Mills Corp., FCM was the largest shareholder of Mills Stock.

THE PROPERTY. The mortgaged property is a one-story super regional mall
containing approximately 1,579,457 square feet situated on approximately 163
acres of land located in Philadelphia, Pennsylvania. The mortgaged property
enjoys excellent visibility and access via Interstate 95, US Route 1 and the
Pennsylvania Turnpike. The mortgaged property is within approximately 15 miles
of Philadelphia.

Built in 1989 and renovated in 1998, the mortgaged property is anchored by
Burlington Coat Factory, Steve & Barry's University Sportswear, J.C. Penney
Company, Inc. and Sam's Wholesale Club (not part of underlying collateral). In
addition, there are many other major and junior anchor tenants including
Marshall's, AMC Theatres, Dave & Busters, Off 5th Saks Fifth Avenue Outlet,
Bethel Fellowship Community Church, Bed, Bath & Beyond, United Skatepark,
Modell's Sporting Goods, Sears Appliance Outlet, Last Call, Neiman Marcus, Group
USA, Off Broadway Shoes, Sam Ash Music, H&M and Liz Claiborne. The mortgaged
property has 173 tenants and is 91.4% occupied. Annual traffic volume to the
mortgaged property exceeded 17.8 million in 2004.

The Franklin Mills Mall is surrounded by freestanding stores occupied by Toys 'R
US and Bally's Fitness as well as restaurant and service outparcels including
Pizzeria Uno, Tires Plus, Bugaboo Creek Steakhouse, Arby's, KFC/Taco Bell,
Subway/Carvel, McDonald's, Boston Market, Pizza Hut, Helzberg Diamonds, Wendy's,
Exxon and NTB Tires. Surrounding the mortgaged property are residential
subdivisions of detached single family, twins and rowhomes as well as several
multifamily apartment complexes.

SIGNIFICANT TENANTS.

Burlington Coat Factory ("Burlington") operates approximately 365 no-frills
retail stores offering current, brand-name clothing at less than standard retail
pricing. Burlington also sells bath items, children's apparel, furniture, gifts,
jewelry, linens and shoes. Burlington operates under the names Burlington Coat
Factory, Cohoes Fashions, MJM Designer Shoe and Super Baby Depot in 42 states.
In April 2006, Burlington was taken private when it was acquired by affiliates
of the buyout firm Bain Capital. Burlington occupies approximately 128,950
square feet, or approximately 8.2% of the net rentable area at the mortgaged
property. Burlington's lease is scheduled to expire in 2008.

Steve & Barry's University Sportswear ("Steve & Barry's") currently operates
approximately 200 super-stores in 33 states and it plans to open approximately
100 stores in 2007. Most of Steve & Barry's stores are between 50,000 and
100,000 square feet, and offer shoppers a wide selection of jeans, t-shirts,
sweatshirts, jackets, sweaters, polos, cargos, footwear, accessories and more.
Steve & Barry's also carries the largest collection of collegiate-licensed
apparel in the nation, with over 350 licenses to choose from. Steve & Barry's
occupies approximately 124,000 square feet, or approximately 7.9% of the net
rentable area at the mortgaged property. Steve & Barry's lease is scheduled to
expire in 2013.

J. C. Penney Corporation, Inc. ("J.C. Penney", NYSE: "JCP") is one of the United
States' leading retailers, operating approximately 1,033 department stores
throughout the United States and Puerto Rico, as well as one of the largest
apparel and home furnishing sites on the Internet. J.C. Penney controls the
nation's largest general merchandise catalog business. Utilizing these
integrated channels, J.C. Penney offers a wide array of national, private and
exclusive brands. In 2006, J.C. Penney posted revenue of $19.9 billion. J.C.
Penney occupies approximately 100,200 square feet, or approximately 6.3% of the
net rentable area at the mortgaged property. J.C. Penney's lease is scheduled to
expire in 2009.

THE MARKET(1). The mortgaged property is located in the northeast section of the
City of Philadelphia, immediately south of the border between Philadelphia and
Bucks County. As of the end of 2006, the population and number of households for
the total trade area (which, according to the appraisal would likely span an
area encompassing approximately 10 miles around the Franklin Mills mortgaged
property) was approximately 1,113,909 and 423,248, respectively. Further, as of
year-end 2006, the average household income for the total trade area was
$68,085, which compares favorably to the household income numbers for the State
of Pennsylvania and the United States of $61,701 and $65,849, respectively. At
the end of 2006, the Philadelphia metropolitan statistical area had an aggregate
retail sales level of approximately $97.1 billion, with average retail sales per
household of approximately $43,821. By comparison, the State of Pennsylvania had
average sales per household of approximately $37,834, while the average sales
per household in the United States were approximately $40,435.

PROPERTY MANAGEMENT. The mortgaged property is managed by Simon Management
Associates II, LLC, an affiliate of the borrower.

(1)   Certain information was obtained from the Franklin Mills appraisal, dated
      April 24, 2007. The appraisal relies upon many assumptions, and no
      representation is made as to the accuracy of the assumptions underlying
      the related appraisal.


                                     A-3-39

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------



------------------------------------------------------------------------------------------------------------------------------------
                                                      LEASE ROLLOVER SCHEDULE

             NUMBER OF    SQUARE                                 % OF BASE   CUMULATIVE    CUMULATIVE %   CUMULATIVE    CUMULATIVE %
              LEASES       FEET      % OF TOTAL     BASE RENT      RENT      SQUARE FEET   OF TOTAL SF     BASE RENT    OF BASE RENT
   YEAR      EXPIRING    EXPIRING    SF EXPIRING    EXPIRING     EXPIRING     EXPIRING       EXPIRING      EXPIRING       EXPIRING
------------------------------------------------------------------------------------------------------------------------------------

VACANT          NAP        136,439       8.6%          NAP          NAP         136,439         8.6%          NAP           NAP
2007 & MTM       54        223,225      14.1       $ 3,661,042     17.6%        359,664        22.8%      $ 3,661,042       17.6%
2008             19        219,287      13.9         1,946,999      9.4         578,951        36.7%      $ 5,608,041       27.0%
2009             21        214,551      13.6         3,140,848     15.1         793,502        50.2%      $ 8,748,888       42.1%
2010             20        119,428       7.6         2,360,439     11.4         912,930        57.8%      $11,109,327       53.5%
2011             24        190,233      12.0         2,925,992     14.1       1,103,163        69.8%      $14,035,319       67.6%
2012             13         66,216       4.2         1,488,944      7.2       1,169,379        74.0%      $15,524,263       74.8%
2013              8        155,994       9.9         1,693,388      8.2       1,325,373        83.9%      $17,217,651       82.9%
2014             12         88,103       5.6         1,002,972      4.8       1,413,476        89.5%      $18,220,623       87.7%
2015             10         33,608       2.1           775,185      3.7       1,447,084        91.6%      $18,995,809       91.5%
2016              4          7,261       0.5           205,182      1.0       1,454,345        92.1%      $19,200,991       92.5%
2017              8        125,112       7.9         1,564,489      7.5       1,579,457       100.0%      $20,765,480      100.0%
AFTER            24              0       0.0                 0      0.0       1,579,457       100.0%      $20,765,480      100.0%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:          217      1,579,457     100.0%      $20,765,480    100.0%
------------------------------------------------------------------------------------------------------------------------------------



                                     A-3-40

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------


             [MAP INDICATING THE LOCATION OF FRANKLIN MILLS OMITTED]


                                     A-3-41

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 FRANKLIN MILLS
--------------------------------------------------------------------------------


                      [SITE PLAN OF FRANKLIN MILLS OMITTED]


                                     A-3-42

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-43

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                          HYATT REGENCY -- JACKSONVILLE
--------------------------------------------------------------------------------


               [4 PHOTOS OF HYATT REGENCY -- JACKSONVILLE OMITTED]


                                     A-3-44

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                          HYATT REGENCY -- JACKSONVILLE
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $150,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $150,000,000
% OF POOL BY IPB:                         2.8%
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 Oxford Jacksonville Riverfront
                                          Hotel, LLC
SPONSOR:                                  Marathon Real Estate
                                          Opportunity Fund LLC, Square
                                          Mile Partners II LP, Oxford
                                          Lodging Advisory & Investment
                                          Group, LLC
ORIGINATION DATE:                         06/01/07
INTEREST RATE:                            6.01400%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            06/10/17
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(91),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE(1):                  Permitted Mezzanine Loan
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                        INITIAL     MONTHLY(2)
                                                        -----------------------
TAXES:                                                    $454,311     $113,578
INSURANCE:                                                      $0           $0
CAPEX:                                                          $0           $0
OTHER:                                                          $0           $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Hotel -- Full Service
ROOMS:                                    966
LOCATION:                                 Jacksonville, FL
YEAR BUILT/RENOVATED:                     2001/2006
OCCUPANCY(3):                             73.3%
OCCUPANCY DATE:                           04/30/07
HISTORICAL NOI:
  2006:                                   $9,832,070
TTM AS OF (4/30/07)(3):                   $11,894,000
UW REVENUES:                              $49,617,771
UW EXPENSES:                              $34,813,329
UW NOI(3):                                $14,804,442
UW NET CASH FLOW:                         $12,819,732
APPRAISED VALUE:                          $190,000,000
APPRAISAL DATE:                           05/19/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/ROOM:                   $155,280
CUT-OFF DATE LTV:                         78.9%
MATURITY DATE LTV:                        78.9%
UW DSCR:                                  1.40x
--------------------------------------------------------------------------------



-----------------------------------------------------------------------------------------------------------------
                                   PROPERTY HISTORICAL OPERATING STATISTICS(3)

          OCCUPANCY                                ADR                                     REVPAR
-----------------------------   -----------------------------------------   -------------------------------------
2006     TTM     YTD     UW       2006       TTM        YTD         UW       2006       TTM       YTD        UW
-----------------------------------------------------------------------------------------------------------------

56.8%   58.5%   73.3%   67.5%   $ 111.01   $ 116.42   $ 126.85   $ 127.50   $ 62.62   $ 68.54   $ 92.99   $ 86.06
-----------------------------------------------------------------------------------------------------------------


(1)   The borrower is permitted to incur future mezzanine debt subject to
      certain terms including, but not limited to: (i) no event of default has
      occurred and is continuing, (ii) the loan-to-value for the combined debt
      is not greater than 85%, (iii) the debt service coverage ratio for the
      combined debt is not less than 1.15x and (iv) confirmation from the rating
      agencies that the mezzanine debt will not result in a downgrade,
      withdrawal or qualification of the ratings assigned to the certificates.

(2)   Monthly escrows will be required for insurance, and FF&E to the extent
      such amounts are not reserved by the operator under the in-place
      management agreement.

(3)   The mortgaged property underwent extensive renovations in 2006 during
      which occupancy was affected by rooms being offline. The YTD occupancy as
      of April 30, 2007 was 73.3%.


                                     A-3-45

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                          HYATT REGENCY -- JACKSONVILLE
--------------------------------------------------------------------------------

THE LOAN. The Hyatt Regency -- Jacksonville loan is secured by a first mortgage
on a fee interest in a 966 room newly renovated full service convention center
hotel located in Jacksonville, Florida.

THE BORROWER. The borrower is Oxford Jacksonville Riverfront Hotel, LLC, a
single asset entity controlled by a joint venture between Marathon Real Estate
Opportunity Fund LLC ("Marathon"), 43.127%, Square Mile Partners II TE LP and
Square Mile Partners II LP ("SMC"), 43.127%, and Oxford Lodging and Hospitality
("Oxford"), 13.746%.

THE SPONSOR. The loan sponsors are Marathon, SMC, and Oxford. Marathon is
operated by Marathon Asset Management LLC, a global alternative investment and
asset management company with over $7.5 billion in capital under management. SMC
is a capital management firm founded in 2006 by Jeffrey Citrin who previously
founded Blackacre Capital Management, a real estate investment firm with a
portfolio of over $4.0 billion. Oxford is an advisory and investment firm
focused on lodging assets, which currently manages a 13,292 key portfolio of
luxury and upscale hotels valued at approximately $4.0 billion.

THE PROPERTY.(1) The Hyatt -- Regency Jacksonville is a 966 room full service
hotel situated on a 3.81 acre parcel on the Jacksonville waterfront. The
mortgaged property is Jacksonville's largest conference center hotel with
approximately 123,000 square feet of meeting space, including the largest
ballroom in Northern Florida at approximately 28,000 square feet. Additionally,
the mortgaged property features a 716 space parking garage. Other amenities at
the mortgaged property include a fitness center, rooftop pool, business center,
onsite rental car kiosk, and a gift shop.

The mortgaged property is the newest hotel among its competitive set and was
built in 2001. After operating under the "Adams Mark" flag the mortgaged
property was re-flagged as a Hyatt -- Regency and underwent an extensive $15
million ($15,528 per key) renovation in 2005-2006. The renovation included
improvements to all food and beverage outlets, a complete guestroom renovation,
and refurbishment of all common areas and lobbies.

The collateral is composed of 2 buildings. The main hotel contains 896 rooms and
70,000 square feet of meeting space. The main hotel is connected to the Terrace
Building which contains an additional 70 hotel rooms (the "Terrace Building
Hotel Component"), 53,000 square feet of meeting space (the "Terrace Building
Conference Center"), and a 716 space parking garage (the "Terrace Building
Parking Component"). Subject to certain release, substitution and replacement
provisions, as described below under "Release Provisions" and
"Substitution/Replacement Provisions," portions of the Terrace Building may be
released.

OCCUPANCY. As of the trailing four months ending April 30, 2007 the mortgaged
property's occupancy increased to 73.3% from 67.9% over the same 4 month period
of 2006. The mortgaged property's year-to-date occupancy penetration as of April
30, 2007 increased to 99.2% from 93.8% in 2006.

ADR. As of the trailing 4 months ending April 30, 2007 the mortgaged property's
ADR increased to $126.85 from $110.67 over the same four month period of 2006.
The mortgaged property's year-to-date ADR penetration as of April 30, 2007
increased to 105.2% from 95.5% in 2006.

REVPAR. As of the trailing 4 months ending April 30, 2007 the mortgaged
property's RevPAR increased to $92.99 from $75.15 over the same 4 month period
of 2006. The mortgaged property's year-to-date RevPAR penetration as of April
30, 2007 increased to 104.4% from 89.6% in 2006.

RELEASE PROVISIONS. The borrower is permitted to release the Terrace Building
Hotel Component from the lien of the mortgage subject to certain conditions,
including but not limited to: (i) no event of default has occurred and (ii) the
loan-to-value-ratio of the remaining mortgaged property must be equal to or less
than the loan-to-value-ratio at origination of the loan and the greater of (a)
75% and (b) the loan-to-value-ratio immediately prior to release.

SUBSTITUTION/REPLACEMENT PROVISIONS. The Terrace Building Conference Center
Component or the Terrace Building Parking Component may be released from the
lien of the mortgage subject to certain substitution or replacement provisions,
including: (i) the substitute or replacement for the Terrace Building Conference
Center Component or Terrace Building Parking Component must be (a) located
within reasonable proximity, (b) substantially equal to or greater in size, and
(c) substantially the same quality and functionality and (ii) confirmation from
the rating agencies that such substitution or replacement will not result in the
downgrade, withdrawal or qualification of the ratings assigned to the
certificates.

THE MARKET.(2) The mortgaged property is located on the waterfront in downtown
Jacksonville. The hotel is within walking distance of many waterfront
attractions including Alltel Stadium, the Florida Theater, the Museum of Science
and History, and the Jacksonville Landing Marketplace. The mortgaged property is
accessible by all three of Jacksonville's primary corridors including I-95,
I-10, and the Arlington Expressway and is within 15 minutes of the Jacksonville
International Airport.

The mortgaged property's primary competition within the Jacksonville full
service hotel market consists of the Wyndam Hotels Jacksonville, the Omni
Jacksonville, the Marriott Jacksonville, and the Crowne Plaza Jacksonville. The
mortgaged property compares favorably to its competitors by being the newest,
having the most rooms, and the most meeting space. The competitive set has an
average age of 20 years, an average number of rooms of 305, and 18,650 square
feet of meeting space on average.

PROPERTY MANAGEMENT. The mortgaged property is managed by the Hyatt Corporation.
The management agreement was executed in 2005 with a 15-year term and 2, 5-year
renewal options.

(1)   Certain information was obtained from the Smith Travel Accomodations
      report dated May 22, 2007.

(2)   Certain information was obtained from the Hyatt Regency-Jacksonville
      property appraisal, dated May 21, 2007. The appraisal relies upon many
      assumptions, and no representations are made as to the accuracy of the
      assumptions underlying the related appraisal.


                                     A-3-46

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                          HYATT REGENCY -- JACKSONVILLE
--------------------------------------------------------------------------------


     [MAP INDICATING THE LOCATION OF HYATT REGENCY -- JACKSONVILLE OMITTED]


                                     A-3-47

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               AMERICOLD PORTFOLIO
--------------------------------------------------------------------------------


                    [4 PHOTOS OF AMERICOLD PORTFOLIO OMITTED]


                                     A-3-48

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               AMERICOLD PORTFOLIO
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $115,300,000
CUT-OFF DATE PRINCIPAL BALANCE:           $115,300,000
% OF POOL BY IPB:                         2.1 %
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 ART Mortgage Borrower Propco
                                          2006-1C L.P. and ART Mortgage
                                          Borrower Opco 2006-1C L.P.
SPONSOR:                                  Americold Realty Trust
ORIGINATION DATE:                         12/08/06
INTEREST RATE:                            5.43350%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            12/11/16
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(84),O(5)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Cash Management Agreement
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE:                     N/A
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                        INITIAL      MONTHLY
                                                        -----------------------
TAXES(1):                                                   $0           $0
INSURANCE(1):                                               $0           $0
CAPEX(2):                                                   $0           $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Portfolio
TITLE:                                    Fee
PROPERTY TYPE:                            Industrial --
                                          Warehouse/Distribution
SQUARE FOOTAGE:                           1,373,997 (32,228,130 Cu. Ft)
LOCATION:                                 Various
YEAR BUILT/RENOVATED:                     Various
OCCUPANCY:                                72.3%
OCCUPANCY DATE:                           03/31/07
HISTORICAL NOI:
  2005:                                   $12,679,125
  TTM AS OF 09/30/06:                     $12,623,694
  TTM AS OF 03/31/07:                     $12,911,795
UW REVENUES:                              $34,473,063
UW EXPENSES:                              $21,561,268
UW NOI:                                   $12,911,795
UW NET CASH FLOW:                         $11,923,060
APPRAISED VALUE:                          $155,425,000
APPRAISAL DATE:                           Various
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $84
CUT-OFF DATE LTV:                         74.2%
MATURITY DATE LTV:                        74.2%
UW DSCR:                                  1.88x
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------------------------------------------------
                                                    PORTFOLIO SUMMARY

                                        APPRAISED     YEAR BUILT /                                          ALLOCATED LOAN
       LOCATION              TYPE         VALUE        RENOVATED     CUBIC FEET   SQUARE FEET   OCCUPANCY      BALANCE
--------------------------------------------------------------------------------------------------------------------------

INDIANAPOLIS, IN            Public     $ 65,300,000    1979/1989     10,935,624      427,159      77.4%      $ 52,000,000
MILWAUKIE, OR               Public       24,300,000    1958/1988      4,558,161      240,221      88.0%        19,450,000
PASCO, WA                 Production     34,400,000       1975        7,089,064      244,775      70.0%        18,850,000
PHOENIX, AZ                 Public       11,725,000    1985/1995      2,804,673      149,852      90.1%         9,400,000
FORT DODGE, IA              Public       10,000,000       1981        4,129,396      188,465      41.0%         8,000,000
WALLULA, WA                 Public        6,500,000       1982        1,571,765       59,628      61.9%         5,200,000
AUGUSTA, GA                 Public        3,200,000    1971/1983      1,139,447       63,897      48.4%         2,400,000
--------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                $155,425,000                  32,228,130    1,373,997      72.3%      $115,300,000
--------------------------------------------------------------------------------------------------------------------------


(1)   The monthly deposits for the required reserves are waived provided (i)
      there are no existing events of default and/or (ii) no Trigger Event
      exists. A Trigger Event will commence on the date the annual net operating
      income for the trailing four fiscal quarters ("NOI") falls below 85% of
      the NOI on the origination date of the loan, and will continue until the
      NOI in excess of 85% of the NOI at origination of the mortgage loan is
      maintained for two consecutive quarters. Upon the occurrence and
      continuation of a Trigger Event, the borrower will be required to deposit
      1/12 of the estimated annual real estate taxes and insurance premiums.

(2)   Upon the occurrence and continuation of a Trigger Event, the borrower will
      be required to deposit one-twelfth of the product of $0.03 and the number
      of cubic feet at the mortgaged property subject to a cap of $1,229,867.


                                      A-3-49

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               AMERICOLD PORTFOLIO
--------------------------------------------------------------------------------

THE LOAN. The Americold Portfolio loan is a first lien mortgage securing a fee
interest in 7 temperature-controlled storage/distribution facilities located in
Indianapolis, Indiana; Milwaukie, Oregon; Pasco, Washington; Phoenix, Arizona;
Fort Dodge, Iowa; Wallula, Washington; and Augusta, Georgia.

THE BORROWER. The borrowers are ART Mortgage Borrower Propco 2006-1C L.P and ART
Mortgage Borrower Opco 2006-1C L.P. (collectively, the "borrower").

THE SPONSOR. The loan sponsor is Americold Realty Trust ("Americold"), the
holding company for Americold Logistics, LLC, a provider of
temperature-controlled warehousing, distribution, supply-chain management, and
other logistics services. The company offers 545 million cubic feet of storage
space in 102 temperature-controlled facilities nationwide.

Ownership of the company is divided among 3 real estate/private equity firms:
Vornado Realty Trust (47.6%), Crescent Real Estate Equities (30.7%), and The
Yucaipa Companies (20.7%). Vornado Realty Trust and Crescent Real Estate
Equities, both public REITs, have a combined market capitalization of
approximately $19.6 billion. The Yucaipa Companies, owned by Ron Burkle, are
investors in real estate and the food and grocery industries.

THE PORTFOLIO. The Americold Portfolio loan is secured by 7 mortgaged properties
encompassing 1,373,997 square feet (32,228,130 cubic feet). Typical features of
these facilitates include multiple truck loading bays, direct rail service,
staging areas for shipping, cooling systems, and redundant power and/or backup
generators. Most facilities contain a mix of frozen, refrigerated, and cooler
storage space.

INDIANAPOLIS, INDIANA

The Indianapolis facility is located off of Interstate 465 and situated in
proximity to various interstate throughways that allow access to 18 states. The
mortgaged property consists of a warehouse facility built in 1979 and renovated
in 1989 with approximately 10,935,624 of cubic feet and clearing ceiling heights
of 22 feet. The major customer at the mortgaged property is Smithfield Foods
("Ba3/BB+" by Moody's/S&P).

MILWAUKIE, OREGON

The Milwaukie facility is located on the east bank of the Willamette River, just
south of the Portland CBD. The mortgaged property consists of 2 buildings
constructed in 1958 with expansions in 1971 and 1988 with approximately
4,558,161 of cubic feet and clearing ceiling heights of 29 feet. The
distribution area covers Northern California, Oregon, Washington, Idaho, and
parts of Montana. The major customers of the mortgaged property are HJ Heinz Co.
("Baa2/BBB" by Moody's/S&P), Dean Foods ("Ba3/BB" by Moody's/S&P) and Natural
Frozen Foods.

PASCO, WASHINGTON

The Pasco facility is located in the southern part of Washington and is
equidistant from Seattle, Spokane and Portland. The mortgaged property consists
of one building constructed in 1975 with approximately 7,089,064 cubic feet and
clearing ceiling heights of 24 feet. The facility is connected to a J.R. Simplot
processing plant. Simplot is a privately-held agribusiness with annual sales of
approximately $3 billion.

PHOENIX, ARIZONA

The Phoenix facility is located on 75th Avenue in Phoenix, Arizona, just off
I-10, a primary route from Phoenix to Los Angeles and the rest of California and
connects to the Phoenix CBD. The mortgaged property consists of one building
constructed in 1985 and expanded in 1995 with approximately 2,804,673 of cubic
feet and clearing ceiling heights ranging from 14 to 20 feet. The major
customers at the mortgaged property include Flowers Food ("Baa3/BBB--" by
Moody's/S&P), Sara Lee ("Baa1/BBB+" by Moody's/S&P), Smithfield ("Ba3/BB+" by
Moody's/S&P), the U.S. government ("Aaa/AAA" by Moody's/S&P) and Tyson Foods
("Ba2/BBB--" by Moody's/S&P).

FORT DODGE, IOWA

The Fort Dodge facility is located in central Iowa, approximately 95 miles north
of Des Moines. The mortgaged property consists of 1 building constructed in 1981
with approximately 4,129,396 cubic feet and clearing heights of 21 feet. The
major customer at the mortgaged property is Swift Foods, which exhibited $9.4
billion in sales in fiscal year 2006.

WALLULA, WASHINGTON

The Wallula facility is located less than 15 miles from the Pasco facility in
the Columbia River Valley agricultural region. The mortgaged property consists
of 1 building built in 1982 with approximately 1,571,765 cubic feet and clearing
heights of 26 feet. The major customer at the mortgaged property is Tyson Foods
("Ba2/BBB-" by Moody's/S&P).

AUGUSTA, GEORGIA

The Augusta facility is the smallest mortgaged property in the portfolio, built
in 1971 and renovated in 1983, with approximately 1,139,447 cubic feet and
clearing ceiling heights of 21 to 25 feet. Major tenants at the mortgaged
property include Castleberry and Amick Farms. The mortgaged property is located
in Augusta, Georgia, with Atlanta and Charlotte approximately 150 miles away,
and is within 600 miles of Richmond, Miami, Memphis, Nashville, Baltimore and
Washington, D.C.


                                     A-3-50

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               AMERICOLD PORTFOLIO
--------------------------------------------------------------------------------

RELEASE PROVISIONS. The borrower is permitted to voluntarily defease a portion
of the loan and obtain a release of the lien of the mortgage on any individual
mortgaged property upon satisfaction of certain conditions including, but not
limited to, the following: (A) the payment of funds to purchase direct
non-callable obligations of the United States of America sufficient to defease
the loan in an amount equal to a release amount (the "Release Amount") equal to
(x) 105% of the original allocated loan amount of the released individual
mortgaged property, which, when taken together with the allocated loan amount of
each individual mortgaged property previously released, is less than or equal to
12.5% of the original principal amount of the loan, (y) 110% of the original
allocated loan amount of the released individual mortgaged property, which, when
taken together with the allocated loan amount of each individual mortgaged
property previously released, is greater than 12.5% but less than or equal to
25% of the original principal amount of the loan, or (z) 115% of the original
allocated loan amount of the released individual mortgaged property, which, when
taken together with the allocated loan amount of each individual mortgaged
property released, is greater than 25% of the original principal amount of the
loan; (B) after giving effect to the release of any individual mortgaged
property, the debt service coverage ratio of the mortgage loan for the
individual mortgaged properties (excluding the individual mortgaged properties
released) may not be less than the greater of (i) the debt service coverage
ratio as of the date of origination of the loan and (ii) the debt service
coverage ratio for the trailing 12 full calendar months as of the date
immediately preceding the release of the individual mortgaged properties;
provided, that in order to satisfy such debt service coverage ratio, the
borrower may defease a portion of the mortgage loan in excess of the release
amounts as described above of the affected individual mortgaged properties in
order to meet this test. The Pasco, Washington property has a purchase option
pursuant to the Facility Use Agreement dated March 18, 1995 between borrower and
Simplot, in which Simplot has the right to purchase the Pasco mortgaged
property. In the event Simplot exercises its purchase option prior to August 10,
2009, the borrower is permitted to prepay a portion of the mortgage loan in an
amount equal to the applicable release amount, together with yield maintenance,
and obtain a release of the Pasco, Washington mortgaged property.

SUBSTITUTION. The borrower is permitted to obtain a release of the lien of the
mortgage encumbering any of the individual mortgaged properties (the
"Substituted Property") by substituting another property of like kind and
quality (the "Substitute Property") upon satisfaction of certain conditions
including, but not limited to, the following: (A) the allocated loan amount of
the Substitute Properties collectively do not exceed 35% of the original
principal balance of the loan; (B) after giving effect to the substitution, the
debt service coverage ratio for the loan (excluding the Substituted Properties
and including the Substitute Properties) is not less than the greater of (i) the
debt service coverage ratio as of the origination date of the loan and (ii) the
debt service coverage ratio for the trailing 12 full calendar months as of the
date immediately preceding the substitution; provided, that in order to satisfy
such debt service coverage ratio, the borrower may defease a portion of the loan
in excess of the Release Amounts of the affected individual mortgaged
properties; and (C) (x) the loan-to-value ratio of a Substitute Property is not
greater than the lesser of the loan-to-value ratio for a Substituted Property
(i) as of the origination date of the loan and (ii) immediately prior to the
substitution or (y) if the borrower is unable to satisfy the foregoing
loan-to-value ratio test set forth in (x) above, after giving effect to the
substitution, such test may be satisfied if the loan-to-value ratio for all of
the individual mortgaged properties (excluding the Substituted Properties and
including the Substitute Properties) is not greater than the lesser of (i) the
loan-to-value ratio as of the origination date of the loan and (ii) the
loan-to-value ratio immediately prior to the substitution.

PROPERTY MANAGEMENT. The mortgaged properties are managed by ART Manager,
L.L.C., an affiliate of the borrower.


                                     A-3-51

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               AMERICOLD PORTFOLIO
--------------------------------------------------------------------------------


          [MAP INDICATING THE LOCATION OF AMERICOLD PORTFOLIO OMITTED]


                                     A-3-52

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-53

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------


                   [4 PHOTOS OF GENESEE VALLEY CENTER OMITTED]


                                     A-3-54

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $110,668,660
CUT-OFF DATE PRINCIPAL BALANCE:           $110,668,660
% OF POOL BY IPB:                         2.0%
LOAN SELLER:                              Natixis Real Estate Capital Inc.
BORROWER:                                 Genesee Valley Partners, LP
SPONSOR:                                  Gregory Greenfield & Associates, Ltd.
ORIGINATION DATE:                         11/08/06
INTEREST RATE:                            5.95000%
INTEREST-ONLY PERIOD:                     60 months
MATURITY DATE:                            12/05/16
AMORTIZATION TYPE:                        Balloon
ORIGINATION AMORTIZATION:                 312 months
REMAINING AMORTIZATION:                   312 months
CALL PROTECTION:                          L(24),Def(85),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE:                     N/A
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                                        INITIAL      MONTHLY
                                                        -----------------------
TAXES:                                                  $1,232,954     $245,000
INSURANCE:                                                 $69,992      $23,000
CAPEX:                                                    $951,000           $0
DEFERRED MAINTENANCE:                                      $27,750           $0
ENVIRONMENTAL:                                             $21,250           $0
ROLLOVER:                                                  $51,597      $38,000
BARNES & NOBLE RESERVE(1):                                $418,086           $0
APPROVED LEASING EXPENSE
   RESERVE(2):                                          $4,722,199           $0
RENT EQUIVALENT RESERVE(3):                               $881,040           $0
BURLINGTON COAT FACTORY RESERVE(4):                     $3,750,534           $0
MAN ALIVE OCCUPANCY RESERVE(5):                           $256,776           $0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Retail -- Anchored
SQUARE FOOTAGE(6):                        542,588
LOCATION:                                 Flint, MI
YEAR BUILT/RENOVATED:                     1970/2005
OCCUPANCY:                                87.0%
OCCUPANCY DATE:                           09/06/06
NUMBER OF TENANTS:                        118
HISTORICAL NOI:
  2005:                                   $8,311,974
  2006:                                   $9,140,345
AVERAGE IN-LINE SALES/SF(7):              $311
UW REVENUES:                              $19,344,016
UW EXPENSES:                              $9,597,494
UW NOI:                                   $9,746,522
UW NET CASH FLOW:                         $9,299,825
APPRAISED VALUE:                          $152,400,000
APPRAISAL DATE:                           11/01/06
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF:                     $204
CUT-OFF DATE LTV:                         72.6%
MATURITY DATE LTV:                        66.2%
UW IO DSCR:                               1.39x
UW DSCR:                                  1.11x
--------------------------------------------------------------------------------

(1)   At origination, a reserve was established with respect to the co-tenancy
      and delay in delivery of the tenant space in the Barnes and Noble lease.
      $84,860 of the upfront reserve was released in 3 equal installments of
      $27,333 on the January, February, and March 2007 payment dates to make up
      for the reduction in Barnes & Noble's standard rent obligation caused by
      the failure to meet Barnes & Noble's co-tenancy requirement. $333,226 of
      the reserve will be paid to Barnes & Noble upon final agreement with
      Barnes & Noble regarding the penalties owed to Barnes & Noble due to the
      late delivery of the premises and the mortgagee's receipt of an estoppel
      from Barnes & Noble.

(2)   A $4,722,199 reserve was funded in the amount of the approved leasing
      expenses for 10 tenants. The funds will be reimbursed to the borrower
      pursuant to the disbursement procedures for rollover reserves for the
      enumerated tenants.

(3)   A rent equivalent reserve was funded by the borrower. So long as no event
      of default is continuing, the borrower will receive $146,840 on each
      payment date, commencing with the May 5, 2007 payment date through and
      including the October 5, 2007 payment date.

(4)   A reserve was funded by the borrower and will be held as additional
      collateral for the loan until the mortgagee receives an acceptable
      estoppel from Burlington Coat Factory and a certification from the
      borrower confirming that (i) Burlington Coat Factory is in occupancy, (ii)
      the borrower's obligations as landlord under the lease have been satisfied
      in full and (iii) no default exists under the lease.

(5)   An occupancy reserve was collected and will be held as additional
      collateral for the loan until the mortgagee receives an acceptable lease
      amendment from the Man Alive tenant.

(6)   Figure excludes 712,787 square feet of non-owned anchor space.

(7)   Sales figures are based on in-line tenants occupying under 10,000 square
      feet and open for 12 months or more, based on TTM as of April 30, 2006.
      In-line tenants on month-to-month leases were not included in sales
      figures.


                                     A-3-55

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------



------------------------------------------------------------------------------------------------------------------------------------
                                                                                    ANNUAL                                 LEASE
                                          RATINGS                      % OF          BASE       ANNUAL BASE    SALES     EXPIRATION
            TENANT NAME                MOODY'S/S&P(1)   TOTAL SF    TOTAL SF(2)      RENT        RENT PSF       PSF         YEAR
------------------------------------------------------------------------------------------------------------------------------------

ANCHORS
SEARS (NOT PART OF COLLATERAL)            Ba1/BB+         293,165      23.4%              N/A         N/A       N/A     Anchor Owned
MACY'S (NOT PART OF COLLATERAL)           Baa2/BBB        268,025      21.4               N/A         N/A       N/A     Anchor Owned
J.C. PENNEY (NOT PART OF COLLATERAL)     Baa3/BBB-        151,597      12.1               N/A         N/A       N/A     Anchor Owned
BURLINGTON COAT FACTORY                     B2/B           80,000       6.4       $   780,000     $  9.75       N/A         2017
                                                        ---------------------------------------------------
                                                          792,787      63.2%      $   780,000     $  9.75
TOP 10 TENANTS
CINEMA 10                                                  33,277       2.7%      $   424,282     $ 12.75       N/A         2017
STEVE & BARRY'S                                            27,000       2.2           351,000     $ 13.00      $ 114        2011
BARNES & NOBLE                                             26,582       2.1           350,085     $ 13.17      $ 106        2016
FINISH LINE                                                10,838       0.9           270,950     $ 25.00      $ 211        2011
FYE                                                         9,668       0.8           235,609     $ 24.37      $ 169        2009
VICTORIA SECRET                           Baa2/BBB          8,492       0.7           254,760     $ 30.00      $ 482        2013
LANE BRYANT                               Ba3/BB-           8,240       0.7           214,240     $ 26.00      $ 250        2010
FOREVER 21 RETAIL                                           8,141       0.6           122,115     $ 15.00       N/A         2017
CHARLOTTE RUSSE                                             8,000       0.6           112,000     $ 14.00      $ 180        2011
NEW YORK & CO.                                              7,702       0.6           247,360     $ 32.12      $ 265        2008
                                                        ---------------------------------------------------
SUBTOTAL                                                  147,940      11.8%      $ 2,582,401     $ 17.46
REMAINING INLINE SPACE                                    207,684      16.5%      $ 5,574,785     $ 26.84     $311(3)
REMAINING PAD SPACE                                        24,767       2.0%          659,180     $ 26.62
FOOD COURT AND KIOSK                                       11,558       0.9%        1,086,684     $ 94.02
VACANT SQUARE FEET:                                        70,639       5.6%                0
                                                        ---------------------------------------------------
TOTAL OWNED SF:                                           542,588                 $10,683,050
TOTAL CENTER SF:                                        1,255,375
------------------------------------------------------------------------------------------------------------------------------------


(1)   Ratings provided are for the parent company of the entity listed in the
      "Tenant Summary" field whether or not the parent company guarantees the
      lease.

(2)   % of total square feet is calculated based upon the total center gross
      leasable area.

(3)   Sales per square foot figure is based on in-line tenants occupying under
      10,000 square feet and open for 12 months or more, based on trailing 12
      months as of April 30, 2006. In-line tenants on month-to-month leases were
      not included in sales figures.


                                     A-3-56

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------

THE LOAN. The Genesee Valley Center loan is secured by a first mortgage fee
interest in approximately 542,588 square feet of an approximately 1,255,375
square foot anchored retail mall in Flint, Michigan.

THE BORROWER. The borrower is Genesee Valley Partners, LP, a special purpose
entity. The borrower is 99.9% owned by Gregory Greenfield & Associates, Ltd. and
0.1% owned by GG&A Genesee, LLC.

THE SPONSOR. The loan sponsor is Gregory Greenfield & Associates, Ltd., a
Florida limited partnership ("GG&A"). GG&A is a real estate investment, leasing
and development company with a specific focus on and expertise in repositioning
retail properties. All of the principals, who are active in the day-to-day
operations of the company, were senior officers of Compass Retail, Inc. (Compass
was formerly one of the nation's leading regional mall management, leasing and
development organizations). GG&A's principals have managed and leased more than
43 million square feet of retail space. The estimated value of GG&A's current
portfolio of over 10 million square feet is over $1.3 billion. GG&A typically
syndicates out a portion of the equity in their deals. On May 16, 2007 the
global investment advisory firm Babcock & Brown (ASX:"BNB") announced that it
has entered into an agreement to acquire GG&A, the loan sponsor and asset
manager of Genesee Valley Center, as well as a portfolio of 8 malls owned by
GG&A, but not including Genesee Valley Center.

THE PROPERTY. Genesee Valley Center is a single-level and two-level
super-regional mall located approximately 4 miles southwest of the Flint CBD.
The property is situated at the northeast corner of Miller and Linden Roads
one-half mile north of Interstate 69 and 2 miles west of Interstate 75. Bishop
International Airport, the largest airport in Genesee County, is situated
southeast across Interstate 69. Genesee Valley Center was originally constructed
between 1968 and 1970. Significant mall additions include J.C. Penney (1979),
the second level food court (1987), and the outparcel movie theater (1997). In
2005, the mortgaged property was renovated including upgraded lighting, improved
tile and carpet flooring, redesigned seating areas, remodeled restrooms, a new
signage package, new entrances and doors, and a children's indoor play area. In
addition, in 2005 construction of a 65,000 square foot Lifestyle Center was
completed at the mortgaged property, which replaced the former Montgomery Wards
building. The Lifestyle Center features Barnes & Noble at the south main gate.
The former Mervyn's building will be replaced by a new Burlington Coat Factory.
The Burlington Coat Factory store is currently under construction and is
scheduled to open for business in October 2007.

Genesee Valley Center features three anchor tenants; J.C. Penney, Sears and
Macy's -- a former Marshall Field's recently reframed by The Federated Company
-- as well as a mix of in-line tenants, food court tenants, and kiosks. The
mortgaged property also contains 3 separate freestanding buildings -- a Cinema
10 movie theater, Logan's Roadhouse, a Sears Auto Center, and a vacant out
parcel. The collateral for the Genesee Valley Center loan excludes the 3 anchor
tenants, which are retailer owned, but includes all in-line mall space, food
court space, kiosk space, outparcels, the Burlington Coat Factory store as well
as the Lifestyle Center expansion. The mortgaged property also includes 7,291
parking spaces surrounding the perimeter of the mall, which provide a ratio of
6.0 spaces per 1,000 rentable square feet.

Genesee Valley Center is one of the largest regional shopping centers north of
Detroit. Recent additions to the tenant roster include Barnes & Noble, Coldwater
Creek, Deb Shops, Famous Footwear, Hallmark Gold Crown, Ritz Camera, Sunglass
Hut, Stride Rite, Zales Jewelers and Burlington Coat Factory.

SIGNIFICANT TENANTS.

Burlington Coat Factory is a national retailer that offers a variety of designer
merchandise at discount prices. The company's product lines include coats,
apparel, accessories for the entire family, shoes, baby clothes, furniture,
toys, and home decor items. Burlington Coat Factory is privately held by Bain
Capital Partners, LLC. Burlington Coat Factory is currently in the process of
building out their space at the former Mervyn's site. It is expected that the
tenant will open for business and begin paying rent on their space in October
2007.

Steve & Barry's is a discount department store offering shoppers a wide
selection of jeans, t-shirts, sweatshirts, jackets, sweaters, polos, cargos,
footwear and accessories. The company also carries the largest collection of
collegiate-licensed apparel in the nation. Steve and Barry's currently operates
nearly 200 super-stores in 33 states and plans to open approximately 100 stores
in 2007. Steve & Barry's has been a tenant at Genesee Valley Center since 2003.
As of year end 2006, the tenant reported sales of $3.08 million at their Genesee
Valley Center location.

Barnes & Noble, Inc. (NYSE:"BKS"), a Fortune 500 company, operates 793 stores in
50 states as of May 5, 2007. Barnes & Noble pioneered the concept of the book
superstore, combining vast inventory selection in books, music, DVD and
magazines with comfortable ambiance. Barnes and Noble is the world's largest
bookseller and was ranked by Harris Interactive as the No. 1 brand for quality
among retail brands in America in from 2002 through 2006. Barnes & Noble leases
26,582 square feet at Genesee Valley Center on a 10 year lease and is located
within the larger 67,332 square foot Lifestyle Center.


                                      A-3-57

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------

THE MARKET(1). The Genesee Valley Center has 2 primary regional mall
competitors, the Fashion Square Mall (approximately 798,016 square feet) and the
Meridian Mall (approximately 423,484 square feet). However, both of these
competing centers are single level centers that are located more than 30 miles
from the Genesee Valley Center. The mortgaged property's primary trade area
includes Genesee Crossing (approximately 329,068 square feet), Courtland Center
(approximately 458,000 square feet), and the Prime Outlets at Birch Run
(approximately 416,888 square feet) which are 0.9 miles, 7.4 miles and 18.3
miles, respectively, from the Genesee Valley Center. The Genesee Valley Center
is the only enclosed super-regional mall within the Flint MSA.

Access to the mortgaged property is provided via Interstates 69, 75, 475 and US
Route 23. Local access is provided via Miller Road, located south of the
mortgaged property, South Linden Road, located west of the mortgaged property,
and Lennon Road, located north of the mortgaged property. Main entrances are
located along Miller Road and South Linden Road. The surrounding neighborhood is
developed with a mixture of commercial and residential uses, and may best be
described as suburban. Residential uses are generally located east of the
Genesee Valley Center.

The Flint metropolitan statistical area, with a current population of
approximately 446,366, is a community that has been historically dominated by
the automobile industry. The economy of Flint has realized significant
diversification in the period from 1990 to 2007. In 1990, 31% of the population
worked in the manufacturing industry compared with only 14% in 2007. Currently,
financial activities, professional and business services, and education and
health services account for 31% of the population. After a population outflow in
late 1990s due to the plant closures by the automobile industry, the population
has begun to grow, having increased 4% from 2000 to 2006.

In the period from 2000 to 2006, average household income within a 25-mile
radius of the Genesee Valley Center has increased 14% from $59,000 to $66,000,
which is in line with the 2006 national average of $65,849. Household income is
expected to increase 1.5% per year to $63,361 by 2011. In 2006, the number of
households in the Flint CBSA totaled 176,769, which is a 0.6% annual increase
over the 2000 figure. This annual growth rate is expected to continue through
2011 as the economy continues to grow steadily.

The Genesee Valley Center draws from a primary trade area with a population of
approximately 247,326 and an average household income of $57,318. The area's
major employers include multinational automotive industry manufacturers, health
services, and financial institutions. Two universities and two colleges are
located in Genesee County.

PROPERTY MANAGEMENT. The Genesee Valley Center property is managed by Jones Lang
LaSalle.

(1)   Certain information was obtained from the Genesee Valley Center appraisal,
      dated November 1, 2006. The appraisal relies upon many assumptions, and no
      representation is made as to the accuracy of the assumptions underlying
      the related appraisal.



------------------------------------------------------------------------------------------------------------------------------------
                                                      LEASE ROLLOVER SCHEDULE

             NUMBER OF                   % OF                     % OF      CUMULATIVE    CUMULATIVE %   CUMULATIVE    CUMULATIVE %
              LEASES     SQUARE FEET   TOTAL SF    BASE RENT    BASE RENT   SQUARE FEET   OF TOTAL SF     BASE RENT    OF BASE RENT
YEAR         EXPIRING     EXPIRING     EXPIRING    EXPIRING     EXPIRING     EXPIRING       EXPIRING      EXPIRING       EXPIRING
------------------------------------------------------------------------------------------------------------------------------------

VACANT           27         70,639       13.0%            NAP      NAP         70,639         13.0%              NAP        NAP
2007 & MTM       12         24,113        4.4     $   708,501      6.6%        94,752         17.5%      $   708,501        6.6%
2008             18         45,165        8.3       1,182,742     11.1        139,917         25.8%      $ 1,891,242       17.7%
2009              9         23,045        4.2         747,891      7.0        162,962         30.0%      $ 2,639,134       24.7%
2010             10         30,810        5.7         888,446      8.3        193,772         35.7%      $ 3,527,579       33.0%
2011             13         70,241       12.9       1,487,814     13.9        264,013         48.7%      $ 5,015,393       46.9%
2012             12         26,575        4.9         993,178      9.3        290,588         53.6%      $ 6,008,571       56.2%
2013             11         22,892        4.2         930,795      8.7        313,480         57.8%      $ 6,939,366       65.0%
2014              2          2,769        0.5         116,058      1.1        316,249         58.3%      $ 7,055,424       66.0%
2015             11         32,445        6.0         822,055      7.7        348,694         64.3%      $ 7,877,479       73.7%
2016             10         65,425       12.1       1,237,759     11.6        414,119         76.3%      $ 9,115,238       85.3%
THEREAFTER        7        128,469       23.7       1,567,812     14.7        542,588        100.0%      $10,683,050      100.0%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:          142        542,588      100.0%    $10,683,050    100.0%
------------------------------------------------------------------------------------------------------------------------------------



                                     A-3-58

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------


         [MAP INDICATING THE LOCATION OF GENESEE VALLEY CENTER OMITTED]


                                     A-3-59

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              GENESEE VALLEY CENTER
--------------------------------------------------------------------------------


                  [SITE PLAN OF GENESEE VALLEY CENTER OMITTED]


                                     A-3-60

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-61

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               CHAMPIONSGATE HOTEL
--------------------------------------------------------------------------------


                    [5 PHOTOS OF CHAMPIONSGATE HOTEL OMITTED]


                                     A-3-62

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               CHAMPIONSGATE HOTEL
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE(1):            $100,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $100,000,000
% OF POOL BY IPB:                         1.8%
LOAN SELLER:                              Eurohypo AG
BORROWER:                                 Omni-Championship Resort
                                          Hotel, LP; CG (Championsgate)
                                          Golf L.L.C.
SPONSOR:                                  Ira Mitzner, David Mitzner,
                                          WRS Advisors III, LLC
ORIGINATION DATE:                         02/01/06
INTEREST RATE:                            6.72000%
INTEREST-ONLY PERIOD:                     24 months
MATURITY DATE:                            02/01/16
AMORTIZATION TYPE:                        Balloon
ORIGINAL AMORTIZATION(2):                 360 months
REMAINING AMORTIZATION:                   360 months
CALL PROTECTION:                          L(24),Def(77),O(2)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          $50,000,000
ADDITIONAL DEBT TYPE(1):                  Pari Passu Loan
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                           INITIAL                 MONTHLY
                                          --------------------------------------
TAXES:                                    $ 1,448,680              $ 206,954
INSURANCE:                                $   373,051              $  26,738
FF&E(3):                                  $ 1,995,826(4)            3.0%/4.0%(4)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE(5):                                 Fee/Leasehold
PROPERTY TYPE:                            Hotel -- Full Service
ROOMS:                                    730
LOCATION:                                 ChampionsGate, FL
YEAR BUILT/RENOVATED:                     2004/NAP
OCCUPANCY:                                61.0%
OCCUPANCY DATE:                           03/22/07
HISTORICAL NOI:
  2005:                                   $  8,590,168
  2006:                                   $ 13,581,212
TTM AS OF (03/31/07):                     $ 15,247,379
UW REVENUES:                              $ 63,359,521
UW EXPENSES:                              $ 46,657,537
UW NOI(6):                                $ 16,701,984
UW NET CASH FLOW:                         $ 14,801,197
APPRAISED VALUE:                          $233,600,000
APPRAISAL DATE:                           05/01/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            FINANCIAL INFORMATION(7)
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/ROOM:                   $205,479
CUT-OFF DATE LTV:                         64.2%
MATURITY DATE LTV:                        57.8%
UW IO DSCR:                               1.45x
UW DSCR:                                  1.27x
--------------------------------------------------------------------------------



-------------------------------------------------------------------------------------------------------------------------
                                       PROPERTY HISTORICAL OPERATING STATISTICS

           OCCUPANCY                                 ADR                                       REVPAR
-------------------------------   -----------------------------------------   -------------------------------------------
                  TTM                                     TTM                                        TTM
2005    2006    3/31/07    UW       2005       2006     3/31/07       UW       2005       2006     3/31/07       UW
-------------------------------------------------------------------------------------------------------------------------

62.5%   62.6%    61.6%    63.1%   $ 145.73   $ 163.33   $ 167.21   $ 168.05   $ 91.08   $ 102.16   $ 102.93   $ 106.00(6)
-------------------------------------------------------------------------------------------------------------------------


(1)   The $150,000,000 loan has been split into 2 pari passu notes: a
      $100,000,000 A note (included in the trust) and a $50,000,000 A note (not
      included in the trust).

(2)   The monthly debt service payments required under the loan documents are
      based on a 30-year amortization schedule, provided, however, that in the
      event that trailing twelve month NOI on the 3rd anniversary of the
      origination date is less than $15,000,000, then beginning on the
      subsequent monthly payment date and continuing until the maturity date,
      debt service payments will be calculated based on a 25-year amortization
      schedule.

(3)   Includes an FF&E reserve of $1,974,622 and a ground rent reserve of
      $21,204.

(4)   Represents the current balance. Monthly deposits for each remaining month
      in 2007 will be in an amount equal to 3% of the total revenue of the
      mortgaged property during the second preceding month. For 2008 and each
      year thereafter, monthly deposits will be in an amount equal to 4% of the
      total revenue of the mortgaged property during the second preceding month.

(5)   The golf course is on land ground leased by CG (Championsgate) Golf L.L.C.
      under a sublease with an affiliate, Rida Development Corporation ("Rida").
      Rida entered into a ground lease of the land with the Tohopekaliga Water
      Authority. Both the sub-ground lease and ground lease expire on March 31,
      2095. CG (ChampionsGate) Golf L.L.C. has granted the mortgagee a mortgage
      on its sub-leasehold interest in this portion of the mortgaged property.

(6)   Based on actual 2007 and budgeted forecast for the remainder of the year.
      There were 58,319 forward room night bookings as of January 2007 versus
      36,016 forward room night bookings in 2006.

(7)   Information with respect to the ChampionsGate Hotel loan, particularly as
      it relates to the debt service coverage ratios and loan to value ratios,
      is calculated including the principal balance of, and debt service
      payments on, the related pari passu companion loan, which is not included
      in the trust.


                                     A-3-63

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                               CHAMPIONSGATE HOTEL
--------------------------------------------------------------------------------

THE LOAN. The ChampionsGate Loan is part of a split loan structure evidenced by
2 pari passu promissory notes: a $100,000,000 A note (included in the trust) and
a $50,000,000 A note (not included in the trust). The ChampionsGate Loan is a
ten-year loan secured by a first mortgage on the fee interest in a 730-room,
full service hotel and the sub-leasehold interest in the adjoining 36-hole golf
course located in ChampionsGate, Florida.

THE BORROWER. The borrowers, Omni-Championship Resort Hotel, LP, a Delaware
limited partnership, and CG (Championsgate) Golf L.L.C., a Delaware limited
liability company, are structured as bankruptcy-remote special purpose entities
and owned by a partnership between the principals of Apollo Real Estate
Advisors, L.P. and RIDA Development Corporation.

THE SPONSOR. The loan sponsors are David and Ira Mitzner, principals of Rida
Development Corporation, and WRS Advisors III, LLC, owned by William Mack, Lee
Neibart and John Jacobson, principals of Apollo Real Estate Advisors, L.P.
("Apollo"). Apollo is a global private real estate investor. William Mack
founded Apollo in 1993 in cooperation with the Apollo private equity funds.
Apollo has overseen the investment of 8 real estate funds and joint ventures,
through which it has invested over $7.0 billion in more than 350 transactions
with an aggregate value in excess of $30 billion. The two senior partners of
Apollo, William Mack and Lee Neibart, have 70 years of combined industry
experience and have been investing together since 1994.

Rida Development Corporation ("Rida") is a privately owned real estate company
founded by David Mitzner in 1972. Rida has development experience throughout
various sectors of the industry including office buildings, shopping centers,
industrial complexes, apartment projects, and hotels.

Via various joint ventures, Apollo and Rida have developed several billion
dollars of real estate including the ChampionsGate master-planned community as
well as office, warehouse, retail and hotel properties. The loan sponsors have
executed a limited payment guaranty with a maximum liability of $15,000,000,
which is subject to reduction or termination in the event that specified net
operating income calculated pursuant to the related loan agreement, at any time,
is at least $15,000,000 for the most recent trailing twelve months.

THE PROPERTY. The ChampionsGate Hotel (also known as Omni Orlando Resort at
Champions Gate) is a 730-room, full-service hotel located on Masters Boulevard
in ChampionsGate, Florida, in the Orlando MSA. Completed in October 2004, the
hotel was designed to appeal primarily to group travelers (via extensive meeting
space) and secondarily to leisure travelers (via its proximity to the area's
theme park attractions and its numerous on-site amenities). Approximately 70% of
room reservations are comprised of corporate/group bookings, with the balance
coming from leisure sales. Amenities include approximately 70,000 square feet of
meeting space, 36 holes of championship golf (18 hole Greg Norman designed
courses, including the highest rated course in Florida, which is rated as one of
Golf Magazine's "Most Distinctive Places to Play"), a full service spa and
fitness center, a 15-acre recreational area which includes heated pools, an
850-foot lazy river ride, water slides, private cabanas, tennis courts, a
basketball court, beach volleyball, a lighted par-3 golf course, private
cabanas, 5 restaurants and three food and beverage outlets. Restaurant themes
range from casual pool side dining and bars to sit down Italian or sushi
restaurants.

The ChampionsGate Hotel is part of a continually developing master-planned
community (not included in the collateral). Now in its sixth year, the $1.5
billion ChampionsGate development includes the ChampionsGate Hotel (included in
the collateral), two championship 18 hole golf courses (included in the
collateral), a fully leased approximately 120,000 square foot retail village,
executive offices, condominiums and single family homes. Construction of a new
lifestyle retail center on an adjacent 16-acre parcel is expected to begin in
the Fall of 2007. Ultimately, the resort is expected to include up to 500,000
square feet of Class "A" offices, 2,000 residences and other improvements. As of
January 2007, year-over-year confirmed rooms grew from 36,016 rooms to 58,319,
or 62.2%, and forward booking room revenue rose from $6,554,912 to $11,197,248,
or 70.8%.

The related loan documents permit the borrowers to obtain the release of a
portion of the mortgaged property consisting of the mortgaged property relating
to four golf holes, subject to the satisfaction of certain conditions,
including, but not limited to: (i) the borrower grants the mortgagee a first
priority lien on a replacement parcel adjacent to the golf course on the
mortgaged property and (ii) the replacement parcel must consist of property
relating to up to four golf holes, and must be substantially the same size and
in substantially the same condition as the released parcel.

THE MARKET(1). Orlando is the second largest hospitality, convention, and
leisure travel market in the Unites States behind Las Vegas. Numerous leisure
attractions including Disney World, Sea World, Universal Studios, Epcot Center,
and MGM Studios.

Between 1996 and 2006, Orlando's employment base grew at an annual rate of 3.7%,
more than double the 1.4% average growth rate across the top 100 MSA's in the
United States. The Orlando unemployment rate remains near 3% and is expected to
continue at these levels through 2011.

Fundamentals underlying the tourism industry remain strong, with leisure and
hospitality employment expanding about 2.5% per annum. Orlando's numerous
tourist attractions are a continuing draw. Walt Disney World. Seaworld,
Universal Studios, Downtown Orlando and the Mall at Millennia are all within 24
miles of ChampionsGate Hotel.

The competitive set is comprised of 6,967 rooms spread amongst 7 hotels,
(including ChampionsGate Hotel). The competitive set's occupancy, ADR, and
RevPAR for the year to date period ended April 2007 averaged 77.9%, $210.26, and
$163.76, respectively. A selection of the competitive properties includes the
Hyatt Regency Grand Cypress Resort, the Marriott Orlando World Center Resort,
the Renaissance Orlando Resort at Seaworld and the Loews Portofino Bay Hotel,
among others.

For the trailing three months ended February 2007, occupancy, ADR and RevPAR are
all ahead of the comparable period in 2006. Among its competitive set, the
property's trailing three month occupancy gain ranked second overall. In
addition, ADR and RevPAR for the trailing twelve months ended April 2007 are
stronger than any prior historical period since the property's inception.

PROPERTY MANAGEMENT. The ChampionsGate Hotel is managed by Omni Hotels
Management Corporation ("Omni"), which is not an affiliate of the borrower. Omni
is privately owned and headquartered in Irving, Texas, and operates 39
first-class and luxury hotels and resorts throughout the United States, Canada
and Mexico. The golf course is managed by Meadowbrook Golf Group, Inc., an
affiliate of the borrower.

(1)   Certain information was obtained from the ChampionsGate property
      appraisal, dated May 1, 2007. The appraisal relies upon many assumptions,
      and no representations are made as to the accuracy of the assumptions
      underlying the related appraisal.


                                     A-3-64

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  CHAMPIONSGATE
--------------------------------------------------------------------------------


             [MAP INDICATING THE LOCATION OF CHAMPIONSGATE OMITTED]


                                     A-3-65

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 LEMBI PORTFOLIO
--------------------------------------------------------------------------------


                      [2 PHOTOS OF LEMBI PORTFOLIO OMITTED]


            [MAP INDICATING THE LOCATION OF LEMBI PORTFOLIO OMITTED]


                                     A-3-66

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 LEMBI PORTFOLIO
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                        MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $90,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $90,000,000
% OF POOL BY IPB:                         1.7%
LOAN SELLER:                              Nomura Credit & Capital, Inc.
BORROWER:                                 Trophy Properties I DE, LLC; LRL
                                          Citi Properties I DE, LLC; Sutter
                                          Associates DE, LLC; Hermann
                                          Street DE, LLC
SPONSOR:                                  Frank E. Lembi, Walter Lembi,
                                          The Olga Lembi Residual Trust
ORIGINATION DATE:                         06/05/07
INTEREST RATE:                            6.08000%
INTEREST-ONLY PERIOD:                     60 months
MATURITY DATE:                            06/11/12
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(32),O(3)
CROSS-COLLATERALIZATION:                  Yes
LOCK BOX:                                 No
ADDITIONAL DEBT:                          $25,000,000 / $17,430,000
ADDITIONAL DEBT TYPE:                     B Note / Mezzanine
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                          INITIAL                      MONTHLY
                                          --------------------------------------
TAXES:                                    $  206,527                    $ 51,632
INSURANCE:                                $  145,072                    $ 20,725
ENGINEERING:                              $   26,688                    $      0
CAPEX RESERVE(3):                         $  500,000                    $      0
OTHER(4):                                 $4,400,000                    $      0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Portfolio(1)
TITLE:                                    Fee
PROPERTY TYPE:                            Multifamily
UNITS:                                    662
LOCATION:                                 San Francisco, CA
YEAR BUILT/RENOVATED:                     Various
OCCUPANCY:                                98.2%
OCCUPANCY DATE:                           04/30/07
HISTORICAL NOI:
  2005:                                   $  6,093,363
  2006:                                   $  6,404,383
  T-3 AS OF 03/31/07:                     $  6,640,712
UW REVENUES:                              $ 12,977,311
UW EXPENSES:                              $  2,425,325
UW NOI(2):                                $ 10,551,985
UW NET CASH FLOW:                         $ 10,386,485
APPRAISED VALUE:                          $145,300,000
APPRAISAL DATE:                           04/17/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
                                          TRUST ASSET        TOTAL MORTGAGE LOAN
                                          --------------------------------------
CUT-OFF DATE LOAN/UNIT(5):                 $135,952               $173,716
CUT-OFF DATE LTV:                              61.9%                  79.1%
MATURITY DATE LTV:                             61.9%                  79.1%
UW IO DSCR:                                    1.87x                  1.37x
UW DSCR(6):                                    1.87x                  1.37x
--------------------------------------------------------------------------------

(1)   The borrower may obtain release of individual mortgaged properties after
      the lockout period subject to certain conditions, including: (i) no event
      of default, (ii) partial defeasance at 120% of the allocated loan amount
      attributable to the released collateral, (iii) the debt service coverage
      ratio may be no less than the greater of 1.10x or the debt service
      coverage ratio immediately prior to release, and (iv) the loan-to-value
      ratio on the remaining collateral must not exceed 95%.

(2)   The difference between the TTM and the UW NOI is largely attributed to the
      inclusion of approximately $4.4 million interest reserve in the UW NOI
      figure.

(3)   $500,000 was escrowed at loan closing. If the replacement reserve falls
      under $50,000, commencing on the first monthly payment due thereafter, the
      borrower must pay to the mortgagee monthly deposits to the replacement
      reserve in the amount of $13,950.

(4)   At origination, $4,400,000 was escrowed to fund an interest reserve to be
      held by the mortgagee. The borrower will be required to replenish the
      interest reserve each year in an amount sufficient to provide a 1.10x debt
      service coverage ratio based on the total loan balance of $132,430,000
      based on the actual loan constant exclusive of an interest reserve. The
      interest reserve terminates when the mortgaged properties have a combined
      1.10x debt service coverage ratio on a trailing 12 month basis on the
      total loan balance of $132,430,000.

(5)   The Lembi Portfolio loan is secured by 16 multifamily properties with a
      retail component. The Allocated Cut-Off Date Balance per Unit for the
      multifamily properties is $135,952.

(6)   The debt service coverage ratios based on current cashflows are 1.17x for
      the Trust Asset and 0.86x for the total loan. The debt service coverage
      ratios based on current market rents are 1.49x for the Trust Asset and
      1.09x for the total loan.


                                     A-3-67

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 LEMBI PORTFOLIO
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------------------------------------------
                                                 PORTFOLIO SUMMARY

                                                                                   AVERAGE RENT
                                                                            --------------------------

                                                   % OF TOTAL                          ONE       TWO      ALLOCATED
PROPERTY NAME            YEAR BUILT   # OF UNITS     UNITS      OCCUPANCY   STUDIO   BEDROOM   BEDROOM   LOAN AMOUNT
--------------------------------------------------------------------------------------------------------------------

980 BUSH STREET             1910          73          11.0%       100.0%    $  936   $1,517    $1,975    $ 9,786,648
1408 CALIFORNIA STREET      1914          37           5.6        100.0%    $  883   $1,229    $2,098      6,813,489
665 EDDY STREET             1924          47           7.1         97.9%    $  881   $1,217    $1,425      5,388,850
725 ELLIS STREET            1930          53           8.0         96.2%    $  812   $  985    $    0      5,636,614
701 FELL STREET             1925          18           2.7        100.0%    $1,019   $1,134    $1,647      2,725,395
520 GEARY STREET            1923          88          13.3         95.5%    $  906   $1,291    $1,795     11,335,169
2 GUERRERO STREET           1922          27           4.1         96.3%    $1,120   $1,720    $    0      4,707,502
15 HERMANN STREET           1931          62           9.4        100.0%    $1,123   $    0    $    0     11,273,228
525 LEAVENWORTH STREET      1923          24           3.6        100.0%    $  846   $  927    $  876      2,167,928
535 LEAVENWORTH STREET      1924          24           3.6        100.0%    $  793   $1,123    $1,725      2,477,633
666 O'FARRELL STREET        1924          35           5.3         97.1%    $  965   $1,192    $1,437      4,150,034
675 O'FARRELL STREET        1938          25           3.8        100.0%    $  781   $    0    $    0      2,291,811
400 PAGE STREET             1928          25           3.8        100.0%    $  987   $1,306    $1,600      3,158,982
930 POST STREET             1925          44           6.6         97.7%    $  982   $1,295    $    0      5,698,555
861 SUTTER STREET           1913          61           9.2         96.7%    $1,025   $1,364    $1,555      8,733,654
2656 VAN NESS AVENUE        1925          19           2.9        100.0%    $1,224   $1,536    $1,750      3,654,508
--------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE                   662         100.0%        98.2%    $  951   $1,277    $1,642    $90,000,000
--------------------------------------------------------------------------------------------------------------------



                                      A-3-68

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-69

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              DENMARK MHC PORTFOLIO
--------------------------------------------------------------------------------


                   [2 PHOTOS OF DENMARK MHC PORTFOLIO OMITTED]


         [MAP INDICATING THE LOCATION OF DENMARK MHC PORTFOLIO OMITTED]


                                     A-3-70

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                              DENMARK MHC PORTFOLIO
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $89,250,000
CUT-OFF DATE PRINCIPAL BALANCE:           $89,250,000
% OF POOL BY IPB:                         1.6%
LOAN SELLER:                              AIG Mortgage Capital, LLC
BORROWER:                                 Michiana Owner, LLC
SPONSOR:                                  D. Mark Krueger
ORIGINATION DATE:                         03/27/07
INTEREST RATE:                            6.20600%
INTEREST-ONLY PERIOD:                     60 months
MATURITY DATE:                            04/01/17
AMORTIZATION TYPE:                        Balloon
ORIGINAL AMORTIZATION:                    360 months
REMAINING AMORTIZATION:                   360 months
CALL PROTECTION:                          L(24),Grtr1%orYM(89),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Springing
ADDITIONAL DEBT(1):                       $11,850,000
ADDITIONAL DEBT TYPE:                     Mezzanine
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                          INITIAL                      MONTHLY
                                          --------------------------------------
TAXES:                                    $  284,469                    $ 80,329
CAPEX(2):                                 $3,835,000                    $ 10,168
REQUIRED REPAIRS:                         $  165,000                    $      0
OTHER(3):                                 $1,000,000                    $      0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Portfolio
TITLE:                                    Fee
PROPERTY TYPE:                            Manufactured Housing
PADS:                                     3,489
LOCATION:                                 Various
YEAR BUILT/RENOVATED:                     Various/Various
OCCUPANCY:                                68.2%
OCCUPANCY DATE:                           02/01/07
NUMBER OF OCCUPIED
   PADS:                                  2,378
HISTORICAL NOI:
  2005:                                   $  7,888,343
  2006:                                   $  7,461,898
UW REVENUES:                              $ 12,403,990
UW EXPENSES:                              $  4,472,829
UW NOI:                                   $  7,931,161
UW NET CASH FLOW:                         $  7,809,046
APPRAISED VALUE:                          $119,750,000
APPRAISAL DATE:                           04/01/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/PAD:                    $25,580
CUT-OFF DATE LTV:                         74.5%
MATURITY DATE LTV:                        69.9%
UW IO DSCR:                               1.39x
UW DSCR:                                  1.19x
--------------------------------------------------------------------------------



---------------------------------------------------------------------------------------------------------------
                                               PORTFOLIO SUMMARY

                                             YEAR BUILT/                                            ALLOCATED
PROPERTY NAME                 LOCATION        RENOVATED    NUMBER OF PADS   OCCUPANCY   PAD RENT   LOAN BALANCE
---------------------------------------------------------------------------------------------------------------

CANTERBURY MHC            Ionia, MI           1994/1997          290          50.6%       $156     $  3,070,000
COUNTRY HERITAGE MHC      Dundee, MI          1997/1998          213          71.4%        385        5,096,000
HICKORY MHC               Indianapolis, IN    1979/2006          325          70.2%        393        8,951,000
HOWELL MHC                Howell, MI          1973/1989          455          79.0%        452       16,270,000
LEONARD GARDENS MHC       Grand Rapids, MI    1985/2002          319          62.0%        390        7,065,000
MARIWOOD MHC              Indianapolis, IN    1973/2006          296          73.3%        372        7,456,000
OAK HILL MHC              Holly, MI           1973/1988          504          57.9%        425       10,185,000
PINEWOOD MHC              Columbus, MI        1973/1998          380          68.0%        384        9,572,000
RAWSONVILLE MHC           Belleville, MI      1970/2005          536          72.7%        415       16,956,000
SCIENCE MHC               Midland, MI         1968/1997          171          80.0%        357        4,629,000
---------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE:                                        3,489          68.2%       $384     $ 89,250,000
---------------------------------------------------------------------------------------------------------------


(1)   The mezzanine debt is split into a $8,450,000 senior mezzanine loan and a
      $3,400,000 junior mezzanine loan.

(2)   At origination, the borrower deposited $3,835,000 into the capital
      improvement reserve, which is to be allocated for expenses incurred by the
      borrower in connection with the purchase of manufactured residential homes
      to be located on the mortgaged properties, as well as other expenses that
      are capital in nature or required under GAAP to be capitalized (such
      expenses, "Capital Expenses"). At origination, the lender approved a
      $575,000 withdrawal from the capital improvement reserve.

(3)   At origination, the borrower deposited $1,000,000 into the working capital
      account, which is to be allocated for operating expenses and Capital
      Expenses for any of the mortgaged properties, including payment of debt
      service. At the end of each calendar quarter, the borrower is required to
      demonstrate that the balance of the working capital account is at least
      $1,000,000. The lender is required to release its security interest in
      this account when the mortgaged properties achieve an average net
      operating income of at least $10,552,621 for the preceding 12 month
      period.


                                     A-3-71

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 STADIUM TOWERS
--------------------------------------------------------------------------------


                        [PHOTO OF STADIUM TOWERS OMITTED]


             [MAP INDICATING THE LOCATION OF STADIUM TOWERS OMITTED]


                                     A-3-72

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                 STADIUM TOWERS
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $83,200,000
CUT-OFF DATE PRINCIPAL BALANCE:           $83,200,000
% OF POOL BY IPB:                         1.5%
LOAN SELLER:                              Nomura Credit & Capital, Inc.
BORROWER:                                 Maguire Properties - Stadium
                                          Towers, LLC
SPONSOR:                                  Maguire Properties, L.P.
ORIGINATION DATE:                         04/24/07
INTEREST RATE:                            5.47468%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            05/11/17
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          Grtr1%orYM(114),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Hard
ADDITIONAL DEBT:                          $16,800,000
ADDITIONAL DEBT TYPE:                     B Note
LOAN PURPOSE:                             Acquisition
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                          INITIAL                     MONTHLY
                                          --------------------------------------
TAXES:                                    $  240,158                  $   80,053
INSURANCE:                                $   50,037                  $   20,849
TI/LC(3):                                 $3,890,000                   Springing
OTHER(4):                                 $1,750,000                  $        0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO(1):                Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Office -- CBD
SQUARE FOOTAGE:                           257,248
LOCATION:                                 Anaheim, CA
YEAR BUILT/RENOVATED:                     1988
OCCUPANCY:                                95.5%
OCCUPANCY DATE:                           03/27/07
NUMBER OF TENANTS:                        45
HISTORICAL NOI:
  2004:                                   $  3,933,161
  2005:                                   $  5,382,669
  2006:                                   $  4,218,573
UW REVENUES:                              $ 10,113,037
UW EXPENSES:                              $  3,610,062
UW NOI(2):                                $  6,502,975
UW NET CASH FLOW:                         $  6,451,525
APPRAISED VALUE:                          $140,000,000
APPRAISAL DATE:                           03/20/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
                                          Trust Asset        Total Mortgage Loan
                                          --------------------------------------
CUT-OFF DATE LOAN/SF:                        $ 323                  $ 389
CUT-OFF DATE LTV:                             59.4%                  71.4%
MATURITY DATE LTV:                            59.4%                  71.4%
UW DSCR(4):                                   1.40x                  1.10x
--------------------------------------------------------------------------------



---------------------------------------------------------------------------------------------
                                     SIGNIFICANT TENANTS

                             MOODY'S/   SQUARE     % OF     BASE RENT
TENANT NAME                   S&P(5)     FEET    TOTAL SF      PSF      LEASE EXPIRATION YEAR
---------------------------------------------------------------------------------------------

GE CAPITAL CORPORATION       AAA/AAA    27,420    10.7%     $ 25.86             2008
PREMIER COMMERCIAL BANCORP              26,582    10.3%     $ 30.00             2013
MCMULLEN ARGUS PUBLISHING      B2/B     21,824     8.5%     $ 25.20             2008
WHITE NELSON & COMPANY                  16,382     6.4%     $ 26.77             2007
WACHOVIA SECURITIES          Aa3/AA-    11,964     4.7%     $ 22.20             2008
---------------------------------------------------------------------------------------------


(1)   The related loan documents contain provisions for the release of the
      adjacent land parcel from the loan collateral at no cost to the borrower
      and at anytime following origination subject to certain conditions being
      satisfied as specified in the related loan documents.

(2)   The difference between the 2006 and UW NOI is largely attributed to the
      inclusion of the approximately $1.75 million interest reserve in the UW
      NOI figure.

(3)   Ongoing reserves will be waived unless the TI/LC reserve falls below
      $750,000, at which point ongoing reserves will be collected at a rate of
      approximately $1.00 per square foot up to a cap of $1,500,000.

(4)   At origination, $1,750,000 was escrowed to fund an interest reserve to be
      held by the mortgagee. The borrower will be required to replenish the
      interest reserve each year in an amount sufficient to provide a 1.10x debt
      service coverage ratio based on the total loan balance of $100,000,000
      based on the actual constant until the mortgaged property's cash flows
      provide a 1.10x debt service coverage ratio based on the total loan
      balance of $100,000,000 based on the actual loan constant exclusive of an
      interest reserve. The interest reserve terminates when the mortgaged
      property has a 1.10x debt service coverage ratio on a trailing 2
      consecutive calendar quarters on the total loan balance of $100,000,000.

(5)   Ratings provided are for the entity listed in the "Parent Company" field
      whether or not the parent company guarantees the lease.


                                     A-3-73

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  2030 BROADWAY
--------------------------------------------------------------------------------


                        [PHOTO OF 2030 BROADWAY OMITTED]


             [MAP INDICATING THE LOCATION OF 2030 BROADWAY OMITTED]


                                     A-3-74

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                                  2030 BROADWAY
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $80,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $80,000,000
% OF POOL BY IPB:                         1.5%
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 Ormonde Equities LLC
SPONSOR:                                  Kayvan Hakim
ORIGINATION DATE:                         03/29/07
INTEREST RATE:                            5.50650%
INTEREST-ONLY PERIOD:                     120 months
MATURITY DATE:                            04/10/17
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(24),Def(89),O(4)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 No
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE(4):                  Permitted Mezzanine Loan
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                         INITIAL                       MONTHLY
                                          --------------------------------------
TAXES:                                    $332,315                      $ 83,079
INSURANCE:                                $      0                      $ 17,436
DEBT SERVICE RESERVE(5):                  $367,100                      $      0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Multifamily -- Mid/High Rise
UNITS(1):                                 153
LOCATION:                                 New York, NY
YEAR BUILT/RENOVATED:                     1892/2007
OCCUPANCY(2):                             82.4%
OCCUPANCY DATE:                           03/23/07
HISTORICAL NOI:
  2006:                                   $  3,140,992
UW REVENUES:                              $  7,496,624
UW EXPENSES:                              $  2,085,867
UW NOI(3):                                $  5,410,757
UW NET CASH FLOW:                         $  5,345,737
APPRAISED VALUE:                          $118,200,000
APPRAISAL DATE:                           01/25/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/UNIT(1):                $522,876
CUT-OFF DATE LTV:                         67.7%
MATURITY DATE LTV:                        67.7%
UW DSCR:                                  1.20x
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------------------------------------------------
                                                        UNIT MIX

                                         AVG UNIT     APPROXIMATE NET                    AVG MONTHLY    AVG MONTHLY MARKET
       UNIT MIX          NO. OF UNITS   SQUARE FEET     RENTABLE SF     % OF TOTAL SF   IN-PLACE RENT        RENT(6)
--------------------------------------------------------------------------------------------------------------------------

STUDIO                        75             397          29,741            36.8%          $2,022             $2,647
ONE BEDROOM                   72             619          44,545            55.1%          $2,980             $4,127
TWO BEDROOM                    6           1,084           6,502             8.1%          $6,300             $7,227
--------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE       153             528          80,788           100.0%          $2,895             $3,832
--------------------------------------------------------------------------------------------------------------------------


(1)   In addition to the 153 multifamily units, 2030 Broadway has approximately
      17,556 square feet of retail and commercial space. Cut-off Date Loan/Unit
      is based on the 153 multifamily units only.

(2)   The 82.4% occupancy represents the multifamily portion of the collateral.
      The retail portion of the collateral is currently 64.6% occupied. The
      occupancy in both the multifamily and retail spaces is attributed to
      renovations that the borrower is currently performing at the mortgaged
      property.

(3)   The increase in underwritten NOI over 2006 historical figures is due to
      new commercial leases signed in 2006 and the mortgaged property undergoing
      renovations. The underwritten NOI reflects in-place rents and two master
      leases signed by the borrower. The borrower signed 1 commercial master
      lease, which will be terminated upon the commercial space achieving (i) a
      minimum rent of $56.50 per square foot on the vacant space at origination
      and (ii) 95% occupancy on the total commercial space. The borrower signed
      1 residential master lease, which will be terminated upon the residential
      units achieving (i) a minimum rent of $70.00 per square foot on the vacant
      units at origination and (ii) 95% occupancy on the total residential
      space.

(4)   Future mezzanine debt is permitted subject to certain conditions
      including, but not limited to: (i) the aggregate loan-to-value ratio must
      not exceed 80% and (ii) the aggregate debt service coverage ratio must be
      equal to or greater than 1.20x.

(5)   The borrower escrowed $367,100 for any debt service shortfalls. The
      reserve must be replenished if drawn upon through the term of the loan.

(6)   Certain information was obtained from the 2030 Broadway appraisal, dated
      January 25, 2007. The appraisal relies upon many assumptions, and no
      representation is made as to the accuracy of the assumptions underlying
      the appraisal.


                                     A-3-75

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                             EMBASSY SUITES ATLANTA
--------------------------------------------------------------------------------


                  [3 PHOTOS OF EMBASSY SUITES ATLANTA OMITTED]


         [MAP INDICATING THE LOCATION OF EMBASSY SUITES ATLANTA OMITTED]


                                     A-3-76

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11

--------------------------------------------------------------------------------
                             EMBASSY SUITES ATLANTA
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                            MORTGAGE LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE:               $80,000,000
CUT-OFF DATE PRINCIPAL BALANCE:           $80,000,000
 % OF POOL BY IPB:                        1.5%
LOAN SELLER:                              UBS Real Estate Securities Inc.
BORROWER:                                 Centennial Hotel Company, LLC
SPONSOR:                                  David C. Marvin
ORIGINATION DATE:                         04/02/07
INTEREST RATE:                            5.67500%
INTEREST-ONLY PERIOD:                     60 months
MATURITY DATE:                            04/10/12
AMORTIZATION TYPE:                        Interest-only
ORIGINAL AMORTIZATION:                    N/A
REMAINING AMORTIZATION:                   N/A
CALL PROTECTION:                          L(20),Grtr1%orYM(36),O(1)
CROSS-COLLATERALIZATION:                  No
LOCK BOX:                                 Springing
ADDITIONAL DEBT:                          No
ADDITIONAL DEBT TYPE:                     N/A
LOAN PURPOSE:                             Refinance
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                     ESCROWS
--------------------------------------------------------------------------------
ESCROWS/RESERVES:                         INITIAL                        MONTHLY
                                          --------------------------------------
TAXES:                                    $     0                        $     0
INSURANCE:                                $     0                        $     0
CAPEX:                                    $     0                        $     0
OTHER:                                    $     0                        $     0
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              PROPERTY INFORMATION
--------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO:                   Single Asset
TITLE:                                    Fee
PROPERTY TYPE:                            Hotel -- Full Service
ROOMS:                                    321
LOCATION:                                 Atlanta, GA
YEAR BUILT/RENOVATED:                     1999/2006
OCCUPANCY:                                77.2%
OCCUPANCY DATE:                           02/28/07
HISTORICAL NOI:
  2005:                                   $  5,681,384
  2006:                                   $  7,415,511
UW REVENUES:                              $ 18,477,559
UW EXPENSES:                              $ 10,123,941
UW NOI(1):                                $  8,353,618
UW NET CASH FLOW:                         $  7,614,515
APPRAISED VALUE:                          $124,000,000
APPRAISAL DATE:                           03/12/07
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                              FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/ROOM:                   $249,221
CUT-OFF DATE LTV:                         64.5%
MATURITY DATE LTV:                        64.5%
UW DSCR:                                  1.65x
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------------
                       PROPERTY HISTORICAL OPERATING STATISTICS

      OCCUPANCY                      ADR                            REVPAR
---------------------   ------------------------------   -----------------------------
2005    2006     UW       2005       2006       UW        2005       2006        UW
--------------------------------------------------------------------------------------

65.6%   77.0%   78.0%   $ 150.61   $ 157.78   $ 172.33   $ 98.80   $ 121.53   $ 134.42
--------------------------------------------------------------------------------------


(1)   The increase in underwritten NOI over 2006 historical figures is due to
      renovations that were completed in 2006.


                                     A-3-77

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.



STRUCTURAL AND COLLATERAL TERM SHEET                            JPMCC 2007-LDP11


                      [THIS PAGE INTENTIONALLY LEFT BLANK]


                                     A-3-78

THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE
AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE
SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

ANNEX A-4

DECREMENT TABLES

Percent of the Initial Certificate Balance
of the Class A-1 Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					84						84						84						84						84
July 15, 2009					64						64						64						64						64
July 15, 2010					40						37						33						26						0
July 15, 2011					14						0						0						0						0
July 15, 2012					0						0						0						0						0
Weighted Average Life (1)					2.57						2.42						2.35						2.29						2.19

(1) The weighted average life of the Class A-1 Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-1 Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-1 Certificates.

Percent of the Initial Certificate Balance
of the Class A-2 Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						99
July 15, 2011					100						100						98						97						95
July 15, 2012					0						0						0						0						0
Weighted Average Life (1)					4.87						4.85						4.82						4.79						4.65

(1) The weighted average life of the Class A-2 Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-2 Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-2 Certificates.

ANNEX A-4-1

Percent of the Initial Certificate Balance
of the Class A-2FL Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						99
July 15, 2011					100						100						98						97						95
July 15, 2012					0						0						0						0						0
Weighted Average Life (1)					4.87						4.85						4.82						4.79						4.65

(1) The weighted average life of the Class A-2FL Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-2FL Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-2FL Certificates.

Percent of the Initial Certificate Balance
of the Class A-3 Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					99						99						99						99						99
July 15, 2014					34						34						34						34						34
July 15, 2015					34						34						34						34						34
July 15, 2016					0						0						0						0						0
Weighted Average Life (1)					7.46						7.45						7.44						7.43						7.31

(1) The weighted average life of the Class A-3 Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-3 Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-3 Certificates.

ANNEX A-4-2

Percent of the Initial Certificate Balance
of the Class A-4 Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.72						9.69						9.65						9.60						9.39

(1) The weighted average life of the Class A-4 Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-4 Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-4 Certificates.

Percent of the Initial Certificate Balance
of the Class A-SB Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					92						92						92						92						92
July 15, 2013					72						72						72						72						72
July 15, 2014					51						51						51						51						51
July 15, 2015					30						30						30						30						30
July 15, 2016					9						9						9						9						9
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					7.11						7.11						7.11						7.11						7.11

(1) The weighted average life of the Class A-SB Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-SB Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-SB Certificates.

ANNEX A-4-3

Percent of the Initial Certificate Balance
of the Class A-1A Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						99						99
July 15, 2011					100						99						99						99						98
July 15, 2012					69						69						69						69						68
July 15, 2013					69						69						68						68						67
July 15, 2014					64						64						64						64						64
July 15, 2015					64						64						64						64						64
July 15, 2016					64						63						63						63						61
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					8.14						8.12						8.09						8.04						7.85

(1) The weighted average life of the Class A-1A Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-1A Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-1A Certificates.

Percent of the Initial Certificate Balance
of the Class A-M Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.92						9.91						9.88						9.87						9.66

(1) The weighted average life of the Class A-M Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-M Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-M Certificates.

ANNEX A-4-4

Percent of the Initial Certificate Balance
of the Class A-J Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.95						9.95						9.95						9.94						9.70

(1) The weighted average life of the Class A-J Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-J Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-J Certificates.

Percent of the Initial Certificate Balance
of the Class B Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.95						9.95						9.95						9.95						9.70

(1) The weighted average life of the Class B Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class B Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class B Certificates.

ANNEX A-4-5

Percent of the Initial Certificate Balance
of the Class C Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.95						9.95						9.95						9.95						9.75

(1) The weighted average life of the Class C Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class C Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class C Certificates.

Percent of the Initial Certificate Balance
of the Class D Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.95						9.95						9.95						9.95						9.78

(1) The weighted average life of the Class D Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class D Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class D Certificates.

ANNEX A-4-6

Percent of the Initial Certificate Balance
of the Class E Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.95						9.95						9.95						9.95						9.78

(1) The weighted average life of the Class E Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class E Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class E Certificates.

Percent of the Initial Certificate Balance
of the Class F Certificates at the Respective CPRs
Set Forth Below:

Date			0% CPR						25% CPR						50% CPR						75% CPR						100% CPR
Initial Percentage					100						100						100						100						100
July 15, 2008					100						100						100						100						100
July 15, 2009					100						100						100						100						100
July 15, 2010					100						100						100						100						100
July 15, 2011					100						100						100						100						100
July 15, 2012					100						100						100						100						100
July 15, 2013					100						100						100						100						100
July 15, 2014					100						100						100						100						100
July 15, 2015					100						100						100						100						100
July 15, 2016					100						100						100						100						100
July 15, 2017					0						0						0						0						0
Weighted Average Life (1)					9.95						9.95						9.95						9.95						9.78

(1) The weighted average life of the Class F Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class F Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class F Certificates.

The discount margins set forth in the table below represent the increment over LIBOR that produces a monthly discount rate which, when applied to the assumed stream of cash flows to be paid on the Class A-2FL Certificates would cause the discounted present value of such cash flows to equal the assumed purchase price as specified below, in each case expressed in decimal format and interpreted as a percentage of the initial Certificate Balance of that class of Certificates. The table below assumes that the Class A-2FL Certificates settle without accrued interest. The following table has been prepared on the basis of the modeling assumptions above.

ANNEX A-4-7

Discount Margins for the Class A-2FL Certificates
at the Respective CPRs Set Forth Below:

Price (%)			0% CPR Disc Margin (bps)			25% CPR Disc Margin (bps)			50% CPR Disc Margin (bps)			75% CPR Disc Margin (bps)			100% CPR Disc Margin (bps)
99.97500
99.98125
99.98750
99.99375
100.00000
100.00625
100.01250
100.01875
100.02500
Weighted Average Life (years)(1)

(1) The weighted average life of the Class A-2FL Certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-2FL Certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-2FL Certificates.

ANNEX A-4-8

Table of Contents

ANNEX B

CERTAIN CHARACTERISTICS OF THE MULTIFAMILY &
MANUFACTURED HOUSING COMMUNITY LOANS

ANNEX B
CERTAIN CHARACTERISTICS OF MULTIFAMILY & MANUFACTURED HOUSING LOANS



LOAN #   SELLER    PROPERTY NAME                                    STREET ADDRESS
------   -------   ----------------------------------------------   ---------------------------------------------

  11      NCCI     Lembi Portfolio                                  Various
11.01              520 Geary Street                                 520 Geary Street
11.02              15 Hermann Street                                15 Hermann Street
11.03              980 Bush Street                                  980 Bush Street
11.04              861 Sutter Street                                861 Sutter Street
11.05              1408 California Street                           1408 California Street
11.06              930 Post Street                                  930 Post Street
11.07              725 Ellis Street                                 725 Ellis Street
11.08              665 Eddy Street                                  665 Eddy Street
11.09              2 Guerrero Street                                2 Guerrero Street
11.10              666 O'Farrell Street                             666 O'Farrell Street
11.11              2656 Van Ness Avenue                             2656 Van Ness Avenue
11.12              400 Page Street                                  400 Page Street
11.13              701 Fell Street                                  701 Fell Street
11.14              535 Leavenworth Street                           535 Leavenworth Street
11.15              675 O'Farrell Street                             675 O'Farrell Street
11.16              525 Leavenworth Street                           525 Leavenworth Street
  12       AIG     Denmark MHC Portfolio                            Various
12.01              Rawsonville Woods MHC                            10825 Rawsonville Road
12.02              Howell MHC                                       515 Mason Road
12.03              Oak Hill MHC                                     9626 Oak Hill Road
12.04              Pinewood MHC                                     8755 Gratiot
12.05              Hickory Knoll MHC                                6543 East Hanna Avenue
12.06              Mariwood MHC                                     9231 Mariwood Parkway
12.07              Leonard Gardens MHC                              4524 Leonard NW
12.08              Country Heritage MHC                             771 Mary Jean Court
12.09              Science City MHC                                 3823 Bay City Road
12.10              Canterbury MHC                                   360 East Tuttle Road
  14       UBS     2030 Broadway                                    2030 Broadway
  17       UBS     The Electra Apartments                           1753 1st Avenue
  19       UBS     175 West 72nd St                                 175 West 72nd St
  21       UBS     The Landings of Brentwood Apartments             1505 The Landings Drive
  24      NCCI     Hamptons MHP                                     1094 US Highway 92 West
  32      NCCI     Courtly Manor                                    12401 West Okeechobee Road
  34      JPMCB    Kenley Apartments                                10 Kenley Way
  35     Natixis   Sunflower MHP                                    16501 North El Mirage Road
  45      NCCI     Villas at D'Andrea Apartments                    2200 North D'Andrea Parkway
  46       UBS     Rocket Lofts                                     98-106 South 4th Street
  47      NCCI     Windmill MHP                                     427 Windmill Boulevard
  52       UBS     15-17 Park Avenue                                15-17 Park Avenue
  65      NCCI     The College Suites at Campbell Lane Apartments   2426 Thoroughbred Drive
  66       EHY     Lindley Gardens                                  10631 Lindley Avenue
  68      NCCI     Farnham Park                                     2777 Woodland Park
  73      JPMCB    Sandcastle Apartments                            6701 Everhart Road
  74      NCCI     Bronx Park South Apartments                      922-50 Bronx Park South
  77       UBS     147-25 Northern Boulevard                        147-25 Northern Blvd
  78       UBS     Sweetwater Apartments                            2220 Gloria Circle
  79      JPMCB    Mission Eagle Point                              325 South Jupiter Road
  81      NCCI     Edentree Apartment Village                       1721 East Frankford Road
  82       UBS     Park at Waterford Harbor                         1420 Marina Bay Drive
  83      NCCI     Squire Hill Apartments                           3900 Chippendale Drive
  85       UBS     Hyattsville Portfolio                            Various
85.01              Tudor Place                                      5801 Peabody Place
85.02              Canonbury Square                                 408 Greenlawn Drive
  94      JPMCB    Worthington on the Beltway                       1350 Greens Parkway
  97      JPMCB    Westwood Plaza                                   2600 Westward Drive
  99      NCCI     Palm Key MHP                                     9400 US Highway 27 North
 104       EHY     Barbanel Multifamily Portfolio                   Various
104.01             261 Wadsworth Avenue                             261 Wadsworth Avenue
104.02             57-63 Wadsworth Terrace                          57-63 Wadsworth Terrace
 108      JPMCB    Rancho Fiesta                                    5505 West Tulare Avenue
 110       UBS     46-01 67th Street                                46-01 67th Street
 113     Natixis   1370 Washington Avenue and 1345 Drexel Avenue    1370 Washington Avenue and 1345 Drexel Avenue
 116       UBS     525 West 49th Street                             525 West 49th Street
 122       EHY     862 Broadway                                     862 Broadway
 123      NCCI     Foothill Glen Apartments                         13490-13520 Foothill Street
 125      JPMCB    Sunset Ridge Apartments                          7850, 8125 & 8155 North 107th Street
 127     Natixis   215 South Brea Boulevard                         215 South Brea Boulevard
 128       UBS     Corona Apartments                                112-22 37th Avenue
 129      JPMCB    Orpheum Tower Apartments                         405 South 16th Street
 133     Natixis   Century Park Apartments                          221 Stoddard Drive
 134      JPMCB    Shadow Oaks                                      12148 Jollyville Road
 140      JPMCB    Hunter's Crossing                                2801 Bill Owens Parkway
 141      JPMCB    The Preakness                                    210 Wells Fargo Drive
 142      JPMCB    Fairmont and Monticello                          7 Maryland Plaza and 4535 Lindell Boulevard
 143     Natixis   Village of Tampa                                 1201 East Skipper Road
 145      NCCI     Santa Luz                                        5650 South Park Avenue
 148      JPMCB    Parkway Villas                                   4800 Brookdale Drive
 155      JPMCB    Spanish Spur                                     6835 Pecan Valley Drive
 163       EHY     431 Ocean Front Walk                             425-431 Ocean Front Walk
 164      JPMCB    Lofts of Broadway                                419 Finzer Street
 165     Natixis   Eagleview Apartments                             4124 Eagle Rock Boulevard
 169      JPMCB    The Farrington                                   810 Rayford Road
 172       EHY     Park Plaza Apartments                            507 Main Street
 178      JPMCB    Hidden Park Apartments                           10613 Lookaway Drive
 186      JPMCB    Falls Parc Apartments                            1042 Falls Parc Drive
 199      JPMCB    Harbin Springs Apartments                        1012 Harbins Road
 201      JPMCB    Winston Square                                   2506 South General McMullen Drive
 211      JPMCB    Pecan Manor                                      6840 Pecan Valley Drive
 220       UBS     French Place Apartments                          109 W French Place
 224      JPMCB    170 Post Road                                    170 Post Road West
 227       EHY     184 Nagle Avenue                                 184 Nagle Avenue
 236      NCCI     Glen Oaks Apartments                             8118 Spring Hill Drive
 241     Natixis   Parthenia Twins Apartments                       19236-19248 Parthenia Street
 247      NCCI     Rails End                                        7250 East State Highway 44


                                                                   NUMBER OF    PROPERTY               PROPERTY
LOAN #   CITY               STATE    ZIP CODE   COUNTY             PROPERTIES   TYPE                   SUBTYPE
------   ---------------   -------   --------   ----------------   ----------   --------------------   -------------------------

  11     San Francisco       CA      Various    San Francisco          16       Multifamily            Various
11.01    San Francisco       CA       94102     San Francisco          1        Multifamily            Mid/High Rise
11.02    San Francisco       CA       94102     San Francisco          1        Multifamily            Mid/High Rise
11.03    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.04    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.05    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.06    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.07    San Francisco       CA       94109     San Francisco          1        Multifamily            Garden
11.08    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.09    San Francisco       CA       94103     San Francisco          1        Multifamily            Garden
11.10    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.11    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.12    San Francisco       CA       94102     San Francisco          1        Multifamily            Garden
11.13    San Francisco       CA       94117     San Francisco          1        Multifamily            Garden
11.14    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.15    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
11.16    San Francisco       CA       94109     San Francisco          1        Multifamily            Mid/High Rise
  12     Various           Various   Various    Various                10       Manufactured Housing   Manufactured Housing
12.01    Belleville          MI       48111     Wayne                  1        Manufactured Housing   Manufactured Housing
12.02    Howell              MI       48843     Livingston             1        Manufactured Housing   Manufactured Housing
12.03    Holly               MI       48442     Oakland                1        Manufactured Housing   Manufactured Housing
12.04    Columbus            MI       48063     St. Clair              1        Manufactured Housing   Manufactured Housing
12.05    Indianapolis        IN       46203     Marion                 1        Manufactured Housing   Manufactured Housing
12.06    Indianapolis        IN       46234     Marion                 1        Manufactured Housing   Manufactured Housing
12.07    Grand Rapids        MI       49534     Kent                   1        Manufactured Housing   Manufactured Housing
12.08    Dundee              MI       48131     Dundee                 1        Manufactured Housing   Manufactured Housing
12.09    Midland             MI       48642     Midland                1        Manufactured Housing   Manufactured Housing
12.10    Ionia               MI       48846     Ionia                  1        Manufactured Housing   Manufactured Housing
  14     New York            NY       10023     New York               1        Multifamily            Mid/High Rise
  17     New York            NY       10128     New York               1        Multifamily            Mid/High Rise
  19     New York            NY       10023     New York               1        Multifamily            Mid/High Rise
  21     Franklin            TN       37027     Williamson             1        Multifamily            Garden
  24     Auburndale          FL       33823     Polk                   1        Manufactured Housing   Manufactured Housing
  32     Hialeah Gardens     FL       33018     Miami-Dade             1        Manufactured Housing   Manufactured Housing
  34     Birmingham          AL       35242     Shelby                 1        Multifamily            Garden
  35     Surprise            AZ       85374     Maricopa               1        Manufactured Housing   Manufactured Housing
  45     Sparks              NV       89434     Washoe                 1        Multifamily            Garden
  46     Brooklyn            NY       11211     Kings                  1        Multifamily            Mid/High Rise
  47     Davenport           FL       33897     Polk                   1        Manufactured Housing   Manufactured Housing
  52     New York            NY       10016     New York               1        Multifamily            Mid/High Rise
  65     Bowling Green       KY       42104     Warren                 1        Multifamily            Garden
  66     Northridge          CA       91326     Los Angeles            1        Multifamily            Garden
  68     Houston             TX       77082     Harris                 1        Multifamily            Garden
  73     Corpus Christi      TX       78413     Nueces                 1        Multifamily            Garden
  74     Bronx               NY       10460     Bronx                  1        Multifamily            Garden
  77     Flushing            NY       11354     Queens                 1        Multifamily            Mid/High Rise
  78     Pensacola           FL       32514     Escambia               1        Multifamily            Garden
  79     Allen               TX       75002     Bexar                  1        Multifamily            Garden
  81     Carrollton          TX       75007     Denton                 1        Multifamily            Garden
  82     Kemah               TX       77565     Galveston              1        Multifamily            Garden
  83     Richmond            VA       23234     Chesterfield           1        Multifamily            Garden
  85     Hyattsville         MD       20783     Prince George          2        Multifamily            Garden
85.01    Hyattsville         MD       20783     Prince George          1        Multifamily            Garden
85.02    Hyattsville         MD       20783     Prince George          1        Multifamily            Garden
  94     Houston             TX       77067     Harrison               1        Multifamily            Garden
  97     San Antonio         TX       78227     Bexar                  1        Multifamily            Garden
  99     Davenport           FL       33837     Polk                   1        Manufactured Housing   Manufactured Housing
 104     New York            NY       10033     New York               2        Multifamily            Mid/High Rise
104.01   New York            NY       10033     New York               1        Multifamily            Mid/High Rise
104.02   New York            NY       10033     New York               1        Multifamily            Mid/High Rise
 108     Visalia             CA       93277     Tulare                 1        Manufactured Housing   Manufactured Housing
 110     Woodside            NY       11377     Queens                 1        Multifamily            Mid/High Rise
 113     Miami Beach         FL       33139     Miami-Dade             1        Mixed Use              Multifamily/Office/Retail
 116     New York            NY       10019     New York               1        Multifamily            Mid/High Rise
 122     New York            NY       10003     New York               1        Mixed Use              Multifamily/Retail
 123     Sylmar              CA       91342     Los Angeles            1        Multifamily            Garden
 125     Milwaukee           WI       53224     Milwaukee              1        Multifamily            Mid/High Rise
 127     Brea                CA       92821     Orange                 1        Mixed Use              Multifamily/Retail
 128     Corona              NY       11368     Queens                 1        Multifamily            Mid/High Rise
 129     Omaha               NE       68102     Douglas                1        Multifamily            Mid/High Rise
 133     Reno                NV       89502     Washoe                 1        Multifamily            Garden
 134     Austin              TX       78759     Travis                 1        Multifamily            Garden
 140     Longview            TX       75605     Gregg                  1        Multifamily            Garden
 141     Houston             TX       77090     Harris                 1        Multifamily            Garden
 142     St. Louis           MO       63108     Saint Louis City       1        Multifamily            Mid/High Rise
 143     Tampa               FL       33613     Hillsborough           1        Manufactured Housing   Manufactured Housing
 145     Tuscon              AZ       85706     Pima                   1        Multifamily            Garden
 148     Wichita Falls       TX       76310     Wichita                1        Multifamily            Garden
 155     San Antonio         TX       78223     Bexar                  1        Multifamily            Garden
 163     Venice              CA       90291     Los Angeles            1        Mixed Use              Multifamily/Retail
 164     Louisville          KY       40203     Jefferson              1        Multifamily            Mid/High Rise
 165     Los Angeles         CA       90065     Los Angeles            1        Multifamily            Garden
 169     Spring              TX       77386     Montgomery             1        Multifamily            Garden
 172     Worcester           MA       01608     Worcester              1        Multifamily            Mid/High Rise
 178     St Louis            MO       63137     St Louis               1        Multifamily            Garden
 186     Sheboygan Falls     WI       53085     Sheboygan              1        Multifamily            Garden
 199     Norcross            GA       30093     Gwinnett               1        Multifamily            Garden
 201     San Antonio         TX       78226     Bexar                  1        Multifamily            Garden
 211     San Antonio         TX       78223     Bexar                  1        Multifamily            Garden
 220     San Antonio         TX       78212     Bexar                  1        Multifamily            Garden
 224     Westport            CT       06880     Fairfield              1        Mixed Use              Multifamily/Retail
 227     New York            NY       10034     New York               1        Multifamily            Mid/High Rise
 236     Spring Hill         FL       34606     Hernando               1        Multifamily            Garden
 241     Northridge          CA       91324     Los Angeles            1        Multifamily            Garden
 247     Wildwood            FL       34785     Sumter                 1        Manufactured Housing   Manufactured Housing


          CURRENT         CURRENT       INTEREST                 UW      CURRENT                            LOAN     TOTAL UNIT/
LOAN #   BALANCE ($)  BALANCE/UNIT ($)  RATE (%)   NOTE DATE   DSCR (X)  LTV (%)   REM. TERM   REM. AMORT   GROUP   BEDS/PADS/SF
------   ----------   ---------------   --------   ---------   -------   -------   ---------   ----------   -----   ------------

  11     90,000,000           135,952     6.0800    06/05/07      1.87      61.9          59            0     2              662
11.01    11,335,169           128,809     6.0800    06/05/07      1.87      61.9          59            0                     88
11.02    11,273,228           181,826     6.0800    06/05/07      1.87      61.9          59            0                     62
11.03     9,786,648           134,064     6.0800    06/05/07      1.87      61.9          59            0                     73
11.04     8,733,654           143,175     6.0800    06/05/07      1.87      61.9          59            0                     61
11.05     6,813,489           184,148     6.0800    06/05/07      1.87      61.9          59            0                     37
11.06     5,698,555           129,513     6.0800    06/05/07      1.87      61.9          59            0                     44
11.07     5,636,614           106,351     6.0800    06/05/07      1.87      61.9          59            0                     53
11.08     5,388,850           114,656     6.0800    06/05/07      1.87      61.9          59            0                     47
11.09     4,707,502           174,352     6.0800    06/05/07      1.87      61.9          59            0                     27
11.10     4,150,034           118,572     6.0800    06/05/07      1.87      61.9          59            0                     35
11.11     3,654,508           192,343     6.0800    06/05/07      1.87      61.9          59            0                     19
11.12     3,158,982           126,359     6.0800    06/05/07      1.87      61.9          59            0                     25
11.13     2,725,395           151,411     6.0800    06/05/07      1.87      61.9          59            0                     18
11.14     2,477,633           103,235     6.0800    06/05/07      1.87      61.9          59            0                     24
11.15     2,291,811            91,672     6.0800    06/05/07      1.87      61.9          59            0                     25
11.16     2,167,928            90,330     6.0800    06/05/07      1.87      61.9          59            0                     24
  12     89,250,000            25,580     6.2060    03/27/07      1.19      74.5         117          360     2            3,489
12.01    16,956,000            31,634     6.2060    03/27/07      1.19      74.5         117          360                    536
12.02    16,270,000            35,758     6.2060    03/27/07      1.19      74.5         117          360                    455
12.03    10,185,000            20,208     6.2060    03/27/07      1.19      74.5         117          360                    504
12.04     9,572,000            25,189     6.2060    03/27/07      1.19      74.5         117          360                    380
12.05     8,951,000            27,542     6.2060    03/27/07      1.19      74.5         117          360                    325
12.06     7,456,000            25,189     6.2060    03/27/07      1.19      74.5         117          360                    296
12.07     7,065,000            22,147     6.2060    03/27/07      1.19      74.5         117          360                    319
12.08     5,096,000            23,925     6.2060    03/27/07      1.19      74.5         117          360                    213
12.09     4,629,000            27,070     6.2060    03/27/07      1.19      74.5         117          360                    171
12.10     3,070,000            10,586     6.2060    03/27/07      1.19      74.5         117          360                    290
  14     80,000,000           522,876     5.5065    03/29/07      1.20      67.7         117            0     2              153
  17     66,000,000           397,590     5.5760    03/13/07      1.33      66.5         117            0     2              166
  19     62,500,000           469,925     5.6595    03/21/07      2.28      42.9         117            0     2              133
  21     59,100,000            81,630     5.7175    05/08/07      1.25      79.0         118            0     2              724
  24     52,880,000            63,788     5.9100    05/17/07      1.07      77.8          59            0     2              829
  32     37,800,000            72,000     5.9100    05/15/07      1.09      76.4          59            0     2              525
  34     36,000,000            89,552     5.5600    06/15/07      1.15      79.6         120          360     2              402
  35     36,000,000            29,925     5.4750    04/12/07      1.29      80.2         118            0     2            1,203
  45     29,500,000           115,234     5.7600    04/12/07      1.17      79.9          58            0     2              256
  46     29,000,000           386,667     5.5750    04/19/07      1.20      73.0         118            0     2               75
  47     28,620,000            56,228     5.9100    05/15/07      1.09      76.7          59            0     2              509
  52     26,000,000           262,626     5.3950    05/18/07      1.24      64.8          59            0     2               99
  65     20,000,000            92,593     5.9700    03/02/07      1.58      73.8         116            0     2              216
  66     19,700,000           133,108     5.9660    04/02/07      1.21      72.7         117            0     2              148
  68     18,400,000            85,185     5.7900    05/10/07      1.25      78.8          82            0     2              216
  73     16,925,000            39,178     5.5600    06/15/07      1.22      80.0         120          360     2              432
  74     16,400,000            79,612     5.6500    03/20/07      1.25      78.1         117          360     2              206
  77     15,350,000           104,422     5.4600    04/18/07      1.27      66.2         118            0     2              147
  78     15,300,000            83,152     5.5070    03/30/07      1.46      79.3          81            0     2              184
  79     15,060,000            59,762     5.9165    04/30/07      1.21      79.3         118          360     2              252
  81     15,000,000            41,667     5.7500    05/09/07      1.41      81.5          58            0     2              360
  82     15,000,000            75,000     5.5200    04/04/07      1.20      80.0         117            0     2              200
  83     14,990,000            71,381     5.6200    04/03/07      1.31      71.0         117            0     2              210
  85     14,000,000            61,135     5.7010    04/24/07      1.37      65.4          82            0     2              229
85.01     8,700,935            64,932     5.7010    04/24/07      1.37      65.4          82            0                    134
85.02     5,299,065            55,780     5.7010    04/24/07      1.37      65.4          82            0                     95
  94     12,200,000            31,937     5.9270    05/07/07      1.41      77.8          59            0     2              382
  97     11,400,000            37,377     6.1255    05/30/07      1.34      78.4         119            0     2              305
  99     11,270,000            55,245     5.9100    05/15/07      1.07      77.6          59            0     2              204
 104     10,200,000            82,927     6.1750    05/31/07      1.30      58.6          59            0     2              123
104.01    6,506,820            80,331     6.1750    05/31/07      1.30      58.6          59            0                     81
104.02    3,693,180            87,933     6.1750    05/31/07      1.30      58.6          59            0                     42
 108      9,450,000            33,275     5.6150    04/25/07      1.25      78.9         118            0     2              284
 110      9,350,000            84,234     5.4600    04/18/07      1.20      61.5         118            0     2              111
 113      9,200,000               247     6.2900    04/25/07      1.10      72.2         118          360     1           37,290
 116      9,000,000           200,000     5.6550    05/29/07      1.23      69.8         119            0     2               45
 122      8,613,000             1,412     6.0930    06/11/07      1.21      77.6         120          360     1            6,100
 123      8,535,000           105,370     6.1300    06/04/07      1.35      76.2          59            0     2               81
 125      8,200,000            56,944     5.5685    04/30/07      1.51      80.0         118            0     2              144
 127      8,100,000               218     5.5120    05/07/07      1.13      73.6         119          360     1           37,141
 128      8,000,000            86,022     5.4600    04/18/07      1.20      66.1         118            0     2               93
 129      8,000,000            60,606     5.7100    03/30/07      1.36      80.0          57            0     2              132
 133      7,800,000            48,750     5.8060    05/29/07      1.22      73.7         119          360     2              160
 134      7,800,000            44,318     5.5600    06/15/07      1.15      60.9         120          360     2              176
 140      7,120,000            37,083     5.6100    03/29/07      1.43      80.0          57            0     2              192
 141      7,050,000            31,473     5.5600    06/15/07      1.15      78.3         120          360     2              224
 142      7,000,000            52,239     5.6030    05/17/07      1.20      79.1         119          360     2              134
 143      7,000,000            15,119     5.7450    03/02/07      1.14      56.0         116          360     2              463
 145      6,944,000            39,455     5.8200    05/11/07      1.28      73.4         118          360     2              176
 148      6,638,500            33,193     5.7100    04/30/07      1.27      80.0         118          360     2              200
 155      6,363,000            39,769     6.1255    05/30/07      1.41      80.0         119            0     2              160
 163      6,000,000           500,000     5.8520    06/06/07      1.29      67.0         119            0     2               12
 164      6,000,000            72,289     6.6189    06/15/07      1.20      73.7          84          360     2               83
 165      5,993,706            93,652     5.7250    06/04/07      1.20      70.5         119          359     2               64
 169      5,888,000            56,615     5.5600    06/15/07      1.15      82.3         120          360     2              104
 172      5,800,000            64,444     5.7200    02/28/07      1.30      74.7          56            0     2               90
 178      5,350,000            31,845     5.7070    12/15/06      1.28      79.9          54          360     2              168
 186      5,094,753            60,652     5.8275    05/08/07      1.16      76.0         119          359     2               84
 199      4,760,000            47,600     5.6580    04/19/07      1.19      78.8         118          360     2              100
 201      4,709,000            39,242     6.1255    05/30/07      1.43      79.9         119            0     2              120
 211      4,128,000            43,000     6.1255    05/30/07      1.40      80.0         119            0     2               96
 220      3,720,000            44,286     5.7050    03/07/07      1.57      75.2         116            0     2               84
 224      3,500,000               318     6.2115    06/05/07      1.16      57.4         120          300     1           11,000
 227      3,300,000            67,347     5.9110    04/25/07      1.23      63.5          58            0     2               49
 236      2,696,257            42,129     6.2600    06/06/07      1.29      70.0         119          299     2               64
 241      2,597,285            72,147     5.7500    06/04/07      1.07      63.3         119          359     2               36
 247      1,920,000            17,143     6.0900    04/30/07      1.55      74.7         118            0     2              112


                PAD                 STUDIO                ONE BEDROOM              TWO BEDROOM
         -----------------   ---------------------   ----------------------   ----------------------

         NO. OF    AVERAGE    NO. OF       AVERAGE       NO. OF     AVERAGE       NO. OF     AVERAGE
LOAN #     PADS   PAD RENT   STUDIOS   STUDIO RENT   1-BR UNITS   1-BR RENT   2-BR UNITS   2-BR RENT
------   ------   --------   -------   -----------   ----------   ---------   ----------   ---------

  11          0          0       456           951          183       1,277           23       1,642
11.01         0          0        81           906            6       1,291            1       1,795
11.02         0          0        62         1,123            0           0            0           0
11.03         0          0        47           936           23       1,517            3       1,975
11.04         0          0        26         1,025           30       1,364            5       1,555
11.05         0          0        19           883           16       1,229            2       2,098
11.06         0          0        31           982           13       1,295            0           0
11.07         0          0        35           812           18         985            0           0
11.08         0          0        28           881           18       1,217            1       1,425
11.09         0          0        22         1,120            5       1,720            0           0
11.10         0          0        20           965           11       1,192            4       1,437
11.11         0          0         7         1,224           11       1,536            1       1,750
11.12         0          0        18           987            6       1,306            1       1,600
11.13         0          0         7         1,019            8       1,134            3       1,647
11.14         0          0        14           793            9       1,123            1       1,725
11.15         0          0        25           781            0           0            0           0
11.16         0          0        14           846            9         927            1         876
  12      3,489        384         0             0            0           0            0           0
12.01       536        415         0             0            0           0            0           0
12.02       455        452         0             0            0           0            0           0
12.03       504        425         0             0            0           0            0           0
12.04       380        384         0             0            0           0            0           0
12.05       325        393         0             0            0           0            0           0
12.06       296        372         0             0            0           0            0           0
12.07       319        390         0             0            0           0            0           0
12.08       213        385         0             0            0           0            0           0
12.09       171        357         0             0            0           0            0           0
12.10       290        156         0             0            0           0            0           0
  14          0          0        75         2,022           72       2,980            6       6,300
  17          0          0        28         1,891          103       2,676           21       3,622
  19          0          0         2         1,335           23       1,641           62       2,046
  21          0          0         0             0          228         767          496         885
  24        829        397         0             0            0           0            0           0
  32        525        515         0             0            0           0            0           0
  34          0          0         0             0          156         937          159       1,147
  35      1,203        277         0             0            0           0            0           0
  45          0          0         0             0           64         864          168       1,024
  46          0          0         0             0           75       2,634            0           0
  47        509        367         0             0            0           0            0           0
  52          0          0         5         1,252           33       2,307           48       2,916
  65          0          0         0             0            0           0            0           0
  66          0          0         0             0           79       1,250           65       1,585
  68          0          0         0             0           72         842          144       1,099
  73          0          0         0             0          368         668           64         831
  74          0          0        25           863           71         948           49       1,078
  77          0          0        45           872           77       1,040           25       1,003
  78          0          0         0             0           28         831          102         905
  79          0          0         0             0          132         775          108         999
  81          0          0         0             0          180         561          180         714
  82          0          0         0             0           96         864           92       1,092
  83          0          0         0             0           48         605          111         710
  85          0          0         0             0           46         852          183       1,023
85.01         0          0         0             0            0           0          134       1,024
85.02         0          0         0             0           46         852           49       1,019
  94          0          0         0             0          290         546           92         720
  97          0          0        76           420          117         492          112         615
  99        204        389         0             0            0           0            0           0
 104          0          0         0             0           57         792           47         913
104.01        0          0         0             0           35         778           35         909
104.02        0          0         0             0           22         813           12         926
 108        284        430         0             0            0           0            0           0
 110          0          0        70           663           31         914           10       1,102
 113          0          0         2           600           10         855            4       1,038
 116          0          0        13         1,690           16       2,251           16       2,597
 122          0          0         0             0            0           0            0           0
 123          0          0         0             0            0           0           81       1,095
 125          0          0         0             0           80         700           64         800
 127          0          0        32         1,091            0           0            0           0
 128          0          0        80           683           13         867            0           0
 129          0          0        16           510           48         690           68         782
 133          0          0         0             0           38         590          122         695
 134          0          0         0             0          128         656           48         830
 140          0          0         0             0          104         489           88         629
 141          0          0        40           605          122         656           62         824
 142          0          0        56           477           78         606            0           0
 143        463        352         0             0            0           0            0           0
 145          0          0         0             0           88         452           88         603
 148          0          0         0             0           40         464          112         563
 155          0          0         0             0           96         465           64         593
 163          0          0         6         3,617            6       4,458            0           0
 164          0          0         0             0            0           0           83         721
 165          0          0         3           797           27         944           34       1,149
 169          0          0         0             0            0           0          104         891
 172          0          0        11           600           70         750            9         900
 178          0          0         0             0           27         460          141         582
 186          0          0         0             0           32         640           48         772
 199          0          0         0             0           24         625           76         737
 201          0          0         0             0           56         465           63         585
 211          0          0         0             0           24         465           56         585
 220          0          0         0             0           69         629           15         819
 224          0          0         0             0            0           0            0           0
 227          0          0         0             0           11         741           26         727
 236          0          0         0             0            0           0           64         644
 241          0          0         0             0           18         675           10       1,038
 247        112        270         0             0            0           0            0           0


             THREE BEDROOM             FOUR BEDROOM
         ----------------------   ----------------------

             NO. OF     AVERAGE       NO. OF     AVERAGE            UTILITIES            ELEVATOR
LOAN #   3-BR UNITS   3-BR RENT   4-BR UNITS   4-BR RENT           TENANT PAYS           PRESENT
------   ----------   ---------   ----------   ---------   ---------------------------   --------

  11              0           0            0           0             Various               Yes
11.01             0           0            0           0            Electric               Yes
11.02             0           0            0           0               Gas                 Yes
11.03             0           0            0           0            Electric               Yes
11.04             0           0            0           0               Gas                 Yes
11.05             0           0            0           0            Electric               Yes
11.06             0           0            0           0          Electric, Gas            Yes
11.07             0           0            0           0            Electric               Yes
11.08             0           0            0           0          Electric, Gas            Yes
11.09             0           0            0           0          Electric, Gas            Yes
11.10             0           0            0           0          Electric, Gas            Yes
11.11             0           0            0           0          Electric, Gas            Yes
11.12             0           0            0           0          Electric, Gas            Yes
11.13             0           0            0           0          Electric, Gas            Yes
11.14             0           0            0           0          Electric, Gas            Yes
11.15             0           0            0           0          Electric, Gas            Yes
11.16             0           0            0           0          Electric, Gas            Yes
  12              0           0            0           0             Various               NAP
12.01             0           0            0           0      Electric, Gas, Water         NAP
12.02             0           0            0           0   Electric, Gas, Water, Sewer     NAP
12.03             0           0            0           0                                   NAP
12.04             0           0            0           0          Electric, Gas            NAP
12.05             0           0            0           0                                   NAP
12.06             0           0            0           0          Sewer, Water             NAP
12.07             0           0            0           0   Electric, Gas, Water, Sewer     NAP
12.08             0           0            0           0          Sewer, Water             NAP
12.09             0           0            0           0          Electric, Gas            NAP
12.10             0           0            0           0          Electric, Gas            NAP
  14              0           0            0           0          Electric, Gas            Yes
  17             13       3,972            1       7,800            Electric               Yes
  19             21       2,743           25       4,107            Electric               Yes
  21              0           0            0           0         Electric, Water            No
  24              0           0            0           0     Electric, Water, Sewer        NAP
  32              0           0            0           0     Electric, Water, Sewer        NAP
  34             87       1,442            0           0     Electric, Water, Sewer         No
  35              0           0            0           0                                   NAP
  45             24       1,263            0           0          Electric, Gas             No
  46              0           0            0           0          Electric, Gas            Yes
  47              0           0            0           0   Electric, Gas, Water, Sewer     NAP
  52             13       4,740            0           0            Electric               Yes
  65            108       1,233          108       1,541   Electric (over $30 per bed)      No
  66              4       1,845            0           0            Electric               Yes
  68              0           0            0           0     Electric, Water, Sewer         No
  73              0           0            0           0     Electric, Water, Sewer         No
  74             42       1,355           19       1,468          Electric, Gas             No
  77              0           0            0           0          Electric, Gas            Yes
  78             54       1,059            0           0     Electric, Water, Sewer         No
  79             12       1,250            0           0         Electric, Water            No
  81              0           0            0           0     Electric, Water, Sewer         No
  82             12       1,587            0           0     Electric, Water, Sewer         No
  83             51         803            0           0     Electric, Water, Sewer         No
  85              0           0            0           0            Electric                No
85.01             0           0            0           0            Electric                No
85.02             0           0            0           0            Electric                No
  94              0           0            0           0              Water                 No
  97              0           0            0           0              Water                 No
  99              0           0            0           0     Electric, Water, Sewer        NAP
 104             19       1,085            0           0          Electric, Gas            Yes
104.01           11       1,089            0           0          Electric, Gas            Yes
104.02            8       1,079            0           0          Electric, Gas             No
 108              0           0            0           0   Electric, Gas, Water, Sewer     NAP
 110              0           0            0           0          Electric, Gas            Yes
 113              0           0            0           0                                   Yes
 116              0           0            0           0          Electric, Gas            Yes
 122              0           0            0           0                                   NAP
 123              0           0            0           0          Electric, Gas             No
 125              0           0            0           0          Electric, Gas             No
 127              0           0            0           0            Electric               Yes
 128              0           0            0           0            Electric                No
 129              0           0            0           0          Electric, Gas            Yes
 133              0           0            0           0            Electric                No
 134              0           0            0           0     Electric, Water, Sewer         No
 140              0           0            0           0            Electric                No
 141              0           0            0           0              Water                 No
 142              0           0            0           0            Electric               Yes
 143              0           0            0           0                                   NAP
 145              0           0            0           0     Electric, Water, Sewer         No
 148             48         705            0           0            Electric                No
 155              0           0            0           0              Water                 No
 163              0           0            0           0                                    No
 164              0           0            0           0            Electric               Yes
 165              0           0            0           0            Electric               Yes
 169              0           0            0           0              Water                 No
 172              0           0            0           0   Electric, Gas, Water, Sewer     Yes
 178              0           0            0           0            Electric                No
 186              4         895            0           0            Electric                No
 199              0           0            0           0     Electric, Water, Sewer         No
 201              1         750            0           0                                    No
 211             16         650            0           0              Water                 No
 220              0           0            0           0         Electric, Water            No
 224              0           0            0           0                                   NAP
 227             12       1,058            0           0            Electric                No
 236              0           0            0           0            Electric                No
 241              8       1,222            0           0            Electric                No
 247              0           0            0           0          Electric, Gas            NAP

Table of Contents

ANNEX C

FORM OF REPORT TO CERTIFICATEHOLDERS

[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
135 S. LaSalle Street, Suite 1625                                                                      Next Payment:       15-Aug-07
Chicago, IL 60603                                                                                      Record Date:        29-Jun-07
USA

                                                          ABN AMRO Acct:
Administrator:                                                                                         Analyst:
Ann Kelly 312.904.1487                          REPORTING PACKAGE TABLE OF CONTENTS                    Patrick Gong 714.259.6253
ann.kelly@abnamro.com                                                                                  patrick.gong@abnamro.com


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

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

                                                                                             Page(s)
                                                                                             -------
Issue Id:                                 Statements to Certificateholders                   Page 2     Closing Date:
                                          Cash Recon                                         Page 3
Monthly Data File                         Bond Interest Reconciliation                       Page 4
Name:                                     Bond Interest Reconciliation                       Page 5     First Payment Date:
---------------------------------------   Shortfall Summary Report                           Page 6
                                          Asset-Backed Facts ~ 15 Month Loan                            Rated Final Payment Date:
                                            Status Summary                                   Page 7
                                          Asset-Backed Facts ~ 15 Month Loan
                                            Payoff/Loss Summary                              Page 8     Determination Date:
                                          Mortgage Loan Characteristics                      Page 9-11
                                          Delinquent Loan Detail                             Page 12    ----------------------------
                                          Loan Level Detail                                  Page 13      Trust Collection Period
                                          Realized Loss Detail                               Page 14    ----------------------------
                                          Collateral Realized Loss                           Page 15
                                          Appraisal Reduction Detail                         Page 16    ----------------------------
                                          Material Breaches Detail                           Page 17
                                          Historical Collateral Prepayment                   Page 18
                                          Specially Serviced (Part I) - Loan Detail          Page 19
                                          Specially Serviced (Part II) - Servicer Comments   Page 20
                                          Summary of Loan Maturity Extensions                Page 21
                                          Rating Information                                 Page 22
                                          Other Realated Information                         Page 23
                                          SWAP Summary                                       Page 24

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

      -------------------------------------------------------------------------------------------------------------------------
                                                     PARTIES TO THE TRANSACTION
      -------------------------------------------------------------------------------------------------------------------------
                          Depositor:   J.P. Morgan Chase Commercial Mortgage Securities Corp.
                    Master Servicer:   Wachovia Bank, N.A.
               Mortgage Loan Seller:   AIG Mortgage Capital, LLC/Eurohypo AG/JPMorgan Chase Bank, N.A./Natixis Real
                                       Estate Capital Inc./Nomura Asset Securities Corporation/UBS Real Estate Securities Inc.
                      Rating Agency:   Moody's Investors Service, Inc./Standard & Poor's Rating Services
                   Special Servicer:   CW Capital Asset Management LLC
                        Underwriter:   Commerzbank AG/J.P. Morgan Securities Inc./Natixis Real Estate Capital Inc./UBS
                                       Securities LLC
      -------------------------------------------------------------------------------------------------------------------------

                          ---------------------------------------------------------------------------------
                                 INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES
                          ---------------------------------------------------------------------------------
                            LaSalle Web Site                                           www.etrustee.net

                            Servicer Web Site                                          www.wachovia.com

                            LaSalle Factor Line                                            800.246.5761
                          ---------------------------------------------------------------------------------

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


                                                                                                                        PAGE 1 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:


------------------------------------------------------------------------------------------------------------------------------------
                ORIGINAL      OPENING   PRINCIPAL    PRINCIPAL       NEGATIVE     CLOSING    INTEREST      INTEREST    PASS-THROUGH
     CLASS   FACE VALUE (1)   BALANCE    PAYMENT    ADJ. OR LOSS   AMORTIZATION   BALANCE   PAYMENT (2)   ADJUSTMENT       RATE

   CUSIP                                                                                                               Next Rate(3)
------------------------------------------------------------------------------------------------------------------------------------
Total
------------------------------------------------------------------------------------------------------------------------------------
                                                                 --------------------------------
                                                                   Total P&I Payment
                                                                 --------------------------------

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred
Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class


                                                                                                                        PAGE 2 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                     CASH RECONCILIATION SUMMARY

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


-----------------------------------------------  -------------------------------------  --------------------------------------------
               INTEREST SUMMARY                            PRINCIPAL SUMMARY                      SERVICING FEE SUMMARY
-----------------------------------------------  -------------------------------------  --------------------------------------------

Current Scheduled Interest                 0.00  SCHEDULED PRINCIPAL:                   Current Servicing Fees                  0.00
Less Deferred Interest                     0.00  Current Scheduled Principal      0.00  Plus Fees Advanced for PPIS             0.00
Less PPIS Reducing Scheduled Int           0.00  Advanced Scheduled Principal     0.00  Less Reduction for PPIS                 0.00
Plus Gross Advance Interest                0.00  -------------------------------------  Plus Delinquent Servicing Fees          0.00
Less ASER Interest Adv Reduction           0.00  Scheduled Principal              0.00  --------------------------------------------
Less Other Interest Not Advanced           0.00  -------------------------------------  Total Servicing Fees                    0.00
Less Other Adjustment                      0.00  UNSCHEDULED PRINCIPAL:                 --------------------------------------------
-----------------------------------------------  Curtailments                     0.00
Total                                      0.00  Prepayments in Full              0.00  --------------------------------------------
-----------------------------------------------  Liquidation Proceeds             0.00              CAP LEASE ACCRETION
UNSCHEDULED INTEREST:                            Repurchase Proceeds              0.00  --------------------------------------------
-----------------------------------------------  Other Principal Proceeds         0.00  Accretion Amt                           0.00
Prepayment Penalties                       0.00  -------------------------------------  Distributable Interest                  0.00
Yield Maintenance Penalties                0.00  Total Unscheduled Principal      0.00  Distributable Principal                 0.00
Other Interest Proceeds                    0.00  -------------------------------------  --------------------------------------------
-----------------------------------------------  Remittance Principal             0.00
Total                                      0.00  -------------------------------------
-----------------------------------------------
                                                 -------------------------------------
-----------------------------------------------  Remittance P&I Due Trust         0.00
Less Fee Paid To Servicer                  0.00  -------------------------------------
Less Fee Strips Paid by Servicer           0.00
-----------------------------------------------  -------------------------------------
LESS FEES & EXPENSES PAID BY/TO SERVICER         Remittance P&I Due Certs         0.00
-----------------------------------------------  -------------------------------------
Special Servicing Fees                     0.00
Workout Fees                               0.00  -------------------------------------  ------------------------------------------
Liquidation Fees                           0.00           POOL BALANCE SUMMARY                         PPIS SUMMARY
Interest Due Serv on Advances              0.00  -------------------------------------  ------------------------------------------
Non Recoverable Advances                   0.00                        Balance   Count
Misc. Fees & Expenses                      0.00  -------------------------------------  Gross PPIS                            0.00
-----------------------------------------------  Beginning Pool           0.00       0  Reduced by PPIE                       0.00
                                                 Scheduled Principal      0.00       0  Reduced by Shortfalls in Fees         0.00
-----------------------------------------------  Unscheduled Principal    0.00       0  Reduced by Other Amounts              0.00
Total Unscheduled Fees & Expenses          0.00  Principal                0.00       0  ------------------------------------------
-----------------------------------------------  Deferred Interest        0.00          PPIS Reducing Scheduled Interest      0.00
                                                 Liquidations             0.00       0  ------------------------------------------
-----------------------------------------------  Repurchases              0.00       0  PPIS Reducing Servicing Fee           0.00
Total Interest Due Trust                   0.00  -------------------------------------  ------------------------------------------
-----------------------------------------------  Ending Pool              0.00       0  PPIS Due Certificate                  0.00
                                                 -------------------------------------  ------------------------------------------
-----------------------------------------------
LESS FEES & EXPENSES PAID BY/TO TRUST            -------------------------------------  ------------------------------------------
-----------------------------------------------        Servicing Advance Summary        ADVANCE SUMMARY (ADVANCE MADE BY SERVICER)
Trustee Fee                                0.00  -------------------------------------  ------------------------------------------
Fee Strips                                 0.00                               Amount                          Principal   Interest
Misc. Fees                                 0.00  -------------------------------------  ------------------------------------------
Interest Reserve Withholding               0.00  Prior Outstanding                      Prior Outstanding          0.00       0.00
Plus Interest Reserve Deposit              0.00  Plus Current Period                    Plus Current Period        0.00       0.00
-----------------------------------------------  Less Recovered                         Less Recovered             0.00       0.00
Total                                      0.00  Less Non Recovered                     Less Non Recovered         0.00       0.00
-----------------------------------------------  Ending Outstanding                     Ending Outstanding         0.00       0.00
                                                 -------------------------------------  ------------------------------------------

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


                                                                                                                        PAGE 3 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                 BOND INTEREST RECONCILIATION DETAIL


--------------------------------------------------------------------------------------------------------------------------
                                                                                                     Current    Remaining
         Accrual               Pass-     Accrued      Total      Total     Distributable  Interest   Period    Outstanding
       ------------  Opening  Through  Certificate  Interest    Interest    Certificate   Payment   Shortfall   Interest
Class  Method  Days  Balance   Rate     Interest    Additions  Deductions    Interest      Amount   Recovery    Shorfalls
--------------------------------------------------------------------------------------------------------------------------











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

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

---------------------------
              Credit
             Support
       --------------------
Class  Original  Current(1)
---------------------------








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

(1) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and
    (ii) the ending balance of all classes which are not subordinate to the class divided by (A).


                                                                                                                        PAGE 4 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                 BOND INTEREST RECONCILIATION DETAIL


--------------------------------------------------------------------------------------
                                                    Additions
                           -----------------------------------------------------------
                             Prior    Interest
        Prior    Current   Interest    Accrual                               Other
       Interest  Interest  Shortfall  on Prior   Prepayment     Yield       Interest
Class  Due Date  Due Date     Due     Shortfall   Premiums   Maintenance  Proceeds (1)
--------------------------------------------------------------------------------------














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

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


-------------------------------------------------------------------
                   Deductions
       -----------------------------------
                  Deferred &                Distributable  Interest
       Allocable  Accretion     Interest     Certificate   Payment
Class    PPIS      Interest   Loss Expense    Interest      Amount
-------------------------------------------------------------------














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

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

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the
    Bondholder's Distributable Interest.


                                                                                                                        PAGE 5 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                    INTEREST ADJUSTMENTS SUMMARY

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


 ---------------------------------------------------------------   ---------------------------------------------------------------
 SHORTFALL ALLOCATED TO THE BONDS:                                 EXCESS ALLOCATED TO THE BONDS:
 ------------------------------------------------------            ------------------------------------------------------

 Net Prepayment Int. Shortfalls Allocated to the Bonds      0.00   Other Interest Proceeds Due the Bonds                      0.00

 Special Servicing Fees                                     0.00   Prepayment Interest Excess Due the Bonds                   0.00

 Workout Fees                                               0.00   Interest Income                                            0.00

 Liquidation Fees                                           0.00   Yield Maintenance Penalties Due the Bonds                  0.00

 Legal Fees                                                 0.00   Prepayment Penalties Due the Bonds                         0.00

 Misc. Fees & Expenses Paid by/to Servicer                  0.00   Recovered ASER Interest Due the Bonds                      0.00

 Interest Paid to Servicer on Outstanding Advances          0.00   Recovered Interest Due the Bonds                           0.00

 ASER Interest Advance Reduction                            0.00   ARD Excess Interest                                        0.00
                                                                                                                          --------
 Interest Not Advanced (Current Period)                     0.00   Total Excess Allocated to the Bonds                        0.00
                                                                                                                          ========
 Recoup of Prior Advances by Servicer                       0.00

 Servicing Fees Paid Servicer on Loans Not Advanced         0.00

 Misc. Fees & Expenses Paid by Trust                        0.00

 Shortfall Due to Rate Modification                         0.00

 Other Interest Loss                                        0.00
                                                        --------
 Total Shortfall Allocated to the Bonds                     0.00
                                                        ========
 ---------------------------------------------------------------   ---------------------------------------------------------------


                                        AGGREGATE INTEREST ADJUSTMENT ALLOCATED TO THE BONDS
                                --------------------------------------------------------------------

                                Total Excess Allocated to the Bonds                             0.00

                                Less Total Shortfall Allocated to the Bonds                     0.00
                                                                                           ---------
                                Total Interest Adjustment to the Bonds                          0.00
                                                                                           =========

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


                                                                                                                        PAGE 6 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                    ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL LOAN STATUS SUMMARY


------------    ------------------------------------------------------------------------------------------
                                               Delinquency Aging Categories
                ------------------------------------------------------------------------------------------
Distribution    Delinq 1 Month    Delinq 2 Months    Delinq 3+ Months     Foreclosure            REO
   Date         #      Balance    #       Balance    #        Balance    #      Balance    #       Balance
------------    ------------------------------------------------------------------------------------------
















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


------------    -----------------------------------------------------------
                               Special Event Categories (1)
                -----------------------------------------------------------
Distribution      Modifications      Specially Serviced       Bankruptcy
   Date         #         Balance    #           Balance    #       Balance
------------    -----------------------------------------------------------
















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

      (1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category


                                                                                                                        PAGE 7 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                    ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL PAYOFF/LOSS SUMMARY


------------   -----------------------------------------------------------------------------------------------------------------
Distribution   Ending Pool (1)     Payoffs (2)      Penalties     Appraisal Reduct. (2)   Liquidations (2)   Realized Losses (2)
   Date        #       Balance   #      Balance   #      Amount     #         Balance      #       Balance    #        Amount
------------   -----------------------------------------------------------------------------------------------------------------

















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


------------   -----------------------------------
Distribution   Remaining Term   Curr Weighted Avg.
   Date         Life             Coupon     Remit
------------   -----------------------------------

















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


                                                                                                                        PAGE 8 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                    MORTGAGE LOAN CHARACTERISTICS


               DISTRIBUTION OF PRINCIPAL BALANCES                               DISTRIBUTION OF MORTGAGE INTEREST RATES

----------------------------------------------------------------    ----------------------------------------------------------------
                                                                       Current
   Current                                   Weighted Average         Mortgage                                  Weighted Average
  Scheduled   # of   Scheduled   % of     ----------------------      Interest   # of   Scheduled   % of     -----------------------
   Balance    Loans   Balance   Balance   Term  Coupon  PFY DSCR        Rate     Loans   Balance   Balance   Term   Coupon  PFY DSCR
----------------------------------------------------------------    ----------------------------------------------------------------







                                                                    ----------------------------------------------------------------
                                                                                     0          0     0.00%
                                                                    ----------------------------------------------------------------

                                                                    Minimum Mortgage Interest Rate

                                                                    Maximum Mortgage Interest Rate

                                                                                DISTRIBUTION OF REMAINING TERM (BALLOON)

                                                                    ----------------------------------------------------------------
                                                                      Balloon                                   Weighted Average
----------------------------------------------------------------     Mortgage    # of   Scheduled   % of     -----------------------
                  0          0     0.00%                               Loans     Loans   Balance   Balance   Term   Coupon  PFY DSCR
----------------------------------------------------------------    ----------------------------------------------------------------

Average Schedule Balance     0

Maximum Schedule Balance

Minimum Schedule Balance


       DISTRIBUTION OF REMAINING TERM (FULLY AMORTIZING)

----------------------------------------------------------------
   Fully
Amortizing                                   Weighted Average
 Mortgage     # of   Scheduled   % of     ----------------------
   Loans      Loans   Balance   Balance   Term  Coupon  PFY DSCR
----------------------------------------------------------------








----------------------------------------------------------------    ----------------------------------------------------------------
                  0          0     0.00%                                             0          0     0.00%
----------------------------------------------------------------    ----------------------------------------------------------------


                                                                                                                        PAGE 9 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                    MORTGAGE LOAN CHARACTERISTICS


                   DISTRIBUTION OF DSCR (PFY)                                           GEOGRAPHIC DISTRIBUTION

----------------------------------------------------------------    ----------------------------------------------------------------
Debt Service
 Coverage     # of   Scheduled   % of                               Geographic    # of   Scheduled   % of
  Ratio       Loans   Balance   Balance  WAMM   WAC    PFY DSCR      Location     Loans   Balance   Balance  WAMM   WAC    PFY DSCR
----------------------------------------------------------------    ----------------------------------------------------------------














----------------------------------------------------------------
                 0          0     0.00%
----------------------------------------------------------------

Maximum DSCR     0.000

Minimum DSCR     0.000


                 DISTRIBUTION OF DSCR (CUTOFF)


----------------------------------------------------------------
Debt Service
 Coverage     # of   Scheduled   % of
  Ratio       Loans   Balance   Balance  WAMM   WAC    PFY DSCR
----------------------------------------------------------------










----------------------------------------------------------------    ----------------------------------------------------------------
                 0          0     0.00%                                              0          0     0.00%
----------------------------------------------------------------    ----------------------------------------------------------------

Maximum DSCR     0.000

Minimum DSCR     0.000


                                                                                                                       PAGE 10 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                  MORTGAGE LOAN CHARACTERISTICS


                DISTRIBUTION OF PROPERTY TYPES                                      DISTRIBUTION OF LOAN SEASONING
---------------------------------------------------------------    -----------------------------------------------------------------
                 # of   Scheduled   % of                                              # of   Scheduled   % of
Property Types   Loans   Balance   Balance  WAMM  WAC  PFY DSCR    Number of Months   Loans  Balance    Balance  WAMM  WAC  PFY DSCR
---------------------------------------------------------------    -----------------------------------------------------------------










---------------------------------------------------------------    -----------------------------------------------------------------
                     0          0     0.00%                                               0          0     0.00%
---------------------------------------------------------------    -----------------------------------------------------------------


               DISTRIBUTION OF AMORTIZATION TYPE                                  DISTRIBUTION OF YEAR LOANS MATURING
---------------------------------------------------------------    -----------------------------------------------------------------
 Amortization    # of   Scheduled   % of                                              # of   Scheduled   % of                  PFY
     Type        Loans   Balance   Balance  WAMM  WAC  PFY DSCR    Year               Loans   Balance   Balance  WAMM   WAC    DSCR
---------------------------------------------------------------    -----------------------------------------------------------------

                                                                   2007                   0          0     0.00%   0   0.00%   0.00
                                                                   2008                   0          0     0.00%   0   0.00%   0.00
                                                                   2009                   0          0     0.00%   0   0.00%   0.00
                                                                   2010                   0          0     0.00%   0   0.00%   0.00
                                                                   2011                   0          0     0.00%   0   0.00%   0.00
                                                                   2012                   0          0     0.00%   0   0.00%   0.00
                                                                   2013                   0          0     0.00%   0   0.00%   0.00
                                                                   2014                   0          0     0.00%   0   0.00%   0.00
                                                                   2015                   0          0     0.00%   0   0.00%   0.00
                                                                   2016                   0          0     0.00%   0   0.00%   0.00
                                                                   2017                   0          0     0.00%   0   0.00%   0.00
                                                                   2018 & Greater         0          0     0.00%   0   0.00%   0.00
---------------------------------------------------------------    -----------------------------------------------------------------
                     0          0     0.00%                                               0          0     0.00%
---------------------------------------------------------------    -----------------------------------------------------------------


                                                                                                                       PAGE 11 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                       DELINQUENT LOAN DETAIL


------------------------------------------------------------------------------------------------------------------------------------
              Paid                   Outstanding    Out. Property                     Special
Disclosure    Thru    Current P&I        P&I         Protection      Loan Status     Servicer       Foreclosure    Bankruptcy   REO
Control #     Date      Advance      Advances**       Advances        Code (1)     Transfer Date       Date           Date      Date
------------------------------------------------------------------------------------------------------------------------------------













   TOTAL
------------------------------------------------------------------------------------------------------------------------------------
(1): LEGEND:  A. IN GRACE PERIOD       1. DELINQ. 1 MONTH   3. DELINQUENT 3 + MONTHS       5. NON PERFORMING MATURED BALLOON  9. REO

              B. LATE PAYMENT BUT < 1  2. DELINQ. 2 MONTHS  4. PERFORMING MATURED BALLOON  7. FORECLOSURE
                 MONTH DELINQ.
------------------------------------------------------------------------------------------------------------------------------------

** Outstanding P&I Advances include the current period P&I Advances and may include Servicer Advances.


                                                                                                                       PAGE 12 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                          LOAN LEVEL DETAIL


------------------------------------------------------------------------------------------------------------------------------------
                                                 Operating             Ending                                                 Loan
Disclosure          Property   Maturity   PFY    Statement    Geo.    Principal  Note  Scheduled   Prepayment  Prepayment    Status
Control #    Group    Type       Date     DSCR     Date     Location   Balance   Rate     P&I        Amount       Date      Code (1)
------------------------------------------------------------------------------------------------------------------------------------














------------------------------------------------------------------------------------------------------------------------------------
* NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the
  related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such
  figures.

------------------------------------------------------------------------------------------------------------------------------------
(1) Legend:   A. In Grace Period          1. Delinquent 1 month      3. Delinquent 3+ months      5. Non Performing        9. REO
                                                                                                     Matured Ballon

              B. Late Payment but < 1     2. Delinquent 2 months     4. Performing Matured        7. Foreclosure
                 month delinq                                           Balloon
------------------------------------------------------------------------------------------------------------------------------------


                                                                                                                       PAGE 13 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                        REALIZED LOSS DETAIL


------------------------------------------------------------------------------------------------------------------------------------
                                          Beginning            Gross Proceeds  Aggregate         Net        Net Proceeds
        Disclosure  Appraisal  Appraisal  Scheduled   Gross      as a % of     Liquidation   Liquidation     as a % of      Realized
Period  Control #     Date       Value     Balance   Proceeds  Sched. Balance  Expenses *     Proceeds     Sched. Balance     Loss
------------------------------------------------------------------------------------------------------------------------------------





















------------------------------------------------------------------------------------------------------------------------------------
CURRENT TOTAL

CUMULATIVE
------------------------------------------------------------------------------------------------------------------------------------

    * Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..


                                                                                                                       PAGE 14 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                            BOND/COLLATERAL REALIZED LOSS RECONCILIATION


                                                                                                                       Interest
                              Beginning                                                                              (Shortages)/
                           Balance of the         Aggregate       Prior Realized        Amounts Covered by         Excesses applied
Prospectus                     Loan at          Realized Loss     Loss Applied to      Overcollateralization          to Realized
    ID        Period         Liquidation          on Loans         Certificates          and other Credit               Losses

                                                                         A                      B                          C
------------------------------------------------------------------------------------------------------------------------------------

CUMULATIVE











                                              Additional                                                            (Recoveries)/
                   Modification              (Recoveries)/        Current Realized Loss      Recoveries of          Realized Loss
Prospectus     Adjustments/Appraisal      Expenses applied to          Applied to           Realized Losses          Applied to
    ID         Reduction Adjustment         Realized Losses           Certificates*          paid as Cash       Certificate Interest

                        D                          E
------------------------------------------------------------------------------------------------------------------------------------

CUMULATIVE










*In the Initial Period the Current Realized Loss Applied to Certificates will equal Aggregate Realized Loss on Loans - B - C - D + E
instead of A - C - D + E

Description of Fields
---------------------

          A                    Prior Realized Loss Applied to Certificates

          B                    Reduction to Realized Loss applied to bonds (could represent OC, insurance policies, reserve
                               accounts, etc)

          C                    Amounts classified by the Master as interest adjustments from general collections on a loan with a
                               Realized Loss

          D                    Adjustments that are based on principal haircut or future interest foregone due to modification

          E                    Realized Loss Adjustments, Supplemental Recoveries or Expenses on a previously liquidated loan



                                                                                                                       PAGE 15 of 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                     APPRAISAL REDUCTION DETAIL


---------------------------  -----------------------------------------------------------------------------
Disclosure        Appraisal        Scheduled          AR          Current P&I
 Control#         Red. Date         Balance         Amount          Advance                 ASER
---------------------------  -----------------------------------------------------------------------------











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

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


-----------------------------------------  ------------------------------  --------  ---------------------
                        Remaining Term                                                     Appraisal
Note    Maturity    ---------------------      Property        Geographic            ---------------------
Rate      Date       Life                        Type           Location     DSCR      Value         Date
-----------------------------------------  ------------------------------  --------  ---------------------












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


                                                                                                                       PAGE 16 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                        MATERIAL BREACHES AND MATERIAL DOCUMENT DEFECT DETAIL


---------------------------------   ------------------------------------------------------------------------------------------------
              Ending     Material
Disclosure   Principal    Breach                              Material Breach and Material Document Defect
 Control #    Balance      Date                                               Description
---------------------------------   ------------------------------------------------------------------------------------------------












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


                       Material breaches of pool asset representation or warranties or transaction covenants.          PAGE 17 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                            HISTORICAL COLLATERAL LEVEL PREPAYMENT REPORT


----------------------   ----------------------------------------------------   ---------------------   ----------------------------
Disclosure    Payoff     Initial                             Payoff   Penalty   Prepayment   Maturity      Property       Geographic
 Control #    Period     Balance            Type             Amount   Amount       Date        Date          Type          Location
----------------------   ----------------------------------------------------   ---------------------   ----------------------------













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

                                                        ---------------------
                                     CURRENT

                                     CUMULATIVE
                                                        ---------------------

                                                                                                                       PAGE 18 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                      SPECIALLY SERVICED (PART I) ~ LOAN DETAIL (END OF PERIOD)


----------------------   -------   -----------------------   -------------------------------------   -------------------------------
                          Loan             Balance                                    Remaining
Disclosure   Servicing   Status    -----------------------    Note     Maturity    ---------------         Property           Geo.
Control #    Xfer Date   Code(1)    Schedule      Actual      Rate       Date      Life                      Type           Location
----------------------   -------   -----------------------   -------------------------------------   -------------------------------














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

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


-----------------------------------
                             NOI
   NOI         DSCR         Date
-----------------------------------

Not Avail    Not Avail    Not Avail











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

------------------------------------------------------------------------------------------------------------------------------------
(1) Legend:     A. P&I Adv - in Grace     1. P&I Adv - delinquent     3. P&I Adv - delinquent   5. Non Performing Mat.   9. REO
                             Period                    1 month                     3+ months       Balloon

                B. P&I Adv - < one        2. P&I Adv - delinquent     4. Mat. Balloon/Assumed   7. Foreclosure
                             month                     2 months                     P&I
                             delinq
------------------------------------------------------------------------------------------------------------------------------------


                                                                                                                       PAGE 19 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                            SPECIALLY SERVICED LOAN DETAIL (PART II) ~ SERVICER COMMENTS (END OF PERIOD)


-----------------------------------------------------   ----------------------------------------------------------------------------
    Disclosure                  Resolution
    Control #                    Strategy                                                 Comments
-----------------------------------------------------   ----------------------------------------------------------------------------















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


                                                                                                                       PAGE 20 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                     MATURITY EXTENSION SUMMARY


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

              LOANS WHICH HAVE HAD THEIR MATURITY DATES EXTENDED
                 Number of Loans:                                                                        0
                 Stated Principal Balance outstanding:                                                0.00
                 Weighted Average Extension Period:                                                      0

              LOANS IN THE PROCESS OF HAVING THEIR MATURITY DATES EXTENDED
                 Number of Loans:                                                                        0
                 Stated Principal Balance outstanding:                                                0.00
                 Weighted Average Extension Period:                                                      0


              LOANS IN THE PROCESS OF HAVING THEIR MATURITY DATES FURTHER EXTENDED
                 Number of Loans:                                                                        0
                 Cutoff Principal Balance:                                                            0.00
                 Weighted Average Extension Period:                                                      0


              LOANS PAID-OFF THAT DID EXPERIENCE MATURITY DATE EXTENSIONS
                 Number of Loans:                                                                        0
                 Cutoff Principal Balance:                                                            0.00
                 Weighted Average Extension Period:                                                      0


              LOANS PAID-OFF THAT DID NOT EXPERIENCE MATURITY DATE EXTENSIONS
                 Number of Loans:                                                                        0
                 Cutoff Principal Balance:                                                            0.00

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


                                                                                                                       PAGE 21 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                         RATING INFORMATION

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


    --------------------       ------------------------------------------       ------------------------------------------------
                                            ORIGINAL RATINGS                              RATING CHANGE/CHANGE DATE(1)

       CLASS     CUSIP           FITCH         MOODY'S              S&P          FITCH                MOODY'S               S&P
    --------------------       ------------------------------------------       ------------------------------------------------













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

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic
transmission. It shall be understood that this transmission will generally have been provided to LaSalle within 30 days of the
payment date listed on this statement. Because ratings may have changed during the 30 day window, or may not be being provided by
the rating agency in an electronic format and therefore not being updated on this report, LaSalle recommends that investors obtain
current rating information directly from the rating agency.

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


                                                                                                                       PAGE 22 OF 24







[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                               LEGEND

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

Until this statement/report is filed with the Commission with respect to the Trust pursuant to Section 15(d) of the Securities
Exchange Act of 1934, as amended, the recipient hereof shall be deemed to keep the information contained herein confidential and
such information will not, without the prior consent of the Master Servicer or the Trustee, be disclosed by such recipient or by its
officers, directors, partners, employees, agents or representatives in any manner whatsoever, in whole or in part.









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


                                                                                                                       PAGE 23 OF 24






[LOGO] LASALLE BANK              J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2007-LDP11     Statement Date:     16-Jul-07
       ABN AMRO                            COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,              Payment Date:       16-Jul-07
                                                         SERIES 2007-LDP11                             Prior Payment:            N/A
                                                                                                       Next Payment:       15-Aug-07
                                                                                                       Record Date:        29-Jun-07

                                                           ABN AMRO ACCT:

                                                      OTHER RELATED INFORMATION

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

                                                            SWAP PAYMENTS


                                          Accrual Days            Notional                 Rate                Amount
          -------------------------------------------------------------------------------------------------------------------


                 Fixed Payer:

                 Float Payer:








                                                             SWAP CONTRACT
          -------------------------------------------------------------------------------------------------------------------
                                                              Yield Maintenance                                 Special
                Amount                     Amount            Prepayment Premiums            Shortfall           Payment
               Received                     Paid                    Paid                     Amount              Amount
          -------------------------------------------------------------------------------------------------------------------




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


                                                                                                                       PAGE 24 OF 24

Table of Contents

ANNEX D

Class A-SB Planned Principal Balance Schedule

Date			Balance
August 15, 2007				$	125,026,000.00
September 15, 2007				$	125,026,000.00
October 15, 2007				$	125,026,000.00
November 15, 2007				$	125,026,000.00
December 15, 2007				$	125,026,000.00
January 15, 2008				$	125,026,000.00
February 15, 2008				$	125,026,000.00
March 15, 2008				$	125,026,000.00
April 15, 2008				$	125,026,000.00
May 15, 2008				$	125,026,000.00
June 15, 2008				$	125,026,000.00
July 15, 2008				$	125,026,000.00
August 15, 2008				$	125,026,000.00
September 15, 2008				$	125,026,000.00
October 15, 2008				$	125,026,000.00
November 15, 2008				$	125,026,000.00
December 15, 2008				$	125,026,000.00
January 15, 2009				$	125,026,000.00
February 15, 2009				$	125,026,000.00
March 15, 2009				$	125,026,000.00
April 15, 2009				$	125,026,000.00
May 15, 2009				$	125,026,000.00
June 15, 2009				$	125,026,000.00
July 15, 2009				$	125,026,000.00
August 15, 2009				$	125,026,000.00
September 15, 2009				$	125,026,000.00
October 15, 2009				$	125,026,000.00
November 15, 2009				$	125,026,000.00
December 15, 2009				$	125,026,000.00
January 15, 2010				$	125,026,000.00
February 15, 2010				$	125,026,000.00
March 15, 2010				$	125,026,000.00
April 15, 2010				$	125,026,000.00
May 15, 2010				$	125,026,000.00
June 15, 2010				$	125,026,000.00
July 15, 2010				$	125,026,000.00
August 15, 2010				$	125,026,000.00
September 15, 2010				$	125,026,000.00
October 15, 2010				$	125,026,000.00
November 15, 2010				$	125,026,000.00
December 15, 2010				$	125,026,000.00
January 15, 2011				$	125,026,000.00
February 15, 2011				$	125,026,000.00
March 15, 2011				$	125,026,000.00
April 15, 2011				$	125,026,000.00
May 15, 2011				$	125,026,000.00
June 15, 2011				$	125,026,000.00
July 15, 2011				$	125,026,000.00
August 15, 2011				$	125,026,000.00
September 15, 2011				$	125,026,000.00
October 15, 2011				$	125,026,000.00
November 15, 2011				$	125,026,000.00
December 15, 2011				$	125,026,000.00
January 15, 2012				$	125,026,000.00
February 15, 2012				$	123,506,030.53
March 15, 2012				$	121,613,629.70
April 15, 2012				$	120,073,995.15
May 15, 2012				$	118,221,441.20
June 15, 2012				$	116,499,396.91
July 15, 2012				$	114,477,750.38
August 15, 2012				$	112,614,748.65
September 15, 2012				$	110,742,192.86
October 15, 2012				$	108,638,848.18
November 15, 2012				$	106,745,894.63
December 15, 2012				$	104,622,672.52
January 15, 2013				$	102,709,113.70
February 15, 2013				$	100,785,740.38
March 15, 2013				$	98,193,616.38
April 15, 2013				$	96,247,060.81
May 15, 2013				$	94,071,606.86
June 15, 2013				$	92,100,074.04
July 15, 2013				$	89,893,943.85
August 15, 2013				$	87,896,262.37
September 15, 2013				$	85,888,335.05
October 15, 2013				$	83,651,309.92
November 15, 2013				$	81,621,603.18
December 15, 2013				$	79,363,354.24
January 15, 2014				$	77,311,646.52
February 15, 2014				$	75,249,414.63
March 15, 2014				$	72,525,199.01
April 15, 2014				$	70,438,394.03
May 15, 2014				$	68,124,506.23
June 15, 2014				$	66,015,119.27
July 15, 2014				$	63,682,694.04
August 15, 2014				$	61,710,009.32
September 15, 2014				$	59,727,294.71
October 15, 2014				$	57,535,260.74
November 15, 2014				$	55,531,311.36
December 15, 2014				$	53,318,581.81
January 15, 2015				$	51,293,183.67
February 15, 2015				$	49,257,486.66
March 15, 2015				$	46,618,567.28

Table of Contents

Date			Balance
April 15, 2015				$	44,559,075.54
May 15, 2015				$	42,292,216.65
June 15, 2015				$	40,210,716.29
July 15, 2015				$	37,922,407.52
August 15, 2015				$	35,818,676.73
September 15, 2015				$	33,704,247.22
October 15, 2015				$	31,383,844.26
November 15, 2015				$	29,246,852.46
December 15, 2015				$	26,904,459.90
January 15, 2016				$	24,744,678.39
February 15, 2016				$	22,573,912.09
March 15, 2016				$	20,164,453.35
April 15, 2016				$	18,096,239.27
May 15, 2016				$	15,841,576.09
June 15, 2016				$	13,751,555.87
July 15, 2016				$	11,474,944.32
August 15, 2016				$	9,372,413.72
September 15, 2016				$	7,259,282.62
October 15, 2016				$	0.00

PROSPECTUS

                       MORTGAGE PASS-THROUGH CERTIFICATES
                              (ISSUABLE IN SERIES)

             J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.

                                    DEPOSITOR

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

      J.P. Morgan Chase Commercial Mortgage Securities Corp. will periodically
offer certificates in one or more series. Each series of certificates will
represent the entire beneficial ownership interest in a trust fund.
Distributions on the certificates of any series will be made only from the
assets of the related trust fund.

      The certificates of each series will not represent an obligation of the
depositor, the sponsor, any servicer or any of their respective affiliates. The
certificates and any assets in the related trust fund will be guaranteed or
insured by any governmental agency or instrumentality or by any other person
only to the extent as specified in the related prospectus supplement.

      The primary assets of the trust fund may include:

      o     multifamily and commercial mortgage loans, including participations
            therein;

      o     mortgage-backed securities evidencing interests in or secured by
            multifamily and commercial mortgage loans, including participations
            therein, and other mortgage-backed securities;

      o     direct obligations of the United States or other government
            agencies; or

      o     a combination of the assets described above.

      If so specified in the related prospectus supplement, a material
concentration of the mortgage loans in any trust fund will be secured by
hotel/motel properties.

      If so specified in the related prospectus supplement, a material
concentration of the mortgage loans in any trust will be secured by self-storage
properties.

INVESTING IN THE OFFERED CERTIFICATES INVOLVES RISKS. YOU SHOULD REVIEW THE
INFORMATION APPEARING UNDER THE CAPTION "RISK FACTORS" BEGINNING ON PAGE 9 OF
THIS PROSPECTUS AND IN THE RELATED PROSPECTUS SUPPLEMENT BEFORE PURCHASING ANY
OFFERED CERTIFICATE.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THESE CERTIFICATES OR PASSED UPON THE
ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

                                  MARCH 9, 2007




              IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS
             PROSPECTUS AND EACH ACCOMPANYING PROSPECTUS SUPPLEMENT

      Information about the offered certificates is contained in two separate
documents that progressively provide more detail: (a) this prospectus, which
provides general information, some of which may not apply to the offered
certificates; and (b) the accompanying prospectus supplement for each series,
which describes the specific terms of the offered certificates. If the terms of
the offered certificates vary between this prospectus and the accompanying
prospectus supplement, you should rely on the information in the prospectus
supplement.

      You should rely only on the information contained in this prospectus and
the accompanying prospectus supplement. We have not authorized anyone to provide
you with information that is different from that contained in this prospectus
and the related prospectus supplement. The information in this prospectus is
accurate only as of the date of this prospectus.

      Certain capitalized terms are defined and used in this prospectus to
assist you in understanding the terms of the offered certificates and this
offering. The capitalized terms used in this prospectus are defined on the pages
indicated under the caption "Index of Defined Terms" beginning on page 129 in
this prospectus.

      In this prospectus, the terms "Depositor," "we," "us" and "our" refer to
J.P. Morgan Chase Commercial Mortgage Securities Corp.

      If you require additional information, the mailing address of our
principal executive offices is J.P. Morgan Chase Commercial Mortgage Securities
Corp., 270 Park Avenue, New York, New York 10017, and telephone number is (212)
834-9299.


                                       ii



                                TABLE OF CONTENTS

SUMMARY OF PROSPECTUS..........................................................1
RISK FACTORS...................................................................9
     Risks to the Mortgaged Properties Relating to Terrorist Attacks and
       Foreign Conflicts.......................................................9
     Your Ability to Resell Certificates May Be Limited Because of Their
       Characteristics.........................................................9
     The Assets of the Trust Fund May Not Be Sufficient to Pay Your
       Certificates...........................................................10
     Prepayments of the Mortgage Assets Will Affect the Timing of Your
       Cash Flow and May Affect Your Yield ...................................10
     Ratings Do Not Guarantee Payment and Do Not Address Prepayment Risks.....12
     Commercial and Multifamily Mortgage Loans Have Risks That May Affect
       Payments on Your Certificates .........................................12
     The Borrower's Form of Entity May Cause Special Risks....................16
     Ability to Incur Other Borrowings Entails Risk...........................16
     Borrowers May Be Unable to Make Balloon Payments.........................18
     Credit Support May Not Cover Losses......................................18
     Tenant Concentration Entails Risk........................................19
     Certain Additional Risks Relating to Tenants.............................19
     Mortgaged Properties Leased to Multiple Tenants Also Have Risks..........20
     Mortgaged Properties Leased to Borrowers or Borrower Affiliated
       Entities Also Have Risks ..............................................20
     Tenant Bankruptcy Entails Risks..........................................20
     Assignment of Leases and Rents May Be Limited by State Law...............21
     Failure to Comply with Environmental Law May Result in Additional Losses.21
     Hazard Insurance May Be Insufficient to Cover All Losses on Mortgaged
       Properties.............................................................21
     Poor Property Management May Adversely Affect the Performance of the
       Related Mortgaged Property ............................................22
     Property Value May Be Adversely Affected Even When Current Operating
       Income Is Not..........................................................22
     Mortgage Loans Secured by Leasehold Interests May Expose Investors to
       Greater Risks of Default and Loss .....................................23
     Limitations of Appraisals................................................24
     Your Lack of Control Over Trust Fund Can Create Risks....................24
     One Action Jurisdiction May Limit the Ability of the Servicer to
       Foreclose on a Mortgaged Property .....................................24
     Rights Against Tenants May Be Limited if Leases Are Not Subordinate
       to Mortgage or Do Not Contain Attornment Provisions ...................24
     If Mortgaged Properties Are Not in Compliance With Current Zoning
       Laws Restoration Following a Casualty Loss May Be Limited..............25
     Inspections of the Mortgaged Properties Will Be Limited..................25
     Compliance with Americans with Disabilities Act May Result in
       Additional Losses......................................................25
     Litigation Concerns......................................................26
     Some Certificates May Not Be Appropriate for Benefit Plans...............26
     Certain Federal Tax Considerations Regarding Residual Certificates.......26
     Certain Federal Tax Considerations Regarding Original Issue Discount.....27
     Bankruptcy Proceedings Could Adversely Affect Payments on Your
       Certificates...........................................................27
     Risks Relating to Enforceability of Yield Maintenance Charges,
       Prepayment Premiums or Defeasance Provisions ..........................27
     Risks Relating to Borrower Default.......................................28
     Risks Relating to Certain Payments.......................................28
     Risks Relating to Enforceability.........................................29
     Book-Entry System for Certain Classes May Decrease Liquidity and
       Delay Payment..........................................................29
     Delinquent and Non-Performing Mortgage Loans Could Adversely Affect
       Payments on Your Certificates .........................................30


                                      iii



     In The Event of an Early Termination of a Swap Agreement Due to Certain
       Swap Termination Events, a Trust May Be Required to Make a Large
       Termination Payment to any Related Swap Counterparty...................30
     Your Securities Will Have Greater Risk if an Interest Rate Swap
       Agreement Terminates...................................................30
     Even if You Do Not Receive Timely Notices, You Will Be Deemed To Have
       Tendered Your Reset Rate Certificates .................................30
     If a Failed Remarketing Is Declared, You Will Be Required To Rely On
       a Sale Through the Secondary Market If You Wish To Sell Your Reset
       Rate Certificates......................................................31
DESCRIPTION OF THE TRUST FUNDS................................................31
     General..................................................................31
     Mortgage Loans...........................................................31
     MBS......................................................................35
     Certificate Accounts.....................................................36
     Other Accounts...........................................................36
     Credit Support...........................................................36
     Cash Flow Agreements.....................................................37
YIELD AND MATURITY CONSIDERATIONS.............................................37
     General..................................................................37
     Pass-Through Rate........................................................37
     Payment Delays...........................................................37
     Certain Shortfalls in Collections of Interest............................37
     Yield and Prepayment Considerations......................................38
     Weighted Average Life and Maturity.......................................40
     Controlled Amortization Classes and Companion Classes....................40
     Other Factors Affecting Yield, Weighted Average Life and Maturity........41
THE SPONSOR...................................................................43
THE DEPOSITOR.................................................................44
THE ISSUING ENTITY............................................................44
USE OF PROCEEDS...............................................................44
DESCRIPTION OF THE CERTIFICATES...............................................44
     General..................................................................44
     Distributions............................................................45
     Distributions of Interest on the Certificates............................46
     Determination of Interest Rates..........................................47
     Distributions of Principal on the Certificates...........................51
     Distributions on the Certificates in Respect of Prepayment Premiums......52
     Additional Information Regarding Reset Rate Certificates.................52
     Allocation of Losses and Shortfalls......................................60
     Advances in Respect of Delinquencies.....................................60
     Reports to Certificateholders............................................61
     Voting Rights............................................................62
     Termination..............................................................62
     Book-Entry Registration and Definitive Certificates......................63
DESCRIPTION OF THE POOLING AGREEMENTS.........................................66
     General..................................................................66
     Assignment of Mortgage Loans; Repurchases................................66
     Representations and Warranties; Repurchases..............................67
     Collection and Other Servicing Procedures................................68
     Sub-Servicers............................................................68
     Special Servicers........................................................69
     Certificate Account......................................................69
     Modifications, Waivers and Amendments of Mortgage Loans..................72
     Realization Upon Defaulted Mortgage Loans................................72
     Hazard Insurance Policies................................................73
     Due-on-Sale and Due-on-Encumbrance Provisions............................73
     Servicing Compensation and Payment of Expenses...........................74
     Evidence as to Compliance................................................74
     Certain Matters Regarding the Master Servicer and the Depositor..........75
     Events of Default........................................................75
     Amendment................................................................75
     List of Certificateholders...............................................76
     The Trustee..............................................................76
     Duties of the Trustee....................................................76
     Certain Matters Regarding the Trustee....................................77
     Resignation and Removal of the Trustee...................................77
DESCRIPTION OF CREDIT SUPPORT.................................................77
     General..................................................................77
     Subordinate Certificates.................................................78
     Cross-Support Provisions.................................................78
     Insurance or Guarantees with Respect to Mortgage Loans...................78
     Letter of Credit.........................................................79
     Certificate Insurance and Surety Bonds...................................79


                                       iv



     Reserve Funds............................................................79
     Credit Support with Respect to MBS.......................................80
CERTAIN LEGAL ASPECTS OF MORTGAGE LOANS.......................................80
     General..................................................................80
     Types of Mortgage Instruments............................................80
     Leases and Rents.........................................................80
     Personalty...............................................................81
     Foreclosure..............................................................81
     Bankruptcy Laws..........................................................84
     Environmental Risks......................................................87
     Due-on-Sale and Due-on-Encumbrance.......................................88
     Subordinate Financing....................................................89
     Default Interest and Limitations on Prepayments..........................89
     Applicability of Usury Laws..............................................89
     Servicemembers Civil Relief Act..........................................90
     Type of Mortgaged Property...............................................90
     Americans with Disabilities Act..........................................90
     Forfeiture for Drug, RICO and Money Laundering Violations................91
CERTAIN FEDERAL INCOME TAX CONSEQUENCES.......................................91
FEDERAL INCOME TAX CONSEQUENCES FOR REMIC CERTIFICATES........................91
     General..................................................................91
     Characterization of Investments in REMIC Certificates....................92
     Qualification as a REMIC.................................................92
     Taxation of Regular Certificates.........................................94
     Taxation of Residual Certificates.......................................102
     Taxes That May Be Imposed on the REMIC Pool.............................109
     Liquidation of the REMIC Pool...........................................110
     Administrative Matters..................................................110
     Limitations on Deduction of Certain Expenses............................111
     Taxation of Certain Foreign Investors...................................111
     Backup Withholding......................................................112
     Reporting Requirements..................................................113
FEDERAL INCOME TAX CONSEQUENCES FOR CERTIFICATES AS TO WHICH NO REMIC
ELECTION IS MADE.............................................................113
     Standard Certificates...................................................113
     Stripped Certificates...................................................116
     Reset Rate Certificates.................................................120
     Reporting Requirements and Backup Withholding...........................120
     Taxation of Certain Foreign Investors...................................120
STATE AND OTHER TAX CONSIDERATIONS...........................................121
CERTAIN ERISA CONSIDERATIONS.................................................121
     General.................................................................121
     Plan Asset Regulations..................................................122
     Administrative Exemptions...............................................122
     Insurance Company General Accounts......................................122
     Unrelated Business Taxable Income; Residual Certificates................123
LEGAL INVESTMENT.............................................................123
METHOD OF DISTRIBUTION.......................................................125
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE............................127
WHERE YOU CAN FIND MORE INFORMATION..........................................127
LEGAL MATTERS................................................................127
FINANCIAL INFORMATION........................................................127
RATING.......................................................................128
INDEX OF DEFINED TERMS.......................................................129


                                       v



                              SUMMARY OF PROSPECTUS

      This summary highlights selected information from this document and does
not contain all of the information that you need to consider in making an
investment decision. Please read this entire prospectus and the accompanying
prospectus supplement as well as the terms and provisions of the related pooling
and servicing agreement carefully to understand all of the terms of a series of
certificates. An Index of Defined Terms is included at the end of this
prospectus.



Title of Certificates.....................  Mortgage pass-through certificates, issuable in series.

Depositor.................................  J.P. Morgan Chase Commercial Mortgage Securities Corp., a
                                            wholly owned subsidiary of JPMorgan Chase Bank, National
                                            Association., a national banking association, which is a wholly
                                            owned subsidiary of JPMorgan Chase & Co., a Delaware
                                            corporation.

Sponsor...................................  The related prospectus supplement will identify the sponsor for
                                            each series. JPMorgan Chase Bank, N.A., a national banking
                                            association may be a sponsor. For more information, see "The
                                            Sponsor" in this prospectus.

Issuing Entity............................  For each series of certificates, a New York common law trust to
                                            be established on the closing date of the securitization under
                                            the pooling and servicing agreement. For more information, see
                                            "Issuing Entity" in this prospectus.

Master Servicer...........................  The master servicer, if any, for a series of certificates will
                                            be named in the related prospectus supplement. The master
                                            servicer for any series of certificates may be an affiliate of
                                            the depositor, sponsor or a special servicer.

Special Servicer..........................  One or more special servicers, if any, for a series of
                                            certificates will be named, or the circumstances under which a
                                            special servicer will be appointed will be described, in the
                                            related prospectus supplement. A special servicer for any
                                            series of certificates may be an affiliate of the depositor,
                                            sponsor or the master servicer.

Trustee...................................  The trustee for each series of certificates will be named in
                                            the related prospectus supplement.

The Trust Assets..........................  Each series of certificates will represent in the aggregate the
                                            entire beneficial ownership interest in a trust fund consisting
                                            primarily of:

A.  Mortgage Assets.......................  The mortgage assets with respect to each series of certificates
                                            will, in general, consist of a pool of loans secured by liens
                                            on, or security interests in:

                                            o    residential properties consisting of five or more rental or
                                                 cooperatively-owned dwelling units or shares allocable to a
                                                 number of those units and the related leases; or

                                            o    office buildings, shopping centers, retail stores and
                                                 establishments, hotels or motels, nursing homes, hospitals
                                                 or other health-care related facilities, mobile home parks
                                                 and



                                        1





                                                 manufactured housing communities, warehouse facilities,
                                                 mini-warehouse facilities, self-storage facilities,
                                                 industrial plants, parking lots, mixed use or various other
                                                 types of income-producing properties described in this
                                                 prospectus or unimproved land.

                                            If so specified in the related prospectus supplement, a trust
                                            fund may include mortgage loans secured by liens on real estate
                                            projects under construction. The mortgage loans will be
                                            guaranteed only to the extent specified in the related
                                            prospectus supplement. If so specified in the related
                                            prospectus supplement, some mortgage loans may be delinquent.
                                            In no event will delinquent mortgage loans comprise 20 percent
                                            or more of the trust fund at the time the mortgage loans are
                                            transferred to the trust fund.

                                            As described in the related prospectus supplement, a mortgage
                                            loan:

                                            o    may provide for no accrual of interest or for accrual of
                                                 interest at a mortgage interest rate that is fixed over its
                                                 term or that adjusts from time to time, or that the
                                                 borrower may elect to convert from an adjustable to a fixed
                                                 mortgage interest rate, or from a fixed to an adjustable
                                                 mortgage interest rate;

                                            o    may provide for level payments to maturity or for payments
                                                 that adjust from time to time to accommodate changes in the
                                                 mortgage interest rate or to reflect the occurrence of
                                                 certain events, and may permit negative amortization;

                                            o    may be fully amortizing or partially amortizing or
                                                 non-amortizing, with a balloon payment due on its stated
                                                 maturity date;

                                            o    may prohibit prepayments over its term or for a certain
                                                 period and/or require payment of a premium or a yield
                                                 maintenance penalty in connection with certain prepayments;
                                                 and

                                            o    may provide for payments of principal, interest or both, on
                                                 due dates that occur monthly, quarterly, semi-annually or
                                                 at another interval specified in the related prospectus
                                                 supplement.

                                            Some or all of the mortgage loans in any trust fund may have
                                            been originated by an affiliate of the depositor. See
                                            "Description of the Trust Funds--Mortgage Loans" in this
                                            prospectus.

                                            If so specified in the related prospectus supplement, the
                                            mortgage assets with respect to a series of certificates may
                                            also include, or consist of:

                                            o    private mortgage participations, mortgage pass-through
                                                 certificates or other mortgage-backed securities; or



                                        2





                                            o    Certificates insured or guaranteed by any of the Federal
                                                 Home Loan Mortgage Corporation, the Federal National
                                                 Mortgage Association, the Governmental National Mortgage
                                                 Association or the Federal Agricultural Mortgage
                                                 Corporation.

                                            Each of the above mortgage assets will evidence an interest in,
                                            or will be secured by a pledge of, one or more mortgage loans
                                            that conform to the descriptions of the mortgage loans
                                            contained in this prospectus. See "Description of the Trust
                                            Funds--MBS" in this prospectus.

B.  Certificate Account...................  Each trust fund will include one or more certificate accounts
                                            established and maintained on behalf of the
                                            certificateholders. The person or persons designated in the
                                            related prospectus supplement will be required to, to the
                                            extent described in this prospectus and in that prospectus
                                            supplement, deposit all payments and other collections received
                                            or advanced with respect to the mortgage assets and any
                                            interest rate or currency swap or interest rate cap, floor or
                                            collar contracts in the trust fund into the certificate
                                            accounts. A certificate account may be maintained as an
                                            interest bearing or a non-interest bearing account, and its
                                            funds may be held as cash or invested in certain obligations
                                            acceptable to the rating agencies rating one or more classes of
                                            the related series of offered certificates. See "Description
                                            of the Trust Funds--Certificate Accounts" and "Description of
                                            the Pooling Agreements--Certificate Account" in this prospectus.

C.  Other Accounts .......................  The prospectus supplement for each trust will also describe any
                                            other accounts established for such series. These may include,
                                            for any series that contains reset rate certificates, a
                                            remarketing fee account.

D.  Credit Support........................  If so provided in the related prospectus supplement, partial or
                                            full protection against certain defaults and losses on the
                                            mortgage assets in the related trust fund may be provided to
                                            one or more classes of certificates of the related series in
                                            the form of subordination of one or more other classes of
                                            certificates of that series, which other classes may include
                                            one or more classes of offered certificates, or by one or more
                                            other types of credit support, such as a letter of credit,
                                            insurance policy, guarantee, reserve fund or another type of
                                            credit support described in this prospectus, or a combination
                                            of these features. The amount and types of any credit support,
                                            the identification of any entity providing it and related
                                            information will be set forth in the prospectus supplement for
                                            a series of offered certificates. See "Risk Factors--Credit
                                            Support May Not Cover Losses," "Description of the Trust
                                            Funds--Credit Support" and "Description of Credit Support" in
                                            this prospectus.

E.  Cash Flow Agreements..................  If so provided in the related prospectus supplement, a trust
                                            fund may include guaranteed investment contracts pursuant to
                                            which moneys held in the funds and accounts established for the
                                            related series will be invested at a specified rate. The trust
                                            fund may also include interest rate exchange agreements,
                                            interest



                                        3





                                            rate cap or floor agreements, or currency exchange agreements,
                                            all of which are designed to reduce the effects of interest
                                            rate or currency exchange rate fluctuations on the mortgage
                                            assets or on one or more classes of certificates. The
                                            principal terms of that guaranteed investment contract or other
                                            agreement, including, without limitation, provisions relating
                                            to the timing, manner and amount of any corresponding payments
                                            and provisions relating to their termination, will be described
                                            in the prospectus supplement for the related series. In
                                            addition, the related prospectus supplement will contain
                                            certain information that pertains to the obligor under any cash
                                            flow agreements of this type. See "Description of the Trust
                                            Funds--Cash Flow Agreements" in this prospectus.

Description of Certificates...............  We will offer certificates in one or more classes of a series
                                            of certificates issued pursuant to a pooling and servicing
                                            agreement or other agreement specified in the related
                                            prospectus supplement. The certificates will represent in the
                                            aggregate the entire beneficial ownership interest in the trust
                                            fund created by that agreement.

                                            As described in the related prospectus supplement, the
                                            certificates of each series, may consist of one or more classes
                                            of certificates that, among other things:

                                            o    are senior or subordinate to one or more other classes of
                                                 certificates in entitlement to certain distributions on the
                                                 certificates;

                                            o    are principal-only certificates entitled to distributions
                                                 of principal, with disproportionately small, nominal or no
                                                 distributions of interest;

                                            o    are interest-only certificates entitled to distributions of
                                                 interest, with disproportionately small, nominal or no
                                                 distributions of principal;

                                            o    provide for distributions of interest on, or principal of,
                                                 the certificates that begin only after the occurrence of
                                                 certain events, such as the retirement of one or more other
                                                 classes of certificates of that series;

                                            o    provide for distributions of principal of the certificates
                                                 to be made, from time to time or for designated periods, at
                                                 a rate that is faster, or slower than the rate at which
                                                 payments or other collections of principal are received on
                                                 the mortgage assets in the related trust fund;

                                            o    provide for controlled distributions of principal to be
                                                 made based on a specified schedule or other methodology,
                                                 subject to available funds; or

                                            o    provide for distributions based on collections of
                                                 prepayment premiums or yield maintenance penalties on the
                                                 mortgage assets in the related trust fund.



                                        4





                                            Each class of certificates, other than interest-only
                                            certificates and residual certificates which are only entitled
                                            to a residual interest in the trust fund, will have a stated
                                            principal balance. Each class of certificates, other than
                                            principal-only certificates and residual certificates, will
                                            accrue interest on its stated principal balance or, in the case
                                            of interest-only certificates, on a notional amount. Each
                                            class of certificates entitled to interest will accrue interest
                                            based on a fixed, variable, reset rate or adjustable
                                            pass-through interest rate. The related prospectus supplement
                                            will specify the principal balance, notional amount and/or
                                            fixed pass-through interest rate, or, in the case of a
                                            variable, reset rate or adjustable pass-through interest rate,
                                            the method for determining that rate, as applicable, for each
                                            class of offered certificates.

                                            The certificates will be guaranteed or insured only to the
                                            extent specified in the related prospectus supplement. See
                                            "Risk Factors--The Assets of the Trust Fund May Not Be Sufficient
                                            to Pay Your Certificates" and "Description of the Certificates"
                                            in this prospectus.

Distributions of Interest on the
   Certificates...........................  Interest on each class of offered certificates, other than
                                            certain classes of principal-only certificates and certain
                                            classes of residual certificates, of each series will accrue at
                                            the applicable fixed, variable, reset rate or adjustable
                                            pass-through interest rate on the principal balance or, in the
                                            case of certain classes of interest-only certificates, on the
                                            notional amount, outstanding from time to time. Interest will
                                            be distributed to you as provided in the related prospectus
                                            supplement on specified distribution dates. Distributions of
                                            interest with respect to one or more classes of accrual
                                            certificates may not begin until the occurrence of certain
                                            events, such as the retirement of one or more other classes of
                                            certificates, and interest accrued with respect to a class of
                                            accrual certificates before the occurrence of that event will
                                            either be added to its principal balance or otherwise
                                            deferred. Distributions of interest with respect to one or
                                            more classes of certificates may be reduced to the extent of
                                            certain delinquencies, losses and other contingencies described
                                            in this prospectus and in the related prospectus supplement.
                                            See "Risk Factors--Prepayments of the Mortgage Assets Will
                                            Affect the Timing of Your Cash Flow and May Affect Your Yield";
                                            "Yield and Maturity Considerations" and "Description of the
                                            Certificates--Distributions of Interest on the Certificates" in
                                            this prospectus.

Distributions of Principal of the
   Certificates...........................  Each class of certificates of each series, other than certain
                                            classes of interest-only certificates and certain classes of
                                            residual certificates, will have a principal balance. The
                                            principal balance of a class of certificates will represent the
                                            maximum amount that you are entitled to receive as principal
                                            from future cash flows on the assets in the related trust fund.



                                        5





                                            Distributions of principal with respect to one or more classes
                                            of certificates may:

                                            o    be made at a rate that is faster, and, in some cases,
                                                 substantially faster, than the rate at which payments or
                                                 other collections of principal are received on the mortgage
                                                 assets in the related trust fund;

                                            o    or may be made at a rate that is slower, and, in some
                                                 cases, substantially slower, than the rate at which
                                                 payments or other collections of principal are received on
                                                 the mortgage assets in the related trust fund;

                                            o    not commence until the occurrence of certain events, such
                                                 as the retirement of one or more other classes of
                                                 certificates of the same series;

                                            o    be made, subject to certain limitations, based on a
                                                 specified principal payment schedule resulting in a
                                                 controlled amortization class of certificates; or

                                            o    be contingent on the specified principal payment schedule
                                                 for a controlled amortization class of the same series and
                                                 the rate at which payments and other collections of
                                                 principal on the mortgage assets in the related trust fund
                                                 are received.

                                            See "Description of the Certificates--Distributions of Principal
                                            on the Certificates" in this prospectus.

Advances..................................  If provided in the related prospectus supplement, if a trust
                                            fund includes mortgage loans, the master servicer, a special
                                            servicer, the trustee, any provider of credit support and/or
                                            any other specified person may be obligated to make, or have
                                            the option of making, certain advances with respect to
                                            delinquent scheduled payments of principal and/or interest on
                                            those mortgage loans. Any of the advances of principal and
                                            interest made with respect to a particular mortgage loan will
                                            be reimbursable from subsequent recoveries from the related
                                            mortgage loan and otherwise to the extent described in this
                                            prospectus and in the related prospectus supplement. If
                                            provided in the prospectus supplement for a series of
                                            certificates, any entity making these advances may be entitled
                                            to receive interest on those advances while they are
                                            outstanding, payable from amounts in the related trust fund.
                                            If a trust fund includes mortgage participations, pass-through
                                            certificates or other mortgage-backed securities, any
                                            comparable advancing obligation will be described in the
                                            related prospectus supplement. See "Description of the
                                            Certificates--Advances in Respect of Delinquencies" in this
                                            prospectus.

Termination...............................  If so specified in the related prospectus supplement, the
                                            mortgage assets in the related trust fund may be sold, causing
                                            an early termination of a series of certificates in the manner
                                            set forth in the prospectus supplement. If so provided in the
                                            related prospectus supplement, upon the reduction of the
                                            principal balance of a specified class or classes of
                                            certificates by a specified percentage or amount, the party
                                            specified in the



                                        6





                                            prospectus supplement may be authorized or required to bid for
                                            or solicit bids for the purchase of all of the mortgage assets
                                            of the related trust fund, or of a sufficient portion of the
                                            mortgage assets to retire the class or classes, as described in
                                            the related prospectus supplement. See "Description of the
                                            Certificates--Termination" in this prospectus.

Registration of Book-Entry
   Certificates...........................  If so provided in the related prospectus supplement, one or
                                            more classes of the offered certificates of any series will be
                                            book-entry certificates offered through the facilities of The
                                            Depository Trust Company. Each class of book-entry
                                            certificates will be initially represented by one or more
                                            certificates registered in the name of a nominee of The
                                            Depository Trust Company. No person acquiring an interest in a
                                            class of book-entry certificates will be entitled to receive
                                            definitive certificates of that class in fully registered form,
                                            except under the limited circumstances described in this
                                            prospectus. See "Risk Factors--Book-Entry System for Certain
                                            Classes May Decrease Liquidity and Delay Payment" and
                                            "Description of the Certificates--Book-Entry Registration and
                                            Definitive Certificates" in this prospectus.

Certain Federal Income Tax
   Consequences ..........................  The federal income tax consequences to certificateholders will
                                            vary depending on whether one or more elections are made to
                                            treat the trust fund or specified portions of the trust fund as
                                            one or more "real estate mortgage investment conduits" (each, a
                                            "REMIC") under the provisions of the Internal Revenue Code.
                                            The prospectus supplement for each series of certificates will
                                            specify whether one or more REMIC elections will be made. See
                                            "Certain Federal Income Tax Consequences" in this prospectus.

Certain ERISA Considerations..............  If you are a fiduciary of any retirement plans or certain other
                                            employee benefit plans and arrangements, including individual
                                            retirement accounts, annuities, Keogh plans, and collective
                                            investment funds and insurance company general and separate
                                            accounts in which those plans, accounts, annuities or
                                            arrangements are invested, that are subject to ERISA or
                                            Section 4975 of the Internal Revenue Code, you should carefully
                                            review with your legal advisors whether the purchase or holding
                                            of offered certificates could give rise to a transaction that
                                            is prohibited or is not otherwise permissible either under
                                            ERISA or the Internal Revenue Code. See "Certain ERISA
                                            Considerations" in this prospectus and in the related
                                            prospectus supplement.

Legal Investment..........................  The applicable prospectus supplement will specify whether the
                                            offered certificates will constitute "mortgage related
                                            securities" for purposes of the Secondary Mortgage Market
                                            Enhancement Act of 1984, as amended.  If your investment
                                            activities are subject to legal investment laws and
                                            regulations, regulatory capital requirements or review by
                                            regulatory authorities, then you may be subject to restrictions
                                            on investment in the offered certificates.  You should consult
                                            your own legal advisors for assistance in determining the
                                            suitability and consequences to



                                        7





                                            you of the purchase, ownership and sale of the offered
                                            certificates.  See "Legal Investment" in this prospectus and in
                                            the related prospectus supplement.

Rating....................................  At their dates of issuance, each class of offered certificates
                                            will be rated at least investment grade by one or more
                                            nationally recognized statistical rating agencies.  See
                                            "Rating" in this prospectus and "Ratings" in the related
                                            prospectus supplement.



                                        8



                                  RISK FACTORS

      You should carefully consider the following risks and the risks described
under "Risk Factors" in the prospectus supplement for the applicable series of
certificates before making an investment decision. In particular, distributions
on your certificates will depend on payments received on and other recoveries
with respect to the mortgage loans. Thus, you should carefully consider the risk
factors relating to the mortgage loans and the mortgaged properties.

RISKS TO THE MORTGAGED PROPERTIES RELATING TO TERRORIST ATTACKS AND FOREIGN
CONFLICTS

      The terrorist attacks on the World Trade Center and the Pentagon on
September 11, 2001 suggest the possibility that large public areas such as
shopping malls or large office buildings could become the target of terrorist
attacks in the future. The occurrence or the possibility of such attacks could
(i) lead to damage to one or more of the mortgaged properties if any such
attacks occur, (ii) result in higher costs for insurance premiums, particularly
for large properties which could adversely affect the cash flow at such
mortgaged properties, or (iii) impact leasing patterns or shopping patterns
which could adversely impact leasing revenue and mall traffic and percentage
rent. As a result, the ability of the mortgaged properties to generate cash flow
may be adversely affected.

      With respect to shopping patterns, attacks in the United States, incidents
of terrorism occurring outside the United States and the military conflicts in
Iraq and elsewhere may continue to significantly reduce air travel throughout
the United States, and, therefore, continue to have a negative effect on
revenues in areas heavily dependent on tourism. The decrease in air travel may
have a negative effect on certain of the mortgaged properties located in areas
heavily dependent on tourism, which could reduce the ability of the affected
mortgaged properties to generate cash flow.

      The United States continues to maintain a military presence in Iraq and
Afghanistan. It is uncertain what effect the activities of the United States in
Iraq, Afghanistan or any future conflict with any other country or group will
have on domestic and world financial markets, economies, real estate markets,
insurance costs or business segments. Foreign or domestic conflict of any kind
could have an adverse effect on the performance of the mortgaged properties.

YOUR ABILITY TO RESELL CERTIFICATES MAY BE LIMITED BECAUSE OF THEIR
CHARACTERISTICS

      We cannot assure you that a secondary market for the certificates will
develop or, if it does develop, that it will provide you with liquidity of
investment or will continue for the life of your certificates. The prospectus
supplement for any series of offered certificates may indicate that an
underwriter intends to make a secondary market in those offered certificates;
however, no underwriter will be obligated to do so. Any resulting secondary
market may provide you with less liquidity than any comparable market for
certificates that evidence interests in single-family mortgage loans.

      The primary source of ongoing information regarding the offered
certificates of any series, including information regarding the status of the
related mortgage assets and any credit support for your certificates, will be
the periodic reports delivered to you. See "Description of the
Certificates--Reports to Certificateholders" in this prospectus. We cannot
assure you that any additional ongoing information regarding your certificates
will be available through any other source. The limited nature of the available
information in respect of a series of offered certificates may adversely affect
its liquidity, even if a secondary market for those certificates does develop.

      Even if a secondary market does develop with respect to any series or
class of certificates, the market value of those certificates will be affected
by several factors, including:

      o     The perceived liquidity of the certificates;


                                        9



      o     The anticipated cash flow of the certificates, which may vary widely
            depending upon the prepayment and default assumptions applied in
            respect of the underlying mortgage loans and prevailing interest
            rates;

      o     The price payable at any given time in respect of certain classes of
            offered certificates may be extremely sensitive to small
            fluctuations in prevailing interest rates, particularly, for a class
            with a relatively long average life, a companion class to a
            controlled amortization class, a class of interest-only certificates
            or principal-only certificates; and

      o     The relative change in price for an offered certificate in response
            to an upward or downward movement in prevailing interest rates may
            not equal the relative change in price for that certificate in
            response to an equal but opposite movement in those rates.
            Accordingly, the sale of your certificates in any secondary market
            that may develop may be at a discount from the price you paid.

      We are not aware of any source through which price information about the
offered certificates will be generally available on an ongoing basis.

      You will generally have no redemption rights, and the certificates of each
series will be subject to early retirement only under certain specified
circumstances described in this prospectus and in the related prospectus
supplement. See "Description of the Certificates--Termination" in this
prospectus.

THE ASSETS OF THE TRUST FUND MAY NOT BE SUFFICIENT TO PAY YOUR CERTIFICATES

      If not described in the related prospectus supplement,

      o     The certificates of any series and the mortgage assets in the
            related trust fund will not be guaranteed or insured by the
            depositor or any of its affiliates, by any governmental agency or
            instrumentality or by any other person or entity; and

      o     The certificates of any series will not represent a claim against or
            security interest in the trust funds for any other series.

      Accordingly, if the related trust fund has insufficient assets to make
payments on a series of offered certificates, no other assets will be available
to make those payments. Additionally, certain amounts on deposit from time to
time in certain funds or accounts constituting part of a trust fund may be
withdrawn under certain conditions, as described in the related prospectus
supplement, for purposes other than the payment of principal of or interest on
the related series of certificates. If so provided in the prospectus supplement
for a series of certificates consisting of one or more classes of subordinate
certificates, if losses or shortfalls in collections have occurred with respect
to any distribution date, all or a portion of the amount of these losses or
shortfalls will be borne first by one or more classes of the subordinate
certificates, and, thereafter, by the remaining classes of certificates in the
priority and manner specified in the prospectus supplement.

PREPAYMENTS OF THE MORTGAGE ASSETS WILL AFFECT THE TIMING OF YOUR CASH FLOW AND
MAY AFFECT YOUR YIELD

      As a result of, among other things, prepayments on the mortgage loans in
any trust fund, the amount and timing of distributions of principal and/or
interest on the offered certificates of the related series may be highly
unpredictable. Prepayments on the mortgage loans in any trust fund will result
in a faster rate of principal payments on one or more classes of the related
series of certificates than if payments on those mortgage loans were made as
scheduled. Thus, the prepayment experience on the mortgage loans in a trust fund
may affect the average life of one or more classes of offered certificates of
the related series.

      The rate of principal payments on pools of mortgage loans varies among
pools and from time to time is influenced by a variety of economic, demographic,
geographic, social, tax, legal and other factors. For


                                       10



example, if prevailing interest rates fall significantly below the mortgage
interest rates of the mortgage loans included in a trust fund, then, subject to,
among other things, the particular terms of the mortgage loans and the ability
of borrowers to get new financing, principal prepayments on those mortgage loans
are likely to be higher than if prevailing interest rates remain at or above the
rates on those mortgage loans. Conversely, if prevailing interest rates rise
significantly above the mortgage interest rates of the mortgage loans included
in a trust fund, then principal prepayments on those mortgage loans are likely
to be lower than if prevailing interest rates remain at or below the rates on
those mortgage loans. We cannot assure you as to the actual rate of prepayment
on the mortgage loans in any trust fund or that the rate of prepayment will
conform to any model described in this prospectus or in any prospectus
supplement. As a result, depending on the anticipated rate of prepayment for the
mortgage loans in any trust fund, the retirement of any class of certificates of
the related series could occur significantly earlier or later than expected.

      The extent to which prepayments on the mortgage loans in any trust fund
ultimately affect the average life of your certificates will depend on the terms
of your certificates.

      o     A class of certificates that entitles the holders of those
            certificates to a disproportionately large share of the prepayments
            on the mortgage loans in the related trust fund increases the "call
            risk" or the likelihood of early retirement of that class if the
            rate of prepayment is relatively fast; and

      o     A class of certificates that entitles the holders of the
            certificates to a disproportionately small share of the prepayments
            on the mortgage loans in the related trust fund increases the
            likelihood of "extension risk" or an extended average life of that
            class if the rate of prepayment is relatively slow.

      As described in the related prospectus supplement, the respective
entitlements of the various classes of certificate of any series to receive
payments, especially prepayments, of principal of the mortgage loans in the
related trust fund may vary based on the occurrence of certain events such as
the retirement of one or more classes of certificates of that series, or subject
to certain contingencies such as the rate of prepayments and defaults with
respect to those mortgage loans.

      A series of certificates may include one or more controlled amortization
classes, which will entitle you to receive principal distributions according to
a specified principal payment schedule. Although prepayment risk cannot be
eliminated entirely for any class of certificates, a controlled amortization
class will generally provide a relatively stable cash flow so long as the actual
rate of prepayment on the mortgage loans in the related trust fund remains
relatively constant at the rate, or within the range of rates, of prepayment
used to establish the specific principal payment schedule for those
certificates. Prepayment risk with respect to a given pool of mortgage assets
does not disappear, however, and the stability afforded to a controlled
amortization class comes at the expense of one or more companion classes of the
same series, any of which companion classes may also be a class of offered
certificates. In general, and as more specifically described in the related
prospectus supplement, a companion class may entitle you to a disproportionately
large share of prepayments on the mortgage loans in the related trust fund when
the rate of prepayment is relatively fast, or may entitle you to a
disproportionately small share of prepayments on the mortgage loans in the
related trust fund when the rate of prepayment is relatively slow. As described
in the related prospectus supplement, a companion class absorbs some (but not
all) of the "call risk" and/or "extension risk" that would otherwise belong to
the related controlled amortization class if all payments of principal of the
mortgage loans in the related trust fund were allocated on a pro rata basis.

      A series of certificates may include one or more classes of offered
certificates offered at a premium or discount. Yields on those classes of
certificates will be sensitive, and in some cases extremely sensitive, to
prepayments on the mortgage loans in the related trust fund. Where the amount of
interest payable with respect to a class is disproportionately large, as
compared to the amount of principal, as with certain classes of interest-only
certificates, you might fail to recover your original investment under some
prepayment scenarios. The extent to which the yield to maturity of any class of
offered certificates may vary from the anticipated yield will depend upon the
degree to which they are purchased at a discount or premium and the amount and
timing of distributions on those certificates. You should consider, in the


                                       11



case of any offered certificate purchased at a discount, the risk that a slower
than anticipated rate of principal payments on the mortgage loans could result
in an actual yield that is lower than the anticipated yield and, in the case of
any offered certificate purchased at a premium, the risk that a faster than
anticipated rate of principal payments could result in an actual yield that is
lower than the anticipated yield. See "Yield and Maturity Considerations" in
this prospectus.

RATINGS DO NOT GUARANTEE PAYMENT AND DO NOT ADDRESS PREPAYMENT RISKS

      Any rating assigned to a class of offered certificates by a rating agency
will only reflect its assessment of the probability that you will receive
payments to which you are entitled. This rating will not constitute an
assessment of the probability that:

      o     principal prepayments on the related mortgage loans will be made;

      o     the degree to which the rate of prepayments might differ from the
            rate of prepayments that was originally anticipated; or

      o     the likelihood of early optional termination of the related trust
            fund.

      Furthermore, the rating will not address the possibility that prepayment
of the related mortgage loans at a higher or lower rate than you anticipated may
cause you to experience a lower than anticipated yield or that if you purchase a
certificate at a significant premium you might fail to recover your initial
investment under certain prepayment scenarios.

      The amount, type and nature of credit support, if any, provided with
respect to a series of certificates will be determined on the basis of criteria
established by each rating agency rating classes of the certificates of that
series. These criteria are sometimes based upon analysis of the behavior of
mortgage loans in a larger group. However, we cannot assure you that the
historical data supporting that analysis will accurately reflect future
experience, or that the data derived from a large pool of mortgage loans will
accurately predict the delinquency, foreclosure or loss experience of any
particular pool of mortgage loans. In other cases, the criteria may be based
upon determinations of the values of the mortgaged properties that provide
security for the mortgage loans in the related trust fund. However, we cannot
assure you that those values will not decline in the future. See "Description of
Credit Support" and "Rating" in this prospectus.

COMMERCIAL AND MULTIFAMILY MORTGAGE LOANS HAVE RISKS THAT MAY AFFECT PAYMENTS ON
YOUR CERTIFICATES

      A description of risks associated with investments in mortgage loans is
included under "Certain Legal Aspects of Mortgage Loans" in this prospectus.
Commercial and multifamily lending generally exposes the lender to a greater
risk of loss than one to four family residential lending. Commercial and
multifamily lending typically involves larger loans to single borrowers or
groups of related borrowers than residential one to four family mortgage loans.
Further, the repayment of loans secured by income producing properties is
typically dependent upon the successful operation of the related real estate
project. See "Description of the Trust Funds--Mortgage Loans--Default and Loss
Considerations with Respect to the Mortgage Loans" in this prospectus. If the
cash flow from the project is reduced (for example, if leases are not obtained
or renewed or rental, hotel room or occupancy rates decline or real estate tax
rates or other operating expenses increase), the borrower's ability to repay the
loan may be impaired. Commercial and multifamily real estate can be affected
significantly by the supply and demand in the market for the type of property
securing the loan and, therefore, may be subject to adverse economic conditions.
Market values may vary as a result of economic events or governmental
regulations outside the control of the borrower or lender that impact the cash
flow of the property. For example, some laws, such as the Americans with
Disabilities Act, may require modifications to properties, and rent control laws
may limit rent collections in the case of multifamily properties. A number of
the mortgage loans may be secured by liens on owner occupied mortgaged
properties or on mortgaged properties leased to a single tenant or a small
number of significant tenants. Accordingly, a decline in the financial condition
of the borrower or a significant tenant, as applicable, may have a
disproportionately greater effect on the net


                                       12



operating income from those mortgaged properties than would be the case with
respect to mortgaged properties with multiple tenants.

      The net operating incomes and property values of the mortgaged properties
may be adversely affected by a large number of factors. Some of these factors
relate to the properties themselves, such as:

      o     the age, design and construction quality of the properties;

      o     perceptions regarding the safety, convenience and attractiveness of
            the properties;

      o     the characteristics of the neighborhood where the property is
            located;

      o     the proximity and attractiveness of competing properties;

      o     the adequacy of the property's management and maintenance;

      o     increases in interest rates, real estate taxes and other operating
            expenses at the mortgaged property and in relation to competing
            properties;

      o     an increase in the capital expenditures needed to maintain the
            properties or make improvements;

      o     dependence upon a single tenant, or a concentration of tenants in a
            particular business or industry;

      o     a decline in the financial condition of a major tenant;

      o     an increase in vacancy rates; and

      o     a decline in rental rates as leases are renewed or entered into with
            new tenants.

      Other factors are more general in nature, such as:

      o     national, regional or local economic conditions, including plant
            closings, military base closings, industry slowdowns and
            unemployment rates;

      o     local real estate conditions, such as an oversupply of retail space,
            office space, multifamily housing or hotel capacity;

      o     demographic factors;

      o     consumer confidence;

      o     consumer tastes and preferences; and

      o     retroactive changes in building codes.

      The volatility of net operating income will be influenced by many of the
foregoing factors, as well as by:

      o     the length of tenant leases;

      o     the creditworthiness of tenants;

      o     in the case of rental properties, the rate at which new rentals
            occur; and

      o     the property's "operating leverage" which is generally the
            percentage of total property expenses in relation to revenue, the
            ratio of fixed operating expenses to those that vary with revenues,
            and the level of capital expenditures required to maintain the
            property and to retain or replace tenants.


                                       13



      A decline in the real estate market or in the financial condition of a
major tenant will tend to have a more immediate effect on the net operating
income of properties with short-term revenue sources, such as short-term or
month to month leases, and may lead to higher rates of delinquency or defaults.

      Furthermore, the value of any mortgaged property may be adversely affected
by risks generally incident to interests in real property, including:

      o     Changes in general or local economic conditions and/or specific
            industry segments;

      o     Declines in real estate values;

      o     Declines in rental or occupancy rates;

      o     Increases in interest rates, real estate tax rates and other
            operating expenses;

      o     Changes in governmental rules, regulations and fiscal policies,
            including environmental legislation;

      o     Acts of God; and

      o     Other factors beyond the control of a master servicer or special
            servicer.

      The type and use of a particular mortgaged property may present additional
risk. For instance:

      o     Mortgaged properties that operate as hospitals and nursing homes may
            present special risks to lenders due to the significant governmental
            regulation of the ownership, operation, maintenance and financing of
            health care institutions.

      o     Hotel and motel properties are often operated pursuant to franchise,
            management or operating agreements that may be terminable by the
            franchisor or operator. Moreover, the transferability of a hotel's
            operating, liquor and other licenses upon a transfer of the hotel,
            whether through purchase or foreclosure, is subject to local law
            requirements.

      o     The ability of a borrower to repay a mortgage loan secured by shares
            allocable to one or more cooperative dwelling units may depend on
            the ability of the dwelling units to generate sufficient rental
            income, which may be subject to rent control or stabilization laws,
            to cover both debt service on the loan as well as maintenance
            charges to the cooperative. Further, a mortgage loan secured by
            cooperative shares is subordinate to the mortgage, if any, on the
            cooperative apartment building.

      The economic performance of mortgage loans that are secured by full
service hotels, limited service hotels, hotels associated with national
franchise chains, hotels associated with regional franchise chains and hotels
that are not affiliated with any franchise chain but may have their own brand
identity, are affected by various factors, including:

      o     Adverse economic and social conditions, either local, regional or
            national (which may limit the amount that can be charged for a room
            and reduce occupancy levels);

      o     Construction of competing hotels or resorts;

      o     Continuing expenditures for modernizing, refurbishing, and
            maintaining existing facilities prior to the expiration of their
            anticipated useful lives;

      o     Deterioration in the financial strength or managerial capabilities
            of the owner and operator of a hotel; and


                                       14



      o     Changes in travel patterns caused by changes in access, energy
            prices, strikes, relocation of highways, the construction of
            additional highways or other factors.

      Additionally, the hotel and lodging industry is generally seasonal in
nature and this seasonality can be expected to cause periodic fluctuations in
room and other revenues, occupancy levels, room rates and operating expenses.
The demand for particular accommodations may also be affected by changes in
travel patterns caused by changes in energy prices, strikes, relocation of
highways, the construction of additional highways and other factors.

      The viability of any hotel property that is the franchisee of a national
or regional chain depends in part on the continued existence and financial
strength of the franchisor, the public perception of the franchise service mark
and the duration of the franchise licensing agreements. The transferability of
franchise license agreements may be restricted and, in the event of a
foreclosure on that hotel property, the property would not have the right to use
the franchise license without the franchisor's consent. Conversely, a lender may
be unable to remove a franchisor that it desires to replace following a
foreclosure. Further, in the event of a foreclosure on a hotel property, it is
unlikely that the trustee (or servicer or special servicer) or purchaser of that
hotel property would be entitled to the rights under any existing liquor license
for that hotel property. It is more likely that those persons would have to
apply for new licenses. We cannot assure you that a new license could be
obtained or that it could be obtained promptly.

      Other multifamily properties, hotels, retail properties, office buildings,
mobile home parks and manufactured housing communities, nursing homes and
self-storage facilities located in the areas of the mortgaged properties compete
with the mortgaged properties to attract residents and customers. The leasing of
real estate is highly competitive. The principal means of competition are price,
location and the nature and condition of the facility to be leased. A borrower
under a mortgage loan competes with all lessors and developers of comparable
types of real estate in the area in which the mortgaged property is located.
Those lessors or developers could have lower rentals, lower operating costs,
more favorable locations or better facilities. While a borrower under a mortgage
loan may renovate, refurbish or expand the mortgaged property to maintain it and
remain competitive, that renovation, refurbishment or expansion may itself
entail significant risk. Increased competition could adversely affect income
from and market value of the mortgaged properties. In addition, the business
conducted at each mortgaged property may face competition from other industries
and industry segments.

      Self-storage properties are considered vulnerable to competition, because
both acquisition costs and break-even occupancy are relatively low. The
conversion of self-storage facilities to alternative uses would generally
require substantial capital expenditures. Thus, if the operation of any of the
self-storage mortgaged properties becomes unprofitable due to decreased demand,
competition, age of improvements or other factors such that the borrower becomes
unable to meet its obligations on the related mortgage loan, the liquidation
value of that self-storage mortgaged property may be substantially less,
relative to the amount owing on the mortgage loan, than would be the case if the
self-storage mortgaged property were readily adaptable to other uses. Tenant
privacy and efficient access may heighten environmental risks.

      It is anticipated that some or all of the mortgage loans included in any
trust fund will be nonrecourse loans or loans for which recourse may be
restricted or unenforceable. As to that mortgage loan, recourse in the event of
borrower default will be limited to the specific real property and other assets,
if any, that were pledged to secure the mortgage loan. However, even with
respect to those mortgage loans that provide for recourse against the borrower
and its assets generally, we cannot assure you that enforcement of those
recourse provisions will be practicable, or that the assets of the borrower will
be sufficient to permit a recovery in respect of a defaulted mortgage loan in
excess of the liquidation value of the related mortgaged property. See "Certain
Legal Aspects of Mortgage Loans--Foreclosure" in this prospectus.

      Further, the concentration of default, foreclosure and loss risks in
individual mortgage loans in a particular trust fund will generally be greater
than for pools of single-family loans because mortgage loans


                                       15



in a trust fund will generally consist of a smaller number of higher balance
loans than would a pool of single-family loans of comparable aggregate unpaid
principal balance.

THE BORROWER'S FORM OF ENTITY MAY CAUSE SPECIAL RISKS

      Most of the borrowers are legal entities rather than individuals. Mortgage
loans made to legal entities may entail risks of loss greater than those of
mortgage loans made to individuals. For example, a legal entity, as opposed to
an individual, may be more inclined to seek legal protection from its creditors
under the bankruptcy laws. Unlike individuals involved in bankruptcies, most of
the entities generally, but not in all cases, do not have personal assets and
creditworthiness at stake. The terms of the mortgage loans generally, but not in
all cases, require that the borrowers covenant to be single-purpose entities,
although in many cases the borrowers are not required to observe all covenants
and conditions that typically are required in order for them to be viewed under
standard rating agency criteria as "special purpose entities." In general, but
not in all cases, borrowers' organizational documents or the terms of the
mortgage loans limit their activities to the ownership of only the related
mortgaged property or properties and limit the borrowers' ability to incur
additional indebtedness. These provisions are designed to mitigate the
possibility that the borrowers' financial condition would be adversely impacted
by factors unrelated to the mortgaged property and the mortgage loan in the
pool. However, we cannot assure you that the related borrowers will comply with
these requirements. Also, although a borrower may currently be a single purpose
entity, that borrower may have previously owned property other than the related
mortgaged property and may not have observed all covenants that typically are
required to consider a borrower a "single purpose entity." The bankruptcy of a
borrower, or a general partner or managing member of a borrower, may impair the
ability of the lender to enforce its rights and remedies under the related
mortgage. Borrowers that are not special purpose entities structured to limit
the possibility of becoming insolvent or bankrupt, may be more likely to become
insolvent or the subject of a voluntary or involuntary bankruptcy proceeding
because the borrowers may be:

      o     operating entities with a business distinct from the operation of
            the property with the associated liabilities and risks of operating
            an ongoing business; or

      o     individuals that have personal liabilities unrelated to the
            property.

      However, any borrower, even a special purpose entity structured to be
bankruptcy-remote, as an owner of real estate will be subject to certain
potential liabilities and risks. We cannot assure you that any borrower will not
file for bankruptcy protection or that creditors of a borrower or a corporate or
individual general partner or managing member of a borrower will not initiate a
bankruptcy or similar proceeding against the borrower or corporate or individual
general partner or managing member.

      Furthermore, with respect to any related borrowers, creditors of a common
parent in bankruptcy may seek to consolidate the assets of the borrowers with
those of the parent. Consolidation of the assets of the borrowers would likely
have an adverse effect on the funds available to make distributions on your
certificates, and may lead to a downgrade, withdrawal or qualification of the
ratings of your certificates. See "Certain Legal Aspects of Mortgage
Loans--Bankruptcy Laws" in this prospectus.

ABILITY TO INCUR OTHER BORROWINGS ENTAILS RISK

      When a mortgage loan borrower (or its constituent members) also has one or
more other outstanding loans (even if they are subordinated or mezzanine loans),
the trust is subjected to additional risk. The borrower may have difficulty
servicing and repaying multiple loans. The existence of another loan generally
also will make it more difficult for the borrower to obtain refinancing of the
mortgage loan and may thereby jeopardize repayment of the mortgage loan.
Moreover, the need to service additional debt may reduce the cash flow available
to the borrower to operate and maintain the mortgaged property.

      Additionally, if the borrower, or its constituent members, defaults on the
mortgage loan and/or any other loan, actions taken by other lenders such as a
foreclosure or an involuntary petition for bankruptcy against the borrower could
impair the security available to the trust, including the mortgaged property, or
stay the trust's ability to foreclose during the course of the bankruptcy case.
The bankruptcy of another


                                       16



lender also may operate to stay foreclosure by the trust. The trust may also be
subject to the costs and administrative burdens of involvement in foreclosure or
bankruptcy proceedings or related litigation.

      In this regard, the mortgage loans generally prohibit borrowers from
incurring any additional debt secured by their mortgaged property without the
consent of the lender. However, no investigations, searches or inquiries to
determine the existence or status of any subordinate secured financing with
respect to any of the mortgaged properties have been made at any time since
origination of the related mortgage loan. We cannot assure you that any of the
borrowers have complied with the restrictions on indebtedness in the related
mortgage loan documents.

      The mortgage loan documents generally place certain restrictions on the
transfer and/or pledge of general partnership and managing member equity
interests in a borrower such as specific percentage or control limitations. The
terms of the mortgage loans generally permit, subject to certain limitations,
the transfer or pledge of less than a controlling portion of the limited
partnership or non-managing member equity or other interests in a borrower.
Certain of the mortgage loans do not restrict the pledging of ownership
interests in the related borrower, but do restrict the transfer of ownership
interests in the related borrower by imposing a specific percentage or control
limitation or requiring the consent of the mortgagee to any such transfer.
Moreover, in general, mortgage loans with borrowers that do not meet single
purpose entity criteria may not restrict in any way the incurrence by the
relevant borrower of mezzanine debt. See "--The Borrower's Form of Entity May
Cause Special Risks" above and "Risk Factors--The Borrower's Form of Entity May
Cause Special Risks" in the prospectus supplement. Certain of the mortgage loans
permit mezzanine debt, secured by pledges of ownership interests in the
borrower, in the future subject to criteria set forth in the mortgage loan
documents.

      Mezzanine debt is debt that is incurred by the owner of equity in one or
more borrowers and is secured by a pledge of the equity ownership interests in
such borrowers. Because mezzanine debt is secured by the obligor's equity
interest in the related borrowers, such financing effectively reduces the
obligor's economic stake in the related mortgaged property. The existence of
mezzanine debt may reduce cash flow on the borrower's mortgaged property after
the payment of debt service or result in liquidity pressures if the mezzanine
debt matures or becomes payable prior to the maturity of the mortgage loan, and
may thus increase the likelihood that the owner of a borrower will permit the
value or income producing potential of a mortgaged property to fall and may
create a greater risk that a borrower will default on the mortgage loan secured
by a mortgaged property whose value or income is relatively weak. In addition,
the current and any future mezzanine lender may have cure rights with respect to
the related mortgage loan and/or an option to purchase the mortgage loan after a
default pursuant to an intercreditor agreement.

      Generally, upon a default under mezzanine debt, the holder of such
mezzanine debt would be entitled to foreclose upon the equity in the related
borrower, which has been pledged to secure payment of such mezzanine debt.
Although such transfer of equity may not trigger the due on sale clause under
the related mortgage loan, it could cause a change of control in the borrower
and/or cause the obligor under such mezzanine debt to file for bankruptcy, which
could negatively affect the operation of the related mortgaged property and such
borrower's ability to make payments on the related mortgage loan in a timely
manner.

      See "Description of the Mortgage Pool--General" in the prospectus
supplement and "Certain Legal Aspects of Mortgage Loans--Subordinate Financing"
in this prospectus.


                                       17



BORROWERS MAY BE UNABLE TO MAKE BALLOON PAYMENTS

      Certain of the mortgage loans included in a trust fund may be
non-amortizing or only partially amortizing over their terms to maturity and,
thus, will require substantial principal payments (that is, balloon payments) at
their stated maturity. In addition, fully amortizing mortgage loans which may
pay interest on an "actual/360" basis but have fixed monthly payments may, in
effect, have a small payment due at maturity.

      Mortgage loans of this type involve a greater degree of risk than
self-amortizing loans because the ability of a borrower to make a balloon
payment typically will depend upon its ability either to refinance the loan or
to sell the related mortgaged property. A borrower's ability to repay a loan on
its stated maturity date or anticipated repayment date typically will depend
upon its ability either to refinance the loan or to sell the mortgaged property
at a price sufficient to permit repayment. A borrower's ability to achieve
either of these goals will be affected by a number of factors, including:

      o     The fair market value of the related mortgaged property;

      o     The level of available mortgage interest rates at the time of sale
            or refinancing;

      o     The borrower's equity in the related mortgaged property;

      o     The borrower's financial condition;

      o     The operating history and occupancy level of the related mortgaged
            property;

      o     Tax laws with respect to certain residential properties;

      o     Reductions in government assistance/rent subsidy programs;

      o     Medicaid and Medicare reimbursement rates, with respect to hospitals
            and nursing homes;

      o     Prevailing general and regional economic conditions; and

      o     The availability of, and competition for, credit for loans secured
            by multifamily or commercial real properties generally.

      Neither the depositor nor any of its affiliates will be required to
refinance any mortgage loan.

      If described in this prospectus and in the related prospectus supplement,
to maximize recoveries on defaulted mortgage loans, the master servicer or a
special servicer may, within prescribed limits, extend and modify mortgage loans
that are in default or as to which a payment default is reasonably foreseeable.
While a master servicer or a special servicer generally will be required to
determine that any extension or modification is reasonably likely to produce a
greater recovery, taking into account the time value of money, than liquidation,
we cannot assure you that any extension or modification will in fact increase
the present value of receipts from or proceeds of the affected mortgage loans.

CREDIT SUPPORT MAY NOT COVER LOSSES

      The prospectus supplement for a series of certificates will describe any
credit support provided for those certificates. Any use of credit support will
be subject to the conditions and limitations described in this prospectus and in
the related prospectus supplement, and may not cover all potential losses or
risks. For example, it may or may not cover fraud or negligence by a mortgage
loan originator or other parties.

      A series of certificates may include one or more classes of subordinate
certificates, if so provided in the related prospectus supplement. Although
subordination is intended to reduce the risk to holders of senior certificates
of delinquent distributions or ultimate losses, the amount of subordination will
be limited and may decline under certain circumstances described in the related
prospectus supplement. In


                                       18



addition, if principal payments on one or more classes of certificates of a
series are made in a specified order of priority, any limits with respect to the
aggregate amount of claims under any related credit support may be exhausted
before the principal of the later paid classes of certificates of that series
has been repaid in full. As a result, the impact of losses and shortfalls
experienced with respect to the mortgage assets may fall primarily upon those
subordinate classes of certificates. Moreover, if a form of credit support
covers more than one series of certificates, holders of certificates of one
series will be subject to the risk that the credit support will be exhausted by
the claims of the holders of certificates of one or more other series.

      The amount of any applicable credit support supporting one or more classes
of offered certificates, including the subordination of one or more classes of
certificates, will be determined on the basis of criteria established by each
rating agency rating those classes of certificates. Such criteria will be based
on an assumed level of defaults, delinquencies and losses on the underlying
mortgage assets and certain other factors. However, we cannot assure you that
the default, delinquency or loss experience on the related mortgage assets will
not exceed the assumed levels. See "--Ratings Do Not Guarantee Payment and Do
Not Address Prepayment Risks," "Description of the Certificates" and
"Description of Credit Support" in this prospectus.

TENANT CONCENTRATION ENTAILS RISK

      A deterioration in the financial condition of a tenant can be particularly
significant if a mortgaged property is wholly or significantly owner-occupied or
leased to a single tenant or if any tenant makes up a significant portion of the
rental income. Mortgaged properties that are wholly or significantly owner
occupied or leased to a single tenant or tenants that make up a significant
portion of the rental income also are more susceptible to interruptions of cash
flow if the owner occupier's business operations are negatively impacted or if
such a tenant fails to renew its lease. This is so because the financial effect
of the absence of operating income or rental income may be severe; more time may
be required to re-lease the space; and substantial capital costs may be incurred
to make the space appropriate for replacement tenants.

      Retail and office properties also may be adversely affected if there is a
concentration of particular tenants among the mortgaged properties or of tenants
in a particular business or industry.

CERTAIN ADDITIONAL RISKS RELATING TO TENANTS

      The income from, and market value of, the mortgaged properties leased to
various tenants would be adversely affected if:

      o     space in the mortgaged properties could not be leased or re leased;

      o     leasing or re leasing is restricted by exclusive rights of tenants
to lease the mortgaged properties or other covenants not to lease space for
certain uses or activities, or covenants limiting the types of tenants to which
space may be leased;

      o     substantial re-leasing costs were required and/or the cost of
performing landlord obligations under existing leases materially increased;

      o     tenants were unwilling or unable to meet their lease obligations;

      o     a significant tenant were to become a debtor in a bankruptcy case;

      o     a borrower fails to perform its obligations under a lease resulting
in the related tenant having a right to terminate such lease; or

      o     rental payments could not be collected for any other reason.


                                       19



      Repayment of the mortgage loans secured by retail, office and industrial
properties will be affected by the expiration of leases and the ability of the
respective borrowers to renew the leases or relet the space on comparable terms.
Certain of the mortgaged properties may be leased in whole or in part by
government sponsored tenants who have the right to rent reductions or to cancel
their leases at any time or for lack of appropriations. Additionally, mortgaged
properties may have concentrations of leases expiring at varying rates in
varying percentages.

      In addition, certain properties may have tenants that are paying rent but
are not in occupancy or may have vacant space that is not leased, and in certain
cases, the occupancy percentage could be less than 80%. Any such "dark" space
may cause the property to be less desirable to other potential tenants and the
related tenant may be more likely to default in its obligations under the lease.
We cannot assure you that those tenants will continue to fulfill their lease
obligations or that the space will be relet. Additionally, certain tenants may
have a right to a rent abatement or the right to cancel their lease if certain
major tenants at the mortgaged property vacate or go dark.

      Even if vacated space is successfully relet, the costs associated with
reletting, including tenant improvements and leasing commissions, could be
substantial and could reduce cash flow from the mortgaged properties. Moreover,
if a tenant defaults in its obligations to a borrower, the borrower may incur
substantial costs and experience significant delays associated with enforcing
its rights and protecting its investment, including costs incurred in renovating
and reletting the related mortgaged property.

      Additionally, in certain jurisdictions, if tenant leases are subordinated
to the liens created by the mortgage but do not contain attornment provisions
(provisions requiring the tenant to recognize as landlord under the lease a
successor owner following foreclosure), the leases may terminate upon the
transfer of the property to a foreclosing lender or purchaser at foreclosure.
Accordingly, if a mortgaged property is located in such a jurisdiction and is
leased to one or more desirable tenants under leases that are subordinate to the
mortgage and do not contain attornment provisions, such mortgaged property could
experience a further decline in value if such tenants' leases were terminated.

MORTGAGED PROPERTIES LEASED TO MULTIPLE TENANTS ALSO HAVE RISKS

      If a mortgaged property has multiple tenants, re-leasing expenditures may
be more frequent than in the case of mortgaged properties with fewer tenants,
thereby reducing the cash flow available for debt service payments. Multi-tenant
mortgaged properties also may experience higher continuing vacancy rates and
greater volatility in rental income and expenses.

MORTGAGED PROPERTIES LEASED TO BORROWERS OR BORROWER AFFILIATED ENTITIES ALSO
HAVE RISKS

      If a mortgaged property is leased in whole or substantial part to the
borrower under the mortgage loan or to an affiliate of the borrower, a
deterioration in the financial condition of the borrower or its affiliates can
be particularly significant to the borrower's ability to perform under the
mortgage loan as it can directly interrupt the cash flow from the mortgaged
property if the borrower or its affiliate's financial condition worsens, which
risk may be mitigated when mortgaged properties are leased to unrelated third
parties.

TENANT BANKRUPTCY ENTAILS RISKS

      The bankruptcy or insolvency of a major tenant, or a number of smaller
tenants, in retail, office and industrial properties may adversely affect the
income produced by a mortgaged property. Under the federal bankruptcy code a
tenant has the option of assuming or rejecting any unexpired lease. If the
tenant rejects the lease, the landlord's claim for breach of the lease would be
a general unsecured claim against the tenant (absent collateral securing the
claim). The claim would be limited to the unpaid rent reserved under the lease
for the periods prior to the bankruptcy petition (or earlier surrender of the
leased premises), which are unrelated to the rejection, plus the greater of one
year's rent or 15% of the remaining reserved rent (but not more than three
years' rent).


                                       20



ASSIGNMENT OF LEASES AND RENTS MAY BE LIMITED BY STATE LAW

      Each mortgage loan included in any trust fund secured by mortgaged
property that is subject to leases typically will be secured by an assignment of
leases and rents pursuant to which the borrower assigns to the lender its right,
title and interest as landlord under the leases of the related mortgaged
property, and the income derived from those leases, as further security for the
related mortgage loan, while retaining a license to collect rents for so long as
there is no default. If the borrower defaults, the license terminates and the
lender is entitled to collect rents. Some state laws may require that the lender
take possession of the mortgaged property and obtain a judicial appointment of a
receiver before becoming entitled to collect the rents. In addition, if
bankruptcy or similar proceedings are commenced by or in respect of the
borrower, the lender's ability to collect the rents may be adversely affected.
See "Certain Legal Aspects of Mortgage Loans--Leases and Rents" in this
prospectus.

FAILURE TO COMPLY WITH ENVIRONMENTAL LAW MAY RESULT IN ADDITIONAL LOSSES

      Under federal law and the laws of certain states, contamination of real
property may give rise to a lien on the property to assure or reimburse the
costs of cleanup. In several states, that lien has priority over an existing
mortgage lien on that property. In addition, under various federal, state and
local laws, ordinances and regulations, an owner or operator of real estate may
be liable for the costs of removal or remediation of hazardous substances or
toxic substances on, in or beneath the property. This liability may be imposed
without regard to whether the owner knew of, or was responsible for, the
presence of those hazardous or toxic substances. The costs of any required
remediation and the owner or operator's liability for them as to any property
are generally not limited under these laws, ordinances and regulations and could
exceed the value of the mortgaged property and the aggregate assets of the owner
or operator. In addition, as to the owners or operators of mortgaged properties
that generate hazardous substances that are disposed of at "off-site" locations,
the owners or operators may be held strictly, jointly and severally liable if
there are releases or threatened releases of hazardous substances at the
off-site locations where that person's hazardous substances were disposed.

      Under some environmental laws, such as the federal Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended, as
well as some state laws, a secured lender (such as the trust) may be liable as
an "owner" or "operator" for the costs of dealing with hazardous substances
affecting a borrower's or neighboring property, if agents or employees of the
lender have participated in the management of the borrower's property. This
liability could exist even if a previous owner caused the environmental damage.
The trust's potential exposure to liability for cleanup costs may increase if
the trust actually takes possession of a borrower's property, or control of its
day-to-day operations, as for example through the appointment of a receiver. See
"Certain Legal Aspects of Mortgage Loans--Environmental Risks" in this
prospectus.

HAZARD INSURANCE MAY BE INSUFFICIENT TO COVER ALL LOSSES ON MORTGAGED PROPERTIES

      The master servicer for the related trust fund will generally be required
to cause the borrower on each mortgage loan in that trust fund to maintain the
insurance coverage in respect of the related mortgaged property required under
the related mortgage, including hazard insurance. The master servicer may
satisfy its obligation to cause hazard insurance to be maintained with respect
to any mortgaged property through acquisition of a blanket policy. However, we
cannot assure you that the amount of insurance maintained will be sufficient to
insure against all losses on the mortgaged properties.

      In general, the standard form of fire and extended coverage policy covers
physical damage to or destruction of the improvements of the mortgaged property
by:

      o     fire;

      o     lightning;

      o     explosion;


                                       21



      o     smoke;

      o     windstorm and hail; and

      o     riot, strike and civil commotion.

      Each subject to the conditions and exclusions specified in each policy.

      The policies covering the mortgaged properties will be underwritten by
different insurers under different state laws, and therefore will not contain
identical terms and conditions. However, most policies do not typically cover
any physical damage resulting from war, revolution, governmental actions, floods
and other water-related causes, earth movement, including earthquakes,
landslides and mudflows, wet or dry rot, vermin, domestic animals and certain
other kinds of risks. Unless the related mortgage specifically requires the
mortgagor to insure against physical damage arising from those causes, those
losses may be borne, at least in part, by the holders of one or more classes of
offered certificates of the related series, to the extent they are not covered
by any available credit support. See "Description of the Pooling
Agreements--Hazard Insurance Policies" in this prospectus.

POOR PROPERTY MANAGEMENT MAY ADVERSELY AFFECT THE PERFORMANCE OF THE RELATED
MORTGAGED PROPERTY

      The successful operation of a real estate project also depends upon the
performance and viability of the property manager. Properties deriving revenues
primarily from short-term sources generally are more management intensive than
properties leased to creditworthy tenants under long-term leases. The property
manager is generally responsible for:

      o     operating the properties;

      o     providing building services;

      o     establishing and implementing the rental structure;

      o     managing operating expenses;

      o     responding to changes in the local market; and

      o     assuring that maintenance and capital improvements are carried out
            in a timely fashion.

      Property managers may not be in a financial condition to fulfill their
management responsibilities.

      Certain of the mortgaged properties are managed by affiliates of the
applicable mortgagor. If a mortgage loan is in default or undergoing special
servicing, such relationship could disrupt the management of the underlying
property. This may adversely affect cash flow. However, the mortgage loans
generally permit the lender to remove the property manager upon the occurrence
of an event of default, a decline in cash flow below a specified level or the
failure to satisfy some other specified performance trigger.

      We make no representation or warranty as to the skills of any present or
future managers. In many cases, the property manager is an affiliate of the
borrower and may not manage properties for non-affiliates. Additionally, we
cannot assure you that the property managers will be in a financial condition to
fulfill their management responsibilities throughout the terms of their
respective management agreements.

PROPERTY VALUE MAY BE ADVERSELY AFFECTED EVEN WHEN CURRENT OPERATING INCOME IS
NOT

      Various factors may adversely affect the value of a mortgaged property
without affecting the property's current net operating income. These factors
include, among others:


                                       22



      o     the existence of, or changes in, governmental regulations, fiscal
            policy, zoning or tax laws;

      o     potential environmental legislation or liabilities or other legal
            liabilities;

      o     the availability of refinancing; and

      o     changes in interest rate levels.

MORTGAGE LOANS SECURED BY LEASEHOLD INTERESTS MAY EXPOSE INVESTORS TO GREATER
RISKS OF DEFAULT AND LOSS

      Leasehold mortgage loans are subject to certain risks not associated with
mortgage loans secured by a lien on the fee estate of the borrower. The most
significant of these risks is that if the related borrower's leasehold were to
be terminated upon a lease default, the lender would lose its security.
Generally, each related ground lease requires the lessor to give the lender
notice of the borrower's defaults under the ground lease and an opportunity to
cure them, permits the leasehold interest to be assigned to the lender or the
purchaser at a foreclosure sale, in some cases only upon the consent of the
lessor, and contains certain other protective provisions typically included in a
"mortgageable" ground lease.

      Upon the bankruptcy of a lessor or a lessee under a ground lease, the
debtor has the right to assume or reject the lease. If a debtor lessor rejects
the lease, the lessee has the right to remain in possession of its leased
premises for the rent otherwise payable under the lease for the term of the
ground lease (including renewals). If a debtor lessee/borrower rejects any or
all of the lease, the leasehold lender could succeed to the lessee/borrower's
position under the lease only if the lessor specifically grants the lender such
right. If both the lessor and the lessee/borrower are involved in bankruptcy
proceedings, the trustee may be unable to enforce the bankrupt lessee/borrower's
right to refuse to treat a ground lease rejected by a bankrupt lessor as
terminated. In such circumstances, a ground lease could be terminated
notwithstanding lender protection provisions contained therein or in the
mortgage.

      Some of the ground leases securing the mortgaged properties may provide
that the ground rent payable under the related ground lease increases during the
term of the mortgage loan. These increases may adversely affect the cash flow
and net income of the related borrower.

      Further, in a decision by the United States Court of Appeals for the
Seventh Circuit (Precision Indus. v. Qualitech Steel SBQ, LLC, 327 F.3d 537 (7th
Cir. 2003)), the court ruled with respect to an unrecorded lease of real
property that where a statutory sale of the fee interest in leased property
occurs under Section 363(f) of the Bankruptcy Code (11 U.S.C. Section 363(f))
upon the bankruptcy of a landlord, such sale terminates a lessee's possessory
interest in the property, and the purchaser assumes title free and clear of any
interest, including any leasehold estates. Pursuant to Section 363(e) of the
Bankruptcy Code (11 U.S.C. Section 363(e)), a lessee may request the bankruptcy
court to prohibit or condition the statutory sale of the property so as to
provide adequate protection of the leasehold interest; however, the court ruled
that this provision does not ensure continued possession of the property, but
rather entitles the lessee to compensation for the value of its leasehold
interest, typically from the sale proceeds. While there are certain
circumstances under which a "free and clear" sale under Section 363(f) of the
Bankruptcy Code would not be authorized (including that the lessee could not be
compelled in a legal or equitable proceeding to accept a monetary satisfaction
of his possessory interest, and that none of the other conditions of Section
363(f)(1)-(4) of the Bankruptcy Code otherwise permits the sale), we cannot
provide assurances that those circumstances would be present in any proposed
sale of a leased premises. As a result, we cannot provide assurances that, in
the event of a statutory sale of leased property pursuant to Section 363(f) of
the Bankruptcy Code, the lessee may be able to maintain possession of the
property under the ground lease. In addition, we cannot assure you that the
lessee and/or the lender (to the extent it can obtain standing to intervene)
will be able to recoup the full value of the leasehold interest in bankruptcy
court.


                                       23



LIMITATIONS OF APPRAISALS

      Appraisals will be obtained with respect to each of the mortgaged
properties servicing mortgage loans of a series at or about the time of the
origination of the applicable mortgage loan. In general, appraisals represent
the analysis and opinion of qualified appraisers and are not guarantees of
present or future value. One appraiser may reach a different conclusion than the
conclusion that would be reached if a different appraiser were appraising that
property. The values of the mortgaged properties may have fluctuated
significantly since the appraisals were performed. Moreover, appraisals seek to
establish the amount a typically motivated buyer would pay a typically motivated
seller and, in certain cases, may have taken into consideration the purchase
price paid by the borrower. That amount could be significantly higher than the
amount obtained from the sale of a mortgaged property under a distress or
liquidation sale. We cannot assure you that the information set forth in this
prospectus supplement regarding appraised values or loan to value ratios
accurately reflects past, present or future market values of the mortgaged
properties. Any engineering report, site inspection or appraisal represents only
the analysis of the individual consultant, engineer or inspector preparing such
report at the time of such report, and may not reveal all necessary or desirable
repairs, maintenance and capital improvement items.

YOUR LACK OF CONTROL OVER TRUST FUND CAN CREATE RISKS

      You and other certificateholders generally do not have a right to vote and
do not have the right to make decisions with respect to the administration of
the trust. See "Servicing of the Mortgage Loans--General" in the prospectus
supplement. Those decisions are generally made, subject to the express terms of
the pooling and servicing agreement, by the master servicer, the trustee or the
special servicer, as applicable. Any decision made by one of those parties in
respect of the trust, even if that decision is determined to be in your best
interests by that party, may be contrary to the decision that you or other
certificateholders would have made and may negatively affect your interests.

ONE ACTION JURISDICTION MAY LIMIT THE ABILITY OF THE SERVICER TO FORECLOSE ON A
MORTGAGED PROPERTY

      The ability to realize upon the mortgage loans may be limited by the
application of state and federal laws. Several states (including California)
have laws that prohibit more than one "judicial action" to enforce a mortgage
obligation, and some courts have construed the term "judicial action" broadly.
Accordingly, the special servicer may need to obtain advice of counsel prior to
enforcing any of the trust fund's rights under any of the mortgage loans that
include mortgaged properties where the rule could be applicable.

      In the case of a multi-property mortgage loan secured by mortgaged
properties located in multiple states, the special servicer may be required to
foreclose first on properties located in states where such "judicial action"
rules apply (and where non-judicial foreclosure is permitted) before foreclosing
on properties located in states where judicial foreclosure is the only permitted
method of foreclosure. See "Certain Legal Aspects of Mortgage
Loans--Foreclosure" in this prospectus.

RIGHTS AGAINST TENANTS MAY BE LIMITED IF LEASES ARE NOT SUBORDINATE TO MORTGAGE
OR DO NOT CONTAIN ATTORNMENT PROVISIONS

      Some of the tenant leases contain provisions that require the tenant to
attorn to (that is, recognize as landlord under the lease) a successor owner of
the property following foreclosure. Some of the leases may be either subordinate
to the liens created by the mortgage loans or else contain a provision that
requires the tenant to subordinate the lease if the mortgagee agrees to enter
into a non-disturbance agreement. In some states, if tenant leases are
subordinate to the liens created by the mortgage loans and such leases do not
contain attornment provisions, such leases may terminate upon the transfer of
the property to a foreclosing lender or purchaser at foreclosure. Accordingly,
in the case of the foreclosure of a mortgaged property located in such a state
and leased to one or more desirable tenants under leases that do not contain
attornment provisions, such mortgaged property could experience a further
decline in


                                       24



value if such tenants' leases were terminated. This is particularly likely if
such tenants were paying above-market rents or could not be replaced.

      If a mortgage is subordinate to a lease, the trust will not (unless it has
otherwise agreed with the tenant) possess the right to dispossess the tenant
upon foreclosure of the mortgaged property, and if the lease contains provisions
inconsistent with the mortgage (e.g., provisions relating to application of
insurance proceeds or condemnation awards) or that could affect the enforcement
of the lender's rights (e.g., a right of first refusal to purchase the
property), the provisions of the lease will take precedence over the provisions
of the mortgage.

IF MORTGAGED PROPERTIES ARE NOT IN COMPLIANCE WITH CURRENT ZONING LAWS
RESTORATION FOLLOWING A CASUALTY LOSS MAY BE LIMITED

      Certain of the mortgaged properties may not comply with current zoning
laws, including density, use, parking and set back requirements, due to changes
in zoning requirements after such mortgaged properties were constructed. These
properties, as well as those for which variances or special permits were issued,
are considered to be a "legal non-conforming use" and/or the improvements are
considered to be "legal non-conforming structures." This means that the borrower
is not required to alter its structure to comply with the existing or new law;
however, the borrower may not be able to rebuild the premises "as is" in the
event of a substantial casualty loss. Such limitations may adversely affect the
ability of the mortgagor to meet its mortgage loan obligations from cash flow.
If a substantial casualty were to occur, we cannot assure you that insurance
proceeds would be available to pay the mortgage loan in full. In addition, if
the mortgaged property were repaired or restored in conformity with the current
law, the value of the property or the revenue producing potential of the
property may not be equal to that before the casualty.

      The failure of a mortgaged property to comply with zoning laws or to be a
"legal non-conforming use" or "legal non-conforming structure" may adversely
affect market value of the mortgaged property or the borrower's ability to
continue to use it in the manner it is currently being used.

      In addition, certain of the mortgaged properties may be subject to certain
use restrictions imposed pursuant to reciprocal easement agreements or operating
agreements. Such use restrictions could include, for example, limitations on the
character of the improvements or the properties, limitations affecting noise and
parking requirements, among other things, and limitations on the borrowers'
right to operate certain types of facilities within a prescribed radius. These
limitations could adversely affect the ability of the related borrower to lease
the mortgaged property on favorable terms, thus adversely affecting the
borrower's ability to fulfill its obligations under the related mortgage loan.

INSPECTIONS OF THE MORTGAGED PROPERTIES WILL BE LIMITED

      The mortgaged properties will generally be inspected by licensed engineers
at the time the mortgage loans will be originated to assess the structure,
exterior walls, roofing interior construction, mechanical and electrical systems
and general condition of the site, buildings and other improvements located on
the mortgaged properties. There can be no assurance that all conditions
requiring repair or replacement will be identified in such inspections.

COMPLIANCE WITH AMERICANS WITH DISABILITIES ACT MAY RESULT IN ADDITIONAL LOSSES

      A borrower may be required to incur costs to comply with various existing
and future federal, state or local laws and regulations applicable to the
related mortgaged property. For example, under the Americans with Disabilities
Act of 1990, all public accommodations are required to meet certain federal
requirements related to access and use by disabled persons. See "Certain Legal
Aspects of Mortgage Loans--Americans with Disabilities Act" in this prospectus.
To the extent the mortgaged properties do not comply with the act, the borrowers
may be required to incur costs to comply with the act. In addition,
noncompliance could result in the imposition of fines by the federal government
or an award of damages to private litigants. The expenditure of these costs or
the imposition of injunctive relief, penalties or fines


                                       25



in connection with the borrower's noncompliance could negatively impact the
borrower's cash flow and, consequently, its ability to pay its mortgage loan.

LITIGATION CONCERNS

      There may be legal proceedings pending and, from time to time, threatened
against the borrowers or their affiliates relating to the business of or arising
out of the ordinary course of business of the borrowers and their affiliates.
There can be no assurance that such litigation will not have a material adverse
effect on the distributions to certificateholders. In certain cases, principals
and/or affiliates of the borrowers are involved or may have been involved in
prior litigation or property foreclosures or deed in lieu of foreclosures. We
cannot assure you that any litigation, other legal proceedings, or other adverse
situations will not have a material adverse effect on your investment.

SOME CERTIFICATES MAY NOT BE APPROPRIATE FOR BENEFIT PLANS

      Generally, ERISA applies to investments made by employee benefit plans and
transactions involving the assets of those plans. Even if ERISA does not apply,
similar prohibited transaction rules may apply under Section 4975 of the
Internal Revenue Code or materially similar federal, state or local laws. Due to
the complexity of regulations that govern those plans, if you are subject to
ERISA or Section 4975 of the Internal Revenue Code or to any materially similar
federal, state or local law, you are urged to consult your own counsel regarding
consequences under ERISA, the Internal Revenue Code or such other similar law of
acquisition, ownership and disposition of the offered certificates of any
series. See "Certain ERISA Considerations" in this prospectus.

CERTAIN FEDERAL TAX CONSIDERATIONS REGARDING RESIDUAL CERTIFICATES

      If you hold certain classes of certificates that constitute a residual
interest in a "real estate mortgage investment conduit" for federal income tax
purposes, you will be required to report on your federal income tax returns as
ordinary income your pro rata share of the taxable income of the REMIC,
regardless of the amount or timing of your receipt of cash payments, as
described in "Certain Federal Income Tax Consequences--Federal Income Tax
Consequences for REMIC Certificates" in this prospectus. Accordingly, under
certain circumstances, if you hold residual certificates you may have taxable
income and tax liabilities arising from your investment during a taxable year in
excess of the cash received during that period. The requirement to report your
pro rata share of the taxable income and net loss of the REMIC will continue
until the principal balances of all classes of certificates of the related
series have been reduced to zero, even though you, as a holder of residual
certificates, have received full payment of your stated interest and principal.
A portion, or, in certain circumstances, all, of your share of the REMIC taxable
income may be treated as "excess inclusion" income to you, which:

      o     generally, will not be subject to offset by losses from other
            activities;

      o     if you are a tax-exempt holder, will be treated as unrelated
            business taxable income; and

      o     if you are a foreign holder, will not qualify for exemption from
            withholding tax.

      If you are an individual and you hold a class of residual certificates,
you may be limited in your ability to deduct servicing fees and other expenses
of the REMIC. In addition, classes of residual certificates are subject to
certain restrictions on transfer. Because of the special tax treatment of
classes of residual certificates, the taxable income arising in a given year on
a class of residual certificates will not be equal to the taxable income
associated with investment in a corporate bond or stripped instrument having
similar cash flow characteristics and pre-tax yield. As a result, the after-tax
yield on the classes of residual certificates may be significantly less than
that of a corporate bond or stripped instrument having similar cash flow
characteristics.


                                       26



CERTAIN FEDERAL TAX CONSIDERATIONS REGARDING ORIGINAL ISSUE DISCOUNT

      Certain classes of certificates of a series may be issued with "original
issue discount" for federal income tax purposes, which generally will result in
recognition of some taxable income in advance of the receipt of cash
attributable to that income. See "Certain Federal Income Tax
Consequences--Federal Income Tax Consequences for REMIC Certificates--Taxation
of Regular Certificates" in this prospectus.

BANKRUPTCY PROCEEDINGS COULD ADVERSELY AFFECT PAYMENTS ON YOUR CERTIFICATES

      Under the federal bankruptcy code, the filing of a petition in bankruptcy
by or against a borrower will stay the sale of the mortgaged property owned by
that borrower, as well as the commencement or continuation of a foreclosure
action. In addition, even if a court determines that the value of the mortgaged
property is less than the principal balance of the mortgage loan it secures, the
court may prevent a lender from foreclosing on the mortgaged property, subject
to certain protections available to the lender. As part of a restructuring plan,
a court also may reduce the amount of secured indebtedness to the then-current
value of the mortgaged property. This action would make the lender a general
unsecured creditor for the difference between the then-current value and the
amount of its outstanding mortgage indebtedness.

      A bankruptcy court also may:

      o     grant a debtor a reasonable time to cure a payment default on a
            mortgage loan;

      o     reduce periodic payments due under a mortgage loan;

      o     change the rate of interest due on a mortgage loan; or

      o     otherwise alter the mortgage loan's repayment schedule.

      Moreover, the filing of a petition in bankruptcy by, or on behalf of, a
junior lienholder may stay the senior lienholder from taking action to foreclose
on the junior lien. Additionally, the borrower's trustee or the borrower, as
debtor-in-possession, has certain special powers to avoid, subordinate or
disallow debts. In certain circumstances, the claims of the trustee may be
subordinated to financing obtained by a debtor-in-possession subsequent to its
bankruptcy.

      Under the federal bankruptcy code, the lender will be stayed from
enforcing a borrower's assignment of rents and leases. The bankruptcy code also
may interfere with the master servicer's or special servicer's ability to
enforce lockbox requirements. The legal proceedings necessary to resolve these
issues can be time consuming and costly and may significantly delay or diminish
the receipt of rents. Rents also may escape an assignment to the extent they are
used by the borrower to maintain the mortgaged property or for other court
authorized expenses.

      Additionally, pursuant to subordination agreements for certain of the
mortgage loans, the subordinate lenders may have agreed that they will not take
any direct actions with respect to the related subordinated debt, including any
actions relating to the bankruptcy of the borrower, and that the holder of the
mortgage loan will have all rights to direct all such actions. There can be no
assurance that in the event of the borrower's bankruptcy, a court will enforce
such restrictions against a subordinated lender.

      As a result of the foregoing, the trustee's recovery with respect to
borrowers in bankruptcy proceedings may be significantly delayed, and the
aggregate amount ultimately collected may be substantially less than the amount
owed.

RISKS RELATING TO ENFORCEABILITY OF YIELD MAINTENANCE CHARGES, PREPAYMENT
PREMIUMS OR DEFEASANCE PROVISIONS

      Provisions requiring yield maintenance charges or prepayment premiums may
not be enforceable in some states and under federal bankruptcy law. Those
provisions also may be interpreted as constituting


                                       27



the collection of interest for usury purposes. Accordingly, we cannot assure you
that the obligation to pay a yield maintenance charge or prepayment premium will
be enforceable. Also, we cannot assure you that foreclosure proceeds will be
sufficient to pay an enforceable yield maintenance charge or prepayment premium.

      Additionally, although the collateral substitution provisions related to
defeasance do not have the same effect on the certificateholders as prepayment,
we cannot assure you that a court would not interpret those provisions as
requiring a yield maintenance charge or prepayment premium. In certain
jurisdictions, those collateral substitution provisions might be deemed
unenforceable under applicable law or public policy, or usurious.

RISKS RELATING TO BORROWER DEFAULT

      The rate and timing of delinquencies or defaults on the mortgage loans
will affect:

      o     the aggregate amount of distributions on the offered certificates;

      o     their yield to maturity;

      o     the rate of principal payments; and

      o     their weighted average life.

      If losses on the mortgage loans exceed the aggregate principal amount of
the classes of certificates subordinated to a particular class, that class will
suffer a loss equal to the full amount of the excess, up to the outstanding
principal amount of that class.

      If you calculate your anticipated yield based on assumed rates of defaults
and losses that are lower than the default rate and losses actually experienced
and those losses are allocated to your certificates, your actual yield to
maturity will be lower than the assumed yield. Under certain extreme scenarios,
that yield could be negative. In general, the earlier a loss borne by you on
your certificates occurs, the greater the effect on your yield to maturity.

      Even if losses on the mortgage loans are not borne by your certificates,
those losses may affect the weighted average life and yield to maturity of your
certificates. This may be so because those losses lead to your certificates
having a higher percentage ownership interest in the trust and related
distributions of principal payments on the mortgage loans than would otherwise
have been the case and the related prepayment may affect the pass-through rate
on your certificates. The effect on the weighted average life and yield to
maturity of your certificates will depend upon the characteristics of the
remaining mortgage loans.

      Delinquencies and defaults on the mortgage loans may significantly delay
the receipt of distributions by you on your certificates, unless advances are
made to cover delinquent payments or the subordination of another class of
certificates fully offsets the effects of any delinquency or default.

      Additionally, the courts of any state may refuse the foreclosure of a
mortgage or deed of trust when an acceleration of the indebtedness would be
inequitable or unjust or the circumstances would render the action
unconscionable. See "Certain Legal Aspects of the Mortgage Loans--Foreclosure"
in this prospectus.

RISKS RELATING TO CERTAIN PAYMENTS

      To the extent described in the related prospectus supplement, the master
servicer, the special servicer or the trustee, as applicable, will be entitled
to receive interest on unreimbursed P&I advances. This interest will generally
accrue from the date on which the related advance is made or the related expense
is incurred through the date of reimbursement. In addition, under certain
circumstances, including delinquencies in the payment of principal and interest,
a mortgage loan will be specially serviced


                                       28



and the special servicer is entitled to compensation for special servicing
activities. The right to receive interest on advances or special servicing
compensation is senior to the rights of certificateholders to receive
distributions on the offered certificates. The payment of interest on advances
and the payment of compensation to the special servicer may lead to shortfalls
in amounts otherwise distributable on the offered certificates.

RISKS RELATING TO ENFORCEABILITY

      The mortgages will generally permit the lender to accelerate the debt upon
default by the borrower. The courts of all states will enforce acceleration
clauses in the event of a material payment default. Courts, however, may refuse
to permit foreclosure or acceleration if a default is deemed immaterial or the
exercise of those remedies would be unjust or unconscionable.

      If a mortgaged property has tenants, the borrower typically assigns its
income as landlord to the lender as further security, while retaining a license
to collect rents as long as there is no default. If the borrower defaults, the
license terminates and the lender is entitled to collect rents. In certain
jurisdictions, such assignments may not be perfected as security interests until
the lender takes actual possession of the property's cash flow. In some
jurisdictions, the lender may not be entitled to collect rents until the lender
takes possession of the property and secures the appointment of a receiver. In
addition, as previously discussed, if bankruptcy or similar proceedings are
commenced by or for the borrower, the lender's ability to collect the rents may
be adversely affected.

BOOK-ENTRY SYSTEM FOR CERTAIN CLASSES MAY DECREASE LIQUIDITY AND DELAY PAYMENT

      If so provided in the related prospectus supplement, one or more classes
of the offered certificates of any series will be issued as book-entry
certificates. Each class of book-entry certificates will be initially
represented by one or more certificates registered in the name of a nominee for
The Depository Trust Company, or DTC. Since transactions in the classes of
book-entry certificates of any series generally can be effected only through The
Depository Trust Company, and its participating organizations:

      o     the liquidity of book-entry certificates in secondary trading market
            that may develop may be limited because investors may be unwilling
            to purchase certificates for which they cannot obtain physical
            certificates;

      o     your ability to pledge certificates to persons or entities that do
            not participate in the DTC system, or otherwise to take action in
            respect of the certificates, may be limited due to lack of a
            physical security representing the certificates;

      o     your access to information regarding the certificates may be limited
            since conveyance of notices and other communications by The
            Depository Trust Company to its participating organizations, and
            directly and indirectly through those participating organizations to
            you, will be governed by arrangements among them, subject to any
            statutory or regulatory requirements as may be in effect at that
            time; and

      o     you may experience some delay in receiving distributions of interest
            and principal on your certificates because distributions will be
            made by the trustee to DTC and DTC will then be required to credit
            those distributions to the accounts of its participating
            organizations and only then will they be credited to your account
            either directly or indirectly through DTC's participating
            organizations.

      See "Description of the Certificates--Book-Entry Registration and
Definitive Certificates" in this prospectus.


                                       29



DELINQUENT AND NON-PERFORMING MORTGAGE LOANS COULD ADVERSELY AFFECT PAYMENTS ON
YOUR CERTIFICATES

      If so provided in the related prospectus supplement, the trust fund for a
particular series of certificates may include mortgage loans that are past due.
In no event will the mortgage loans that are past due comprise 20 percent or
more of the trust fund at the time the mortgage loans are transferred to the
trust fund. None of the mortgage loans will be non-performing (i.e., more than
90 days delinquent or in foreclosure) at the time the mortgage loans are
transferred by the Depositor to a trust fund for a series. If so specified in
the related prospectus supplement, a special servicer may perform the servicing
of delinquent mortgage loans or mortgage loans that become non-performing after
the time they are transferred to a trust fund. Credit support provided with
respect to a particular series of certificates may not cover all losses related
to those delinquent or non-performing mortgage loans. You should consider the
risk that the inclusion of those mortgage loans in the trust fund may adversely
affect the rate of defaults and prepayments on the mortgage assets in the trust
fund and the yield on your certificates of that series. See "Description of the
Trust Funds--Mortgage Loans--General" in this prospectus.

IN THE EVENT OF AN EARLY TERMINATION OF A SWAP AGREEMENT DUE TO CERTAIN SWAP
TERMINATION EVENTS, A TRUST MAY BE REQUIRED TO MAKE A LARGE TERMINATION PAYMENT
TO ANY RELATED SWAP COUNTERPARTY

      To the extent described in the related prospectus supplement, a trust may
enter into one or more interest rate swap agreements. A swap agreement generally
may not be terminated except upon the occurrence of enumerated termination
events set forth in the applicable swap agreement which will be described in the
related prospectus supplement. Depending on the reason for the termination,
however, a swap termination payment may be due from either the trust or the
related swap counterparty.

      If a termination event under any of these swap agreements occurs and the
trust owes the related swap counterparty a large termination payment that is
required to be paid pro rata with interest due to the related securities, the
trust may not have sufficient available funds on that or future distribution
dates to make required payments of interest or principal, and the holders of all
classes of securities may suffer a loss.

YOUR SECURITIES WILL HAVE GREATER RISK IF AN INTEREST RATE SWAP AGREEMENT
TERMINATES

      If on any distribution date a payment is due to the trust under an
interest rate swap agreement, but the related swap counterparty defaults and the
trust is unable to arrange for a replacement swap agreement, holders of such
securities will remain entitled to the established rate of interest and
principal, even though the related swap agreement has terminated. If this
occurs, amounts available to make payments on the related securities will be
reduced to the extent the interest rates on those securities exceed the rates
which the trust would have been required to pay to the swap counterparty under
the terminated interest rate swap agreement. In this event, the trust may not
have sufficient available funds on that or future distribution dates to make
required payments of interest or principal to all classes of securities and you
may suffer a loss.

EVEN IF YOU DO NOT RECEIVE TIMELY NOTICES, YOU WILL BE DEEMED TO HAVE TENDERED
YOUR RESET RATE CERTIFICATES

      The trustee, not less than fifteen nor more than thirty calendar days
prior to each remarketing terms determination date, will be required to inform
DTC, Euroclear and Clearstream, as applicable, of the identity of the
remarketing agents and that such class of securities is subject to automatic
tender on the upcoming reset date unless a holder elects not to tender its reset
rate certificates. The trustee also will be required to request that DTC,
Euroclear and Clearstream, as applicable, notify its participants of the
contents of such notice given to DTC, Euroclear and Clearstream, as applicable,
inform them of the notices to be given on the remarketing terms determination
date and the spread determination date and the procedures that must be followed
if any beneficial owner of reset rate certificates wishes to retain its
securities.


                                       30



      Due to the procedures used by the clearing agencies and the financial
intermediaries, however, holders of beneficial interests in any class of reset
rate certificates may not receive timely notifications of the reset terms for
any reset date. Despite this potential delay in the distribution of such notices
by the related clearing agencies, even though you may not receive a copy of the
notice to be delivered on the related remarketing terms determination date, you
will be deemed to have tendered your class unless the remarketing agents have
received a hold notice, if applicable, from you on or prior to the related
notice date.

IF A FAILED REMARKETING IS DECLARED, YOU WILL BE REQUIRED TO RELY ON A SALE
THROUGH THE SECONDARY MARKET IF YOU WISH TO SELL YOUR RESET RATE CERTIFICATES

      In connection with the remarketing of your class of reset rate
certificates, if a failed remarketing is declared, your reset rate certificates
will not be sold even if you attempted to tender them for remarketing. In this
event you will be required to rely on a sale through the secondary market, which
may not then exist for your class of reset rate certificates, independent of the
remarketing process.

                         DESCRIPTION OF THE TRUST FUNDS

GENERAL

      The primary assets of each trust fund will consist of:

      1.    various types of multifamily or commercial mortgage loans,

      2.    mortgage participations, pass-through certificates or other
            mortgage-backed securities ("MBS") that evidence interests in, or
            that are secured by pledges of, one or more of various types of
            multifamily or commercial mortgage loans, or

      3.    a combination of mortgage loans and MBS.

      J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")
will establish each trust fund. Each mortgage asset will be selected by the
Depositor for inclusion in a trust fund from among those purchased, either
directly or indirectly, from a prior holder of the mortgage asset (a "Mortgage
Asset Seller"), which prior holder may or may not be the originator of that
mortgage loan or the issuer of that MBS and may be our affiliate. The mortgage
assets will not be guaranteed or insured by the Depositor or any of its
affiliates and will be guaranteed or insured by a governmental agency or
instrumentality or by any other person only to the extent described in the
related prospectus supplement. The discussion under the heading "--Mortgage
Loans" below, unless otherwise noted, applies equally to mortgage loans
underlying any MBS included in a particular trust fund.

MORTGAGE LOANS

      General. The mortgage loans will be evidenced by promissory notes (the
"Mortgage Notes") secured by mortgages, deeds of trust or similar security
instruments (the "Mortgages") that create liens on fee or leasehold estates in
properties (the "Mortgaged Properties") consisting of

      o     Residential properties consisting of five or more rental or
            cooperatively-owned dwelling units in high-rise, mid-rise or garden
            apartment buildings or other residential structures; or

      o     Office buildings, retail stores and establishments, hotels or
            motels, nursing homes, assisted living facilities, continuum care
            facilities, day care centers, schools, hospitals or other healthcare
            related facilities, mobile home parks and manufactured housing
            communities, warehouse facilities, mini-warehouse facilities,
            self-storage facilities, distribution centers, transportation
            centers, industrial plants, parking facilities, entertainment and/or
            recreation facilities, mixed use properties, cell phone tower
            properties, automobile dealerships and/or unimproved land.


                                       31



      The multifamily properties may include mixed commercial and residential
structures, apartment buildings owned by private cooperative housing
corporations ("Cooperatives"), and shares of the Cooperative allocable to one or
more dwelling units occupied by non-owner tenants or to vacant units. Each
Mortgage will create a first priority or junior priority mortgage lien on a
borrower's fee estate in a Mortgaged Property. If a Mortgage creates a lien on a
borrower's leasehold estate in a property, then, the term of that leasehold will
generally exceed the term of the Mortgage Note by at least two years. Generally,
a person other than the Depositor will have originated each mortgage loan, and
the originator may be or may have been an affiliate of the Depositor. Each such
unaffiliated originator that originated 10% or more of the mortgage loans of any
series will be identified in the related prospectus supplement.

      If so specified in the related prospectus supplement, mortgage assets for
a series of certificates may include mortgage loans made on the security of real
estate projects under construction. In that case, the related prospectus
supplement will describe the procedures and timing for making disbursements from
construction reserve funds as portions of the related real estate project are
completed. In addition, the mortgage assets for a particular series of
certificates may include mortgage loans that are delinquent or non-performing as
of the date those certificates are issued. In that case, the related prospectus
supplement will set forth, as to those mortgage loans, available information as
to the period of the delinquency or non-performance of those loans, any
forbearance arrangement then in effect, the condition of the related Mortgaged
Property and the ability of the Mortgaged Property to generate income to service
the mortgage debt.

      Default and Loss Considerations with Respect to the Mortgage Loans.
Mortgage loans secured by liens on income-producing properties are substantially
different from loans made on the security of owner-occupied single-family homes.
The repayment of a loan secured by a lien on an income-producing property is
typically dependent upon the successful operation of that property (that is, its
ability to generate income). Moreover, some or all of the mortgage loans
included in a particular trust fund may be non-recourse loans, which means that,
absent special facts, recourse in the case of default will be limited to the
Mortgaged Property and those other assets, if any, that were pledged to secure
repayment of the mortgage loan.

      Lenders typically look to the Debt Service Coverage Ratio of a loan
secured by income-producing property as an important factor in evaluating the
risk of default on that loan. The "Debt Service Coverage Ratio" of a mortgage
loan at any given time is generally the ratio of (1) the Net Operating Income
derived from the related Mortgaged Property for a twelve-month period to (2) the
annualized scheduled payments on the mortgage loan and any other loans senior
thereto that are secured by the related Mortgaged Property. The prospectus
supplement may describe certain variations in the calculation of Debt Service
Coverage Ratio that are applicable to a specific series. "Net Operating Income"
generally means, for any given period, the total operating revenues derived from
a Mortgaged Property during that period, minus the total operating expenses
incurred in respect of that Mortgaged Property during that period other than:

      o     non-cash items such as depreciation and amortization,

      o     capital expenditures, and

      o     debt service on the related mortgage loan or on any other loans that
            are secured by that Mortgaged Property.

      The Net Operating Income of a Mortgaged Property will fluctuate over time
and may or may not be sufficient to cover debt service on the related mortgage
loan at any given time. The prospectus supplement may describe certain
variations in the calculation of Net Operating Income that are applicable to a
specific series. As the primary source of the operating revenues of a non-owner
occupied, income-producing property, rental income (and, with respect to a
mortgage loan secured by a Cooperative apartment building, maintenance payments
from tenant-stockholders of a Cooperative) may be affected by the condition of
the applicable real estate market and/or area economy. In addition, properties
typically leased, occupied or used on a short-term basis, such as certain
healthcare-related facilities, hotels and motels, and mini-warehouse and
self-storage facilities, tend to be affected more rapidly by changes in market
or business conditions than do properties typically leased for longer periods,


                                       32



such as warehouses, retail stores, office buildings and industrial plants.
Commercial properties may be owner-occupied or leased to a small number of
tenants. Thus, the Net Operating Income of a commercial property may depend
substantially on the financial condition of the borrower or a tenant, and
mortgage loans secured by liens on those properties may pose greater risks than
loans secured by liens on multifamily properties or on multi-tenant commercial
properties.

      Increases in operating expenses due to the general economic climate or
economic conditions in a locality or industry segment, such as increases in
interest rates, real estate tax rates, energy costs, labor costs and other
operating expenses, and/or to changes in governmental rules, regulations and
fiscal policies, may also affect the risk of default on a mortgage loan. As may
be further described in the related prospectus supplement, in some cases leases
of Mortgaged Properties may provide that the lessee, rather than the
borrower/landlord, is responsible for payment of operating expenses ("Net
Leases"). However, the existence of these "net of expense" provisions will
result in stable Net Operating Income to the borrower/landlord only to the
extent that the lessee is able to absorb operating expense increases while
continuing to make rent payments.

      Lenders also look to the Loan-to-Value Ratio of a mortgage loan as a
factor in evaluating risk of loss if a property must be liquidated following a
default. The "Loan-to-Value Ratio" of a mortgage loan at any given time is
generally the ratio (expressed as a percentage) of

      o     the then outstanding principal balance of the mortgage loan and any
            other loans senior thereto that are secured by the related Mortgaged
            Property to

      o     the Value of the related Mortgaged Property.

      The prospectus supplement may describe certain variations in the
calculation of Loan-to-Value Ratio that are applicable to a specific series.

      The "Value" of a Mortgaged Property is generally its fair market value
determined in an appraisal obtained by the originator at the origination of that
loan. The lower the Loan-to-Value Ratio, the greater the percentage of the
borrower's equity in a Mortgaged Property, and thus

            (a) the greater the incentive of the borrower to perform under the
            terms of the related mortgage loan (in order to protect its equity);
            and

            (b) the greater the cushion provided to the lender against loss on
            liquidation following a default.

      Loan-to-Value Ratios will not necessarily constitute an accurate measure
of the risk of liquidation loss in a pool of mortgage loans. For example, the
value of a Mortgaged Property as of the date of initial issuance of the related
series of certificates may be less than the Value determined at loan
origination, and will likely continue to fluctuate from time to time based upon
changes in economic conditions, the real estate market and other factors
described in this prospectus. Moreover, even when current, an appraisal is not
necessarily a reliable estimate of value. Appraised values of income-producing
properties are generally based on:

      o     the market comparison method (which compares recent resale value of
            comparable properties at the date of the appraisal),

      o     the cost replacement method which calculates the cost of replacing
            the property at that date,

      o     the income capitalization method which projects value based upon the
            property's projected net cash flow, or

      o     upon a selection from or interpolation of the values derived from
            those methods.

      Each of these appraisal methods can present analytical difficulties. It is
often difficult to find truly comparable properties that have recently been
sold; the replacement cost of a property may have little to


                                       33



do with its current market value; and income capitalization is inherently based
on inexact projections of income and expense and the selection of an appropriate
capitalization rate and discount rate. Where more than one of these appraisal
methods are used and provide significantly different results, an accurate
determination of value and, correspondingly, a reliable analysis of default and
loss risks, is even more difficult.

      While we believe that the foregoing considerations are important factors
that generally distinguish loans secured by liens on income-producing real
estate from single-family mortgage loans, we cannot assure you that all of these
factors will in fact have been prudently considered by the originators of the
mortgage loans, or that, for a particular mortgage loan, they are complete or
relevant. See "Risk Factors--Commercial and Multifamily Mortgage Loans Have
Risks That May Affect Payments on Your Certificates" and "--Borrowers May Be
Unable to Make Balloon Payments" in this prospectus.

      Payment Provisions of the Mortgage Loans.  In general, each mortgage loan:

      o     will provide for scheduled payments of principal, interest or both,
            to be made on specified dates ("Due Dates") that occur monthly,
            quarterly, semi-annually or annually,

      o     may provide for no accrual of interest or for accrual of interest at
            an interest rate that is fixed over its term or that adjusts from
            time to time, or that may be converted at the borrower's election
            from an adjustable to a fixed interest rate, or from a fixed to an
            adjustable interest rate,

      o     may provide for level payments to maturity or for payments that
            adjust from time to time to accommodate changes in the interest rate
            or to reflect the occurrence of certain events, and may permit
            negative amortization,

      o     may be fully amortizing or partially amortizing or non-amortizing,
            with a balloon payment due on its stated maturity date, and

      o     may prohibit over its term or for a certain period prepayments (the
            period of that prohibition, a "Lock-out Period" and its date of
            expiration, a "Lock-out Date") and/or require payment of a premium
            or a yield maintenance penalty (a "Prepayment Premium") in
            connection with certain prepayments, in each case as described in
            the related prospectus supplement.

      Mortgage Loan Information in Prospectus Supplements. Each prospectus
supplement will contain certain information pertaining to the mortgage loans in
the related trust fund, which will generally be current as of a date specified
in the related prospectus supplement and which, to the extent then applicable
and specifically known to the Depositor, will include the following:

      o     the aggregate outstanding principal balance and the largest,
            smallest and average outstanding principal balance of the mortgage
            loans,

      o     the type or types of property that provide security for repayment of
            the mortgage loans,

      o     the earliest and latest origination date and maturity date of the
            mortgage loans,

      o     the original and remaining terms to maturity of the mortgage loans,
            or the respective ranges of remaining terms to maturity, and the
            weighted average original and remaining terms to maturity of the
            mortgage loans,

      o     the original Loan-to-Value Ratios of the mortgage loans, or the
            range of the Loan-to-Value Ratios, and the weighted average original
            Loan-to-Value Ratio of the mortgage loans,

      o     the interest rates borne by the mortgage loans, or range of the
            interest rates, and the weighted average interest rate borne by the
            mortgage loans,


                                       34



      o     with respect to mortgage loans with adjustable mortgage interest
            rates ("ARM Loans"), the index or indices upon which those
            adjustments are based, the adjustment dates, the range of gross
            margins and the weighted average gross margin, and any limits on
            mortgage interest rate adjustments at the time of any adjustment and
            over the life of the ARM Loan,

      o     information regarding the payment characteristics of the mortgage
            loans, including, without limitation, balloon payment and other
            amortization provisions, Lock-out Periods and Prepayment Premiums,

      o     the Debt Service Coverage Ratios of the mortgage loans (either at
            origination or as of a more recent date), or the range of the Debt
            Service Coverage Ratios, and the weighted average of the Debt
            Service Coverage Ratios, and

      o     the geographic distribution of the Mortgaged Properties on a
            state-by-state basis.

      In appropriate cases, the related prospectus supplement will also contain
certain information available to the Depositor that pertains to the provisions
of leases and the nature of tenants of the Mortgaged Properties. If we are
unable to tabulate the specific information described above at the time offered
certificates of a series are initially offered, we will provide more general
information of the nature described above in the related prospectus supplement,
and specific information will be set forth in a report which we will make
available to purchasers of those certificates at or before the initial issuance
of the certificates and will be filed as part of a Current Report on Form 8-K
with the Securities and Exchange Commission within fifteen days following that
issuance.

MBS

      MBS may include:

      o     private (that is, not guaranteed or insured by the United States or
            any agency or instrumentality of the United States) mortgage
            participations, mortgage pass-through certificates or other
            mortgage-backed securities or

      o     certificates insured or guaranteed by the Federal Home Loan Mortgage
            Corporation ("FHLMC"), the Federal National Mortgage Association
            ("FNMA"), the Governmental National Mortgage Association ("GNMA") or
            the Federal Agricultural Mortgage Corporation ("FAMC") provided
            that, if so specified in the related prospectus supplement, each MBS
            will evidence an interest in, or will be secured by a pledge of,
            mortgage loans that conform to the descriptions of the mortgage
            loans contained in this prospectus.

      Any MBS will have been issued pursuant to a pooling and servicing
agreement, an indenture or similar agreement (an "MBS Agreement"). The issuer of
the MBS (the "MBS Issuer") and/or the servicer of the underlying mortgage loans
(the "MBS Servicer") will have entered into the MBS Agreement, generally with a
trustee (the "MBS Trustee") or, in the alternative, with the original purchaser
or purchasers of the MBS.

      The MBS may have been issued in one or more classes with characteristics
similar to the classes of certificates described in this prospectus. The MBS
Issuer, the MBS Servicer or the MBS Trustee will make distributions in respect
of the MBS on the dates specified in the related prospectus supplement. The MBS
Issuer or the MBS Servicer or another person specified in the related prospectus
supplement may have the right or obligation to repurchase or substitute assets
underlying the MBS after a certain date or under other circumstances specified
in the related prospectus supplement.

      Reserve funds, subordination or other credit support similar to that
described for the certificates under "Description of Credit Support" may have
been provided with respect to the MBS. The type, characteristics and amount of
credit support, if any, will be a function of the characteristics of the
underlying mortgage loans and other factors and generally will have been
established on the basis of the


                                       35



requirements of any rating agency that may have assigned a rating to the MBS, or
by the initial purchasers of the MBS.

      The prospectus supplement for a series of certificates that evidence
interests in MBS will specify, to the extent available:

      o     the aggregate approximate initial and outstanding principal amount
            and type of the MBS to be included in the trust fund,

      o     the original and remaining term to stated maturity of the MBS, if
            applicable,

      o     the pass-through or bond rate of the MBS or the formula for
            determining the rates,

      o     the payment characteristics of the MBS,

      o     the MBS Issuer, MBS Servicer and MBS Trustee, as applicable,

      o     a description of the credit support, if any,

      o     the circumstances under which the related underlying mortgage loans,
            or the MBS themselves, may be purchased prior to their maturity,

      o     the terms on which mortgage loans may be substituted for those
            originally underlying the MBS,

      o     the type of mortgage loans underlying the MBS and, to the extent
            available to the Depositor and appropriate under the circumstances,
            the other information in respect of the underlying mortgage loans
            described under "--Mortgage Loans--Mortgage Loan Information in
            Prospectus Supplements" above, and

      o     the characteristics of any cash flow agreements that relate to the
            MBS.

CERTIFICATE ACCOUNTS

      Each trust fund will include one or more certificate accounts established
and maintained on behalf of the certificateholders into which the person or
persons designated in the related prospectus supplement will, to the extent
described in this prospectus and in that prospectus supplement, deposit all
payments and collections received or advanced with respect to the mortgage
assets and any interest rate or currency swap or interest rate cap, floor or
collar contracts in the trust fund. A certificate account may be maintained as
an interest bearing or a non-interest bearing account, and funds held in a
certificate account may be held as cash or invested in certain obligations
acceptable to each rating agency rating one or more classes of the related
series of offered certificates.

OTHER ACCOUNTS

      The prospectus supplement for each trust will also describe any other
accounts established for such series. These may include, for any series that
contains reset rate certificates, one or more remarketing fee accounts.

CREDIT SUPPORT

      If so provided in the prospectus supplement for a series of certificates,
partial or full protection against certain defaults and losses on the mortgage
assets in the related trust fund may be provided to one or more classes of
certificates of that series in the form of subordination of one or more other
classes of certificates of that series or by one or more other types of credit
support, such as letters of credit, overcollateralization, insurance policies,
guarantees, surety bonds or reserve funds, or a combination of them. The amount
and types of credit support, the identification of the entity providing it (if
applicable) and related information with respect to each type of credit support,
if any, will be set forth in the


                                       36



prospectus supplement for a series of certificates. See "Risk Factors--Credit
Support May Not Cover Losses" and "Description of Credit Support" in this
prospectus.

CASH FLOW AGREEMENTS

      If so provided in the prospectus supplement for a series of certificates,
the related trust fund may include guaranteed investment contracts pursuant to
which moneys held in the funds and accounts established for those series will be
invested at a specified rate. The trust fund may also include interest rate
exchange agreements, interest rate cap or floor agreements, or currency exchange
agreements, which agreements are designed to reduce the effects of interest rate
or currency exchange rate fluctuations on the mortgage assets on one or more
classes of certificates. The principal terms of a guaranteed investment contract
or other agreement (any of these agreements, a "Cash Flow Agreement"), and the
identity of the Cash Flow Agreement obligor, will be described in the prospectus
supplement for a series of certificates.

                        YIELD AND MATURITY CONSIDERATIONS

GENERAL

      The yield on any offered certificate will depend on the price you paid,
the fixed, variable rate, reset rate or adjustable pass-through interest rate of
the certificate and the amount and timing of distributions on the certificate.
See "Risk Factors--Prepayments of the Mortgage Assets Will Affect the Timing of
Your Cash Flow and May Affect Your Yield" in this prospectus. The following
discussion contemplates a trust fund that consists solely of mortgage loans.
While the characteristics and behavior of mortgage loans underlying an MBS can
generally be expected to have the same effect on the yield to maturity and/or
weighted average life of a class of certificates as will the characteristics and
behavior of comparable mortgage loans, the effect may differ due to the payment
characteristics of the MBS. If a trust fund includes MBS, the related prospectus
supplement will discuss the effect that the MBS payment characteristics may have
on the yield to maturity and weighted average lives of the offered certificates
of the related series.

PASS-THROUGH RATE

      The certificates of any class within a series may have a fixed, variable
or adjustable pass-through interest rate, which may or may not be based upon the
interest rates borne by the mortgage loans in the related trust fund. The
prospectus supplement with respect to any series of certificates will specify
the pass-through interest rate for each class of offered certificates of that
series or, in the case of a class of offered certificates with a variable or
adjustable pass-through interest rate, the method of determining the
pass-through interest rate; the effect, if any, of the prepayment of any
mortgage loan on the pass-through interest rate of one or more classes of
offered certificates; and whether the distributions of interest on the offered
certificates of any class will be dependent, in whole or in part, on the
performance of any obligor under a Cash Flow Agreement.

PAYMENT DELAYS

      With respect to any series of certificates, a period of time will elapse
between the date upon which payments on the mortgage loans in the related trust
fund are due and the distribution date on which those payments are passed
through to certificateholders. That delay will effectively reduce the yield that
would otherwise be produced if payments on those mortgage loans were distributed
to certificateholders on or near the date they were due.

CERTAIN SHORTFALLS IN COLLECTIONS OF INTEREST

      When a principal prepayment in full or in part is made on a mortgage loan,
the borrower is generally charged interest on the amount of that prepayment only
through the date of prepayment, instead of through the Due Date for the next
succeeding scheduled payment. However, interest accrued on any


                                       37



series of certificates and distributable on them on any distribution date will
generally correspond to interest accrued on the mortgage loans to their
respective Due Dates during the related Due Period. "Due Period" is a specified
time period generally corresponding in length to the time period between
distribution dates, and all scheduled payments on the mortgage loans in the
related trust fund that are due during a given Due Period will, to the extent
received by a specified date (the "Determination Date") or otherwise advanced by
the related master servicer or other specified person, be distributed to the
holders of the certificates of that series on the next succeeding distribution
date. Consequently, if a prepayment on any mortgage loan is distributable to
certificateholders on a particular distribution date, but that prepayment is not
accompanied by interest on it to the Due Date for that mortgage loan in the
related Due Period, then the interest charged to the borrower (net of servicing
and administrative fees) may be less (that shortfall, a "Prepayment Interest
Shortfall") than the corresponding amount of interest accrued and otherwise
payable on the certificates of the related series. If that shortfall is
allocated to a class of offered certificates, their yield will be adversely
affected. The prospectus supplement for each series of certificates will
describe the manner in which those shortfalls will be allocated among the
classes of those certificates. If so specified in the prospectus supplement for
a series of certificates, the master servicer for that series will be required
to apply some or all of its servicing compensation for the corresponding period
to offset the amount of those shortfalls. The related prospectus supplement will
also describe any other amounts available to offset those shortfalls. See
"Description of the Pooling Agreements--Servicing Compensation and Payment of
Expenses" in this prospectus.

YIELD AND PREPAYMENT CONSIDERATIONS

      A certificate's yield to maturity will be affected by the rate of
principal payments on the mortgage loans in the related trust fund and the
allocation of principal to reduce the principal balance (or notional amount, if
applicable) of that certificate. The rate of principal payments on the mortgage
loans in any trust fund will in turn be affected by the amortization schedules
of the mortgage loans (which, in the case of ARM Loans, may change periodically
to accommodate adjustments to their mortgage interest rates), the dates on which
any balloon payments are due, and the rate of principal prepayments on them
(including for this purpose, prepayments resulting from liquidations of mortgage
loans due to defaults, casualties or condemnations affecting the Mortgaged
Properties, or purchases of mortgage loans out of the related trust fund).
Because the rate of principal prepayments on the mortgage loans in any trust
fund will depend on future events and a variety of factors (as described more
fully below), we cannot assure you as to that rate.

      The extent to which the yield to maturity of a class of offered
certificates of any series may vary from the anticipated yield will depend upon
the degree to which they are purchased at a discount or premium and when, and to
what degree, payments of principal on the mortgage loans in the related trust
fund are in turn distributed on those certificates, or, in the case of a class
of interest-only certificates, result in the reduction of its notional amount.
An investor should consider, in the case of any offered certificate purchased at
a discount, the risk that a slower than anticipated rate of principal payments
on the mortgage loans in the related trust fund could result in an actual yield
to that investor that is lower than the anticipated yield and, in the case of
any offered certificate purchased at a premium, the risk that a faster than
anticipated rate of principal payments on those mortgage loans could result in
an actual yield to that investor that is lower than the anticipated yield. In
addition, if an investor purchases an offered certificate at a discount (or
premium), and principal payments are made in reduction of the principal balance
or notional amount of that investor's offered certificates at a rate slower (or
faster) than the rate anticipated by the investor during any particular period,
the consequent adverse effects on that investor's yield would not be fully
offset by a subsequent like increase (or decrease) in the rate of principal
payments.

      A class of certificates, including a class of offered certificates, may
provide that on any distribution date the holders of those certificates are
entitled to a pro rata share of the prepayments on the mortgage loans in the
related trust fund that are distributable on that date, to a disproportionately
large share (which, in some cases, may be all) of those prepayments, or to a
disproportionately small share (which, in some cases, may be none) of those
prepayments. As described in the related prospectus supplement, the respective
entitlements of the various classes of certificates of any series to receive
distributions in


                                       38



respect of payments (and, in particular, prepayments) of principal of the
mortgage loans in the related trust fund may vary based on the occurrence of
certain events, such as, the retirement of one or more classes of certificates
of that series, or subject to certain contingencies, such as, prepayment and
default rates with respect to those mortgage loans.

      In general, the notional amount of a class of interest-only certificates
will either (1) be based on the principal balances of some or all of the
mortgage assets in the related trust fund or (2) equal the principal balances of
one or more of the other classes of certificates of the same series.
Accordingly, the yield on those interest-only certificates will be inversely
related to the rate at which payments and other collections of principal are
received on those mortgage assets or distributions are made in reduction of the
principal balances of those classes of certificates, as the case may be.

      Consistent with the foregoing, if a class of certificates of any series
consists of interest-only certificates or principal-only certificates, a lower
than anticipated rate of principal prepayments on the mortgage loans in the
related trust fund will negatively affect the yield to investors in
principal-only certificates, and a higher than anticipated rate of principal
prepayments on those mortgage loans will negatively affect the yield to
investors in interest-only certificates. If the offered certificates of a series
include those certificates, the related prospectus supplement will include a
table showing the effect of various assumed levels of prepayment on yields on
those certificates. Those tables will be intended to illustrate the sensitivity
of yields to various assumed prepayment rates and will not be intended to
predict, or to provide information that will enable investors to predict, yields
or prepayment rates.

      We are not aware of any relevant publicly available or authoritative
statistics with respect to the historical prepayment experience of a group of
multifamily or commercial mortgage loans. However, the extent of prepayments of
principal of the mortgage loans in any trust fund may be affected by factors
such as:

      o     the availability of mortgage credit,

      o     the relative economic vitality of the area in which the Mortgaged
            Properties are located,

      o     the quality of management of the Mortgaged Properties,

      o     the servicing of the mortgage loans,

      o     possible changes in tax laws and other opportunities for investment,

      o     the existence of Lock-out Periods,

      o     requirements that principal prepayments be accompanied by Prepayment
            Premiums, and

      o     by the extent to which these provisions may be practicably enforced.

      The rate of prepayment on a pool of mortgage loans is also affected by
prevailing market interest rates for mortgage loans of a comparable type, term
and risk level. When the prevailing market interest rate is below a mortgage
loan's interest rate, a borrower may have an increased incentive to refinance
its mortgage loan. Even in the case of ARM Loans, as prevailing market interest
rates decline, and without regard to whether the mortgage interest rates on the
ARM Loans decline in a manner consistent therewith, the related borrowers may
have an increased incentive to refinance for purposes of either (1) converting
to a fixed rate loan and thereby "locking in" that rate or (2) taking advantage
of a different index, margin or rate cap or floor on another adjustable rate
mortgage loan.

      Depending on prevailing market interest rates, the outlook for market
interest rates and economic conditions generally, some borrowers may sell
Mortgaged Properties in order to realize their equity in the Mortgaged
Properties, to meet cash flow needs or to make other investments. In addition,
some borrowers may be motivated by federal and state tax laws (which are subject
to change) to sell Mortgaged Properties prior to the exhaustion of tax
depreciation benefits. We will make no


                                       39



representation as to the particular factors that will affect the prepayment of
the mortgage loans in any trust fund, as to the relative importance of those
factors, as to the percentage of the principal balance of the mortgage loans
that will be paid as of any date or as to the overall rate of prepayment on the
mortgage loans.

WEIGHTED AVERAGE LIFE AND MATURITY

      The rate at which principal payments are received on the mortgage loans in
any trust fund will affect the ultimate maturity and the weighted average life
of one or more classes of the certificates of that series. Weighted average life
refers to the average amount of time that will elapse from the date of issuance
of an instrument until each dollar allocable as principal of that instrument is
repaid to the investor.

      The weighted average life and maturity of a class of certificates of any
series will be influenced by the rate at which principal on the related mortgage
loans, whether in the form of scheduled amortization or prepayments (for this
purpose, the term "prepayment" includes voluntary prepayments, liquidations due
to default and purchases of mortgage loans out of the related trust fund), is
paid to that class. Prepayment rates on loans are commonly measured relative to
a prepayment standard or model, such as the Constant Prepayment Rate ("CPR")
prepayment model or the Standard Prepayment Assumption ("SPA") prepayment model.
CPR represents an assumed constant rate of prepayment each month (expressed as
an annual percentage) relative to the then outstanding principal balance of a
pool of loans for the life of those loans. SPA represents an assumed variable
rate of prepayment each month (expressed as an annual percentage) relative to
the then outstanding principal balance of a pool of loans, with different
prepayment assumptions often expressed as percentages of SPA. For example, a
prepayment assumption of 100% of SPA assumes prepayment rates of 0.2% per annum
of the then outstanding principal balance of the loans in the first month of the
life of the loans and an additional 0.2% per annum in each month thereafter
until the thirtieth month. Beginning in the thirtieth month, and in each month
thereafter during the life of the loans, 100% of SPA assumes a constant
prepayment rate of 6% per annum each month.

      Neither CPR nor SPA nor any other prepayment model or assumption purports
to be a historical description of prepayment experience or a prediction of the
anticipated rate of prepayment of any particular pool of loans. Moreover, the
CPR and SPA models were developed based upon historical prepayment experience
for single-family loans. Thus, it is unlikely that the prepayment experience of
the mortgage loans included in any trust fund will conform to any particular
level of CPR or SPA.

      The prospectus supplement with respect to each series of certificates will
contain tables, if applicable, setting forth the projected weighted average life
of each class of offered certificates of those series and the percentage of the
initial principal balance of each class that would be outstanding on specified
distribution dates based on the assumptions stated in that prospectus
supplement, including assumptions that prepayments on the related mortgage loans
are made at rates corresponding to various percentages of CPR or SPA, or at
other rates specified in that prospectus supplement. Those tables and
assumptions will illustrate the sensitivity of the weighted average lives of the
certificates to various assumed prepayment rates and will not be intended to
predict, or to provide information that will enable investors to predict, the
actual weighted average lives of the certificates.

CONTROLLED AMORTIZATION CLASSES AND COMPANION CLASSES

      A series of certificates may include one or more controlled amortization
classes, which will entitle the holders of those certificates to receive
principal distributions according to a specified principal payment schedule,
which schedule is supported by creating priorities, as described in the related
prospectus supplement, to receive principal payments from the mortgage loans in
the related trust fund. If so specified in the related prospectus supplement,
each controlled amortization class will either be a planned amortization class
or a targeted amortization class. In general, a planned amortization class has a
"prepayment collar," that is, a range of prepayment rates that can be sustained
without disruption, that determines the principal cash flow of those
certificates. That prepayment collar is not static, and may


                                       40



expand or contract after the issuance of the planned amortization class
depending on the actual prepayment experience for the underlying mortgage loans.
Distributions of principal on a planned amortization class would be made in
accordance with the specified schedule so long as prepayments on the underlying
mortgage loans remain at a relatively constant rate within the prepayment collar
and, as described below, companion classes exist to absorb "excesses" or
"shortfalls" in principal payments on the underlying mortgage loans. If the rate
of prepayment on the underlying mortgage loans from time to time falls outside
the prepayment collar, or fluctuates significantly within the prepayment collar,
especially for any extended period of time, that event may have material
consequences in respect of the anticipated weighted average life and maturity
for a planned amortization class. A targeted amortization class is structured so
that principal distributions generally will be payable on it in accordance with
its specified principal payments schedule so long as the rate of prepayments on
the related mortgage assets remains relatively constant at the particular rate
used in establishing that schedule. A targeted amortization class will generally
afford the holders of those certificates some protection against early
retirement or some protection against an extended average life, but not both.

      Although prepayment risk cannot be eliminated entirely for any class of
certificates, a controlled amortization class will generally provide a
relatively stable cash flow so long as the actual rate of prepayment on the
mortgage loans in the related trust fund remains relatively constant at the
rate, or within the range of rates, of prepayment used to establish the specific
principal payment schedule for those certificates. Prepayment risk with respect
to a given pool of mortgage assets does not disappear, however, and the
stability afforded to a controlled amortization class comes at the expense of
one or more companion classes of the same series, any of which companion classes
may also be a class of offered certificates. In general, and as more
particularly described in the related prospectus supplement, a companion class
will entitle the holders of those certificates to a disproportionately large
share of prepayments on the mortgage loans in the related trust fund when the
rate of prepayment is relatively fast, and will entitle the holders of those
certificates to a disproportionately small share of prepayments on the mortgage
loans in the related trust fund when the rate of prepayment is relatively slow.
A class of certificates that entitles the holders of those certificates to a
disproportionately large share of the prepayments on the mortgage loans in the
related trust fund enhances the risk of early retirement of that class, or call
risk, if the rate of prepayment is relatively fast; while a class of
certificates that entitles the holders of those certificates to a
disproportionately small share of the prepayments on the mortgage loans in the
related trust fund enhances the risk of an extended average life of that class,
or extension risk, if the rate of prepayment is relatively slow. Thus, as
described in the related prospectus supplement, a companion class absorbs some
(but not all) of the "call risk" and/or "extension risk" that would otherwise
belong to the related controlled amortization class if all payments of principal
of the mortgage loans in the related trust fund were allocated on a pro rata
basis.

OTHER FACTORS AFFECTING YIELD, WEIGHTED AVERAGE LIFE AND MATURITY

      Balloon Payments; Extensions of Maturity. Some or all of the mortgage
loans included in a particular trust fund may require that balloon payments be
made at maturity. Because the ability of a borrower to make a balloon payment
typically will depend upon its ability either to refinance the loan or to sell
the related Mortgaged Property, there is a risk that mortgage loans that require
balloon payments may default at maturity, or that the maturity of that mortgage
loan may be extended in connection with a workout. In the case of defaults,
recovery of proceeds may be delayed by, among other things, bankruptcy of the
borrower or adverse conditions in the market where the property is located. In
order to minimize losses on defaulted mortgage loans, the master servicer or a
special servicer, to the extent and under the circumstances set forth in this
prospectus and in the related prospectus supplement, may be authorized to modify
mortgage loans that are in default or as to which a payment default is imminent.
Any defaulted balloon payment or modification that extends the maturity of a
mortgage loan may delay distributions of principal on a class of offered
certificates and thereby extend the weighted average life of your certificates
and, if those certificates were purchased at a discount, reduce your yield.

      Negative Amortization. The weighted average life of a class of
certificates can be affected by mortgage loans that permit negative amortization
to occur. A mortgage loan that provides for the payment of interest calculated
at a rate lower than the rate at which interest accrues on it would be


                                       41



expected during a period of increasing interest rates to amortize at a slower
rate (and perhaps not at all) than if interest rates were declining or were
remaining constant. This slower rate of mortgage loan amortization would
correspondingly be reflected in a slower rate of amortization for one or more
classes of certificates of the related series. In addition, negative
amortization on one or more mortgage loans in any trust fund may result in
negative amortization on the certificates of the related series. The related
prospectus supplement will describe, if applicable, the manner in which negative
amortization in respect of the mortgage loans in any trust fund is allocated
among the respective classes of certificates of the related series. The portion
of any mortgage loan negative amortization allocated to a class of certificates
may result in a deferral of some or all of the interest payable on them, which
deferred interest may be added to the principal balance of the certificates.
Accordingly, the weighted average lives of mortgage loans that permit negative
amortization and that of the classes of certificates to which the negative
amortization would be allocated or that would bear the effects of a slower rate
of amortization on those mortgage loans, may increase as a result of that
feature.

      Negative amortization also may occur in respect of an ARM Loan that limits
the amount by which its scheduled payment may adjust in response to a change in
its mortgage interest rate, provides that its scheduled payment will adjust less
frequently than its mortgage interest rate or provides for constant scheduled
payments notwithstanding adjustments to its mortgage interest rate. Accordingly,
during a period of declining interest rates, the scheduled payment on that
mortgage loan may exceed the amount necessary to amortize the loan fully over
its remaining amortization schedule and pay interest at the then applicable
mortgage interest rate, thereby resulting in the accelerated amortization of
that mortgage loan. This acceleration in amortization of its principal balance
will shorten the weighted average life of that mortgage loan and,
correspondingly, the weighted average lives of those classes of certificates
entitled to a portion of the principal payments on that mortgage loan.

      The extent to which the yield on any offered certificate will be affected
by the inclusion in the related trust fund of mortgage loans that permit
negative amortization, will depend upon (1) whether that offered certificate was
purchased at a premium or a discount and (2) the extent to which the payment
characteristics of those mortgage loans delay or accelerate the distributions of
principal on that certificate or, in the case of an interest-only certificate,
delay or accelerate the amortization of the notional amount of that certificate.
See "--Yield and Prepayment Considerations" above.

      Foreclosures and Payment Plans. The number of foreclosures and the
principal amount of the mortgage loans that are foreclosed in relation to the
number and principal amount of mortgage loans that are repaid in accordance with
their terms will affect the weighted average lives of those mortgage loans and,
accordingly, the weighted average lives of and yields on the certificates of the
related series. Servicing decisions made with respect to the mortgage loans,
including the use of payment plans prior to a demand for acceleration and the
restructuring of mortgage loans in bankruptcy proceedings, may also have an
effect upon the payment patterns of particular mortgage loans and thus the
weighted average lives of and yields on the certificates of the related series.

      Losses and Shortfalls on the Mortgage Assets. The yield on your
certificates will directly depend on the extent to which you are required to
bear the effects of any losses or shortfalls in collections arising out of
defaults on the mortgage loans in the related trust fund and the timing of those
losses and shortfalls. In general, the earlier that any loss or shortfall
occurs, the greater will be the negative effect on yield for any class of
certificates that is required to bear the effects of the shortfall.

      The amount of any losses or shortfalls in collections on the mortgage
assets in any trust fund, to the extent not covered or offset by draws on any
reserve fund or under any instrument of credit support, will be allocated among
the respective classes of certificates of the related series in the priority and
manner, and subject to the limitations, if so specified in the related
prospectus supplement. As described in the related prospectus supplement, those
allocations may be effected by a reduction in the entitlements to interest
and/or principal balances of one or more classes of certificates, or by
establishing a priority of payments among those classes of certificates.

      The yield to maturity on a class of Subordinate Certificates may be
extremely sensitive to losses and shortfalls in collections on the mortgage
loans in the related trust fund.


                                       42



      Additional Certificate Amortization. In addition to entitling the holders
of one or more classes of a series of certificates to a specified portion, which
may during specified periods range from none to all, of the principal payments
received on the mortgage assets in the related trust fund, one or more classes
of certificates of any series, including one or more classes of offered
certificates of those series, may provide for distributions of principal of
those certificates from:

      1.    amounts attributable to interest accrued but not currently
            distributable on one or more classes of accrual certificates,

      2.    Excess Funds, or

      3.    any other amounts described in the related prospectus supplement.

      "Excess Funds" will, in general, represent that portion of the amounts
distributable in respect of the certificates of any series on any distribution
date that represent (1) interest received or advanced on the mortgage assets in
the related trust fund that is in excess of the interest currently accrued on
the certificates of that series, or (2) Prepayment Premiums or any other amounts
received on the mortgage assets in the related trust fund that do not constitute
interest on, or principal of, those certificates. The prospectus supplement may
describe certain variations in the calculation of Excess Funds that are
applicable to a specific series.

      The amortization of any class of certificates out of the sources described
in the preceding paragraph would shorten the weighted average life of those
certificates and, if those certificates were purchased at a premium, reduce the
yield on those certificates. The related prospectus supplement will discuss the
relevant factors to be considered in determining whether distributions of
principal of any class of certificates out of those sources would have any
material effect on the rate at which those certificates are amortized.

      Optional Early Termination. If so specified in the related prospectus
supplement, a series of certificates may be subject to optional early
termination through the repurchase of the mortgage assets in the related trust
fund by the party or parties specified in the related prospectus supplement,
under the circumstances and in the manner set forth in the prospectus
supplement. If so provided in the related prospectus supplement, upon the
reduction of the principal balance of a specified class or classes of
certificates by a specified percentage or amount, the specified party may be
authorized or required to solicit bids for the purchase of all of the mortgage
assets of the related trust fund, or of a sufficient portion of those mortgage
assets to retire that class or classes, as set forth in the related prospectus
supplement. In the absence of other factors, any early retirement of a class of
offered certificates would shorten the weighted average life of those
certificates and, if those certificates were purchased at premium, reduce the
yield on those certificates.

                                   THE SPONSOR

      The related prospectus supplement will identify the sponsor or sponsors of
the applicable series. JPMorgan Chase Bank, National Association ("JPMCB"), a
national banking association, may be a sponsor (in such capacity, the
"Sponsor"). JPMCB is a national bank and acquires and originates mortgage loans
for public and private securitizations as well as being a commercial bank
offering a wide range of banking services to its customers, both domestically
and internationally. JPMCB is a wholly owned bank subsidiary of JPMorgan Chase &
Co., a Delaware corporation whose principal office is located in New York, New
York. JPMCB is chartered and its business is subject to examination and
regulation by the Office of the Comptroller of the Currency.

      Additional information, including the most recent Form 10-K and Annual
Report of JPMorgan Chase & Co., and additional annual, quarterly and current
reports filed or furnished with the Securities and Exchange Commission by
JPMorgan Chase & Co., as they become available, may be obtained without charge
by each person to whom this Prospectus is delivered upon the written request of
any such person to the Office of the Secretary, JPMorgan Chase & Co., 270 Park
Avenue, New York, New York 10017.


                                       43



      JPMCB may also act as a Mortgage Asset Seller and may act as Servicer
and/or a provider of any cashflow agreements with respect to the offered
certificates. JPMCB is an affiliate of the Depositor and J.P. Morgan Securities
Inc.

                                  THE DEPOSITOR

      J.P. Morgan Chase Commercial Mortgage Securities Corp., the Depositor, is
a Delaware corporation organized on September 19, 1994. The Depositor is a
wholly owned subsidiary of JPMCB. The Depositor maintains its principal office
at 270 Park Avenue, New York, New York 10017. Its telephone number is (212)
834-9299. The Depositor does not have, nor is it expected in the future to have,
any significant assets.

      The Depositor purchases commercial mortgage loans and interests in
commercial mortgage loans for the purpose of selling those assets to trusts
created in connection with the securitization of pools of assets and does not
engage in any activities unrelated thereto.

      The Depositor remains responsible under the Pooling and Servicing
Agreement for providing the Master Servicer, Special Servicer and Trustee with
certain information and other assistance requested by those parties and
reasonably necessary to performing their duties under the Pooling and Servicing
Agreement. The Depositor also remains responsible for mailing notices to the
Certificateholders upon the appointment of certain successor entities under the
Pooling and Servicing Agreement.

                               THE ISSUING ENTITY

      The Issuing Entity will be a New York common law trust, formed on the
closing date of each series of certificates pursuant to a Pooling Agreement. The
trust will have no officers or directors and no continuing duties other than to
hold the assets underlying the certificates and to issue the certificates. The
Issuing Entity will operate under a fiscal year ending each December 31st. The
trustee, the master servicer and the special servicer are the persons authorized
to act on behalf of the Issuing Entity under the Pooling Agreement with respect
to the mortgage loans and the certificates.

                                 USE OF PROCEEDS

      We will apply the net proceeds to be received from the sale of the
certificates of any series to the purchase of trust assets. We expect to sell
the certificates from time to time, but the timing and amount of offerings of
certificates will depend on a number of factors, including the volume of
mortgage assets we have acquired, prevailing interest rates, availability of
funds and general market conditions.

                         DESCRIPTION OF THE CERTIFICATES

GENERAL

      Each series of certificates will represent the entire beneficial ownership
interest in a trust fund. As described in the related prospectus supplement, the
certificates of each series, including the offered certificates of that series,
may consist of one or more classes of certificates that, among other things:

      o     provide for the accrual of interest on the certificates at a fixed
            rate, variable rate, reset rate or adjustable rate;

      o     are senior (collectively, "Senior Certificates") or subordinate
            (collectively, "Subordinate Certificates") to one or more other
            classes of certificates in entitlement to certain distributions on
            the certificates;

      o     are principal-only certificates entitled to distributions of
            principal, with disproportionately small, nominal or no
            distributions of interest;


                                       44



      o     are interest-only certificates entitled to distributions of
            interest, with disproportionately small, nominal or no distributions
            of principal;

      o     provide for distributions of interest on, or principal of, those
            certificates that commence only after the occurrence of certain
            events, such as the retirement of one or more other classes of
            certificates of that series;

      o     provide for distributions of principal of those certificates to be
            made, from time to time or for designated periods, at a rate that is
            faster, and, in some cases, substantially faster, or slower, and, in
            some cases, substantially slower, than the rate at which payments or
            other collections of principal are received on the mortgage assets
            in the related trust fund;

      o     provide for controlled distributions of principal of those
            certificates to be made based on a specified payment schedule or
            other methodology, subject to available funds; or

      o     provide for distributions based on collections of Prepayment
            Premiums on the mortgage assets in the related trust fund.

      Each class of offered certificates of a series will be issued in minimum
denominations corresponding to the principal balances or, in case of certain
classes of interest-only certificates or residual certificates, notional amounts
or percentage interests, specified in the related prospectus supplement. As
provided in the related prospectus supplement, one or more classes of offered
certificates of any series may be issued in fully registered, definitive form
(those certificates, "Definitive Certificates") or may be offered in book-entry
format (those certificates, "Book-Entry Certificates") through the facilities of
The Depository Trust Company ("DTC"). The offered certificates of each series
(if issued as Definitive Certificates) may be transferred or exchanged, subject
to any restrictions on transfer described in the related prospectus supplement,
at the location specified in the related prospectus supplement, without the
payment of any service charges, other than any tax or other governmental charge
payable in connection therewith. Interests in a class of Book-Entry Certificates
will be transferred on the book-entry records of DTC and its participating
organizations. See "Risk Factors--Your Ability to Resell Certificates May Be
Limited Because of Their Characteristics" and "--Book-Entry System for Certain
Classes May Decrease Liquidity and Delay Payment" in this prospectus.

DISTRIBUTIONS

      Distributions on the certificates of each series will be made on each
distribution date as specified in the related prospectus supplement from the
Available Distribution Amount for that series and that distribution date. The
"Available Distribution Amount" for any distribution date will generally refer
to the total of all payments or other collections on or in respect of the
mortgage assets and any interest rate or currency swap or interest rate cap,
floor or collar contracts included in the related trust fund that are available
for distribution to the holders of certificates of that series on that date. The
particular components of the Available Distribution Amount for any series on
each distribution date will be more specifically described in the related
prospectus supplement.

      Distributions on the certificates, other than the final distribution in
retirement of that certificate, will generally be made to the persons in whose
names those certificates are registered at the close of business on the last
business day of the month preceding the month in which the applicable
distribution date occurs (the "Record Date"), and the amount of each
distribution will be determined as of the close of business on the Determination
Date specified in the related prospectus supplement. The Record Date for each
series will be set forth in the related prospectus supplement. All distributions
with respect to each class of certificates on each distribution date will be
allocated pro rata among the outstanding certificates in that class. Payments
will be made either by wire transfer in immediately available funds to your
account at a bank or other entity having appropriate facilities for the
transfer, if you have provided the person required to make those payments with
wiring instructions no later than the date specified in the related prospectus
supplement (and, if so provided in the related prospectus supplement, that you
hold certificates in the amount or denomination specified in the prospectus
supplement), or by check mailed to


                                       45



the address of that certificateholder as it appears on the certificate register;
provided, however, that the final distribution in retirement of any class of
certificates (whether Definitive Certificates or Book-Entry Certificates) will
be made only upon presentation and surrender of those certificates at the
location specified in the notice to certificateholders of the final
distribution.

DISTRIBUTIONS OF INTEREST ON THE CERTIFICATES

      Each class of certificates of each series, other than certain classes of
principal-only certificates and residual certificates ("Residual Certificates")
that have no pass-through interest rate, may have a different pass-through
interest rate, which in each case may be fixed, variable, reset rate or
adjustable. The related prospectus supplement will specify the pass-through
interest rate or, in the case of a variable, reset rate or adjustable
pass-through interest rate, the method for determining the pass-through interest
rate, for each class. If so specified in the related prospectus supplement,
interest on the certificates of each series will be calculated on the basis of a
360-day year consisting of twelve 30-day months.

      Distributions of interest in respect of any class of certificates (other
than certain classes of certificates that will be entitled to distributions of
accrued interest commencing only on the distribution date, or under the
circumstances specified in the related prospectus supplement ("Accrual
Certificates"), and other than any class of principal-only certificates or
Residual Certificates which are not entitled to distributions of interest) will
be made on each distribution date based on the Accrued Certificate Interest for
that class and that distribution date, subject to the sufficiency of the portion
of the Available Distribution Amount allocable to that class on that
distribution date. Prior to the time interest is distributable on any class of
Accrual Certificates, the amount of Accrued Certificate Interest otherwise
distributable on that class will be added to the principal balance of those
certificates on each distribution date. With respect to each class of
certificates, other than certain classes of interest-only certificates and
certain classes of residual certificates, the "Accrued Certificate Interest" for
each distribution date will be equal to interest at the applicable pass-through
interest rate accrued for a specified period of time, or accrual period,
generally corresponding in length to the time period between distribution dates,
on the outstanding principal balance of that class of certificates immediately
prior to that distribution date.

     The Accrued Certificate Interest for each distribution date on a class of
interest-only certificates will be similarly calculated except that it will
accrue on a notional amount that is either:

      1.    based on the principal balances of some or all of the mortgage
            assets in the related trust fund,

      2.    equal to the principal balances of one or more other classes of
            certificates of the same series, or

      3.    an amount or amounts specified in the applicable prospectus
            supplement.

      Reference to a notional amount with respect to a class of interest-only
certificates is solely for convenience in making certain calculations and does
not represent the right to receive any distributions of principal. If so
specified in the related prospectus supplement, the amount of Accrued
Certificate Interest that is otherwise distributable on, or, in the case of
Accrual Certificates, that may otherwise be added to the principal balance of,
one or more classes of the certificates of a series will be reduced to the
extent that any Prepayment Interest Shortfalls, as described under "Yield and
Maturity Considerations--Certain Shortfalls in Collections of Interest" in this
prospectus, exceed the amount of any sums that are applied to offset the amount
of those shortfalls. The particular manner in which those shortfalls will be
allocated among some or all of the classes of certificates of that series will
be specified in the related prospectus supplement. The related prospectus
supplement will also describe the extent to which the amount of Accrued
Certificate Interest that is otherwise distributable on (or, in the case of
Accrual Certificates, that may otherwise be added to the principal balance of) a
class of offered certificates may be reduced as a result of any other
contingencies, including delinquencies, losses and deferred interest on or in
respect of the mortgage assets in the related trust fund. Any reduction in the
amount of Accrued Certificate Interest otherwise distributable on a class of
certificates by reason of the allocation to that class of a portion of any
deferred interest on or in respect of the mortgage assets in the related trust
fund may result in a corresponding increase in the principal balance of that
class if so specified in the related prospectus


                                       46



supplement. See "Risk Factors--Prepayments of the Mortgage Assets Will Affect
the Timing of Your Cash Flow and May Affect Your Yield" and "Yield and Maturity
Considerations" in this prospectus.

DETERMINATION OF INTEREST RATES

      Day Count Basis; Interest Rate Change Dates; Interest Rate Determination
Dates. The prospectus supplement for each series of certificates will specify
the applicable interest rates (or the methods by which interest will be
determined) and day count conventions for each class of certificates. For any
class of certificates that bears interest at (i) a LIBOR-based rate, interest
due for any accrual period generally will be determined on the basis of an
Actual/360 day year, (ii) a fixed rate, interest due for any accrual period will
be determined on the basis of a 30/360 day year, and (iii) a floating rate that
is not LIBOR-based, the remarketing agents, in the case of reset rate
certificates, will set forth the applicable day-count convention for the related
reset period as specified in the related prospectus supplement and in the
written notice sent to the reset rate certificateholders on the related
remarketing terms determination date. The applicable day count convention will
be determined in accordance with prevailing market conventions and existing
market conditions, but generally will be limited to the following accrual
methods:

      o     "30/360" which means that interest is calculated on the basis of a
            360-day year consisting of twelve 30-day months;

      o     "Actual/360" which means that interest or any other relevant factor
            is calculated on the basis of the actual number of days elapsed in a
            year of 360 days;

      o     "Actual/365 (fixed) " which means that interest is calculated on the
            basis of the actual number of days elapsed in a year of 365 days,
            regardless of whether accrual or payment occurs in a leap year;

      o     "Actual/Actual (accrual basis) " which means that interest is
            calculated on the basis of the actual number of days elapsed in a
            year of 365 days, or 366 days for every day in a leap year;

      o     "Actual/Actual (payment basis) " which means that interest is
            calculated on the basis of the actual number of days elapsed in a
            year of 365 days if the interest period ends in a non-leap year, or
            366 days if the interest period ends in a leap year, as the case may
            be; and

      o     "Actual/Actual (ISMA)" is a calculation in accordance with the
            definition of "Actual/ Actual" adopted by the International
            Securities Market Association ("ISMA"), which means that interest is
            calculated on the following basis:

            o     where the number of days in the relevant accrual period is
                  equal to or shorter than the determination period during which
                  such accrual period ends, the number of days in such accrual
                  period divided by the product of (A) the number of days in
                  such determination period and (B) the number of distribution
                  dates that would occur in one calendar year; or

            o     where the accrual period is longer than the determination
                  period during which the accrual period ends, the sum of:

                        (1)   the number of days in such accrual period falling
                              in the determination period in which the accrual
                              period begins divided by the product of (x) the
                              number of days in such determination period and
                              (y) the number of distribution dates that would
                              occur in one calendar year; and

                        (2)   the number of days in such accrual period falling
                              in the next determination period divided by the
                              product of (x) the number of days in such
                              determination period and (y) the number of
                              distribution dates that would occur in one
                              calendar year;


                                       47



where "determination period" means the period from and including one calculation
date to but excluding the next calculation date and "calculation date" means, in
each year, each of those days in the calendar year that are specified herein as
being the scheduled distribution dates.

      For any class of securities that bears interest at a LIBOR-based rate, the
related interest rate determination dates will be LIBOR Determination Dates, as
described under "--LIBOR" below. If the reset rate certificates bear interest at
a floating rate, the remarketing agents and in accordance with prevailing market
conventions and existing market conditions, will set forth the applicable dates,
or intervals between dates, on which the applicable rate of interest will be
determined, and the related dates on which such interest rates will be changed
during each related accrual period during a reset period, as part of the written
notice sent to the reset rate certificateholders on the related remarketing
terms determination date and as set forth in the related prospectus supplement.

      LIBOR. The prospectus supplement for a series of certificates will set
forth the definition of LIBOR, and how LIBOR will be determined. In most cases,
we expect that LIBOR, for any accrual period, will be the London interbank
offered rate for deposits in U.S. Dollars for a period equal to one month, which
appears on the Dow Jones Market Service Page 3750 as of 11:00 a.m. London time,
on the related LIBOR Determination Date. If an applicable rate does not appear
on The Dow Jones Market Service Page 3750, the rate for that accrual period will
be determined on the basis of the rates at which deposits in U.S. Dollars, are
offered at approximately 11:00 a.m., London time, on that LIBOR Determination
Date, to prime banks in the London interbank market by the Reference Banks and
in an amount that is representative for a single such transaction in the
relevant market at the relevant time. The remarketing agents, the trustee, the
paying agent or another person performing similar functions will request the
principal London office of each Reference Bank to provide a quotation of its
rate. If the Reference Banks provide at least two quotations, the rate for that
accrual period will be the arithmetic mean of the quotations. If the Reference
Banks provide fewer than two quotations, the rate for that day will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the remarketing agents, the trustee, the paying agent or another person
performing similar functions, at approximately 11:00 a.m. New York time, on that
LIBOR Determination Date, for loans in U.S. Dollars to leading European banks
and in an amount that is representative for a single such transaction in the
relevant market at the relevant time. If the Reference Banks are not providing
quotations, LIBOR in effect for the applicable accrual period will be LIBOR for
the specified maturity in effect for the previous accrual period.

      For this purpose:

      o     "LIBOR Determination Date" means, for each accrual period, the
            second business day before the beginning of that accrual period
            unless another day is specified in the related prospectus
            supplement.

      o     "Dow Jones Market Service Page 3750" means the display page so
            designated on the Dow Jones Market Service or any other page that
            may replace that page on that service for the purpose of displaying
            comparable rates or prices.

      o     "Reference Banks" means four major banks in the London interbank
            market selected by the remarketing agents, the trustee, the paying
            agent or another person performing similar functions.

      For purposes of calculating LIBOR, a business day is any day on which
banks in New York City and the City of London are open for the transaction of
international business.

      Commercial Paper Rate. If certificates of any series bear interest based
on the commercial paper rate (the "Commercial Paper Rate"), the Commercial Paper
Rate for any relevant interest determination date will be the Bond Equivalent
Yield shown below of the rate for 90-day commercial paper, as published in
H.15(519) prior to 3:00 p.m., New York City time, on that interest determination
date under the heading "Commercial Paper--Financial".

      If the commercial paper rate cannot be determined as described above, the
following procedures will be observed:


                                       48



      o     If the rate described above is not published in H.15(519) by 3:00
            p.m., New York City time, on that interest determination date,
            unless the calculation is made earlier and the rate was available
            from that source at that time, then the commercial paper rate will
            be the bond equivalent yield of the rate on the relevant interest
            determination date, for commercial paper having the index maturity
            specified on the Remarketing Terms Determination Date, as published
            in H.15 Daily Update or any other recognized electronic source used
            for displaying that rate under the heading "Commercial Paper--
            Financial". The "Bond Equivalent Yield" will be calculated as
            follows:

                  Bond Equivalent Yield =       N x D
                                          --------------- x 100
                                             360 (D x 90)

      where "D" refers to the per annum rate determined as set forth above,
quoted on a bank discount basis and expressed as a decimal and "N" refers to 365
or 366, as the case may be.

      o     If the rate described in the prior paragraph cannot be determined,
            the Commercial Paper Rate will remain the commercial paper rate then
            in effect on that interest determination date.

      o     The Commercial Paper Rate will be subject to a lock-in period of six
            New York City business days.

      CMT Rate. If the reset rate certificates of any series bear interest based
on the Treasury constant maturity rate (the "CMT Rate"), the CMT Rate for any
relevant interest determination date will be the rate displayed on the
applicable Designated CMT Money line Telerate Page shown below by 3:00 p.m., New
York City time, on that interest determination date under the caption "Treasury
Constant Maturities Federal Reserve Board Release H.15...Mondays Approximately
3:45 p.m.," under the column for:

      o     If the Designated CMT Money line Telerate Page is 7051, the rate on
            that interest determination date; or

      o     If the Designated CMT Money line Telerate Page is 7052, the average
            for the week, or the month, as specified on the related remarketing
            terms determination date, ended immediately before the week in which
            the related interest determination date occurs.

      The following procedures will apply if the CMT Rate cannot be determined
as described above:

      o     If the rate described above is not displayed on the relevant page by
            3:00 p.m., New York City time on that interest determination date,
            unless the calculation is made earlier and the rate is available
            from that source at that time on that interest determination date,
            then the CMT Rate will be the Treasury constant maturity rate having
            the designated index maturity, as published in H.15(519) or another
            recognized electronic source for displaying the rate.

      o     If the applicable rate described above is not published in H.15(519)
            or another recognized electronic source for displaying such rate by
            3:00 p.m., New York City time on that interest determination date,
            unless the calculation is made earlier and the rate is available
            from one of those sources at that time, then the CMT Rate will be
            the Treasury constant maturity rate, or other United States Treasury
            rate, for the index maturity and with reference to the relevant
            interest determination date, that is published by either the Board
            of Governors of the Federal Reserve System or the United States
            Department of the Treasury and that the remarketing agents determine
            to be comparable to the rate formerly displayed on the Designated
            CMT Money line Telerate Page shown above and published in H.15(519).

      o     If the rate described in the prior paragraph cannot be determined,
            then the CMT Rate will be determined to be a yield to maturity based
            on the average of the secondary market closing offered rates as of
            approximately 3:30 p.m., New York City time, on the relevant
            interest determination date reported, according to their written
            records, by leading primary United States government securities
            dealers in New York City. The remarketing agents, the trustee, the
            paying agent or another person performing similar functions will
            select five such securities dealers and


                                       49



            will eliminate the highest and lowest quotations or, in the event of
            equality, one of the highest and lowest quotations, for the most
            recently issued direct nonmalleable fixed rate obligations of the
            United States Treasury ("Treasury Notes") with an original maturity
            of approximately the designated index maturity and a remaining term
            to maturity of not less than the designated index maturity minus one
            year in a representative amount.

      o     If three Treasury Note quotations of the kind described in the prior
            paragraph cannot be obtained, the CMT Rate will be determined to be
            the yield to maturity based on the average of the secondary market
            bid rates for Treasury Notes with an original maturity longer than
            the designated CMT index maturity which have a remaining term to
            maturity closest to the designated CMT index maturity and in a
            representative amount, as of approximately 3:30 p.m., New York City
            time, on the relevant interest determination date of leading primary
            United States government securities dealers in New York City. In
            selecting these offered rates, the remarketing agents, the trustee,
            the paying agent or another person performing similar functions will
            request quotations from at least five such securities dealers and
            will disregard the highest quotation (or if there is equality, one
            of the highest) and the lowest quotation (or if there is equality,
            one of the lowest). If two Treasury Notes with an original maturity
            longer than the designated CMT index maturity have remaining terms
            to maturity that are equally close to the designated CMT index
            maturity, quotations will be obtained for the Treasury Note with the
            shorter remaining term to maturity.

      o     If three or four but not five leading primary United States
            government securities dealers are quoting as described in the prior
            paragraph, then the CMT Rate for the relevant interest determination
            date will be based on the average of the bid rates obtained and
            neither the highest nor the lowest of those quotations will be
            eliminated.

      o     If fewer than three of the selected leading primary United States
            government securities dealers selected are quoting as described
            above, the CMT Rate will remain the CMT Rate then in effect on that
            interest determination date.

      Federal Funds Rate. If the certificates of any series bear interest based
on the federal funds rate (the "Federal Funds Rate"), the Federal Funds Rate for
any relevant interest determination date will be the rate for U.S. dollar
Federal funds, as published in H.15(519) for that day opposite the caption
"Federal Funds (Effective)" as that rate is displayed on that interest
determination date on Money line Telerate Page 120 under the heading "Federal
Funds Rate". The following procedures will be observed if the Federal Funds Rate
cannot be determined as described above:

      o     If the rate described above does not appear on Money line Telerate
            Page 120 or is not yet published in H.15(519) by 3:00 p.m., New York
            City time, on that interest determination date, unless the
            calculation is made earlier and the rate was available from that
            source at that time, then the Federal funds rate for the relevant
            interest determination date will be the rate described above in H.15
            Daily Update, or any other recognized electronic source used for the
            purpose of displaying such rate, opposite the heading "Federal Funds
            (Effective)".

      o     If the rate described above does not appear on Money line Telerate
            Page 120 or is not yet published in H.15(519), H.15 Daily Update or
            another recognized electronic source for displaying such rate by
            3:00 p.m., New York City time, on that interest determination date,
            the Federal Funds Rate for that interest determination date will be
            the arithmetic mean of the rates for the last transaction in
            overnight U.S. Dollar Federal funds arranged by three leading
            brokers of Federal Funds transactions in New York City, selected by
            the remarketing agents, the trustee, the paying agent or another
            person performing similar functions, on that interest determination
            date.

      o     If fewer than three of the selected brokers are quoting as described
            above, the Federal Funds Rate will remain the Federal Funds Rate
            then in effect on the relevant interest determination date.

      91-day Treasury Bill Rate. If the certificates of any series bear interest
at the 91-day Treasury Bill Rate (the "91-day Treasury Bill Rate"), the 91-day
Treasury Bill Rate for any relevant interest


                                       50



determination date will be the rate equal to the weighted average per annum
discount rate (expressed as a bond equivalent yield and applied on a daily
basis) for direct obligations of the United States with a maturity of thirteen
weeks ("91-day Treasury Bills") sold at the applicable 91-day Treasury Bill
auction, as published in H.15(519) or otherwise or as reported by the U.S.
Department of the Treasury.

      In the event that the results of the auctions of 91-day Treasury Bills
cease to be published or reported as provided above, or that no 91-day Treasury
Bill auction is held in a particular week, then the 91-day Treasury Bill Rate in
effect as a result of the last such publication or report will remain in effect
until such time, if any, as the results of auctions of 91-day Treasury Bills
will again be so published or reported or such auction is held, as the case may
be.

      The 91-day Treasury Bill Rate will be subject to a lock-in period of six
New York City business days.

      Prime Rate. If certificates of any series bear interest based on the prime
rate (the "Prime Rate"), the Prime Rate for any relevant interest determination
date is the prime rate or base lending rate on that date, as published in
H.15(519), prior to 3:00 p.m., New York City time, on that interest
determination date under the heading "Bank Prime Loan."

      The following procedures will be observed if the Prime Rate cannot be
determined as described above:

      o     If the rate described above is not published in H.15(519) prior to
            3:00 p.m., New York City time, on the relevant interest
            determination date, unless the calculation is made earlier and the
            rate was available from that source at that time, then the Prime
            Rate will be the rate for that interest determination date, as
            published in H.15 Daily Update or another recognized electronic
            source for displaying such rate opposite the caption "Bank Prime
            Loan."

      o     If the above rate is not published in either H.15(519), H.15 Daily
            Update or another recognized electronic source for displaying such
            rate by 3:00 p.m., New York City time, on the relevant interest
            determination date, then the remarketing agents will determine the
            Prime Rate to be the average of the rates of interest publicly
            announced by each bank that appears on the Reuters Screen designated
            as "USPRIME1" as that bank's prime rate or base lending rate as in
            effect on that interest determination date.

      o     If fewer than four rates appear on the Reuters Screen USPRIME1 page
            on the relevant interest determination date, then the Prime Rate
            will be the average of the prime rates or base lending rates quoted,
            on the basis of the actual number of days in the year divided by a
            360-day year, as of the close of business on that interest
            determination date by three major banks in New York City selected by
            the remarketing agents, the trustee, the paying agent or another
            person performing similar functions.

      o     If the selected banks are not quoting as mentioned above, the Prime
            Rate will remain the prime rate then in effect on that interest
            determination date.

DISTRIBUTIONS OF PRINCIPAL ON THE CERTIFICATES

      Each class of certificates of each series, other than certain classes of
interest-only certificates and Residual Certificates, will have a principal
balance which, at any time, will equal the then maximum amount that the holders
of certificates of that class will be entitled to receive in respect of
principal out of the future cash flow on the mortgage assets and any interest
rate or currency swap or interest rate cap, floor or collar contracts included
in the related trust fund. The outstanding principal balance of a class of
certificates will be reduced by distributions of principal made on the
certificates from time to time and, if so provided in the related prospectus
supplement, further by any losses incurred in respect of the related mortgage
assets allocated thereto from time to time. In turn, the outstanding principal
balance of a class of certificates may be increased as a result of any deferred
interest on or in respect of the related mortgage assets being allocated to that
class from time to time, and will be increased, in the case of a class of
Accrual Certificates prior to the distribution date on which distributions of
interest on the


                                       51



certificates are required to commence, by the amount of any Accrued Certificate
Interest in respect of those certificates (reduced as described above). The
initial principal balance of each class of a series of certificates will be
specified in the related prospectus supplement. As described in the related
prospectus supplement, distributions of principal with respect to a series of
certificates will be made on each distribution date to the holders of the class
or classes of certificates of that series entitled thereto until the principal
balances of those certificates have been reduced to zero. Distributions of
principal with respect to one or more classes of certificates may be made at a
rate that is faster, and, in some cases, substantially faster, than the rate at
which payments or other collections of principal are received on the mortgage
assets in the related trust fund. Distributions of principal with respect to one
or more classes of certificates may not commence until the occurrence of certain
events, including the retirement of one or more other classes of certificates of
the same series, or may be made at a rate that is slower, and, in some cases,
substantially slower, than the rate at which payments or other collections of
principal are received on the mortgage assets in the related trust fund.
Distributions of principal with respect to one or more classes of certificates
may be made, subject to available funds, based on a specified principal payment
schedule. Distributions of principal with respect to one or more classes of
certificates may be contingent on the specified principal payment schedule for
another class of the same series and the rate at which payments and other
collections of principal on the mortgage assets in the related trust fund are
received. If so specified in the related prospectus supplement, distributions of
principal of any class of offered certificates will be made on a pro rata basis
among all of the certificates of that class.

DISTRIBUTIONS ON THE CERTIFICATES IN RESPECT OF PREPAYMENT PREMIUMS

      If so provided in the related prospectus supplement, Prepayment Premiums
received on or in connection with the mortgage assets in any trust fund will be
distributed on each distribution date to the holders of the class of
certificates of the related series entitled thereto in accordance with the
provisions described in that prospectus supplement.

ADDITIONAL INFORMATION REGARDING RESET RATE CERTIFICATES

      Interest. The applicable interest rate for a class of reset rate
certificates will be reset from time to time at an interest rate determined
using the procedures described below or as otherwise specified in the related
prospectus supplement.

      Interest will be payable on the reset rate certificates for each
applicable distribution date as set forth in the related prospectus supplement.
Interest on a class of reset rate certificates during any reset period:

      o     when they bear a fixed rate of interest will accrue daily and will
            be computed based on a 30/360 basis;

      o     when they bear a floating rate of interest based on one-month LIBOR
            will accrue daily and will be computed based on an Actual/360 basis;
            and

      o     when they bear a floating rate of interest based on another index
            may be computed on a different basis and use a different interval
            between interest rate determination dates as described under
            "--Determination of Interest Rates--Day Count Basis; Interest Rate
            Change Dates; Interest Rate Determination Dates" above.

      Except for the initial accrual period or if specified in the related
prospectus supplement:

      o     an accrual period during any reset period when any class of reset
            rate certificates bears interest at a floating rate of interest will
            generally begin on the last applicable distribution date and end on
            the day before the next applicable distribution date; and

      o     accrual periods when a class of reset rate certificates bears
            interest at a fixed rate will generally begin on the first day of
            the month preceding the month in which the applicable distribution
            date occurs and end on the last day of that month.


                                       52



      Principal. Payments of principal will be made to any class of reset rate
certificates on each distribution date in the amount and payment priorities as
set forth in the related prospectus supplement.

      Reset Periods. During the initial reset period for each class of reset
rate certificates, interest will be payable on each distribution date at the
interest rates shown in the applicable prospectus supplement. We refer to each
initial reset date, together with each date thereafter on which the interest
rate on a class of reset rate certificates may be reset, as a "reset date" and
each period in between the reset dates as a "reset period". All reset dates will
occur on a distribution date or at the beginning of an accrual period, and each
reset period will end on the day before a distribution date or at the end of an
accrual period, as specified in the related prospectus supplement.

      The applicable interest rate on each class of reset rate certificates will
be reset as of each reset date as determined by:

      o     the remarketing agents with respect to the length of the reset
            period, whether the interest rate is fixed or floating and, if
            floating, the applicable interest rate index, the day count
            convention, the interest rate determination dates, the interval
            between interest rate change dates during each accrual period, and
            the related all-hold rate, if applicable; and

      o     the remarketing agents with respect to the determination of the
            fixed rate of interest or spread to the chosen interest rate index,
            as applicable.

      The remarketing agents, the trustee, the paying agent or another person
performing similar functions will be responsible for arranging, on behalf of the
trust, any interest rate swaps or other derivative instruments that may be
required to hedge any basis risk that results from the rate of interest on the
reset rate certificates and for selecting one or more eligible swap
counterparties. See "--Floating Rate Mode" and "--Fixed Rate Mode" below. Any
such swap or derivative instrument may be entered into upon the initial issuance
of the applicable series of certificates or at a later time in connection with
the resetting of the interest rate on a class of reset rates certificates, as
may be further specified in the related prospectus supplement. The spread for
each reset period will be determined in the manner described below under
"--Spread Determination Date."

      Each reset period will be no less than three months. If specified in the
related prospectus supplement, the applicable distribution dates when holders
will receive interest and/or principal payments will be determined by the
remarketing agents on the applicable remarketing terms determination date in
connection with the establishment of each reset period.

      Absent a failed remarketing, holders that wish to be repaid on a reset
date will be able to obtain a 100% repayment of principal by tendering their
reset rate certificates pursuant to the remarketing process. See "--Tender of
Reset Rate Certificates; Remarketing Procedures" below.

      Interest on each class of reset rate certificates during each reset period
after the initial reset period will accrue and be payable either:

      o     at a floating interest rate, in which case such reset rate
            certificates are said to be in floating rate mode, or

      o     at a fixed interest rate, in which case such reset rate certificates
            are said to be in fixed rate mode,

in each case as determined by the remarketing agents and in accordance with the
remarketing agreement and the applicable remarketing agency agreement.

      Remarketing Terms Determination Date. The initial reset dates for each
class of reset rate certificates will be as set forth in the related prospectus
supplement. On or prior to a date set forth in the related prospectus supplement
(not less than eight business days prior to the reset date) that is prior to
each reset date, referred to as the "remarketing terms determination date," the
remarketing agents will


                                       53



establish some or all of the following terms for the reset rate certificates on
or prior to the remarketing terms determination date, which terms will be
applicable during the following reset period:

      o     the expected weighted average life of that class of reset rate
            certificates;

      o     the name and contact information of the remarketing agents;

      o     the next reset date and reset period;

      o     the applicable minimum denomination and additional increments;

      o     if two or more classes of reset rate certificates are successfully
            remarketed on the same reset date, whether there will be any change
            in their relative priorities with respect to the right to receive
            payments of principal;

      o     the interest rate mode, i.e., fixed rate or floating rate;

      o     if in floating rate mode, the applicable interest rate index;

      o     if in floating rate mode, the interval between interest rate change
            dates;

      o     if in floating rate mode, the applicable interest rate determination
            date;

      o     if in fixed rate mode, the applicable fixed rate pricing benchmark;

      o     whether there will be a related swap agreement and if so the
            identities of the eligible swap counterparties from which bids will
            be solicited;

      o     the applicable interest rate day count convention;

      o     the related all-hold rate, if applicable; and

      o     the principal payment priority of the applicable class, if it will
            differ from that previously in effect.

If specified in the related prospectus supplement, the resetting of an interest
rate may require satisfaction of the "rating agency condition," which means the
written confirmation or reaffirmation, as the case may be, from each rating
agency then rating the securities that any intended action will not result in
the downgrading of its then-current rating of any class of securities.

      The remarketing agents will communicate this information by written
notice, through DTC, Euroclear Bank, as operator of the Euroclear System, in
Europe ("Euroclear") and Clearstream Banking, societe anonyme ("Clearstream"),
as applicable, to the holders of the applicable class of reset rate
certificates, the trustee and the rating agencies on the related remarketing
terms determination date.

      On each remarketing terms determination date, the remarketing agents will
establish the related all-hold rate, as described below. In this event, the
reset rate certificateholders of that class will be given not less than two
business days to choose whether to hold their reset rate certificates by
delivering a hold notice to the remarketing agents, in the absence of which
their reset rate certificates will be deemed to have been tendered. See
"--Tender of Reset Rate Certificates; Remarketing Procedures" below.

      If applicable, the all-hold rate will be the minimum rate of interest that
will be effective for the following reset period. If the rate of interest using
the spread or fixed rate of interest established on the spread determination
date, defined below, is higher than the all-hold rate, all certificateholders
who delivered a hold notice agreeing to be subject to the all-hold rate will be
entitled to the higher rate of interest for the following reset period. If 100%
of the certificateholders elect to hold their reset rate certificates for the
following reset period, the related reset rate will be the all-hold rate.


                                       54



      If the remarketing agents are unable to determine the terms set forth
above that are required to be established on the applicable remarketing terms
determination date, then a failed remarketing will be declared on the related
spread determination date, all holders will retain their certificates, the
failed remarketing rate as previously determined in accordance with the related
prospectus supplement will apply, and a reset period of three months (or such
other period specified in the related prospectus supplement) will be established
as described under "--Failed Remarketing" below.

      Spread Determination Date. On a date set forth in the related prospectus
supplement that is prior to the related reset date (not less than three business
days prior to the reset date), which we refer to as the "spread determination
date", the remarketing agents will set the applicable spread above or below the
applicable index, with respect to reset rate certificates that will be in
floating rate mode during the next reset period, or applicable fixed rate of
interest, with respect to reset rate certificates that will be in fixed rate
mode during the next reset period, in either case, at a rate that, in the
opinion of the remarketing agents, will enable all of the tendered reset rate
certificates to be remarketed by the remarketing agents at 100% of the principal
balance of that class of reset rate certificates. Also, if applicable, the
remarketing agents, the trustee, the paying agent or another person performing
similar functions may select from the bids received from the eligible swap
counterparty or counterparties, with which the trust will enter into swap
agreements to hedge basis risk for the next related reset period. If required
for the immediately following reset period, on or before the related spread
determination date the remarketing agents, the trustee, the paying agent or
another person performing similar functions will arrange for new or additional
securities identification codes to be obtained.

      In addition, on each spread determination date, the remarketing agents
will send a written notice to DTC, Euroclear and Clearstream, as applicable,
with instructions to distribute such notice to its related participants in
accordance with DTC's, Euroclear's and Clearstream's respective procedures, the
trustee, any applicable exchange then listing the applicable securities, and the
rating agencies setting forth the applicable spread or fixed rate of interest,
as the case may be, and, if applicable, the identity of any new swap
counterparty or counterparties, including the fixed rate or floating rate (or
rates) of interest to be due to each such swap counterparty on each distribution
date during the upcoming reset period as well as the failed remarketing rate, if
applicable.


                                       55



      Timeline: The following chart shows an example of a timeline of the
remarketing process:

            TIMING                                    EVENT

                                 -----------------------------------------------
  Thirty to Fifteen Calendar         (Trustee to provide notices to clearing
  Days Prior to Remarketing          agencies specifying the identity of the
   Terms Determination Date                    remarketing agents)
                                 -----------------------------------------------
                                                        |
                                                        |
                                                        v
                                 -----------------------------------------------
                                       REMARKETING TERMS DETERMINATION DATE
                                 (Notices sent to reset rate certificate holders
 At Least Eight Business Days     stating the new terms of the reset rate notes,
     Prior to Reset Date             including the related all-hold rate, if
                                                   applicable)
                                 -----------------------------------------------
                                                        |
                                                        |
                                                        v
                                 -----------------------------------------------
                                                   NOTICE DATE
                                  (Hold notices due from reset rate certificate
  Six Business Days Prior to      holders, if applicable, or they are deemed to
          Reset Date                  have tendered their reset rate notes;
                                    remarketing agents determine the amount of
                                 remarketed reset rate notes available for sale)
                                 -----------------------------------------------
                                                        |
                                                        |
                                                        v
                                 -----------------------------------------------
                                            SPREAD DETERMINATION DATE
                                    (Based on market conditions, the spread or
                                  fixed rate is determined by remarketing agents
 Three Business Days Prior to         for the next reset period or a failed
          Reset Date              remarketing is declared, identity of any swap
                                 counterparty (or counterparties) is determined;
                                 and the related failed remarketing rate for the
                                      next reset period will be determined)
                                 -----------------------------------------------
                                                        |
                                                        |
                                                        v
                                 -----------------------------------------------
                                                    RESET DATE
                                     (New terms of the remarketed reset rate
                                     certificates become effective; any swap
          Reset Date                 agreement for previous reset period may
                                    terminate; any new swap agreement for next
                                   reset period becomes effective; payments to
                                          tendering certificateholders)
                                 -----------------------------------------------

      The times shown in these timelines are estimates. The actual timing of
these events will be specified in the related prospectus supplement.

      Failed Remarketing.  There will be a failed remarketing if:

      o     the remarketing agents cannot determine the applicable required
            reset terms (other than the related spread or fixed rate) on the
            related remarketing terms determination date;

      o     the remarketing agents cannot establish the required spread or fixed
            rate on the related spread determination date;

      o     either sufficient committed purchasers cannot be obtained for all
            tendered reset rate certificates at the spread or fixed rate set by
            the remarketing agents, or any committed purchasers default on their
            purchase obligations (and the remarketing agents choose not to
            purchase those reset rate certificates themselves);

      o     one or more interest rate swap agreements satisfying all required
            criteria cannot be obtained, if applicable as described under
            "--Floating Rate Mode" and "--Fixed Rate Mode" below;

      o     certain conditions specified in the related remarketing agreement
            are not satisfied; or

      o     any rating agency then rating the securities has not confirmed or
            upgraded its then-current ratings of any class of securities, if
            such confirmation is required.


                                       56



      In the event a failed remarketing is declared with respect to a class of
reset rate certificates:

      o     all holders of that class will retain their reset rate certificates;

      o     the related interest rate will be reset to a failed remarketing rate
            specified in the related prospectus supplement;

      o     the related reset period may be three months (or such other longer
            period specified in the related prospectus supplement); and

      o     any existing swap agreement may be terminated and/or amended in
            accordance with its terms, or a new swap agreement entered into, if
            so specified in the related prospectus supplement.

      If there is a failed remarketing of a class of reset rate certificates,
however, the related holders of that class will not be permitted to exercise any
remedies as a result of the failure of their class of reset rate certificates to
be remarketed on the related reset date.

      Floating Rate Mode. If a class of reset rate certificates is to be reset
to bear a floating rate of interest, then, during the corresponding reset
period, it will bear interest at a per annum rate equal to the applicable
interest rate index, plus or minus the applicable spread, as determined on the
relevant spread determination date.

      In addition, if the remarketing agents determine that it would be in the
best interest of the trust based on then-current market conditions during any
reset period when a class of reset rate certificates bears a floating rate of
interest, or if otherwise required to satisfy the rating agency condition, the
trust may, as specified in the related prospectus supplement, enter into one or
more swap agreements with eligible swap counterparties for the next reset period
to hedge some or all of the basis risk. If specified in the related prospectus
supplement, these swap agreements may be entered into at the time the reset rate
certificates are initially issued. In exchange for providing payments to the
trust at the applicable interest rate index plus the related spread, each swap
counterparty will be entitled to receive on each distribution date a payment
from the trust in an amount specified in the related prospectus supplement. If
applicable, the remarketing agents in determining the swap counterparty or
counterparties to any swap agreements, will solicit bids regarding the interest
rate and other terms from at least three eligible swap counterparties and will
select the lowest of these bids to provide the swap agreements. If the lowest
bidder specifies a notional amount that is less than the outstanding principal
balance of the related class of reset rate certificates, the remarketing agents
may select more than one eligible swap counterparty, but only to the extent that
such additional eligible swap counterparties have provided the next lowest
received bid or bids, and enter into more than one swap agreement to fully hedge
the then outstanding principal balance of the related class of reset rate
certificates. On or before the spread determination date, the remarketing agents
will select the swap counterparty or counterparties.

      Fixed Rate Mode. If a class of reset rate certificates is to be reset to
bear a fixed rate of interest, then the applicable fixed rate of interest for
the corresponding reset period will be determined on the spread determination
date by adding:

      o     the applicable spread as determined by the remarketing agents on the
            spread determination date; and

      o     the yield to maturity on the spread determination date of the
            applicable fixed rate pricing benchmark, selected by the remarketing
            agents, as having an expected weighted average life based on a
            scheduled maturity at the next reset date, which would be used in
            accordance with customary financial practice in pricing new issues
            of asset-backed securities of comparable average life, provided,
            that the remarketing agents shall establish such fixed rate equal to
            the rate that, in the opinion of the remarketing agents, will enable
            all of the tendered reset rate certificates to be remarketed by the
            remarketing agents at 100% of their outstanding principal balance.
            However, such fixed rate of interest will in no event be lower than
            the related all-hold rate, if applicable.


                                       57



      If so specified in the related prospectus supplement, such interest will
be payable on each distribution date at the applicable fixed rate of interest,
as determined on the spread determination date, during the relevant reset
period.

      In addition, if a class of reset rate certificates is to be remarketed to
bear interest at a fixed rate, the trust may, if so specified in the prospectus
supplement, enter into one or more interest rate swap agreements with eligible
swap counterparties on the related reset date, as applicable, to facilitate the
trust's ability to pay interest at a fixed rate. If specified in the related
prospectus supplement these swap agreements may be entered into at the time the
reset rate certificates are initially issued.

Each such swap agreement will generally terminate on the earliest to occur of:

      o     the next succeeding reset date;

      o     the distribution date on which the outstanding principal balance of
            the related class of reset rate certificates is reduced to zero,
            including as the result of the optional purchase of the remaining
            mortgage loans by the related servicer or an auction of the mortgage
            loans by the related trustee; or

      o     if applicable, the maturity date of the related class of reset rate
            certificates.

Each swap agreement may be required to satisfy the rating agency condition if so
specified in the related prospectus supplement. The remarketing agents generally
will use procedures similar to those set forth above under "--Floating Rate
Mode" in the selection of the related swap counterparties and the establishment
of the applicable spread.

      Tender of Reset Rate Certificates; Remarketing Procedures. A remarketing
agreement will be entered into for the remarketing of the reset rate
certificates between the Depositor, or another person specified in the related
prospectus supplement, and the remarketing agents named in that agreement. A
remarketing agent may resign at any time provided that the resignation does not
occur within a specified time period prior to a remarketing terms determination
date. The Depositor or another person specified in the related prospectus
supplement may appoint a successor remarketing agent upon the resignation of any
remarketing agent.

      Prior to any remarketing terms determination date, the remarketing agents,
the trustee, the paying agent or another person performing similar functions
will:

      o     inform DTC, Euroclear and Clearstream, as applicable, of the
            identities of the applicable remarketing agents and that such class
            of securities is subject to automatic tender on the reset date
            unless a holder elects not to tender its particular reset rate
            certificates, and

      o     request that DTC, Euroclear and Clearstream, as applicable, notify
            its participants of the contents of the notice given to DTC,
            Euroclear and Clearstream, as applicable, the notices to be given on
            the remarketing terms determination date and the spread
            determination date, and the procedures that must be followed if any
            beneficial owner of a reset rate certificate wishes to retain the
            reset rate certificate, each as described below.

This will be the only required notice given to holders prior to a remarketing
terms determination date and with respect to the procedures for electing not to
tender a class of reset rate certificates. If DTC, Euroclear and Clearstream, as
applicable, or its respective nominee is no longer the holder of record of the
related class of reset rate certificates, the remarketing agents, the trustee,
the paying agent or another person performing similar functions will establish
procedures for the delivery of any such notice to the related
certificateholders.

      On the reset date that commences each reset period, each reset rate
certificate will be automatically tendered, or deemed tendered, to the relevant
remarketing agent for remarketing by such remarketing agent on the reset date at
100% of its outstanding principal balance, unless the holder, by delivery of a


                                       58



hold notice, if applicable, elects not to tender its reset rate certificate. If
the related class of reset rate certificates are held in book-entry form, 100%
of the outstanding principal balance of such class will be paid in accordance
with the standard procedures of DTC, which currently provide for payments in
same-day funds or procedures of Euroclear and Clearstream which, due to time
zone differences, will be required to provide for payment of principal and
interest due on the related distribution date approximately two business days
following the reset date, and, with respect to each reset date, other than for
any reset period following a reset date upon which a failed remarketing has
occurred, up to and including the reset date resulting in a successful
remarketing, additional interest at the applicable interest rate from and
including the related reset date to, but excluding, the second business day
following such reset date. Beneficial owners that tender their reset rate
certificates through a broker, dealer, commercial bank, trust company or other
institution may be required to pay fees or commissions to such institution.

      If applicable, the hold notice must be received by a remarketing agent
during the period commencing on the remarketing terms determination date and
ending on the notice date. To ensure that a hold notice is received on a
particular day, the beneficial owner must direct its broker or other designated
direct or indirect participant to give the hold notice before the broker's
cut-off time for accepting instructions for that day. Different firms may have
different cutoff times for accepting instructions from their customers.
Accordingly, beneficial owners should consult the brokers or other direct or
indirect participants through which they own their interests in the reset rate
certificates for the cut-off times for those brokers or participants. A
delivered hold notice will be irrevocable. If a hold notice is not timely
received for any reason by a remarketing agent on the notice date, the
beneficial owner of a class of reset rate certificates will be deemed to have
elected to tender such security for remarketing by the relevant remarketing
agent. All of the reset rate certificates of the applicable class, whether or
not tendered, will bear interest upon the same terms.

      The remarketing agents will attempt, on a reasonable efforts basis, to
remarket the tendered reset rate certificates at a price equal to 100% of the
aggregate principal balance so tendered. We cannot assure you that the
remarketing agents will be able to remarket the entire principal balance of the
reset rate certificates tendered in a remarketing. The obligations of the
remarketing agents will be subject to conditions and termination events
customary in transactions of this type, which may include conditions that all of
the securities subject to remarketing in fact were not called, none of the
securities have been downgraded or put under review by the applicable rating
agencies, no events of default with respect to the securities have occurred, and
no material adverse change in the trust's financial condition has occurred
between the remarketing terms determination date and the reset date. If the
remarketing agents are unable to remarket some or all of the tendered reset rate
certificates and, in their sole discretion, elect not to purchase those reset
rate certificates, then the remarketing agents will declare a failed
remarketing, all holders will retain their securities, the related reset period
will be fixed at three months (or such other period specified in the related
prospectus supplement), and the related interest rate will be set at the
applicable failed remarketing rate.

      No certificateholder or beneficial owner of any reset rate certificate
will have any rights or claims against any remarketing agent as a result of the
remarketing agent's not purchasing that reset rate certificate. The remarketing
agents will have the option, but not the obligation, to purchase any reset rate
certificates tendered that they are not able to remarket.

      Each of the remarketing agents, in its individual or any other capacity,
may buy, sell, hold and deal in the reset rate certificates. Any remarketing
agent may exercise any vote or join in any action which any beneficial owner of
the reset rate certificates may be entitled to exercise or take with like effect
as if it did not act in any capacity under the remarketing agency agreement. Any
remarketing agent, in its individual capacity, either as principal or agent, may
also engage in or have an interest in any financial or other transaction with
the trust, the depositor, the master servicer or the special servicer as freely
as if it did not act in any capacity under the remarketing agency agreement.

      Each of the remarketing agents will be entitled to receive a fee, and be
reimbursed for certain of its out-of-pocket expenses, from amounts on deposit in
the related remarketing fee account in connection with their services rendered
for each reset date, which may be funded, in whole or in part, by the excess
interest on the applicable class of reset rate certificates, paid by the
applicable swap counterparty or


                                       59



funded in another manner specified in the related prospectus supplement. The
remarketing agents may, if so provided in the related prospectus supplement, be
entitled to reimbursement from the trust if there are insufficient available
funds on the related distribution date, for certain expenses associated with
each remarketing.

ALLOCATION OF LOSSES AND SHORTFALLS

      The amount of any losses or shortfalls in collections on the mortgage
assets in any trust fund, to the extent not covered or offset by draws on any
reserve fund or under any instrument of credit support, will be allocated among
the respective classes of certificates of the related series in the priority and
manner, and subject to the limitations, specified in the related prospectus
supplement. As described in the related prospectus supplement, those allocations
may be effected by a reduction in the entitlements to interest and/or principal
balances of one or more classes of certificates, or by establishing a priority
of payments among the classes of certificates.

ADVANCES IN RESPECT OF DELINQUENCIES

      If provided in the related prospectus supplement, if a trust fund includes
mortgage loans, the master servicer, a special servicer, the trustee, any
provider of credit support and/or any other specified person may be obligated to
advance, or have the option of advancing, on or before each distribution date,
from its or their own funds or from excess funds held in the related certificate
account that are not part of the Available Distribution Amount for the related
series of certificates for that distribution date, an amount up to the aggregate
of any payments of principal, other than any balloon payments, and interest that
were due on or in respect of those mortgage loans during the related Due Period
and were delinquent on the related Determination Date.

      Advances are intended to maintain a regular flow of scheduled interest and
principal payments to holders of the class or classes of certificates entitled
thereto, rather than to guarantee or insure against losses. Accordingly, all
advances made out of a specific entity's own funds will be reimbursable out of
related recoveries on the mortgage loans, including amounts received under any
instrument of credit support, respecting which those advances were made (as to
any mortgage loan, "Related Proceeds") and those other specific sources as may
be identified in the related prospectus supplement, including in the case of a
series that includes one or more classes of Subordinate Certificates,
collections on other mortgage loans in the related trust fund that would
otherwise be distributable to the holders of one or more classes of those
Subordinate Certificates. No advance will be required to be made by a master
servicer, special servicer or trustee if, in the good faith judgment of the
master servicer, special servicer or trustee, as the case may be, that advance
would not be recoverable from Related Proceeds or another specifically
identified source (each, a "Nonrecoverable Advance"); and, if previously made by
a master servicer, special servicer or trustee, a Nonrecoverable Advance will be
reimbursable to the advancing party from any amounts in the related certificate
account prior to any distributions being made to the related series of
certificateholders.

      If advances have been made by a master servicer, special servicer, trustee
or other entity from excess funds in a certificate account, the advancing party
will be required to replace those funds in that certificate account on any
future distribution date to the extent that funds in that certificate account on
that distribution date are less than payments required to be made to the related
series of certificateholders on that date. If so specified in the related
prospectus supplement, the obligation of a master servicer, special servicer,
trustee or other entity to make advances may be secured by a cash advance
reserve fund or a surety bond. If applicable, information regarding the
characteristics of a surety bond, and the identity of any obligor on that surety
bond, will be set forth in the related prospectus supplement.

      If so provided in the related prospectus supplement, any entity making
advances will be entitled to receive interest on those advances for the period
that those advances are outstanding at the rate specified in that prospectus
supplement, and that entity will be entitled to payment of that interest
periodically from general collections on the mortgage loans in the related trust
fund prior to any payment to the related series of certificateholders or as
described in the prospectus supplement.


                                       60



      The prospectus supplement for any series of certificates evidencing an
interest in a trust fund that includes MBS will describe any comparable
advancing obligation.

REPORTS TO CERTIFICATEHOLDERS

      On each distribution date, together with the distribution to the holders
of each class of the offered certificates of a series, a master servicer or
trustee, as provided in the related prospectus supplement, will forward to each
holder a statement (a "Distribution Date Statement") that will set forth, among
other things, in each case to the extent applicable:

      o     the amount of that distribution to holders of that class of offered
            certificates that was applied to reduce the principal balance of
            those certificates, expressed as a dollar amount per minimum
            denomination of the relevant class of offered certificates or per a
            specified portion of that minimum denomination;

      o     the amount of that distribution to holders of that class of offered
            certificates that is allocable to Accrued Certificate Interest,
            expressed as a dollar amount per minimum denomination of the
            relevant class of offered certificates or per a specified portion of
            that minimum denomination;

      o     the amount, if any, of that distribution to holders of that class of
            offered certificates that is allocable to Prepayment Premiums
            expressed as a dollar amount per minimum denomination of the
            relevant class of offered certificates or per a specified portion of
            that minimum denomination;

      o     the amount, if any, by which that distribution is less than the
            amounts to which holders of that class of offered certificates are
            entitled;

      o     if the related trust fund includes mortgage loans, the aggregate
            amount of advances included in that distribution;

      o     if the related trust fund includes mortgage loans, the amount of
            servicing compensation received by the related master servicer (and,
            if payable directly out of the related trust fund, by any special
            servicer and any sub-servicer) and other customary information as
            the reporting party deems necessary or desirable, or that a
            certificateholder reasonably requests, to enable certificateholders
            to prepare their tax returns;

      o     information regarding the aggregate principal balance of the related
            mortgage assets on or about that distribution date;

      o     if the related trust fund includes mortgage loans, information
            regarding the number and aggregate principal balance of those
            mortgage loans that are delinquent in varying degrees;

      o     if the related trust fund includes mortgage loans, information
            regarding the aggregate amount of losses incurred and principal
            prepayments made with respect to those mortgage loans during the
            specified period, generally equal in length to the time period
            between distribution dates, during which prepayments and other
            unscheduled collections on the mortgage loans in the related trust
            fund must be received in order to be distributed on a particular
            distribution date;

      o     the principal balance or notional amount, as the case may be, of
            each class of certificates (including any class of certificates not
            offered hereby) at the close of business on that distribution date,
            separately identifying any reduction in that principal balance or
            notional amount due to the allocation of any losses in respect of
            the related mortgage assets, any increase in that principal balance
            or notional amount due to the allocation of any negative
            amortization in respect of the related mortgage assets and any
            increase in the principal balance of a class of Accrual
            Certificates, if any, in the event that Accrued Certificate Interest
            has been added to that balance;


                                       61



      o     if the class of offered certificates has a variable pass-through
            interest rate or an adjustable pass-through interest rate, the
            pass-through interest rate applicable to that class for that
            distribution date and, if determinable, for the next succeeding
            distribution date;

      o     the amount deposited in or withdrawn from any reserve fund on that
            distribution date, and the amount remaining on deposit in that
            reserve fund as of the close of business on that distribution date;

      o     if the related trust fund includes one or more instruments of credit
            support, like a letter of credit, an insurance policy and/or a
            surety bond, the amount of coverage under that instrument as of the
            close of business on that distribution date; and

      o     to the extent not otherwise reflected through the information
            furnished as described above, the amount of credit support being
            afforded by any classes of Subordinate Certificates.

      The prospectus supplement for each series of certificates may describe
variations or additions to the type of information to be included in reports to
the holders of the offered certificates of that series.

      Within a reasonable period of time after the end of each calendar year,
the master servicer or trustee for a series of certificates, as the case may be,
will be required to furnish to each person who at any time during the calendar
year was a holder of an offered certificate of that series a statement
containing the information set forth in the first three categories described
above, aggregated for that calendar year or the applicable portion of that year
during which that person was a certificateholder. This obligation will be deemed
to have been satisfied to the extent that substantially comparable information
is provided pursuant to any requirements of the Internal Revenue Code of 1986,
as amended (the "Code"), as are from time to time in force. See, however,
"Description of the Certificates--Book-Entry Registration and Definitive
Certificates" in this prospectus.

      If the trust fund for a series of certificates includes MBS, the ability
of the related master servicer or trustee, as the case may be, to include in any
Distribution Date Statement information regarding the mortgage loans underlying
that MBS will depend on the reports received with respect to that MBS. In those
cases, the related prospectus supplement will describe the loan-specific
information to be included in the distribution date statements that will be
forwarded to the holders of the offered certificates of that series in
connection with distributions made to them.

VOTING RIGHTS

      The voting rights evidenced by each series of certificates will be
allocated among the respective classes of that series in the manner described in
the related prospectus supplement.

      Certificateholders will generally not have a right to vote, except with
respect to required consents to certain amendments to the agreement pursuant to
which the certificates are issued and as specified in the related prospectus
supplement. See "Description of the Pooling Agreements--Amendment" in this
prospectus. The holders of specified amounts of certificates of a particular
series will have the right to act as a group to remove the related trustee and
also upon the occurrence of certain events which if continuing would constitute
an event of default on the part of the related master servicer. See "Description
of the Pooling Agreements--Events of Default," and "--Resignation and Removal of
the Trustee" in this prospectus.

TERMINATION

      The obligations created by the pooling and servicing or other agreement
creating a series of certificates will terminate following:

      o     the final payment or other liquidation of the last mortgage asset
            underlying the series or the disposition of all property acquired
            upon foreclosure of any mortgage loan underlying the series, and


                                       62



      o     the payment to the certificateholders of the series of all amounts
            required to be paid to them.

      Written notice of termination will be given to each certificateholder of
the related series, and the final distribution will be made only upon
presentation and surrender of the certificates of that series at the location to
be specified in the notice of termination.

      If so specified in the related prospectus supplement, a series of
certificates may be subject to optional early termination through the repurchase
of the mortgage assets in the related trust fund by the party or parties
specified in the prospectus supplement, in the manner set forth in the
prospectus supplement. If so provided in the related prospectus supplement, upon
the reduction of the principal balance of a specified class or classes of
certificates by a specified percentage or amount, a party designated in the
prospectus supplement may be authorized or required to bid for or solicit bids
for the purchase of all the mortgage assets of the related trust fund, or of a
sufficient portion of those mortgage assets to retire those class or classes, in
the manner set forth in the prospectus supplement.

BOOK-ENTRY REGISTRATION AND DEFINITIVE CERTIFICATES

      If so provided in the prospectus supplement for a series of certificates,
one or more classes of the offered certificates of that series will be offered
in book-entry format through the facilities of The Depository Trust Company, and
that class will be represented by one or more global certificates registered in
the name of DTC or its nominee.

      DTC is a limited-purpose trust company organized under the New York
Banking Law, a "banking corporation" within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Exchange Act. DTC
was created to hold securities for its participating organizations
("Participants") and facilitate the clearance and settlement of securities
transactions between Participants through electronic computerized book-entry
changes in their accounts, thereby eliminating the need for physical movement of
securities certificates. "Direct Participants", which maintain accounts with
DTC, include securities brokers and dealers, banks, trust companies and clearing
corporations and may include certain other organizations. DTC is owned by a
number of its Direct Participants and by the New York Stock Exchange, Inc., the
American Stock Exchange, Inc. and the National Association of Securities
Dealers, Inc. Access to the DTC system also is available to others like banks,
brokers, dealers and trust companies that clear through or maintain a custodial
relationship with a Direct Participant, either directly or indirectly ("Indirect
Participants").

      Purchases of Book-Entry Certificates under the DTC system must be made by
or through Direct Participants, which will receive a credit for the Book-Entry
Certificates on DTC's records.

      The ownership interest of each actual purchaser of a Book-Entry
Certificate (a "Certificate Owner") is in turn to be recorded on the Direct and
Indirect Participants' records. Certificate Owners will not receive written
confirmation from DTC of their purchases, but Certificate Owners are expected to
receive written confirmations providing details of those transactions, as well
as periodic statements of their holdings, from the Direct or Indirect
Participant through which each Certificate Owner entered into the transaction.
Transfers of ownership interest in the Book-Entry Certificates are to be
accomplished by entries made on the books of Participants acting on behalf of
Certificate Owners. Certificate Owners will not receive certificates
representing their ownership interests in the Book-Entry Certificates, except in
the event that use of the book-entry system for the Book-Entry Certificates of
any series is discontinued as described below.

      DTC has no knowledge of the actual Certificate Owners of the Book-Entry
Certificates; DTC's records reflect only the identity of the Direct Participants
to whose accounts those certificates are credited, which may or may not be the
Certificate Owners. The Participants will remain responsible for keeping account
of their holdings on behalf of their customers.

      Conveyance of notices and other communications by DTC to Direct
Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Certificate


                                       63



Owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time.

      Distributions on the Book-Entry Certificates will be made to DTC. DTC's
practice is to credit Direct Participants' accounts on the related distribution
date in accordance with their respective holdings shown on DTC's records unless
DTC has reason to believe that it will not receive payment on that date.
Disbursement of those distributions by Participants to Certificate Owners will
be governed by standing instructions and customary practices, as is the case
with securities held for the accounts of customers in bearer form or registered
in "street name," and will be the responsibility of that Participant (and not of
DTC, the Depositor or any trustee or master servicer), subject to any statutory
or regulatory requirements as may be in effect from time to time. Under a
book-entry system, Certificate Owners may receive payments after the related
distribution date.

      Generally, with respect to Book-Entry Certificates, the only
certificateholder of record will be the nominee of DTC, and the Certificate
Owners will not be recognized as certificateholders under the agreement pursuant
to which the certificates are issued. Certificate Owners will be permitted to
exercise the rights of certificateholders under that agreement only indirectly
through the Participants who in turn will exercise their rights through DTC. The
Depositor is informed that DTC will take action permitted to be taken by a
certificateholder under that agreement only at the direction of one or more
Participants to whose account with DTC interests in the Book-Entry Certificates
are credited.

      Because DTC can act only on behalf of Participants, who in turn act on
behalf of Indirect Participants and certain Certificate Owners, the ability of a
Certificate Owner to pledge its interest in Book-Entry Certificates to persons
or entities that do not participate in the DTC system, or otherwise take actions
in respect of its interest in Book-Entry Certificates, may be limited due to the
lack of a physical certificate evidencing that interest.

      If so specified in the related prospectus supplement, certificates
initially issued in book-entry form will be issued as Definitive Certificates to
Certificate Owners or their nominees, rather than to DTC or its nominee, only if

      o     the Depositor advises the trustee in writing that DTC is no longer
            willing or able to discharge properly its responsibilities as
            depository with respect to those certificates and the Depositor is
            unable to locate a qualified successor or

      o     the Depositor notifies DTC of its intent to terminate the book-entry
            system through DTC and, upon receipt of notice of such intent from
            DTC, the Participants holding beneficial interests in the Book-Entry
            Certificates agree to initiate such termination.

      Upon the occurrence of either of the events described above, DTC will be
required to notify all Participants of the availability through DTC of
Definitive Certificates. Upon surrender by DTC of the certificate or
certificates representing a class of Book-Entry Certificates, together with
instructions for registration, the trustee for the related series or other
designated party will be required to issue to the Certificate Owners identified
in those instructions the Definitive Certificates to which they are entitled,
and thereafter the holders of those Definitive Certificates will be recognized
as certificateholders of record under the related agreement pursuant to which
the certificates are issued.

      Transfers between Clearstream Participants and Euroclear Participants will
occur in accordance with their applicable rules and operating procedures.

      Cross-market transfers between persons holding directly or indirectly
through DTC, on the one hand, and directly through Clearstream Participants or
Euroclear Participants, on the other, will be effected in DTC in accordance with
DTC rules on behalf of the relevant European international clearing system by
its Depository; however, these cross-market transactions will require delivery
of instructions to the relevant European international clearing system by the
counterparty in that system in accordance with its rules and procedures. If the
transaction complies with all relevant requirements, Euroclear or Clearstream,
as


                                       64



the case may be, will then deliver instructions to the Depository to take action
to effect final settlement on its behalf.

      Because of time-zone differences, it is possible that credits of
securities in Clearstream or Euroclear as a result of a transaction with a DTC
Participant will be made during the subsequent securities settlement processing,
dated the business day following the DTC settlement date, and those credits or
any transactions in those securities settled during this processing will be
reported to the relevant Clearstream Participant or Euroclear Participant on
that business day. Cash received in Clearstream or Euroclear as a result of
sales of securities by or through a Clearstream Participant or a Euroclear
Participant to a DTC Participant will be received with value on the DTC
settlement date but, due to time-zone differences, may be available in the
relevant Clearstream or Euroclear cash account only as of the business day
following settlement in DTC.

      Certificate Owners that are not Direct or Indirect Participants but desire
to purchase, sell or otherwise transfer ownership of, or other interests in, the
offered certificates may do so only through Direct and Indirect Participants. In
addition, Certificate Owners will receive all distributions of principal of and
interest on the offered certificates from the Trustee through DTC and its Direct
and Indirect Participants. Accordingly, Certificate Owners may experience delays
in their receipt of payments, since those payments will be forwarded by the
Trustee to Cede & Co., as nominee of DTC. DTC will forward those payments to its
Participants, which thereafter will forward them to Indirect Participants or
beneficial owners of offered certificates. Except as otherwise provided under
"Description of the Certificates--Reports to Certificateholders; Certain
Available Information" in the related prospectus supplement, Certificate Owners
will not be recognized by the Trustee, the Special Servicer or the Master
Servicer as holders of record of Certificates and Certificate Owners will be
permitted to receive information furnished to Certificateholders and to exercise
the rights of Certificateholders only indirectly through DTC and its Direct and
Indirect Participants.

      Under the rules, regulations and procedures creating and affecting DTC and
its operations (the "Rules"), DTC is required to make book entry transfers of
the offered certificates among Participants and to receive and transmit
distributions of principal of, and interest on, the offered certificates. Direct
and Indirect Participants with which Certificate Owners have accounts with
respect to the offered certificates similarly are required to make book entry
transfers and receive and transmit the distributions on behalf of their
respective Certificate Owners. Accordingly, although Certificate Owners will not
possess physical certificates evidencing their interests in the offered
certificates, the Rules provide a mechanism by which Certificate Owners, through
their Direct and Indirect Participants, will receive distributions and will be
able to transfer their interests in the offered certificates.

      Because DTC can only act on behalf of Participants, who in turn act on
behalf of Indirect Participants and certain banks, the ability of
Certificateholders to pledge the Certificates to persons or entities that do not
participate in the DTC system, or to otherwise act with respect to the
Certificates, may be limited due to the lack of a physical certificate for the
Certificates.

      DTC has advised the Depositor that it will take any action permitted to be
taken by a holder of an offered certificate under the Pooling and Servicing
Agreement only at the direction of one or more Participants to whose accounts
with DTC the offered certificates are credited. DTC may take conflicting actions
with respect to other undivided interests to the extent that those actions are
taken on behalf of Participants whose holdings include the undivided interests.

      Securities clearance accounts and cash accounts with the Euroclear
operator are governed by the Terms and Conditions Governing Use of Euroclear and
the related operating procedures of Euroclear and applicable Belgian law
(collectively, the "Terms and Conditions"). The Terms and Conditions govern
transfers of securities and cash within Euroclear, withdrawal of securities and
cash from Euroclear, and receipts of payments with respect to securities in
Euroclear.

      Although DTC, Euroclear and Clearstream have implemented the foregoing
procedures in order to facilitate transfers of interests in global Certificates
among Participants of DTC, Euroclear and


                                       65



Clearstream, they are under no obligation to perform or to continue to comply
with the foregoing procedures, and the foregoing procedures may be discontinued
at any time.

                      DESCRIPTION OF THE POOLING AGREEMENTS

GENERAL

      The certificates of each series will be issued pursuant to a pooling and
servicing agreement or other agreement specified in the related prospectus
supplement (in either case, a "Pooling Agreement"). In general, the parties to a
Pooling Agreement will include the Depositor, a trustee, a master servicer and,
in some cases, a special servicer appointed as of the date of the Pooling
Agreement. However, a Pooling Agreement may include a Mortgage Asset Seller as a
party, and a Pooling Agreement that relates to a trust fund that consists solely
of MBS may not include a master servicer or other servicer as a party. All
parties to each Pooling Agreement under which certificates of a series are
issued will be identified in the related prospectus supplement. If so specified
in the related prospectus supplement, an affiliate of the Depositor, or the
Mortgage Asset Seller or an affiliate of the Mortgage Asset Seller, may perform
the functions of master servicer or special servicer. Any party to a Pooling
Agreement may own certificates.

      A form of a Pooling Agreement has been filed as an exhibit to the
Registration Statement of which this prospectus is a part. However, the
provisions of each Pooling Agreement will vary depending upon the nature of the
certificates to be issued and the nature of the related trust fund. The
following summaries describe certain provisions that may appear in a Pooling
Agreement under which certificates that evidence interests in mortgage loans
will be issued. The prospectus supplement for a series of certificates will
describe any provision of the related Pooling Agreement that materially differs
from the description contained in this prospectus and, if the related trust fund
includes MBS, will summarize all of the material provisions of the related
Pooling Agreement. The summaries in this prospectus do not purport to be
complete and are subject to, and are qualified in their entirety by reference
to, all of the provisions of the Pooling Agreement for each series of
certificates and the description of those provisions in the related prospectus
supplement. We will provide a copy of the Pooling Agreement that relates to any
series of certificates without charge upon written request of a holder of a
certificate of that series addressed to J.P. Morgan Chase Commercial Mortgage
Securities Corp., 270 Park Avenue, New York, New York 10017, Attention:
President.

ASSIGNMENT OF MORTGAGE LOANS; REPURCHASES

      At the time of issuance of any series of certificates, we will assign (or
cause to be assigned) to the designated trustee the mortgage loans to be
included in the related trust fund. The trustee will, concurrently with the
assignment, deliver the certificates to or at the direction of the Depositor in
exchange for the mortgage loans and any interest rate or currency swap or
interest rate cap, floor or collar contracts to be included in the trust fund
for that series. Each mortgage loan will be identified in a schedule. That
schedule generally will include detailed information that pertains to each
mortgage loan included in the related trust fund, which information will
typically include the address of the related Mortgaged Property and type of that
property; the mortgage interest rate and, if applicable, the applicable index,
gross margin, adjustment date and any rate cap information; the original and
remaining term to maturity; the original amortization term; and the original and
outstanding principal balance.

      With respect to each mortgage loan to be included in a trust fund, we will
deliver (or cause to be delivered) to the related trustee (or to a custodian
appointed by the trustee) certain loan documents which will generally include
the original Mortgage Note endorsed, without recourse, to the order of the
trustee, the original Mortgage, or a certified copy, in each case with evidence
of recording indicated on it and an assignment of the Mortgage to the trustee in
recordable form. The related Pooling Agreement will generally require us or
another party to the agreement to promptly cause each assignment of Mortgage to
be recorded in the appropriate public office for real property records. In the
event a particular Pooling Agreement differs with respect to the mortgage file
delivery requirements for a particular series, the terms will be described in
the related prospectus supplement.


                                       66



      The trustee (or a custodian appointed by the trustee) for a series of
certificates will be required to review the mortgage loan documents delivered to
it within a specified period of days after receipt of the mortgage loan
documents, and the trustee (or that custodian) will hold those documents in
trust for the benefit of the certificateholders of that series. Generally, if
that document is found to be missing or defective, and that omission or defect,
as the case may be, materially and adversely affects the interests of the
certificateholders of the related series, the trustee (or that custodian) will
be required to notify the master servicer and the Depositor, and one of those
persons will be required to notify the relevant Mortgage Asset Seller. In that
case, and if the Mortgage Asset Seller cannot deliver the document or cure the
defect within a specified number of days after receipt of that notice, then, the
Mortgage Asset Seller will generally be obligated to repurchase the related
mortgage loan from the trustee at a price that will be specified in the related
prospectus supplement. A Mortgage Asset Seller, in lieu of repurchasing a
mortgage loan as to which there is missing or defective loan documentation, will
generally have the option, exercisable upon certain conditions and/or within a
specified period after initial issuance of that series of certificates, to
replace those mortgage loans with one or more other mortgage loans, in
accordance with standards that will be described in the prospectus supplement.
This repurchase or substitution obligation will generally constitute the sole
remedy to holders of the certificates of any series or to the related trustee on
their behalf for missing or defective loan documentation and neither the
Depositor nor, unless it is the Mortgage Asset Seller, the master servicer will
be obligated to purchase or replace a mortgage loan if a Mortgage Asset Seller
defaults on its obligation to do so. Notwithstanding the foregoing, if a
document has not been delivered to the related trustee (or to a custodian
appointed by the trustee) because that document has been submitted for
recording, and neither that document nor a certified copy, in either case with
evidence of recording on it, can be obtained because of delays on the part of
the applicable recording office, then the Mortgage Asset Seller will generally
not be required to repurchase or replace the affected mortgage loan on the basis
of that missing document so long as it continues in good faith to attempt to
obtain that document or that certified copy. In the event a particular Pooling
Agreement differs with respect to the above requirements for a particular
series, the terms will be described in the related prospectus supplement.

REPRESENTATIONS AND WARRANTIES; REPURCHASES

      The Depositor will, with respect to each mortgage loan in the related
trust fund, make or assign, or cause to be made or assigned, certain
representations and warranties (the person making those representations and
warranties, the "Warranting Party") covering, by way of example:

      o     the accuracy of the information set forth for that mortgage loan on
            the schedule of mortgage loans delivered upon initial issuance of
            the certificates;

      o     the enforceability of the related Mortgage Note and Mortgage and the
            existence of title insurance insuring the lien priority of the
            related Mortgage;

      o     the Warranting Party's title to the mortgage loan and the authority
            of the Warranting Party to sell the mortgage loan; and

      o     the payment status of the mortgage loan.

      A brief summary of additional representations and warranties that are
applicable to a particular series will be described in the prospectus
supplement. It is expected that in most cases the Warranting Party will be the
Mortgage Asset Seller; however, the Warranting Party may also be an affiliate of
the Mortgage Asset Seller, the Depositor or an affiliate of the Depositor, the
master servicer, a special servicer or another person acceptable to the
Depositor. The Warranting Party, if other than the Mortgage Asset Seller, will
be identified in the related prospectus supplement.

      Each Pooling Agreement will generally provide that the master servicer
and/or trustee will be required to notify promptly any Warranting Party of any
breach of any representation or warranty made by it in respect of a mortgage
loan that materially and adversely affects the interests of the
certificateholders of the related series. If that Warranting Party cannot cure
that breach within a specified period following the


                                       67



date on which it was notified of the breach, then it will be obligated to
repurchase that mortgage loan from the trustee at a price that will be specified
in the related prospectus supplement. If so provided in the prospectus
supplement for a series of certificates, a Warranting Party, in lieu of
repurchasing a mortgage loan as to which a breach has occurred, will have the
option, exercisable upon certain conditions and/or within a specified period
after initial issuance of that series of certificates, to replace that mortgage
loan with one or more other mortgage loans, in accordance with standards that
will be described in the prospectus supplement. This repurchase or substitution
obligation will constitute the sole remedy available to holders of the
certificates of any series or to the related trustee on their behalf for a
breach of representation and warranty by a Warranting Party and neither the
Depositor nor the master servicer, in either case unless it is the Warranting
Party, will be obligated to purchase or replace a mortgage loan if a Warranting
Party defaults on its obligation to do so.

      In some cases, representations and warranties will have been made in
respect of a mortgage loan as of a date prior to the date upon which the related
series of certificates is issued, and thus may not address events that may occur
following the date as of which they were made. However, we will not include any
mortgage loan in the trust fund for any series of certificates if anything has
come to our attention that would cause us to believe that the representations
and warranties made in respect of that mortgage loan will not be accurate in all
material respects as of the date of issuance. The date as of which the
representations and warranties regarding the mortgage loans in any trust fund
were made will be specified in the related prospectus supplement.

COLLECTION AND OTHER SERVICING PROCEDURES

     The master servicer for any trust fund, directly or through sub-servicers,
will be required to make reasonable efforts to collect all scheduled payments
under the mortgage loans in that trust fund, and will be required to follow the
same collection procedures as it would follow with respect to mortgage loans
that are comparable to the mortgage loans in that trust fund and held for its
own account, provided those procedures are consistent with:

      1.    the terms of the related Pooling Agreement and any related
            instrument of credit support included in that trust fund,

      2.    applicable law, and

      3.    the servicing standard specified in the related Pooling Agreement
            and prospectus supplement (the "Servicing Standard").

      The master servicer for any trust fund, directly or through sub-servicers,
will also be required to perform as to the mortgage loans in that trust fund
various other customary functions of a servicer of comparable loans, including
maintaining escrow or impound accounts, if required under the related Pooling
Agreement, for payment of taxes, insurance premiums, ground rents and similar
items, or otherwise monitoring the timely payment of those items; attempting to
collect delinquent payments; supervising foreclosures; negotiating
modifications; conducting property inspections on a periodic or other basis;
managing (or overseeing the management of) Mortgaged Properties acquired on
behalf of that trust fund through foreclosure, deed-in-lieu of foreclosure or
otherwise (each, an "REO Property"); and maintaining servicing records relating
to those mortgage loans. The master servicer will generally be responsible for
filing and settling claims in respect of particular mortgage loans under any
applicable instrument of credit support. See "Description of Credit Support" in
this prospectus.

SUB-SERVICERS

      A master servicer may delegate its servicing obligations in respect of the
mortgage loans serviced thereby to one or more third-party servicers; provided
that the master servicer will generally remain obligated under the related
Pooling Agreement. A sub-servicer for any series of certificates may be an
affiliate of the Depositor or master servicer. Each sub-servicing agreement
between a master servicer and a sub-servicer (a "Sub-Servicing Agreement") will
generally provide that, if for any reason the master servicer is no longer
acting in that capacity, the trustee or any successor master servicer may assume
the


                                       68



master servicer's rights and obligations under that Sub-Servicing Agreement. A
master servicer will be required to monitor the performance of sub-servicers
retained by it and will have the right to remove a sub-servicer retained by it
at any time it considers removal to be in the best interests of
certificateholders.

      Generally, a master servicer will be solely liable for all fees owed by it
to any sub-servicer, irrespective of whether the master servicer's compensation
pursuant to the related Pooling Agreement is sufficient to pay those fees. Each
sub-servicer will be reimbursed by the master servicer that retained it for
certain expenditures which it makes, generally to the same extent the master
servicer would be reimbursed under a Pooling Agreement. See "--Certificate
Account" and "--Servicing Compensation and Payment of Expenses" in this
prospectus.

SPECIAL SERVICERS

      To the extent so specified in the related prospectus supplement, one or
more special servicers may be a party to the related Pooling Agreement or may be
appointed by the master servicer or another specified party. A special servicer
for any series of certificates may be an affiliate of the Depositor or the
master servicer. A special servicer may be entitled to any of the rights, and
subject to any of the obligations, described in this prospectus in respect of a
master servicer. The related prospectus supplement will describe the rights,
obligations and compensation of any special servicer for a particular series of
certificates. The master servicer will not be liable for the performance of a
special servicer.

CERTIFICATE ACCOUNT

      General. The master servicer, the trustee and/or a special servicer will,
as to each trust fund that includes mortgage loans, establish and maintain or
cause to be established and maintained one or more separate accounts for the
collection of payments on or in respect of those mortgage loans, which will be
established so as to comply with the standards of each rating agency that has
rated any one or more classes of certificates of the related series. A
certificate account may be maintained as an interest-bearing or a
non-interest-bearing account and the funds held in a certificate account may be
invested pending each succeeding distribution date in United States government
securities and other obligations that are acceptable to each rating agency that
has rated any one or more classes of certificates of the related series
("Permitted Investments"). Any interest or other income earned on funds in a
certificate account will generally be paid to the related master servicer,
trustee or any special servicer as additional compensation. A certificate
account may be maintained with the related master servicer, special servicer or
Mortgage Asset Seller or with a depository institution that is an affiliate of
any of the foregoing or of the Depositor, provided that it complies with
applicable rating agency standards. If permitted by the applicable rating agency
or agencies and so specified in the related prospectus supplement, a certificate
account may contain funds relating to more than one series of mortgage
pass-through certificates and may contain other funds representing payments on
mortgage loans owned by the related master servicer or any special servicer or
serviced by either on behalf of others.

      Deposits. A master servicer, trustee or special servicer will generally be
required to deposit or cause to be deposited in the certificate account for each
trust fund that includes mortgage loans, within a certain period following
receipt (in the case of collections on or in respect of the mortgage loans) or
otherwise as provided in the related Pooling Agreement, the following payments
and collections received or made by the master servicer, the trustee or any
special servicer subsequent to the cut-off date (other than payments due on or
before the cut-off date):

      1.    all payments on account of principal, including principal
            prepayments, on the mortgage loans;

      2.    all payments on account of interest on the mortgage loans, including
            any default interest collected, in each case net of any portion
            retained by the master servicer or any special servicer as its
            servicing compensation or as compensation to the trustee;

      3.    all proceeds received under any hazard, title or other insurance
            policy that provides coverage with respect to a Mortgaged Property
            or the related mortgage loan or in connection with the full or
            partial condemnation of a Mortgaged Property (other than proceeds
            applied to the restoration


                                       69



            of the property or released to the related borrower in accordance
            with the customary servicing practices of the master servicer (or,
            if applicable, a special servicer) and/or the terms and conditions
            of the related Mortgage) (collectively, "Insurance and Condemnation
            Proceeds") and all other amounts received and retained in connection
            with the liquidation of defaulted mortgage loans or property
            acquired by foreclosure or otherwise ("Liquidation Proceeds"),
            together with the net operating income (less reasonable reserves for
            future expenses) derived from the operation of any Mortgaged
            Properties acquired by the trust fund through foreclosure or
            otherwise;

      4.    any amounts paid under any instrument or drawn from any fund that
            constitutes credit support for the related series of certificates as
            described under "Description of Credit Support" in this prospectus;

      5.    any advances made as described under "Description of the
            Certificates--Advances in Respect of Delinquencies" in this
            prospectus;

      6.    any amounts paid under any Cash Flow Agreement, as described under
            "Description of the Trust Funds--Cash Flow Agreements" in this
            prospectus;

      7.    all proceeds of the purchase of any mortgage loan, or property
            acquired in respect of a mortgage loan, by the Depositor, any
            Mortgage Asset Seller or any other specified person as described
            under "--Assignment of Mortgage Loans; Repurchases" and
            "--Representations and Warranties; Repurchases" in this prospectus,
            all proceeds of the purchase of any defaulted mortgage loan as
            described under "--Realization Upon Defaulted Mortgage Loans" in
            this prospectus, and all proceeds of any mortgage asset purchased as
            described under "Description of the Certificates--Termination" in
            this prospectus (all of the foregoing, also "Liquidation Proceeds");

      8.    any amounts paid by the master servicer to cover Prepayment Interest
            Shortfalls arising out of the prepayment of mortgage loans as
            described under "--Servicing Compensation and Payment of Expenses"
            in this prospectus;

      9.    to the extent that this item does not constitute additional
            servicing compensation to the master servicer or a special servicer,
            any payments on account of modification or assumption fees, late
            payment charges or Prepayment Premiums with respect to the mortgage
            loans;

      10.   all payments required to be deposited in the certificate account
            with respect to any deductible clause in any blanket insurance
            policy described under "--Hazard Insurance Policies" in this
            prospectus;

      11.   any amount required to be deposited by the master servicer or the
            trustee in connection with losses realized on investments for the
            benefit of the master servicer or the trustee, as the case may be,
            of funds held in the certificate account; and

      12.   any other amounts required to be deposited in the certificate
            account as provided in the related Pooling Agreement and described
            in the related prospectus supplement.

      Withdrawals. A master servicer, trustee or special servicer may generally
make withdrawals from the certificate account for each trust fund that includes
mortgage loans for any of the following purposes:

      1.    to make distributions to the certificateholders on each distribution
            date;

      2.    to pay the master servicer, the trustee or a special servicer any
            servicing fees not previously retained by them out of payments on
            the particular mortgage loans as to which those fees were earned;

      3.    to reimburse the master servicer, a special servicer, the trustee or
            any other specified person for any unreimbursed amounts advanced by
            it as described under "Description of the Certificates--Advances in
            Respect of Delinquencies" in this prospectus, the reimbursement to
            be made out of


                                       70



            amounts received that were identified and applied by the master
            servicer or a special servicer, as applicable, as late collections
            of interest on and principal of the particular mortgage loans with
            respect to which the advances were made or out of amounts drawn
            under any form of credit support with respect to those mortgage
            loans;

      4.    to reimburse the master servicer, the trustee or a special servicer
            for unpaid servicing fees earned by it and certain unreimbursed
            servicing expenses incurred by it with respect to mortgage loans in
            the trust fund and properties acquired in respect of the mortgage
            loans, the reimbursement to be made out of amounts that represent
            Liquidation Proceeds and Insurance and Condemnation Proceeds
            collected on the particular mortgage loans and properties, and net
            income collected on the particular properties, with respect to which
            those fees were earned or those expenses were incurred or out of
            amounts drawn under any form of credit support with respect to those
            mortgage loans and properties;

      5.    to reimburse the master servicer, a special servicer, the trustee or
            other specified person for any advances described in clause (3)
            above made by it and/or any servicing expenses referred to in clause
            (4) above incurred by it that, in the good faith judgment of the
            master servicer, special servicer, trustee or other specified
            person, as applicable, will not be recoverable from the amounts
            described in clauses (3) and (4), respectively, the reimbursement to
            be made from amounts collected on other mortgage loans in the same
            trust fund or, if so provided by the related Pooling Agreement and
            described in the related prospectus supplement, only from that
            portion of amounts collected on those other mortgage loans that is
            otherwise distributable on one or more classes of Subordinate
            Certificates of the related series;

      6.    if described in the related prospectus supplement, to pay the master
            servicer, a special servicer, the trustee or any other specified
            person interest accrued on the advances described in clause (3)
            above made by it and the servicing expenses described in clause (4)
            above incurred by it while they remain outstanding and unreimbursed;

      7.    if and as described in the related prospectus supplement, to pay for
            costs and expenses incurred by the trust fund for environmental site
            assessments performed with respect to Mortgaged Properties that
            constitute security for defaulted mortgage loans, and for any
            containment, clean-up or remediation of hazardous wastes and
            materials present on those Mortgaged Properties;

      8.    to reimburse the master servicer, the special servicer, the
            Depositor, or any of their respective directors, officers, employees
            and agents, as the case may be, for certain expenses, costs and
            liabilities incurred thereby, as described under "--Certain Matters
            Regarding the Master Servicer and the Depositor" in this prospectus;

      9.    if described in the related prospectus supplement, to pay the fees
            of trustee;

      10.   to reimburse the trustee or any of its directors, officers,
            employees and agents, as the case may be, for certain expenses,
            costs and liabilities incurred thereby, as described under
            "--Certain Matters Regarding the Trustee" in this prospectus;

      11.   if described in the related prospectus supplement, to pay the fees
            of any provider of credit support;

      12.   if described in the related prospectus supplement, to reimburse
            prior draws on any form of credit support;

      13.   to pay the master servicer, a special servicer or the trustee, as
            appropriate, interest and investment income earned in respect of
            amounts held in the certificate account as additional compensation;


                                       71



      14.   to pay (generally from related income) for costs incurred in
            connection with the operation, management and maintenance of any
            Mortgaged Property acquired by the trust fund by foreclosure or
            otherwise;

      15.   if one or more elections have been made to treat the trust fund or
            designated portions of the trust fund as a REMIC, to pay any
            federal, state or local taxes imposed on the trust fund or its
            assets or transactions, as described under "Certain Federal Income
            Tax Consequences--Federal Income Tax Consequences for REMIC
            Certificates--Taxes That May Be Imposed on the REMIC Pool" in this
            prospectus;

      16.   to pay for the cost of an independent appraiser or other expert in
            real estate matters retained to determine a fair sale price for a
            defaulted mortgage loan or a property acquired in respect a
            defaulted mortgage loan in connection with the liquidation of that
            mortgage loan or property;

      17.   to pay for the cost of various opinions of counsel obtained pursuant
            to the related Pooling Agreement for the benefit of
            certificateholders;

      18.   to make any other withdrawals permitted by the related Pooling
            Agreement and described in the related prospectus supplement; and

      19.   to clear and terminate the certificate account upon the termination
            of the trust fund.

MODIFICATIONS, WAIVERS AND AMENDMENTS OF MORTGAGE LOANS

      A master servicer or special servicer may agree to modify, waive or amend
any term of any mortgage loan serviced by it in a manner consistent with the
applicable Servicing Standard. For example, the related prospectus supplement
may provide that a mortgage loan may be amended to extend the maturity date or
change the interest rate.

REALIZATION UPON DEFAULTED MORTGAGE LOANS

      A borrower's failure to make required mortgage loan payments may mean that
operating income is insufficient to service the mortgage debt, or may reflect
the diversion of that income from the servicing of the mortgage debt. In
addition, a borrower that is unable to make mortgage loan payments may also be
unable to make timely payment of taxes and insurance premiums and to otherwise
maintain the related Mortgaged Property. In general, the master servicer or the
special servicer, if any, for a series of certificates will be required to
monitor any mortgage loan in the related trust fund that is in default, evaluate
whether the causes of the default can be corrected over a reasonable period
without significant impairment of the value of the related Mortgaged Property,
initiate corrective action in cooperation with the borrower if cure is likely,
inspect the related Mortgaged Property and take any other actions as are
consistent with the Servicing Standard. A significant period of time may elapse
before the servicer is able to assess the success of the corrective action or
the need for additional initiatives.

      The time within which the servicer can make the initial determination of
appropriate action, evaluate the success of corrective action, develop
additional initiatives, institute foreclosure proceedings and actually foreclose
(or accept a deed to a Mortgaged Property in lieu of foreclosure) on behalf of
the certificateholders may vary considerably depending on the particular
mortgage loan, the Mortgaged Property, the borrower, the presence of an
acceptable party to assume the mortgage loan and the laws of the jurisdiction in
which the Mortgaged Property is located. If a borrower files a bankruptcy
petition, the master servicer may not be permitted to accelerate the maturity of
the related mortgage loan or to foreclose on the related Mortgaged Property for
a considerable period of time, and that mortgage loan may be restructured in the
resulting bankruptcy proceedings. See "Certain Legal Aspects of Mortgage Loans"
in this prospectus.

      The related prospectus supplement will describe the remedies available to
a servicer in connection with a default on a mortgage loan. Such remedies
include instituting foreclosure proceedings, exercising


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any power of sale contained in mortgage, obtaining a deed in lieu of foreclosure
or otherwise acquire title to the related Mortgaged Property, by operation of
law or otherwise.

HAZARD INSURANCE POLICIES

      Each Pooling Agreement will generally require the master servicer to cause
each mortgage loan borrower to maintain a hazard insurance policy that provides
for the coverage required under the related Mortgage or, if the Mortgage permits
the mortgagee to dictate to the borrower the insurance coverage to be maintained
on the related Mortgaged Property, the coverage consistent with the requirements
of the Servicing Standard. The coverage generally will be in an amount equal to
the lesser of the principal balance owing on that mortgage loan and the
replacement cost of the related Mortgaged Property. The ability of a master
servicer to assure that hazard insurance proceeds are appropriately applied may
be dependent upon its being named as an additional insured under any hazard
insurance policy and under any other insurance policy referred to below, or upon
the extent to which information concerning covered losses is furnished by
borrowers. All amounts collected by a master servicer under that policy (except
for amounts to be applied to the restoration or repair of the Mortgaged Property
or released to the borrower in accordance with the master servicer's normal
servicing procedures and/or to the terms and conditions of the related Mortgage
and Mortgage Note) will be deposited in the related certificate account. The
Pooling Agreement may provide that the master servicer may satisfy its
obligation to cause each borrower to maintain a hazard insurance policy by
maintaining a blanket policy insuring against hazard losses on all of the
mortgage loans in a trust fund. If the blanket policy contains a deductible
clause, the master servicer will be required, in the event of a casualty covered
by the blanket policy, to deposit in the related certificate account all sums
that would have been deposited in that certificate account but for that
deductible clause.

      In general, the standard form of fire and extended coverage policy covers
physical damage to or destruction of the improvements of the property by fire,
lightning, explosion, smoke, windstorm and hail, and riot, strike and civil
commotion, subject to the conditions and exclusions specified in each policy.
Although the policies covering the Mortgaged Properties will be underwritten by
different insurers under different state laws in accordance with different
applicable state forms, and therefore will not contain identical terms and
conditions, most policies typically do not cover any physical damage resulting
from war, revolution, governmental actions, floods and other water-related
causes, earth movement (including earthquakes, landslides and mudflows), wet or
dry rot, vermin, domestic animals and certain other kinds of risks. Accordingly,
a Mortgaged Property may not be insured for losses arising from that cause
unless the related Mortgage specifically requires, or permits the mortgagee to
require, that coverage.

      The hazard insurance policies covering the Mortgaged Properties will
typically contain co-insurance clauses that in effect require an insured at all
times to carry insurance of a specified percentage, generally 80% to 90%, of the
full replacement value of the improvements on the property in order to recover
the full amount of any partial loss. If the insured's coverage falls below this
specified percentage, those clauses generally provide that the insurer's
liability in the event of partial loss does not exceed the lesser of (1) the
replacement cost of the improvements less physical depreciation and (2) that
proportion of the loss as the amount of insurance carried bears to the specified
percentage of the full replacement cost of those improvements.

DUE-ON-SALE AND DUE-ON-ENCUMBRANCE PROVISIONS

      Certain of the mortgage loans may contain a due-on-sale clause that
entitles the lender to accelerate payment of the mortgage loan upon any sale or
other transfer of the related Mortgaged Property made without the lender's
consent. Certain of the mortgage loans may also contain a due-on-encumbrance
clause that entitles the lender to accelerate the maturity of the mortgage loan
upon the creation of any other lien or encumbrance upon the Mortgaged Property.
The master servicer will determine whether to exercise any right the trustee may
have under that provision in a manner consistent with the Servicing Standard.
The master servicer will generally be entitled to retain as additional servicing
compensation any fee collected in connection with the permitted transfer of a
Mortgaged Property. See "Certain Legal Aspects of Mortgage Loans--Due-on-Sale
and Due-on-Encumbrance" in this prospectus.


                                       73



SERVICING COMPENSATION AND PAYMENT OF EXPENSES

      A master servicer's primary servicing compensation with respect to a
series of certificates generally will come from the periodic payment to it of a
specified portion of the interest payments on each mortgage loan in the related
trust fund. Because that compensation is generally based on a percentage of the
principal balance of each mortgage loan outstanding from time to time, it will
decrease in accordance with the amortization of the mortgage loans. As
additional compensation, the master servicer may retain all or a portion of late
payment charges, Prepayment Premiums, modification fees and other fees collected
from borrowers and any interest or other income that may be earned on funds held
in the certificate account. Any sub-servicer will receive a portion of the
master servicer's compensation as its sub-servicing compensation.

      In addition to amounts payable to any sub-servicer, a master servicer may
be required, to the extent provided in the related prospectus supplement, to pay
from amounts that represent its servicing compensation certain expenses incurred
in connection with the administration of the related trust fund, including,
without limitation, payment of the fees and disbursements of independent
accountants and payment of expenses incurred in connection with distributions
and reports to certificateholders. Certain other expenses, including certain
expenses related to mortgage loan defaults and liquidations and, to the extent
so provided in the related prospectus supplement, interest on those expenses at
the rate specified in the prospectus supplement, and the fees of any special
servicer, may be required to be borne by the trust fund.

      If provided in the related prospectus supplement, a master servicer may be
required to apply a portion of the servicing compensation otherwise payable to
it in respect of any period to Prepayment Interest Shortfalls. See "Yield and
Maturity Considerations--Certain Shortfalls in Collections of Interest" in this
prospectus.

EVIDENCE AS TO COMPLIANCE

      The related prospectus supplement will identify each party that will be
required to deliver annually to the trustee, master servicer or us, as
applicable, on or before the date specified in the related Pooling Agreement, an
officer's certificate stating that (i) a review of that party's servicing
activities during the preceding calendar year and of performance under the
related Pooling Agreement has been made under the supervision of the officer,
and (ii) to the best of the officer's knowledge, based on the review, such party
has fulfilled all its obligations under the related Pooling Agreement throughout
the year, or, if there has been a default in the fulfillment of any obligation,
specifying the default known to the officer and the nature and status of the
default.

      In addition, each party that participates in the servicing and
administration of more than 5% of the mortgage loans and any interest rate or
currency swap or interest rate cap, floor or collar contracts comprising a trust
for any series will be required to deliver annually to us and/or the trustee, a
report (an "Assessment of Compliance") that assesses compliance by that party
with the servicing criteria set forth in Item 1122(d) of Regulation AB (17 CFR
229.1122) that contains the following:

      (a)   a statement of the party's responsibility for assessing compliance
            with the servicing criteria applicable to it;

      (b)   a statement that the party used the criteria in Item 1122(d) of
            Regulation AB to assess compliance with the applicable servicing
            criteria;

      (c)   the party's assessment of compliance with the applicable servicing
            criteria during and as of the end of the prior calendar month,
            setting forth any material instance of noncompliance identified by
            the party; and

      (d)   a statement that a registered public accounting firm has issued an
            attestation report on the party's assessment of compliance with the
            applicable servicing criteria during and as of the end of the prior
            calendar month.


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      Each party that is required to deliver an Assessment of Compliance will
also be required to simultaneously deliver a report (an "Attestation Report") of
a registered public accounting firm, prepared in accordance with the standards
for attestation engagements issued or adopted by the Public Company Accounting
Oversight Board, that expresses an opinion, or states that an opinion cannot be
expressed, concerning the party's assessment of compliance with the applicable
servicing criteria.

      Each Pooling Agreement will also require, on or before a specified date in
each year, the master servicer to furnish to the trustee a statement signed by
one or more officers of the master servicer to the effect that the master
servicer has fulfilled its material obligations under that Pooling Agreement
throughout the preceding calendar year or other specified twelve month period.

CERTAIN MATTERS REGARDING THE MASTER SERVICER AND THE DEPOSITOR

      The related prospectus supplement will describe certain protections
afforded to a servicer under the related Pooling Agreement. For example, the
Pooling Agreement may permit the servicer to resign from its obligations under
the Pooling Agreement provided certain conditions are met. In addition, the
Pooling Agreement may provide that none of the master servicer, the Depositor or
any director, officer, employee or agent of either of them will be under any
liability to the related trust fund or certificateholders for any action taken,
or not taken, in good faith pursuant to the Pooling Agreement or for errors in
judgment. The Pooling Agreement may also provide that the master servicer, the
Depositor and any director, officer, employee or agent of either of them will be
entitled to indemnification by the related trust fund against any loss,
liability or expense incurred in connection with any legal action that relates
to the Pooling Agreement or the related series of certificates. In addition, the
Pooling Agreement may provide that none of the servicer, special servicer or the
depositor will be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its responsibilities under the Pooling
Agreement.

EVENTS OF DEFAULT

      Each prospectus supplement will describe the events which will trigger a
default (each an "Event of Default"). For example, the related prospectus
supplement may provide that a default will occur if a servicer fails to make
remittance as required under the Pooling Agreement, if a special servicer fails
to make the required deposit, or if either the servicer or special servicer
materially fails to perform any of its obligations contained in the related
Pooling Agreement.

      The related prospectus supplement will describe the remedies available if
an Event of Default occurs with respect to the master servicer under a Pooling
Agreement, which remedies may include the termination of all of the rights and
obligations of the master servicer as master servicer under the Pooling
Agreement.

AMENDMENT

      Each Pooling Agreement generally may be amended, without the consent of
any of the holders of the related series of certificates for those purposes
described in the related prospectus supplement, which, among others, may
include:

      1.    to cure any ambiguity,

      2.    to correct a defective provision in the Pooling Agreement or to
            correct, modify or supplement any of its provisions that may be
            inconsistent with any other of its provisions,

      3.    to add any other provisions with respect to matters or questions
            arising under the Pooling Agreement that are not inconsistent with
            its provisions, or

      4.    to comply with any requirements imposed by the Code;

provided that the amendment (other than an amendment for the specific purpose
referred to in clause (4) above) may not (as evidenced by an opinion of counsel
to an effect satisfactory to the trustee) adversely


                                       75



affect in any material respect the interests of any holder; and provided further
that the amendment (other than an amendment for one of the specific purposes
referred to in clauses (1) through (4) above) must be acceptable to each
applicable rating agency.

      Each Pooling Agreement may also be amended, with the consent of the
holders of the related series of certificates entitled to not less than the
percentage specified in the related prospectus supplement of the voting rights
for that series allocated to the affected classes, for any purpose. The related
prospectus supplement may provide that these types of amendments may not:

      1.    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 in respect of any certificate without the consent of the
            holder of that certificate,

      2.    adversely affect in any material respect the interests of the
            holders of any class of certificates, in a manner other than as
            described in clause (1), without the consent of the holders of all
            certificates of that class, or

      3.    modify the amendment provisions of the Pooling Agreement described
            in this paragraph without the consent of the holders of all
            certificates of the related series.

      Generally, the trustee will be prohibited from consenting to any amendment
of a Pooling Agreement pursuant to which one or more REMIC elections are to be
or have been made unless the trustee shall first have received an opinion of
counsel to the effect that the amendment will not result in the imposition of a
tax on the related trust fund or cause the related trust fund, or the designated
portion, to fail to qualify as a REMIC at any time that the related certificates
are outstanding.

LIST OF CERTIFICATEHOLDERS

      Generally, upon written request of three or more certificateholders of
record made for purposes of communicating with other holders of certificates of
the same series with respect to their rights under the related Pooling
Agreement, the trustee or other specified person will afford those
certificateholders access during normal business hours to the most recent list
of certificateholders of that series held by that person. If that list is of a
date more than 90 days prior to the date of receipt of that certificateholder's
request, then that person, if not the registrar for that series of certificates,
will be required to request from that registrar a current list and to afford
those requesting certificateholders access thereto promptly upon receipt.

THE TRUSTEE

      The trustee under each Pooling Agreement will be named in the related
prospectus supplement. The commercial bank, national banking association,
banking corporation or trust company that serves as trustee may have typical
banking relationships with the Depositor and its affiliates and with any master
servicer or special servicer and its affiliates.

DUTIES OF THE TRUSTEE

      The trustee for each series of certificates will make no representation as
to the validity or sufficiency of the related Pooling Agreement, the
certificates or any underlying mortgage loan or related document and will not be
accountable for the use or application by or on behalf of the master servicer
for that series of any funds paid to the master servicer or any special servicer
in respect of the certificates or the underlying mortgage loans, or any funds
deposited into or withdrawn from the certificate account or any other account
for that series by or on behalf of the master servicer or any special servicer.
If no Event of Default has occurred and is continuing, the trustee for each
series of certificates will be required to perform only those duties
specifically required under the related Pooling Agreement. However, upon receipt
of any of the various certificates, reports or other instruments required to be
furnished to it pursuant to the related Pooling Agreement, a trustee will be
required to examine those documents and to determine whether they conform to the
requirements of that agreement.


                                       76



CERTAIN MATTERS REGARDING THE TRUSTEE

      As described in the related prospectus supplement, the fees and normal
disbursements of any trustee may be the expense of the related master servicer
or other specified person or may be required to be borne by the related trust
fund.

      The trustee for each series of certificates will generally be entitled to
indemnification, from amounts held in the certificate account for that series,
for any loss, liability or expense incurred by the trustee in connection with
the trustee's acceptance or administration of its trusts under the related
Pooling Agreement. However, the indemnification will not extend to any loss,
liability or expense that constitutes a specific liability imposed on the
trustee pursuant to the related Pooling Agreement, or to any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or gross negligence
on the part of the trustee in the performance of its obligations and duties
under the Pooling Agreement, or by reason of its reckless disregard of those
obligations or duties, or as may arise from a breach of any representation,
warranty or covenant of the trustee made in the Pooling Agreement.

      The trustee for each series of certificates will generally be entitled to
execute any of its trusts or powers under the related Pooling Agreement or
perform any of its duties under that Pooling Agreement either directly or by or
through agents or attorneys, and the trustee will not be relieved of any of its
duties or obligations by virtue of the appointment of any agents or attorneys.

RESIGNATION AND REMOVAL OF THE TRUSTEE

      A trustee will be permitted at any time to resign from its obligations and
duties under the related Pooling Agreement by giving written notice to the
Depositor, the servicer, the special servicer and to all certificateholders.
Upon receiving this notice of resignation, the Depositor, or other person as may
be specified in the related prospectus supplement, will be required to use its
best efforts to promptly appoint a successor trustee. If no successor trustee
shall have accepted an appointment within a specified period after the giving of
notice of resignation, the resigning trustee may petition any court of competent
jurisdiction to appoint a successor trustee.

      If at any time a trustee ceases to be eligible to continue as trustee
under the related Pooling Agreement, or if at any time the trustee becomes
incapable of acting, or if certain events of, or proceedings in respect of,
bankruptcy or insolvency occur with respect to the trustee, the Depositor will
be authorized to remove the trustee and appoint a successor trustee. In
addition, holders of the certificates of any series entitled to at least 51% (or
other percentage specified in the related prospectus supplement) of the voting
rights for that series may at any time, with or without cause, remove the
trustee under the related Pooling Agreement and appoint a successor trustee.

      Any resignation or removal of a trustee and appointment of a successor
trustee will not become effective until acceptance of appointment by the
successor trustee.

                          DESCRIPTION OF CREDIT SUPPORT

GENERAL

      Credit support may be provided with respect to one or more classes of the
certificates of any series, or with respect to the related mortgage assets.
Credit support may be in the form of letters of credit, overcollateralization,
the subordination of one or more classes of certificates, insurance policies,
surety bonds, guarantees or reserve funds, or any combination of the foregoing.
If so provided in the related prospectus supplement, any form of credit support
may provide credit enhancement for more than one series of certificates to the
extent described in that prospectus supplement.

      The credit support will not provide protection against all risks of loss
and will not guarantee payment to certificateholders of all amounts to which
they are entitled under the related Pooling Agreement. If losses or shortfalls
occur that exceed the amount covered by the related credit support or that are
not


                                       77



covered by that credit support, certificateholders will bear their allocable
share of deficiencies. Moreover, if a form of credit support covers more than
one series of certificates, holders of certificates of one series will be
subject to the risk that the credit support will be exhausted by the claims of
the holders of certificates of one or more other series before the former
receive their intended share of that coverage.

      If credit support is provided with respect to one or more classes of
certificates of a series, or with respect to the related mortgage assets, the
related prospectus supplement will include a description of

      o     the nature and amount of coverage under the credit support,

      o     any conditions to payment under the credit support not otherwise
            described in this prospectus,

      o     any conditions under which the amount of coverage under the credit
            support may be reduced and under which that credit support may be
            terminated or replaced and

      o     the material provisions relating to the credit support.

      Additionally, the related prospectus supplement will set forth certain
information with respect to the obligor under any instrument of credit support,
including

      o     a brief description of its principal business activities;

      o     its principal place of business, place of incorporation and the
            jurisdiction under which it is chartered or licensed to do business,

      o     if applicable, the identity of regulatory agencies that exercise
            primary jurisdiction over the conduct of its business and

      o     its total assets, and its stockholders' equity or policyholders'
            surplus, if applicable, as of a date that will be specified in the
            prospectus supplement. See "Risk Factors--Credit Support May Not
            Cover Losses" in this prospectus.

SUBORDINATE CERTIFICATES

      If so specified in the related prospectus supplement, one or more classes
of certificates of a series may be Subordinate Certificates. To the extent
specified in the related prospectus supplement, the rights of the holders of
Subordinate Certificates to receive distributions from the certificate account
on any distribution date will be subordinated to the corresponding rights of the
holders of Senior Certificates. If so provided in the related prospectus
supplement, the subordination of a class may apply only in the event of (or may
be limited to) certain types of losses or shortfalls. The related prospectus
supplement will set forth information concerning the method and amount of
subordination provided by a class or classes of Subordinate Certificates in a
series and the circumstances under which that subordination will be available.

CROSS-SUPPORT PROVISIONS

      If the mortgage assets in any trust fund are divided into separate groups,
each supporting a separate class or classes of certificates of the related
series, credit support may be provided by cross-support provisions requiring
that distributions be made on Senior Certificates evidencing interests in one
group of mortgage assets prior to distributions on Subordinate Certificates
evidencing interests in a different group of mortgage assets within the trust
fund. The prospectus supplement for a series that includes a cross-support
provision will describe the manner and conditions for applying those provisions.

INSURANCE OR GUARANTEES WITH RESPECT TO MORTGAGE LOANS

      If so provided in the prospectus supplement for a series of certificates,
mortgage loans included in the related trust fund will be covered for certain
default risks by insurance policies or guarantees. A copy of


                                       78



that instrument will accompany the Current Report on Form 8-K to be filed with
the Securities and Exchange Commission within 15 days of issuance of the
certificates of the related series.

LETTER OF CREDIT

      If so provided in the prospectus supplement for a series of certificates,
deficiencies in amounts otherwise payable on those certificates or certain
classes of those certificates may be covered by one or more letters of credit,
issued by a bank or financial institution specified in the prospectus supplement
(the "L/C Bank"). Under a letter of credit, the L/C Bank will be obligated to
honor draws under a letter of credit in an aggregate fixed dollar amount, net of
unreimbursed payments, generally equal to a percentage specified in the related
prospectus supplement of the aggregate principal balance of the mortgage assets
on the related cut-off date or of the initial aggregate principal balance of one
or more classes of certificates. If so specified in the related prospectus
supplement, the letter of credit may permit draws only in the event of certain
types of losses and shortfalls. The amount available under the letter of credit
will, in all cases, be reduced to the extent of the unreimbursed payments under
the letter of credit and may otherwise be reduced as described in the related
prospectus supplement. The obligations of the L/C Bank under the letter of
credit for each series of certificates will expire at the earlier of the date
specified in the related prospectus supplement or the termination of the trust
fund. A copy of that letter of credit will accompany the Current Report on Form
8-K to be filed with the Securities and Exchange Commission within 15 days of
issuance of the certificates of the related series.

CERTIFICATE INSURANCE AND SURETY BONDS

      If so provided in the prospectus supplement for a series of certificates,
insurance policies and/or surety bonds provided by one or more insurance
companies or sureties of the insurance companies will cover deficiencies in
amounts otherwise payable on those certificates or certain classes. Those
instruments may cover, with respect to one or more classes of certificates of
the related series, timely distributions of interest and/or full distributions
of principal on the basis of a schedule of principal distributions set forth in
or determined in the manner specified in the related prospectus supplement. The
related prospectus supplement will describe any limitations on the draws that
may be made under that instrument. A copy of that instrument will accompany the
Current Report on Form 8-K to be filed with the Securities and Exchange
Commission within 15 days of issuance of the certificates of the related series.

RESERVE FUNDS

      If so provided in the prospectus supplement for a series of certificates,
deficiencies in amounts otherwise payable on those certificates or certain
classes of those certificates will be covered, to the extent of available funds,
by one or more reserve funds in which cash, a letter of credit, short-term debt
obligations, a demand note or a combination of those features will be deposited,
in the amounts specified in the prospectus supplement. If so specified in the
related prospectus supplement, the reserve fund for a series may also be funded
over time by a specified amount of the collections received on the related
mortgage assets.

      Amounts on deposit in any reserve fund for a series, together with the
reinvestment income on those amounts, if any, will be applied for the purposes,
in the manner, specified in the related prospectus supplement. If so specified
in the related prospectus supplement, reserve funds may be established to
provide protection only against certain types of losses and shortfalls.
Following each distribution date, amounts in a reserve fund in excess of any
amount required to be maintained in that reserve fund may be released from it
under the conditions specified in the related prospectus supplement.

      Amounts deposited in any reserve fund will generally be invested in
short-term debt obligations. Any reinvestment income or other gain from those
investments will generally be credited to the related reserve fund for that
series, and any loss resulting from those investments will be charged to that
reserve fund. However, that income may be payable to any related master servicer
or another service provider as additional compensation for its services. The
reserve fund, if any, for a series will not be a part of the trust fund.


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CREDIT SUPPORT WITH RESPECT TO MBS

      If so provided in the prospectus supplement for a series of certificates,
any MBS included in the related trust fund and/or the related underlying
mortgage loans may be covered by one or more of the types of credit support
described in this prospectus. The related prospectus supplement will specify, as
to each form of credit support, the information indicated above with respect to
the credit support for each series, to the extent that information is material
and available.

                     CERTAIN LEGAL ASPECTS OF MORTGAGE LOANS

      The following discussion contains general summaries of certain legal
aspects of loans secured by commercial and multifamily residential properties.
Because those legal aspects are governed by applicable state law, which laws may
differ substantially, the summaries do not purport to be complete, to reflect
the laws of any particular state, or to encompass the laws of all states in
which the security for the mortgage loans, or mortgage loans underlying any MBS,
is situated. Accordingly, the summaries are qualified in their entirety by
reference to the applicable laws of those states. See "Description of the Trust
Funds--Mortgage Loans" in this prospectus.

GENERAL

      Each mortgage loan will be evidenced by a promissory note or bond and
secured by an instrument granting a security interest in real property, which
may be a mortgage, deed of trust or a deed to secure debt, depending upon the
prevailing practice and law in the state in which the related Mortgaged Property
is located. Mortgages, deeds of trust and deeds to secure debt are in this
prospectus collectively referred to as "mortgages." A mortgage creates a lien
upon, or grants a title interest in, the real property covered thereby, and
represents the security for the repayment of the indebtedness customarily
evidenced by a promissory note. The priority of the lien created or interest
granted will depend on the terms of the mortgage and, in some cases, on the
terms of separate subordination agreements or intercreditor agreements with
others that hold interests in the real property, the knowledge of the parties to
the mortgage and, generally, the order of recordation of the mortgage in the
appropriate public recording office. However, the lien of a recorded mortgage
will generally be subordinate to later-arising liens for real estate taxes and
assessments and other charges imposed under governmental police powers.

TYPES OF MORTGAGE INSTRUMENTS

      There are two parties to a mortgage: a mortgagor who is the borrower and
usually the owner of the subject property, and a mortgagee, who is the lender.
In contrast, a deed of trust is a three-party instrument, among a trustor who is
the equivalent of a borrower, a trustee to whom the real property is conveyed,
and a beneficiary, who is the lender, for whose benefit the conveyance is made.
Under a deed of trust, the trustor grants the property, irrevocably until the
debt is paid, in trust and generally with a power of sale, to the trustee to
secure repayment of the indebtedness evidenced by the related mortgage note. A
deed to secure debt typically has two parties. The grantor (the borrower)
conveys title to the real property to the grantee (the lender) generally with a
power of sale, until the time the debt is repaid. In a case where the borrower
is a land trust, there would be an additional party because a land trustee holds
legal title to the property under a land trust agreement for the benefit of the
borrower. At origination of a mortgage loan involving a land trust, the borrower
executes a separate undertaking to make payments on the mortgage note. The
mortgagee's authority under a mortgage, the trustee's authority under a deed of
trust and the grantee's authority under a deed to secure debt are governed by
the express provisions of the related instrument, the law of the state in which
the real property is located, certain federal laws (including, without
limitation, the Servicemembers Civil Relief Act) and, in some deed of trust
transactions, the directions of the beneficiary.

LEASES AND RENTS

      Mortgages that encumber income-producing property often contain an
assignment of rents and leases, pursuant to which the borrower assigns to the
lender the borrower's right, title and interest as


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landlord under each lease and the income derived therefrom, while, unless rents
are to be paid directly to the lender, retaining a revocable license to collect
the rents for so long as there is no default. If the borrower defaults, the
license terminates and the lender is entitled to collect the rents. Local law
may require that the lender take possession of the property and/or obtain a
court-appointed receiver before becoming entitled to collect the rents.

      In most states, hotel and motel room revenue are considered accounts
receivable under the Uniform Commercial Code, also known as the UCC, in cases
where hotels or motels constitute loan security, the borrower as additional
security for the loan generally pledges the revenue. In general, the lender must
file financing statements in order to perfect its security interest in the
revenue and must file continuation statements, generally every five years, to
maintain perfection of that security interest. Even if the lender's security
interest in room revenue is perfected under the UCC, it may be required to
commence a foreclosure action or otherwise take possession of the property in
order to collect the room revenue following a default. See "--Bankruptcy Laws"
below.

PERSONALTY

      In the case of certain types of mortgaged properties, for instance hotels,
motels and nursing homes, personal property (to the extent owned by the borrower
and not previously pledged) may constitute a significant portion of the
property's value as security. The creation and enforcement of liens on personal
property are governed by the UCC. Accordingly, if a borrower pledges personal
property as security for a mortgage loan, the lender generally must file UCC
financing statements in order to perfect its security interest in that personal
property, and must file continuation statements, generally every five years, to
maintain that perfection.

FORECLOSURE

      General. Foreclosure is a legal procedure that allows the lender to
recover its mortgage debt by enforcing its rights and available legal remedies
under the mortgage. If the borrower defaults in payment or performance of its
obligations under the mortgage note or mortgage, the lender has the right to
institute foreclosure proceedings to sell the real property at public auction to
satisfy the indebtedness.

      Foreclosure procedures vary from state to state. Two primary methods of
foreclosing a mortgage are judicial foreclosure, involving court proceedings,
and non-judicial foreclosure pursuant to a power of sale granted in the mortgage
instrument. Other foreclosure procedures are available in some states, but they
are either infrequently used or available only in limited circumstances.

      A foreclosure action is subject to most of the delays and expenses of
other lawsuits if defenses are raised or counterclaims are interposed, and
sometimes requires several years to complete. Moreover, as discussed below, even
a non-collusive, regularly conducted foreclosure sale may be challenged as a
fraudulent conveyance, regardless of the parties' intent, if a court determines
that the sale was for less than fair consideration and that the sale occurred
while the borrower was insolvent and within a specified period prior to the
borrower's filing for bankruptcy protection.

      Judicial Foreclosure. A judicial foreclosure proceeding is conducted in a
court having jurisdiction over the Mortgaged Property. Generally, the action is
initiated by the service of legal pleadings upon all parties having a
subordinate interest of record in the real property and all parties in
possession of the property, under leases or otherwise, whose interests are
subordinate to the mortgage. Delays in completion of the foreclosure may
occasionally result from difficulties in locating defendants. When the lender's
right to foreclose is contested, the legal proceedings can be time-consuming.
Upon successful completion of a judicial foreclosure proceeding, the court
generally issues a judgment of foreclosure and appoints a referee or other
officer to conduct a public sale of the Mortgaged Property, the proceeds of
which are used to satisfy the judgment. Those sales are made in accordance with
procedures that vary from state to state.

      Equitable Limitations on Enforceability of Certain Provisions. United
States courts have traditionally imposed general equitable principles to limit
the remedies available to lenders in foreclosure actions.


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These principles are generally designed to relieve borrowers from the effects of
mortgage defaults perceived as harsh or unfair. Relying on those principles, a
court may alter the specific terms of a loan to the extent it considers
necessary to prevent or remedy an injustice, undue oppression or overreaching,
or may require the lender to undertake affirmative actions to determine the
cause of the borrower's default and the likelihood that the borrower will be
able to reinstate the loan. In some cases, courts have substituted their
judgment for the lenders and have required that lenders reinstate loans or
recast payment schedules in order to accommodate borrowers who are suffering
from a temporary financial disability. In other cases, courts have limited the
right of the lender to foreclose in the case of a non-monetary default, such as
a failure to adequately maintain the mortgaged property or an impermissible
further encumbrance of the mortgaged property. Finally, some courts have
addressed the issue of whether federal or state constitutional provisions
reflecting due process concerns for adequate notice require that a borrower
receive notice in addition to statutorily-prescribed minimum notice. For the
most part, these cases have upheld the reasonableness of the notice provisions
or have found that a public sale under a mortgage providing for a power of sale
does not involve sufficient state action to trigger constitutional protections.

      Non-Judicial Foreclosure/Power of Sale. Foreclosure of a deed of trust is
generally accomplished by a non-judicial trustee's sale pursuant to a power of
sale typically granted in the deed of trust. A power of sale may also be
contained in any other type of mortgage instrument if applicable law so permits.
A power of sale under a deed of trust allows a non-judicial public sale to be
conducted generally following a request from the beneficiary/lender to the
trustee to sell the property upon default by the borrower and after notice of
sale is given in accordance with the terms of the mortgage and applicable state
law. In some states, prior to that sale, the trustee under the deed of trust
must record a notice of default and notice of sale and send a copy to the
borrower and to any other party who has recorded a request for a copy of a
notice of default and notice of sale. In addition, in some states the trustee
must provide notice to any other party having an interest of record in the real
property, including junior lienholders. A notice of sale must be posted in a
public place and, in most states, published for a specified period of time in
one or more newspapers. The borrower or junior lienholder may then have the
right, during a reinstatement period required in some states, to cure the
default by paying the entire actual amount in arrears (without regard to the
acceleration of the indebtedness), plus the lender's expenses incurred in
enforcing the obligation. In other states, the borrower or the junior lienholder
is not provided a period to reinstate the loan, but has only the right to pay
off the entire debt to prevent the foreclosure sale. Generally, state law
governs the procedure for public sale, the parties entitled to notice, the
method of giving notice and the applicable time periods.

      Public Sale. A third party may be unwilling to purchase a mortgaged
property at a public sale because of the difficulty in determining the value of
that property at the time of sale, due to, among other things, redemption rights
which may exist and the possibility of physical deterioration of the property
during the foreclosure proceedings. Potential buyers may be reluctant to
purchase property at a foreclosure sale as a result of the 1980 decision of the
United States Court of Appeals for the Fifth Circuit in Durrett v. Washington
National Insurance Company and other decisions that have followed its reasoning.
The court in Durrett held that even a non-collusive, regularly conducted
foreclosure sale was a fraudulent transfer under the federal bankruptcy code, as
amended from time to time (11 U.S.C.) (the "Bankruptcy Code") and, thus, could
be rescinded in favor of the bankrupt's estate, if (1) the foreclosure sale was
held while the debtor was insolvent and not more than one year prior to the
filing of the bankruptcy petition and (2) the price paid for the foreclosed
property did not represent "fair consideration," which is "reasonably equivalent
value" under the Bankruptcy Code. Although the reasoning and result of Durrett
in respect of the Bankruptcy Code was rejected by the United States Supreme
Court in BFP v. Resolution Trust Corp., 511 U.S. 531 (1994), the case could
nonetheless be persuasive to a court applying a state fraudulent conveyance law
which has provisions similar to those construed in Durrett. For these reasons,
it is common for the lender to purchase the mortgaged property for an amount
equal to the lesser of fair market value and the underlying debt and accrued and
unpaid interest plus the expenses of foreclosure. Generally, state law controls
the amount of foreclosure costs and expenses which may be recovered by a lender.
Thereafter, subject to the mortgagor's right in some states to remain in
possession during a redemption period, if applicable, the lender will become the
owner of the property and have both the benefits and burdens of ownership of the
mortgaged property. For example,


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the lender will have the obligation to pay debt service on any senior mortgages,
to pay taxes, obtain casualty insurance and to make those repairs at its own
expense as are necessary to render the property suitable for sale. Frequently,
the lender employs a third party management company to manage and operate the
property. The costs of operating and maintaining a commercial or multifamily
residential property may be significant and may be greater than the income
derived from that property. The costs of management and operation of those
mortgaged properties which are hotels, motels or restaurants or nursing or
convalescent homes or hospitals may be particularly significant because of the
expertise, knowledge and, with respect to nursing or convalescent homes or
hospitals, regulatory compliance, required to run those operations and the
effect which foreclosure and a change in ownership may have on the public's and
the industry's, including franchisors', perception of the quality of those
operations. The lender will commonly obtain the services of a real estate broker
and pay the broker's commission in connection with the sale of the property.
Depending upon market conditions, the ultimate proceeds of the sale of the
property may not equal the amount of the mortgage against the property.
Moreover, a lender commonly incurs substantial legal fees and court costs in
acquiring a mortgaged property through contested foreclosure and/or bankruptcy
proceedings. Furthermore, a few states require that any environmental
contamination at certain types of properties be cleaned up before a property may
be resold. In addition, a lender may be responsible under federal or state law
for the cost of cleaning up a mortgaged property that is environmentally
contaminated. See "--Environmental Risks" below. Generally state law controls
the amount of foreclosure expenses and costs, including attorneys' fees, that
may be recovered by a lender.

      The holder of a junior mortgage that forecloses on a mortgaged property
does so subject to senior mortgages and any other prior liens, and may be
obliged to keep senior mortgage loans current in order to avoid foreclosure of
its interest in the property. In addition, if the foreclosure of a junior
mortgage triggers the enforcement of a "due-on-sale" clause contained in a
senior mortgage, the junior mortgagee could be required to pay the full amount
of the senior mortgage indebtedness or face foreclosure.

      Rights of Redemption. The purposes of a foreclosure action are to enable
the lender to realize upon its security and to bar the borrower, and all persons
who have interests in the property that are subordinate to that of the
foreclosing lender, from exercise of their "equity of redemption." The doctrine
of equity of redemption provides that, until the property encumbered by a
mortgage has been sold in accordance with a properly conducted foreclosure and
foreclosure sale, those having interests that are subordinate to that of the
foreclosing lender have an equity of redemption and may redeem the property by
paying the entire debt with interest. Those having an equity of redemption must
generally be made parties and joined in the foreclosure proceeding in order for
their equity of redemption to be terminated.

      The equity of redemption is a common-law (non-statutory) right which
should be distinguished from post-sale statutory rights of redemption. In some
states, after sale pursuant to a deed of trust or foreclosure of a mortgage, the
borrower and foreclosed junior lienors are given a statutory period in which to
redeem the property. In some states, statutory redemption may occur only upon
payment of the foreclosure sale price. In other states, redemption may be
permitted if the former borrower pays only a portion of the sums due. The effect
of a statutory right of redemption is to diminish the ability of the lender to
sell the foreclosed property because the exercise of a right of redemption would
defeat the title of any purchaser through a foreclosure. Consequently, the
practical effect of the redemption right is to force the lender to maintain the
property and pay the expenses of ownership until the redemption period has
expired. In some states, a post-sale statutory right of redemption may exist
following a judicial foreclosure.

      Anti-Deficiency Legislation. Some or all of the mortgage loans may be
nonrecourse loans, as to which recourse in the case of default will be limited
to the Mortgaged Property and those other assets, if any, that were pledged to
secure the mortgage loan. However, even if a mortgage loan by its terms provides
for recourse to the borrower's other assets, a lender's ability to realize upon
those assets may be limited by state law. For example, in some states a lender
cannot obtain a deficiency judgment against the borrower following foreclosure
or sale under a deed of trust. A deficiency judgment is a personal judgment
against the former borrower equal to the difference between the net amount
realized upon the public sale of the real property and the amount due to the
lender. Other statutes may require


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the lender to exhaust the security afforded under a mortgage before bringing a
personal action against the borrower. In certain other states, the lender has
the option of bringing a personal action against the borrower on the debt
without first exhausting that security; however, in some of those states, the
lender, following judgment on that personal action, may be deemed to have
elected a remedy and thus may be precluded from foreclosing upon the security.
Consequently, lenders in those states where an election of remedy provision
exists will usually proceed first against the security. Finally, other statutory
provisions, designed to protect borrowers from exposure to large deficiency
judgments that might result from bidding at below-market values at the
foreclosure sale, limit any deficiency judgment to the excess of the outstanding
debt over the fair market value of the property at the time of the sale.

      Leasehold Risks. Mortgage loans may be secured by a mortgage on the
borrower's leasehold interest in a ground lease. Leasehold mortgage loans are
subject to certain risks not associated with mortgage loans secured by a lien on
the fee estate of the borrower. The most significant of these risks is that if
the borrower's leasehold were to be terminated upon a lease default, the
leasehold mortgagee would lose its security. This risk may be lessened if the
ground lease requires the lessor to give the leasehold mortgagee notices of
lessee defaults and an opportunity to cure them, permits the leasehold estate to
be assigned to and by the leasehold mortgagee or the purchaser at a foreclosure
sale, and contains certain other protective provisions typically included in a
"mortgageable" ground lease.

      Cooperative Shares. Mortgage loans may be secured by a security interest
on the borrower's ownership interest in shares, and the proprietary leases
appurtenant thereto, allocable to cooperative dwelling units that may be vacant
or occupied by non-owner tenants. Those loans are subject to certain risks not
associated with mortgage loans secured by a lien on the fee estate of a borrower
in real property. This kind of loan typically is subordinate to the mortgage, if
any, on the Cooperative's building which, if foreclosed, could extinguish the
equity in the building and the proprietary leases of the dwelling units derived
from ownership of the shares of the Cooperative. Further, transfer of shares in
a Cooperative are subject to various regulations as well as to restrictions
under the governing documents of the Cooperative, and the shares may be
cancelled in the event that associated maintenance charges due under the related
proprietary leases are not paid. Typically, a recognition agreement between the
lender and the Cooperative provides, among other things, the lender with an
opportunity to cure a default under a proprietary lease.

      Under the laws applicable in many states, "foreclosure" on Cooperative
shares is accomplished by a sale in accordance with the provisions of Article 9
of the UCC and the security agreement relating to the shares. Article 9 of the
UCC requires that a sale be conducted in a "commercially reasonable" manner,
which may be dependent upon, among other things, the notice given the debtor and
the method, manner, time, place and terms of the sale. Article 9 of the UCC
provides that the proceeds of the sale will be applied first to pay the costs
and expenses of the sale and then to satisfy the indebtedness secured by the
lender's security interest. A recognition agreement, however, generally provides
that the lender's right to reimbursement is subject to the right of the
Cooperative to receive sums due under the proprietary leases.

BANKRUPTCY LAWS

      Generally. The Bankruptcy Code and related state laws may interfere with
or affect the ability of a lender to realize upon collateral and/or to enforce a
deficiency judgment. For example, under the Bankruptcy Code, virtually all
actions (including foreclosure actions and deficiency judgment proceedings) are
automatically stayed upon the filing of the bankruptcy petition, and, usually,
no interest or principal payments are made during the course of the bankruptcy
case. The delay and the consequences of a delay caused by an automatic stay can
be significant. Also, under the Bankruptcy Code, the filing of a petition in
bankruptcy by or on behalf of a junior lienor may stay the senior lender from
taking action to foreclose out a junior lien.

      Under the Bankruptcy Code, provided certain substantive and procedural
safeguards for the lender are met, the amount and terms of a mortgage secured by
property of the debtor may be modified. In addition under certain circumstances,
the outstanding amount of the loan secured by the real property


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may be reduced to the then-current value of the property (with a corresponding
partial reduction of the amount of the lender's security interest) pursuant to a
confirmed plan or lien avoidance proceeding, thus leaving the lender a general
unsecured creditor for the difference between the value and the outstanding
balance of the loan. Other modifications may include the reduction in the amount
of each scheduled payment, which reduction may result from a reduction in the
rate of interest and/or the alteration of the repayment schedule (with or
without affecting the unpaid principal balance of the loan), and/or an extension
(or reduction) of the final maturity date. Some courts have approved bankruptcy
plans, based on the particular facts of the reorganization case, that effected
the curing of a mortgage loan default by paying arrearages over a number of
years. Also, under federal bankruptcy law, a bankruptcy court may permit a
debtor through its rehabilitative plan to de-accelerate a secured loan and to
reinstate the loan even though the lender accelerated the mortgage loan and
final judgment of foreclosure had been entered in state court (provided no sale
of the property had yet occurred) prior to the filing of the debtor's petition.
If this is done the full amount due under the original loan may never be repaid.

      The Bankruptcy Code provides that a lender's perfected pre-petition
security interest in leases, rents and hotel revenues continues in the
post-petition leases, rents and hotel revenues, unless a bankruptcy court orders
to the contrary "based on the equities of the case." Thus, unless a court orders
otherwise, revenues from a mortgaged property generated after the date the
bankruptcy petition is filed will normally constitute "cash collateral" under
the Bankruptcy Code. Debtors may only use cash collateral upon obtaining the
lender's consent or a prior court order finding that the lender's interest in
the mortgaged property and the cash collateral is "adequately protected" as the
term is defined and interpreted under the Bankruptcy Code. It should be noted,
however, that the court may find that the lender has no security interest in
either pre-petition or post-petition revenues if the court finds that the loan
documents do not contain language covering accounts, room rents, or other forms
of personalty necessary for a security interest to attach to hotel revenues.

      Federal bankruptcy law provides generally that rights and obligation under
an unexpired lease of the debtor/lessee may not be terminated or modified at any
time after the commencement of a case under the Bankruptcy Code solely because
of a provision in the lease to that effect or because of certain other similar
events. This prohibition on so-called "ipso facto clauses" could limit the
ability of the trustee to exercise certain contractual remedies with respect to
the leases on any mortgaged property. In addition, Section 362 of the Bankruptcy
Code operates as an automatic stay of, among other things, any act to obtain
possession of property from a debtor's estate, which may delay a trustee's
exercise of those remedies in the event that a lessee becomes the subject of a
proceeding under the Bankruptcy Code. For example, a mortgagee would be stayed
from enforcing an assignment of the lease by a borrower related to a mortgaged
property if the related borrower was in a bankruptcy proceeding. The legal
proceedings necessary to resolve the issues could be time-consuming and might
result in significant delays in the receipt of the assigned rents. Similarly,
the filing of a petition in bankruptcy by or on behalf of a lessee of a
mortgaged property would result in a stay against the commencement or
continuation of any state court proceeding for past due rent, for accelerated
rent, for damages or for a summary eviction order with respect to a default
under the related lease that occurred prior to the filing of the lessee's
petition. Rents and other proceeds of a mortgage loan may also escape an
assignment if the assignment is not fully perfected under state law prior to
commencement of the bankruptcy proceeding.

      In addition, the Bankruptcy Code generally provides that a trustee or
debtor-in-possession may, subject to approval of the court, (a) assume the lease
and retain it or assign it to a third party or (b) reject the lease. If the
lease is assumed, the trustee in bankruptcy on behalf of the lessee, or the
lessee as debtor-in-possession, or the assignee, if applicable, must cure any
defaults under the lease, compensate the lessor for its losses and provide the
lessor with "adequate assurance" of future performance. However, these remedies
may, in fact, be insufficient and the lessor may be forced to continue under the
lease with a lessee that is a poor credit risk or an unfamiliar tenant if the
lease was assigned. If the lease is rejected, the rejection generally
constitutes a breach of the executory contract or unexpired lease immediately
before the date of filing the petition. As a consequence, the other party or
parties to the lease, such as the borrower, as lessor under a lease, would have
only an unsecured claim against the debtor for damages resulting from the
breach, which could adversely affect the security for the related mortgage loan.
In addition, pursuant to Section 502(b)(6) of the Bankruptcy Code, a lessor's
damages for


                                       85



lease rejection in respect of future rent installments are limited to the rent
reserved by the lease, without acceleration, for the greater of one year or 15
percent, not to exceed three years, of the remaining term of the lease.

      If a trustee in bankruptcy on behalf of a lessor, or a lessor as
debtor-in-possession, rejects an unexpired lease of real property, the lessee
may treat the lease as terminated by the rejection or, in the alternative, the
lessee may remain in possession of the leasehold for the balance of the term and
for any renewal or extension of the term that is enforceable by the lessee under
applicable nonbankruptcy law. The Bankruptcy Code provides that if a lessee
elects to remain in possession after a rejection of a lease, the lessee may
offset against rents reserved under the lease for the balance of the term after
the date of rejection of the lease, and the related renewal or extension of the
lease, any damages occurring after that date caused by the nonperformance of any
obligation of the lessor under the lease after that date.

      In a bankruptcy or similar proceeding of a borrower, action may be taken
seeking the recovery, as a preferential transfer or on other grounds, of any
payments made by the borrower, or made directly by the related lessee, under the
related mortgage loan to the trust fund. Payments on long-term debt may be
protected from recovery as preferences if they are payments in the ordinary
course of business made on debts incurred in the ordinary course of business.
Whether any particular payment would be protected depends upon the facts
specific to a particular transaction.

      A trustee in bankruptcy, in some cases, may be entitled to collect its
costs and expenses in preserving or selling the mortgaged property ahead of
payment to the lender. In certain circumstances, a debtor in bankruptcy may have
the power to grant liens senior to the lien of a mortgage, and analogous state
statutes and general principles of equity may also provide a borrower with means
to halt a foreclosure proceeding or sale and to force a restructuring of a
mortgage loan on terms a lender would not otherwise accept. Moreover, the laws
of certain states also give priority to certain tax liens over the lien of a
mortgage or deed of trust. Under the Bankruptcy Code, if the court finds that
actions of the mortgagee have been unreasonable, the lien of the related
mortgage may be subordinated to the claims of unsecured creditors.

      Certain of the Borrowers May Be Partnerships. The laws governing limited
partnerships in certain states provide that the commencement of a case under the
Bankruptcy Code with respect to a general partner will cause a person to cease
to be a general partner of the limited partnership, unless otherwise provided in
writing in the limited partnership agreement. This provision may be construed as
an "ipso facto" clause and, in the event of the general partner's bankruptcy,
may not be enforceable. Certain limited partnership agreements of the borrowers
may provide that the commencement of a case under the Bankruptcy Code with
respect to the related general partner constitutes an event of withdrawal
(assuming the enforceability of the clause is not challenged in bankruptcy
proceedings or, if challenged, is upheld) that might trigger the dissolution of
the limited partnership, the winding up of its affairs and the distribution of
its assets, unless (i) at the time there was at least one other general partner
and the written provisions of the limited partnership permit the business of the
limited partnership to be carried on by the remaining general partner and that
general partner does so or (ii) the written provisions of the limited
partnership agreement permit the limited partners to agree within a specified
time frame (often 60 days) after the withdrawal to continue the business of the
limited partnership and to the appointment of one or more general partners and
the limited partners do so. In addition, the laws governing general partnerships
in certain states provide that the commencement of a case under the Bankruptcy
Code or state bankruptcy laws with respect to a general partner of the
partnerships triggers the dissolution of the partnership, the winding up of its
affairs and the distribution of its assets. Those state laws, however, may not
be enforceable or effective in a bankruptcy case. The dissolution of a borrower,
the winding up of its affairs and the distribution of its assets could result in
an acceleration of its payment obligation under the borrower's mortgage loan,
which may reduce the yield on the certificates in the same manner as a principal
prepayment.

      In addition, the bankruptcy of the general or limited partner of a
borrower that is a partnership, or the bankruptcy of a member of a borrower that
is a limited liability company or the bankruptcy of a shareholder of a borrower
that is a corporation may provide the opportunity in the bankruptcy case of the
partner, member or shareholder to obtain an order from a court consolidating the
assets and liabilities of


                                       86



the partner, member or shareholder with those of the mortgagor pursuant to the
doctrines of substantive consolidation or piercing the corporate veil. In such a
case, the respective mortgaged property, for example, would become property of
the estate of the bankrupt partner, member or shareholder. Not only would the
mortgaged property be available to satisfy the claims of creditors of the
partner, member or shareholder, but an automatic stay would apply to any attempt
by the trustee to exercise remedies with respect to the mortgaged property.
However, such an occurrence should not affect the trustee's status as a secured
creditor with respect to the mortgagor or its security interest in the mortgaged
property.

ENVIRONMENTAL RISKS

      Real property pledged as security for a mortgage loan may be subject to
certain environmental risks. Under federal law, including the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended
(also known as "CERCLA") and the laws of certain states, failure to perform the
remediation required or demanded by the state or federal government of any
condition or circumstance that

      o     may pose an imminent or substantial endangerment to human health or
            welfare or the environment,

      o     may result in a release or threatened release of any hazardous
            material, or

      o     may give rise to any environmental claim or demand,

      o     may give rise to a lien on the property to ensure the reimbursement
            of remedial costs incurred by the federal or state government. In
            several states, the lien has priority over the lien of an existing
            mortgage against the property. Of particular concern may be those
            mortgaged properties which are, or have been, the site of
            manufacturing, industrial, treatment, storage or disposal activity.
            Those environmental risks may give rise to (a) a diminution in value
            of property securing a mortgage note or the inability to foreclose
            against the property or (b) in certain circumstances as more fully
            described below, liability for clean-up costs or other remedial
            actions, which liability could exceed the value of the property, the
            aggregate assets of the owner or operator, or the principal balance
            of the related indebtedness.

      The state of the law is currently unclear as to whether and under what
circumstances cleanup costs, or the obligation to take remedial actions, could
be imposed on a secured lender. Under the laws of some states and under CERCLA,
a lender may become liable as an "owner" or an "operator" of a contaminated
mortgaged property for the costs of remediation of releases or threatened
releases of hazardous substances at the mortgaged property. The liability may
attach if the lender or its agents or employees have participated in the
management of the operations of the borrower, even though the environmental
damage or threat was caused by a prior owner, operator, or other third party.

      Excluded from CERCLA's definition of "owner or operator" is any person
"who, without participating in the management of a facility, holds indicia of
ownership primarily to protect his security interest" (the "secured-creditor
exemption"). This exemption for holders of a security interest such as a secured
lender applies only in circumstances when the lender seeks to protect its
security interest in the contaminated facility or property. Thus, if a lender's
activities encroach on the actual management of that facility or property or of
the borrower, the lender faces potential liability as an "owner or operator"
under CERCLA. Similarly, when a lender forecloses and takes title to a
contaminated facility or property (whether it holds the facility or property as
an investment or leases it to a third party), under some circumstances the
lender may incur potential CERCLA liability.

      Amendments to CERCLA provide examples of permissible actions that may be
undertaken by a lender holding security in a contaminated facility without
exceeding the bounds of the secured-creditor exemption, subject to certain
conditions and limitations. Additionally, the amendments provide certain
protections from CERCLA liability as an "owner or operator" to a lender who
forecloses on contaminated property, as long as it seeks to divest itself of the
facility at the earliest practicable commercially reasonable time on
commercially reasonable terms. The amendments also limit the liability of
lenders


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under the federal Solid Waste Disposal Act for costs of responding to leaking
underground storage tanks. However, the protections afforded lenders under the
amendments are subject to terms and conditions that have not been clarified by
the courts. Moreover, the CERCLA secured-creditor exemption does not necessarily
affect the potential for liability in actions under other federal or state laws
which may impose liability on "owners or operators" but do not incorporate the
secured-creditor exemption. Furthermore, the secured-creditor exemption does not
protect lenders from other bases of CERCLA liability, such as that imposed on
"generators" or "transporters" of hazardous substances.

      Environmental clean-up costs may be substantial. It is possible that those
costs could become a liability of the applicable trust fund and occasion a loss
to certificateholders if those remedial costs were incurred.

      In a few states, transfers of some types of properties are conditioned
upon clean-up of contamination prior to transfer. It is possible that a property
securing a mortgage loan could be subject to these transfer restrictions. If
this occurs, and if the lender becomes the owner upon foreclosure, the lender
may be required to clean up the contamination before selling the property.

      The cost of remediating hazardous substance contamination at a property
can be substantial. If a lender is or becomes liable, it can bring an action for
contribution against the owner or operator that created the environmental
hazard, but that person or entity may be without substantial assets.
Accordingly, it is possible that these costs could become a liability of a trust
fund and occasion a loss to certificateholders of the related series.

      To reduce the likelihood of this kind of loss, the related Pooling
Agreement may provide that the master servicer may not, on behalf of the trust
fund, acquire title to a Mortgaged Property or take over its operation unless
the master servicer, based on a report prepared by a person who regularly
conducts environmental site assessments, has made the determination that it is
appropriate to do so. There can be no assurance that any environmental site
assessment obtained by the master servicer will detect all possible
environmental contamination or conditions or that the other requirements of the
related pooling and servicing agreement, even if fully observed by the master
servicer, will in fact insulate the related trust fund from liability with
respect to environmental matters.

      Even when a lender is not directly liable for cleanup costs on property
securing loans, if a property securing a loan is contaminated, the value of the
security is likely to be affected. In addition, a lender bears the risk that
unanticipated cleanup costs may jeopardize the borrower's repayment. Neither of
these two issues is likely to pose risks exceeding the amount of unpaid
principal and interest of a particular loan secured by a contaminated property,
particularly if the lender declines to foreclose on a mortgage secured by the
property.

      If a lender forecloses on a mortgage secured by a property the operations
of which are subject to environmental laws and regulations, the lender will be
required to operate the property in accordance with those laws and regulations.
Compliance would be complicated and may entail substantial expense.

      In addition, a lender may be obligated to disclose environmental
conditions on a property to government entities and/or to prospective buyers,
including prospective buyers at a foreclosure sale or following foreclosure.
That disclosure may decrease the amount that prospective buyers are willing to
pay for the affected property and thereby lessen the ability of the lender to
recover its investment in a loan upon foreclosure.

DUE-ON-SALE AND DUE-ON-ENCUMBRANCE

      Certain of the mortgage loans may contain "due-on-sale" and
"due-on-encumbrance" clauses that purport to permit the lender to accelerate the
maturity of the loan if the borrower transfers or encumbers the related
Mortgaged Property. The Garn-St Germain Depository Institutions Act of 1982 (the
"Garn Act") generally preempts state laws that prohibit the enforcement of
due-on-sale clauses by providing, among other things, that "due-on-sale" clauses
in certain loans are enforceable within certain limitations as set forth in the
Garn Act. Therefore, subject to those limitations, a master servicer may have
the right


                                       88



to accelerate the maturity of a mortgage loan that contains a "due-on-sale"
provision upon transfer of an interest in the property, whether or not the
master servicer can demonstrate that the transfer threatens its security
interest in the property.

SUBORDINATE FINANCING

      Certain of the mortgage loans may not restrict the ability of the borrower
to use the Mortgaged Property as security for one or more additional loans.
Where a borrower encumbers a mortgaged property with one or more junior liens,
the senior lender is subjected to additional risk. First, the borrower may have
difficulty servicing and repaying multiple loans. Moreover, if the subordinate
financing permits recourse to the borrower, as is frequently the case, and the
senior loan does not, a borrower may have more incentive to repay sums due on
the subordinate loan. Second, acts of the senior lender that prejudice the
junior lender or impair the junior lender's security may create a superior
equity in favor of the junior lender. For example, if the borrower and the
senior lender agree to an increase in the principal amount of or the interest
rate payable on the senior loan, the senior lender may lose its priority to the
extent any existing junior lender is harmed or the borrower is additionally
burdened. Third, if the borrower defaults on the senior loan and/or any junior
loan or loans, the existence of junior loans and actions taken by junior lenders
can impair the security available to the senior lender and can interfere with or
delay the taking of action by the senior lender. Moreover, the bankruptcy of a
junior lender may operate to stay foreclosure or similar proceedings by the
senior lender.

DEFAULT INTEREST AND LIMITATIONS ON PREPAYMENTS

      Mortgage notes and mortgages may contain provisions that obligate the
borrower to pay a late charge or additional interest if payments are not timely
made, and in some circumstances, may prohibit prepayments for a specified period
and/or condition prepayments upon the borrower's payment of prepayment fees or
yield maintenance penalties. In certain states, there are or may be specific
limitations upon the late charges which a lender may collect from a borrower for
delinquent payments. Certain states also limit the amounts that a lender may
collect from a borrower as an additional charge or fee if the loan is prepaid.
In addition, the enforceability of provisions that provide for prepayment fees
or penalties upon an involuntary prepayment is unclear under the laws of many
states.

APPLICABILITY OF USURY LAWS

      Title V of the Depository Institutions Deregulation and Monetary Control
Act of 1980 ("Title V") provides that state usury limitations shall not apply to
certain types of residential, including multifamily but not commercial, first
mortgage loans originated by certain lenders after March 31, 1980. A similar
Federal statute was in effect with respect to mortgage loans made during the
first three months of 1980. The statute authorized any state to reimpose
interest rate limits by adopting, before April 1, 1983, a law or constitutional
provision that expressly rejects application of the federal law. In addition,
even where Title V is not so rejected, any state is authorized by the law to
adopt a provision limiting discount points or other charges on mortgage loans
covered by Title V. Certain states have taken action to reimpose interest rate
limits and/or to limit discount points or other charges.

      In any state in which application of Title V has been expressly rejected
or a provision limiting discount points or other charges has been adopted, no
mortgage loan originated after the date of that state action will (if originated
after that rejection or adoption) be eligible for inclusion in a trust fund
unless (1) the mortgage loan provides for an interest rate, discount points and
charges as are permitted in that state or (2) the mortgage loan provides that
the terms are to be construed in accordance with the laws of another state under
which the interest rate, discount points and charges would not be usurious and
the borrower's counsel has rendered an opinion that the choice of law provision
would be given effect.

      Statutes differ in their provisions as to the consequences of a usurious
loan. One group of statutes requires the lender to forfeit the interest due
above the applicable limit or impose a specified penalty. Under this statutory
scheme, the borrower may cancel the recorded mortgage or deed of trust upon
paying its debt with lawful interest, and the lender may foreclose, but only for
the debt plus lawful interest.


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A second group of statutes is more severe. A violation of this type of usury law
results in the invalidation of the transaction, thereby permitting the borrower
to cancel the recorded mortgage or deed of trust without any payment or
prohibiting the lender from foreclosing.

SERVICEMEMBERS CIVIL RELIEF ACT

      Under the terms of the Servicemembers Civil Relief Act (the "Relief Act"),
a borrower who enters military service after the origination of that borrower's
mortgage loan, including a borrower who was in reserve status and is called to
active duty after origination of the mortgage loan, upon notification by such
borrower, shall not be charged interest, including fees and charges, in excess
of 6% per annum during the period of that borrower's active duty status. In
addition to adjusting the interest, the lender must forgive any such interest in
excess of 6% unless a court or administrative agency orders otherwise upon
application of the lender. The Relief Act applies to individuals who are members
of the Army, Navy, Air Force, Marines, National Guard, Reserves, Coast Guard and
officers of the U.S. Public Health Service or the National Oceanic and
Atmospheric Administration assigned to duty with the military. Because the
Relief Act applies to individuals who enter military service, including
reservists who are called to active duty, after origination of the related
mortgage loan, no information can be provided as to the number of loans with
individuals as borrowers that may be affected by the Relief Act. Application of
the Relief Act would adversely affect, for an indeterminate period of time, the
ability of any servicer to collect full amounts of interest on certain of the
mortgage loans. Any shortfalls in interest collections resulting from the
application of the Relief Act would result in a reduction of the amounts
distributable to the holders of the related series of certificates, and would
not be covered by advances or, any form of credit support provided in connection
with those certificates. In addition, the Relief Act imposes limitations that
would impair the ability of the servicer to foreclose on an affected mortgage
loan during the borrower's period of active duty status, and, under certain
circumstances, during an additional three-month period thereafter.

TYPE OF MORTGAGED PROPERTY

      The lender may be subject to additional risk depending upon the type and
use of the Mortgaged Property in question. For instance, Mortgaged Properties
which are hospitals, nursing homes or convalescent homes may present special
risks to lenders in large part due to significant governmental regulation of the
operation, maintenance, control and financing of health care institutions.
Mortgages on Mortgaged Properties which are owned by the borrower under a
condominium form of ownership are subject to the declaration, by-laws and other
rules and regulations of the condominium association. Mortgaged Properties which
are hotels or motels may present additional risk to the lender in that:

      1.    hotels and motels are typically operated pursuant to franchise,
            management and operating agreements which may be terminable by the
            operator; and

      2.    the transferability of the hotel's operating, liquor and other
            licenses to the entity acquiring the hotel either through purchase
            or foreclosure is subject to the vagaries of local law requirements.

      In addition, Mortgaged Properties which are multifamily properties or
cooperatively owned multifamily properties may be subject to rent control laws,
which could impact the future cash flows of those properties.

AMERICANS WITH DISABILITIES ACT

      Under Title III of the Americans with Disabilities Act of 1990 (the
"ADA"), in order to protect individuals with disabilities, public accommodations
(such as hotels, restaurants, shopping centers, hospitals, schools and social
service center establishments) must remove architectural and communication
barriers which are structural in nature from existing places of public
accommodation to the extent "readily achievable." In addition, under the ADA,
alterations to a place of public accommodation or a commercial facility are to
be made so that, to the maximum extent feasible, the altered portions are
readily accessible to and usable by disabled individuals. The "readily
achievable" standard takes into account, among other factors, the financial
resources of the affected site, owner, landlord or other applicable person. In
addition to imposing a possible financial burden on the borrower in its capacity
as owner or landlord, the ADA may


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also impose these requirements on a foreclosing lender who succeeds to the
interest of the borrower as owner or landlord. Furthermore, since the "readily
achievable" standard may vary depending on the financial condition of the owner
or landlord, a foreclosing lender who is financially more capable than the
borrower of complying with the requirements of the ADA may be subject to more
stringent requirements than those to which the borrower is subject.

FORFEITURE FOR DRUG, RICO AND MONEY LAUNDERING VIOLATIONS

      Federal law provides that property purchased or improved with assets
derived from criminal activity or otherwise tainted, or used in the commission
of certain offenses, can be seized and ordered forfeited to the United States of
America. The offenses which can trigger such a seizure and forfeiture include,
among others, violations of the Racketeer Influenced and Corrupt Organizations
Act, the Bank Secrecy Act, the anti-money laundering laws and regulations,
including the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, also known as the USA
Patriot Act, and the regulations issued pursuant to the USA Patriot Act, as well
as the narcotic drug laws. In many instances, the United States may seize the
property even before a conviction occurs.

      In the event of a forfeiture proceeding, a lender may be able to establish
its interest in the property by proving that (1) its mortgage was executed and
recorded before the commission of the illegal conduct from which the assets used
to purchase or improve the property were derived or before any other crime upon
which the forfeiture is based, or (2) the lender, at the time of the execution
of the mortgage, "did not know or was reasonably without cause to believe that
the property was subject to forfeiture." However, there is no assurance that
such defense will be successful.

                     CERTAIN FEDERAL INCOME TAX CONSEQUENCES

      The following is a general discussion of the anticipated material federal
income tax consequences of the purchase, ownership and disposition of
certificates. The discussion below does not purport to address all federal
income tax consequences that may be applicable to particular categories of
investors, some of which may be subject to special rules. Further, the
authorities on which this discussion is based are subject to change or differing
interpretations, and any change or interpretation could apply retroactively. No
rulings have been or will be sought from the Internal Revenue Service (the
"IRS") with respect to any of the federal income tax consequences discussed
below. Accordingly, the IRS may take contrary positions. This discussion
reflects the applicable provisions of the Code as well as regulations (the
"REMIC Regulations") promulgated by the U.S. Department of Treasury (the
"Treasury"). Investors should consult their own tax advisors in determining the
federal, state, local and other tax consequences to them of the purchase,
ownership and disposition of certificates.

      For purposes of this discussion, (1) references to the mortgage loans
include references to the mortgage loans underlying MBS included in the mortgage
assets and (2) where the applicable prospectus supplement provides for a fixed
retained yield with respect to the mortgage loans underlying a series of
certificates, references to the mortgage loans will be deemed to refer to that
portion of the mortgage loans held by the trust fund which does not include the
Retained Interest. References to a "holder" or "certificateholder" in this
discussion generally mean the beneficial owner of a certificate.

             FEDERAL INCOME TAX CONSEQUENCES FOR REMIC CERTIFICATES

GENERAL

     With respect to a particular series of certificates, an election may be
made to treat the trust fund or one or more segregated pools of assets in the
trust fund as one or more REMICs within the meaning of Code Section 860D. A
trust fund or a portion of a trust fund as to which a REMIC election is made
will be referred to as a "REMIC Pool." For purposes of this discussion,
certificates of a series as to which one or more REMIC elections are made are
referred to as "REMIC Certificates" and will consist of one or more classes of
"Regular Certificates" and one class of Residual Certificates in the case of
each REMIC Pool.


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Qualification as a REMIC requires ongoing compliance with certain conditions.
With respect to each series of REMIC Certificates, Cadwalader, Wickersham & Taft
LLP, counsel to the Depositor, will deliver its opinion generally to the effect
that, assuming:

      1.    the making of an election,

      2.    compliance with the Pooling Agreement and any other governing
            documents and

      3.    compliance with any changes in the law, including any amendments to
            the Code or applicable Treasury regulations under the Code, each
            REMIC Pool will qualify as a REMIC.

      In that case, the Regular Certificates will be considered to be "regular
interests" in the REMIC Pool and generally will be treated for federal income
tax purposes as if they were newly originated debt instruments, and the Residual
Certificates will be considered to be "residual interests" in the REMIC Pool.
The prospectus supplement for each series of certificates will indicate whether
one or more REMIC elections with respect to the related trust fund will be made,
in which event references to "REMIC" or "REMIC Pool" below shall be deemed to
refer to that REMIC Pool. If so specified in the applicable prospectus
supplement, the portion of a trust fund as to which a REMIC election is not made
may be treated as a grantor trust for federal income tax purposes. See
"--Federal Income Tax Consequences for Certificates as to Which No REMIC
Election Is Made" below.

CHARACTERIZATION OF INVESTMENTS IN REMIC CERTIFICATES

      REMIC Certificates held by a domestic building and loan association will
constitute "a regular or residual interest in a REMIC" within the meaning of
Code Section 7701(a)(19)(C)(xi), but only in the same proportion that the assets
of the REMIC Pool would be treated as "loans . . . secured by an interest in
real property which is . . . residential real property" (such as single family
or multifamily properties, but not commercial properties) within the meaning of
Code Section 7701(a)(19)(C)(v) or as other assets described in Code Section
7701(a)(19)(C), and otherwise will not qualify for that treatment. REMIC
Certificates held by a real estate investment trust will constitute "real estate
assets" within the meaning of Code Section 856(c)(5)(B), and interest, including
original issue discount, on the Regular Certificates and income with respect to
Residual Certificates will be considered "interest on obligations secured by
mortgages on real property or on interests in real property" within the meaning
of Code Section 856(c)(3)(B) if received by a real estate investment trust in
the same proportion that, for both purposes, the assets of the REMIC Pool would
be so treated. If at all times 95% or more of the assets of the REMIC Pool
qualify for each of the foregoing respective treatments, the REMIC Certificates
will qualify for the corresponding status in their entirety. Mortgage Loans held
by the REMIC Pool that have been defeased with U.S. Treasury obligations will
not qualify for the foregoing treatments. For purposes of Code Section
856(c)(5)(B), payments of principal and interest on the mortgage loans that are
reinvested pending distribution to holders of REMIC Certificates qualify for
that treatment. Where two REMIC Pools are a part of a tiered structure they will
be treated as one REMIC for purposes of the tests described above respecting
asset ownership of more or less than 95%. Regular Certificates will be
"qualified mortgages" for another REMIC for purposes of Code Section 860G(a)(3).
REMIC Certificates held by a regulated investment company will not constitute
"Government Securities" within the meaning of Code Section 851(b)(3)(A)(i).
REMIC Certificates held by certain financial institutions will constitute an
"evidence of indebtedness" within the meaning of Code Section 582(c)(1).

QUALIFICATION AS A REMIC

      In order for the REMIC Pool to qualify as a REMIC, there must be ongoing
compliance on the part of the REMIC Pool with the requirements set forth in the
Code. The REMIC Pool must fulfill an asset test, which requires that no more
than a de minimis portion of the assets of the REMIC Pool, as of the close of
the third calendar month beginning after the "Startup Day" (which for purposes
of this discussion is the date of issuance of the REMIC Certificates) and at all
times thereafter, may consist of assets other than "qualified mortgages" and
"permitted investments." The REMIC Regulations provide a safe harbor pursuant to
which the de minimis requirement is met if at all times the aggregate adjusted
basis of the nonqualified assets is less than 1% of the aggregate adjusted basis
of all the REMIC Pool's assets. An


                                       92



entity that fails to meet the safe harbor may nevertheless demonstrate that it
holds no more than a de minimis amount of nonqualified assets. A REMIC also must
provide "reasonable arrangements" to prevent its residual interest from being
held by "disqualified organizations" and must furnish applicable tax information
to transferors or agents that violate this requirement. The Pooling Agreement
for each series will contain a provision designed to meet this requirement. See
"--Taxation of Residual Certificates--Tax-Related Restrictions on Transfer of
Residual Certificates--Disqualified Organizations" below.

      A qualified mortgage is any obligation that is principally secured by an
interest in real property and that is either transferred to the REMIC Pool on
the Startup Day in exchange for regular or residual interests, or is either
purchased by the REMIC Pool within a three-month period thereafter or represents
an increase in the loan advanced to the obligor under its original terms, in
each case pursuant to a fixed price contract in effect on the Startup Day.
Qualified mortgages include (i) whole mortgage loans, such as the mortgage
loans, (ii) certificates of beneficial interest in a grantor trust that holds
mortgage loans, including certain of the MBS, (iii) regular interests in another
REMIC, such as MBS in a trust as to which a REMIC election has been made, (iv)
loans secured by timeshare interests and (v) loans secured by shares held by a
tenant stockholder in a cooperative housing corporation, provided, in general:

      1.    the fair market value of the real property security (including
            buildings and structural components) is at least 80% of the
            principal balance of the related mortgage loan or mortgage loan
            underlying the mortgage certificate either at origination or as of
            the Startup Day (an original loan-to-value ratio of not more than
            125% with respect to the real property security), or

      2.    substantially all the proceeds of the mortgage loan or the
            underlying mortgage loan were used to acquire, improve or protect an
            interest in real property that, at the origination date, was the
            only security for the mortgage loan or underlying mortgage loan.

      If the mortgage loan has been substantially modified other than in
connection with a default or reasonably foreseeable default, it must meet the
loan-to-value test in (1) of the preceding sentence as of the date of the last
modification or at closing. A qualified mortgage includes a qualified
replacement mortgage, which is any obligation that would have been treated as a
qualified mortgage if it were transferred to the REMIC Pool on the Startup Day
and that is received either (1) in exchange for any qualified mortgage within a
three-month period thereafter or (2) in exchange for a defective obligation
within a two-year period thereafter. A "defective obligation" includes

      o     a mortgage in default or as to which default is reasonably
            foreseeable,

      o     mortgage as to which a customary representation or warranty made at
            the time of transfer to the REMIC Pool has been breached,

      o     a mortgage that was fraudulently procured by the mortgagor, and

      o     a mortgage that was not in fact principally secured by real property
            (but only if the mortgage is disposed of within 90 days of
            discovery).

      A mortgage loan that is defective as described in the 4th clause in the
immediately preceding sentence that is not sold or, if within two years of the
Startup Day, exchanged, within 90 days of discovery, ceases to be a qualified
mortgage after that 90-day period.

      Permitted investments include cash flow investments, qualified reserve
assets, and foreclosure property. A cash flow investment is an investment,
earning a return in the nature of interest, of amounts received on or with
respect to qualified mortgages for a temporary period, not exceeding 13 months,
until the next scheduled distribution to holders of interests in the REMIC Pool.
A qualified reserve asset is any intangible property held for investment that is
part of any reasonably required reserve maintained by the REMIC Pool to provide
for payments of expenses of the REMIC Pool or amounts due on the regular or
residual interests in the event of defaults (including delinquencies) on the
qualified mortgages, lower than expected reinvestment returns, prepayment
interest shortfalls and certain other contingencies. In addition, a reserve fund
(limited to not more than 50% of the REMIC Pool's initial assets) may be used to


                                       93



provide a source of funds for the purchase of increases in the balances of
qualified mortgages pursuant to their terms. A reserve fund will be disqualified
if more than 30% of the gross income from the assets in the fund for the year is
derived from the sale or other disposition of property held for less than three
months, unless required to prevent a default on the regular interests caused by
a default on one or more qualified mortgages. A reserve fund must be reduced
"promptly and appropriately" to the extent no longer required. Foreclosure
property is real property acquired by the REMIC Pool in connection with the
default or imminent default of a qualified mortgage, provided the Depositor had
no knowledge that the mortgage loan would go into default at the time it was
transferred to the REMIC Pool. Foreclosure property generally must be disposed
of prior to the close of the third calendar year following the acquisition of
the property by the REMIC Pool, with an extension that may be granted by the
IRS.

      In addition to the foregoing requirements, the various interests in a
REMIC Pool also must meet certain requirements. All of the interests in a REMIC
Pool must be either of the following: (1) one or more classes of regular
interests or (2) a single class of residual interests on which distributions, if
any, are made pro rata. A regular interest is an interest in a REMIC Pool that
is issued on the Startup Day with fixed terms, is designated as a regular
interest, and unconditionally entitles the holder to receive a specified
principal amount (or other similar amount), and provides that interest payments
(or other similar amounts), if any, at or before maturity either are payable
based on a fixed rate or a qualified variable rate, or consist of a specified,
nonvarying portion of the interest payments on qualified mortgages. The
specified portion may consist of a fixed number of basis points, a fixed
percentage of the total interest, or a fixed or qualified variable or inverse
variable rate on some or all of the qualified mortgages minus a different fixed
or qualified variable rate. The specified principal amount of a regular interest
that provides for interest payments consisting of a specified, nonvarying
portion of interest payments on qualified mortgages may be zero. A residual
interest is an interest in a REMIC Pool other than a regular interest that is
issued on the Startup Day and that is designated as a residual interest. An
interest in a REMIC Pool may be treated as a regular interest even if payments
of principal with respect to that interest are subordinated to payments on other
regular interests or the residual interest in the REMIC Pool, and are dependent
on the absence of defaults or delinquencies on qualified mortgages or permitted
investments, lower than reasonably expected returns on permitted investments,
unanticipated expenses incurred by the REMIC Pool or prepayment interest
shortfalls. Accordingly, the Regular Certificates of a series will constitute
one or more classes of regular interests, and the Residual Certificates for each
REMIC Pool of that series will constitute a single class of residual interests
on which distributions are made pro rata.

      If an entity, such as the REMIC Pool, fails to comply with one or more of
the ongoing requirements of the Code for REMIC status during any taxable year,
the Code provides that the entity will not be treated as a REMIC for that year
and thereafter. In this event, an entity with multiple classes of ownership
interests may be treated as a separate association taxable as a corporation
under Treasury regulations, and the Regular Certificates may be treated as
equity interests in the REMIC Pool. The Code, however, authorizes the Treasury
Department to issue regulations that address situations where failure to meet
one or more of the requirements for REMIC status occurs inadvertently and in
good faith, and disqualification of the REMIC Pool would occur absent regulatory
relief. Investors should be aware, however, that the Conference Committee Report
to the Tax Reform Act of 1986 (the "Reform Act") indicates that the relief may
be accompanied by sanctions, such as the imposition of a corporate tax on all or
a portion of the REMIC Pool's income for the period of time in which the
requirements for REMIC status are not satisfied.

TAXATION OF REGULAR CERTIFICATES

      General.

      A regular interest will be treated as a newly originated debt instrument
for federal income tax purposes. In general, interest, original issue discount
and market discount on a Regular Certificate will be treated as ordinary income
to a holder of the Regular Certificate (the "Regular Certificateholder") as they
accrue, and principal payments on a Regular Certificate will be treated as a
return of capital to the extent of the Regular Certificateholder's basis in the
Regular Certificate allocable thereto (other than accrued market discount not
yet reported as ordinary income). Regular Certificateholders must use the
accrual


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method of accounting with regard to Regular Certificates, regardless of the
method of accounting otherwise used by those Regular Certificateholders.

      Original Issue Discount.

      Accrual Certificates and principal-only certificates will be, and other
classes of Regular Certificates may be, issued with "original issue discount"
within the meaning of Code Section 1273(a). Holders of any class of Regular
Certificates having original issue discount generally must include original
issue discount in ordinary income for federal income tax purposes as it accrues,
in accordance with the constant yield method that takes into account the
compounding of interest, in advance of receipt of the cash attributable to that
income. The following discussion is based in part on Treasury regulations (the
"OID Regulations") under Code Sections 1271 through 1275 and in part on the
provisions of the Reform Act. Regular Certificateholders should be aware,
however, that the OID Regulations do not adequately address certain issues
relevant to prepayable securities, such as the Regular Certificates. To the
extent those issues are not addressed in those regulations, the Depositor
intends to apply the methodology described in the Conference Committee Report to
the Reform Act. We cannot assure you that the IRS will not take a different
position as to those matters not currently addressed by the OID Regulations.
Moreover, the OID Regulations include an anti-abuse rule allowing the IRS to
apply or depart from the OID Regulations where necessary or appropriate to
ensure a reasonable tax result in light of the applicable statutory provisions.
A tax result will not be considered unreasonable under the anti-abuse rule in
the absence of a substantial effect on the present value of a taxpayer's tax
liability. Investors are advised to consult their own tax advisors as to the
discussion in this prospectus and the appropriate method for reporting interest
and original issue discount with respect to the Regular Certificates.

      Each Regular Certificate, except to the extent described below with
respect to a Regular Certificate on which principal is distributed by random lot
("Random Lot Certificates"), will be treated as a single installment obligation
for purposes of determining the original issue discount includible in a Regular
Certificateholder's income. The total amount of original issue discount on a
Regular Certificate is the excess of the "stated redemption price at maturity"
of the Regular Certificate over its "issue price." The issue price of a class of
Regular Certificates offered pursuant to this prospectus generally is the first
price at which a substantial amount of Regular Certificates of that class is
sold to the public (excluding bond houses, brokers and underwriters). Although
unclear under the OID Regulations, the Depositor intends to treat the issue
price of a class as to which there is no substantial sale as of the issue date
or that is retained by the Depositor as the fair market value of that class as
of the issue date. The issue price of a Regular Certificate also includes the
amount paid by an initial Regular Certificateholder for accrued interest that
relates to a period prior to the issue date of the Regular Certificate, unless
the Regular Certificateholder elects on its federal income tax return to exclude
that amount from the issue price and to recover it on the first distribution
date. The stated redemption price at maturity of a Regular Certificate always
includes the original principal amount of the Regular Certificate, but generally
will not include distributions of stated interest if those interest
distributions constitute "qualified stated interest." Under the OID Regulations,
qualified stated interest generally means interest payable at a single fixed
rate or a qualified variable rate (as described below) provided that those
interest payments are unconditionally payable at intervals of one year or less
during the entire term of the Regular Certificate. Because there is no penalty
or default remedy in the case of nonpayment of interest with respect to a
Regular Certificate, it is possible that no interest on any class of Regular
Certificates will be treated as qualified stated interest. However, except as
provided in the following three sentences or in the applicable prospectus
supplement, because the underlying mortgage loans provide for remedies in the
event of default, we intend to treat interest with respect to the Regular
Certificates as qualified stated interest. Distributions of interest on an
Accrual Certificate, or on other Regular Certificates with respect to which
deferred interest will accrue, will not constitute qualified stated interest, in
which case the stated redemption price at maturity of the Regular Certificates
includes all distributions of interest as well as principal on those Regular
Certificates. Likewise, we intend to treat an "interest only" class, or a class
on which interest is substantially disproportionate to its principal amount, a
so-called "super-premium" class, as having no qualified stated interest. Where
the interval between the issue date and the first distribution date on a Regular
Certificate is shorter than the interval between subsequent distribution dates,
the interest attributable to the additional days will be included in the stated
redemption price at maturity.


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      Under a de minimis rule, original issue discount on a Regular Certificate
will be considered to be zero if the original issue discount is less than 0.25%
of the stated redemption price at maturity of the Regular Certificate multiplied
by the weighted average maturity of the Regular Certificate. For this purpose,
the weighted average maturity of the Regular Certificate is computed as the sum
of the amounts determined by multiplying the number of full years (i.e.,
rounding down partial years) from the issue date until each distribution is
scheduled to be made by a fraction, the numerator of which is the amount of each
distribution included in the stated redemption price at maturity of the Regular
Certificate and the denominator of which is the stated redemption price at
maturity of the Regular Certificate. The Conference Committee Report to the
Reform Act provides that the schedule of distributions should be determined in
accordance with the assumed rate of prepayment of the mortgage loans (the
"Prepayment Assumption") and the anticipated reinvestment rate, if any, relating
to the Regular Certificates. The Prepayment Assumption with respect to a Series
of Regular Certificates will be set forth in the related prospectus supplement.
Holders generally must report de minimis original issue discount pro rata as
principal payments are received, and that income will be capital gain if the
Regular Certificate is held as a capital asset. However, under the OID
Regulations, Regular Certificateholders may elect to accrue all de minimis
original issue discount as well as market discount and market premium under the
constant yield method. See "--Election to Treat All Interest Under the Constant
Yield Method" below.

      A Regular Certificateholder generally must include in gross income for any
taxable year the sum of the "daily portions," as defined below, of the original
issue discount on the Regular Certificate accrued during an accrual period for
each day on which it holds the Regular Certificate, including the date of
purchase but excluding the date of disposition. We intend to treat the monthly
period ending on the day before each distribution date as the accrual period.
With respect to each Regular Certificate, a calculation will be made of the
original issue discount that accrues during each successive full accrual period,
or shorter period from the date of original issue, that ends on the day before
the related distribution date on the Regular Certificate. The Conference
Committee Report to the Reform Act states that the rate of accrual of original
issue discount is intended to be based on the Prepayment Assumption. Other than
as discussed below with respect to a Random Lot Certificate, the original issue
discount accruing in a full accrual period would be the excess, if any, of:

      1.    the sum of (a) the present value of all of the remaining
            distributions to be made on the Regular Certificate as of the end of
            that accrual period that are included in the Regular Certificate's
            stated redemption price at maturity and (b) the distributions made
            on the Regular Certificate during the accrual period that are
            included in the Regular Certificate's stated redemption price at
            maturity, over

      2.    the adjusted issue price of the Regular Certificate at the beginning
            of the accrual period.

      The present value of the remaining distributions referred to in the
preceding sentence is calculated based on:

      1.    the yield to maturity of the Regular Certificate at the issue date,

      2.    events (including actual prepayments) that have occurred prior to
            the end of the accrual period, and

      3.    the Prepayment Assumption.

      For these purposes, the adjusted issue price of a Regular Certificate at
the beginning of any accrual period equals the issue price of the Regular
Certificate, increased by the aggregate amount of original issue discount with
respect to the Regular Certificate that accrued in all prior accrual periods and
reduced by the amount of distributions included in the Regular Certificate's
stated redemption price at maturity that were made on the Regular Certificate in
those prior periods. The original issue discount accruing during any accrual
period (as determined in this paragraph) will then be divided by the number of
days in the period to determine the daily portion of original issue discount for
each day in the period. With respect to an initial accrual period shorter than a
full accrual period, the daily portions of original issue discount must be
determined according to an appropriate allocation under any reasonable method.


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      Under the method described above, the daily portions of original issue
discount required to be included in income by a Regular Certificateholder
generally will increase to take into account prepayments on the Regular
Certificates as a result of prepayments on the mortgage loans that exceed the
Prepayment Assumption, and generally will decrease, but not below zero for any
period, if the prepayments are slower than the Prepayment Assumption. An
increase in prepayments on the mortgage loans with respect to a series of
Regular Certificates can result in both a change in the priority of principal
payments with respect to certain classes of Regular Certificates and either an
increase or decrease in the daily portions of original issue discount with
respect to those Regular Certificates.

      In the case of a Random Lot Certificate, we intend to determine the yield
to maturity of that certificate based upon the anticipated payment
characteristics of the class as a whole under the Prepayment Assumption. In
general, the original issue discount accruing on each Random Lot Certificate in
a full accrual period would be its allocable share of the original issue
discount with respect to the entire class, as determined in accordance with the
preceding paragraph. However, in the case of a distribution in retirement of the
entire unpaid principal balance of any Random Lot Certificate, or portion of
that unpaid principal balance, (a) the remaining unaccrued original issue
discount allocable to that certificate (or to that portion) will accrue at the
time of that distribution, and (b) the accrual of original issue discount
allocable to each remaining certificate of the class (or the remaining unpaid
principal balance of a partially redeemed Random Lot Certificate after a
distribution of principal has been received) will be adjusted by reducing the
present value of the remaining payments on that class and the adjusted issue
price of that class to the extent attributable to the portion of the unpaid
principal balance of the class that was distributed. We believe that the
foregoing treatment is consistent with the "pro rata prepayment" rules of the
OID Regulations, but with the rate of accrual of original issue discount
determined based on the Prepayment Assumption for the class as a whole. You are
advised to consult your tax advisors as to this treatment.

      The Treasury proposed regulations on August 24, 2004 that create a special
rule for accruing original issue discount on Regular Certificates providing for
a delay between record and payment dates, such that the period over which
original issue discount accrues coincides with the period over which the Regular
Certificateholder's right to interest payment accrues under the governing
contract provisions rather than over the period between distribution dates. If
the proposed regulations are adopted in the same form as proposed, taxpayers
would be required to accrue interest from the issue date to the first record
date, but would not be required to accrue interest after the last record date.
The proposed regulations are limited to Regular Certificates with delayed
payment for periods of fewer than 32 days. The proposed regulations are proposed
to apply to any Regular Certificate issued after the date the final regulations
are published in the Federal Register.

      Acquisition Premium.

      A purchaser of a Regular Certificate at a price greater than its adjusted
issue price but less than its stated redemption price at maturity will be
required to include in gross income the daily portions of the original issue
discount on the Regular Certificate reduced pro rata by a fraction, the
numerator of which is the excess of its purchase price over the adjusted issue
price and the denominator of which is the excess of the remaining stated
redemption price at maturity over the adjusted issue price. Alternatively, a
subsequent purchaser may elect to treat all of the acquisition premium under the
constant yield method, as described below under the heading "--Election to Treat
All Interest Under the Constant Yield Method" below.

      Variable Rate Regular Certificates.

      Regular Certificates may provide for interest based on a variable rate.
Under the OID Regulations, interest is treated as payable at a variable rate if,
generally:

      1.    the issue price does not exceed the original principal balance by
            more than a specified amount, and

      2.    the interest compounds or is payable at least annually at current
            values of


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            (a)   one or more "qualified floating rates,"

            (b)   a single fixed rate and one or more qualified floating rates,

            (c)   a single "objective rate," or

            (d)   a single fixed rate and a single objective rate that is a
                  "qualified inverse floating rate."

      A floating rate is a qualified floating rate if variations in the rate can
reasonably be expected to measure contemporaneous variations in the cost of
newly borrowed funds, where the rate is subject to a fixed multiple that is
greater than 0.65, but not more than 1.35. The rate may also be increased or
decreased by a fixed spread or subject to a fixed cap or floor, or a cap or
floor that is not reasonably expected as of the issue date to affect the yield
of the instrument significantly. An objective rate (other than a qualified
floating rate) is a rate that is determined using a single fixed formula and
that is based on objective financial or economic information, provided that the
information is not (1) within the control of the depositor or a related party or
(2) unique to the circumstances of the depositor or a related party. A qualified
inverse floating rate is a rate equal to a fixed rate minus a qualified floating
rate that inversely reflects contemporaneous variations in the cost of newly
borrowed funds; an inverse floating rate that is not a qualified floating rate
may nevertheless be an objective rate. A class of Regular Certificates may be
issued under this prospectus that does not have a variable rate under the OID
Regulations, for example, a class that bears different rates at different times
during the period it is outstanding so that it is considered significantly
"front-loaded" or "back-loaded" within the meaning of the OID Regulations. It is
possible that a class of this type may be considered to bear "contingent
interest" within the meaning of the OID Regulations. The OID Regulations, as
they relate to the treatment of contingent interest, are by their terms not
applicable to Regular Certificates. However, if final regulations dealing with
contingent interest with respect to Regular Certificates apply the same
principles as the current regulations, those regulations may lead to different
timing of income inclusion than would be the case under the variable interest
regulations. Furthermore, application of those principles could lead to the
characterization of gain on the sale of contingent interest Regular Certificates
as ordinary income. Investors should consult their tax advisors regarding the
appropriate treatment of any Regular Certificate that does not pay interest at a
fixed rate or variable rate as described in this paragraph.

      Under the REMIC Regulations, a Regular Certificate (1) bearing a rate that
qualifies as a variable rate under the OID Regulations that is tied to current
values of a variable rate (or the highest, lowest or average of two or more
variable rates), including a rate based on the average cost of funds of one or
more financial institutions, or a positive or negative multiple of a rate (plus
or minus a specified number of basis points), or that represents a weighted
average of rates on some or all of the mortgage loans, including a rate that is
subject to one or more caps or floors, or (2) bearing one or more of these
variable rates for one or more periods or one or more fixed rates for one or
more periods, and a different variable rate or fixed rate for other periods
qualifies as a regular interest in a REMIC. Accordingly, if so indicated in the
related prospectus supplement, we intend to treat Regular Certificates that
qualify as regular interests under this rule in the same manner as obligations
bearing a variable rate for original issue discount reporting purposes.

      The amount of original issue discount with respect to a Regular
Certificate bearing a variable rate of interest will accrue in the manner
described above under "--Original Issue Discount" with the yield to maturity and
future payments on that Regular Certificate generally to be determined by
assuming that interest will be payable for the life of the Regular Certificate
based on the initial rate (or, if different, the value of the applicable
variable rate as of the pricing date) for the relevant class. Generally, we
intend to treat variable interest as qualified stated interest, other than
variable interest on an interest-only or super-premium class, which will be
treated as non-qualified stated interest includible in the stated redemption
price at maturity. Ordinary income reportable for any period will be adjusted
based on subsequent changes in the applicable interest rate index.

      Although unclear under the OID Regulations, unless required otherwise by
applicable final regulations, we intend to treat Regular Certificates bearing an
interest rate that is a weighted average of the net interest rates on mortgage
loans or mortgage certificates having fixed or adjustable rates, as


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having qualified stated interest, except to the extent that initial "teaser"
rates cause sufficiently "back-loaded" interest to create more than de minimis
original issue discount. The yield on those Regular Certificates for purposes of
accruing original issue discount will be a hypothetical fixed rate based on the
fixed rates, in the case of fixed rate mortgage loans, and initial "teaser
rates" followed by fully indexed rates, in the case of adjustable rate mortgage
loans. In the case of adjustable rate mortgage loans, the applicable index used
to compute interest on the mortgage loans will be the index in effect on the
pricing date (or possibly the issue date), and in the case of initial teaser
rates, will be deemed to be in effect beginning with the period in which the
first weighted average adjustment date occurring after the issue date occurs.
Adjustments will be made in each accrual period either increasing or decreasing
the amount of ordinary income reportable to reflect the actual pass-through
interest rate on the Regular Certificates.

      Deferred Interest.

      Under the OID Regulations, all interest on a Regular Certificate as to
which there may be deferred interest is includible in the stated redemption
price at maturity thereof. Accordingly, any deferred interest that accrues with
respect to a class of Regular Certificates may constitute income to the holders
of such Regular Certificates prior to the time distributions of cash with
respect to such deferred interest are made.

      Market Discount.

      A purchaser of a Regular Certificate also may be subject to the market
discount rules of Code Section 1276 through 1278. Under these Code sections and
the principles applied by the OID Regulations in the context of original issue
discount, "market discount" is the amount by which the purchaser's original
basis in the Regular Certificate (exclusive of accrued qualified stated
interest) (1) is exceeded by the then-current principal amount of the Regular
Certificate or (2) in the case of a Regular Certificate having original issue
discount, is exceeded by the adjusted issue price of that Regular Certificate at
the time of purchase. The purchaser generally will be required to recognize
ordinary income to the extent of accrued market discount on the Regular
Certificate as distributions includible in the stated redemption price at
maturity of the Regular Certificate are received, in an amount not exceeding
that distribution. The market discount would accrue in a manner to be provided
in Treasury regulations and should take into account the Prepayment Assumption.
The Conference Committee Report to the Reform Act provides that until
regulations are issued, the market discount would accrue either (1) on the basis
of a constant interest rate or (2) in the ratio of stated interest allocable to
the relevant period to the sum of the interest for that period plus the
remaining interest as of the end of that period, or in the case of a Regular
Certificate issued with original issue discount, in the ratio of original issue
discount accrued for the relevant period to the sum of the original issue
discount accrued for that period plus the remaining original issue discount as
of the end of that period. You also generally will be required to treat a
portion of any gain on a sale or exchange of the Regular Certificate as ordinary
income to the extent of the market discount accrued to the date of disposition
under one of the foregoing methods, less any accrued market discount previously
reported as ordinary income as partial distributions in reduction of the stated
redemption price at maturity were received. You will be required to defer
deduction of a portion of the excess of the interest paid or accrued on
indebtedness incurred to purchase or carry a Regular Certificate over the
interest distributable on those Regular Certificates. The deferred portion of an
interest expense in any taxable year generally will not exceed the accrued
market discount on the Regular Certificate for that year. The deferred interest
expense is, in general, allowed as a deduction not later than the year in which
the related market discount income is recognized or the Regular Certificate is
disposed of. As an alternative to the inclusion of market discount in income on
the foregoing basis, you may elect to include market discount in income
currently as it accrues on all market discount instruments you acquired in that
taxable year or thereafter, in which case the interest deferral rule will not
apply. See "--Election to Treat All Interest Under the Constant Yield Method"
below regarding an alternative manner in which that election may be deemed to be
made.

      Market discount with respect to a Regular Certificate will be considered
to be zero if the market discount is less than 0.25% of the remaining stated
redemption price at maturity of the Regular Certificate multiplied by the
weighted average maturity of the Regular Certificate (determined as described
above in the third paragraph under "--Original Issue Discount") remaining after
the date of purchase. It appears


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that de minimis market discount would be reported in a manner similar to de
minimis original issue discount. See "--Original Issue Discount" above. Treasury
regulations implementing the market discount rules have not yet been issued, and
therefore investors should consult their own tax advisors regarding the
application of these rules. You should also consult Revenue Procedure 92-67
concerning the elections to include market discount in income currently and to
accrue market discount on the basis of the constant yield method.

      Premium.

      A Regular Certificate purchased at a cost, excluding any portion of the
cost attributable to accrued qualified stated interest, greater than its
remaining stated redemption price at maturity generally is considered to be
purchased at a premium. If you hold a Regular Certificate as a "capital asset"
within the meaning of Code Section 1221, you may elect under Code Section 171 to
amortize that premium under the constant yield method. Final regulations with
respect to amortization of bond premium do not by their terms apply to
prepayable obligations such as the Regular Certificates. However, the Conference
Committee Report to the Reform Act indicates a Congressional intent that the
same rules that will apply to the accrual of market discount on installment
obligations will also apply to amortizing bond premium under Code Section 171 on
installment obligations such as the Regular Certificates, although it is unclear
whether the alternatives to the constant yield method described above under
"--Market Discount" are available. Amortizable bond premium will be treated as
an offset to interest income on a Regular Certificate rather than as a separate
deduction item. See "--Election to Treat All Interest Under the Constant Yield
Method" below regarding an alternative manner in which the Code Section 171
election may be deemed to be made.

      Election to Treat All Interest Under the Constant Yield Method.

      A holder of a debt instrument such as a Regular Certificate may elect to
treat all interest that accrues on the instrument using the constant yield
method, with none of the interest being treated as qualified stated interest.
For purposes of applying the constant yield method to a debt instrument subject
to an election, (1) "interest" includes stated interest, original issue
discount, de minimis original issue discount, market discount and de minimis
market discount, as adjusted by any amortizable bond premium or acquisition
premium and (2) the debt instrument is treated as if the instrument were issued
on the holder's acquisition date in the amount of the holder's adjusted basis
immediately after acquisition. It is unclear whether, for this purpose, the
initial Prepayment Assumption would continue to apply or if a new prepayment
assumption as of the date of the holder's acquisition would apply. A holder
generally may make an election on an instrument by instrument basis or for a
class or group of debt instruments. However, if the holder makes an election
with respect to a debt instrument with amortizable bond premium or with market
discount, the holder is deemed to have made elections to amortize bond premium
or to report market discount income currently as it accrues under the constant
yield method, respectively, for all debt instruments acquired by the holder in
the same taxable year or thereafter. The election is made on the holder's
federal income tax return for the year in which the debt instrument is acquired
and is irrevocable except with the approval of the IRS. You should consult their
own tax advisors regarding the advisability of making an election.

      Sale or Exchange of Regular Certificates.

      If you sell or exchange a Regular Certificate, you will recognize gain or
loss equal to the difference, if any, between the amount received (other than
amounts allocable to accrued interest) and your adjusted basis in the Regular
Certificate. The adjusted basis of a Regular Certificate generally will equal
the cost of the Regular Certificate to the seller, increased by any original
issue discount or market discount previously included in the seller's gross
income with respect to the Regular Certificate and reduced by amounts included
in the stated redemption price at maturity of the Regular Certificate that were
previously received by the seller, by any amortized premium and by previously
recognized losses.

      Except as described above with respect to market discount, and except as
provided in this paragraph, any gain or loss on the sale or exchange of a
Regular Certificate realized by an investor who holds the


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Regular Certificate as a capital asset will be capital gain or loss and will be
long-term or short-term depending on whether the Regular Certificate has been
held for the applicable holding period (described below). That gain will be
treated as ordinary income as follows:

      1.    if a Regular Certificate is held as part of a "conversion
            transaction" as defined in Code Section 1258(c), up to the amount of
            interest that would have accrued on the Regular Certificateholder's
            net investment in the conversion transaction at 120% of the
            appropriate applicable Federal rate under Code Section 1274(d) in
            effect at the time the taxpayer entered into the transaction minus
            any amount previously treated as ordinary income with respect to any
            prior distribution of property that was held as a part of that
            transaction,

      2.    in the case of a non-corporate taxpayer, to the extent the taxpayer
            has made an election under Code Section 163(d)(4) to have net
            capital gains taxed as investment income at ordinary rates, or

      3.    to the extent that the gain does not exceed the excess, if any, of
            (a) the amount that would have been includible in the gross income
            of the holder if its yield on the Regular Certificate were 110% of
            the applicable Federal rate as of the date of purchase, over (b) the
            amount of income actually includible in the gross income of that
            holder with respect to the Regular Certificate.

      In addition, gain or loss recognized from the sale of a Regular
Certificate by certain banks or thrift institutions will be treated as ordinary
income or loss pursuant to Code Section 582(c). Long-term capital gains of
certain non-corporate taxpayers generally are taxed at lower rates than ordinary
income or short-term capital gains of those taxpayers for property held for more
than one year. The maximum tax rate for corporations is the same with respect to
both ordinary income and capital gains.

      Treatment of Losses.

      Holders of Regular Certificates will be required to report income with
respect to Regular Certificates on the accrual method of accounting, without
giving effect to delays or reductions in distributions attributable to defaults
or delinquencies on the mortgage loans allocable to a particular class of
Regular Certificates, except to the extent it can be established that those
losses are uncollectible. Accordingly, the holder of a Regular Certificate may
have income, or may incur a diminution in cash flow as a result of a default or
delinquency, but may not be able to take a deduction (subject to the discussion
below) for the corresponding loss until a subsequent taxable year. In this
regard, investors are cautioned that while they may generally cease to accrue
interest income if it reasonably appears that the interest will be
uncollectible, the IRS may take the position that original issue discount must
continue to be accrued in spite of its uncollectibility until the debt
instrument is disposed of in a taxable transaction or becomes worthless in
accordance with the rules of Code Section 166.

      Under Code Section 166, holders of Regular Certificates that are
corporations or that otherwise hold the Regular Certificates in connection with
a trade or business should in general be allowed to deduct, as an ordinary loss,
a loss sustained during the taxable year on account of those Regular
Certificates becoming wholly or partially worthless, and, in general, holders of
Regular Certificates that are not corporations and do not hold the Regular
Certificates in connection with a trade or business will be allowed to deduct as
a short-term capital loss any loss with respect to principal sustained during
the taxable year on account of a portion of any class or subclass of those
Regular Certificates becoming wholly worthless. Although the matter is not free
from doubt, non-corporate holders of Regular Certificates should be allowed a
bad debt deduction at that time as the principal balance of any class or
subclass of those Regular Certificates is reduced to reflect losses resulting
from any liquidated mortgage loans. The IRS, however, could take the position
that non-corporate holders will be allowed a bad debt deduction to reflect those
losses only after all mortgage loans remaining in the trust fund have been
liquidated or that class of Regular Certificates has been otherwise retired. The
IRS could also assert that losses on the Regular Certificates are deductible
based on some other method that may defer those deductions for all holders, such
as reducing future cash flow for purposes of computing original issue discount.
This may have the effect of creating "negative" original issue discount which
would be deductible only against future positive original issue discount or
otherwise upon termination of the class.


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You are urged to consult your own tax advisors regarding the appropriate timing,
amount and character of any loss sustained with respect to the Regular
Certificates. While losses attributable to interest previously reported as
income should be deductible as ordinary losses by both corporate and
non-corporate holders, the IRS may take the position that losses attributable to
accrued original issue discount may only be deducted as short-term capital
losses by non-corporate holders not engaged in a trade or business. Special loss
rules are applicable to banks and thrift institutions, including rules regarding
reserves for bad debts. Banks and thrift institutions are advised to consult
their tax advisors regarding the treatment of losses on Regular Certificates.

TAXATION OF RESIDUAL CERTIFICATES

      Taxation of REMIC Income.

      Generally, the "daily portions" of REMIC taxable income or net loss will
be includible as ordinary income or loss in determining the federal taxable
income of holders of Residual Certificates ("Residual Certificateholders"), and
will not be taxed separately to the REMIC Pool. The daily portions of REMIC
taxable income or net loss of a Residual Certificateholder are determined by
allocating the REMIC Pool's taxable income or net loss for each calendar quarter
ratably to each day in that quarter and by allocating that daily portion among
the Residual Certificateholders in proportion to their respective holdings of
Residual Certificates in the REMIC Pool on that day. REMIC taxable income is
generally determined in the same manner as the taxable income of an individual
using the accrual method of accounting, except that:

      1.    the limitations on deductibility of investment interest expense and
            expenses for the production of income do not apply,

      2.    all bad loans will be deductible as business bad debts, and

      3.    the limitation on the deductibility of interest and expenses related
            to tax-exempt income will apply.

      The REMIC Pool's gross income includes interest, original issue discount
income and market discount income, if any, on the mortgage loans, reduced by
amortization of any premium on the mortgage loans, plus income from amortization
of issue premium, if any, on the Regular Certificates, plus income on
reinvestment of cash flows and reserve assets, plus any cancellation of
indebtedness income upon allocation of realized losses to the Regular
Certificates. The REMIC Pool's deductions include interest and original issue
discount expense on the Regular Certificates, servicing fees on the mortgage
loans, other administrative expenses of the REMIC Pool and realized losses on
the mortgage loans. The requirement that Residual Certificateholders report
their pro rata share of taxable income or net loss of the REMIC Pool will
continue until there are no certificates of any class of the related series
outstanding.

      The taxable income recognized by a Residual Certificateholder in any
taxable year will be affected by, among other factors, the relationship between
the timing of recognition of interest and original issue discount or market
discount income or amortization of premium with respect to the mortgage loans,
on the one hand, and the timing of deductions for interest (including original
issue discount) on the Regular Certificates or income from amortization of issue
premium on the Regular Certificates, on the other hand. In the event that an
interest in the mortgage loans is acquired by the REMIC Pool at a discount, and
one or more of those mortgage loans is prepaid, the Residual Certificateholder
may recognize taxable income without being entitled to receive a corresponding
amount of cash because (1) the prepayment may be used in whole or in part to
make distributions in reduction of principal on the Regular Certificates and (2)
the discount on the mortgage loans which is includible in income may exceed the
deduction allowed upon those distributions on those Regular Certificates on
account of any unaccrued original issue discount relating to those Regular
Certificates. When there is more than one class of Regular Certificates that
distribute principal sequentially, this mismatching of income and deductions is
particularly likely to occur in the early years following issuance of the
Regular Certificates when distributions in reduction of principal are being made
in respect of earlier classes of Regular Certificates to the extent that those
classes are not issued with substantial discount. If taxable income attributable
to that kind of mismatching is realized, in general, losses would be allowed in
later years as distributions on the later


                                       102



classes of Regular Certificates are made. Taxable income may also be greater in
earlier years than in later years as a result of the fact that interest expense
deductions, expressed as a percentage of the outstanding principal amount of
that series of Regular Certificates, may increase over time as distributions in
reduction of principal are made on the lower yielding classes of Regular
Certificates, whereas to the extent that the REMIC Pool includes fixed rate
mortgage loans, interest income with respect to any given mortgage loan will
remain constant over time as a percentage of the outstanding principal amount of
that loan. Consequently, Residual Certificateholders must have sufficient other
sources of cash to pay any federal, state or local income taxes due as a result
of that mismatching or unrelated deductions against which to offset that income,
subject to the discussion of "excess inclusions" below under "--Limitations on
Offset or Exemption of REMIC Income." The timing of that mismatching of income
and deductions described in this paragraph, if present with respect to a series
of certificates, may have a significant adverse effect upon the Residual
Certificateholder's after-tax rate of return.

      Basis and Losses.

      The amount of any net loss of the REMIC Pool that you may take into
account is limited to the adjusted basis of the Residual Certificate as of the
close of the quarter (or time of disposition of the Residual Certificate if
earlier), determined without taking into account the net loss for the quarter.
The initial adjusted basis of a purchaser of a Residual Certificate is the
amount paid for that Residual Certificate. The adjusted basis will be increased
by the amount of taxable income of the REMIC Pool reportable by the Residual
Certificateholder and will be decreased (but not below zero), first, by a cash
distribution from the REMIC Pool and, second, by the amount of loss of the REMIC
Pool reportable by the Residual Certificateholder. Any loss that is disallowed
on account of this limitation may be carried over indefinitely with respect to
the Residual Certificateholder as to whom that loss was disallowed and may be
used by that Residual Certificateholder only to offset any income generated by
the same REMIC Pool.

      You will not be permitted to amortize directly the cost of your Residual
Certificate as an offset to its share of the taxable income of the related REMIC
Pool. However, that taxable income will not include cash received by the REMIC
Pool that represents a recovery of the REMIC Pool's basis in its assets. That
recovery of basis by the REMIC Pool will have the effect of amortization of the
issue price of the Residual Certificates over their life. However, in view of
the possible acceleration of the income of Residual Certificateholders described
under "--Taxation of REMIC Income" above, the period of time over which the
issue price is effectively amortized may be longer than the economic life of the
Residual Certificates.

      A Residual Certificate may have a negative value if the net present value
of anticipated tax liabilities exceeds the present value of anticipated cash
flows. The REMIC Regulations appear to treat the issue price of a residual
interest as zero rather than a negative amount for purposes of determining the
REMIC Pool's basis in its assets. Regulations have been issued addressing the
federal income tax treatment of "inducement fees" received by transferees of
noneconomic REMIC residual interests. These regulations require inducement fees
to be included in income over a period reasonably related to the period in which
the related REMIC residual interest is expected to generate taxable income or
net loss to its holder. Under two safe harbor methods, inducement fees are
permitted to be included in income (i) in the same amounts and over the same
period that the taxpayer uses for financial reporting purposes, provided that
such period is not shorter than the period the REMIC is expected to generate
taxable income or (ii) ratably over the remaining anticipated weighted average
life of all the regular and residual interests issued by the REMIC, determined
based on actual distributions projected as remaining to be made on such
interests under the Prepayment Assumption. If the holder of a residual interest
sells or otherwise disposes of the residual interest, any unrecognized portion
of the inducement fee would be required to be taken into account at the time of
the sale or disposition. Prospective purchasers of the Residual Certificates
should consult with their tax advisors regarding the effect of these
regulations.

      Further, to the extent that your initial adjusted basis (other than an
original holder) in the Residual Certificate is greater that the corresponding
portion of the REMIC Pool's basis in the mortgage loans, you will not recover a
portion of that basis until termination of the REMIC Pool unless future Treasury
regulations provide for periodic adjustments to the REMIC income otherwise
reportable by that holder.


                                       103



The REMIC Regulations currently in effect do not so provide. See "--Treatment of
Certain Items of REMIC Income and Expense--Market Discount" below regarding the
basis of mortgage loans to the REMIC Pool and "--Sale or Exchange of a Residual
Certificate" below regarding possible treatment of a loss upon termination of
the REMIC Pool as a capital loss.

      Treatment of Certain Items of REMIC Income and Expense.

      Although we intend to compute REMIC income and expense in accordance with
the Code and applicable regulations, the authorities regarding the determination
of specific items of income and expense are subject to differing
interpretations. We make no representation as to the specific method that will
be used for reporting income with respect to the mortgage loans and expenses
with respect to the Regular Certificates, and different methods could result in
different timing of reporting of taxable income or net loss to you or
differences in capital gain versus ordinary income.

      Original Issue Discount and Premium. Generally, the REMIC Pool's
deductions for original issue discount and income from amortization of issue
premium on the Regular Certificates will be determined in the same manner as
original issue discount income on Regular Certificates as described under
"--Taxation of Regular Certificates--Original Issue Discount" and "--Variable
Rate Regular Certificates," without regard to the de minimis rule described in
that section, and "--Premium" above.

      Deferred Interest. Any deferred interest that accrues with respect to any
adjustable rate mortgage loans held by the REMIC Pool will constitute income to
the REMIC Pool and will be treated in a manner similar to the deferred interest
that accrues with respect to Regular Certificates as described under "--Taxation
of Regular Certificates--Deferred Interest" above.

      Market Discount. The REMIC Pool will have market discount income in
respect of mortgage loans if, in general, their unpaid principal balances exceed
the basis of the REMIC Pool allocable to those mortgage loans. The REMIC Pool's
basis in those mortgage loans is generally the fair market value of the mortgage
loans immediately after the transfer of the mortgage loans to the REMIC Pool.
The REMIC Regulations provide that the basis is equal in the aggregate to the
issue prices of all regular and residual interests in the REMIC Pool (or the
fair market value at the closing date, in the case of a retained class). In
respect of mortgage loans that have market discount to which Code Section 1276
applies, the accrued portion of the market discount would be recognized
currently as an item of ordinary income in a manner similar to original issue
discount. Market discount income generally should accrue in the manner described
under "--Taxation of Regular Certificates--Market Discount" above.

      Premium. Generally, if the basis of the REMIC Pool in the mortgage loans
exceeds the unpaid principal balances of the mortgage loans, the REMIC Pool will
be considered to have acquired those mortgage loans at a premium equal to the
amount of that excess. As stated above, the REMIC Pool's basis in mortgage loans
is the fair market value of the mortgage loans, based on the aggregate of the
issue prices (or the fair market value of retained classes) of the regular and
residual interests in the REMIC Pool immediately after the transfer of the
mortgage loans to the REMIC Pool. In a manner analogous to the discussion above
under "--Taxation of Regular Certificates--Premium," a REMIC Pool that holds a
mortgage loan as a capital asset under Code Section 1221 may elect under Code
Section 171 to amortize premium on whole mortgage loans or mortgage loans
underlying MBS that were originated after September 27, 1985 or MBS that are
REMIC regular interests under the constant yield method. Amortizable bond
premium will be treated as an offset to interest income on the mortgage loans,
rather than as a separate deduction item. To the extent that the borrowers with
respect to the mortgage loans are individuals, Code Section 171 will not be
available for premium on mortgage loans, including underlying mortgage loans,
originated on or prior to September 27, 1985. Premium with respect to those
mortgage loans may be deductible in accordance with a reasonable method
regularly employed by the related holder. The allocation of the premium pro rata
among principal payments should be considered a reasonable method; however, the
IRS may argue that the premium should be allocated in a different manner, such
as allocating the premium entirely to the final payment of principal.


                                       104



      Limitations on Offset or Exemption of REMIC Income.

      A portion or all of the REMIC taxable income includible in determining
your federal income tax liability will be subject to special treatment. That
portion, referred to as the "excess inclusion," is equal to the excess of REMIC
taxable income for the calendar quarter allocable to a Residual Certificate over
the daily accruals for that quarterly period of (1) 120% of the long-term
applicable Federal rate that would have applied to the Residual Certificate if
it were a debt instrument, on the Startup Day under Code Section 1274(d),
multiplied by (2) the adjusted issue price of such Residual Certificate at the
beginning of that quarterly period. For this purpose, the adjusted issue price
of a Residual Certificate at the beginning of a quarter is the issue price of
the Residual Certificate, plus the amount of those daily accruals of REMIC
income described in this paragraph for all prior quarters, decreased by any
distributions made with respect to that Residual Certificate prior to the
beginning of that quarterly period. Accordingly, the portion of the REMIC Pool's
taxable income that will be treated as excess inclusions will be a larger
portion of that income as the adjusted issue price of the Residual Certificates
diminishes and all such taxable income will be so treated if the adjusted price
of the Residual Certificate is zero.

      The portion of your REMIC taxable income consisting of the excess
inclusions generally may not be offset by other deductions, including net
operating loss carryforwards, on your return. However, net operating loss
carryovers are determined without regard to excess inclusion income. Further, if
you are an organization subject to the tax on unrelated business income imposed
by Code Section 511, the excess inclusions will be treated as unrelated business
taxable income to you for purposes of Code Section 511. In addition, REMIC
taxable income is subject to 30% withholding tax with respect to certain persons
who are not U.S. Persons, as defined below under "--Tax-Related Restrictions on
Transfer of Residual Certificates--Foreign Investors" below, and that portion
attributable to excess inclusions is not eligible for any reduction in the rate
of withholding tax, by treaty or otherwise. See "--Taxation of Certain Foreign
Investors--Residual Certificates" below. Finally, if a real estate investment
trust or a regulated investment company owns a Residual Certificate, a portion
(allocated under Treasury regulations yet to be issued) of dividends paid by the
real estate investment trust or a regulated investment company could not be
offset by net operating losses of its shareholders, would constitute unrelated
business taxable income for tax-exempt shareholders, and would be ineligible for
reduction of withholding to certain persons who are not U.S. Persons.

      In addition, the Code provides three rules for determining the effect of
excess inclusions on your alternative minimum taxable income of a Residual
Certificateholder. First, your alternative minimum taxable income is determined
without regard to the special rule, discussed above, that taxable income cannot
be less than excess inclusions. Second, your alternative minimum taxable income
for a taxable year cannot be less than the excess inclusions for the year.
Third, the amount of any alternative minimum tax net operating loss deduction
must be computed without regard to any excess inclusions.

      Tax-Related Restrictions on Transfer of Residual Certificates.

      Disqualified Organizations. If any legal or beneficial interest in a
Residual Certificate is transferred to a Disqualified Organization (as defined
below), a tax would be imposed in an amount equal to the product of (1) the
present value of the total anticipated excess inclusions with respect to that
Residual Certificate for periods after the transfer and (2) the highest marginal
federal income tax rate applicable to corporations. The REMIC Regulations
provide that the anticipated excess inclusions are based on actual prepayment
experience to the date of the transfer and projected payments based on the
Prepayment Assumption. The present value rate equals the applicable Federal rate
under Code Section 1274(d) as of the date of the transfer for a term ending with
the last calendar quarter in which excess inclusions are expected to accrue. The
tax generally would be imposed on the transferor of the Residual Certificate,
except that where the transfer is through an agent, including a broker, nominee
or other middleman, for a Disqualified Organization, the tax would instead be
imposed on that agent. However, a transferor of a Residual Certificate would in
no event be liable for the tax with respect to a transfer if the transferee
furnishes to the transferor an affidavit that the transferee is not a
Disqualified Organization and, as of the time of the transfer, the transferor
does not have actual knowledge that the affidavit is false. The tax also may be
waived by the Treasury Department if the Disqualified Organization promptly
disposes of the


                                       105



residual interest and the transferor pays income tax at the highest corporate
rate on the excess inclusions for the period the Residual Certificate is
actually held by the Disqualified Organization.

      In addition, if a Pass-Through Entity (as defined below) has excess
inclusion income with respect to a Residual Certificate during a taxable year
and a Disqualified Organization is the record holder of an equity interest in
that entity, then a tax is imposed on the entity equal to the product of (1) the
amount of excess inclusions on the Residual Certificate that are allocable to
the interest in the Pass-Through Entity during the period the interest is held
by the Disqualified Organization, and (2) the highest marginal federal corporate
income tax rate. This tax would be deductible from the ordinary gross income of
the Pass-Through Entity for the taxable year. The Pass-Through Entity would not
be liable for the tax if it has received an affidavit from the record holder
that it is not a Disqualified Organization or stating the holder's taxpayer
identification number and, during the period that person is the record holder of
the Residual Certificate, the Pass-Through Entity does not have actual knowledge
that the affidavit is false.

      If an "electing large partnership" holds a Residual Certificate, all
interests in the electing large partnership are treated as held by Disqualified
Organizations for purposes of the tax imposed upon a Pass-Through Entity by
Section 860E(c) of the Code. An exception to this tax, otherwise available to a
Pass-Through Entity that is furnished certain affidavits by record holders of
interests in the entity and that does not know the affidavits are false, is not
available to an electing partnership.

      For these purposes:

      1.    "Disqualified Organization" means the United States, any state or
            one of their political subdivisions, any foreign government, any
            international organization, any agency or instrumentality of any of
            the foregoing (provided, that the term does not include an
            instrumentality if all of its activities are subject to tax and a
            majority of its board of directors is not selected by one of those
            governmental entities), any cooperative organization furnishing
            electric energy or providing telephone service to persons in rural
            areas as described in Code Section 1381(a)(2)(C), and any
            organization (other than a farmers' cooperative described in Code
            Section 521) that is exempt from taxation under the Code unless that
            organization is subject to the tax on unrelated business income
            imposed by Code Section 511,

      2.    "Pass-Through Entity" means any regulated investment company, real
            estate investment trust, common trust fund, partnership, trust or
            estate and certain corporations operating on a cooperative basis.
            Except as may be provided in Treasury regulations, any person
            holding an interest in a Pass-Through Entity as a nominee for
            another will, with respect to that interest, be treated as a
            Pass-Through Entity, and

      3.    an "electing large partnership" means any partnership having more
            than 100 members during the preceding tax year (other than certain
            service partnerships and commodity pools), which elect to apply
            simplified reporting provisions under the Code.

      The Pooling Agreement with respect to a series of certificates will
provide that no legal or beneficial interest in a Residual Certificate may be
transferred unless (1) the proposed transferee provides to the transferor and
the trustee an affidavit providing its taxpayer identification number and
stating that the transferee is the beneficial owner of the Residual Certificate,
is not a Disqualified Organization and is not purchasing the Residual
Certificates on behalf of a Disqualified Organization (i.e., as a broker,
nominee or other middleman), and (2) the transferor provides a statement in
writing to the Depositor and the trustee that it has no actual knowledge that
the affidavit is false. Moreover, the Pooling Agreement will provide that any
attempted or purported transfer in violation of these transfer restrictions will
be null and void and will vest no rights in any purported transferee. Each
Residual Certificate with respect to a series will bear a legend referring to
the restrictions on transfer, and each Residual Certificateholder will be deemed
to have agreed, as a condition of ownership of the Residual Certificates, to any
amendments to the related Pooling Agreement required under the Code or
applicable Treasury regulations to effectuate the foregoing restrictions.
Information necessary to compute an applicable excise tax must be furnished to
the IRS and to the requesting party within 60 days of the request, and the
Depositor or the trustee may charge a fee for computing and providing that
information.


                                       106



      Noneconomic Residual Interests. The REMIC Regulations would disregard
certain transfers of Residual Certificates, in which case the transferor would
continue to be treated as the owner of the Residual Certificates and thus would
continue to be subject to tax on its allocable portion of the net income of the
REMIC Pool. Under the REMIC Regulations, a transfer of a "noneconomic residual
interest" (as defined below) to a Residual Certificateholder (other than a
Residual Certificateholder who is not a U.S. Person, as defined under "--Foreign
Investors" below) is disregarded for all federal income tax purposes if a
significant purpose of the transferor is to impede the assessment or collection
of tax. A residual interest in a REMIC, including a residual interest with a
positive value at issuance, is a "noneconomic residual interest" unless, at the
time of the transfer, (1) the present value of the expected future distributions
on the residual interest at least equals the product of the present value of the
anticipated excess inclusions and the highest corporate income tax rate in
effect for the year in which the transfer occurs, and (2) the transferor
reasonably expects that the transferee will receive distributions from the REMIC
at or after the time at which taxes accrue on the anticipated excess inclusions
in an amount sufficient to satisfy the accrued taxes. The anticipated excess
inclusions and the present value rate are determined in the same manner as set
forth under "--Disqualified Organizations" above. The REMIC Regulations explain
that a significant purpose to impede the assessment or collection of tax exists
if the transferor, at the time of the transfer, either knew or should have known
that the transferee would be unwilling or unable to pay taxes due on its share
of the taxable income of the REMIC. Under the REMIC Regulations, a safe harbor
is provided if (1) the transferor conducted, at the time of the transfer, a
reasonable investigation of the financial condition of the transferee and found
that the transferee historically had paid its debts as they came due and found
no significant evidence to indicate that the transferee would not continue to
pay its debts as they came due in the future, (2) the transferee represents to
the transferor that it understands that, as the holder of the noneconomic
residual interest, the transferee may incur tax liabilities in excess of cash
flows generated by the interest and that the transferee intends to pay taxes
associated with holding the residual interest as they become due, (3) the
transferee represents to the transferor that it will not cause income from the
Residual Certificate to be attributable to a foreign permanent establishment or
fixed base (within the meaning of an applicable income tax treaty) of the
transferee or any other person and (4) either the "formula test" or the "assets
test," (each described below) is satisfied. The Pooling Agreement with respect
to each series of certificates will require the transferee of a Residual
Certificate to certify to the matters in clauses (1), (2) and (3) of the
preceding sentence as part of the affidavit described under the heading
"--Disqualified Organizations" above. The transferor must have no actual
knowledge or reason to know that those statements are false.

      The formula test is satisfied if the present value of the anticipated tax
liabilities associated with holding the noneconomic residual interest cannot
exceed the sum of

            (i)   the present value of any consideration given to the transferee
                  to acquire the interest;

            (ii)  the present value of the expected future distributions on the
                  interest; and

            (iii) the present value of the anticipated tax savings associated
                  with holding the interest as the REMIC generates losses.

      For purposes of these computations, the transferee is assumed to pay tax
at the highest rate of tax specified in Section 11(b)(1) of the Code (currently
35%) or, in certain circumstances, the alternative minimum tax rate. Further,
present values generally are computed using a discount rate equal to the
short-term Federal rate set forth in Section 1274(d) of the Code for the month
of the transfer and the compounding period used by the transferee.

      The assets test is satisfied if (i) the transferee must be a domestic "C"
corporation (other than a corporation exempt from taxation or a regulated
investment company or real estate investment trust) that meets certain gross and
net asset tests (generally, $100 million of gross assets and $10 million of net
assets for the current year and the two preceding fiscal years); (ii) the
transferee must agree in writing that any subsequent transferee of the residual
interest would meet the requirements for a safe harbor transfer; and (iii) the
facts and circumstances known to the transferor on or before the date of the
transfer


                                       107



must not reasonably indicate that the taxes associated with ownership of the
residual interest will not be paid by the transferee.

      Foreign Investors. The REMIC Regulations provide that the transfer of a
Residual Certificate that has "tax avoidance potential" to a "foreign person"
will be disregarded for all federal tax purposes. This rule appears intended to
apply to a transferee who is not a U.S. Person (as defined below), unless the
transferee's income is effectively connected with the conduct of a trade or
business within the United States. A Residual Certificate is deemed to have tax
avoidance potential unless, at the time of the transfer, (1) the future value of
expected distributions equals at least 30% of the anticipated excess inclusions
after the transfer, and (2) the transferor reasonably expects that the
transferee will receive sufficient distributions from the REMIC Pool at or after
the time at which the excess inclusions accrue and prior to the end of the next
succeeding taxable year for the accumulated withholding tax liability to be
paid. If the Non-U.S. Person transfers the Residual Certificates back to a U.S.
Person, the transfer will be disregarded and the foreign transferor will
continue to be treated as the owner unless arrangements are made so that the
transfer does not have the effect of allowing the transferor to avoid tax on
accrued excess inclusions.

      Unless otherwise stated in the related prospectus supplement, a Residual
Certificate may not be purchased by or transferred to any person that is not a
U.S. Person. The term "U.S. Person" means a citizen or resident of the United
States, a corporation or partnership (except to the extent provided in
applicable Treasury regulations) created or organized in or under the laws of
the United States, any state, or the District of Columbia, including any entity
treated as a corporation or partnership for federal income tax purposes, an
estate that is subject to United States federal income tax regardless of the
source of its income, or a trust if a court within the United States is able to
exercise primary supervision over the administration of that trust, and one or
more such U.S. Persons have the authority to control all substantial decisions
of that trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence on August 20, 1996 which are eligible to elect to be
treated as U.S. Persons).

      In addition, under temporary and final Treasury regulations, effective
August 1, 2006, a U.S. partnership having a partner who is not a U.S. Person
will be required to pay withholding tax in respect of excess inclusion income
allocable to such non-U.S. partner, even if no cash distributions are made to
such partner. Accordingly, the Pooling Agreement will prohibit transfer of a
Residual Certificate to a U.S. Person treated as a partnership for federal
income tax purposes, any beneficial owner of which (other than through a U.S.
corporation) is (or is permitted to be under the related partnership agreement)
a non-U.S. Person.

      Sale  or Exchange of a Residual Certificate.

      Upon the sale or exchange of a Residual Certificate, you will recognize
gain or loss equal to the excess, if any, of the amount realized over your
adjusted basis, as described under "--Basis and Losses" above, in the Residual
Certificate at the time of the sale or exchange. In addition to reporting the
taxable income of the REMIC Pool, you will have taxable income to the extent
that any cash distribution to you from the REMIC Pool exceeds the adjusted basis
on that distribution date. That income will be treated as gain from the sale or
exchange of the Residual Certificates. It is possible that the termination of
the REMIC Pool may be treated as a sale or exchange of Residual Certificates, in
which case, you will have an adjusted basis in the Residual Certificates
remaining when your interest in the REMIC Pool terminates, and if you hold the
Residual Certificate as a capital asset under Code Section 1221, then you will
recognize a capital loss at that time in the amount of the remaining adjusted
basis.

      Any gain on the sale of Residual Certificates will be treated as ordinary
income (1) if you hold the Residual Certificates as part of a "conversion
transaction" as defined in Code Section 1258(c), up to the amount of interest
that would have accrued on your net investment in the conversion transaction at
120% of the appropriate applicable Federal rate in effect at the time the
taxpayer entered into the transaction minus any amount previously treated as
ordinary income with respect to any prior disposition of property that was held
as a part of that transaction or (2) if you are a non-corporate taxpayer, to the
extent that you have made an election under Code Section 163(d)(4) to have net
capital gains taxed as investment


                                       108



income at ordinary income rates. In addition, gain or loss recognized from the
sale of a Residual Certificate by certain banks or thrift institutions will be
treated as ordinary income or loss pursuant to Code Section 582(c).

      The Conference Committee Report to the Reform Act provides that, except as
provided in Treasury regulations yet to be issued, the wash sale rules of Code
Section 1091 will apply to dispositions of Residual Certificates where the
seller of those certificates, during the period beginning six months before the
sale or disposition of the Residual Certificate and ending six months after the
sale or disposition, acquires (or enters into any other transaction that results
in the application of Section 1091) any residual interest in any REMIC or any
interest in a "taxable mortgage pool" (such as a non-REMIC owner trust) that is
economically comparable to a Residual Certificate.

      Mark to Market Regulations.

      The Treasury has issued regulations, the "Mark to Market Regulations,"
under Code Section 475 relating to the requirement that a securities dealer mark
to market securities held for sale to customers. This mark-to-market requirement
applies to all securities of a dealer, except to the extent that the dealer has
specifically identified a security as held for investment. The Mark to Market
Regulations provide that, for purposes of this mark-to-market requirement, a
Residual Certificate is not treated as a security and thus may not be marked to
market.

TAXES THAT MAY BE IMPOSED ON THE REMIC POOL

      Prohibited Transactions.

      Income from certain transactions by the REMIC Pool, called prohibited
transactions, will not be part of the calculation of income or loss includible
in the federal income tax returns of Residual Certificateholders, but rather
will be taxed directly to the REMIC Pool at a 100% rate. Prohibited transactions
generally include

      1.    the disposition of a qualified mortgage other than for:

            (a) substitution within two years of the Startup Day for a defective
            (including a defaulted) obligation (or repurchase in lieu of
            substitution of a defective (including a defaulted) obligation at
            any time) or for any qualified mortgage within three months of the
            Startup Day,

            (b) foreclosure, default or imminent default of a qualified
            mortgage,

            (c) bankruptcy or insolvency of the REMIC Pool, or

            (d) a qualified (complete) liquidation,

      2.    the receipt of income from assets that are not the type of mortgages
            or investments that the REMIC Pool is permitted to hold,

      3.    the receipt of compensation for services or

      4.    the receipt of gain from disposition of cash flow investments other
            than pursuant to a qualified liquidation.

      Notwithstanding (1) and (4) it is not a prohibited transaction to sell
REMIC Pool property to prevent a default on Regular Certificates as a result of
a default on qualified mortgages or to facilitate a clean-up call, generally, an
optional termination to save administrative costs when no more than a small
percentage of the certificates is outstanding. The REMIC Regulations indicate
that the modification of a mortgage loan generally will not be treated as a
disposition if it is occasioned by a default or reasonably foreseeable default,
an assumption of the mortgage loan, the waiver of a due-on-sale or


                                       109



due-on-encumbrance clause or the conversion of an interest rate by a mortgagor
pursuant to the terms of a convertible adjustable rate mortgage loan.

      Contributions to the REMIC Pool After the Startup Day.

      In general, the REMIC Pool will be subject to a tax at a 100% rate on the
value of any property contributed to the REMIC Pool after the Startup Day.
Exceptions are provided for cash contributions to the REMIC Pool:

      1.    during the three months following the Startup Day,

      2.    made to a qualified reserve fund by a Residual Certificateholder,

      3.    in the nature of a guarantee,

      4.    made to facilitate a qualified liquidation or clean-up call, and

      5.    as otherwise permitted in Treasury regulations yet to be issued.

      Net Income from Foreclosure Property.

      The REMIC Pool will be subject to federal income tax at the highest
corporate rate on "net income from foreclosure property," determined by
reference to the rules applicable to real estate investment trusts. Generally,
property acquired by foreclosure or deed in lieu of foreclosure would be treated
as "foreclosure property" for a period ending with the third calendar year
following the year of acquisition of that property, with a possible extension.
Net income from foreclosure property generally means gain from the sale of a
foreclosure property that is inventory property and gross income from
foreclosure property other than qualifying rents and other qualifying income for
a real estate investment trust.

      It is not anticipated that the REMIC Pool will receive income or
contributions subject to tax under the preceding three paragraphs, except as
described in the applicable prospectus supplement with respect to net income
from foreclosure property on a commercial or multifamily residential property
that secured a mortgage loan. In addition, if so disclosed in the applicable
prospectus supplement, it is not anticipated that any material state income or
franchise tax will be imposed on a REMIC Pool.

LIQUIDATION OF THE REMIC POOL

      If a REMIC Pool adopts a plan of complete liquidation, within the meaning
of Code Section 860F(a)(4)(A)(i), which may be accomplished by designating in
the REMIC Pool's final tax return a date on which that adoption is deemed to
occur, and sells all of its assets (other than cash) within a 90-day period
beginning on the date of the adoption of the plan of liquidation, the REMIC Pool
will not be subject to the prohibited transaction rules on the sale of its
assets, provided that the REMIC Pool credits or distributes in liquidation all
of the sale proceeds plus its cash (other than amounts retained to meet claims)
to holders of Regular Certificates and Residual Certificateholders within the
90-day period.

ADMINISTRATIVE MATTERS

      The REMIC Pool will be required to maintain its books on a calendar year
basis and to file federal income tax returns for federal income tax purposes in
a manner similar to a partnership. The form for that income tax return is Form
1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return.
The trustee will be required to sign the REMIC Pool's returns. Treasury
regulations provide that, except where there is a single Residual
Certificateholder for an entire taxable year, the REMIC Pool will be subject to
the procedural and administrative rules of the Code applicable to partnerships,
including the determination by the IRS of any adjustments to, among other
things, items of REMIC income, gain, loss, deduction or credit in a unified
administrative proceeding. The Residual Certificateholder owning the largest
percentage interest in the Residual Certificates will be obligated to act as
"tax matters person," as defined in applicable Treasury regulations, with
respect to the REMIC Pool. Each Residual


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Certificateholder will be deemed, by acceptance of the Residual Certificates, to
have agreed (1) to the appointment of the tax matters person as provided in the
preceding sentence and (2) to the irrevocable designation of the trustee as
agent for performing the functions of the tax matters person.

LIMITATIONS ON DEDUCTION OF CERTAIN EXPENSES

      An investor who is an individual, estate or trust will be subject to
limitation with respect to certain itemized deductions described in Code Section
67, to the extent that those itemized deductions, in the aggregate, do not
exceed 2% of the investor's adjusted gross income. In addition, Code Section 68
provides that itemized deductions otherwise allowable for a taxable year of an
individual taxpayer will be reduced by the lesser of (1) 3% of the excess, if
any, of adjusted gross income over a statutory threshold or (2) 80% of the
amount of itemized deductions otherwise allowable for that year. Under current
law, the applicable limitation is reduced by one third for taxable years
beginning in 2006 and 2007, and by two thirds in taxable years beginning in 2008
and 2009. For taxable years beginning after December 31, 2009 the overall
limitation on itemized deductions is repealed. In the case of a REMIC Pool,
those deductions may include deductions under Code Section 212 for the servicing
fee and all administrative and other expenses relating to the REMIC Pool, or any
similar expenses allocated to the REMIC Pool with respect to a regular interest
it holds in another REMIC. Those investors who hold REMIC Certificates either
directly or indirectly through certain pass-through entities may have their pro
rata share of those expenses allocated to them as additional gross income, but
may be subject to those limitations on deductions. In addition, those expenses
are not deductible at all for purposes of computing the alternative minimum tax,
and may cause those investors to be subject to significant additional tax
liability. Temporary Treasury regulations provide that the additional gross
income and corresponding amount of expenses generally are to be allocated
entirely to the holders of Residual Certificates in the case of a REMIC Pool
that would not qualify as a fixed investment trust in the absence of a REMIC
election. However, that additional gross income and limitation on deductions
will apply to the allocable portion of those expenses to holders of Regular
Certificates, as well as holders of Residual Certificates, where those Regular
Certificates are issued in a manner that is similar to pass-through certificates
in a fixed investment trust. In general, that allocable portion will be
determined based on the ratio that a REMIC Certificateholder's income,
determined on a daily basis, bears to the income of all holders of Regular
Certificates and Residual Certificates with respect to a REMIC Pool. As a
result, individuals, estates or trusts holding REMIC Certificates (either
directly or indirectly through a grantor trust, partnership, S corporation,
REMIC, or certain other pass-through entities described in the foregoing
temporary Treasury regulations) may have taxable income in excess of the
interest income at the pass-through rate on Regular Certificates that are issued
in a single class or otherwise consistently with fixed investment trust status
or in excess of cash distributions for the related period on Residual
Certificates. If so indicated in the related prospectus supplement, all those
expenses will be allocable to the Residual Certificates.

TAXATION OF CERTAIN FOREIGN INVESTORS

      Regular Certificates.

      Interest, including original issue discount, distributable to Regular
Certificateholders who are non-resident aliens, foreign corporations, or other
Non-U.S. Persons (as defined below), will be considered "portfolio interest"
and, therefore, generally will not be subject to 30% United States withholding
tax, provided that the Non-U.S. Person (1) is not a "10-percent shareholder"
within the meaning of Code Section 871(h)(3)(B) of, or a controlled foreign
corporation described in Code Section 881(c)(3)(C) related to, the REMIC (or
possible one or more borrowers) and (2) provides the trustee, or the person who
would otherwise be required to withhold tax from those distributions under Code
Section 1441 or 1442, with an appropriate statement, signed under penalties of
perjury, identifying the beneficial owner and stating, among other things, that
the beneficial owner of the Regular Certificate is a Non-U.S. Person. The
appropriate documentation includes Form W-8BEN if the Non-U.S. Person is a
corporation or individual eligible for the benefits of the portfolio interest
exemption or an exemption based on a treaty; Form W-8ECI if the Non-U.S. Person
is eligible for an exemption on the basis of its income from the Regular
Certificate being effectively connected to a United States trade or business;
Form W-8BEN or Form W-8IMY if the Non-U.S. Person is a trust, depending on
whether such trust is


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classified as the beneficial owner of the Regular Certificate; and Form W-8IMY,
with supporting documentation as specified in the Treasury Regulations, required
to substantiate exemptions from withholding on behalf of its partners, if the
Non-U.S. Person is a partnership. An intermediary (other than a partnership)
must provide Form W-8IMY, revealing all required information, including its
name, address, taxpayer identification number, the country under the laws of
which it is created, and certification that it is not acting for its own
account. A "qualified intermediary" must certify that it has provided, or will
provide, a withholding statement as required under Treasury Regulations Section
1.1441-1(e)(5)(v), but need not disclose the identity of its account holders on
its Form W-8IMY, and may certify its account holders' status without including
each beneficial owner's certification. A non-"qualified intermediary" must
additionally certify that it has provided, or will provide, a withholding
statement that is associated with the appropriate Forms W-8 and W-9 required to
substantiate exemptions from withholding on behalf of its beneficial owners. The
term "intermediary" means a person acting as a custodian, a broker, nominee or
otherwise as an agent for the beneficial owner of a Regular Certificate. A
"qualified intermediary" is generally a foreign financial institution or
clearing organization or a non-U.S. branch or office of a U.S. financial
institution or clearing organization that is a party to a withholding agreement
with the IRS.

      If that statement, or any other required statement, is not provided, 30%
withholding will apply unless the interest on the Regular Certificate is
effectively connected with the conduct of a trade or business within the United
States by the Non-U.S. Person. In that latter case, the Non-U.S. Person will be
subject to United States federal income tax at regular rates. Prepayment
Premiums distributable to Regular Certificateholders who are Non-U.S. Persons
may be subject to 30% United States withholding tax. Investors who are Non-U.S.
Persons should consult their own tax advisors regarding the specific tax
consequences to them of owning a Regular Certificate. The term "Non-U.S. Person"
means any person who is not a U.S. Person.

      Residual Certificates.

      The Conference Committee Report to the Reform Act indicates that amounts
paid to Residual Certificateholders who are Non-U.S. Persons are treated as
interest for purposes of the 30% (or lower treaty rate) United States
withholding tax. Treasury regulations provide that amounts distributed to
Residual Certificateholders may qualify as "portfolio interest," subject to the
conditions described in "--Regular Certificates" above, but only to the extent
that (1) the mortgage loans (including mortgage loans underlying certain MBS)
were issued after July 18, 1984 and (2) the trust fund or segregated pool of
assets in the trust fund (as to which a separate REMIC election will be made),
to which the Residual Certificate relates, consists of obligations issued in
"registered form" within the meaning of Code Section 163(f)(1). Generally, whole
mortgage loans will not be, but MBS and regular interests in another REMIC Pool
will be, considered obligations issued in registered form. Furthermore, a
Residual Certificateholder will not be entitled to any exemption from the 30%
withholding tax (or lower treaty rate) to the extent of that portion of REMIC
taxable income that constitutes an "excess inclusion." See "--Taxation of
Residual Certificates--Limitations on Offset or Exemption of REMIC Income"
above. If the amounts paid to Residual Certificateholders who are Non-U.S.
Persons are effectively connected with the conduct of a trade or business within
the United States by Non-U.S. Persons, 30% (or lower treaty rate) withholding
will not apply. Instead, the amounts paid to Non-U.S. Persons will be subject to
United States federal income tax at regular rates. If 30% (or lower treaty rate)
withholding is applicable, those amounts generally will be taken into account
for purposes of withholding only when paid or otherwise distributed (or when the
Residual Certificate is disposed of) under rules similar to withholding upon
disposition of debt instruments that have original issue discount. See
"--Tax-Related Restrictions on Transfer of Residual Certificates--Foreign
Investors" above concerning the disregard of certain transfers having "tax
avoidance potential" and the withholding tax obligations of U.S. partnerships
having Non-U.S. Persons as partners. Investors who are Non-U.S. Persons should
consult their own tax advisors regarding the specific tax consequences to them
of owning Residual Certificates.

BACKUP WITHHOLDING

      Distributions made on the Regular Certificates, and proceeds from the sale
of the Regular Certificates to or through certain brokers, may be subject to a
"backup" withholding tax under Code Section 3406 at a


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current rate of 28% (which rate will be increased to 31% commencing after 2010)
on "reportable payments" (including interest distributions, original issue
discount, and, under certain circumstances, principal distributions) unless the
Regular Certificateholder is a U.S. Person and provides IRS Form W-9 with the
correct taxpayer identification number; is a Non-U.S. Person and provides IRS
Form W-8BEN identifying the Non-U.S. Person and stating that the beneficial
owner is not a U.S. Person; or can be treated as an exempt recipient within the
meaning of Treasury Regulations Section 1.6049-4(c)(1)(ii). Any amounts to be
withheld from distribution on the Regular Certificates would be refunded by the
IRS or allowed as a credit against the Regular Certificateholder's federal
income tax liability. The New Regulations will change certain of the rules
relating to certain presumptions currently available relating to information
reporting and backup withholding. Information reporting requirements may also
apply regardless of whether withholding is required. Non-U.S. Persons are urged
to contact their own tax advisors regarding the application to them of backup
and withholding and information reporting.

REPORTING REQUIREMENTS

      Reports of accrued interest, original issue discount and information
necessary to compute the accrual of any market discount on the Regular
Certificates will be made annually to the IRS and to individuals, estates,
non-exempt and non-charitable trusts, and partnerships who are either holders of
record of Regular Certificates or beneficial owners who own Regular Certificates
through a broker or middleman as nominee. All brokers, nominees and all other
non-exempt holders of record of Regular Certificates (including corporations,
non-calendar year taxpayers, securities or commodities dealers, real estate
investment trusts, investment companies, common trust funds, thrift institutions
and charitable trusts) may request that information for any calendar quarter by
telephone or in writing by contacting the person designated in IRS Publication
938 with respect to a particular series of Regular Certificates. Holders through
nominees must request that information from the nominee.

      The IRS's Form 1066 has an accompanying Schedule Q, Quarterly Notice to
Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation.
Treasury regulations require that Schedule Q be furnished by the REMIC Pool to
each Residual Certificateholder by the end of the month following the close of
each calendar quarter (41 days after the end of a quarter under proposed
Treasury regulations) in which the REMIC Pool is in existence.

      Treasury regulations require that, in addition to the foregoing
requirements, information must be furnished quarterly to Residual
Certificateholders, furnished annually, if applicable, to holders of Regular
Certificates, and filed annually with the IRS concerning Code Section 67
expenses, see "--Limitations on Deduction of Certain Expenses" above, allocable
to those holders. Furthermore, under those regulations, information must be
furnished quarterly to Residual Certificateholders, furnished annually to
holders of Regular Certificates, and filed annually with the IRS concerning the
percentage of the REMIC Pool's assets meeting the qualified asset tests
described under "--Qualification as a REMIC" above.

                         FEDERAL INCOME TAX CONSEQUENCES
             FOR CERTIFICATES AS TO WHICH NO REMIC ELECTION IS MADE

STANDARD CERTIFICATES

      General.

      In the event that no election is made to treat a trust fund (or a
segregated pool of assets in the trust fund) with respect to a series of
certificates that are not designated as "--Stripped Certificates," as described
below, as a REMIC (certificates of that kind of series are referred to as
"Standard Certificates"), in the opinion of Cadwalader, Wickersham & Taft LLP
the trust fund will be classified as a grantor trust under subpart E, Part 1 of
subchapter J of the Code and not as an association taxable as a corporation or a
"taxable mortgage pool" within the meaning of Code Section 7701(i). Where there
is no fixed retained yield with respect to the mortgage loans underlying the
Standard Certificates, the holder of a Standard Certificate (a "Standard
Certificateholder") in that series will be treated as the owner of a pro rata
undivided interest in the ordinary income and corpus portions of the trust fund
represented by its


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Standard Certificate and will be considered the beneficial owner of a pro rata
undivided interest in each of the mortgage loans, subject to the discussion
under "--Recharacterization of Servicing Fees" below. Accordingly, the holder of
a Standard Certificate of a particular series will be required to report on its
federal income tax return its pro rata share of the entire income from the
mortgage loans represented by its Standard Certificate, including interest at
the coupon rate on those mortgage loans, original issue discount (if any),
prepayment fees, assumption fees, and late payment charges received by the
master servicer, in accordance with that Standard Certificateholder's method of
accounting. A Standard Certificateholder generally will be able to deduct its
share of the servicing fee and all administrative and other expenses of the
trust fund in accordance with its method of accounting, provided that those
amounts are reasonable compensation for services rendered to that trust fund.
However, investors who are individuals, estates or trusts who own Standard
Certificates, either directly or indirectly through certain pass-through
entities, will be subject to limitation with respect to certain itemized
deductions described in Code Section 67, including deductions under Code Section
212 for the servicing fee and all the administrative and other expenses of the
trust fund, to the extent that those deductions, in the aggregate, do not exceed
two percent of an investor's adjusted gross income. In addition, Code Section 68
provides that itemized deductions otherwise allowable for a taxable year of an
individual taxpayer will be reduced by the lesser of (1) 3% of the excess, if
any, of adjusted gross income over a statutory threshold, or (2) 80% of the
amount of itemized deductions otherwise allowable for that year. Under current
law, the applicable limitation is reduced by one third for taxable years
beginning in 2006 and 2007, and by two thirds in taxable years beginning in 2008
and 2009. For taxable years beginning after December 31, 2009 the overall
limitation on itemized deductions is repealed. As a result, those investors
holding Standard Certificates, directly or indirectly through a pass-through
entity, may have aggregate taxable income in excess of the aggregate amount of
cash received on those Standard Certificates with respect to interest at the
pass-through rate on those Standard Certificates. In addition, those expenses
are not deductible at all for purposes of computing the alternative minimum tax,
and may cause the investors to be subject to significant additional tax
liability. Moreover, where there is fixed retained yield with respect to the
mortgage loans underlying a series of Standard Certificates or where the
servicing fee is in excess of reasonable servicing compensation, the transaction
will be subject to the application of the "stripped bond" and "stripped coupon"
rules of the Code, as described under "--Stripped Certificates" and
"--Recharacterization of Servicing Fees," below.

      Tax Status.

      In the opinion of Cadwalader, Wickersham & Taft LLP, Standard Certificates
will have the following status for federal income tax purposes:

      1.    Standard Certificate owned by a "domestic building and loan
            association" within the meaning of Code Section 7701(a)(19) will be
            considered to represent "loans....secured by an interest in real
            property which is . . . residential real property" within the
            meaning of Code Section 7701(a)(19)(C)(v), provided that the real
            property securing the mortgage loans represented by that Standard
            Certificate is of the type described in that section of the Code.

      2.    Standard Certificate owned by a real estate investment trust will be
            considered to represent "real estate assets" within the meaning of
            Code Section 856(c)(5)(B) to the extent that the assets of the
            related trust fund consist of qualified assets, and interest income
            on those assets will be considered "interest on obligations secured
            by mortgages on real property" to such extent within the meaning of
            Code Section 856(c)(3)(B).

      3.    Standard Certificate owned by a REMIC will be considered to
            represent an "obligation . . . which is principally secured by an
            interest in real property" within the meaning of Code Section
            860G(a)(3)(A) to the extent that the assets of the related trust
            fund consist of "qualified mortgages" within the meaning of Code
            Section 860G(a)(3).


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      Premium and Discount.

      Standard Certificateholders are advised to consult with their tax advisors
as to the federal income tax treatment of premium and discount arising either
upon initial acquisition of Standard Certificates or thereafter.

      Premium. The treatment of premium incurred upon the purchase of a Standard
Certificate will be determined generally as described under "--Federal Income
Tax Consequences for REMIC Certificates--Taxation of Residual
Certificates--Treatment of Certain Items of REMIC Income and Expense--Premium"
above.

      Original Issue Discount. The original issue discount rules will be
applicable to a Standard Certificateholder's interest in those mortgage loans as
to which the conditions for the application of those sections are met. Rules
regarding periodic inclusion of original issue discount income are applicable to
mortgages of corporations originated after May 27, 1969, mortgages of
noncorporate borrowers (other than individuals) originated after July 1, 1982,
and mortgages of individuals originated after March 2, 1984. Under the OID
Regulations, the original issue discount could arise by the charging of points
by the originator of the mortgages in an amount greater than a statutory de
minimis exception, including a payment of points currently deductible by the
borrower under applicable Code provisions or, under certain circumstances, by
the presence of "teaser rates" on the mortgage loans.

      Original issue discount must generally be reported as ordinary gross
income as it accrues under a constant interest method that takes into account
the compounding of interest, in advance of the cash attributable to that income.
If so indicated in the applicable prospectus supplement, no prepayment
assumption will be assumed for purposes of that accrual. However, Code Section
1272 provides for a reduction in the amount of original issue discount
includible in the income of a holder of an obligation that acquires the
obligation after its initial issuance at a price greater than the sum of the
original issue price and the previously accrued original issue discount, less
prior payments of principal. Accordingly, if the mortgage loans acquired by a
Standard Certificateholder are purchased at a price equal to the then unpaid
principal amount of the mortgage loans, no original issue discount attributable
to the difference between the issue price and the original principal amount of
the mortgage loans (i.e., points) will be includible by that holder.

      Market Discount. Standard Certificateholders also will be subject to the
market discount rules to the extent that the conditions for application of those
sections are met. Market discount on the mortgage loans will be determined and
will be reported as ordinary income generally in the manner described under
"--Federal Income Tax Consequences for REMIC Certificates--Taxation of Regular
Certificates--Market Discount" above, except that the ratable accrual methods
described there will not apply and it is unclear whether a Prepayment Assumption
would apply. Rather, the holder will accrue market discount pro rata over the
life of the mortgage loans, unless the constant yield method is elected. If so
indicated in the related prospectus supplement, no prepayment assumption will be
assumed for purposes of that accrual.

      Recharacterization of Servicing Fees.

      If the servicing fee paid to the master servicer were deemed to exceed
reasonable servicing compensation, the amount of that excess would represent
neither income nor a deduction to certificateholders. In this regard, there are
no authoritative guidelines for federal income tax purposes as to either the
maximum amount of servicing compensation that may be considered reasonable in
the context of this or similar transactions or whether, in the case of the
Standard Certificate, the reasonableness of servicing compensation should be
determined on a weighted average or loan-by-loan basis. If a loan-by-loan basis
is appropriate, the likelihood that the amount would exceed reasonable servicing
compensation as to some of the mortgage loans would be increased. IRS guidance
indicates that a servicing fee in excess of reasonable compensation ("excess
servicing") will cause the mortgage loans to be treated under the "stripped
bond" rules. That guidance provides safe harbors for servicing deemed to be
reasonable and requires taxpayers to demonstrate that the value of servicing
fees in excess of those amounts is not greater than the value of the services
provided.


                                       115



      Accordingly, if the IRS' approach is upheld, a servicer who receives a
servicing fee in excess of those amounts would be viewed as retaining an
ownership interest in a portion of the interest payments on the mortgage loans.
Under the rules of Code Section 1286, the separation of ownership of the right
to receive some or all of the interest payments on an obligation from the right
to receive some or all of the principal payments on the obligation would result
in treatment of those mortgage loans as "stripped coupons" and "stripped bonds."
Subject to the de minimis rule discussed under "--Stripped Certificates" below,
each stripped bond or stripped coupon could be considered for this purpose as a
non-interest bearing obligation issued on the date of issue of the Standard
Certificates, and the original issue discount rules of the Code would apply to
that holder. While Standard Certificateholders would still be treated as owners
of beneficial interests in a grantor trust for federal income tax purposes, the
corpus of the trust could be viewed as excluding the portion of the mortgage
loans the ownership of which is attributed to the master servicer, or as
including that portion as a second class of equitable interest. Applicable
Treasury regulations treat that arrangement as a fixed investment trust, since
the multiple classes of trust interests should be treated as merely facilitating
direct investments in the trust assets and the existence of multiple classes of
ownership interests is incidental to that purpose. In general, a
recharacterization should not have any significant effect upon the timing or
amount of income reported by a Standard Certificateholder, except that the
income reported by a cash method holder may be slightly accelerated. See
"--Stripped Certificates" below for a further description of the federal income
tax treatment of stripped bonds and stripped coupons.

      Sale or Exchange of Standard Certificates.

      Upon sale or exchange of a Standard Certificate, a Standard
Certificateholder will recognize gain or loss equal to the difference between
the amount realized on the sale (other than amounts allocable to accrued
interest) and its aggregate adjusted basis in the mortgage loans and the other
assets represented by the Standard Certificate. In general, the aggregate
adjusted basis will equal the Standard Certificateholder's cost for the Standard
Certificate, increased by the amount of any income previously reported with
respect to the Standard Certificate and decreased by the amount of any losses
previously reported with respect to the Standard Certificate and the amount of
any distributions received on those Standard Certificates. Except as provided
above with respect to market discount on any mortgage loans, and except for
certain financial institutions subject to the provisions of Code Section 582(c),
that gain or loss would be capital gain or loss if the Standard Certificate was
held as a capital asset. However, gain on the sale of a Standard Certificate
will be treated as ordinary income (1) if a Standard Certificate is held as part
of a "conversion transaction" as defined in Code Section 1258(c), up to the
amount of interest that would have accrued on the Standard Certificateholder's
net investment in the conversion transaction at 120% of the appropriate
applicable Federal rate in effect at the time the taxpayer entered into the
transaction minus any amount previously treated as ordinary income with respect
to any prior disposition of property that was held as a part of that transaction
or (2) in the case of a non-corporate taxpayer, to the extent the taxpayer has
made an election under Code Section 163(d)(4) to have net capital gains taxed as
investment income at ordinary income rates. Long-term capital gains of certain
non-corporate taxpayers generally are subject to lower tax rates than ordinary
income or short-term capital gains of those taxpayers for property held for more
than one year. The maximum tax rate for corporations is the same with respect to
both ordinary income and capital gains.

STRIPPED CERTIFICATES

      General.

      Pursuant to Code Section 1286, the separation of ownership of the right to
receive some or all of the principal payments on an obligation from ownership of
the right to receive some or all of the interest payments results in the
creation of "stripped bonds" with respect to principal payments and "stripped
coupons" with respect to interest payments. For purposes of this discussion,
certificates that are subject to those rules will be referred to as "Stripped
Certificates." Stripped Certificates include interest-only certificates entitled
to distributions of interest, with disproportionately small, nominal or no
distributions of principal and principal-only certificates entitled to
distributions of principal, with disproportionately small, nominal or no
distributions of interest as to which no REMIC election is made.


                                       116



      The certificates will be subject to those rules if:

      1.    we or any of our affiliates retain, for our own account or for
            purposes of resale, in the form of fixed retained yield or
            otherwise, an ownership interest in a portion of the payments on the
            mortgage loans,

      2.    the master servicer is treated as having an ownership interest in
            the mortgage loans to the extent it is paid, or retains, servicing
            compensation in an amount greater than reasonable consideration for
            servicing the mortgage loans (See "--Standard
            Certificates--Recharacterization of Servicing Fees" above), and

      3.    certificates are issued in two or more classes or subclasses
            representing the right to non-pro-rata percentages of the interest
            and principal payments on the mortgage loans.

      In general, a holder of a Stripped Certificate will be considered to own
"stripped bonds" with respect to its pro rata share of all or a portion of the
principal payments on each mortgage loan and/or "stripped coupons" with respect
to its pro rata share of all or a portion of the interest payments on each
mortgage loan, including the Stripped Certificate's allocable share of the
servicing fees paid to the master servicer, to the extent that those fees
represent reasonable compensation for services rendered. See discussion under
"--Standard Certificates--Recharacterization of Servicing Fees" above. Although
not free from doubt, for purposes of reporting to Stripped Certificateholders,
the servicing fees will be allocated to the Stripped Certificates in proportion
to the respective entitlements to distributions of each class, or subclass, of
Stripped Certificates for the related period or periods. The holder of a
Stripped Certificate generally will be entitled to a deduction each year in
respect of the servicing fees, as described under "--Standard
Certificates--General" above, subject to the limitation described there.

      Code Section 1286 treats a stripped bond or a stripped coupon as an
obligation issued at an original issue discount on the date that the stripped
interest is purchased. Although the treatment of Stripped Certificates for
federal income tax purposes is not clear in certain respects at this time,
particularly where the Stripped Certificates are issued with respect to a
mortgage pool containing variable-rate mortgage loans, in the opinion of
Cadwalader, Wickersham & Taft LLP (1) the trust fund will be treated as a
grantor trust under subpart E, Part 1 of subchapter J of the Code and not as an
association taxable as a corporation or a "taxable mortgage pool" within the
meaning of Code Section 7701(i), and (2) each Stripped Certificate should be
treated as a single installment obligation for purposes of calculating original
issue discount and gain or loss on disposition. This treatment is based on the
interrelationship of Code Section 1286, Code Sections 1272 through 1275, and the
OID Regulations. While under Code Section 1286 computations with respect to
Stripped Certificates arguably should be made in one of the ways described under
"--Taxation of Stripped Certificates--Possible Alternative Characterizations"
below, the OID Regulations state, in general, that two or more debt instruments
issued by a single issuer to a single investor in a single transaction should be
treated as a single debt instrument for original issue discount purposes. The
applicable Pooling Agreement will require that the trustee make and report all
computations described below using this aggregate approach, unless substantial
legal authority requires otherwise.

      Furthermore, Treasury regulations provide for the treatment of a Stripped
Certificate as a single debt instrument issued on the date it is purchased for
purposes of calculating any original issue discount. In addition, under these
regulations, a Stripped Certificate that represents a right to payments of both
interest and principal may be viewed either as issued with original issue
discount or market discount, as described below, at a de minimis original issue
discount, or, presumably, at a premium. This treatment suggests that the
interest component of that Stripped Certificate would be treated as qualified
stated interest under the OID Regulations, other than in the case of an
interest-only Stripped Certificate or a Stripped Certificate on which the
interest is substantially disproportionate to the principal amount. Further,
these final regulations provide that the purchaser of a Stripped Certificate
will be required to account for any discount as market discount rather than
original issue discount if either (1) the initial discount with respect to the
Stripped Certificate was treated as zero under the de minimis rule, or (2) no
more than 100 basis points in excess of reasonable servicing is stripped off the
related mortgage loans. This market discount would be reportable as described
under "--Federal Income Tax Consequences for


                                       117



REMIC Certificates--Taxation of Regular Certificates--Market Discount" above,
without regard to the de minimis rule there, assuming that a prepayment
assumption is employed in that computation.

      Status of Stripped Certificates.

      No specific legal authority exists as to whether the character of the
Stripped Certificates, for federal income tax purposes, will be the same as that
of the mortgage loans. Although the issue is not free from doubt, in the opinion
of Cadwalader, Wickersham & Taft LLP, Stripped Certificates owned by applicable
holders should be considered to represent "real estate assets" within the
meaning of Code Section 856(c)(5)(B), "obligation[s] principally secured by an
interest in real property" within the meaning of Code Section 860G(a)(3)(A), and
"loans . . . secured by an interest in real property which is . . . residential
real property" within the meaning of Code Section 7701(a)(19)(C)(v), and
interest (including original issue discount) income attributable to Stripped
Certificates should be considered to represent "interest on obligations secured
by mortgages on real property" within the meaning of Code Section 856(c)(3)(B),
provided that in each case the mortgage loans and interest on those mortgage
loans qualify for that treatment.

      Taxation of Stripped Certificates.

      Original Issue Discount. Except as described under "--General" above, each
Stripped Certificate will be considered to have been issued at an original issue
discount for federal income tax purposes. Original issue discount with respect
to a Stripped Certificate must be included in ordinary income as it accrues, in
accordance with a constant interest method that takes into account the
compounding of interest, which may be prior to the receipt of the cash
attributable to that income. Based in part on the OID Regulations and the
amendments to the original issue discount sections of the Code made by the
Reform Act, the amount of original issue discount required to be included in the
income of a holder of a Stripped Certificate (referred to in this discussion as
a "Stripped Certificateholder") in any taxable year likely will be computed
generally as described under "--Federal Income Tax Consequences for REMIC
Certificates--Taxation of Regular Certificates--Original Issue Discount" and
"--Variable Rate Regular Certificates" above. However, with the apparent
exception of a Stripped Certificate qualifying as a market discount obligation,
as described under "--General" above, the issue price of a Stripped Certificate
will be the purchase price paid by each holder of the Stripped Certificate, and
the stated redemption price at maturity will include the aggregate amount of the
payments, other than qualified stated interest to be made on the Stripped
Certificate to that Stripped Certificateholder, presumably under the Prepayment
Assumption.

      If the mortgage loans prepay at a rate either faster or slower than that
under the Prepayment Assumption, a Stripped Certificateholder's recognition of
original issue discount will be either accelerated or decelerated and the amount
of the original issue discount will be either increased or decreased depending
on the relative interests in principal and interest on each mortgage loan
represented by that Stripped Certificateholder's Stripped Certificate. While the
matter is not free from doubt, the holder of a Stripped Certificate should be
entitled in the year that it becomes certain, assuming no further prepayments,
that the holder will not recover a portion of its adjusted basis in that
Stripped Certificate to recognize an ordinary loss, if it is a corporation, or a
short-term capital loss, if it is not a corporation and does not hold the
Stripped Certificate in connection with a trade or business, equal to that
portion of unrecoverable basis.

      As an alternative to the method described above, the fact that some or all
of the interest payments with respect to the Stripped Certificates will not be
made if the mortgage loans are prepaid could lead to the interpretation that the
interest payments are "contingent" within the meaning of the OID Regulations.
The OID Regulations, as they relate to the treatment of contingent interest, are
by their terms not applicable to prepayable securities such as the Stripped
Certificates. However, if final regulations dealing with contingent interest
with respect to the Stripped Certificates apply the same principles as the OID
Regulations, those regulations may lead to different timing of income inclusion
that would be the case under the OID Regulations. Furthermore, application of
those principles could lead to the characterization of gain on the sale of
contingent interest Stripped Certificates as ordinary income.


                                       118



Investors should consult their tax advisors regarding the appropriate tax
treatment of Stripped Certificates.

      In light of the application of Section 1286 of the Code, a beneficial
owner of a Stripped Certificate generally will be required to compute accruals
of original issue discount based on its yield, possibly taking into account its
own prepayment assumption. The information necessary to perform the related
calculations for information reporting purposes, however, generally will not be
available to the trustee. Accordingly, any information reporting provided by the
trustee with respect to the Stripped Certificates, which information will be
based on pricing information as of the closing date, will largely fail to
reflect the accurate accruals of original issue discount for these certificates.
Prospective investors therefore should be aware that the timing of accruals of
original issue discount applicable to a Stripped Certificate generally will be
different than that reported to holders and the IRS. Prospective investors
should consult their own tax advisors regarding their obligation to compute and
include in income the correct amount of original issue discount accruals and any
possible tax consequences to them if they should fail to do so.

      Sale or Exchange of Stripped Certificates. Sale or exchange of a Stripped
Certificate prior to its maturity will result in gain or loss equal to the
difference, if any, between the amount received and the Stripped
Certificateholder's adjusted basis in that Stripped Certificate, as described
under "--Federal Income Tax Consequences for REMIC Certificates--Taxation of
Regular Certificates--Sale or Exchange of Regular Certificates" above. To the
extent that a subsequent purchaser's purchase price is exceeded by the remaining
payments on the Stripped Certificates by more than the statutory de minimis
amount, that subsequent purchaser will be required for federal income tax
purposes to accrue and report that excess as if it were original issue discount
in the manner described above. It is not clear for this purpose whether the
assumed prepayment rate that is to be used in the case of a Stripped
Certificateholder other than an original Stripped Certificateholder should be
the Prepayment Assumption or a new rate based on the circumstances at the date
of subsequent purchase.

      Purchase of More Than One Class of Stripped Certificates. Where an
investor purchases more than one class of Stripped Certificates, it is currently
unclear whether for federal income tax purposes those classes of Stripped
Certificates should be treated separately or aggregated for purposes of the
rules described above.

      Possible Alternative Characterizations. The characterizations of the
Stripped Certificates discussed above are not the only possible interpretations
of the applicable Code provisions. For example, the Stripped Certificateholder
may be treated as the owner of

      1.    one installment obligation consisting of that Stripped Certificate's
            pro rata share of the payments attributable to principal on each
            mortgage loan and a second installment obligation consisting of that
            Stripped Certificate's pro rata share of the payments attributable
            to interest on each mortgage loan,

      2.    as many stripped bonds or stripped coupons as there are scheduled
            payments of principal and/or interest on each mortgage loan or

      3.    a separate installment obligation for each mortgage loan,
            representing the Stripped Certificate's pro rata share of payments
            of principal and/or interest to be made with respect thereto.

      Alternatively, the holder of one or more classes of Stripped Certificates
may be treated as the owner of a pro rata fractional undivided interest in each
mortgage loan to the extent that the Stripped Certificate, or classes of
Stripped Certificates in the aggregate, represent the same pro rata portion of
principal and interest on that mortgage loan, and a stripped bond or stripped
coupon (as the case may be), treated as an installment obligation or contingent
payment obligation, as to the remainder. Final regulations issued regarding
original issue discount on stripped obligations make the foregoing
interpretations less likely to be applicable. The preamble to those regulations
states that they are premised on the assumption that an aggregation approach is
appropriate for determining whether original issue discount on a stripped bond
or stripped coupon is de minimis, and solicits comments on appropriate rules for
aggregating stripped bonds and stripped coupons under Code Section 1286.


                                       119



      Because of these possible varying characterizations of Stripped
Certificates and the resultant differing treatment of income recognition,
Stripped Certificateholders are urged to consult their own tax advisors
regarding the proper treatment of Stripped Certificates for federal income tax
purposes.

RESET RATE CERTIFICATES

      As will be further discussed in the related prospectus supplement, reset
rate certificates will represent a beneficial interest in a portion of the
related trust fund that is treated as a grantor trust for federal income tax
purposes, consisting of a regular interest in a related REMIC and as interest in
any related interest rate swap agreement or other derivative instrument. See
"Federal Income Tax Consequences for REMIC Certificates" for a discussion of the
federal income tax treatment of regular interests, and see the related
prospectus supplement for a discussion of the federal income tax treatment of
the interest rate swap agreement or other derivative instrument.

REPORTING REQUIREMENTS AND BACKUP WITHHOLDING

      The trustee will furnish, within a reasonable time after the end of each
calendar year, to each Standard Certificateholder or Stripped Certificateholder
at any time during that year, the information, prepared on the basis described
above, as the trustee deems to be necessary or desirable to enable those
certificateholders to prepare their federal income tax returns. The information
will include the amount of original issue discount accrued on certificates held
by persons other than certificateholders exempted from the reporting
requirements. The amounts required to be reported by the trustee may not be
equal to the proper amount of original issue discount required to be reported as
taxable income by a certificateholder, other than an original certificateholder
that purchased at the issue price. In particular, in the case of Stripped
Certificates, if so provided in the applicable prospectus supplement, the
reporting will be based upon a representative initial offering price of each
class of Stripped Certificates. The trustee will also file the original issue
discount information with the IRS. If a certificateholder fails to supply an
accurate taxpayer identification number or if the Secretary of the Treasury
determines that a certificateholder has not reported all interest and dividend
income required to be shown on his federal income tax return, backup withholding
at a current rate of 28% (which rate will be increased to 31% commencing after
2010) may be required in respect of any reportable payments, as described under
"--Federal Income Tax Consequences for REMIC Certificates--Backup Withholding"
above.

      On January 24, 2006, the Treasury published final regulations which
establish a reporting framework for interests in "widely held fixed investment
trusts" and place the responsibility of reporting on the person in the ownership
chain who holds an interest for a beneficial owner. A widely-held fixed
investment trust is defined as an arrangement classified as a "trust" under
Treasury regulation section 301.7701-4(c), in which any interest is held by a
middleman, which includes, but is not limited to (i) a custodian of a person's
account, (ii) a nominee and (iii) a broker holding an interest for a customer in
"street name." The trustee will be required to calculate and provide information
to the IRS and to requesting persons with respect to the trust fund in
accordance with these new regulations beginning with the 2007 calendar year. The
trustee, or applicable middleman, will be required to file information returns
with the IRS and provide tax information statements to certificateholders in
accordance with these new regulations after December 31, 2007.

TAXATION OF CERTAIN FOREIGN INVESTORS

      To the extent that a certificate evidences ownership in mortgage loans
that are issued on or before July 18, 1984, interest or original issue discount
paid by the person required to withhold tax under Code Section 1441 or 1442 to
nonresident aliens, foreign corporations, or other Non-U.S. Persons generally
will be subject to 30% United States withholding tax, or a lower rate as may be
provided for interest by an applicable tax treaty. Accrued original issue
discount recognized by the Standard Certificateholder or Stripped
Certificateholder on the sale or exchange of that certificate also will be
subject to federal income tax at the same rate.


                                       120



      Treasury regulations provide that interest or original issue discount paid
by the trustee or other withholding agent to a Non-U.S. Person evidencing
ownership interest in mortgage loans issued after July 18, 1984 will be
"portfolio interest" and will be treated in the manner, and those persons will
be subject to the same certification requirements, described under "--Federal
Income Tax Consequences for REMIC Certificates--Taxation of Certain Foreign
Investors--Regular Certificates" above.

                       STATE AND OTHER TAX CONSIDERATIONS

      In addition to the federal income tax consequences described in "Certain
Federal Income Tax Consequences", you should consider the state and local tax
consequences of the acquisition, ownership, and disposition of the offered
certificates. State and local tax law may differ substantially from the
corresponding federal law, and the discussion above does not purport to describe
any aspect of the tax laws of any state or other jurisdiction. Thus, you should
consult your own tax advisors with respect to the various tax consequences of
investments in the offered certificates.

                          CERTAIN ERISA CONSIDERATIONS

GENERAL

      The Employee Retirement Income Security Act of 1974, as amended, or ERISA,
and the Code impose certain requirements on retirement plans, and on certain
other employee benefit plans and arrangements, including individual retirement
accounts and annuities, Keogh plans, collective investment funds, insurance
company separate accounts and some insurance company general accounts in which
those plans, accounts or arrangements are invested that are subject to the
fiduciary responsibility provisions of ERISA and Section 4975 of the Code (all
of which are referred to as "Plans"), and on persons who are fiduciaries with
respect to Plans, in connection with the investment of Plan assets. Certain
employee benefit plans, such as governmental plans (as defined in ERISA Section
3(32)), and, if no election has been made under Section 410(d) of the Code,
church plans (as defined in Section 3(33) of ERISA) are not subject to ERISA
requirements. However, those plans may be subject to the provisions of other
applicable federal, state or local law ("Similar Law") materially similar to the
foregoing provisions of ERISA or the Code. Moreover, those plans, if qualified
and exempt from taxation under Sections 401(a) and 501(a) of the Code, are
subject to the prohibited transaction rules set forth in Section 503 of the
Code.

      ERISA generally imposes on Plan fiduciaries certain general fiduciary
requirements, including those of investment prudence and diversification and the
requirement that a Plan's investments be made in accordance with the documents
governing the Plan. In addition, ERISA and the Code prohibit a broad range of
transactions involving assets of a Plan and persons ("Parties in Interest") who
have certain specified relationships to the Plan, unless a statutory, regulatory
or administrative exemption is available. Certain Parties in Interest that
participate in a prohibited transaction may be subject to an excise tax imposed
pursuant to Section 4975 of the Code, unless a statutory, regulatory or
administrative exemption is available. These prohibited transactions generally
are set forth in Section 406 of ERISA and Section 4975 of the Code. Special
caution should be exercised before the assets of a Plan are used to purchase an
offered certificate if, with respect to those assets, the Depositor, the master
servicer or the trustee or one of their affiliates, either: (a) has investment
discretion with respect to the investment of those assets of that Plan; or (b)
has authority or responsibility to give, or regularly gives, investment advice
with respect to those assets for a fee and pursuant to an agreement or
understanding that the advice will serve as a primary basis for investment
decisions with respect to those assets and that the advice will be based on the
particular investment needs of the Plan; or (c) is an employer maintaining or
contributing to the Plan.

      Before purchasing any offered certificates with Plan assets, a Plan
fiduciary should consult with its counsel and determine whether there exists any
prohibition to that purchase under the requirements of ERISA or Section 4975 of
the Code, whether any prohibited transaction class exemption or any individual
administrative prohibited transaction exemption (as described below) applies,
including whether the


                                       121



appropriate conditions set forth in those exemptions would be met, or whether
any statutory prohibited transaction exemption is applicable, and further should
consult the applicable prospectus supplement relating to that series of offered
certificates. Fiduciaries of plans subject to a Similar Law should consider the
need for, and the availability of, an exemption under such applicable Similar
Law.

PLAN ASSET REGULATIONS

      A Plan's investment in offered certificates may cause the trust assets to
be deemed Plan assets. Section 2510.3-101 of the regulations of the United
States Department of Labor ("DOL"), as modified by Section 3(42) of ERISA,
provides that when a Plan acquires an equity interest in an entity, the Plan's
assets include both the equity interest and an undivided interest in each of the
underlying assets of the entity, unless certain exceptions not applicable to
this discussion apply, or unless the equity participation in the entity by
"benefit plan investors" (that is, Plans and entities whose underlying assets
include plan assets) is not "significant." For this purpose, in general, equity
participation in a trust fund will be "significant" on any date if, immediately
after the most recent acquisition of any certificate, 25% or more of any class
of certificates is held by benefit plan investors.

      In general, any person who has discretionary authority or control
respecting the management or disposition of Plan assets, and any person who
provides investment advice with respect to those assets for a fee, is a
fiduciary of the investing Plan. If the trust assets constitute Plan assets,
then any party exercising management or discretionary control regarding those
assets, such as a master servicer, a special servicer or any sub-servicer, may
be deemed to be a Plan "fiduciary" with respect to the investing Plan, and thus
subject to the fiduciary responsibility provisions and prohibited transaction
provisions of ERISA and the Code. In addition, if the Trust Assets constitute
Plan assets, the purchase of offered certificates by a Plan, as well as the
operation of the trust fund, may constitute or involve a prohibited transaction
under ERISA or the Code.

ADMINISTRATIVE EXEMPTIONS

      Several underwriters of mortgage-backed securities have applied for and
obtained individual administrative ERISA prohibited transaction exemptions (the
"Exemptions") which can only apply to the purchase and holding of
mortgage-backed securities which, among other conditions, are sold in an
offering with respect to which that underwriter serves as the sole or a managing
underwriter, or as a selling or placement agent. If one of the Exemptions might
be applicable to a series of certificates, the related prospectus supplement
will refer to the possibility, as well as provide a summary of the conditions to
the applicability.

      The DOL has promulgated amendments (the "Amendments") to the Exemptions
that, among other changes, permit Plans to purchase subordinated certificates
rated in any of the four highest ratings categories (provided that all other
requirements of the Exemptions are met). Plan fiduciaries should, and other
potential investors who may be analyzing the potential liquidity of their
investment may wish to, consult with their advisors regarding the Amendments.

INSURANCE COMPANY GENERAL ACCOUNTS

      Sections I and III of Prohibited Transaction Class Exemption ("PTCE")
95-60 exempt from the application of the prohibited transaction provisions of
Sections 406(a), 406(b) and 407(a) of ERISA and Section 4975 of the Code
transactions in connection with the acquisition of a security (such as a
certificate issued by a trust fund) as well as the servicing, management and
operation of a trust (such as the trust fund) in which an insurance company
general account has an interest as a result of its acquisition of certificates
issued by the trust, provided that certain conditions are satisfied. If these
conditions are met, insurance company general accounts investing assets that are
treated as assets of Plans would be allowed to purchase certain classes of
certificates which do not meet the ratings requirements of the Exemptions. All
other conditions of the Exemptions would have to be satisfied in order for PTCE
95-60 to be available. Before purchasing any class of offered certificates, an
insurance


                                       122



company general account seeking to rely on Sections I and III of PTCE 95-60
should itself confirm that all applicable conditions and other requirements have
been satisfied.

      The Small Business Job Protection Act of 1996 added a new Section 401(c)
to ERISA, which provides certain exemptive relief from the provisions of Part 4
of Title I of ERISA and Section 4975 of the Code, including the prohibited
transaction restrictions imposed by ERISA and the related excise taxes imposed
by the Code, for transactions involving an insurance company general account.
Pursuant to Section 401(c) of ERISA, the DOL issued regulations ("401(c)
Regulations"), generally effective July 5, 2001, to provide guidance for the
purpose of determining, in cases where insurance policies supported by an
insured's general account are issued to or for the benefit of a Plan on or
before December 31, 1998, which general account assets constitute Plan assets.
Any assets of an insurance company general account which support insurance
policies issued to a Plan after December 31, 1998 or issued to Plans on or
before December 31, 1998 for which the insurance company does not comply with
the 401(c) Regulations may be treated as Plan assets. In addition, because
Section 401(c) of ERISA does not relate to insurance company separate accounts,
separate account assets are still generally treated as Plan assets of any Plan
invested in that separate account. Insurance companies contemplating the
investment of general account assets in the offered certificates should consult
with their counsel with respect to the applicability of Section 401(c) of ERISA.

UNRELATED BUSINESS TAXABLE INCOME; RESIDUAL CERTIFICATES

      The purchase of a Residual Certificate by any employee benefit plan
qualified under Code Section 401(a) and exempt from taxation under Code Section
501(a), including most varieties of Plans, may give rise to "unrelated business
taxable income" as described in Code Sections 511-515 and 860E. Further, prior
to the purchase of Residual Certificates, a prospective transferee may be
required to provide an affidavit to a transferor that it is not, nor is it
purchasing a Residual Certificate on behalf of, a "Disqualified Organization,"
which term as defined above includes certain tax-exempt entities not subject to
Code Section 511 including certain governmental plans, as discussed above under
the caption "Certain Federal Income Tax Consequences--Federal Income Tax
Consequences for REMIC Certificates--Taxation of Residual
Certificates--Tax-Related Restrictions on Transfer of Residual
Certificates--Disqualified Organizations."

      Due to the complexity of these rules and the penalties imposed upon
persons involved in prohibited transactions, it is particularly important that
potential investors who are Plan fiduciaries or who are investing Plan assets
consult with their counsel regarding the consequences under ERISA and the Code
of their acquisition and ownership of certificates.

      The sale of certificates to a Plan is in no respect a representation by
the Depositor or the Underwriter that this investment meets all relevant legal
requirements with respect to investments by Plans generally or by any particular
Plan, or that this investment is appropriate for Plans generally or for any
particular Plan.

                                LEGAL INVESTMENT

      If so specified in the related prospectus supplement, certain classes of
offered certificates will constitute "mortgage related securities" for purposes
of the Secondary Mortgage Market Enhancement Act of 1984, as amended ("SMMEA").
Generally, the only classes of offered certificates which will qualify as
"mortgage related securities" will be those that (1) are rated in one of the two
highest rating categories by at least one nationally recognized statistical
rating organization; and (2) are part of a series evidencing interests in a
trust fund consisting of loans originated by certain types of originators
specified in SMMEA and secured by first liens on real estate. The appropriate
characterization of those offered certificates not qualifying as "mortgage
related securities" for purposes of SMMEA ("Non-SMMEA Certificates") under
various legal investment restrictions, and thus the ability of investors subject
to these restrictions to purchase such certificates, may be subject to
significant interpretive uncertainties. Accordingly, all investors whose
investment activities are subject to legal investment laws and regulations,
regulatory capital requirements or review by regulatory authorities should
consult with their own legal advisors in


                                       123



determining whether and to what extent the Non-SMMEA Certificates constitute
legal investments for them.

      Those classes of offered certificates qualifying as "mortgage related
securities," will constitute legal investments for persons, trusts,
corporations, partnerships, associations, business trusts, and business
entities, including depository institutions, insurance companies, trustees, and
pension funds, created pursuant to or existing under the laws of the United
States or of any state, including the District of Columbia and Puerto Rico,
whose authorized investments are subject to state regulation to the same extent
that, under applicable law, obligations issued by or guaranteed as to principal
and interest by the United States or any of its agencies or instrumentalities
constitute legal investments for those entities.

      Under SMMEA, a number of states enacted legislation, on or prior to the
October 3, 1991 cut-off for those enactments, limiting to various extents the
ability of certain entities (in particular, insurance companies) to invest in
"mortgage related securities" secured by liens on residential, or mixed
residential and commercial properties, in most cases by requiring the affected
investors to rely solely upon existing state law, and not SMMEA. Pursuant to
Section 347 of the Riegle Community Development and Regulatory Improvement Act
of 1994, which amended the definition of "mortgage related security" to include,
in relevant part, offered certificates satisfying the rating and qualified
originator requirements for "mortgage related securities," but evidencing
interests in a trust fund consisting, in whole or in part, of first liens on one
or more parcels of real estate upon which are located one or more commercial
structures, states were authorized to enact legislation, on or before September
23, 2001, specifically referring to Section 347 and prohibiting or restricting
the purchase, holding or investment by state-regulated entities in those types
of offered certificates. Accordingly, the investors affected by any state
legislation overriding the preemptive effect of SMMEA will be authorized to
invest in offered certificates qualifying as "mortgage related securities" only
to the extent provided in that legislation.

      SMMEA also amended the legal investment authority of federally-chartered
depository institutions as follows: federal savings and loan associations and
federal savings banks may invest in, sell, or otherwise deal in "mortgage
related securities" without limitation as to the percentage of their assets
represented thereby, federal credit unions may invest in those securities, and
national banks may purchase those securities for their own account without
regard to the limitations generally applicable to investment securities set
forth in 12 U.S.C. Section 24 (Seventh), subject in each case to those
regulations as the applicable federal regulatory authority may prescribe. In
this connection, the Office of the Comptroller of the Currency (the "OCC") has
amended 12 C.F.R. Part 1 to authorize national banks to purchase and sell for
their own account, without limitation as to a percentage of the bank's capital
and surplus (but subject to compliance with certain general standards in 12
C.F.R. Section 1.5 concerning "safety and soundness" and retention of credit
information), certain "Type IV securities," defined in 12 C.F.R. Section 1.2(m)
to include certain "residential mortgage-related securities" and "commercial
mortgage-related securities." As so defined, "residential mortgage-related
security" and "commercial mortgage-related security" mean, in relevant part,
"mortgage related security" within the meaning of SMMEA, provided that, in the
case of a "commercial mortgage-related security," it "represents ownership of a
promissory note or certificate of interest or participation that is directly
secured by a first lien on one or more parcels of real estate upon which one or
more commercial structures are located and that is fully secured by interests in
a pool of loans to numerous obligors." In the absence of any rule or
administrative interpretation by the OCC defining the term "numerous obligors,"
no representation is made as to whether any class of offered certificates will
qualify as "commercial mortgage-related securities" and thus as "Type IV
securities," for investment by national banks. The National Credit Union
Administration (the "NCUA") has adopted rules, codified at 12 C.F.R. Part 703,
which permit federal credit unions to invest in "mortgage related securities,"
other than stripped mortgage related securities (unless the credit union
complies with the requirements of 12 C.F.R. Section 703.16(e) for investing in
those securities), residual interests in mortgage related securities, and
commercial mortgage related securities, subject to compliance with general rules
governing investment policies and practices; however, credit unions approved for
the NCUA's "investment pilot program" under C.F.R. Section 703.19 may be able to
invest in those prohibited forms of securities, while "RegFlex credit unions"
may invest in commercial mortgage related securities under certain conditions
pursuant to 12 C.F.R. Section 742.4(b)(2). The Office of Thrift Supervision (the
"OTS") has issued Thrift Bulletin 13a (December 1, 1998), "Management of
Interest Rate Risk,


                                       124



Investment Securities, and Derivatives Activities," and Thrift Bulletin 73a
(December 18, 2001), "Investing in Complex Securities," which thrift
institutions subject to the jurisdiction of the OTS should consider before
investing in any of the offered certificates.

      All depository institutions considering an investment in the offered
certificates should review the "Supervisory Policy Statement on Investment
Securities and End-User Derivatives Activities" (the "1998 Policy Statement") of
the Federal Financial Institutions Examination Council, which has been adopted
by the Board of Governors of the Federal Reserve System, the OCC, the Federal
Deposit Insurance Corporation, and the OTS, effective May 26, 1998, and by the
NCUA, effective October 1, 1998. The 1998 Policy Statement sets forth general
guidelines which depository institutions must follow in managing risks
(including market, credit, liquidity, operational (transaction), and legal
risks) applicable to all securities (including mortgage pass-through securities
and mortgage-derivative products) used for investment purposes.

      Investors whose investment activities are subject to regulation by federal
or state authorities should review rules, policies, and guidelines adopted from
time to time by those authorities before purchasing any offered certificates, as
certain classes may be deemed unsuitable investments, or may otherwise be
restricted, under those rules, policies or guidelines (in certain instances
irrespective of SMMEA).

      The foregoing does not take into consideration the applicability of
statutes, rules, regulations, orders, guidelines, or agreements generally
governing investments made by a particular investor, including, but not limited
to, "prudent investor" provisions, percentage-of-assets limits, provisions which
may restrict or prohibit investment in securities which are not "interest
bearing" or "income paying," and, with regard to any offered certificates issued
in book-entry form, provisions which may restrict or prohibit investments in
securities which are issued in book-entry form.

      Except as to the status of certain classes of offered certificates as
"mortgage related securities," no representations are made as to the proper
characterization of offered certificates for legal investment purposes,
financial institution regulatory purposes, or other purposes, or as to the
ability of particular investors to purchase offered certificates under
applicable legal investment restrictions. The uncertainties described above (and
any unfavorable future determinations concerning legal investment or financial
institution regulatory characteristics of the offered certificates) may
adversely affect the liquidity of the offered certificates.

      Accordingly, all investors whose investment activities are subject to
legal investment laws and regulations, regulatory capital requirements, or
review by regulatory authorities should consult with their own legal advisors in
determining whether and to what extent the offered certificates of any class
constitute legal investments or are subject to investment, capital, or other
restrictions, and, if applicable, whether SMMEA has been overridden in any
jurisdiction relevant to that investor.

                             METHOD OF DISTRIBUTION

      The offered certificates offered by this prospectus and by the related
prospectus supplements will be offered in series through one or more of the
methods described below. The prospectus supplement prepared for each series will
describe the method of offering being utilized for that series and will state
our net proceeds from that sale.

      We intend that offered certificates will be offered through the following
methods from time to time and that offerings may be made concurrently through
more than one of these methods or that an offering of a particular series of
certificates may be made through a combination of two or more of these methods.
Those methods are as follows:

      1.    by negotiated firm commitment underwriting and public offering by
            one or more underwriters specified in the related prospectus
            supplement;


                                       125



      2.    by placements through one or more placement agents specified in the
            related prospectus supplement primarily with institutional investors
            and dealers; and

      3.    through direct offerings by the Depositor.

      If underwriters are used in a sale of any offered certificates (other than
in connection with an underwriting on a best efforts basis), those certificates
will be acquired by the underwriters for their own account and may be resold
from time to time in one or more transactions, including negotiated
transactions, at fixed public offering prices or at varying prices to be
determined at the time of sale or at the time of commitment. The underwriters
may be broker-dealers affiliated with us. Their identities and material
relationships to us will be set forth in the related prospectus supplement. The
managing underwriter or underwriters with respect to the offer and sale of a
particular series of certificates will be set forth in the cover of the
prospectus supplement relating to that series and the members of the
underwriting syndicate, if any, will be named in that prospectus supplement.

      In connection with the sale of the offered certificates, underwriters may
receive compensation from us or from purchasers of the offered certificates in
the form of discounts, concessions or commissions. Underwriters and dealers
participating in the distribution of the offered certificates may be deemed to
be underwriters in connection with those offered certificates, and any discounts
or commissions received by them from us and any profit on the resale of offered
certificates by them may be deemed to be underwriting discounts and commissions
under the Securities Act of 1933, as amended (the "Securities Act").

      This prospectus may be used in connection with the remarketing of a class
of reset rate certificates.

      In connection with any remarketing of a class of reset rate certificates
by remarketing agents that are affiliates of the Depositor, unless the all-hold
rate will be in effect, we will prepare for distribution to prospective
purchasers a new prospectus supplement that contains material information
relating to the terms of the remarketing, any new swap counterparty or
counterparties and any other material information relating to the remarketing.
In addition, the prospectus supplement will contain or incorporate by reference
from filings under the Securities and Exchange Act of 1934, as amended, material
information describing the updated characteristics of the trust and the related
pool of mortgage loans that remains outstanding as of a date reasonably
proximate to the date of that prospectus supplement.

      It is anticipated that the underwriting agreement pertaining to the sale
of any series of certificates will provide that the obligations of the
underwriters will be subject to certain conditions precedent, that the
underwriters will be obligated to purchase all offered certificates if any are
purchased (other than in connection with an underwriting on a best efforts
basis) and that we will indemnify the several underwriters, and each person, if
any, who controls that underwriter within the meaning of Section 15 of the
Securities Act, against certain civil liabilities, including liabilities under
the Securities Act, or will contribute to payments required to be made in
respect of these liabilities.

      The prospectus supplement with respect to any series offered by placements
through dealers will contain information regarding the nature of that offering
and any agreements to be entered into between us and purchasers of offered
certificates of that series.

      We anticipate that the offered certificates offered by this prospectus and
the related prospectus supplement will be sold primarily to institutional
investors. Purchasers of offered certificates, including dealers, may, depending
on the facts and circumstances of those purchases, be deemed to be
"underwriters" within the meaning of the Securities Act in connection with
reoffers and sales by them of offered certificates. You should consult with your
legal advisors in this regard prior to any similar reoffer or sale.

      As to each series of certificates, only those classes rated in an
investment grade rating category by any rating agency will be offered by this
prospectus. We may initially retain any unrated class and we may sell it at any
time to one or more institutional investors.


                                       126



                INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

      With respect to each series of certificates offered by this prospectus,
there are incorporated in this prospectus and in the related prospectus
supplement by reference all documents and reports (other than annual reports on
Form 10-K) filed or caused to be filed by the Depositor with respect to a trust
fund before the end of the related offering pursuant to Section 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act of 1934, that relate specifically to the
related series of certificates. The Depositor will provide or cause to be
provided without charge to each person to whom this prospectus is delivered in
connection with the offering of one or more classes of offered certificates,
upon written or oral request of that person, a copy of any or all documents or
reports incorporated in this prospectus by reference, in each case to the extent
the documents or reports relate to one or more of the classes of offered
certificates, other than the exhibits to those documents (unless the exhibits
are specifically incorporated by reference in those documents). Requests to the
Depositor should be directed in writing to its principal executive offices at
270 Park Avenue, New York, New York 10017, Attention: President, or by telephone
at (212) 834-9299. The Depositor has determined that its financial statements
will not be material to the offering of any offered certificates.

      The Depositor filed a registration statement (the "Registration
Statement") relating to the certificates with the Securities and Exchange
Commission. This prospectus is part of the Registration Statement, but the
Registration Statement includes additional information.

                       WHERE YOU CAN FIND MORE INFORMATION

      Copies of the Registration Statement and other filed materials, including
distribution reports on Form 10-D, annual reports on Form 10-K, current reports
on Form 8-K, and any amendments for these reports may be read and copied at the
Public Reference Section of the Securities and Exchange Commission, 100 F Street
N.W., Washington, D.C. 20549. Information regarding the operation of the Public
Reference Room may be obtained by calling The Securities and Exchange Commission
at 1-800-SEC-0330. The Securities and Exchange Commission also maintains a site
on the World Wide Web at "http://www.sec.gov" at which you can view and download
copies of reports, proxy and information statements and other information filed
electronically through the Electronic Data Gathering, Analysis and Retrieval
("EDGAR") system. The Depositor has filed the Registration Statement, including
all exhibits thereto, through the EDGAR system, so the materials should be
available by logging onto the Securities and Exchange Commission's Web site. The
Securities and Exchange Commission maintains computer terminals providing access
to the EDGAR system at each of the offices referred to above.

      If so specified in the related prospectus supplement, copies of all
filings through the EDGAR system of the related issuing entity on Forms 10-D,
10-K and 8-K will be made available on the applicable Trustee's or other
identified party's website.

                                  LEGAL MATTERS

      The validity of the certificates of each series and certain federal income
tax matters will be passed upon for us by Cadwalader, Wickersham & Taft LLP or
such other counsel as may be specified in the applicable prospectus supplement.

                              FINANCIAL INFORMATION

      A new trust fund will be formed with respect to each series of
certificates, and no trust fund will engage in any business activities or have
any assets or obligations prior to the issuance of the related series of
certificates. Accordingly, no financial statements with respect to any trust
fund will be included in this prospectus or in the related prospectus
supplement.


                                       127



                                     RATING

      It is a condition to the issuance of any class of offered certificates
that they shall have been rated not lower than investment grade, that is, in one
of the four highest rating categories, by at least one rating agency.

      Ratings on mortgage pass-through certificates address the likelihood of
receipt by the holders of those certificates of all collections on the
underlying mortgage assets to which those holders are entitled. These ratings
address the structural, legal and issuer-related aspects associated with those
certificates, the nature of the underlying mortgage assets and the credit
quality of the guarantor, if any. Ratings on mortgage pass-through certificates
do not represent any assessment of the likelihood of principal prepayments by
borrowers or of the degree by which those prepayments might differ from those
originally anticipated. As a result, you might suffer a lower than anticipated
yield, and, in addition, holders of stripped interest certificates in extreme
cases might fail to recoup their initial investments.

      A security rating is not a recommendation to buy, sell or hold securities
and may be subject to revision or withdrawal at any time by the assigning rating
organization. Each security rating should be evaluated independently of any
other security rating.


                                       128



                             INDEX OF DEFINED TERMS

1998 Policy Statement........................................................125
30/360........................................................................47
401(c) Regulations...........................................................123
91-day Treasury Bill Rate.....................................................50
91-day Treasury Bills.........................................................51
Accrual Certificates..........................................................46
Accrued Certificate Interest..................................................46
Actual/360....................................................................47
ADA...........................................................................90
Amendments...................................................................122
ARM Loans.....................................................................35
Assessment of Compliance......................................................74
Attestation Report............................................................75
Available Distribution Amount.................................................45
Bankruptcy Code...............................................................82
Bond Equivalent Yield.........................................................49
Book-Entry Certificates.......................................................45
calculation date..............................................................48
Cash Flow Agreement...........................................................37
CERCLA........................................................................87
Certificate Owner.............................................................63
Clearstream...................................................................54
CMT Rate......................................................................49
Code..........................................................................62
Commercial Paper Rate.........................................................48
Cooperatives..................................................................32
CPR...........................................................................40
Debt Service Coverage Ratio...................................................32
defective obligation..........................................................93
Definitive Certificates.......................................................45
Depositor.....................................................................31
Determination Date............................................................38
determination period..........................................................48
Direct Participants...........................................................63
Disqualified Organization...............................................106, 123
Distribution Date Statement...................................................61
DOL..........................................................................122
Dow Jones Market Service Page 3750............................................48
DTC...........................................................................45
Due Dates.....................................................................34
Due Period....................................................................38
EDGAR........................................................................127
electing large partnership...................................................106
Euroclear.....................................................................54
Event of Default..............................................................75
Excess Funds..................................................................43
excess servicing.............................................................115
Exemptions...................................................................122
FAMC..........................................................................35
Federal Funds Rate............................................................50
FHLMC.........................................................................35
FNMA..........................................................................35
Garn Act......................................................................88
GNMA..........................................................................35
Indirect Participants.........................................................63
Insurance and Condemnation Proceeds...........................................70
IRS...........................................................................91
ISMA..........................................................................47
JPMCB.........................................................................43
L/C Bank......................................................................79
LIBOR Determination Date......................................................48
Liquidation Proceeds..........................................................70
Loan-to-Value Ratio...........................................................33
Lock-out Date.................................................................34
Lock-out Period...............................................................34
MBS...........................................................................31
MBS Agreement.................................................................35
MBS Issuer....................................................................35
MBS Servicer..................................................................35
MBS Trustee...................................................................35
Mortgage Asset Seller.........................................................31
Mortgage Notes................................................................31
Mortgaged Properties..........................................................31
Mortgages.....................................................................31
NCUA.........................................................................124
Net Leases....................................................................33
Net Operating Income..........................................................32
Nonrecoverable Advance........................................................60
Non-SMMEA Certificates.......................................................123
Non-U.S. Person..............................................................112
OCC..........................................................................124
OID Regulations...............................................................95
OTS..........................................................................124
Participants..................................................................63
Parties in Interest..........................................................121
Pass-Through Entity..........................................................106
Permitted Investments.........................................................69
Plans........................................................................121
Pooling Agreement.............................................................66
prepayment....................................................................40
Prepayment Assumption.........................................................96
Prepayment Interest Shortfall.................................................38
Prepayment Premium............................................................34
Prime Rate....................................................................51
PTCE.........................................................................122
Random Lot Certificates.......................................................95
rating agency condition.......................................................54
Record Date...................................................................45
Reference Banks...............................................................48
Reform Act....................................................................94
Registration Statement.......................................................127
Regular Certificateholder.....................................................94


                                       129



Regular Certificates..........................................................91
Related Proceeds..............................................................60
Relief Act....................................................................90
REMIC......................................................................7, 92
REMIC Certificates............................................................91
REMIC Pool................................................................91, 92
REMIC Regulations.............................................................91
REO Property..................................................................68
Residual Certificateholders..................................................102
Residual Certificates.........................................................46
secured-creditor exemption....................................................87
Securities Act...............................................................126
Senior Certificates...........................................................44
Servicing Standard............................................................68
Similar Law..................................................................121
SMMEA........................................................................123
SPA...........................................................................40
Sponsor.......................................................................43
Standard Certificateholder...................................................113
Standard Certificates........................................................113
Startup Day...................................................................92
Stripped Certificateholder...................................................118
Stripped Certificates........................................................116
Subordinate Certificates......................................................44
Sub-Servicing Agreement.......................................................68
Title V.......................................................................89
Treasury......................................................................91
Treasury Notes................................................................50
U.S. Person..................................................................108
Value.........................................................................33
Warranting Party..............................................................67

                                       130

The attached diskette contains a Microsoft Excel 2000,¹ Version 5.0 spreadsheet file (the ‘‘Spreadsheet File’’) that can be put on a user-specified hard drive or network drive. The Spreadsheet File is entitled ‘‘JPMCC 2007-LDP11.xls.’’ It provides, in electronic format, certain statistical information that appears under the caption ‘‘Description of the Mortgage Pool’’ in this free writing prospectus and in Annex A-1 and Annex A-2 to the free writing prospectus. Defined terms used in the Spreadsheet File but not otherwise defined in the Spreadsheet File shall have the respective meanings assigned to them in this free writing prospectus. All the information contained in the Spreadsheet File is subject to the same limitations and qualifications contained in this free writing prospectus. To the extent that the information in electronic format contained in the attached diskette is different from statistical information that appears under the caption ‘‘Description of the Mortgage Pool’’ in this free writing prospectus and in Annex A-1 and Annex A-2 to the free writing prospectus, the information in electronic format is superseded by the related information in print format. Prospective investors are advised to read carefully and should rely solely on the final free writing prospectus and accompanying prospectus relating to the Certificates in making their investment decision.

Open the file as you would normally open any spreadsheet in Microsoft Excel. Before the file is displayed, a message will appear notifying you that the file is Read Only. Click the ‘‘READ ONLY’’ button and, after the file is opened, a securities law legend will be displayed. READ THE LEGEND CAREFULLY.

You should rely only on the information contained or incorporated by reference in this free writing prospectus and the attached prospectus. We have not authorized anyone to provide you with different information.

¹ Microsoft Excel is a registered trademark of Microsoft Corporation.

You should rely only on the information contained or incorporated by reference in this free writing prospectus and the attached prospectus. We have not authorized anyone to provide you with different information.

We are not offering these certificates in any jurisdiction where the offer is not permitted.

TABLE OF CONTENTS

Free Writing Prospectus

Summary of Certificates					S-9
Summary of Terms					S-11
Risk Factors					S-44
Description of the Mortgage Pool					S-88
Transaction Parties					S-134
Description of the Certificates					S-167
Description of the Swap Contract					S-207
Servicing of the Mortgage Loans					S-209
Yield and Maturity Considerations					S-228
Certain Federal Income Tax Consequences					S-236
Certain ERISA Considerations					S-239
Legal Matters					S-242
Certain Legal Aspects of the Mortgage Loans					S-242
Ratings					S-244
Legal Investment					S-245
Index of Defined Terms					S-246
Prospectus
Summary of Prospectus					1
Risk Factors					9
Description of the Trust Funds					31
Yield and Maturity Considerations					37
The Sponsor					43
The Depositor					44
The Issuing Entity					44
Use of Proceeds					44
Description of the Certificates					44
Description of the Pooling Agreements					66
Description of Credit Support					77
Certain Legal Aspects of Mortgage Loans					80
Certain Federal Income Tax Consequences					91
Federal Income Tax Consequences for REMIC Certificates					91
Federal Income Tax Consequences for Certificates as to Which No REMIC Election is Made					113
State and Other Tax Considerations					121
Certain ERISA Considerations					121
Legal Investment					123
Method of Distribution					125
Incorporation of Certain Information by Reference					127
Where You Can Find More Information					127
Legal Matters					127
Financial Information					127
Rating					128
Index of Defined Terms					129

$5,013,531,000

(Approximate)

J.P. Morgan Chase
Commercial Mortgage
Securities Corp.
Depositor

J.P. Morgan Chase Commercial
Mortgage Securities Trust 2007-LDP11
Issuing Entity

Commercial Mortgage Pass-Through
Certificates, Series 2007-LDP11

Class A-1				$	63,482,000
Class A-2				$	735,605,000
Class A-2FL				$	250,000,000
Class A-3				$	283,043,000
Class A-4				$	1,185,949,000
Class A-SB				$	125,026,000
Class A-1A				$	1,156,052,000
Class X				$	5,427,368,400
Class A-M				$	542,737,000
Class A-J				$	427,405,000
Class B				$	33,922,000
Class C				$	81,410,000
Class D				$	54,274,000
Class E				$	27,137,000
Class F				$	47,489,000

FREE WRITING PROSPECTUS

JPMorgan

UBS Investment Bank

Commerzbank Corporates & Markets
Natixis Securities North America Inc.

June         , 2007